Federal Reserve Bulletin, 1958-10

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

E D I T O R I AL C O M M I T T EE Elliott Thurston Woodlief Thomas Winfield W. Riefler Ralph A. Young Susan S. Burr The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. contents The 1957-58 Recession in World Trade 1153 Law Department 1161 Current Events and Announcements 1166 National Summary of Business Conditions 1167 Financial and Business Statistics, U. S. (Contents on p. 1169) 1171 International Financial Statistics (Contents on p. 1225) 1226 Board of Governors and Staff 1241 Open Market Committee and Staff; Federal Advisory Council 1242 Federal Reserve Banks and Branches 1242 Federal Reserve Board Publications 1249 Index to Statistical Tables 1251 Map of Federal Reserve System Inside back cover Volume 44 Number 10 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

UNITED STATES EXPORTS dropped sharply from mid-1957 to early 1958. The decline U. S. BALANCE OF PAYMENTS in foreign purchases exceeded $4 billion at of doll nrlery an annual rate, and was one of the major factors in the eight-month decline in United - A - - 7 States economic activity after August 1957. TOTAL PAYMENTS FROM / THE UNITED STATES / Exports ceased falling early this year, but thus far have played no positive role in the ^r / EXPORTS OF \^- <S /GOODS AND SERVICES economic recovery that began after April - S in this country. These developments differ »*" IMPORTS OF strikingly from those of 1953-54, when ex- GOODS AND SERVICES ports were a sustaining factor in the United i i 1 1 States recession and an expansive element in the subsequent recovery. NET TRANSFERS OF GOLD AND DOLLARS ll Illi III 1 1 WORLD BOOM AND REACTION - - | 1 A 60 per cent advance in United States exports from the first half of 1954 to the first half of 1957 added appreciably to demands 1954 19S8 in the United States economy during that NOTE.—Department of Commerce seasonally adjusted data. period. This rapid growth in exports was Total payments correspond to first main heading in table on p. 1155. Net transfers of gold and dollars include gold purconcentrated in capital goods and industrial chases from the United States and net increases in foreign holdings of short-term assets in the United States and of U. S. Govmaterials including fuels. It reflected strong ernment long-term securities. Exports in first quarter of 1954 adjusted to include, and exports in second quarter to exclude, pressures of demand abroad associated with shipments delayed by port strike in March 1954. rapidly increasing outlays to expand produc- to drains on the foreign exchange reserves tive capacity throughout the world. Demand of the countries concerned. pressures were further intensified at the end In 1956 and 1957 investment expendiof 1956 by speculative developments fol- tures began to level off. Inventories of inlowing the closing of the Suez Canal. dustrial materials, which earlier had ap- Sooner or later, monetary and fiscal poli- peared inadequate for current and prospeccies in all industrial countries and in many tive needs, became excessive in 1957 as conothers were directed toward restraining the sumption of materials stopped rising and force of the boom. The lateness of applica- supplies increased. These developments were tion of restraints in some countries contrib- associated with declines in raw material uted alike to unsustainable bulges in world prices on world markets and led, at varying trade, including United States exports, and dates in 1957 and early 1958, to cyclical 1153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1154 FEDERAL RESERVE BULLETIN • OCTOBER 1958 downturns in industrial activity here and ices and the net outflow of United States abroad. Declines in world prices and re- investments, loans, and grants. cessions in industrial countries were inter- An important factor in the maintenance related events in the aftermath of the 1954- of total payments was the moderate size of 57 acceleration of investment expansion the decline in imports. Despite a fairly sharp throughout the world. drop at the end of 1957, imports of goods Declines in prices reduced the value of the and services in the first half of 1958 were exports of nonindustrial countries. Many down only 3 per cent from a year earlier. of these countries were already importing Imports of metals and other materials at rates in excess of their export earnings declined no more in the 1957-58 recession and capital inflows, and in 1957-58 there than they had in 1953-54. While prices fell were heavy drains on their reserves. By more in 1957-58, declines in volume were mid-1958 reductions in their imports were in most cases smaller. In the first half of slowing the reserve drains. 1958 imports of crude and semifinished Most European countries and Japan have materials (excluding petroleum) were by now checked price inflation and re- slightly less than in the first half of 1954; gained external balance. Since spring in- there was little difference in average prices. dustrial output has been expanding again Petroleum imports have been level since in the United States and Canada. the latter part of 1957, after doubling in value from 1954. U. S. BALANCE OF PAYMENTS During 1957 and early 1958, the total of The drop of more than $4 billion in the imports was buoyed by further advances in annual rate of United States exports between imports of manufactures from West Europe mid-1957 and early 1958 occurred while and Japan, and by larger imports of meat, total payments from the United States were mostly from Canada. Imports of manufacdeclining only moderately. It therefore led tures now account for more than one-fifth to renewed transfers of gold and dollars to of total merchandise imports compared with foreign countries, as shown in the chart on one-seventh of the smaller 1954 total. the preceding page. Such transfers were While imports of manufactured textiles have about $1.5 billion in the first half of 1958. been level since early 1956, there were con- The gains were concentrated in the holdings tinued increases through 1957 in imports of West European countries, Japan, and of a wide range of other manufactured con- Canada. The year before, when United sumer goods. An impressive advance in States exports and payments were both very imports of automobiles continued into large, speculative movements of funds had 1958; in the first half of this year they were caused drains on foreign reserves through nine times as large in value as four years September. earlier. Payments. Total payments from the United States were at a seasonally adjusted An increasingly important element in annual rate of $26 billion in the first half of total payments to foreign countries in re- 1958, only $1.5 billion less than in the 12 cent years has been the net outflow of months to mid-1957. These payments in- private United States capital. In the first clude those for imports of goods and serv- half of 1958 this flow was at an annual rate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE 1957-58 RECESSION IN WORLD TRADE 1155 of more than $3 billion, greater than at any Flotations of foreign securities in this time before mid-1956. country slackened in the last half of 1957, Direct investments by United States com- but rose to a record level in the first half panies formed a smaller proportion of the of 1958. After interest rates in the United total outflow of private capital than in earlier States eased near the end of 1957, there years. New investment in overseas petro- was a marked increase in security issues leum development was appreciably smaller of Canadian local authorities, of the World than in the first half of 1957, when large Bank, and of a widening list of foreign govpayments were made for petroleum explora- ernments and corporations. tion rights in Venezuela. Direct investments The outflow of short-term capital inin Canada also declined as large projects for cluding bank loans also increased in the resource development were completed. The first half of 1958 after diminishing during outflow to West Europe was little changed. most of 1957. In recent years growth in UNITED STATES BALANCE OF INTERNATIONAL PAYMENTS [In billions of dollars] 1953 1954 1957 1958 Item 1st half 2dhalf 1st half 1st half 2d half 1st half p Payments from United States: Merchandise imports 5.70 5.29 5.30 6.64 6.65 6.31 Imports of services1 and remittances. 2.97 3.31 3.03 4.02 4.09 3.98 Subtotal 8.66 8.60 8.32 10.66 10.74 10.30 Government grants (net) 2 1.01 .83 .76 .88 .73 .80 Government loans and short-term assets (net). .02 .20 -.11 .45 .51 .42 Subtotal 1.03 1.03 .65 1.33 1.24 1.22 Private U. S. direct investments (net) .41 .32 .39 1.40 .68 .61 Private U. S. short-term and portfolio capital (net) -.27 -.08 .30 .81 .33 1.15 Subtotal .14 .23 .68 2.20 1.01 1.76 Total. 9.83 9.85 9.66 14.19 12.99 13.27 Foreign purchases of U. S. goods and services: U. S. merchandise exports2 j 6.17 6.12 6.34 10.24 9.09 8.23 U. S. exports of services2 ] 2.32 2.48 2.37 3.40 3.75 3.21 Total • 8.49 8.60 $.71 13.64 12.83 11.44 Increase in foreign assets (net): < Short-term assets in U. S. and long-term U. S. Government securities 35 .59 .65 .31 .03 .16 Gold purchases from U. S 73 .43 .06 .67 .13 1.45 Subtotal 1.08 1.02 .71 .37 .16 1.60 Other foreign investments in U. S. (net). .08 .13 .08 .29 .07 .03 Total 1.16 1.14 .79 -.07 -.09 1.63 Unidentified transactions (net U. S. receipts). .18 .12 .17 .62 .25 .20 p Preliminary. 2 Excluding military transfers under grant-aid programs. 1 Including military expenditures abroad totaling $1.18, $1.36, NOTE.—Department of Commerce data, not adjusted for seasonal $1.31, $1.73, $1.40, $1.70 billion in the periods given. variation. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1156 FEDERAL RESERVE BULLETIN • OCTOBER 1958 foreign lending by United States banks, in- Total shipments to nonindustrial councluding participations in World Bank and tries did not begin to decline until the end Export-Import Bank loans, has added signifi- of 1957. In the second quarter of 1958 they cantly to the resources available for financ- were 12 per cent lower than a year earlier. ing world trade. Well over half the decline in total exports The outflow of Government loans and affected industrial materials. Exports of nonmilitary grants, mainly to nonindustrial steel, steel scrap, and other metals in the countries, has continued at a rate of about spring of 1958 were 40 per cent lower in $2.5 billion a year. value than a year earlier, partly because of Exports. The decline in merchandise ex- price declines. Declines in exports of raw ports, from a record $20 billion annual rate cotton and coal were also large. in the first half of 1957 to a $16 billion rate Exports of machinery and transportation early this year, was concentrated in exports equipment, exclusive of passenger automoto industrial countries, as the chart shows. biles, did not decline substantially before the Exports to Canada, West Europe, and end of 1957. Shipments of capital goods to Japan were 30 per cent lower in the first industrial countries turned down moderately half of 1958 than a year earlier. Exports to at various dates, beginning with exports to West Europe had been swollen at the be- Canada, but until late last year these declines ginning of 1957 by emergency oil shipments, were offset by rising shipments to noninduswhich ended in the second quarter; from trial areas. mid-1957 to early 1958 exports to West During the spring and early summer of Europe fell more than one-fifth. 1958 there was an increase in export shipments of agricultural products. United States nonagricultural exports, seasonally UNITED STATES EXPORTS Billiom of dollart, annual rales adjusted, were virtually level from April through August. - 6 INDUSTRIAL ACTIVITY ABROAD Economic activity leveled off during 1957 - WESfT /H \ - or early 1958 in all industrial countries. EUROPE / \ LATIN / \ The extent of subsequent declines varied - AMERICA In *~- 4 widely, reflecting differences among countries in the strength of total demand. " \J J CANADA , At Consumer demand continued to expand /*»./ All OTHER in most countries. Business fixed investment - 2 outlays remained large, though in some coun- JAPAN /\ tries they fell off considerably, as they did in Canada and the United States. But every- 1 1 1 1 1 I I I !! where a slowing down of inventory accumu- 1954 1956 195S 1954 1956 1958 lation in 1957 and a later shift to inventory liquidation contributed to marked curtail- NOTE.—Bureau of the Census data, seasonally adjusted by Federal Reserve. Because ol port strike in early 1954, figures ments of steel and textile output, and to for first two quarters are averaged and presented as a half-year rate. Data exclude special category exports for which no sharp declines in related imports. country-of-destination detail is available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE 1957-58 RECESSION IN WORLD TRADE 1157 expectations of persistent slow inflation dried STEEL PRODUCTION up the market for fixed-interest securities in- 1953-55.100 Ratio 200 cluding British Government bonds, and 175 there was widespread speculation on the JAPAN _ 150 possibility of devaluation of sterling and re- •"" \ valuation of the German mark. In Septem- 12S GERMANY^—^--V^ JT ber, to stop a speculative run on reserves and \--.r7^'W UNITED \ / \ \ bring inflation to a halt decisively, the Bank \x-T .*-y'\ cX yV/ KINGDOMv \ / \ 100 of England raised its discount rate from 5 to UNITED\ \ STATES \ 7 per cent, and the Government drastically - 75 tightened fiscal and credit restraints. Business expenditures for buildings, plant, and equipment in the United Kingdom, in- 1 50 cluding those of the nationalized utilities 1954 195* 1958 and railroads, continued to rise into 1958. NOTE.—United States: Federal Reserve index, quarterly, sea- Industrial production declined about 5 per sonally adjusted, shifted to 1953-55 = 100. Others: Crude steel production, quarterly, converted to index basis and seasonally cent from mid-195 7 through the summer of adjusted by Federal Reserve. 1958, mainly owing to cutbacks in steel and For most industrial countries, declines in textiles. export demand were smaller than for the Expansion persisted into the first quarter United States. Exports of West European of 1958 in Germany, France, and Italy, countries to each other and to the United carrying the index of aggregate West Euro- States leveled off early in 1957. Their expean industrial production to new highs, as ports to nonindustrial countries rose into shown in the chart. After January, however, the second half of 1957 and then declined, as did those of the United States. Industrial production reached its peak INDUSTRIAL PRODUCTION 1953- 55 = 100 earlier than elsewhere in Canada, Belgium, HO the Netherlands, and Denmark. Belgian 130 production, heavily concentrated in steel and textiles, declined for more than a year, WEST EUROPE . and this summer was about 13 per cent below its peak. In Canada and the Netherlands declines from the first quarter of 1957 were about 7 per cent, and upturns began this year sooner than in the United States. Similarly, moderate declines in industrial production in Japan and Norway from peaks in the second quarter of 1957 ended 1954 1956 1958 early this year. British industrial production reached its NOTE.—Seasonally adjusted indexes. Organization for Europeak in the second quarter of 1957. During pean Economic Cooperation (OEEC) index for West Europe; latest figure shown is for July (partly estimated by Federal the spring and summer of 1957 continuing Reserve). Federal Reserve index for United States; latest figure shown is for September (preliminary). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1158 FEDERAL RESERVE BULLETIN • OCTOBER 1958 over-all activity leveled off in Germany and both cases price changes were an important dipped briefly in Italy, reflecting weakness element in the decline. in steel markets and a spreading of inven- The reduction in value of imports contory liquidation in the apparel and textile tributed greatly to the balance-of-payments field. In France, where excessive demand gains of European countries after Septemhad caused inflation and serious losses of ber 1957, and to striking increases in their foreign exchange, industrial production gold and foreign exchange reserves. turned down after February 1958. TRADE OF NONINDUSTRIAL COUNTRIES As economic downturns developed, and While at mid-1958 gross reserves of gold as imports fell with the abatement of inflaand foreign exchange of West European tionary pressures, credit and fiscal restraints countries were nearly $3 billion greater than began to be relaxed. In Canada, a new Govat the end of 1956, and gold holdings of ernment enacted a number of expansionary the United States were $650 million less, fiscal measures during the fall of 1957. gross reserves of nonindustrial countries Changes in credit policy in European counother than petroleum exporters were down tries and in Japan were gradual and nearly $2 billion from a year and a half cautious. In Germany increased availability earlier. Somewhat under half of this deof long-term funds at reduced interest rates cline for nonindustrial countries was in stimulated residential construction. their holdings of sterling and most of the In Britain, Bank rate was cut back last remainder was in dollars and gold. During spring to the pre-September 1957 level. In the same period the nonindustrial countries July, the direct control of bank loans intromade net drawings of $450 million from duced in 1955 was removed. In September, the International Monetary Fund. instalment credit regulations were relaxed. Reduced earnings from sales of primary products have been an important cause of WEST EUROPEAN IMPORTS drains on reserves, but the most critical re- Purchases by West European countries from serve situations have been confined to counoutside Europe declined quite sharply in tries that allowed their own payments to value after mid-1957. Imports from the become and remain excessive. Import pur- United States fell most, and imports from chases by nonindustrial countries other than Canada also dropped. Imports from Japan, petroleum producers began to exceed the on the other hand, continued to rise, and imsum of their export earnings and net inflows ports of petroleum from the Middle East reof capital in 1956. The imbalance became covered after early 1957. greater in 1957 as their imports rose further West European imports from other pro- for a time and as export earnings declined. ducers of primary products, which had been Exports in the boom. Over the course of at an annual rate of about $ 16 billion in the the 1954-57 boom, export earnings of nonfirst half of 1957, were about $1.5 billion industrial countries in the aggregate inlower in the first six months of 1958. This creased one-sixth, as shown in the chart. decline was greater, even in relative terms, These gains were due largely to volume exthan the decline in United States imports pansion, which was especially rapid from from the same broad group of countries. In 1954 to early 1956. Thereafter increases in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE 1957-58 RECESSION IN WORLD TRADE 1159 downward movement of prices of primary TRADE OF NONINDUSTRIAl COUNTRIES commodities after the spring of 1957. Physical volume of exports of commodities other NONPETROLEUM EXPORTERS than petroleum decreased a little. Average prices entering into total export IMPORTS / \ earnings of nonindustrial countries other than petroleum producers were about 10 per cent lower this spring than in 1954. Price levels in industrial countries, on the /""——' EXPORTS V other hand, are generally higher than they - 20 were in 1954. 1 1 1 1 1 Some shift in price relationships would 10 PETROLEUM EXPORTERS probably have occurred on account of long- EXPORTS term changes in demand and supply, even if - 5 sharp fluctuations in industrial countries' demand in the 1954-58 period had been - '" IMPORTS avoided. Lowered costs of production of 1 I I I! 195* 1956 1958 synthetic materials, relative growth of world demand for manufactured products in gen- NOTE.—Unadjusted for seasonal variation. Exports f.o.b. and imports c.i.f. Based on data from International Monetary Fund eral, and the overcoming of postwar supply International Financial Statistics. Petroleum exporters: Brunei, Iran, Iraq, Netherlands Antilles, Sarawak, Saudi Arabia, Trini- shortages for some primary products would clad, Venezuela, Kuwait, and other Persian Gulf states. Nonpetroleum exporters: all other countries except the United all have worked in the same direction. But States, Canada, Japan, and members of the Organization for European Economic Cooperation. Second quarter 1958 partly the concentration of price adjustments estimated by Federal Reserve. within the latter part of this period has volume were markedly slower, except for greatly intensified the difficulties of noninpetroleum. dustrial countries. Fluctuations in prices for raw materials Imports in 1957-58. Decreases in earnings and foodstuffs varied widely from commod- of nonindustrial countries have been folity to commodity. While prices for some lowed, with a lag, by reductions in their imagricultural commodities were never as high ports. The decline in imports continued in after 1954 as before, market prices of many the second quarter of 1958, if allowance is commodities rose sharply to peaks at various made for the usual seasonal variation. dates in 1955, 1956, or 1957. Neverthe- To protect dwindling foreign exchange reless, the broad average of prices actually serves, some countries, such as South Africa realized by nonindustrial countries, unrepre- and Rhodesia, tightened their monetary and sentative though this may be of the experi- fiscal policies this year. Others, notably ence of individual countries, did not change India, the Philippines, and New Zealand, widely from 1954 to early 1957. adopted severe measures of exchange con- Exports in 1957-58. When demand for trol which cut their import purchases primary commodities in industrial countries sharply. Others, however, continued to imslackened in 1957, price declines began to port heavily; Brazil and Argentina virtually predominate over increases. Short crops ex- exhausted their foreign exchange reserves. plain the few exceptions to the generally Among countries with large reserves, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1160 FEDERAL RESERVE BULLETIN • OCTOBER 1958 Australia maintained its imports and Mexico Looking ahead to.problems of the next increased its purchases further. Venezuela decade, the President of the United States reduced its imports of capital goods as has proposed enlargement of the resources petroleum investment expenditures de- of the Fund, which have not been changed clined. since it was set up just after World War II. He has also proposed increasing the re- THE IMF AND THE WORLD BANK sources of the International Bank for Recon- In adjusting to changes in their balances of struction and Development, which operates payments in the later stages of the world in the field of long-term investment. Both boom and in the subsequent trade recession, proposals were favorably received at the many countries made use of temporary as- annual meeting this month of the Govsistance from the International Monetary ernors of the Fund and the Bank. The Fund. This institution has exerted an in- Executive Directors of the institutions were fluence toward stability and order in world instructed to work out detailed plans. These trade not only through its financial assist- plans will be submitted to the Congress ance but also through advice on appropriate of the United States and to the appropriate financial policies. bodies in other member countries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Participations between Banks under Bank companies not exceeding one per cent of the capi- Holding Company Act tal and surplus of such banks. Section 4(c)(4) of the Bank Holding Company Act exempts from An interpretation published at page 1059 of the the prohibitions of Section 4 of the Act "shares September 1958 Federal Reserve BULLETIN exwhich are of the kinds and amounts eligible for pressed the view that certain participations deinvestment by national banking associations under scribed therein between co-subsidiary banks of a the provisions of Section 5136 of the Revised bank holding company are permissible under Sec- Statutes." Section 5136 of the Revised Statutes tion 6(a) of the Bank Holding Company Act of (paragraph "Seventh") in turn provides, in part, 1956. as follows: In connection with a participation which is otherwise permissible under that interpretation, "Except as hereinafter provided or otherwise permitted by law, nothing herein contained shall authorize the Board has been asked the further question the purchase by the association for its own account of whether the participation would cease to be per- any shares of stock of any corporation." (Italics supplied.) missible by reason of the fact that the notes representing the original loan were made payable to Since the shares of a small-business investment the originating bank and then endorsed to the company are of a kind and amount expressly participating bank. In response the Board ex- made eligible for investment by a national bank pressed the opinion that such a participation would under the Small Business Investment Act of 1958, continue to be permissible with such a procedure, it follows, therefore, that the ownership or control provided the participation was otherwise permis- of such shares by a bank holding company would sible under the earlier interpretation and the proce- be exempt from the prohibitions of Section 4 of dure was provided for in advance by the participa- the Bank Holding Company Act by virtue of the tion agreement between the banks. provisions of Section 4(c)(4) of that Act. Accordingly, the ownership or control of such shares Acquisition by Bank Holding Company and by the bank holding company would be exempt Banking Subsidiaries of Stock in Small-Business from the prohibitions of Section 4 of the Bank Investment Company Holding Company Act. A registered bank holding company requested An additional question is presented, however, an opinion by the Board of Governors with respect as to whether Section 6 of the Bank Holding Comto whether that company and its banking sub- pany Act prohibits banking subsidiaries of the sidiaries may acquire stock in a small-business bank holding company from purchasing stock in investment company organized pursuant to the a small-business investment company where the Small Business Investment Act of 1958. latter is a "subsidiary" under that Act. It is understood that the bank holding company Section 6(a)(l) of the Act makes it unlawful and its subsidiary banks propose to organize and for a bank "to invest any of its funds in the capital subscribe for stock in a small-business investment stock, bonds, debentures, or other obligations of company which would be chartered pursuant to a bank holding company of which it is a subthe Small Business Investment Act of 1958 which sidiary, or of any other subsidiary of such bank provides for long-term credit and equity financing holding company." Section 6(b) of the Act for small-business concerns. exempts from the prohibitions of Section 6 the Section 302(b) of the Small Business Invest- capital stock of any company described in Section ment Act authorizes national banks, as well as 4(c)(l) of that Act, but fails to exempt also inother member banks and nonmember insured vestments in stock that fall within that part of banks to the extent permitted by applicable State Section 4(c)(4) which exempts from the divestlaw, to invest capital in small-business investment ment requirements of the Act shares eligible for 1161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1162 FEDERAL RESERVE BULLETIN • OCTOBER 1958 investment by national banks under Section 5136 ing Company Act of 1956. The Board's Order of the Revised Statutes. (Docket No. BHC 45) and accompanying Report It might be argued that, since Congress deemed and Recommended Decision read as follows: it proper for a holding company bank to invest FINANCIAL INSTITUTIONS, INC. in shares of the types of companies described in Section 4(c)(l) of the Act, it would also be In the Matter of the Application of Financial Inproper for banking subsidiaries of a bank holding stitutions, Inc. under Section 4(c)(6) of the Bank company to purchase shares eligible for invest- Holding Company Act of 1956 ment by national banks under Section 5136 of the Revised Statutes. However, the express wording ORDER of the Act is to the contrary. On July 29, 1958, the Hearing Examiner issued his Report and Recommended Decision in the In the absence of any facts which would seem above-entitled proceeding, recommending to the to justify the Board in ignoring the present word- Board that it grant the application of Financial ing of Section 6 of the Bank Holding Company Institutions, Inc. for a determination that Geneva Act and until Section 6(b) of that Act is amended to include reference to Section 4(c)(4) (as indi- Shareholders, Inc., Geneva, New York, and accated above and as recommended by the Board tivities thereof are of the kind described in Section in its Report to the Congress of May 8, 1958), 4(c)(6) of the Bank Holding Company Act of the Board is, therefore, compelled to conclude 1956 and Section 5(b) of the Board's Regulation that Section 6 prohibits the purchase by banking Y so as to make it unnecessary for the prohibitions subsidiaries of a bank holding company of stock of Section 4 of the Act with respect to retention of a small-business investment company organized of shares in nonbanking organizations to apply in pursuant to the Small Business Investment Act of order to carry out the purposes of the Act. The 1958, where that company is or will be a sub- time for filing with the Board exceptions and brief sidiary of the bank holding company. to the recommended decision of the Hearing Examiner expired without any exceptions or brief Accordingly, Section 6 of the Bank Holding having been filed. Company Act prohibits banking subsidiaries of the bank holding company from purchasing stock Pursuant to Section 4(c) (6) of the Bank Holdin a small-business investment company organized ing Company Act and Section 5(b) of the Board's pursuant to the Small Business Investment Act Regulation Y, and on the basis of the entire record, of 1958, where that company is or will be a sub- the Board hereby adopts the findings of fact, considiary of the bank holding company. However, clusions of law, and the recommendations of the this prohibition would not apply to investment by Hearing Examiner as set forth in the attached the holding company alone in voting shares of copy of his Report and Recommended Decision, such a small-business investment company even and makes the following Order: though the latter would constitute a subsidiary IT IS HEREBY ORDERED that the request of Finanunder the Bank Holding Company Act; nor would cial Institutions, Inc., under Section 4(c)(6) of it apply if the holding company and its banking the Bank Holding Company Act of 1956 for a subsidiaries should not together acquire as much determination exempting its shares in Geneva as 25 per centum of the voting shares of such a Shareholders, Inc. from application of the prohismall-business investment company and that com- bitions of Section 4(a)(2) of the said Act, shall pany was also not otherwise a subsidiary of the be, and hereby is, approved. bank holding company. This 10th day of September, 1958. By order of the Board of Governors. Order under Section 4(c)(6) of Bank Holding Voting for this action: Messrs. Martin, Chairman, Company Act Balderston, Vice Chairman, Szymczak, Vardaman, Mills, Robertson, and Shepardson. Voting against The Board of Governors of the Federal Reserve this action: None. System, on September 10, 1958, issued an Order approving the application of Financial Institu- (Signed) KENNETH A. KENYON tions, Inc. for an exemption of a subsidiary corpo- Assistant Secretary. ration under Section 4(c)(6) of the Bank Hold- (SEAL) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1163 REPORT AND RECOMMENDED DECISION ing or controlling banks, as conducted by such bank holding company or its banking subsidiaries, as to be Statement of the Case a proper incident thereto and as to make it unnecessary for the prohibitions of Section 4 of the Act to Under date of 14 April 1958 Financial Institutions, apply in order to carry out the purposes of the Act, Inc., Warsaw, New York, a bank holding company may request the Board for such a determination purand the Applicant herein, filed with the Board of suant to Section 4(c)(6) of the Act. Any such re- Governors of the Federal Reserve System a request, quest shall be filed in duplicate with the Federal Rehere referred to as the Application. By the Applica- serve Bank. After receipt of any such request, the tion the Applicant seeks a determination from the Board will notify the bank holding company of the Board, pursuant to Section 4(c) (6) of the Bank Hold- place and time fixed for a hearing on the requested ing Company Act of 1956, herein called the Act, and determination; and, after the conclusion of such hear- Section 5(b) of the Board's Regulation Y promulgated ing and on the basis of the record made at the hearpursuant to the Act (12 CFR 222.5(b)), that the ing, the Board will by order make or decline to make shares of stock held by the Applicant in Geneva Share- the requested determination." holders, Inc. are exempt from the provisions of the Act prohibiting the retention by a bank holding com- On 23 May 1958 the Board ordered that a hearing pany of any voting shares of a nonbanking organiza- be held on the aforesaid Application, in accordance tion. with the provisions of Section 4(c) (6) of the Act, and Sections 5(b) and 7(a) of the Board's Regulation Y.1 The particular sections of the Act here applicable Notice of the Application and of the order directing are: hearing thereon were duly published in the Federal "Section 4(a). Except as otherwise provided in this Register on 29 May 1958 (23 Federal Register Act, no bank holding company shall— 3752). The notice provided inter alia that any person desiring to give testimony in the proceeding might file a request for that purpose with the Board. "(2) after two years from the date of enactment Pursuant to the aforesaid order and notice, a hearof this Act . . . retain direct or indirect ownership ing was held at Buffalo, New York, on 12 June 1958, or control of any voting shares of any company which before the undersigned Charles W. Schneider, a hearis not a bank or a bank holding company or engage ing examiner selected by the Civil Service Commission in any business other than that of banking or of man- in accordance with the provisions of Section 11 of the aging or controlling banks or of furnishing services to Administrative Procedure Act (5 U.S.C. 1010) and or performing services for any bank of which it owns thereafter designated by the Board to conduct the or controls 25 per cent or more of the voting shares. hearing in the matter. The Applicant and the Board —the latter in a nonadversary capacity—were repre- "The Board is authorized, upon application by a bank sented at the hearing by counsel and otherwise, and holding company, to extend the period referred to in were afforded full opportunity to be heard, to examine paragraph (2) above from time to time as to such and cross-examine witnesses, to introduce evidence bank holding company for not more than one year bearing on the issues, and to file briefs and proposed at a time if, in its judgment, such an extension would findings with the hearing examiner. On 25 July 1958 not be detrimental to the public interest, but no such an order was entered correcting and adding to the extensions shall extend beyond a date five years after record pursuant to stipulation of the parties, and closthe date of enactment of this Act or five years after ing the hearing. The Applicant has filed proposed the date as of which a company becomes a bank hold- findings and a brief, which have been considered. All ing company, whichever is later. the Applicant's proposed findings are accepted. Upon the entire record in the case I make the following findings. "(c) The prohibitions in this section shall not apply— The Companies Involved Financial Institutions, Inc., a New York corpora- "(6) to shares of any company all the activities of tion, is a bank holding company maintaining its prinwhich are of a financial, fiduciary, or insurance nature cipal office and place of business in Warsaw, New and which the Board after due notice and hearing, and York. on the basis of the record made at such hearing, by Financial Institutions, Inc. owns approximately 92 order has determined to be so closely related to the per cent of the voting stock of Wyoming County Bank business of banking or of managing or controlling and Trust Company, Warsaw, New York, and apbanks as to be a proper incident thereto and as to proximately 30 per cent of the voting stock of the make it unnecessary for the prohibitions of this sec- Pavilion State Bank, Pavilion, New York. In addition to apply in order to carry out the purposes of this tion to those stocks, and some other miscellaneous Act;" share holdings, Financial Institutions, Inc. also owns, 1 Section 5(b) of the Regulation has been set out supra. Insofar as applicable Section 7(a) of Regulation Y is as fol- Section 5(b) of the Board's Regulation Y is as lows (12 CFR 222.7(a)): follows: (a) Hearings.—. . . Notice of any hearing required by the Act will be published in the Federal Register a reasonable time in "(b) Shares of financial, fiduciary, or insurance advance of the date fixed for the hearing; and any hearings so companies.—Any bank holding company which is of required will ordinarily be held before trial examiners apthe opinion that a company all the activities of which pointed in accordance with the provisions of the Administrative Procedure Act. All hearings under this regulation will be are of a financial, fiduciary, or insurance nature is so conducted in accordance with the Board's "Rules of Practice closely related to the business of banking or of manag- for Formal Hearings." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1164 FEDERAL RESERVE BULLETIN • OCTOBER 1958 either beneficially or of record, 1,900 shares of voting pany as defined in the Act. If Geneva Shareholders, stock in Geneva Shareholders, Inc., or approximately Inc. is a nonbanking or nonbank holding company, 32 per cent of 5,964 such shares outstanding. Of this Financial Institutions, Inc., owning over 25 per cent of stock, all purchased for cash, 415 shares are common its shares, must divest them by 9 November 1958— stock, 1,485 preferred. unless exempt under the provisions of Section 4.2 Geneva Shareholders, Inc. is a New York corpora- In general, bank holding companies which have no tion whose principal office and place of business is in nonbanking interests are not subject to divestment Geneva, New York. It was organized in 1932 to assist under Section 4. As has been seen, Geneva Shareholders, Inc. has no nonbanking interests. However, in the continuance of operations by The National Geneva Shareholders, Inc. does not meet the defini- Bank of Geneva, a Geneva bank. Because of detion of a bank holding company contained in Section valuation of assets the bank's condition at that time 2(a) of the Act; which, in summary, defines a bank required the securing of additional capital in order to holding company as a company which owns or conremain open. For that purpose Geneva Shareholders, trols two or more banks. Geneva Shareholders, Inc. Inc. was formed. The common stock of The National controls only one bank. If the definition in Section Bank of Geneva was exchanged, share for share, for 2(a) of the Act is a functional as well as a jurisdiccommon stock of Geneva Shareholders, Inc., except tional one, Geneva Shareholders, Inc. is not excused for bank directors' qualifying shares and six bank from divestment by reason of Section 4(a)(2). Thus shares held by an individual. At the same time ap- its difficulties arise, not because of the functions it proximately $300,000 of preferred voting stock of performs, or from the impropriety of its relations with Geneva Shareholders, Inc. was sold publicly, $90,000 affiliates, but because it does not own enough banks. of it to Financial Institutions, Inc. The proceeds of However, the construction of Section 2(a) is not an the sale were either contributed to the bank by Geneva issue here. The question presented by the applica- Shareholders, Inc. or used to purchase the bank's dis- tion is whether Geneva Shareholders, Inc. is a comallowed assets. pany qualified for exemption under Section 4(c)(6), There are presently outstanding 2,980 shares of not under Section 4(a) (2). We turn then to that preferred stock (5 per cent cumulative) of Geneva question. Shareholders, Inc., and 2,984 shares of common stock. The requirements for securing an exemption under Both classes of stock are voting stock. Section 4(c)(6) were thus stated by the Board in the Transamerica case, supra: The National Bank of Geneva has outstanding 2,500 shares of common stock. There is no preferred stock. "(1) All the activities of the organization must be As has been seen, the bulk of that stock is held by of a financial, fiduciary, or insurance nature; and Geneva Shareholders, Inc. "(2) The company must be determined by the As of 28 March 1958, Geneva Shareholders, Inc. Board to be so closely related to the business of bankowned 2,338 shares of stock of The National Bank ing or of managing or controlling banks (a) as to be of Geneva. Geneva Shareholders' only other assets a proper incident thereto and (b) as to make it unas of that date were $12,794.95 in cash and $39,936 necessary for the prohibitions of Section 4 of the Act in notes receivable: the latter representing noninterest to apply in order to carry out the purposes of the Act." bearing notes given by bank directors in exchange for qualifying shares. Does Geneva Shareholders, Inc. meet these require- Geneva Shareholders' only business is the ownership ments? and control of stock of The National Bank of Geneva. It has been seen that the only function of Geneva It does not exercise active supervision over the man- Shareholders, Inc. is, through its stock ownership and agement of the bank. However, the same person, allotment of qualifying shares to directors, to manage Vernon Alexander, is president of the bank and of and control The National Bank of Geneva. This Shareholders. In addition, five of the directors of function is not merely closely related to managing or Geneva Shareholders are also directors of the bank. controlling banks; it would seem to constitute actual The only income of Shareholders is the dividends re- engagement therein. That Shareholders does not exerceived from the bank, and its only disbursements are cise supervision over day-to-day operation of the bank would not seem to detract from its control. dividends to its stockholders, taxes, and modest op- Management is inherent in the exercised powers of erating expenses. Shareholders also provides direcownership. Absent disqualifying statutory factors, the tors of The National Bank of Geneva with their Act makes it lawful to be a bank holding company, qualifying shares, receiving in exchange noninterest and to manage or control banks. It would seem to bearing promissory notes; the services of the directors follow that such functions are then proper incidents being in lieu of interest. of banking. The retention of ownership of shares of We turn now to the problem presented. such nature would appear to be consonant with the statutory purposes. I so find. The Determination The final question is whether the activities of As is seen from the language of Section 4 of the Geneva Shareholders, Inc. are of a financial, fiduciary, Act, supra, din effect of that Section, absent exemption, or insurance nature. Clearly they are not insurance is to require bank holding companies to divest their in character, nor would they seem to be fiduciary, as nonbanking interests. Transamerica Corporation and such term is generally understood. Occidental Life Insurance Co. of Calif., decision of As to whether the activities of a bank holding comthe Board 20 August 1957, Docket No. BHC 28 (pub- pany are in general of a "financial" nature, there is lished in the Federal Reserve BULLETIN for September 1957, p. 1014). 2 On 8 May 1958, upon application, the Board, pursuant to authority contained in Section 4 of the Act, extended the Appli- Financial Institutions, Inc. is a bank holding com- cant's period for compliance to 9 November 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1165 scant helpful authority in either the legislative history closely related to banking. They should not comof the Act or in judicial decisions. Webster's New bine management and control of banking activities International Dictionary, Second Edition, and Funk with management and control of nonbanking activiand Wagnalls New Standard Dictionary of the English ties. The divestment requirements in this bill are Language, 1952, substantially define "financial" as designed to remove the danger that a bank holding "pertaining to finance". Webster gives as one defini- company might misuse or abuse the resources of a tion of "finance": bank it controls in order to gain an advantage in the operation of the nonbanking activities it controls." ". . . the management of monetary affairs, especially those involving large sums or investment funds." None of the dangers suggested by the Senate Committee are presented in the continued retention by I find it unnecessary to decide, however, whether Financial Institutions, Inc. of the shares of Geneva the activities of bank holding companies are per se of Shareholders, Inc. a financial nature. For in the instant case the activi- Upon the basis of the foregoing findings of fact, and ties of Geneva Shareholders, Inc. are, in my opinion, upon the entire record in the case, I make the followspecifically so. ing: As we have seen, Geneva Shareholders, Inc. was Conclusions of Law formed for the purpose of raising capital in order that The National Bank of Geneva could be kept open. 1. All the activities of Geneva Shareholders, Inc. It was a salvage, not an investment, operation. The are of a financial nature. funds raised were either contributed directly to the 2. Geneva Shareholders, Inc., its operations and bank or used to purchase disallowed assets of the activities, are so closely related to the business of manbank. The evidence, reiterated in the Applicant's aging and controlling banks as to be a proper incident brief, is that in the event of necessity Geneva Share- thereto. holders, Inc. would again attempt to rescue the bank 3. It is unnecessary to apply the prohibitions of from fiscal difficulty. In the aggregate those activi- Section 4 of the Act to Geneva Shareholders, Inc. in ties would seem to be of financial character. Under order to carry out the purposes of the Act. such circumstances the conclusion appears warranted, and I find that the activities of Geneva Shareholders, Recommendations Inc. are financial in nature. I further find Geneva Shareholders, Inc. and its It is recommended that the Board of Governors operations to be proper incidents to the management of the Federal Reserve System: and control of banks, and further that it is unneces- 1. Enter an order determining the issue in this prosary to apply the prohibitions of Section 4 of the Act ceeding in accordance with the findings of fact and to Geneva Shareholders, Inc. in order to carry out the conclusions of law made above, and purposes of the Act. Exemption of Geneva Share- 2. Grant the request of Financial Institutions, Inc. holders, Inc. seems in accord with the objectives of the for an order under Section 4(c)(6) of the Act exempt- Act as stated in the Report of the Senate Committee ing Geneva Shareholders, Inc. from application of the on Banking and Currency, as follows: (S. Rep. 1095, prohibitions of Section 4 of the Act. pp. 13-14, 84th Cong., 1st Sess.) Dated at Washington, D. C, this 29th day of July "Your committee holds the opinion that bank hold- 1958. ing companies should confine their activities to the (Signed) CHARLES W. SCHNEIDER, control and management of banks and activities Hearing Examiner. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS Jr., of Pittsburgh, Pennsylvania, as a director of Meetings of the Federal Open Market Committee the Pittsburgh Branch of the Federal Reserve Bank were held in Washington on September 30 and of Cleveland for the unexpired portion of a term October 21, 1958. ending December 31, 1959. Mr. Ryan is President of the Mine Safety Appliances Company, INCREASE IN MARGIN REQUIREMENTS Pittsburgh. As a director of the Pittsburgh Branch On October 15, 1958, the Board of Governors he succeeds Admiral Ben Moreell, formerly Chairof the Federal Reserve System amended Regula- man of the Board of Jones & Laughlin Steel Cortions T and U, relating respectively to margin poration, Pittsburgh, who resigned recently. requirements of brokers and banks, by increasing margin requirements from 70 per cent to 90 per DEATH OF DIRECTOR cent, effective October 16, 1958. The increased Mr. Joseph E. Healy, who had served as a director requirements apply to both purchases and short of the Federal Reserve Bank of Richmond since sales. No other change was made in the regu- January 1, 1956, died on October 12, 1958. Mr. lations. Healy was President of The Citizens National INCREASE IN FEDERAL RESERVE DISCOUNT RATE Bank of Hampton, Hampton, Virginia. On September 22, 1958, the Board of Governors of the Federal Reserve System approved action TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY by the directors of the Federal Reserve Bank of Boston increasing the discount rate at that Bank Latest BULLETIN Reference from \3A per cent to 2 per cent, effective Sep- Semiannually Issue Page tember 23, 1958. The effective dates of a similar Banking offices: Analysis of changes in number of Aug. 1958 988 change in discount rate at the other Federal Re- On, and not on, Federal Reserve Par List, number of Aug. 1958 989 serve Banks were published in the BULLETIN for Annually September. Earnings and expenses: Federal Reserve Banks Feb. 1958 200-01 CHANGES IN BOARD'S STAFF Member banks June 1958 710-18 Insured commercial banks June 1958 719 In line with the announcement on page 930 of the Banks and branches, number of, by class and State Apr. 1958 492-93 BULLETIN for August 1958, Mr. Merritt Sherman Operating ratios, member banks June 1958 720-22 Stock Exchange firms, detailed debit and assumed his duties as Secretary of the Board on credit balances Mar. 1957 336 October 9, 1958. Banking and monetary statistics, 1957.. {g*£ }^| ^04-10 Summary flow-of-funds accounts, 1954-56 Oct. 1957 1190-94 APPOINTMENT OF BRANCH DIRECTOR Bank holding companies, Dec. 31, 1957: List of Feb. 1958 211 On September 23, 1958, the Board of Governors Banking offices and deposits of group announced the appointment of Mr. John T. Ryan, banks Oct. 1958 1224 1166 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication October 14 Industrial production, construction activity, and to increase. Auto assemblies, after seasonal adnonfarm employment increased further in Sep- justment, were curtailed about two-fifths by protember, and unemployment was reduced. Per- longed model-changeovers and by continuing work sonal income continued to expand, but retail sales stoppages. Dealers' stocks of new autos were declined. Total commercial bank credit decreased. reduced further and at the end of September were From early September to early October, average about one-fifth below last year's model-changeover wholesale prices of agricultural and industrial com- low. modities changed little. Common stock prices Activity in most industries producing nonrose further to record highs. durable goods advanced further in September, and minerals production continued to rise as crude INDUSTRIAL PRODUCTION oil output and metal mining operations expanded. Industrial production, as measured by the Board's seasonally adjusted index, in September CONSTRUCTION was 137 per cent of the 1947-49 average, one Private housing starts rose further in September point above the revised August figure. Output to a seasonally adjusted annual rate of more than of nondurable goods and minerals continued to 1.2 million units—the highest level since the rise, while production of durable goods showed autumn of 1955. Total construction activity rose no change. for the fourth straight month, and the seasonally Among durable goods industries, a marked cur- adjusted annual rate of $50.2 billion was close to tailment in auto assemblies offset gains in other the record high reached in December 1957. The lines. Steel mill operations rose to 66 per cent September gain occurred mainly in private resiof capacity from 61 per cent in August, and in dential and public construction activity. Public early October ingot production averaged 72 per utility construction advanced slightly while comcent. Output of construction materials also ex- mercial building declined somewhat and the propanded further in September. Activity in most longed decline in industrial construction continued. business equipment industries and production of furniture and other household goods continued EMPLOYMENT Seasonally adjusted nonfarm employment rose 100,000 further in September but, at 50.7 million, INDUSTRIAL PRODUCTION 1947-49-100 was 1.6 million below a year earlier. September increases were concentrated in durable goods manufacturing industries. Weekly earnings at factories continued to rise, reflecting increases for both weekly hours and hourly earnings, and were 3 per cent higher than a year earlier. Unemployment declined about 600,000 to 4.1 million; the seasonally adjusted rate of unemployment decreased to 7.2 per cent of the civilian labor force, but remained substantially higher than a year earlier. DISTRIBUTION Seasonally adjusted retail sales declined somewhat in September from the improved July-August Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for September. level. Sales fell off at department stores and at 1167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1168 FEDERAL RESERVE BULLETIN • OCTOBER 1958 specialty stores selling mainly apparel and house- business loans in mid-September was associated hold goods, following substantial increases earlier. primarily with income tax payments and was fol- Department store stocks, seasonally adjusted, were lowed by some decline. On October 8 and 10, the same at the end of August as in the previous banks acquired substantial amounts of Treasury two months and were 3 per cent below a year bills and Treasury notes offered for cash. earlier. Member bank borrowings from the Federal Reserve averaged $460 million over the four COMMODITY PRICES weeks ending October 8, compared with $365 The wholesale commodity price index continued million in the previous four weeks, and excess relatively stable from early September to early reserves averaged $590 million, about the same October. In general, changes in prices of live- as in the earlier period. Reserves were absorbed stock, meats, and other foodstuffs were small and mainly by Federal Reserve sales of U. S. Governoffsetting. Average prices of industrial commodi- ment securities and further gold outflows and ties also changed little although, with industrial were supplied by reductions in required reserves demands expanding, there were increases in prices and changes in other factors. of nonferrous metals and some other sensitive materials. In addition, 1959 autos were being SECURITY MARKETS introduced at prices generally higher than those Short-term interest rates rose further from midfor 1958 models. September to mid-October, reflecting in part the Treasury cash borrowing in early October of $3.7 BANK CREDIT AND RESERVES billion short-term securities. The average yield Total credit at city banks declined $700 million on long-term U. S. Government bonds rose to a over the four weeks ending October 1 as reduc- new postwar high in early October, but then detions in bank holdings of U. S. Government securi- clined somewhat. Yields on corporate bonds conties were offset only in part by increases in loans tinued to increase, while those on State and local and in holdings of other securities. A rise in government bonds declined slightly. INTEREST RATES LONG -TERM GOVERNMENTwSECURITIES 1$ " • 1 Ir - -l |iDISC F O . R U . NT B AN R K ATE TREASURY i s / r V 1 1 1 1955 1956 1957 1958 Bureau of Labor Statistics indexes. "Other" wholesale prices exclude processed foods, included in total but not shown Weekly average market yields for long-term U. S. Governseparately. Monthly figures, latest shown: August for con- ment 2V2 per cent bonds and for longest Treasury bills; latest sumer prices, and September estimates for wholesale prices. shown are for week ending October 10. 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 1171 Reserve Bank discount rates; reserve requirements; margin requirements.. 1174 Federal Reserve Banks 1175 Bank debits; currency in circulation 1178 All banks: consolidated statement of monetary system; deposits and currency. . 1180 All banks, by classes . . 1181 Commercial banks, by classes.... 1184 Weekly reporting member banks.. 1186 Commercial loans; commercial paper and bankers' acceptances. . 1188 Interest rates 1189 Security prices; stock market credit. . . 1190 Savings institutions 1191 Federal business-type activities. . 1192 Federal finance 1194 Security issues. ... 1198 Business finance... 1199 Real estate credit 1201 Short- and intermediate-term consumer credit. . 1204 Selected indexes on business activity. . 1208 Production 1209 Employment and earnings 1216 Department stores 1218 Foreign trade 1219 Wholesale and consumer prices 1220 National product and income series. . 1222 Offices and deposits of banks in holding company groups, December 31, 1957 1224 Tables published in BULLETIN, annually or semiannually—list, with references 1166 Index to statistical tables.. 1251 Tables on the following pages include the prin- of material collected by other agencies; figures cipal statistics of current significance relating for gold stock, currency in circulation, Federal to financial and business developments in the finance, and Federal credit agencies are obtained United States. The data relating to Federal from Treasury statements; the remaining data Reserve Banks, member banks of the Federal are obtained largely from other sources. Back Reserve System, and department store trade, and figures for 1941 and prior years for banking and the consumer credit estimates are derived from monetary tables, together with descriptive text, regular reports made to the Board; production may be obtained from the Board's publication, indexes are compiled by the Board on the basis Banking and Monetary Statistics. 1169 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars 25 MEMBER BANK RESERVE BALANCES CURRENCY IN CIRCULATION RESERVE BANK CREDIT TREASURY CASH AND DEPOSITS 0 NONMEMBER DEPOSITS 30 FEDERAL RESERVE CREDIT U. S. GOVERNMENT SECURITIES 25 20 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT I - 1952 1953 1954 1955 1956 1957 1958 Latest averages shown are for week ending September 24. See p. 1171. 1170 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 to o c ld k T r s c o e t u i r a u n n u e r n r y g c t a - - d y s - - r c C t e c u i i n u o i n l r c a n r - - y - T h c i u o n r a e r l g s y d a h s s - - Tr u w e r a i y t s h - r F es . F e e i o R r g r v . n - e B s, a O nk th s er c O F o a . t u c h R n - e t r . s Total r q e u s R e ir e rv e - d es 2 i c E es x s - 2 agreement Averages of daily figures 1957 AU8J: 2 2 3 3 , , 1 0 1 4 6 7 2 2 3 3 , , 0 0 4 7 7 8 38 1 1 , , 1 0 6 6 1 0 9 8 2 7 8 4 2 2 5 5 , , 1 1 2 0 4 2 2 22 2 , , 6 6 2 2 7 7 5 5 , , 1 1 1 1 4 3 3 3 1 0 , , 0 9 6 8 9 3 7 7 6 6 7 4 4 4 7 9 5 8 3 3 6 5 3 5 2 27 7 3 7 1 1 , , 1 1 1 1 3 6 1 18 8 , , 7 8 8 6 6 8 1 1 8 8 , ,3 1 3 9 1 5 5 5 9 3 1 7 21 23,034 23,034 931 1,22725,211 22,625 5,116 31,055 762 513 343 270 1,203 18,806 18,254 552 28 . . 23,220 23,215 915 97725,133 22,626 5,118 30,998 764 475 339 268 1,203 18,831 18,397 434 Sept. 4 23,511 23,463 832 85825,228 22,626 5,118 31,149 759 485 340 281 1,197 18,760 18,346 414 11 23,399 23,367 1,031 95325,408 22,626 5,119 31,256 759 431 357 279 1,194 18,876 18,301 575 18 23,303 23,286 950 1,44225,719 22,627 5,121 31,184 755 510 429 287 1,196 19,108 18,484 624 25 .... 23,178 23,173 1,106 1,31825,622 22,628 5,123 31,052 769 759 386 255 1,189 18,963 18,416 547 Oct. 2 .... 23,346 23,294 52 942 1,00025,304 22,634 5,125 31,039 776 493 356 253 1,112 19,034 18,685 349 9 23,545 23,312 233 1,009 99125,563 22,646 5,127 31,129 774 498 373 260 1,112 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 1,110 19,068 18,574 494 23 23,267 23,222 45 605 1,51725,407 22,665 5,131 31,129 781 464 317 265 1,109 19,137 18,574 563 30 23,195 23,179 16 710 1,05124,972 22,671 5,132 31,008 786 518 318 251 1,057 18,837 18,474 363 Nov. 6 23,441 23,256 185 824 94325,225 22,707 5,135 31,115 792 461 367 313 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 ,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 ,20925,325 22,762 5,139 31,431 794 469 301 294 1,030 18,907 18,461 446 Dec. 4 23,73: 23,480 252 626 ,00525,387 22,763 5,141 31,668 770 305 291 191 1,041 19,023 18,580 443 11 23,886 23,574 312 676 ,02025,617 22,766 5,142 31,827 769 318 318 186 1,080 19,027 18,600 427 18 23,907 23,600 307 751 ,52526,218 22,770 5,143 31,973 768 339 334 183 1,050 19,483 18,873 610 25 23,950 23,617 333 786 ,89426,687 22,770 5,145 32,089 764 483 359 179 1,061 19,666 19,014 652 1958 Jan. 1 24,344 23,735 609 661 ,55026,623 22,774 5,147 31,962 773 458 397 201 1,04519,707 19,042 665 8 24,011 23,645 366 707 ,32826,100 22,781 5,146 31,553 768 529 337 186 99619,658 18,982 676 15 23,720 23,581 139 580 ,03925,390 22,781 5,147 31,207 771 503 306 190 99419,348 18,769 579 22 23,315 23,266 49 359 ,23024,949 22,782 5,149 30,878 781 511 275 227 99219,216 18,624 592 29 23,372 23,335 37 295 91924,632 22,783 5,151 30,625 789 521 275 275 99219,089 18,509 580 Feb. 5 23,364 23,321 43 189 80324,397 22,783 5,157 30,581 777 378 265 294 ,046 18,997 18,498 499 12 23,422 23,292 130 286 79324,543 22,784 5,159 30,675 734 296 284 325 19,054 18,483 571 19 23,373 23,285 361 1,05424,830 22,785 5,161 30,642 685 501 337 293 19,122 18,427 695 26 23,380 23,380 153 95224,527 22,714 5,165 30,542 695 508 284 276 18.909 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 ,109 18,526 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 30,617 721 417 242 376 102 18,654 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 1,03625,939 21,540 5,204 31,070 698 459 331 359 146 18,619 17,984 635 25 25,002 24,891 111 99 1,02426,170 21,374 5,204 30,975 698 440 280 229 14418,983 18,314 669 July 2 25,422 25,419 9 81526,380 21,349 5,203 31,163 687 446 268 405 1,10518,859 18,204 655 9 25,456 25,456 143 94726,589 21,306 5,202 31,385 677 489 265 377 1,09718,809 18,051 758 16 25,262 25,262 115 97926,398 21,300 5,202 31,375 686 497 358 371 1,09518,518 17,949 569 23 25,157 25,157 85 1,04526,328 21,280 5,203 31,217 69: 465 293 340 1,09118,712 17,924 788 30 25,035 25,035 108 82326,005 21,252 5,206 31,086 697 543 300 333 1,04118,462 17,824 638 25,240 25,240 11 82826,212 21,195 5,207 31,171 696 662 291 350 1,14818,296 17,738 558 Aug- 25,646 25,626 20 229 77426,685 21,154 5,210 31,291 699 504 300 329 ,16618,760 18,073 687 20 25,406 25,406 216 1,00826,665 21,086 5,210 31,295 696 528 259 301 ,23318,648 18,027 621 27 25,257 25,257 271 85"26,417 21,086 5,211 31,249 688 486 234 320 ,2r18,526 17,953 573 Sept. 3 25,353 25,353 461 79226,638 21,011 5,211 31,381 691 539 305 324 ,17518,446 17,899 547 10 25,233 25,233 514 88326,661 21,012 5,213 31,433 694 478 330 319 ,15318,479 17,873 606 17 25,001 25,001 563 1,04926,644 20,939 5,215 31,393 694 304 397 28: ,15618,572P17,925 P647 24 24,893 24,893 433 1,20326,558 20,895 5,216 31,285 683 508 308 320 ,16218,404P17,775 P629 Preliminary. For other notes see following page. 171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1172 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] ]leserve Bank credit outstanding Deposits, other than member bank Member bank U. S.Govt. securities T u r r e y as- r C e u n r c - y Treas- with r F es . e R rv . e B s, anks reserves P d e o r a i r t o e d Total B r o o i u g u h t g - t ht r u c H e h n p e d a u l s e d r e r - c v D o a a a u n n d is n c d - - e ts s Float TotaU s G to o c ld k r s c o t e i a u n u n n r g t c - - d y - c t c u i i i o n l r a n - - h c i u o n a r l s g d y h s - T u r r e y as- F ei o g r n - Other c O F o a . t u h c n R - e t r . s Total qu R ir e e - d2 ce E s x s - 2 agreement Averages of daily figures 1957 Sept ?3 3?5 73 30? 23 994 14775 489 ?7 627 5 31 143 763 547 378 271 180 18 956 18 434 522 Oct 348 73 96 818 1 143 3?6 660 5 129 31 109 780 495 338 258 ,097 19 040 18 573 467 Nov ?3 417 ?3 ?76 141 810 1 17675,373 ??,743 5 137 31 335 793 464 322 337 044 18 958 18 447 511 Dec ?3 98? 73 615 367 716 1 443 76 186 77 769 5 144 31 932 768 385 345 186 063 19 420 18 843 577 1958 Jan ?3 608 73 458 150 454 1 11875 779 7? 782 5,148 31 059 111 512 297 224 993 19 796 18 773 573 Feb 378 ?3 313 65 242 907 ?4,568 759 5 161 30 608 111 421 294 299 ,150 19 000 18 434 566 Mar ?3 486 ?3 465 21 139 893 74,559 77,548 5 177 30 589 750 457 265 350 ,14? 18 730 18 097 633 Apr ?3 649 73 638 11 130 864 74 68? 72 166 5,191 30 654 728 494 267 410 ,092 18 394 17 77? 622 May 939 ?3 939 119 841 ?4 939 71 801 5 ?00 30 798 731 466 286 401 1,036 18 17 557 666 June ?4,749 ?4 698 51 142 916 75,851 71 490 5 ?03 31 039 701 442 281 350 ,13? 18 600 17 974 626 July ?5 109 94? ?6 310 71 ?85 5 703 31 ?64 687 498 302 358 1,081 18,609 17 953 656 Aug . • • •?5,410 ?5 406 4 252 858 554 11? 5 31 ?68 694 541 274 324 1,194 18 580 17 946 634 Sept ?5 051 ?5 051 476 990 26 548 ?0 940 5 215 31 34? 691 445 325 325 I 15118 4? 5 Midyear or year-end 1929 June 148 68 1 037 1 400 4 037 019 4 459 204 36 6 21 374 356 333 23 1933—June. .. 1 998 1 998 164 4 4 031 7 ?86 5 434 264 35 15 151 346 ,79? 817 475 1939 Dec 2.484 2 484 7 91 2 593 17 644 2 963 7 598 2,409 634 397 256 25111,653 6 444 5,209 \ 941 —Dec ?54 3 94 361 737 11 160 2 215 867 774 586 2911?450 9 365 3 085 1945—Dec 24,262 24 262 249 57825 091 20 065 4 339 28 515 2,287 977 862 446 49515,915 14,457 1,458 1947 -Dec 22,559 22 559 85 53523 181 22 754 4 562 28 868 1,336 870 392 569 56317,899 16,400 1.499 1950—Dec... . 20.778 20 725 "'53 67 1,36822216 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 I,58526 507 21 690 5 008 31 158 767 394 402 554 92519,005 18,903 102 1956—June. ... 758 ?3 71? 46 232 171075719 799 503? 30715 768 522 297 313 99218,443 18449 -6 Dec ?4,915 ?4 610 305 50 1665 76 699 71 949 5 066 31 790 775 441 322 426 901 19,059 19 089 -30 End of month 1957 Sept 31? ?3 31? 396 898 ?4 67? 635 5 31 073 773 429 337 261 1,111 18,399 18,694 295 Oct ?3,338 ?3 120 789 06? 75 706 77 691 5 135 31 090 784 552 378 256 1 05618 917 18 541 376 Nov ?3,733 ?3 448 285 819 94? 7,5 515 72 763 5 139 31 661 761 243 283 196 1 00019,774 18 578 696 Dec ?38 ?3 719 519 55 1 4?4 ?5 784 77 781 5 146 31 834 761 481 356 246 998 19,034 19,091 -57 1958 Jan 331 331 217 763 ?4 35? 784 5 158 30 576 771 469 249 279 990 18,958 18 543 415 Feb ?3 240 ?3 ?40 122 974 74 330 22 686 5 169 30,554 695 516 265 336 1 15118 667 18 186 481 Mar ?3 ?3 6?8 137 765 ?4 570 22 394 5 183 30 666 722 474 266 378 1,108 18,53? 17 857 675 Apr 23,681 23 681 156 79724 672 21,996 5,196 30,565 734 594 257 411 1,050 18,254 17,686 568 May 24 16? 24 16? 144 96525 313 21 594 5 701 30,994 703 382 234 624 99418 176 17 543 633 June 438 ?5 438 41 758 ?6 ?83 356 5,?03 31,17? 692 410 269 42C 1,096 18,784 18 158 626 July ?4,480 ?4 480 94 868 75 477 71 710 5 ?07 31,171 685 617 288 329 1039 17,764 17,801 -37 AUK 346 ?5 346 555 805 ?6 739 011 5 31,371 684 540 313 332 1,184 18,538 17,860 678 Sept 24,986 24 986 255 86026 130P20,873 ,219 ,236 ^693 371 258 395 1,122 18,147 ni ,749 Wednesday 1958 July 2 458 75 458 80 88876470 306 5.70? 31,358 675 468 256 387 1,097 18,737 18 505 9 25,440 25,440 129 84426,455 21,307 5,202 31,378 690 643 264 380 1,096 18,513 18,031 482 16 25,315 25,315 113 ,05226,521 21,283 5,202 31,280 693 418 358 353 1,093 18,811 17,978 833 23 25,223 25,223 74 1 85826,193 21,259 5,205 31,108 698 512 295 319 1,089 18,634 17,886 748 30 24,916 24,916 126 73725,814 21,209 5,207 31,099 699 561 287 333 1,040 18,211 17,809 402 Aug. 6 358 ?5 358 266 684?6 341 71,160 5 ?09 31 702 461 287 325 1,166 18,549 17,771 828 g 13 25,519 25,519 182 76526,500 21,146 5,210 31,270 701 483 327 322 1,165 18,587 18,073 514 20 25,313 25,313 240 87526,460 21,086 5,210 31,248 689 448 253 309 1,232 18,578 18,007 571 27 ?5 189 676?6 114 ,086 5,?11 31,746 692 475 256 320 1,184 18,?40 17,945 295 Sept. 3 25,386 25,386 185 81326,415 21,011 5,212 31,436 697 518 314 331 1,153 18,188 17,911 277 10 081 ?5 081 464 84??6,417 ,01? 5 31409 700 512 382 319 1,151 18 171 17903 268 17 24 915 24 915 207 1 191 26 34? 70,899 5 716 31,335 694 192 356 270 1 16?18 447 ni 956 24 24,860 24,860 337 949 26,174 20,874 5,219 31,176 686 490 314 338 1,161 18,101ni ,713 ^388 v Preliminary. dates in subsequent tables on Federal Reserve Banks. 1 Includes industrial loans and acceptances; these items are not shown 2 These figures are estimated. separately in tfofs *at>}e, 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 1173 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. * In millions of dollars] Central reserve Central reserve Item and period m ba A b e n e m l r k l - s Ne c w ity ban C ks hi- b s c R e a i r n 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 l ks - Ne c w ity ban C ks hi- b s c a R 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—Aug 18,834 4,170 1,123 7,790 5,750 1957_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 July 18,609 4,132 1,088 7,772 5,617 July 656 32 5 104 515 Aug 18,580 4,014 1,097 7,820 5,651 Aug 635 26 3 89 516 Week ending: Week ending: 1958—Aug. 20 18,648 3,990 1,103 7,842 5,713 1958—Aug. 20 621 -11 3 68 561 27 18,526 3,987 1,092 7,804 5,642 27 572 27 4 56 485 Sept. 3 18,446 3,996 1,084 7,784 5,582 Sept. 3 547 37 6 80 424 10 18,479 3,917 1,067 7,763 5,731 10 605 3 3 69 530 17 18,572 4,014 1,066 7,762 5,730 17 ?646 46 2 56 ^542 24 18,404 3,901 1,053 7,710 5,740 24 ^629 8 6 69 ^546 Required reserves:2 Borrowings at Federal Reserve Banks: 1957—Aug 18,300 4,152 1,121 7,722 5,306 Sept 18,434 4,203 ,117 7,749 5,366 1957—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 July 17,953 4,101 ,084 7,667 5,101 June 142 21 2 45 74 Aug 17,946 3,987 ,094 7,731 5,134 July 109 16 1 49 44 Aug 252 48 3 111 90 Week ending: 1958_Aug. 20 18,027 4,001 1,100 7,774 5,152 Week ending: 27 17,953 3,960 1,088 7,748 5,157 1958—Aug. 20 216 36 1 99 80 27 270 60 3 91 116 Sept. 3 17,899 3,959 1,078 7,704 5,158 10 17,873 3,914 1,064 7,694 5,201 Sept. 3 461 119 5 222 115 17 ^17,925 3,968 1,064 7,705 *>5188 10 514 122 17 269 106 24 "17,775 3,893 1,047 7,641 17 563 149 14 301 99 24 433 104 250 79 August 1957 Free reserves:2 4 Deposits: 1957—Aug -471 -289 -26 -400 244 Sept -467 -254 -115 -433 335 Gross demand deposits: Oct -344 -141 -115 -389 301 Total 113,746 22,456 6,005 44,527 40,758 Nov -293 -80 -123 -342 251 Interbank 12,898 4,175 1,214 6,146 1,363 Dec -133 -105 -77 -228 277 Other 100,848 18,281 4,792 38,381 39,395 Net demand deposits 3. . 97,960 19,859 5,273 37,820 35,007 1958—Jan 122 -46 -25 -144 337 Time deposits 45,297 3,597 1,324 18,270 22,106 Feb 324 -25 -6 1 353 Demand balances due Mar 495 42 -18 62 408 from domestic banks. 6,318 53 109 1,923 4,234 Apr 493 -3 -7 44 459 May 547 51 7 89 399 June 484 7 12 57 408 August 1958 July 546 16 4 S6 471 Aug 383 -22 — 22 426 Gross demand deposits: Week ending: Total 118,997 23,583 6,391 47,408 41,615 1958_Aug. 20 405 -47 2 -31 481 Interbank 14,003 4,312 1,352 6,929 1,410 27 302 -33 1 -35 369 Other 104,994 19,271 5,039 40,479 40,204 Net demand deposits3. . 102,112 20,699 5,677 40,347 35,390 Sept. 3 86 -82 1 -142 309 Time deposits 52,960 5,227 1,436 21,471 24,825 10 91 -119 -14 -200 424 Demand balances due 17 *>83 -103 -12 -245 P443 from domestic banks. 6,981 72 117 2,079 4,714 24 P\96 -96 6 -181 ^467 P Preliminary. banks and of country banks are estimates. 1 Averages of daily closing figures for reserves and borrowings and of 3 Demand deposits subject to reserve requirements, i.e., gross demand daily opening figures for other items, inasmuch as reserves required are deposits minus cash items reported as in process of collection and demand based on deposits at opening of business. balances due from domestic banks. 2 Weekly figures of required, excess, and free reserves of all member 4 Free reserves are excess reserves less borrowings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1174 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Federal Reserve Bank a A o d d b v v l a i a n g n c a c e ti e ( s o S s n s e s e s e e c s c a u . u n r 1 e r d e 3 d d d a b i n b s y d c y o e 1 l u G i 3 n g o a i t v b s ) i e le o r n f p m a a n e p d n e t r Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances t o b io b a n n l ( i s k g l a s o a s t t t s i h o e p e c n r a u s r r t . e h o d S a f n e t b c h y . m e 1 e d U 3 m i ) r . e b S c e t . r Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Sept. 30 beginning— rate Sept. 30 beginning— rate Sept. 30 beginning— rate Boston Sept. 23, 1958 Sept. 23,1958 A Mar. 11, 1958 New York . . . Sept. 12, 1958 Sept. 12,1958 38 3V4 Sept. 12, 1958 Philadelphia.. Sept. 19, 1958 Sept. 19,1958 4 Sept. 19, 1958 Cleveland.... Sept. 12, 1958 Sept. 12,1958 IS Sept. 12, 1958 Richmond. . . Sept. 12, 1958 Sept. 12,1958 Sept. 12, 1958 Atlanta Aug. 26, 1958 Aug. 26,1958 Aug. 26, 1958 Chicago Sept. 5, 1958 Sept. 5,1958 2 2V V A k Jan. 24, 1958 St. Louis Sept. 12, 1958 Sept. 12,1958 21/4 Sept. 12, 1958 Minneapolis.. Sept. 5, 1958 Sept. 5,1958 Sept. 5, 1958 Kansas City. . Aug. 29, 1958 Aug. 29,1958 Aug. 29, 1958 Dallas Aug. 22, 1958 Aug. 22,1958 Mar. 14, 1958 San Francisco Aug. 15, 1958 Aug. 15,1958 4 Aug. 15, 1958 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES» MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits1 Time deposits 1930— J D M M F u e e n a a c b y r e . . . 2 2 1 2 7 0 4 4 1 1 1 1 9 9 9 9 5 4 5 5 0 8 4 3 — — — _J A A J F a a e u u n n b g g . . . . . 2 1 1 1 5 1 6 3 2 Ef o fe f c c ti h v a e n g d e ate C r b e e c s a 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 n i e e t t d r r y r v v a e e l C ba o tr n u y k n s 1931—May 8 Apr. 16 banks Oct. 9 1955—Apr. 15 Oct. 16 Aug. 5 1932—Feb. 26 Sept. 9 1917—June 21 13 10 7 June 24 Nov. 18 1933—Mar. 3 1956—Apr. 13 1936—Aug. 16 19% 15 10% f f Apr. 7 Aug. 24 1937—Mar. 1 22* 12tf May 26 1957—Aug. 23 May 1 26 14 Oct. 20 Nov. 15 1938—Apr. 16 22% 17% 12 1934—Feb. 2 1958—Jan. 24 1937_Aug. 27 Mar. 7 l941_Nov. 1 26 20 14 6 6 1942—Oct. 30 Apr. 18 1942—Aug. 20 24 1946—Apr. 25 Sept. 12 Sept. 14 22 In effect Oct. 1, 1958 .... Oct. 3 20 1948—Feb. 27 22 i Under Sees. 13 and 13a, as described in table above. June 11 24 * Preferential rate for advances secured by Govt. securities maturing Sept, 16,24*.... 26 22 16 or callable in 1 year or less in effect during the period Oct. 30, 1942- 1949—May 1,5* 24 21 15 7* 7* a A d p v r a . n 2 c 4 e , s 1 s 9 e 4 c 6 u . r ed T b h y e r e a li t g e ib o l f e 1 p p a e p r e r c . ent was continued for discounts of and J A u u n g e . 3 1 0 , , 1 J 1 u * ly 1*. g* 2 g 0 * 1 1 3 4 6 5 6 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955, 1956, and Aug. 16, 18*.... 12 5 1957 this rate was the same as the discount rate except in the following Aug. 25 %* periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. Sept. 1 11* 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75; 1951—-Jan. 11, 16*.... 13 6 6 1957_Aug. 22, 3.50. 1953— J J a u n ly . 25 1 , ,9 F * eb. 1*. 2 2 3 4 19 1 1 4 3 MARGIN REQUIREMENTS i 1954— J J u u l n y e 2 1 9 6 , A ,2 u 4 g * . . 1 . * .. . 2 2 1 2 2 1 1 0 8 9 12 5 5 [Per cent of market value] 20 1958—Feb. 27, Mar. 1* 8* 17ft Mar. 20, Apr. 1* Apr. 23, Jan. 16, Effec- Apr. 17 11* Prescribed in accordance with 1955- 1958- tive Acr. 24 16% Securities Exchange Act of 1934 Jan. 15, Aug. 4, Aug. 5, 1958 1958 1958 In effect Oct. 1, 1958. 18 16% 11 5 5 Present legal require- Regulation T: ments: For extensions of credit by brokers and Minimum 13 10 7 3 3 dealers on listed securities 70 50 70 Maximum 26 20 14 6 6 For short sales 70 50 70 Regulation U: For loans by banks on stocks 70 50 70 1 Demand deposits subject to reserve requirements which, beginning Aug. 23, 1935, have been total demand deposits minus cash items is process of collection and demand balances due from domestic banks (also i Regulations T and U limit the amount of credit that may be extended minus war loan and Series E bond accounts during the period Apr. 13, on a security by prescribing a maximum loan value, which is a specified 1943-June 30, 1947). percentage of its market value at the time of extension; margin require- • First-of-month or midmonth dates are changes at country banks, and ments are the difference between the market value (100%) and the maxi- other dates (usually Thurs.) are at central reserve or reserve city banks. mum loan value. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1175 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [Tn thousands of dollars] Wednesday End of month Item 1958 1958 1957 Sept. 24 Sept. 17 Sept. 10 Sept. 3 Aug. 27 Sept. Aug. Sept. Assets Gold certificate account 19,415,89219,431,89319,545,89319,550,894 19,630,89119,405,89319,555,892 21099,393 Redemption fund for F. R. notes 872,431 873,534 878,312 873,313 868,402 882,283 868,402 843,243 Total gold certificate reserves 20,288,32320,305,427 20,424,205 20,424,20720,499,293 20,288,176 20,424,294 21,942,636 F. R. notes of other Banks 400,355 361,935 335,468 312,261 353,970 364,645 329,677 406,650 Other cash 385,370 369,072 363,933 359,486 374,177 381,434 374,475 394,732 Discounts and advances: For member banks 336,673 207,160 464,100 184,588 189,367 254,078 554,588 389,044 For nonmember banks, etc 700 6,500 Industrial loans 340 340 341 341 341 340 341 603 Acceptances—Bought outright 28,102 28,901 30,084 31,084 31,080 28,351 32,547 16,301 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 858,810 913,810 1,079,560 1,385,060 1,215,960 985,310 1,345,060 576,973 Certificates—Special Other 21,507,29121,507,291 21,507,291 21,507,291 21,507,29121,507,291 21,507,291 19, Notes 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Bonds 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 2,801,750 Total bought outright 24,859,872 24,914,872 25,080,622 25,386,122 25,217,022 24,986,372 25,346,122 23,312,335 Held under repurchase agreement. Total U. S. Government securities. 24,859,872 24,914,872 25,080,622 25,386,122 25,217,022 24,986,372 25,346,122 23,312,335 Total loans and securities 25,224,987 25,151,273 25,575,147 25,602,135 25,437,810 25,269,841 25,933,598 23,724,783 Due from foreign banks. 15 15 15 15 15 15 15 22 Uncollected cash items.. 5,356,869 6,388,638 4,738,744 4,544,227 4,495,400 4,706,128 4,194,129 ,194,225 Bank premises 90,495 90,175 90,029 89,949 89,919 90,481 89,858 82,010 Other assets 153,318 141,723 143,446 131,108 118,099 162,806 124,509 139,363 Total assets. 51,899,732 52,808,25851,670,987 51,463,388 51,368,683 51,263,526 51,470,555 50,884,421 Liabilities Federal Reserve notes 26,843,919 26,950,598 27,005,64227,006,647 26,867,56926,870,627 26,960,980 26,829,330 Deposits: Member bank reserves 18,101,038 18,447,25318,171,421 18,188,42818,239. 18,146,938 ,537,527 18,398,622 U. S. Treasurer—general account. 489,723 192,045 511,567 518,136 475; 3"7"'1 ,169 540,136 428,684 Foreign 313,522 356,445 382,432 313,924 255, 257,947 313,238 337,393 Other 338,352 269,828 318,602 330,615 319, 395,444 332,022 261,151 Total deposits. 19,242,635 19,265,571 19,384,022 19,351,103 19,290,32319,171,49819,722,92319,425,850 Deferred availability cash items 4,408,076 5,197,805 3,896,482 ,731,344 3,818, 3,845,803 ,388,779 ,296,627 Other liabilities and accrued dividends. 19,088 17,576 18,244 17,163 16 18,900 17,352 17,487 Total liabilitie: 50,513,718 51,431,550 50,304,390 50,106,25749,993,800 49,906,828 50,090,034 49,569,294 Capital Accounts Capital paid in 357,002 356,920 356,252 356,024 355,757 357,113 355,913 338,418 Surplus (Section 7) 809,195 809,195 809,195 809,195 809,198 809,195 809,198 747,593 Surplus (Section 13b) * 27,543 27,543 27,543 Other capital accounts 219,817 210,593 201,1501 191,912 182,385 190,390 187,867 201,573 Total liabilities and capital accounts. 51,899,732 52,808,25851,670,987 51,463,38851,368,683 51,263,526 51,470,555 50,884,421 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 44.0 43.9 44.0 44.1 44.4 44.1 43.8 47.4 Contingent liability on acceptances purchased for foreign correspondents 77,447 78,549 82,781 87,300 93,213 75,435 90,807 65,946 Industrial loan commitments 1,031 1,031 1,036 1,036 1,036 1,031 1,036 1,323 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advances—total 336,673 207,160 464,100 184,588 189,367 254,778 554,588 395,544 Within 15 days 333,565 204,450 462,120 182,158 186,762 251,300 550,783 385,575 16 days to 90 days 3,108 2,710 1,980 2,430 2,605 3,478 3,805 9,669 91 days to 1 year 300 Industrial loans—total 340 340 341 341 341 340 341 603 Within 15 days 178 178 179 179 170 187 179 69 16 days to 90 days 29 29 20 20 29 20 20 244 91 days to 1 year 58 58 63 63 63 58 63 128 Over 1 year to 5 years 75 75 79 79 79 75 79 162 Acceptances—total 28,102 28,901 30,0S4 31,084 31,080 28,351 32,547 16,301 Within 15 days 9,107 7,114 6,482 8,328 9,787 9,397 9,296 4,278 16 days to 90 days 18,995 21,787 23,602 22,756 21,293 18 23,251 12,023 U. S. Government securities—total. 24,859,872 24.914,872 25080,622 25,386,122 25 217,022 24,986,372 25 346,122 23 312,335 Within 15 days 230,600 282,100 292,650 305,610 355,010 135,200 151,710 95,200 16 days to 90 days ,485,775 489,275 ,644,475 ,937,015 860,950 8,707,675 193,350 339,338 9 O O 1 v v e e d r r a y 5 1 s y y t e e o a a r r 1 s t y o to e 5 a 1 r y 0 e y ar e s ars 0 6 2 8 4 3 9 3 , , , 7 9 6 2 1 1 6 0 4 1 1 3, 0 6 0 2 4 2 3 9 3 , 6 , , 7 6 1 2 1 4 6 4 , , 0 6 2 4 8 3 9 3 , , , 7 6 9 2 1 1 6 4 0 1 1 3, , 6 0 8 4 2 3 9 3 , , , 9 7 6 2 1 1 6 0 4 21 I!0 5 2 8 0 3 3 7 , , , 9 6 29 1 1 1 0 4 1 1 3 , , 0 6 2 4 8 3 9 3 , , , 7 6 9 "• 2 1 1 6 4 0 • 2 ' 1, " 5 0- 0 2 7 3 ; ", , 2 6 9 1• 1 4 120 7 6 5 8 8 0 8 0 , , , 3 5 6 7 4 3 5 0 5 Over 10 years 386,247 3 8 8 3 6 , , 9 2 1 4 0 7 ,386,247 1,386,247 1,386,247 1,386,247 3 8 8 3 6 , , 9 2 1 4 0 7 ,358,247 1 Surplus in Section 13b accounts eliminated Sept. 2, 1958, when the 2 Weldings under repurchase agreements are classified as maturing with- Reserve Banks repaid advances from the Treasury pursuant to the Small in 15 days in accordance with maximum maturity of the agreements. Business Investment Act of 1958. These advances had been made under Section 13b of the Federal Reserve Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1176 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1958 [In thousands of dollars] Item Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r i a s a c n n o - Assets Gold certificate account , 901,580 5,427,9781,008,6461,582,6221,107,617 850,5853,485,835 790,587 456,324 798,613 722,1222,273,384 Redemption fund for F. R. notes 57,024 174,345 56,308 78,894 81,870 53,111 159,961 42,327 21,008j 42,029 29,24: 86,164 Total gold certificate reserves, 958,604 5,602,3231,064,9541,661,5161,189,487 903,696 3,645,796 832,914 477,332 840,642 751,364 2,359,548 F. R. notes of other Banks.., 25,694 88,316 43,361 16,175 29,715 48,306 27,323 10,891 13,609 10,561 18,803 31,891 Other cash 29,246 79,376 21,664 35,086 22,694 30,757 61,688 18,804 8,071 11,311 16,667 46,070 Discounts and advances: Secured by U. S. Govt. securities 6,360 5,990 5,370 55,685 25,405 35,700 70,850 10,900 5,040 19,628 11,650 1,500 Other 40 198 48 62 36 32 100 26 17 27 36 78 Industrial loans 327 13 Acceptances: Bought outright 28,351 Held unde*r repurchase agreement U. S. Govt. securities: Bought outright 1,360,458 6,300,7631,436,317 2,211,9191,626,4131,271,382 4,364,6191,019,294 525,6381,066,493 978,7412,824,335 Held under repurchase agreement Total loans and securities. .. 1,367,185 6,335,302 ,441,7352,267,6661,651,8541,307,114 4,435,569 ,030,220 530,7081,086,148 990,427 2,825,913 Due from foreign banks 1 14 1 1 2 1 () 1 1 1 Uncollected cash items 345,631 963,617 304,671 412,028 360,044 354,180 743,997 181,145 138,736 268,288 211,853 421,938 Bank premises 4,699 10,482 4,312 9,949 6,667 8,964 8,853 6,860 5,224 4,884 7,694 11,893 Other assets 8,716 39,754 9,078 14,564 10,376 8,434 29,831 6,483 3,373 7,681 6,441 18,075 Total assets. 2,739,77613,119,174 2,889,776 4,416,985 3,270,838 2,661,452 8,953,059 2,087,3181,177,0532,229,516 2,003,250 5,715,329 Liabilities F. R. notes 1,567,575 6,308,902 ,659,7212,485,182 2,089,835 ,326,9475,191,6081,185,910 563,866 1,071,082 751,254 2,668,745 Deposits: Member bank reserves 731,165 5,235,328 843,3141,414,758 755,024 918,394 2,900,567 663,322 441,446 824,904 968,0682,450,648 U. S. Treasurer—general account 26,960 58,192 19,898 30,431 41,137 32,428 42,909 24,204 21,409 36,311 14,462 22,828 Foreign 14,022 381,319 16,974 21,894 12,546 11,070 35,178 9,102 5,904 9,594 12,792 27,552 Other. 341,276 1,011 3,414 1,417 628 1,233 386 2,515 1,685 39,564 368 1,947 Total deposits 772,515 5,716,115 882,1331,468,094 812,121 963,3092,979,282 697,861 469,145 873,324 997,007 2,540,592 Deferred availability cash items 321,198 718,089 256,259 339,238 297,921 305,665 579,385 150,011 109,643 230,248 184,840 353,306 Other liabilities and accrued dividends , 1,359 4,470 868 2,266 1,032 2,877 703 769 740 723 2,284 Total liabilities 2,662,64712,747,576 2,798,9814,294,780 3,200,686 2,596,9538,753,152 2,034,485 ,143,4232,175,3941,933,824 5,564,927 Capital Accounts Capital paid in 17,924 103,674 21,791 33,497 16,164 18,010 49,010 12,075 8,234 14,631 20,150 41,953 Surplus 47,148 223,530 56,214 71,541 41,165 36,198 121,515 31,560 19,761 30,524 40,926 89,113 Other capital accounts. 12,057 44,394 12,790 17,167 12,823 10,291 29,382 9,198 5,635 8,967 8,350 19,336 Total liabilities and capital accounts 2,739,77613,119,1742,889,776 4,416,9853,270,838 2,661,452 8,953,059 2,087,3181,177,0532,229,516 2,003,250 5,715,329 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 41.0 46.6 41.9 42.0 41.0 39.5 44.6 44.2 46.2 43.2 43.0 45.3 Contingent liability on acceptances purchased for foreign correspondents 4,417 419,790 5,348 6,898 3,952 3,487 11,082 2,868 1,860 3,023 4,030 8,680 Industrial loan commitments, 91 940 1 After deducting $11,000 participations of other'Federal ReservefBanks. 4 After deducting $55,645,000 participations of other Federal Reserve 2 Less than $500. Banks. 3"After deducting $176,628,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1177 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 195?1 1958 1957 Sept.24 Sept.17 Sept.10 «Sept.3 Aug.27 Sept Aug. Sept. 77,871J79 77,870 887 27,894 S95 77 870 706 27 815,04877 838 937 77,827,27377,830,771 Collateral held against notes outstanding: Gold certificate account 11,518,000 11,508,00011,493 000 11 493 000 11 593,000 11,518,000 11,593,000 11,978,000 Eligible paper .. 58 348 35 83 44 30 89,245 109 942 U S Government securities 17,570,000 17,570,000 17,570 000 17 520 000 17 520,000 17,570,000 17,520,000 16,995,000 Total collateral 29 146,34829 in ,27529,146 505 79 057 535 29 143,820 29 173 398 79,202,24599,082,942 I EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1958 Item Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- R m i o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco F. R. notes outstanding (issued to Bank) 1,636,009 6,560,2461,719,216 2,550,630 2,151,329 1,386,5715,302,403 1,241,296 578,7561,104,322 797,816 2,810,338 Collateral held: Gold certificate acct.. 600,000 3,270,000 640,000 ,000,000 775,000 425,000 2,300,000 430,000 185,000 300,000 293,000 300,000 Eligible paper 4,870 10,9001 19,628' U. S. Govt. securities. I, i56,66b3,606,6661,200,000 \ 606\666 1',450,666 3',200i666 900,000 425,000 820,000 5250,"0"0 1,700 ^ 666 Total collateral 1,750,000 6,870,000 1,844,870 2,600,000 2,225,000 1,425,000 5,500,0001,340,900 610,000 1,139,628,818,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION VI [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n t o o h f r N b u A e m r a p p - t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r A e o o t o t p v m e n u - e d - n o d 1 t t) ( s a t L a m o o n u o a d t u n i - n n s 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 f t u a m g a a o f t n t r i i u o i i n t d o o n i t u a i c - n n s n n n i t s s - c t g i ) - - 3 y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a r A a n i t z s m 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 o u a A b n v u n a o d t a t d m e m s r d i e e l t r 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 l g o - - 1952..... 3,753 766,492 1,638 3,921 3,210 3,289 1952 1,159 2,124 979 803 586 1953..... 3,765 803,429 1,951 1,900 3,569 3,469 1953 1,294 2,358 805 666 364 1954..... 3,771 818,224 520 719 1,148 1,027 1954 1,367 2,500 472 368 273 1955..... 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956..... 3,782 832,550 794 2,365 1,129 1956 1,468 2,761 389 289 125 1957 1957 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 1,001 965 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 July.... . 3,787 843,321 75 342 986 798 July 1,523 3,033 306 235 194 Aug.. . .. 3,787 843,321 340 1,037 817 Aug 1,528 3,069 299 229 199 1 Includes applications approved conditionally by the Federal Reserve 1 Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by Federal Reserve Bank commitment to purchase or NOTE.—The difference between guaranteed loans authorized and sum discount. of loans outstanding and additional amounts available to borrowers NOTE.—The difference between amount of applications approved and under guarantee agreements outstanding represents amounts repaid, the sum of the following four columns represents repayments of advances, guarantees authorized but not completed, and authorizations expired or and applications for loans and commitments withdrawn or expired. withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1178 BANK DEBITS IFEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [In effect Sept. 30. Per cent per annum] [In effect Sept.30] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of Federal On discounts or Percentage of (percentage of any commitment Reserve purchases loan guaranteed interest payable fee charged Bank by borrower) borrower On On On loans2 commit- Portion Re- commitments for which main- ments 70 or less 10 10 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 30 30 95 35 35 Boston J/2-IJ/2 Over 95 40-50 40-50 New York Philadelphia 4-6 i/2-iy2 Maximum Rates Financing Institution May Charge Borrower Richmond 1/2-11/2 Atlanta 1-1% (6) [Per cent per annum] Chicago 1/2-1 !/2 31/2-6 31/2-6 S D M K t a a . i n l n L l n s a o a e s u s a i p C s o i l t i y s 4 4 4 - - - 6 6 6 ~ 1 1 1/ / / 2 2 2 - - 1 - 1 1 1 / 2 % Vi l 4-6 fciB I C n o te m re m s i t t m ra e te nt rate. Vi San Francisco 4-6 7V4-1V4 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Govern- 1 Rates on industrial loans, discounts or purchases of loans, and com- ment procurement agencies, pursuant to the Defense Production Act mitments under Sec. 13b of the Federal Reserve Act. Maturities not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing exceeding five years. agencies in these transactions, and the procedure is governed by Regula- 2 Including loans made in participation with financing institutions. tion V of the Board of Governors. 3 Rate charged borrower less commitment rate. * 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 V2 per cent per annum is made on undisbursed portion. 7 Charge of VA per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debit in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposits accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Year or month Without seasonaladjustment Seasonally adjusted 3 Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers1 centers2 City centersl centers2 City centers^ centers2 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 I953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 I954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 I957 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 A.Ug 190,539 68,409 40,194 81,936 44.7 28.5 22.1 51.7 31 1 23 5 Sent 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 '212,908 84,355 41,992 '86,561 54.6 30.0 23.3 54.3 30.6 23 1 Feb '181,729 72,803 36,188 '72,738 55.4 30.1 22.8 56.8 30.9 22.9 Mar '203,870 84,409 40,363 '79,098 56.2 31.3 22.2 54.8 28.6 22 3 '204,126 85,510 39,354 '79,262 56.6 30.2 22.1 57.5 29.3 22.8 May '195,116 77,315 38,645 '79,156 51.2 28.2 22.0 52.5 28.6 22.4 June r219,465 95,473 41,228 '82,765 65.7 31.4 23.8 60.8 30 8 23 8 July , 206,524 82,214 40,701 83,609 54.8 29.6 22.9 56.2 30.2 23.2 Aug 185,849 68,620 37,942 79,287 46.4 27.4 21.7 53.6 29.9 23.1 r 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 1179 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 .. 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6 275 9 119 8 850 2 548 5 070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9 146 2 732 5 581 333 486 4 11 1954 .. 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 .369 78 2,196 6,734 10,194 9,192 2 771 5,704 292 407 3 14 1957_Aug 31,133 22,155 2,060 1,296 78 2,085 6,581 10,055 8,977 2,701 5,596 280 388 4 8 Sept 31,073 22,088 2,069 1,312 78 2,084 6,533 10,013 8,984 2,696 5,611 279 386 4 9 Oct 31,090 22,086 2,083 1 330 77 2,089 6 533 9 975 9 003 2 695 5 632 279 385 4 9 Nov 31,661 22,582 2,099 1,356 78 2,146 6,726 10,177 9,079 2,725 5,677 279 386 3 Dec 31,834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958—Jan . . 30.576 21,527 2,061 1,293 78 2,044 6,331 9,721 9,049 2,711 5,668 277 381 3 9 Feb 30,554 21,544 2,057 1,285 77 2,044 6 355 9 724 9 Oil 2 692 5 651 276 380 3 8 Mar 30,666 21,652 2,066 1,293 78 2,047 6,377 9,792 9,014 2,689 5,656 277 381 3 Apr 30,565 21,565 2,075 1,305 81 2,035 6,319 9,750 9,000 2,682 5,651 275 379 3 9 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 8 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 9 July 31,171 22,134 2,108 1,376 81 2,064 6,450 10,056 9,037 2 705 5,671 274 376 3 8 Aug 31,371 22,296 2,117 1,398 80 2,082 6,502 10,117 9,075 2,711 5,703 274 376 3 8 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency ("not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury* In millions of dollars] Held in the Treasury Currency in circulation i Total out- Held by Kind of currency A st u a 1 n g 9 d . 5 i 8 3 n 1 g , A g a s o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F . a n o n R d r k . s a B F g a . a e n n n R d k t . s s Au 1 g 9 . 5 8 31, Ju 1 ly 9 5 3 8 1, Au 1 c 9 . 5 7 31 certificates agents Gold 21,011 20,456 2556 Gold certificates ... 20,456 17,609 2,816 32 32 32 Federal Reserve notes 27 827 71 1,196 26,560 26,366 26,420 Treasury currency—total 5,211 *2,421 58 374 4,779 4,773 4.681 Standard silver dollars 488 188 21 7 272 270 257 S S i i l l v v e e r r c b e u r l t l i i f o ic n ates and Treasury notes of 1890 . 3 2 2 ,2 4 3 2 3 1 2,233 250 2,171 2,173 2,111 Subsidiary silver coin 1 453 26 73 1,353 1,349 1,325 Minor coin 512 7 14 491 489 478 United States notes 347 3 29 314 314 319 Federal Reserve Bank notes 120 (4) 1 118 119 130 National Bank notes 59 (4) (4) 59 59 61 Total August 31 1958 (5) 22,877 684 17,609 4,386 31,371 July 31, 1958 23,076 685 17,805 4,437 31,171 August 31 1957 . 24,380 752 19,123 4,516 * 3i *133"* 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. 1172. 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

1180 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Treas- net- Date Gold s r t c o e u i a u n n u r n g r c y t d - - y - Total Lo n a e n t s, Tot U al . S. G m o C a v e o n r e c m d r i n a - m l ent R F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l T a i i a n p a t o n i b e i e t t d t a i s a l l - l, c d u e T r a p r o n o e t d s n a i l c t y s c C m o a a n a u p n i c e s n - i d t c t t a . s l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21.957 10,328 8.199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2.963 54,564 22,157 23,105 19.417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22.737 3,247 64.653 26,605 29.049 25,511 2,254 1,284 8.999 90,637 82,811 7,826 1945—Dec. 31. 20.065 4,339 167.381 30.387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22.754 4,562 160.832 43,023 107,086 81.199 22,559 3,328 10.723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14.741 199,009 184,384 14,624 1954—Dec. 31. 21,713 4.985 210.988 85,730 104.819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Dec. 31. 21.690 5,008 217.437 100,031 96,736 70.052 24,785 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 ,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 1957_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 28P. 21,600 5,200 234,900 113,900 96,000 70,700 24,100 ,300 25,000 261,700 238,900 22,800 June 25P 21,400 5,200 240.400 116,400 98,400 72,100 25,000 ,200 25,600 266,900 244,300 22,700 July 30? 21,200 5,200 238,500 115,200 97,900 71,700 24,900 ,300 25,500 265,000 242,200 22,800 Aug. 27^ 21,100 5,200 241,000 115,100 100,200 73,700 25,200 ,300 25,800 267,300 243,700 23,600 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series s 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 an R t k . s Total Total m T b C e i a o m r n c m k e ia s - l dep s b M a o a v s n u i i k t n t u s s g a 2 s 3 l S S P a y o v s s i t n t e a g m l s p m o D d a s e e i n - t - d s4 b r C o e s a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m u r o n o e s t a d s n a t n e i l c t d d y s j p m u D o a d s a e d s t e n - e i - - t d d s b r C o s e a i n u u n d c t 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 2,136 106,550 27,852 129,700 102,800 26,900 1955—Dec. 31.. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 109,914 28,285 133,200 105,800 27,400 1956—Dec. 31.. 3.306 775 4,038 441 221.950 82,224 50,577 30,000 ,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 ,463 105,706 28,018 1957— 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 ,400105,500 27,800 133,900 106,200 27,700 Oct. 30. 3,300 800 3,500 500 223.000 88.100 55,500 31,300 ,400107,200 27,800 134,200 106,500 27,700 Nov. 27. 3,200 800 3,300 400 223,300 87,600 55.000 31,300 ,300107,200 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 ,300107,600 27,300 132,200 104,700 27,500 Feb. 26* 3,700 700 800 400 223,900 90,900 57,600 32,100 ,300105,600 27,400 133,100 105,500 27,600 Mar. 26*> 3,900 700 800 600 224,500 92,500 58,800 32,400 ,300 104,600 27,400 134,000 106,400 27,600 Apr. 30*> 4,000 700 400 600 228,400 93,600 59,900 32,500 ,200 107,200 27,600 135,000 107,200 27,800 May 28P 4,000 700 700 400 228,100 94,600 60,700 32,700 ,200 105,800 27,800 135,500 107,600 27,900 June 25*> 4,000 700 700 500 229,400 95,900 61,700 33,000 ,200 105,700 27,800 135,400 107,40028,000 July 30^ 4,000 700 4; 300 600 232,700 96,700 62,400 33,100 ,200 108,200 27,800 137,600 109,600 28,000 Aug. 27» 4,000 700 5,800 500 232,800 97,200 62,800 33,200 ,200107,600 28,000 137,400 109,300 28,100 » Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957, pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1181 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES * [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 n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l o p i n i c a t t i d - i a t - e a l s l Total2 b In a t n e k r- 2 Dema O nd ther Time c T a o pi t t a a l l b N a b u o n e f m k r s counts3 U.S. Govt. Other All banks: 1939—Dec. 30 50,884 22,165 19,417 9,30: 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 3H 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 1956—Dec. 31 197,063110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736 125.308 80,908 19,249 14,167 1957_june 6 197,465111,515 64.548 21,402 40.834 242.647 216,986 14,423 3,320 114,659 84,584 19,879 14.144 Aug. 28 199,250113,590 64,040 21,620 42,080 245,850 219,700 14,370 4,130 115,150 86,050 20,140 14,133 Dec. 31 203,849115,115 65,792 22,943 49,318 257,864 233,020 17,022 3,903 123,993 88,102 20,428 14,090 1958—Jan. 29? 201,780113,400 65,240 23,140 41,950 248,540 222,430 14,830 2,150 116,680 88,770 20.560 14,081 Feb. 26? 202,880113,580 65,770 23,530 42,290 250,060 223,590 15,130 3,500 115,040 89,920 20.700 14,076 Mar. 26* 205,990114,610 67,120 24,260 42,220 253,130 226.810 15,560 5,560114,210 91,480 20,830 14,078 Apr. 30* 210,290115,220 70,310 24,760 43,730 259,000 232,360 16,320 5,180 118.190 92,670 20,910 14,071 May 28* 210,440114,790 70,670 24,980 42,000 257,240 230,280 15,980 5,420115,260 93,620 21,040 14,065 June 25* 214,860117,150 72,130 25,580 43,270 262,960 236,330 16,130 9,460 115,790 94,950 21,140 14,056 July 30* 212,980115,790 71,730 25,460 42,750 260,760 234,030 16,560 3,990 117,700 95,780 21.310 14,040 Aug. 27* 215,630116,160 73,690 25,780 42,160 262,690 235,120 16,400 5,490116,930 96,300 21,460 14,036 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947_Dec. 3H 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806 101,917 36,503 11,590 14,121 1956—Dec. 31 165,123 90,302 58,552 16,269 48,720 217,460 197,515 17,593 3,733 125,282 50,908 16,302 13.640 1957_june 6 164,515 91,028 56,642 16,845 39,995 208,393 186,308 14,421 3,318 114,633 53,937! 16,837 13,619 Aug. 28 165,900 92,840 56,170 16,890 41,320 211,250 188,680 14,370 4,130 115,120 55,060 17,090 13,608 Dec. 31 170,068 93,899 58,239 17,930 48,428 222,696 201,326 17,021 3,898 123.967 56,440 17,368 13,568 1958—Jan. 29* 167,650 92,02G 57,700 17,930 41,070 213,050 190,470 14,830 2,150 116,650 56,840 17,470 13,561 Feb. 26* 168,580 92,090 58,260 18,230 41,340 214,320 191,480 15,130 3,500 115,010 57,840 17,580 13,556 Mar. 26* 171,410 92,980 59,550 18,880 41,290 217,090 194,400 15,560 5,560 114,180 59,100 17,710 13,558 Apr. 30* 175,560 93,450 62,830 19,280 42,850 222,870 199,850 16,320 5,180 118,160 60,190 17,810 13,551 May 28* 175,440 92,800 63,240 19,400 41,120 220,840 197,590 15,980 5,420 115,230 60,960 17,920 13,545 June 25* 179,660 94,920 64,740 20,000 42,350 226,290 203,340 16,130 9,460 115,760 61,990 18,010 13,536 July 30* 177,560 93,400 64,330 19,830 41,890 223,940 200,950 16,560 3,990 117,670 62,7301 18,150 13,521 Aug. 27* 179,960 93,550 66,270 20,140 41,310 225,620 201,900 16,400 5,490 116,900 63,110 18,270 13,517 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1.709 37,136 12,347 5.886 6,619 1945_Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22.179 69,640 24,210 7.589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80.609 28,340 8.464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9.695 6,873 1956—Dec. 31 138,768 78,034 47,575 13,159 42,906 184,874 167,906 16,855 3,292 106,850 40,909 13.655 6,462 1957_june 6 137.808 78,448 45,829 13,531 35.270 176.507 157,593 13,736 2.932 97,612 43.313 14.058 6,445 Aug. 28 139,010 80,103 45,334 13,573 36,594 179,188 159,767 13,681 3,715 98,187 44,184 14,300 6,427 Dec. 31 142,353 80,950 47,079 14,324 42,746 188,828 170,637 16,328 3,472 105,547 45,290 14,554 6,393 1958—Jan. 29* 140,122 79,160 46,599 14,363 36,151 180,150 160,793 14,237 1,855 99,109 45,592 14,630 6,390 Feb. 26* 141,130 79,225 47,280 14,625 36,457 181,522 161,908 14,550 3,163 97,759 46,436 14,721 6,382 Mar. 26* 143,874 80,089 48,572 15,213 36,395 184,191 164,745 14,977 5.097 97,141 47,530 14,828 6,380 Apr. 30* 147,485 80,423 51,505 15,557 37,834 189,304 169,551 15,720 4.818 100,584 48,429 14,918 6,372 May 28* 147,272 79,713 51,916 15,643 36,210 187,301 167,367 15,402 4,891 98,000 49,074 15,009 6,364 June 25* 151,386 81,707 53,470 16,209 37,385 192,584 172,914 15,508 8,832 98,550 50,024 15,099 6,357 July 30* 149,280 80,179 53,028 16,073 36,864 190,132 170,425 15,921 3,626 100,262 50,616 15,208 6,34(5 Aug. 27* 151,259 80,299 54,634 16,326 36,229 191,358 171,012 15,747 4,992 99,412 50,861 15,299 6,341 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 10,521 1.309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1.241 548 1945_Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1.592 542 1947_Dec. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1.889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,03! 20.009 2,247 529 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 30,001 2.947 527 1957_june 6 32,950 20,48? 7.906 4,557 839 34.254 30.678 30,647 3.042 525 Aug. 28 33,350 20,750 7,870 4,730 760 34,600 31,020 30,990 3,050 525 Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 31.662 3.059 522 1958—Jan. 29* 34,130 21,380 ,540 5,210 880 35,490 31.960 31,930 3.090 520 Feb. 26* 34,300 21,490 ,510 300 950 35,740 32.110 32.080 3,120 520 Mar. 26* 34,580 21,630 7,570 380 930 36,040 32,410 32,380 3,120 520 Apr. 30* 34,730 21,770 7,480 480 880 36,130 32.510 32.480 3.100 520 May 28* 35,000 21,990 7,430 580 880 36,400 32,690 32,660 3.120 520 June 25* 35,200 22,230 7,390 580 920 36,670 32,990 32,960 3,130 520 July 30* 35,420 22,390 7,400 630 860 36,820 33,080 33,050 3.160 519 Aug. 27* 35,670 22,610 7,420 5,640 850 37,070 33,220 33,190 3,190 519 * Preliminary. available. Comparability of figures for classes of banks is affected somei 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

1182 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES1—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— T l o ia ta - l Other Total Num- Cla a s n s d o d f a b t a e nk Total Loans o G U b o l . i v S g t . a . - O se t c h u e - r a C ss a e s t h s2 c b a i a l p i n t i d i t e a s l Total2 b In an te k r - 2 Demand c c a o a p u c i n - ta ts l ba b o n e f r ks tions rities ac- Time counts 3 U.S. Other Govt. Central reserve city member banks: New York City: 1939 Dec. 30 9,339 3,296 4,772 1.272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 ,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945 Dec 31. . 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947 Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2.259 37 1950—Dec. 30 20,612 9,729 8,993 ,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 29,149 5,987 747 19,940 2,475 2,873 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 Aug 28 23 252 16 191 5 298 763 7,701 32 144 27,070 4 945 737 18,698 2 690 3,059 18 Dec. 31 .... 23 828 16 102 5 880 846 8,984 33 975 29,371 5 781 737 19,959 2 893 3,13b 18 1958—Jan. 29? 23,181 15,501 5,690 1,990 7,134 31,612 26,600 5,328 266 18,081 2,925 3,152 18 Feb 26* 23 964 15 934 5 934 2 096 7,327 32 622 27 412 5 623 602 18,089 3 098 3,166 18 Mar. 26* 25 006 16,367 6 414 2,225 7,656 33 959 28,965 5,842 1,381 18,454 3,288 3,161 18 Apr. 30? 25,891 16,360 7,252 2,279 7,973 35,177 30,120 6,202 1,537 19,045 3,336 3,200 18 May 28* 25,540 15,833 7,569 2,138 7,023 33,777 28,796 6,062 1,128 18,219 3,387 3,210 18 June 25* 27,177 16,608 8,195 2,374 7,661 36,055 31,086 6,015 2,984 18,550 3,537 3,221 18 July 30* 25,803 15,550 7,905 2,348 7,185 34,240 29,180 6,144 939 18,539 3,558 3,235 18 Aug. 27* 25,673 15,174 8,039 2,460 6,652 33,562 28,386 5,880 1,203 17,801 3,502 3,250 18 Chicago: 1939—Dec. 30 2 105 569 1,203 333 J.446 3,595 3,330 888 80 1,867 495 250 14 1941_Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2.419 476 288 13 1945—Dec 31... . 5 931 1,333 4 213 385 1,489 7 459 7,046 I 312 I 552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 ? 034 7,649 7,109 1,229 174 4,604 1,103 490 13 1956—Dec 31 6 473 3 772 2 113 588 2,171 8 695 7,943 I 372 184 5,069 1 319 660 14 1957_j A Un u e g 2 6 8 6 6, , 2 2 8 6 9 6 3 3 , , 9 7 1 8 5 9 1 1 , , 8 8 2 8 3 4 5 5 5 93 1 1 1 , , 8 9 2 6 1 8 8 8 , , 3 1 1 4 4 7 7 7 , , 4 2 4 8 0 4 1 , ,1 1 8 8 5 4 27 97 5 4 4 , ,6 6 9 7 1 4 1 1 , , 3 3 0 1 6 2 6 6 7 65 1 1 14 4 Dec. 31... . 6 446 3 852 2 032 562 2,083 8 595 7,792 I 347 195 4,904 1,345 689 14 1958—Jan. 29* 6,211 3,600 2 050 561 1,862 8,137 7,291 1,170 86 4,695 1,340 688 14 Feb. 26* 6,261 3,487 2,201 573 ,977 8,256 7,374 1,211 203 4,612 1,348 693 14 Mar. 26* 6,492 3,481 2 404 607 1,808 8,374 7,390 1,272 351 4,418 1,349 700 14 Apr. 30* 6,647 3,592 2,434 621 1,873 8,600 7,665 1,320 302 4,671 1,372 705 14 May 28*.... 6 484 3,417 2 434 633 .985 8,553 7,692 I 317 292 4,708 1,375 709 14 June 25* 6,846 3,492 2,702 652 2,029 8,951 8,082 ,333 678 4,669 1,402 708 14 July 30*.. 6 576 3,329 2 611 636 1,938 8 589 7,759 ^84 229 4,751 1 395 714 14 Aug. 27* 6,701 3,329 2 719 653 1,961 8,738 7,828 1,346 337 4,744 1,401 718 14 Reserve city member banks: 1939 Dec 30... 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 435 9,004 4,616 1,828 346 1941_Dec. 31 15 347 7,105 6 467 1,776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945 Dec 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24,655 9,760 2,566 359 1947_Dec 31 36 040 13 449 20 196 2,396 13,066 49 659 46,467 5 649 405 28,990 11 423 2,844 353 1950—Dec. 30 40 685 17 906 19 084 3,695 13 998 55 369 51,437 6 448 976 32,366 11 647 3,322 336 1956—Dec. 31 53,915 31,783 17,368 4,764 17,716 72,854 66,524 7,878 1,201 40,647 16,797 5,076 289 1957__ A juunge 2 6 8... 5 5 3 3 8 1 3 3 1 7 3 M 2 , 4 2 3 5 5 9 1 1 6 6 6 7 9 9 6 7 4 4 , , 8 9 7 0 6 5 1 1 4 4 ,5 6 3 8 2 3 6 6 9 8 ,9 8 6 0 5 8 6 6 2 1 , , 5 7 2 9 1 6 6 6 ,2 2 2 4 8 8 1,0 4 5 5 1 3 3 3 6 6 , . 8 8 2 7 0 4 1 1 8 7 , , 0 6 0 4 0 2 5 5 , . 2 18 4 2 2 2 2 8 8 2 2 Dec. 31 55,259 32,805 17 352 5,102 17,540 74,196 67,483 7,542 L358 39,960 18,623 5,370 278 1958—Jan 29* 54 294 32 076 17 156 5 062 14 715 70 471 63,244 6 364 610 37,591 18 679 5,394 278 Feb 26* 54,626 31,815 17,672 5,139 14,934 71,012 63,710 6,392 1,349 36,924 19,045 5,428 278 Mar. 26* 55,711 32,072 18 210 5,429 14,629 71,802 64,626 6,536 ,960 36,646 19,484 5,469 278 Apr. 30* 57 243 32 012 19 627 5,604 15 356 74 086 66,642 6 794 I 886 38 028 19 934 5,506 278 May 28* 57,687 32,042 19,869 5,776 15,030 74,174 66,492 6,759 884 37,465 20,384 5,573 281 June 25* 59,120 32,666 20,488 5,966 15,286 75,840 68,344 6,853 3*283 37,462 20,746 5,627 280 Julv 30* 58,639 32,336 20,367 5,936 15,207 75,340 67,887 7,054 1,349 38,477 21,007 5,645 279 Aug. 27* 59,762 32,758 21 055 5,949 14,944 76,131 68,428 7,130 1,968 38,264 21,066 5,663 278 Country member banks: 1939—Dec 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158 5,852 1,851 5,966 1941_Dec. 31 12,518 5,890 4 377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 1,982 6,219 1945 Dec 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947_Dec 31 36 324 10 199 22 857 3,268 10 778 47 553 44 443 1 073 432 28 378 14 560 2,934 6,519 1950—Dec. 30 40 558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14 865 3,532 6,501 1956—Dec. 31 54,571 26,491 22,037 6,042 14,390 69,945 64,289 1,618 1,160 41,194 20,317 5,046 6,141 1957_june 6 55 112 27 330 21 409 6 373 12 224 68 404 62 192 1 290 1 097 38 211 21 594 5 304 6,131 Aug 28 55,638 27,738 21,517 6,383 12,242 68,922 62,736 ,303 1,250 37,995 22,188 5,328 6,113 Dec 31 56,820 28,191 21,815 6,814 14,139 72,062 65,991 ,658 1,181 40,724 22,429 5,359 6,083 1958—Jan 29* 56 436 27 983 21 703 6 750 12 440 69 930 63,658 375 893 38 742 22 648 5 396 6,080 Feb. 26* 56,279 27,989 21,473 6,817 12,269 69,632 63,412 ,324 1,009 38,134 22 945 5,434 6,072 Mar 26* 56,665 28,169 21,544 6,952 12,302 70,056 63,764 .327 1,405 37,623 23,409 5,498 6,070 Apr 30* 57 704 28 459 22 192 7,053 12 632 71,441 65,124 404 1,093 38 840 23 787 5,507 6,062 May 28* 57,561 28,421 22,044 7,096 12,172 70,797 64,387 ,264 1,587 37,608 23,928 5,517 6,051 June 25* 58 243 28,941 22 085 7,217 12 409 71,738 65,402 ,307 1,887 37,869 24 339 5,543 6,045 Julv 30* 58,262 28,964 22,145 7,153 12,534 71,963 65,599 ,339 1,109 38,495 24,656 5,614 6,035 Aug 27* 59,123 29,038 22,821 7,264 12,672 72,927 66,370 391 1,484 38,603 24,892 5,668 6,031 * 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 1183 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— T l o ia t - al Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U b o l . i S v g . t a . - O se t c h u e - r Cash c b a i a l p n it i d i t e a s l Total* b In a t n e k r - 2 Demand capital ba b o n e f r ks tions rities ac- Time counts3 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__ D j e un c e . 3 6 1 4 5 9 1 ^ ,1 8 5 9 2 8 3 3 0 0 , , 6 03 0 4 0 1 1 5 5 . , 4 8 8 4 3 6 4 4 , , 3 7 8 0 1 7 1 1 2 5 , , 7 9 4 6 5 0 6 68 4 , , 6 0 7 4 6 7 5 6 6 1 , , 6 5 0 4 5 5 5 6 , , 7 8 7 5 3 3 1 1, , 3 1 0 5 6 0 3 39 5 , , 0 8 0 7 1 4 1 1 3 4 , , 8 38 0 6 7 5 5 , , 3 4 3 8 7 3 1 1 , , 7 7 9 7 8 3 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959; 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 ,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 l,27l! 6,478 1955—Dec. 31 23,829 11,108 10,081 2,640 5,067 29,220 26,779 408 370 16,749 9,252 2,199 6,677 1956—Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 427 425 17,497 9,724 2,336 6,737 1957_j D Un ec e . 3 6 1 2 26 5 , , 2 2 6 4 8 3 1 12 2 , , 4 1 9 3 3 4 1 10 0 , , 5 1 1 5 2 6 2 3 , , 9 2 5 6 3 4 4 5 , , 4 3 4 8 6 3 3 3 0 2 , , 0 0 8 6 8 6 2 29 7 , , 2 2 6 9 6 2 4 3 2 5 5 9 3 3 8 7 8 8 1 1 6 7 , , 2 5 0 8 0 0 1 1 0 0 , , 3 8 5 7 5 3 2 2 , , 4 5 6 0 9 0 6 6 , , 7 7 4 5 8 3 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. 31 * 2,009 474 1,280 255 576 2,643 2,251 363 18 1,392 478 325 783 1955—Dec. 31 1,716 520 827 370 357 2,126 1,742 370 12 1,039 322 320 499 1956—Dec. 31 1,521 471 714 336 369 1,946 1,562 310 16 936 300 313 444 1957—June 6 1,490 457 669 364 282 1,825 1,448 326 8 821 294 312 429 Dec. 31 1,473 468 660 345 301 1,831 1,449 268 39 840 303 317 425 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6.045 1,362 7,130 1947—Dec. 31* 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1955- Dec. 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7,176 1956—Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 737 440 18,433 10,024 2,649 7,181 1957—June 6 26,733 12,591 10,825 3,317 4,728 31,913 28,740 685 385 17,021 10,649 2,781 7,177 Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 692 427 18,420 11,176 2,817 7,178 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1.789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 12,192 1,252 194 1955—Dec. 31 22,331 13,563 5,858 2,910 785 23,458 21,237 21,182 2,006 220 1956— Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 22,857 2,130 223 1957—June 6 25,185 16,228 5,505 3,452 672 26,241 23,578 23,549 2,240 234 Dec. 31 26,535 17.194 5,404 3,937 719 27,671 25,022 24,991 2,308 239 Noninsured mutual savings banks: 1941—Dec. 31 , 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1.077 496 1945—Dec. 31 5.361 1,198 3,522 641 180 5,596 5,022 5,020 558! 350 1947—Dec. 3H 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637! 339 1955—Dec. 31 7,567 3,893 2,601 1,072 180 7,816 6,950 6,947 806 307 1956—Dec. 31 7,770 4,235 2,453 1,082 182 8,028 7,146 7,143 817 304 1957—June 6 7,765 4,259 2,401 1,105 167 8,013 7,100 7,098 802! 291 Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 75li 283 For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1184 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 - Total2 C c o m m c p p i k l i o p i n u n e a e a a e e m g d - r r r - t l n - , - - - A c t g u a u r r l l- i - - b p o d L a T e s r e r u e n o e o r r o r a s c d s c k a c l a u - n - h r r s a r i y t s o T i e i f i t e n r o n h o s s g r g - l R o t e a a e s t n a - e l s O l u o v i d t t a i a n h o i d l n - - e s - s r O lo t a h n e s r Total Total U. B S il . l s G C o o d c v n e f e a e r e e d t t b i s r i e - n f t D s n s i - - - m ir e e N n c o t t t o es blig B a o ti n o d n s s teed S p O t s d s a i i g t i o u c o i o a b o n a v l a b f n t l n i d - i e l i - t s - s - - s O s ri e t t h c i e e u r s - All commercial banks:3 1947—Dec. 31.... 16,284 38,057 8,167 1,660 8301,220 9,393 5,723 1,063 78,22669,2212,193 7,789 6,034 53,191 5,276 3,729 1956—Dec. 31.... 65,123 90 4161 2,589 1,691 22,509 18,850 3,343 74,82158,552 ,924 1,997 11,823138,796 12,90113,368 1957—June 6.... 64,515 91, 39J020 4.077 2,274 1,634 22,530 19,508 3,623 73,48756,6424,761 3,665 10,07038,137 13,314 3,531 Dec. 31.... 70,068 93,899 40,526 4 066 2,6011,620 23,110 20,217 3,533 76,169 ^8,239 ,405 4,813 10,608 37,406 13,915 4,014 All insured commercial banks: 1941—Dec. 31.... 49,29021,259 9,214 1,450 614 662 4,773 4,545 28,03121,046 988 3,159 12,797 ,102 3,6513,333 1945—Dec. 31.... 121,80925,765 9,461 1,314 3,164 3,606 4,677 2,361 1,18196,04388,9122,455 9,071 16,045 51,321 22 3,8—73 33,258 1947_Dec. 31.... i14,227744 37,583 8.012 1,610 823 ,190 9,266 5,654 76.66991167,9412,124 7.552 5,918 52,334 14 5,129 3.621 1956—Dec. 31.... 163,60189,831 8;5714,1012,565 ,669,22,39418, 7~6~5~ 3,325 73,77057,837 ,763 1,98111,722 38,358 1312,6753,258 1957—June 6.... 163,02590,57138;870 4,0"2"7 2,251 ,613 22,42719,4213,599 72,454 ~5973 ,658 3,610 9,967 37,730 813,0953,386 Dec. 31.... (68,59593,430 40,380 4.015 2.569 ,60123.00320,112222 33.51375.164 7,580 .290 4.758 10". 493 37,031 713,6 "8"8 3,897 1958—June 23.... [78,33095,10538,750 4,499 3,677 ,907 23,58519,9814,541 83,22463,448899 4,416 3,841 12,213 43,013 515,457 4,278 Member banks, total: 1941—Dec. 31.... 43,52118,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 ,832 3,0902,871 1945—Dec. 31.... 07,18322,775 8,949 855 3,133 3,378 3,455 1,900 ,104 84,408 7788,3382,27516,985 14,27144,792 16 3,2542,815 1947—Dec. 31.... 97,884466 3322,628 16,962 1,0461 8111,065 7,130 4,662 952 65,21857,9141,987 5,816 4,815 45,286 10 4,1993,105 1956—Dec. 31.... 38,768 78,034 36,296*2,478 2,447 1,473 17,811 15,765 3,147 60,734 4477,5754,383 1,469 9,493 32,218 12110,4942,665 1957—June 6.... 37,808 78,448 36,500 2,453 2,132 1,416 17,768 16, ,399 59,36045,8—29 3",439 2,798 7,952 31,632 810,768 2,763 Dec. 31.... 42,35380,950 37,868)2.472 2,448 1.409 18,231 16, ,316 61,40347,079 3,948 3,534 8,560 31,031 7 11,2353,089 1958—June 23.... 51,58982,146 36,125 2,774 3,574 1,706 18,712 16,544 4,336 69,44353,165 574 2,905 480 36,201 5 12,786 3',492 New York City:* 1941—Dec. 31.... 12,896 4,07: 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31.... 26,143 7,334 3,044 2,4531,172 80 287 29818,80917,574 477 3,433 3,325 100,337 1 606 629 1947—Dec. 31.... 20.393 7,179 5,361 545 267 111 564 33013.21411,9721,002 640 558 9,771 638 604 1956—Dec. 31.... 23,80915,98711,266 1,409 402 617 1,5581,049 7,822 6,057 724 194 976 4,160 1,406 358 1957—June 6.... 23,29315,89511,344 1,152 389 567 1,5161,245 7,398 5,738 685 219 781 4,052 1,311 349 Dec. 31.... 23,82816,10211,651 '.280 387 565 1,5131,053 7,726 5,880 648 214 1,093 3,924 1,435 411 1958—June 23.... 27,14916,764 1"0,978 2,164 420 557 1,4371,566 10,385 8,035 ,023 286 1,729 4,996 1,748 602 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 13: 235 248 2,274 213 185 1956—Dec. 31.... 6,473 3,772 2,781 203 97 134 439 178 2,701 2,113 11: 42 316 1,643 440 148 1957—June 6..., 6,266 3,789 2,859 172 96 135 430 184 2,47^ 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—June 23..., 6,942 3,59. 2,618 178 100 143 336 318 3,348 2,694 268 145 490 1,791 495 159 Reserve city banks 1941—Dec. 31..., 15,347 7,105 3,456 300 114 194 1,527 512 8,243 6,467 29: 751 4,248 1,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 4271,503 1,459 855 404 31,559944 2199,5521,034 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 22,59120,196 373 2,358 1,90115,560 3 1,3421,053 1956—Dec. 31.. 53,91531,78315,170 489 501 712 7,654 6,5121,289|22,13217,3681,185 441 3,74211,995 4 3,820 944 1957—June 6.. 53,13731,43514,919 495 496 672 7,481 6,663300 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—June 23.. 59,273 32,85114,789 611 881 904 7,841 6,741 1,706 26,42220,436 874 1,009 4,410 14,14: 2 4,7671,218 Country banks: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 ,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,54416,713 1,342 ,067 1947—Dec. 31.. 36,32410,19r 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,10817,681 2,006 ,262 1956—Dec. 31.. 54,57126,49 7,080 1,972 334 261 9,407 7,256 63128,08022,0'3"7" 2,362 792 4,45814,420 4,827 ,215 1957—June 6.. 55,112 27,330 7,3781,949 312 259 9,586 7,653 669 27,78221,4091,920 1,326 3,91014,248 5,109 ,265 Dec. 31.. 56,820 28.19 7.6131.970 365 252 9,856 7,944 713 28,662299 21,8152,226 1,909 3,857 1133,819 5,3651,449 1958—June 23.. 58,22528,937 7,739 2,154 351 282io,n: 8,030 746 29,28822,000%409 1,465 3,85215,272 5,7751,513 Nonmember commercial banks:3 1947—Dec. 31.. 18,454 5,43: 1,205 614 20 156 2,266 1,061 11113,02 11,318 206 1,973 1,219 7,916 1,078 625 1956—Dec. 31.. 26,38112,27! 2,4241,683 143 218 4,708 3,085 19614,10210,9891,54 528 2,330 6,588 2,409 704 1957—June 6.. 26,73312,59 2,519 ,625 14: 219 4.773 3,278 22414,14110,8251,323 867 2,119 6,515 2,548 769 Dec. 31.. 27,74112,96 2,657 ,594 153 211 4,891 3,442 21714,78C11,1721,45^ 1,279 2,049 6,385 2,682 926 1 All commercial banks in the United States. These figures exclude banks or all commercial banks. Comparability of figures for classes of data for banks in U. S. possessions except for one bank in Alaska and banks is affected somewhat by changes in Federal Reserve membership, one in the Virgin Islands that became members on Apr. 15, 1954, and insurance status, and the reserve classifications of cities and individual May 31, 1957, respectively. During 1941 three mutual savings banks banks, and by mergers, etc. became members of the Federal Reserve System; these banks are in- For other notes see opposite page. cluded in member banks but are not included in all insured commercial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1185 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b t a e nk F B s s w e e R e a r d r i n v e t e v - h k e r e s s al C va i a n u s l h t b m a w a B d n e n i a o c s t k l - t e h - i s s c 5 j p m u D d a o s a t d s e e e n i - - - d t d s * D I o d n - e te p r o b s a i F n ts k or- G U o .S v . t. p s S o u a t l a b n it t d d i e c i s a - l C c o f a e i e f n e r f r d i d t s - i ' - a p v n s a i I d h d r n u t i d p n c a i o e s - l , r s r , - - I b n a t n er k - P G U S o a o a n s .S v t v d a t - . . l S p s a u i t o c a n b l a t i d d e t l - i s - p a v n s a I i h d r n d t i u d p n c a i o s e - l , r r s - - , r B in o o w g r s - - c C o a t a u a c p n l - i t - s mestics eign visions checks, pora- ings visions poraetc. tions tions All commercial ba 1 n 9 k 4 s 7 : — 3 Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10.059 1956—Dec. 31.... 18,706 3,261 12,813111,405 U^338 1,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 75 16,302 1957—June 6.... 18,500 2,737 9,761 105,713 11,247 1,618 3,318 10,603 2,852 101,177 1,556 331 2,712 50,893 1,446 16,837 Dec. 31.... 18,972 3,335 12,342110,266 13,867 1,769 3,898 10,693 3,620 109,653 1,385 301 2,773 53,366 77 17,368 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 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 11,075 74,722 12.,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947_Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1956—Dec. 31.... 18,706 3,237 12,490110,487 U 226 1,755 3,717 10,350 3,744 110,252 1,301 330 2,329 47,949 56 15,988 1957—June 6.... 18,500 2,717 9,515 104,904 11!l27 1,581 3,310 10,500 2,829 100,483 1,388 331 2,652 50,660 1,430 16,525 Dec. 31.... 18,972 3,311 12,079 109,439 13,752 1,736 3,859 10,594 3,597 108,936 1,264 301 2,717 53.120 66 17,052 1958—June 23.... 18,568 2,997 10,682105,419 U,022 1,610 9,162 10,800 3,715 101,793 2,288 286 4,032 57,110 1,125 17,857 Member banks, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 S>,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 1C),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:5,818 1,749 3,292 8,211 3,475 95,163 1,289 301 1,839 38,769 48 13,655 1957—June 6.... 18,501 2,065 5,931 88,912 1(),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:5,356 1,726 3,472 8,412 3,331 93,804 1,246 275 2,170 42,845 57 14,554 1958—June 23.... 18,570 2,277 6,913 89,186 n,676 1,597 8,658 8,628 3,482 87,703 2,266 259 3,296 46,339 1,078 15,181 New York City:* 1941—Dec. 31 5 105 93 141 10 761 *5,595 607 866 319 450 11 282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 5,535 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 •5,480 1,389 737 299 1,284 18,377 912 24 56 2,813 2 3,136 1958—June 23.... 4,418 145 76 15,305 5,084 1,261 2,946 337 1,645 16,916 1,774 28 249 3,229 483 3,214 - Chicago:* 1941—Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3 153 292 20 1 552 237 66 3 160 719 377 1947_Dec. 31 1 070 30 175 3 737 1,196 21 72 285 63 3 853 2 9 902 426 1956—Dec. 31.... 1,158 37 174 4,272 1,318 46 184 294 85 4,690 7 5 12 1,302 4 660 1957—June 6.... 1,089 28 95 4,087 1,133 35 97 459 80 4,152 16 4 10 1,298 101 665 Dec. 31.... 1,071 39 148 4,084 1,293 40 195 333 77 4,493 15 3 to 1,332 4 689 1958—June 23.... 1,183 31 128 4,089 ,211 38 705 456 75 4,095 39 4 10 1,389 80 708 Reserve city banks: 1941—Dec. 31.... 4 060 425 2 590 11 117 L\ 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 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 45,497 131 405 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 1958—June 23.... 7,576 707 2,277 33,145 (5,115 282 3,150 3,065 818 34,119 416 92 1,705 18,910 350 5,617 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—June 23.... 5,392 1,395 4,432 36,648 1,267 15 1,857 4,769 943 32,573 38 135 1,331 22,811 164 5,641 Nonmember commercial banks: 3 1947—Dec. 31 544 3,947 13 595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1 596 1956—Dec. 31 774 4,690 18,085 521 45 440 2,238 310 15,885 171 29 546 9,449 27 2,649 1957—June 6 672 3 831 16 801 448 50 385 2 232 236 14,553 187 30 584 10 035 72 2 781 Dec. 31 799 4,536 18,075 511 43 427 2,282 289 15,849 138 27 603 10,546 21 2,818 2 Beginning June 30, 1948, figures for various loan items are shown * Central reserve city banks. gross (i.e., before deduction of valuation reserves); they do not add to the 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on total and are not entirely comparable with prior figures. Total loans Dec. 31, 1942, aggregated $513 million at all member banks and $525 continue to be shown net. million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not 6 Demand deposits other than interbank and U. S. Govt., less cash items available prior to 1947; summary figures for earlier dates appear in the reported as in process of collection. preceding table. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1186 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S, Government obligations For purchasing or carrying securities Month or date i m T l n o a v o e a n e n t n d a s t s t l s - j i L m u n a o a s v e n t d a e n e d - n s t d t s s - 1 j L u a s o t d a e - n d s 1 C i m t n a c r o d n i i e a m a d u r l l - s - - A t c g u ul r r - a i- l G a T U n o o . d S v . b t d . r e o O a k l t e e h r r e s s rG U T o . o S v . t o . t O he th rs er e l R s o e t a a a n t l s e O lo t a h n e s r Total Bills o d c C n t e a f e i e e f d i t b s i n e r - - t s - s - - Notes Bonds O s ri e t t c h ie u e s - r b L a o t n a o k n s s ob- obliga- curi- liga- curitions ties tions ties Total- Leading Cities 1957 Sept 87,892 86,618 54,22731,897 436 1,726 1,123 8,70911,39224,708 1,426 1,563 3,638 18,081 7,683 1,274 1958 Aug 96,420 94,859 51,92629,216 560 1,861 1,245 9,02811,19833,509 1,770 4,578 7,011 20,150 9,424 1,561 Sept 95,781 94,130 52,43929,611 561 1,758 1,248 9,12011,325 32,1791,47: 4,304 6,797 19,606 9,512 1,651 1958 Au8.1:::::::: 97,090 95,466 51,92029,056 541 2,075 1,275 8,96711,187 34,172 2,149 4,687 7,015 20,321 9,374 1,624 96,533 94,890 51,82629,121 556 1,894 1,240 9,01911,178 333,6651,830 4,631 7,050 20,154 9,399 1,643 20 96,098 94,756 52,04529,358 574 1,809 1,232 9,05911,195333,2971,651 4,540 7,005 20,101 9,414 1,342 27 95,961 94,327 51,91629,331 '567 1,665 '1,237 9,06711,,232322,902 ,451 4,453 6,974 20,024 9,509 1,634 Sept. 3 96,010 94,298 52,16529,316 569 1,831 1,245 9,07411,31432,674 1,389 4,421 6,907 19,957 9,459 1,712 10 96,322 94,703 52,42729,523 561 1,840 1,247 9,100 1" 1; 340 32,664 1,610 4,335 6,800 19,919 9,612 1,619 17 95,884 94,118 52,71929,915 552 1,691 1,249 9,139 11,35731,9131,586 4,256 6,772 19,299 9,486 1,766 94,910 93,404 52,44629,693 560 1,671 1,250 9,166 11,290 31,4651,303 4,203 6,709 19,250 9,493 1,506 24 New York City 1957 23,336 22,653 15,66911,932 116 867 364 558 2,142 5,195 380 178 768 3,869 1,789 683 Sept 1958 25,930 25,208 14,55210,607 247 936 345 554 2,191 8,248 633 1,239 1,708 4,668 2,408 722 Aug 25,603 24,671 14,64810,656 162 966 347 562 2,291 7,579 494 1,147 1,567 4,371 2,444 932 Sept 1958 Aus-£::::::: 26,338 25,658 14,68510,596 377 958 343 540 2,184 8,604 904 1,306 ,691 4,703 2,369 680 26,018 25,303 14,57810,578 285 958 346 552 2,190 8,330 671 1,261 ,721 4,677 2,395 715 20 25,740 25,069 14,53310,662 186 928 343 561 2,185 8,124 517 1,229 ,715 4,663 2,412 671 27 25,625 24,802 14,41310,593 139 899 346 565 2,205 7,933 437 1,162 ,706 4,628 2,456 823 Sept. 3 25,777 24,788 14,49810,533 154 966 344 562 2,274 7,849 441 1,163 ,659 4,586 2,441 989 10 25,776 25,000 14,67610,594 227 995 345 559 2,292 7,844 560 1,150 ,559 4,575 2,480 776 17 25,698 24,585 14,75110,796 127 955 349 563 2,300 7,394 553 1,126 ,527 4,188 2,440 1,113 24 25,161 24,313 14,66910,704 141 950 349 564 2,299 7,229 420 1,149 ,524 4,136 2,415 848 Outside New York City 1957 Sept 64,556 63,965 38,55819,965 435 743 750 8,151 9,25019,513 1,046 1,385 2,870 14,212 5,894 591 1958 Aug 70,490 69,651 37,37418,609 559 678 867 8,474 9,00725,261 1,137 3,339 5,303 15,482 7,016 839 70,178 69,459 37,79118,955 560 630 875 8,558 9,03424,600 978 3,157 5,230 15,235 7,068 719 Sept 1958 70,752 69,808 37,23518,460 540 740 884 8,427 9,003 25,5681,245 3,381 5,324 15,618 7,005 944 Aug. 6 70,515 69,587 37,24818,543 555 651 864 8,467 8,988 25,3351,159 3,370 5,329 15,477 7,004 928 13 70,358 69,687 37,51218,696 573 695 860 8,498 9,01025,173 1,134 3,311 5,290 15,438 7,002 671 20 70,336 69,525 37,50318,738 r566 627 '864 8,502 9,027i24,969 1,014 3,291 5,268 15,396 7,053 811 27 Sept. 3 70,233 69,510 37,667 18,783 568 711 874 ,512 9,04024,825 948 3,258 5,248 15,371 7,018 723 10 70,546 69,703 37,751 18,929 560 618 875 ,541 i 9,048 24,820 1,0501 3,185 5,241 15,344 7,132 843 17 70,186 69,533 37,968 19,119 551 609 876 ,576 9,05724,519 1,033 3,130 5,245 15,111 7,046 653 24 69,749 69,091 37,777 18,989 559 580 876 :,602j 8,99124,236 883 3,054 5,185 15,114 7,078 658 r Revised. 2 Includes guaranteed obligations. 1 Exclusive of loans to banks and after deduction of valuation reserves; See also NOTE on opposite page. Individual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 1187 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 Month or date s F B w e R . r a i v e n t R - h e k . s s C va i a n u s l h t b m a w B d n a e n a i o c s t l e k - h t - i s s c j p m u D o a d s a d s t e e n e i - - - t d d s 1 s p I p u n c v h a n o a a o e i n i d d r r l p r r d s a t i - - - 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 e i l t - - s - s c C h c o a f e e e e i f n t e c r f r c d i t d k s . - i ' - s, G U o .S vt . . s p I p u n c v h a n o a a o e i n i d r d r l p r r d s a t i - - - s - - , - , S p s d s a i t i o u c i a o n v l a b t n i d e i l t - s - - s G P U S i a n o o a n . g s S v v d t s t . - a . l m D t D i e o c s - e - man F ei d o g r n - Time F B F r . a o n R m k . s F ot r h o e m rs c C o i a t u a c a p n - l - ts tions tions Total— Leading Cities 1957 Sept 13,106 1,013 2,438 54,99158,153 3,851 1,867 1,860 21,391 1,132 18610,713 1,664 1,225 657 864 9,444 1958 AUR 13,069 981 2,498 55,62858,074 4,127 1,944 4,12924,472 1,841 16811,568 1,614 2,110 154 97210,033 Sept 12,748 1,011 2,540 56,147 58,986 4,028 1,974 2,60924,528 1,762 16811,539 1,502 2,130 241 1,123 10,046 1958 Aug- if:::::::::: 1 1 3 3 , , 1 1 0 5 3 6 1,0 9 1 0 0 6 2 2 , , 5 5 7 7 5 3 5 5 5 5, , , 7 5 6 8 3 4 5 5 7 8 , , 6 8 5 7 0 0 4 4 , , 2 0 7 5 1 1 2 1 , , 1 9 5 4 7 8 4 4 , , 3 0 5 7 3 6 2 2 " 4 4' , , 4 4 6 7 1 8 1 1 , , 8 8 6 7 8 6 1 1 6 6 9 81 11 1 , , 9 8 5 5 6 9 1 1 , , 6 6 0 4 8 3 2 2 , , 1 0 1 9 9 8 2 1 1 0 5 1 1,0 9 7 8 7 51 10 0 , , 0 0 3 2 2 6 20 13,096 969 2,500 55,32357,838 4,061 1,881 4, ,460 1,825 16811,426 1,592 2,105 192 83710,027 27 12,921 1,040 2,343 55,844 5"7",936 4,124 1,795 3,734 24,487 1,797 16811,030 1,612 2,120 109 98910,046 Sept. 3 12,738 985 2,559 55,50958,015 4,242 2,037 527 24,519 1,790 168 11,545 1,573 2,111 121 1,088 10,058 10 12,782 1,036 2,505 56,719 59",560 4,029 2,040 152 24,625 1,771 170 11,703 1,503 2,164 405 1,067 10,054 17 12,781 998 2,672 56,800 60,431 3,904 2,079 970 24,481 1,747 167111,872 1,498 2,136 161 1,202 10,034 24 12,693 1,026 2,424 55,56157,936 3,938 1,742 ,488 1,741 167 11,039 1,434 2,107 278 1,134 10,039 New York City 1957 Sept 4,034 142 5015,33216,842 261 873 494 2,544 79 35 2,854 1,375 907 111 469 3,025 1958 Aug 3,982 140 15,17516,542 296 957 1,454 3,245 214 3,021 1,258 1,679 472 3,223 Sept 3,832 144 15,60516,961 329 894 788 3,280 190 2,963 1,164 1,701 409 3,215 1958 Aug,f::::::::::: 4,100 139 15,21716,428 275 1,159 1,654 3,249 229 3,108 1,288 1,689 120 553 3,225 3,976 143 15,13316,620 298 954 1,510 3,246 227 3,088 1,249 1,675 3 543 3,226 20 3,954 134 56 15,08116,448 299 900 1,450 3,235 207 2,964 1,242 1,672 71 425 3,219 27 3,898 143 42 15,27116,674 313 815 1,200 3,248 195 2,925 1,256 1,681 11 365 3,221 Sept. 3 3,740 142 52 15,24516,621 306 930 1,154 3,251 195 3,016 1,226 1,681 426 3,219 10 4,047 147 46 15,87517,196 360 1,006 664 3,341 189 2,920 1,171 1,725 567 3,219 17 3,727 145 49 15,99317,505 355 911 484 3,258 190 3,044 1,154 1,715 279 3,209 24 3,812 143 51 15,30916,521 298 730 848 3,270 189 2,872 1,106 1,683 364 3,211 Outside New York City 1957 Sept 9,072 871 2,388 39,659 41,311 3,590 994 1,366 18,847 1,053 151! 7,859 289 318 546 395 6,419 1958 Aug 9,087 841 2,450 40,453 41,532 3,831 987 2.67521.227 1.627 141 8,547 356 431 103 500 6,810 Sept 8,916 867 2,49140,542 42,025 3,699 1,080 1,821 21,248 1,572 145, 8,576 338 429 224 714 6,831 1958 9,003 767 2,527 40,546 41,222 3,996 998 2,699 21,212 1,647 140 8,751 355 430 95 432 6,801 Aug-,!::::::::::: 9,180 867 2,527 40,45142,250 3,753 994 2,566 21,232 1,641 141! 8,868 359 423 98 534 6,806 20 9,142 835 2,444 40,242 41,390 3,762 981 2,902 21,225 1,618 142: 8,462 350 433 121 412 6,808 27 9,023 897 2,30140; 573 41,262 3,811 980 2,534 21,239 1,602 144 88,110055 356 439 98 624 6,825 Sept. 3 843 2,507 40,264 41,394 3,936 1,107 2,373 21,268 1,595 144 8,529 347 430 121 662 6,839 10 8,735 889 2,459 40,844 42,364 3,669 1,034 1,488 21,2U 1,582! 146 887,78833 332 439 363 500, 6,835 17 9,054 853 2,623 40,807 42,926 3,549 1,168 1,486 21,223 1,557 145 8,828 344| 421| 160 923 6,825 24 8,881 883 2,373 40,252,41,415 3,640 1,012 1,939 21,218, 1,552 145, 8,167 328 424 254 770 6,828 i Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, sec BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1188 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY * [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Public and Period 2 l F iq a o n u o d o d r , , T ap e a x p n t a i d r le e s l, , M p m a r e e n o t t d d a a l - l s ch P l e c e e m o u t a r m i o l c , , - al, Other ( T r w e s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u p 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 r w e a i e n p n a e d o l g k l ' r e l l t — y tobacco leather ucts 3 and ing rubber banks* 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 -161 420 -108 183 -49 58 161 -296 1958—Jan.-June. -658 84 146 -140 157 -165 -283 -853 -177 56 69 -1,765 -1,945 1958—July., -116 -22 -358 -85 -11 -14 20 -115 -126 10 29 -788 -855 Aug.. 104 15 -85 24 -6 15 99 48 -7 27 56 291 330 Sept.. 167 -12 40 33 23 36 73 22 70 366 362 Week ending: 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 -298 -306 30 -11 -73 -1 -11 -5 26 -40 -5 15 -98 -118 Aug. 6.. 11 -83 A 5 56 68 -32 A 56 84 55 24 -12 5 -10 21 -21 7 19 2 41 65 20. 34 19 20 2 16 20 60 33 -1 3 210 237 27. 35 -4 4 2 -59 -14 14 -5 -44 -27 Sept. 3.. 42 -64 -2 10 17 10 -19 -2 -15 10.. 49 4 13 41 4 28 3 -29 15 2 49 178 207 17.. 47 2 69 23 36 12 103 69 19 27 401 392 24.. 29 -18 22 A -74 4 -171 4 n -207 -222 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold about 95 per cent of total commercial * Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and about loans. 75 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS* ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year Accepting banks F. R. Goods stored in or or month Placed Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly Others into from exdealers1 ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1952 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953 1 966 564 1 402 574 172 117 55 24 378 274 154 29 75 43 1954 1 924 733 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—Aug 2,835 501 2 334 1.227 220 152 68 27 68 913 243 524 66 212 182 Sept 2.558 501 2,057 1,197 214 149 65 16 66 901 234 483 75 225 181 Oct 2 654 516 2 138 I 225 197 131 66 16 69 942 248 465 94 226 192 Nov 2,944 560 2,384 1,224 221 151 70 20 67 916 268 459 64 222 211 Dec . .. 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 Jan 3,345 654 2,691 1,422 416 307 109 41 127 838 273 461 65 386 237 Feb 3,628 776 2,852 1,523 497 372 125 43 139 843 261 447 110 480 224 Mar 3,485 862 2,623 1,529 422 318 104 39 132 936 263 432 139 471 224 Apr 3,658 919 2,739 1,479 459 350 109 37 131 852 278 416 131 416 239 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 1 152 396 292 104 45 113 798 282 375 121 325 248 July 3 627 966 2 661 1*353 426 328 98 34 108 785 269 380 141 313 251 Aug 3,371 981 2,390 1,363 416 340 75 33 91 824 256 385 131 337 254 * 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 1189 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) m w o Y e n e e t a h k r , , or m 4 m p P - c a o e r o t i p r n o m m c e t i h r - 6 e a , s l - 1 3 p d n p c p - l i a a o a a r l t n y p e m c o n c c , e e y - e t 6 r d - - a P b a d c n e a r a c 9 i r c n y e m s 0 e k p ' s s e - 1 t , - M 3 k - e a m t r o - n 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 x o u n a e 1 t b s h 2 l 3 e - )2 3 is y - s t e u o a e r s 5 4 - Annu A al r ea a v a e n ra d g 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 months * yield issues 19 large cities: 1955 3.7 5.0 4.4 4.0 3.5 1956 4.2 5.2 4.8 4.4 4.0 1955 average 2.18 1.97 1.71 1.73 1.753 1.89 2.50 1957 4.6 5.5 5.1 4.8 4.5 1956 average 3.31 3.06 2.64 2.62 2.658 2.83 3.12 1957 average 3.81 3.55 3.45 3.23 3.267 3.53 3.62 Quarterly:! 19 large cities: 1957—Sept 4.00 3.82 3.83 3.53 3.578 4.02 3.93 1957—Dec 4.85 5.66 5.29 5.01 4.71 Oct 4.10 3.88 3.75 3.58 3.591 3.94 3.99 1958—Mar 4.49 5.55 5.10 4.75 4.29 Nov 4.07 3.79 3.50 3.29 3.337 3.52 3.63 June 4.17 5.45 4.88 4.40 3.95 Dec 3.81 3.55 3.35 3.04 3.102 3.09 3.04 Sept 4.21 5.45 4.90 4.47 4.00 New York City: 1958—Jan 3.49 3.23 3.06 2.44 2.598 2.56 2.77 1957—Dec 4.71 5.50 5.23 4.94 4.62 Feb 2.63 2.18 2.30 1.54 1.562 1.93 2.67 1958_Mar 4.29 5.42 5.02 4.60 4.17 Mar 2.33 1.86 1.80 1.30 1.354 1.77 2.50 June 3.88 5.18 4.72 4.13 3.74 Apr 1.90 1.59 1.52 1.13 1.126 1.35 2.33 Sept 4.00 5.19 4.74 4.28 3.87 May 1.71 1.38 1.30 .91 1.046 1.21 2.25 7 Northern & Eastern 1.54 1.38 1.13 .83 .881 .98 2.25 cities: July 1.50 1.31 1.13 .91 .962 1.34 2.54 1957 Dec . 4.86 5.67 5.33 5.02 4.74 Aug 1.96 1.52 1.65 1.69 1.686 2.14 3.11 1958—Mar 4.49 5.60 5.08 4.72 4.33 Sept 2.93 2.47 2.39 2.44 2.484 2.84 3.57 June 4.17 5.48 4.85 4.39 3.99 Sept 4.21 5.48 4.90 4.42 4.03 Week ending: 11 Southern & Western Aug. 30... 2.63 1.88 2.13 2.23 2.162 2.62 3.44 cities: Sep.^6... 2.88 2.38 2.25 2.32 2.462 2.76 3.56 1957—Dec 5.05 5.73 5.31 5.04 4.87 2.88 2.38 2.25 2.37 2.359 2.81 3.56 1958—Mar 4.77 5.60 5.17 4.87 4.49 20... 2.90 2.41 2.45 2.45 2.605 2.83 3.55 June 4.58 5.56 4.99 4.57 4.31 27... 3.00 2.56 2.50 2.48 2.511 2.85 3.56 Sept 4.54 5.55 4.99 4.63 4.23 i 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. * Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] <Corporate bonds 3 Stocks 5 State and local U.S. govt. bonds 3 Govt. By selected By Dividends/ Earnings/ Year, month, or week bonds ratings groups price ratio price ratio (long- Total4 term)* 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 - 4-7 20 5 5 120 30 30 40 40 40 14 500 500 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 averasc . 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 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 6 37 July 3.36 3.23 2.79 3.83 4.02 3.67 4.53 3.81 4.30 3.94 4.36 3.98 3.60 3.50 3.07 4.07 4.17 3.85 4.67 3 94 4 42 4 16 4 45 3 78 Sept 3.75 3.74 3.28 4.32 4.39 4.09 4.87 4.24 4.52 4.41 4.58 3.69 Week ending: Aug 30 3.67 3.66 3.22 4.21 4.25 3 94 4 74 C4 02 4 47 4 27 4 49 3 76 Sept 6 3.72 3.75 3.29 4.31 4.33 4.03 4.80 4 15 4 50 4 33 4 52 3 74 13 3.75 3.77 3.31 4.34 4.38 4.07 4.86 4.24 4.51 4.40 4.58 3 73 20 3 76 3.74 3.28 4.32 4.41 4.10 4 88 4 26 4 52 4 44 4 61 3 65 27 3.74 3.71 3.24 4.29 4.42 4.11 4.90 4.26 4.53 4.45 4.59 3.62 c Corrected 4 Includes bonds rated Aa and A, data for which are not shown sepa- 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. rately. Because of a limited number of suitable issues, the number of and corporate bonds. Yields of State and local govt. general obligations corporate bonds in some groups has varied somewhat. are based on Thursday figures; and of preferred stocks, on Wednesday 5 Standard and Poor's Corporation. Preferred stock ratio is based on figures. Figures for common stocks are as of the end of the period, 8 median yields in a sample of noncallable issues—12 industrial and 2 except for annual averages. public utility. For common stocks, the dividend /price and the earnings/ 2 Series is based on bonds maturing or callable in 10 years or more. price ratios are now computed for the 500 stocks in the price index, but 3 Moody's Investors Service. State and local govt. bonds include gen- figures prior to mid-1957 are based on the 90 stocks formerly included in eral obligations only. the daily price index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1190 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Vol- Sta ( n in d d a e rd x , a 1 n 9 d 4 P 1- o 4 o 3 r = 's 1 s 0 e ) ries Securities an ( d in E de x x c , h a 1 n 9 g 3 e 9 = C o 1 m 00 m ) ission series u o m f e trad- Ye o ar r , w m e o ek nth, t ( G e U lo r o m . n S v g ) . t - . 2 g n (h r i M c a i i g d u p h e - a ) - l 3 g ( C r h r p a a i o o d g t r - e e h - ) - ; 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 a fa b u c l - e turin N ra d g o b u n l - e - T p t r o i a o r n n ta s - - P u l i u i t t c i y b l - - - T n s a a r e i f c n a n r i v e d - d c - e e , Min- s s t h i h a n a ( o o n i r g n f d e u * s s - ) Number of issues. 17 500 425 25 50 265 170 98 72 21 29 14 1955 average. 102.40 123.1 114.4 40.49 42.40 32.94 31.37 305 374 352 394 320 153 297 313 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—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 Aug.. 91.51 103.7 102.0 47.70 51.00 28.43 37.50 352 442 399 473 283 174 325 341 2,970 Sept.. 89.51 100.6 98.9 48.96 52.40 29.51 37.97 360 453 413 481 292 178 337 341 3,427 Week ending: Aug. 30 90.54 101.7 100.5 47.79 51.12 28.68 37.30 352 442 400 473 282 174 331 337 2,716 Sept. 6 89.91 100.7 99.6 48.06 51.41 28.71 37.64 354 444 402 474 283 175 335 342 2,950 13 89.49 100.3 99.1 48.41 51.80 28.62 37.83 358 450 410 478 285 176 335 338 3,146 20 89.38 100.7 98.4 49.22 52.71 29.60 38.06 364 458 418 485 300 178 338 341 3,622 27 89.59 100.8 98.6 49.55 53.04 30.45 38.14 366 460 422 488 301 180 340 341 3,696 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5*4-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit * W En e d d n o e f s d m a o y n o th f o m r o l n a t s h t o s t T e h c o e u r t r a i t t h l ie - a s n Ne N w e t Y d o e r b k i t f S i b r t m o a c l s a k n i c E e x s c h w a i n th ge ch b a B ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e ry a o l i e n t r h g s e ) s r s e fo c ( r u t h r p i a t u i n e r- s2 Money borrowed Cus n t e o t mer U. S. Govt. free o ( b c c l o i 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 t u r h r e e i 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 1,665 780 1,074 713 1954—Dec., 3,436 41 2,388 65 ,048 69 1,529 1,019 1955—Dec. 4,030 34 2,791 32 ,239 51 2,246 894 1956—Dec., 3,984 33 2,823 41 ,161 46 2,132 1957—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 ,808 979 June, '4,218 '248 '2,921 84 ,297 468 ,930 1,047 July. '4,252 149 '3,021 113 ,231 306 ,903 1,080 Aug.. 4,199 140 3,013 48 ,186 251 ,751 1,103 ' Revised. 2 Figures are for last Wednesday of month for weekly reporting member i Ledger balances of member firms of the New York Stock Exchange banks, which account for about 70 per cent of all loans for this purpose carrying margin accounts, as reported to the Exchange. Customers' debit Column 5 includes some loans for purchasing or carrying U. S. Govt. and free credit balances exclude balances maintained with the reporting securities (such loans are reported separately only by New York and firm by other member firms of national securities exchanges and balances Chicago banks). On June 30, 1956, reporting banks outside New York of the reporting firm and of general partners of the reporting firm. Bal- and Chicago held $51 million of such loans. On the same date insured ances are net for each customer—i. e., all accounts of one customer are commercial banks not reporting weekly held loans of $28 million for consolidated. Money borrowed includes borrowings from banks and purchasing and carrying U. S. Govt. securities and of $384 million for from other lenders except member firms of national securities exchanges. other securities. Noninsured banks had $33 million of such loans, Data are as of the end of the month, except money borrowed, which is as probably mostly for purchasing or carrying other securities. of the last Wednesday of the month beginning June 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 1191 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign 2 Total Bonds Stocks estate loans assets (U. S.) End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1950 64,020 16,118 13,459 1,152 1,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,525 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 End of month:4 1955—Dec... 90,267 11,757 8,545 1,998 ,214 38,851 35,930 2,921 29,425 2,557 3,294 4,383 1956—Dec... 95,844 10,989 7,519 2,234 ,236 40,976 38,067 2,909 32,994 2,829 3,505 4,551 1957—July. . 99,166 10,963 7,352 2,326 ,285 42,636 39,632 3,004 34,383 2,994 3,707 4,483 Aug... 99,550 10,943 7,320 2,337 ,286 42,821 39,791 3,030 34,578 3,021 3,735 4,452 Sept... 100,017 10,909 7,288 2,344 ,277 43,021 39,999 3,022 34,732 3,047 3,769 4,539 Oct.. . 100,446 10,937 7,301 2,357 ,279 43,266 40,233 3,033 34,902 3,072 3,807 4,462 Nov... 100,840 10,871 7,209 2,367 ,295 43,474 40,432 3,042 35,034 3,098 3,839 4,524 Dec... 101,309 10,691 7,028 2,377 ,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958—Jan.. . 101,961 10,924 7,199 2,428 1,297 43,974 40,961 3,013 35,462 3,143 3,905 4,553 Feb... 102,310 10,961 7,214 2,438 1,309 44,084 41,061 3,023 35,587 3,168 3,938 4,572 Mar... 102,711 10,866 7,095 2,461 1,310 44,386 41,288 3,098 35,727 3,191 3,975 4,566 Apr... 103,058 10,910 7,106 2,474 1,330 44,602 41,497 3,105 35,840 3,222 4,011 4,473 May. . 103,508 10,889 7,036 2,502 1,351 44,774 41,656 3,118 35,956 3,241 4,038 4,610 June.. 104,008 10,976 7,083 2,537 1,356 44,987 41,828 3,159 36,060 3,280 4,067 4,638 July... 104,578 11,163 7,258 2,561 1,344 45,198 42,039 3,159 36,183 3,303 4,091 4,640 1 Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on NOTE.—Figures for 1957 and 1958 have been revised. an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities End of year or month Total2 g M ag o e r s t- 3 o G U t b i o o l . i n v g S s t a . . - Cash Other4 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 o i e n 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—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 1,117 115 Oct.. 47,127 39,532 3,219 1,622 2,718 40,673 1,129 121 Nov. 47,600 39,835 238 1,705 2,787 41,072 1,141 117 Dec. 48,275 40,119 169 2,144 2,809 42,038 1,263 118 3,377 1958—Jan.. 48,423 340,369 3,215 2,023 2,816 41,491 904 100 Feb.. 48,845 40,623 195 2,198 2,829 42,875 788 89 Mar. 49,406 40,967 192 2,407 2,840 43,366 694 94 Apr.. 50,068 41,367 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 June, 51,573 42,498 3,326 2,742 3,007 45,195 928 107 July. 51,771 43,037 3,368 2,438 2,928 45,257 899 99 n.a. Not available. 3 Beginning January 1958, no deduction is made for mortgage pledged 1 Figures are for all savings and loan associations in the United States. shares. These have declined consistently in recent years and amounted Data beginning 1950 are based on monthly reports of insured associa- to $34 million at the end of 1957. tions and annual reports of noninsured associations. Data prior to 4 Includes other loans, stock in the Federal home loan banks and other 1950 are based entirely on annual reports. investments, real estate owned and sold on contract, and office buildings 2 Includes gross mortgages with no deduction for mortgage pledged and fixtures. shares. NOTE.—Data for 1957 and 1958 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1192 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] I End of year End of quarter Asset or liability, and activityl 1957 1958 19512 19522 19532 1954 1955 1956 I I Loans, by purpose and agency: To aid agriculture, total 4,161 5,070 6,811 6,929 6,715 6,752 7,267 6,827 6,466 \ 6,681 7,605 Banks for cooperatives 425 424 377 367 375 457 423 384 430 j 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 1 832 906 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 2,349 2,626 1,994 1,525 1,778 2,499 Other agencies 40 31 23 18 1 (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 V O e th te e r r a a n g s e A nc d i m es inistration • 292 362 3 1 0 6 0 8 38 6 3 3 48 8 0 4 4 1 6 4 4 5 4 1 8 5 8 5 5 1 2 2 1 3 6 1 9 8 1 2 770 1 820 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 ' I 2 H 6 2 1 2 1 1 9 9 1 2 1 2 9 8 2 2 2 1 1 9 0 2 1 1 8 6 2 i ! 21 2 7 06 2 2 0 1 3 9 To financing institutions. 814 864 952 870 1,419 1,233 966 084 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 64 58 53 1 57 54 52 51 49 46 All other purposes, total 35 75 119 166 256 213 240 338 306 j 344 393 Housing and Home Finance Agency. (4) 5 29 127 209 156 184 275 246 I 283 331 Other agencies 34 69 90 39 47 57 56 60 60 | 62 62 Less: Reserves for losses -173 -140 -203 -228 -309 -327 -695 I -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 J22,395 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 3,704 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 285 316 319 327 381 458 479 482 504 471 533 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 securities1 257 223 219 197 179 284 344 340 340 333 368 Inventories, total 1,461 1,280 2,515 3,852 4,356 121,375 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 e S n e c rv ie ic s es Administration. > 288 303 428 550 609 6,5 20 1 1 7 6; 1 6 9 5 3 4 7,0 1 2 1 2 1 7,0 1 9 7 2 5 7: ' 2 1 8 8 2 5 7,5 1 2 7 8 5 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. ,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 I 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 1193 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Liabilities, other than Assets, other than interagency itemsl interagency items1 Date, and fund or activity Total Cash L c a r e o b e i a l v - e n - s t v o I e r n i n - e - s P s r d i e u t e c i b b I e u m l n t s i - c v e e n s O t s r t s i e - t t c h ie u e s - r L s e t m u t a q a r r n e u n u e n d i d c s p t - , , - Other a G B t U u n a b u o r t . n e y e a n S d e s r d . - d s p d , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i h b e e i s l r - G U in e o . s t v S e t t . r . - o v in w P a e t t r s n e e i t r - l e y - d All activities 1954_Dec. 31.. 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 1,068 4,18335,610 508 1955—Dec. 31.. 45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900 2,379 2,703 3"9,583 596 1956—Dec. 31*. 69,653 4,996 20;657 21,375 3,739 3,669 9,985 5,232 2,711 3,,659 62,516 699 1957—Mar. 31.. 69,895 4,44121,35321,303 3,923 3,729 9,875 5,272 2,975 3,713 62,364 775 June 30*. 69,059 3,98120,980 2"1 ,450 3,881 3,725 9,979 5,063 3,497 3,325 61,144 1,037 Sept. 30. . 70,175 4,692 21;320 21,514 3,762 3,725 9,974 5,186 3,647 2,634 622,778 1,056 Dec. 31. . 71,139 4,291 21,628 3,804 3,718 9,962 5,340 4,662 2,916 622,391 1,121 1958—Mar. 31.. 72,242 4,158 23;i47 2'1 ,206 4,523 3,753 10,020 5,436 4,749 3,472 622,789 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 1,516 17,064 Farm Credit Administration: Federal Farm Mortgage Corporation 1 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 4 125 All other 54 37 16 1 50 Housing and Home Finance Agency: Public Housing Administration 187 59 106 6 36 151 Federal Housing Administration 855 21 533 300 48 138 669 Federal National Mortgage Association 2,395 2 2,377 15 1,600 51 744 Office of the Administrator 826 141 406 59 220 5 820 Federal Savings and Loan Insurance Corporation. 296 283 12 16 281 Small Business Administration 325 112 207 6 2 323 Export-Import Bank 3,139 3,111 () 26 53 3,086 Tennessee Valley Authority 2,070 91 46 % 145 35 2,036 Panama Canal Company 464 35 8 396 25 18 447 Veterans Administration 842 112 678 4 45 2 2i 12 830 General Services Administration 1,293 64 1,036 127 65 24 1,268 Treasury Department 226 6 214 5 226 Post Office Department—postal fund 873 233 13 599 27 213 660 Interior Department 263 60 6 138 48 14 249 All other 182 43 6 112 (4) 18 163 Intragovernmental Funds—Total 13,053 1,693 10,994 222 144 512 12,542 Defense Department: Army 8,483 978 7,343 105 135 8,348 Navy 3,375 419 2,918 230 3,145 Air Force 858 209 605 94 764 All other 337 87 128 117 52 285 Certain Other Activities—Total 31,006 1,066 9,683 6,455 3,563 6,514 3,719 220 30,785 General Services Administration 8,317 418 81 6,442 (4) 1,189 187 8,301 Agriculture Department: Farmers Home Administration 812 119 669 23 795 Rural Electrification Administration 2,908 49 2,724 135 2,907 Interior Department 445 42 366 31 439 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 4,568 48 142 4,971 National Advisory Committee for Aeronautics 452 88 274 87 11 442 All other 389 65 144 115 58 27 362 Certain Deposit Funds—Total 4,781 62 1,122 3,512 47 39 692 1,148 2,103 838 Banks for cooperatives 493 15 425 43 10 3 223 42 F F e e d d e e r r a a l l D ho 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 Ze <4) 2 1 , , 0 4 1 5 3 6 J | 47 1 9 9 224 156 1,880 796 ' '468 Certain Trust Revolving Funds—Total. 3,174 219 2,708 144 103 296 9345 Federal National Mortgage Association 1,706 55 1,641 10 2,457 156 938 Federal intermediate credit banks 1,168 10 1,040 100 18 1,466 140 917 Office of Alien Property 214 149 65 9213 All other 86 5 27 44 10 992 977 Latest data for agencies not reporting quarterly Atomic Energy Commission (June 30, 1957) 8,622 1,324 ,749 5,130 419 206 8,417 Veterans Administration (June 30, 1957) 1,902 355 107 2 1,340 98 137 1,765 Agriculture—other activity (June 30, 1957) 1,418 448 6 879 86 21 1,397 Health, Education & Welfare Dept. (June 30, 1957) 1,055 790 2 260 3 157 898 I T n r t e e a r s io u r r y D D ep ep ar a t r m tm en e t n t ( J ( u J n u e n e 3 0 3 , 0 , 1 9 1 5 9 7 5 ) 7) 3 3 , , 7 1 5 9 2 7 2 2 8 7 7 8 '"4 4 8 4 2,8 7 9 6 1 5 :, 5 n 62 o 7 3 7 7 4 6 2 3 , , 4 3 2 7 3 5 All other (June 30, 1957) 1,684 428 206 549 416 21 1,663 1 Figure represents total trust interest. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1194 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 N u 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 s p : t ts t I G L r n a e o t n s r v s s a . t : - * . E p T r f u q e r t b o 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 r x e d g - s i e - t p T P t f e u u e r l n r x u n u e d - s d s s i : t - A m L d e e j n s u t s s s : t 3 - E p p t T o q u a o u b y t t a h l t a i s l e l c s . : t p p f o r u a t o o h ( b y m r e - l t i s ) , c . , & c ( o c d r r r e I a i e n r a g d a e - s e s e c e e n - t , .) a t i r G n g . N v e o f . n e u v . b t n t & . y L ds ess: O d n c e a o t b h s n t e h - * r b E r i o e n q c N p r a g u r a e s o a y o h 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 3,495 81,855 71,897 16,081 4,647 83,328 -1,472 6,226 657 -200 5,769 Semiannually: 1956—July-Dec 28,069 6,169 1,573 32,643 33,801 5,302 485 38,618 -5,974 4,036 646 -390 3,779 1957—Jan.-June.... 42,960 8,200 1,669 49,464 35,632 7,659 1,901 41,390 8,073 -5,089 1,693 98 -6,879 July-Dec 29,325 7,167 1,410 35,057 36,060 7,133 1,254 41,938 -6,882 5,556 -120 -34 5,711 1958—Jam-June?... 39,758 9,159 2,085 46,799 35,837 8,948 3,393 41,390 5,409 670 777 -166 58 Monthly: 1957—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 Junep.... 10,751 2,066 ,168 11,647 6,581 1,574 226 7,929 3,718 -140 141 -6 -275 July 2,946 1,111 273 3,782 6,613 1,786 489 7,911 -4,128 -835 -337 70 -569 Aug.*7 4,838 1,956 231 6,560 6,198 1,412 10 7,600 -1,040 3,017 391 51 2,575 Effects of operations on Treasurer's account Operating transactions Financing transactions Cash balances: Account of Treasurer of United inc., or dec. (—) States (end of period) Period s B u d u N e r o p f d i e r l g c u t i e t s t , a l c d T a f c e u t r o u f i n u i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h o n a n s - . i m s o a ( G s g + b N a u e o l ) r a i n e v g k o n t c t a e f c y . - t e i i s & a n n G e g N v c e o t F . r . n e v e u ( b t c t d - s y . y ) t . I d n ( p e d g - c u c i r r ) o r r b o e e , e r l s a i c a i s n 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 e e o a r u ' s s n - t Balance B ( F a a D a . v b n e a l R k e p il . s o - sit T s T a L i x n r u o e — r a a a y n s n - d O as n t s h e e t e ts r tions 5 funds 5 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—July-Dec.... -5,732 866 -482 -7 -698 3,877 -55 -2,119 4,42? 441 2,924 ,062 1957—Jan.-June... 7,328 543 -36 1,092 -1,602 -6,101 60 1,163 5,590 498 4,082 ,010 July-Dec.... -6,735 33 159 1,008 20 4,370 -160 -984 4,606 481 3,084 ,041 1958—Jan.-June*\, 3,922 213 569 -431 -217 1,446 357 5,143 9,749 410 8,218 ,121 Monthly: 1957_Aug -802 703 ^288 87 -694 1,376 -40 423 4,898 477 3,331 ,090 Sept 1,559 -115 43 -6 282 567 -106 2,436 7,335 429 5,818 ,088 Oct -3,370 -449 282 745 36 -345 -72 -3,028 4,307 552 2,572 ,183 Nov -979 474 382 -23 -8 679 -33 558 4,865 243 3,583 ,039 Dec 147 -218 -644 186 80 151 -40 -259 4,606 481 3,084 ,041 1958—Jan -1,225 -831 600 225 541 -343 68 -1,101 3,505 469 1,767 ,269 Feb 771 367 -314 142 -171 124 30 888 4,394 516 2,837 ,041 Mar 3,753 -437 444 101 64 -2,055 187 1,682 6,076 474 4,596 ,006 Apr -2,626 -148 711 -144 278 2,433 94 412 6,487 594 4,558 ,335 May -920 768 -17 -34 -597 595 152 -357 6,130 395 4,730 ,005 June? 4,170 493 -856 -719 -333 691 -174 3,619 9,749 410 8,218 ,121 July -3,667 -675 225 -31 329 -877 -65 -4,630 5,119 617 3,262 1,240 Aug -1,361 543 -195 10 -470 3,009 288 1,249 6,368 540 4,769 1,059 P Preliminary. n.a. Not available. Budget expenditures, and payroll deductions for Federal employees rei Consists primarily of interest payments by Treasury to trust accounts tirement funds. and to Treasury by Govt. agencies, transfers to trust accounts representing 2 Small adjustments to arrive at this total are not shown separately. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1195 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 profit 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 d T s e - t r 6 ans H t f f w r u e i u g r n a s s y h d t - to R m ti r . r e e e - n R - t . c fu e R r o n i e e p f - d - t s s B c T u e r o d i e p t - g a t e s l t W he I i n l t d h d - ivid O u t a h l er C r o a r ti p o o n - t c a E i x x s e e - s t p m a E l x o e m e n y s - t - 7 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r s r e s . - ' ' acct. 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 2,946 1,734 4,316 Semiannually: 1956—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 1,372 886 2,090 Monthly: 1957_Aug 5,128 919 219 84 124 6,475 3,678 128 355 965 1,003 346 241 157 n.a. Sept 7,225 486 207 54 137 8,109 2,163 1,823 2,304 922 540 357 260 146 n.a. 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 1,293 416 256 157 961 June 10,751 774 161 43 176 11,905 1,941 1,723 5,906 894 818 623 275 161 July 2,946 338 177 17 147 3,624 1,195 258 479 926 355 411 252 154 n.a. Aug 4,838 1,032 206 72 133 6,280 3,476 123 316 908 1,105 352 n.a. n.a. n.a. Budget expenditures 8 Major national security Agri- Vet- culture Period Total Total 9 D m D e il e f i e p t n a t. s r , y e p s M r e o c u g u tu r r i a a t m y l , A en t e o r m gy ic f a i I n f a f n a n a t n i d l r c . s e In e t s e t r- ic e b s e r f e e s a i r n t n v s a e s - n - ' d w L a a e n b lf d o a r re t a c a u r g u n e r r l - d a - i- l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources Fiscal year—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 1958*. 71,897 44,968 39,015 3,052 2,275 1,234 7,694 5,026 3,381 4,620 1,543 2,085 1,353 Semiannually: 1956—July-Dec.. 33,801 21,145 18,547 1,464 930 382 3,587 2,291 1,421 2,183 736 879 ,181 1957—Jan.-June. 35,632 23,269 19,893 2,031 1,060 450 3,721 2,502 1,545 2,399 560 574 608 July-Dec.. 36,060 22,164 19,370 1,471 1,080 776 3,912 2,400 1,636 2,651 850 1,003 661 1958—Jan.-June^ 35,837 22,804 19,645 1,581 1,195 458 3,782 2,626 1,745 1,969 693 1,082 692 Monthly: 1957—July 6,347 3,628 3,108 311 170 77 665 377 317 664 129 241 120 Aug 5,930 3,989 3,545 215 190 96 635 382 272 215 161 108 100 Sept 5,667 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 June*3.... 6,581 4,335 3,844 235 215 89 627 431 320 488 162 21 124 July 6,613 3,819 3,196 361 222 155 648 431 356 630 122 298 148 3 Consists primarily of (1) intra-Govemmental transactions as de- 6 Includes transfers to Federal disability insurance trust fund. scribed in note 1, (2) net accruals over payments of interest on savings 7 Represents the sum of taxes for old-age insurance, railroad retirebonds and Treasury bills, (3) Budget expenditures involving issuance of ment, and unemployment insurance. Federal securities, (4) cash transactions between International Monetary 8 For more details, see the 1959 Budget document and the Treasury Fund and the Treasury, (5) reconciliation items to Treasury cash, and Bulletin, Table 3. (6) net operating transactions of Govt. sponsored enterprises. 9 Includes stockpiling and defense production expansion not shown * Primarily adjustments 2, 3, and 4, described in note 3. separately. 5 Excludes net transactions of Govt. sponsored enterprises, which are For other notes, see opposite page. included in the corresponding columns above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1196 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketaible E m n o d n t o h f d T g e r o o b t s a t s i l d T d g i e r o r o b e t s a c t s 2 l t Total Total Bills c i C 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 e b l a l i e g n 4 i k B - on s d t B s r r i a e c n - te k d b v C i o e b o n r l n t d e i - - s Totals b S i o n a n g v d s - s n s i T a o n a n a t g v e d x s - s S i p ss e u c e ia s l 1941 Dec 64.3 57.9 50.5 41.6 2.0 6 0 33 6 8.9 6.1 2.5 7.0 1945_Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1951 Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953 Dec. 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956—Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—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 21 A.I 227.1 163.4 26.7 34.7 20.6 81.5 9.6 54.1 53.2 46.0 Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958 Jan 274.7 274.6 227.3 164.6 27.3 34.6 20.7 82.1 9.5 53.2 52.3 45.5 Feb 274.8 274.7 227.0 164.5 26.1 31.5 20.5 86.4 9.3 53.2 52.3 46.0 M!ar 272.7 272.6 225.1 162.9 23.0 31.5 20.7 87.7 9.1 53.1 52.3 45.8 Apr... 275.2 275.1 228.0 166.0 22.4 31.1 24.7 87.7 9.0 53.0 52.2 45.4 M!ay 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 Aug 278.6 278.5 230.6 169.2 22.4 38.5 20.7 87.7 8.6 52.8 51.9 46.3 Sept 276.8 276.7 229.0 167.7 22.7 38.5 20.7 85.8 8.5 52.8 51.8 46.0 1 Includes some debt not subj ect to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $427 million on Sept. 30, 1958) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $9,656 million on Aug. 31, 1958. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and m En o d n t o h f in ( a s g in e n t g c c i t e e u l u u s e r a ) d i d r - - - S is p s e t u r c u e ia s s t l fu P n is d u s s b u 1 l e i s c Total F R 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 k m c s ia - 2 l M s b a a v u n i t n u k g a s s l I p c n a a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n a c v d a t t e ' l s S b a o v n i I n d n g s d s ivi s d e u O c a u t l h r s i 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 276.7 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—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—Jan 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 r14.6 17.1 48.1 '18.5 15.7 May 275.7 46.1 9.7 220.0 24.2 63.3 7.5 11.7 '14.7 17.0 48.1 18.3 15.4 June 276.4 46.2 9.7 220.5 25.4 64.6 7.4 11.7 13.3 16.9 48.0 r18.0 15.2 July 275.6 45.9 9.7 220.0 24.5 64.7 7.4 11.8 13.7 17.0 47.9 17.9 15.0 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $284 million on Dec. 31, 1957. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1197 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, SEPTEMBER 30, 19581 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills 2 Treasury notes Treasury bonds Treasury bonds—Cont. Oct. 2, 1958 1,700 Oct. 1, 1958 \Vi 121 Dec. 15, 1958 2,368 Aug. 15, 1966 3 1,484 Oct. 9, 1958 1,700 tcu. 15,1959 1% 5,102 June 15, 1959-62.. 5,268 Mar. 15, 1966-71.. .2% 2,949 Oct. 16, 1958 1,699 Apr. 1,1959 AVi 119 Dec. 15, 1959-62.. 3,456 June 15, 1967-72... 2% 1,844 Oct. 23, 1958 1,700 Oct. 1,1959 \Vi 99 Nov. 15, 1960 3,806 Sept. 15, 1967-72... 2*4 2,716 Oct. 30, 1958 1,700 Apr. 1,1960 1% 198 Dec. 15, 1960-653.. 23 1,485 Dec. 15, 1967-72...2% 3,726 Nov. 6,1958 1,700 May 15, 1960 3Vi 2,406 Sept. 15, 1961 2,239 Oct. 1,1969 4 657 Nov. 13, 1958 1,699 Oct. 1,1960 1% 278 Nov. 15, 1961 11,177 Nov. 15, 1974 3% 654 Nov. 20, 1958 1,800 Apr. 1,1961 \Vi 144 Aug. 15, 1963 6,755 June 15, 1978-83... 3 VA 1,604 Nov. 28, 1958 1,800 Aug. 1,1961 4 2,609 June 15, 1962-67.. 2,113 May 15, 1985 314 1,135 Dec. 4,1958 1,800 Oct. 1,1961 1% 332 Dec. 15, 1963-68.. 2,821 Feb. 15, 1990 3& 1,727 Dec. 11, 1958 1,800 Feb. 15, 1962 Z% 647 Feb. 15, 1964 3,854 Feb. 15, 1995 3 2,742 Dec. 18, 1958 1,800 Apr. 1,1962 V/i 551 June 15, 1964-69.. 3,745 Dec. 26, 1958 1,800 Aug. 15, 1962 4 2,000 Dec. 15, 1964-69.. 3,820 Oct. 1,1962 1% 590 Feb. 15,1965 6,896 Panama Canal Loan.... 3 50 Certificates Nov. 15, 1962 334 1,143 Mar. 15, 1965-70., 4,701 Dec. 1, 1958...... 334 9,833 Feb. 15, 1963 2% 3,971 Convertible bonds Feb. 14, 1959 2Vi 9,770 Apr. 1,1963 U/i 439 Investment Series B Mar. 24, 1959* W2 3,567 Apr. 1, 1975-80... 2% 8,521 May 15, 1959 1% 1,816 Aug. 1,1959 \Ys 13,500 * Tax anticipation series. 1 Direct public issues. 3 Partially tax-exempt. 2 Sold on discount basis. See table on Money Market Rates, p. 1189. 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 rk l d e e s t 2 - v b e C o r o t n i n b d - s le Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r rs 10 All holders: 1955—June 30 166,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38,188 33,687 33,628 1956—June 30 166,050 20,808 16,303 35,952 81,890 11 098 154 953 58 714 31 997 31 312 32,930 1957_june 30 165,985 23,420 20,473 30,973 80,839 10,280 155,705 71 033 39,184 14,732 30,756 Dec 31 173,718 26,857 34,554 20,664 82 117 9 527 164 191 74 368 46 513 11 272 32 038 1958—june 30 175,573 22,406 32,920 20,416 90,932 8 898 166 675 67 782 41 071 22 961 34,860 July 31 175,192 22,403 32,938 20,499 90,551 8,801 166,391 67,797 41,154 22,586 34,855 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 I 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—June 30 9,477 173 599 1,169 4,703 2,833 6,644 899 1,565 913 3,267 July 31 9,564 181 618 1,173 4,774 2,819 6,745 920 1,589 927 3,309 Federal Reserve Banks: 1955—June 30 23,607 886 8,274 11,646 2,802 23 607 17 405 3 773 1 014 1 413 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20 242 1 087 l'014 1 415 1957 June 30 23,035 287 11,367 8 579 2 802 23 035 20 246 681 750 1 358 Dec. 31 24,238 1,220 20,104 87 2,827 24,238 21 4?7 1,397 57 1,358 195$—June 30 25,438 2,703 19,946 2,789 25,438 23 010 1 014 57 1 358 July 31 24,480 1,569 19,946 10 2,955 24,480 21,986 1,024 84 1,386 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 I957_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 ?6 526 7 364 4 623 1958—June 30 57,509 3,796 3,331 11,532 38,720 130 57 379 13 431 24 494 14 259 5 195 July 31 57,515 3,886 3,307 11,722 38,471 129 57,386 13,325 24,671 14,222 5,169 Mutual sarings banks: 1955—June 30 8 069 84 53 289 6,422 1 222 6 848 164 5'43 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—June 30 7,110 89 132 465 5,493 931 6,179 303 1,106 675 4,094 July 31 7,107 107 120 470 5,490 921 6,186 308 1,107 683 4,088 Insurance companies: 1955 June 30 13,117 630 74 789 8,479 3,145 9,972 810 1,339 2,027 5,796 1956—June 30 11,702 318 44 760 7,789 2,791 8,911 632 1,192 1,802 5,285 1957_june 30 10,936 326 136 648 7 277 2 549 8 387 955 1 775 1 022 4 634 Dec. 31 10,801 291 248 683 7,231 2,347 8,454 938 2 074 718 4 724 1958—June 30 10,580 254 112 614 7,398 2,202 8.378 651 1,650 1,004 5,074 July 31 10,722 378 115 621 7,423 2,184 8,538 764 1,653 999 5,121 Other inrestors: 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—June 30 65 459 15 392 8 799 6,636 31 829 2 802 62 657 29 489 11 243 6 054 15 872 July 31 65,804 16,283 8,831 6,504 31,438 2,748 63,056 30,494 11,110 5,671 15,781 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

1198 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Propo a s ll e d c o u r s p e o s r a o t f e n i e ss t 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 n 4 l - - S n m a p t i n a a c u d t l i - e - Others Total Total B P li u o cl b n 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 ey' l M p a c o u e n u i l r e s s - - - - m b t d R i o a e e r e e f n b n - - k t t , m s r t i e i o t r e c i e f e n u - s t offered placed etc.« 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 4,121 237 9,534 7,601 3,645 3,957 564 1,369 9,380 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,755 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 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_july.., 1,982 400 516 38 1,028 775 459 316 21 231 1,011 J,003 941 61 Aug... 1,944 392 595 10 947 840 540 299 31 76 932 924 916 8 9 Sept... 3,975 2,262 215 437 37 1,023 907 587 320 19 97 1,007 973 952 21 34 Oct.. . 2,705 894 683 15 1,113 944 608 336 68 101 1,099 1,090 1,060 30 9 Nov.., 3,022 1,374 100 639 65 844 671 485 186 24 150 828 789 764 25 39 Dec... 2,681 925 640 2 1,114 761 185 576 11 343 1,097 1,076 1,023 53 21 1958—Jan..., 3,473 511 1,163 782 201 816 744 505 239 28 44 805 723 711 11 82 Feb... 2,487 407 251 899 55 875 607 398 209 85 182 856 851 832 19 5 Mar... 3,959 1,802 524 9 1,623 1,494 1,165 330 69 61 1,608 1,561 1,525 35 47 Apr... 6,963 4,269 "523 798 141 J,232 1,101 921 180 41 90 1,213 1,141 1,037 104 72 May.. 2,160 368 877 202 714 594 391 203 36 84 699 600 532 68 99 June.. 3,050 1,411 554 122 963 866 370 497 58 38 948 881 709 172 67 July.. 2,421 418 164 631 9 1,199 909 735 174 70 220 1,176 1,101 1,031 70 75 Proposed uses of net proceeds, major groups of corporate issuers Commercial and Real estate Year or Manufacturing miscellaneous Transportation Public utility Communication and financial month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital i secu- capital io secu- capital i secu- capital i secu- capital !0 secu- apitalio 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—July. 248 69 3 45 244 54 343 Aug. 243 51 5 31 251 124 224 1 Sept. 320 38 80 417 65 53 30 Oct.. 129 51 49 333 369 159 Nov. 220 38 () 54 287 92 98 30 Dec. 572 60 12 138 173 41 92 1958—Jan.. 147 7 28 82 24 321 34 50 109 Feb.. 171 3 26 48 366 35 205 Mar. 196 41 47 63 409 797 49 Apr.. 620 12 62 86 293 22 40 37 40 May. 163 26 24 23 303 37 11 30 74 June. 267 49 29 106 390 16 12 78 July. 515 24 49 46 345 46 101 45 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 flotation, i.e., compensation to underwriters, agents, etc., and expenses. 2 Gross proceeds are derived by multiplying principal amounts or num- 7 Represents proceeds for plant and equipment and working capital. ber of units by offering price. 8 Represents proceeds for the retirement of mortgages and bank debt 3 Includes guaranteed issues. with original maturities of more than one year. Proceeds for retirement of 4 Issues not guaranteed. short-term bank debt are included under the uses for which the bank 5 Represents foreign governments. International Bank for Reconstruc- debt was incurred. tion and Development, and domestic eleemosynary and other nonprofit 9 Less than $500,000. organizations. 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 1199 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1956 1957 1958 1952 1953 1954 1955 1956 1957 4 1 2 3 4 1 2 Manufacturing Total (200 corps.): Sales 54 517 63,34358 11069 876 71 925 76,03? 19 194 19 786 19,438 18 056 18 752 16,718 16 796 7,308 8,375 7,244 10,250 9,290 9,559 483 75? ,575 ? 04? 2,190 1,622 1,624 Profits after taxes 3,192 3,649 3,825 5,231 4,880 5,109 1,362 1,432 1,339 1,107 1,232 852 864 Dividends 2,073 2,154 2,384 2,827 2,980 3,113 848 750 757 757 849 755 747 Nondurable goods industries (94 corps.) i1. . Sales 19,26620,69420,62023,106 24,784 ,278 6,464 6,636 6,524 6,558 6,560 6,133 6,203 853 3,028 2 753 3 413 3,457 3,438 867 947 873 841 111 648 625 Profits after taxes 1,392 1,526 1,581 1,918 1,979 2,019 521 551 503 491 474 377 359 Dividends 946 972 1,064 1,202 1,248 1,323 358 314 318 319 371 326 325 Durable goods industries (106 corps.):2 Sales 35,25142,64937,49046,770 47,141 49,754 12,730 13,15012,91411,498 12,192 10,585 10,593 Profits before taxes 4 455 5,346 4 491 6 836 5,833 6 1616 1 804 1 70? 1 413 974 1 000 ,800 2,123 2,244 3,313 2,901 3 090 841 881 836 '616 758 475 504 1 1,182 1,320 1,625 1,731 1,791 489 436 439 438 478 429 422 Selected industries: Foods and kindred products (28 corps.): Sales 5 04? 5,411 5 476 5,833 6,299 6,6?0 641 1 618 64? 1 669 1,691 1 616 1 663 Profits before taxes . .. 453 465 462 499 557 600 145 135 154 158 153 140 152 Profits after taxes ?03 212 224 244 273 ?9S 74 65 75 77 79 67 74 154 154 156 160 166 174 50 39 40 41 54 41 41 Chemicals and allied products (26 corps.): Sales 5,965 6,373 6 182 7,222 7,729 8,?03 ?J001 ? 045 ? 047 065 2,047 1 858 1 903 Profits before taxes 1,259 1,308 1,153 1,535 1,488 1,556 377 395 394 397 369 281 284 Profits after taxes 486 520 593 782 769 798 197 197 144 146 396 417 499 597 602 639 181 150 15? 150 187 156 154 Petroleum refining (14 corps.): Sales ,411 5,883 6 015 6,556 7,185 7,814 1 909 ? 048 1,941 1 9?0 1,906 1 801 1 774 Profits before taxes 728 841 751 854 917 867 228 299 219 193 156 146 113 Profits after taxes 5?4 603 567 624 689 711 186 ?30 17? 164 144 125 103 ?83 290 294 317 346 374 93 91 91 95 97 95 95 Primary metals and products (39 corps.): Sales 11,56413,75011,522 14,952 16,062 16,073 4, 340 4 4.770 3,856 3,675 3 047 3 133 Profits before taxes 1,147 1,817 1,357 2,377 2,370 313 70? 676 65? 51? 473 302 370 Profits after taxes 564 790 705 1 195 1,232 1'193 378 34? 3?7 ?64 260 157 190 369 377 407 522 606 651 188 157 157 158 179 147 146 Machinery (27 corps.): Sales 7,077 8,005 7,745 8,477 9,798 10,914 ? 746 ? 6?4 ?,750 ,669 2,871 2 454 2,621 Profits before taxes .. 971 1,011 914 912 942 1,175 245 293 305 270 306 227 259 Profits after taxes 375 402 465 465 458 577 141 148 135 152 111 127 199 237 263 281 321 3?9 87 79 81 8? 86 83 81 Automobiles and equipment (15 corps.): Sales 13,03816,611 14,137 18,826 16,336 17,480 4 4 993 4,5?? 3,689 4,211 3 853 3 543 Profits before taxes 1,98? 2,078 1,789 3,023 1,984 110 513 711 603 506 346 271 Profits after taxes 709 758 863 1,394 942 1,059 336 151 279 161 137 469 469 536 693 656 670 166 166 166 164 173 164 160 Public Utility Railroad: Operating revenue .. 10,58110,664 9,371 10,106 10,551 10,491 2 722 2 574 2,660 2,675 2,582 2,239 2,294 Profits before taxes 438 1,436 908 1 341 1 268 1056 375 ?<17 259 59 135 Profits after taxes 825 903 682 927 876 734 267 161 183 191 199 31 93 Dividends 338 412 379 448 462 435 153 110 8? 121 96 79 Electric power: 6 549 7,136 7,588 8,360 9,049 9,644 ? 303 ? 540 ? 31? ?,335 2,457 2 707 2 390 Profits before taxes 1 740 1,895 2 049 2 304 2,462 ,557 594 731 596 600 630 768 615 Profits after taxes 947 1,030 1,134 1,244 1,326 1,403 334 393 327 326 357 421 349 Dividends 7? 5 780 868 942 1,022 1,077 ?70 ?70 ?65 273 281 287 Telephone: Operating revenue .. . 4,137 4,525 4,902 5,425 5,966 6,467 1 552 1 560 1,611 1,623 1,673 1,672 1,715 Profits before taxes 787 925 1 050 1,282 1,430 1,56? 380 387 388 387 400 402 454 Profits after taxes . 384 452 525 638 715 788 190 195 195 195 203 200 226 355 412 448 496 552 613 147 148 150 155 160 164 166 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. Railroads. Figures are for Class I line-haul railroads (which account All series. Profits before taxes refer to income after all charges and for 95 per cent of all railroad operations) and are obtained from reports before Federal income taxes and dividends. For detailed description of of the Interstate Commerce Commission. series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 Electric power. Figures are for Class A and B electric utilities (which (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public account for about 95 per cent of all electric power operations) and are utilities); and p. 908 of the BULLETIN for September 1944 (electric power). obtained from reports of the Federal Power Commission, except that Revised data annually beginning with 1939 and quarterly beginning with quarterly figures on operating revenue and profits before taxes are partly 1946 are available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1200 BUSINESS FINANCE CORPORATE PROFITS* TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r te o r r P b t r e a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U p ri r b n o u d fi t i t e s s d - Y qu e a a r r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 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—2 3,739 867 2,873 2,367 626 1,741 1,373 241 1,132 4 46.7 23.0 23.7 11.8 11.9 3 3,474 802 2,672 2,554 554 2,000 920 248 672 4 3,409 708 2.701 2,393 503 1,890 1,016 205 811 1957—1 46.1 23.0 23.1 12.5 10.6 2 43.5 21.7 21.8 12.6 9.2 1958—1 3,566 784 2,782 2,799 537 2,262 767 247 520 3 44.2 22.0 22.1 12.7 9.4 2 4,041 1,509 2,532 2,453 1,258 1,195 1,588 251 1,337 4 39.9 19.9 20.0 12.0 8.0 1958 1 31.7 16.1 15.5 12.5 3.0 1 Reflects cash transactions only. As contrasted with data shown on p. 1198, 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. 1198. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchanges Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it t i a n l g Total Cash s G U ec o . u S v r . t i . - Not r e e s c e a i n v d a b a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c l t d i a o a e x m - ra e l Other ties G U o . v S t. . 2 Other G U o . v S t. . 2 Other bilities 1950 81.6 161.5 28.1 19.7 1 1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953. . .. 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 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—2 112.1 234.9 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—i 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 2 116.6 231.0 34.5 13.3 2.6 96.0 78.3 6.3 114.5 1.9 72.1 10.1 30.4 * Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations* books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n g u u r- - M in i g n- Rail- Other P u u t t i b i e l l s i i - c c m C at o u i m n o i n - - s Other 2 Quarter Total fa m a i c n n i t n g u d - r- T p t r o i a o r n t n a s- - P u u t t i b i e l l i s i - c ot A h l e l r 3 road ing 1950.. 20.6 7.5 .7 11 1.2 3.3 1.1 5.7 1957_1. . . 8.3 3.8 .7 1.2 2.6 1951 25.6 10.9 .9 .5 t.5 3.7 1.3 5.9 2 9,6 4 5 .8 I 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 .8 1.7 2.5 1953 28.3 11.9 1.0 1.3 t.6 4 6 1 7 6 3 4 9 7 4 6 8 I 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 2 7.8 3 2 6 1 5 2 5 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 3* 8.2 3.4 .5 1.9 2 4 19584 31.0 12.0 .9 .8 1.5 6.3 9.5 44 7.7 3.3 .5 1.7 2.2 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1201 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 s d l - t F u i i n c t n i i s o a a ti l n n - s - S F e a e c l g e d i e e c e n s t r e - a d lv o I i a t n d 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 th r 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 l s d e - r h A e o r l l s d l - t F u i i n c t n i i s o a a ti n l n - s - ho O ld th e e rs r * 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 1957P 156.4 119.9 4.7 31.8 145.9 107.6 90.2 17.4 38.3 25.6 12.7 10,5 4 0 6 5 1956—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.J» 147.2 113.0 4.0 30.2 137.1 101,0 84.9 16.2 36.1 24.2 11.9 10.t 3.9 6 2 June* 150.3 115.3 4.2 30.7 139.9 103.3 86.8 16.5 36.6 24.6 12.1 10.3 4.0 6.4 Sent P 153.5 117.7 4.5 31.3 143.0 105.6 88.6 17.0 37.4 25.1 12.4 10.4 4.0 6.4 Dec.*3 156.4 119.9 4.7 31.8 145.9 107.6 90.2 17.4 38.3 25.6 12.7 10.5 4 0 6 5 1958—Mar.P 158.7 121.6 4.9 32.2 148.1 109.2 91.5 17.6 38.9 26.0 12.9 10.6 4.1 6 6 June?3 162.2 124.6 4.6 33.0 151.3 111.5 93.9 17.6 39.9 26.6 13.2 10.9 4.1 6.7 v Preliminary. Federal agencies represent HOLC, FNMA, and VA (the bulk of the 1 Derived figures, which include negligible amount of farm loans held amounts through 1948 held by HOLC, since then by FNMA). Other by savings and loan associations. Federal agencies (amounts small and separate data not readily available 2 Derived figures, which include debt held by Federal land banks and currently) are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings 2 Mutual savings bank holdings 3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1 048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1950 13,664 10,431 2,264 968 8,261 7,054 1.164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 ,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 [,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1.297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 f .984 59 19573* 23,337 17,147 4,823 3,589 8,735 4,823 ,367 21,169 19,010 4,669 7,790 6,551 2ilO2 57 1956 Dec 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957 Mar 22,670 16,880 4,770 3,810 8,300 4,440 1,350 20,105 18,035 4,455 7,330 6,250 2,010 60 22,760 16,890 4,730 3,720 8,440 4,500 ,370 20,475 18,384 4,500 7,520 6,364 2,033 58 Sept 23,105 17,070 4,750 3,660 8,660 4,660 1,375 20,812 18,687 4,575 7,660 6,452 2,068 57 Dec 23,337 17,147 4,823 3,589 8,735 4,823 [,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 Junep 23,990 17,500 4,965 3,435 9,100 5,060 ,430 22,170 19,940 4,955 8,135 6,850 2,172 58 v 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

1202 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 . 6 442 5 529 815 4 714 913 1945 976 6,636 5,860 1,394 4,466 776 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952....... 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6 395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957r 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1957 Aug r 437 414 50 58 306 23 34,578 32,014 6,681 7,726 17,607 2,564 Sept.r 381 358 60 41 257 23 34,732 32,162 6,694 7 736 17,732 2,570 Oct r 440 409 67 53 289 31 34,902 32,323 6,712 7,754 17,857 2,579 Nov.r 363 336 60 37 239 27 35,034 32,449 6 726 7 760 17 963 2 585 Dec.r 537 502 85 28 389 35 35,271 32,686 6,758 7,746 18,182 2,585 1958—Jan.r 426 383 87 29 267 43 35,462 32,873 6,822 7,750 18,301 2,589 Feb r 379 338 85 30 223 41 35,587 32,990 6,858 7,739 18,393 2,597 Mar r 390 344 92 22 230 46 35,727 33,117 6 906 7 723 18,488 2,610 Apr r 402 360 94 26 240 42 35,840 33,213 6,948 7,719 18,546 2,627 Mayr 380 348 96 16 236 32 35,956 33,316 6,995 7,699 18,622 2,640 June7" 368 341 95 20 226 27 36,060 33,409 7,038 7,677 18,694 2,651 July*- 428 398 103 16 279 30 36,183 33,519 7,076 7,651 18,792 2,664 Aug. .. 437 406 109 5 292 31 36,323 33,645 7,123 7,619 18,903 2,678 r Revised. values, and because data for year-end adjustments are more complete. NOTE.—For loans acquired, the monthly figures may not add to annual Source.—Institute of Life Insurance; end-of-year figures are from totals, and for loans outstanding, the end-of-December figures may differ Life Insurance Fact Book, and end-of-month figures from the Tally of from end-of-year figures, because monthly figures represent book value of Life Insurance Statistics and Life Insurance News Data. ledger assets whereas year-end figures represent annual statement asset 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 C v o e o n n n a - - l Y m e o a n r t o h r Se a a a l d s ly o - n- W se a a d it s j h o u o n s u t a - t l in l S o g a a s v n - & I c 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 i 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 1,097 917 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 1,618 3,365 1,064 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1951 16,405 5,295 1,615 3,370 ,013 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952 18,018 6,452 1,420 3,600 ,137 1954 8,969 3,076 3,846 26,194 1,172 4,721 20,301 1953 19,747 7,365 1,480 3,680 1,327 1955 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1954 22,974 8,312 1,768 4,239 ,501 1956 10,545 3,771 4,727 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 858 1957 10,402 3,562 4,708 40,119 1,643 7,013 31,463 1956 27,088 9,532 1,799 5,458 ,824 1957 24,244 9,217 1,472 4,264 1,429 1957 1957 July 969 318 462 38,280 1,545 6,904 29,831 Aug 1,001 331 470 38,743 1,560 6,920 30,263 July 2,008 2,211 852 130 390 142 Sept 891 292 423 39,106 1,573 6,933 30,600 Aug 2,026 2,208 883 132 378 137 Oct 980 341 443 39,532 1,591 6,946 30,995 Sept 2,013 2,026 796 124 354 121 Nov 768 250 358 39,835 1,597 6,963 31,275 Oct 2,003 2,226 855 132 395 131 Dec 734 248 324 40,119 1,643 7,013 31,463 Nov 1,995 1,877 686 117 333 117 Dec 1,954 1,851 666 125 325 113 1958 1958 Jan 723 245 308 40,369 1,651 7,048 31,670 Feb 704 233 289 40,623 1,685 7,015 31,923 Jan 1,976 1,782 628 111 322 98 Mar 819 281 318 40,967 1,715 7,005 32,247 Feb 1,959 1,701 638 101 304 87 920 316 354 41,367 1,749 6,982 32,636 Mar 1,971 1,866 705 108 345 94 M^y!*.;;;;; 1,019 346 406 41,908 1,789 6,978 33,141 Apr 1,993 2,022 787 106 385 103 June 1,107 379 461 42,498 1,837 6,993 33,668 May 2,087 2,151 845 113 418 120 July 1,180 374 511 43,037 1,904 7,012 34,121 June 2,192 2,275 910 110 429 140 July 2,543 986 125 491 165 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 1 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning 1958 includes shares pledged against mortgage loans. serve. Source.—Federal Home Loan Bank Board. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1203 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-guaranteec loans Home Home Year or month Total p e N r r m t o e i w e p o s - rtga p i g e s E r r e t t o i s x i n e p - g s - g m P t a y r g o o p e r j e s t - - i p l P m o r e i r o a m r e o t n v n y p - e s t - 2 - Total 3 p e N r r t m o e i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - q y E e u n a a d r r t o o e f r r Total G un o d v e F e r r H w n A m ri - t e t n en t V - A- t C i v o e o n n n a - - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1950 4,343 1,637 856 1,157 694 3,072 1,865 1 202 1945 18.6 4.3 4.1 .2 14.3 1951 3,220 1,216 713 582 708 3,614 2,667 942 1952 3,113 969 974 322 848 2,719 1,823 890 1950 45.2 18.9 8.6 10.3 26.3 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1951 51.7 22.9 9.7 13.2 28.8 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1952 58.5 25.4 10.8 14.6 33.1 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1953 66.1 28.1 12.0 16.1 38.0 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1954 75.7 32.1 12.8 19.3 43.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88.2 38.9 14.3 24.6 49.3 1956 99.0 43.9 15.5 28.4 55.1 f957_Aug 340 63 122 67 88 251 193 58 1957* 107.6 47.2 16.5 30.7 60.4 SeDt 273 57 116 14 85 295 228 66 Oct..., 422 87 145 79 111 280 229 50 1956—Sept 96.6 42.5 15.2 27.3 54.1 Nov 329 86 145 33 65 213 182 30 Dec 99.0 43.9 15.5 28.4 55.1 Dec 332 97 152 12 71 176 155 20 1957—Mar.*.... 101.0 45.1 15.7 29.4 55.9 1958—Jan 418 120 186 56 55 160 142 18 June*.... 103.3 45.9 15.9 30.0 57.4 Feb 386 115 164 43 64 142 129 13 Sept.* 105.6 46.5 16.1 30.4 59.1 Mar 435 127 192 62 53 123 110 13 Dee.* 107.6 47.2 16.5 30.7 60.4 Apr 423 119 186 57 61 85 72 13 May .. 431 110 201 55 65 73 57 15 1958—Mar.*.... 109.2 47.7 17.1 30.6 61.5 June 551 126 217 128 81 97 71 27 June*.... 111.5 48.3 17.7 30.6 63.2 July 524 132 236 98 58 127 83 43 Aug 699 128 243 170 58 156 91 64 * Preliminary. 1 Monthly figures do not reflect mortgage amendments included in annual totals. thr N ee O T q E u . a — rt F er o s r o to f ta y l e a d r e b a t r e o u F t e s d ta e n ra d l i n R g es f e ig rv u e re s e s f t o im r a f t i e rs s t . 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. Sources.—Federal Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY * FEDERAL HOME LOAN BANE LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a t y s or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - - ed Total S te h r o m rt 1 - 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 1,417 991 426 1956 3,047 978 2,069 609 5 360 1956...... 745 934 1,228 798 430 1957 3,974 1,237 2,737 1,119 2 764 1957 1,116 1,079 1,265 731 534 1957 Aug 3 718 1.132 2,586 78 680 1957—Aug. 83 50 1,072 663 409 Sept 3,783 1,152 2,631 82 712 Sept. 96 49 1,119 688 431 Oct 3,849 [,170 2,679 79 726 Oct.. 83 70 1,131 686 445 Nov 3,909 1,197 2,712 75 717 Nov. 74 62 1,143 689 454 Dec 3,974 1,237 2,737 80 764 Dec. 196 74 1,265 731 534 1958 Jan 4,038 1,283 2,755 77 786 1958—Jan.. 58 417 906 527 379 Feb 4,071 1,319 2,752 56 9 761 Feb. 41 158 790 451 339 Mar 4,073 1,346 2,726 45 29 745 Mar. 53 146 696 394 302 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 July 3,703 1,300 2,403 17 51 1,308 July. 108 137 901 392 509 Aug 3,683 1,298 2,385 22 23 1,543 Aug. 100 62 939 427 512 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

1204 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e o i r l - e i co p O g n a o s t p o h u e d e m r r s 1 er e a r n R l n d o i e a z p m n a a s t o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1 645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950 21,395 14.703 6,074 4,799 1.016 2,814 6,692 1,821 3,291 1 580 1951 22,617 15,294 5,972 4,880 ,085 3,357 7,323 1,934 3,605 1,784 1952 27,401 19,403 7,733 6,174 1,385 4,111 7,998 2,120 4,011 1 867 1953 31,243 23,005 9,835 6,779 ,610 4,781 8,238 2,187 4,124 1,927 1954 32,292 23,568 9,809 6,751 1,616 5,392 8,724 2,408 4,308 2,008 1 1 9 9 5 5 5 6 4 3 2 8 , , 0 67 9 0 7 2 3 8 1 , , 9 8 5 2 8 7 1 14 3 , , 4 4 5 7 9 2 7 8 , , 6 5 3 1 4 0 1 1 , , 6 8 8 9 9 5 6 6 , , 1 9 6 6 3 3 1 9 0 f , 7 2 1 7 2 0 3 3, , 2 0 5 0 3 2 4 4 , , 5 7 7 3 9 5 2 2 , , 1 2 3 8 1 2 1957 44,776 34,105 15,496 8,687 1,984 7,938 10,671 3,502 4,760 2,409 1957 Aug 43,101 33,303 15,490 8,229 1,954 7,630 9,798 3,458 3,925 2,415 Sept 43,270 33,415 15,556 8,228 ,969 7,662 9,855 3,493 3,942 2 420 Oct 43,274 33,504 15,579 8,236 1,988 7,701 9,770 3,405 3,991 2,374 Nov 43,530 33,596 15,542 8,300 1,996 7,758 9,934 3,458 4 135 2 341 Dec 44,776 34,105 15,496 8,687 1,984 7,938 10,671 3,502 4,760 2,409 1958—Jan 43,966 33,737 15,326 8,499 1,963 7,949 10,229 3,514 4,264 2 451 Feb 43,043 33,302 15,122 8,277 ,936 7,967 9,741 3,542 3,710 2,489 Mar 42,562 32,983 14,889 8,192 1,915 7,987 9,579 3,542 3 528 2,509 Apr 42,665 32,932 14,788 8,134 1,914 8,096 9,733 3,501 3,694 2,538 May 43 027 32,957 14,713 8,176 1,933 8 135 10,070 3,616 3 956 2 498 June 43,122 33.054 14,691 8,203 ,942 8,218 10,068 3,645 3,949 2 474 Tuly 43,026 33,133 14,673 8,220 I 952 8,288 9,893 3,531 3,901 2,461 Aug . . 43,217 33,232 14,625 8,280 ,980 8,347 9,985 3,603 3,937 2,445 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1947, of purchasing automobiles and other consumer goods, whether held by and a general description of the series are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1948-56, in the BULLETINS individuals of automobiles or other consumer goods that may be used for October 1956, pp. 1035-42, and December 1957, pp. 1420-22. in part for business. A detailed description of the methods used to derive the estimates may 2 Represents repair and modernization loans held by financial institu- be obtained from Division of Research and Statistics. tions; holdings of retail outlets are included in other consumer goods paper. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n m c k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i C c a u n o n a m o i m n n e e c s - - r e l Other i Total D s m t e o p e r a e n s r t t 2 - F s t t u u o r r r n e e i s - H a s 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 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 ,107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 1,124 2,137 777 4,042 ,064 1,004 377 527 ,070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 ,242 984 377 463 ,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 ,072 4,508 ,511 ,044 365 487 ,101 1956 31,827 27,084 11,707 9,100 2,014 3,056 ,207 4,743 ,408 ,187 377 502 ,269 1957 34,105 29,375 12,714 9,573 2,472 3,332 ,284 4,730 ,393 ,146 374 529 ,288 1957—Aug. 33,303 29,014 12,607 9,565 2,344 3,234 ,264 4,289 ,161 ,083 360 530 ,155 Sept. 33,415 29,128 12,656 9,598 2,377 3,231 ,266 4,287 ,167 ,077 363 533 ,147 Oct.. 33,504 29,241 12,749 9,585 2,415 3,229 ,263 4,263 ,134 ,080 365 533 ,151 Nov. 33,596 29,239 12,717 9,564 2,439 3,248 ,271 4,357 ,199 ,092 365 531 ,170 Dec., 34,105 29,375 12,714 9,573 2,472 3,332 ,284 4,730 ,393 ,146 374 529 ,288 1958—Jan.. 33,737 29,125 12,611 9,464 2,446 3,320 ,284 4,612 ,381 ,108 367 522 ,234 Feb.. 33,302 28,864 12,415 9,405 2,451 3,306 ,287 4,438 ,326 ,079 363 514 ,156 Mar. 32,983 28,621 12,310 9,284 2,461 3,286 ,280 4,362 ,343 ,045 359 504 ,111 Apr., 32,932 28,701 12,421 9,200 2,506 3,290 ,284 4,231 ,241 ,033 354 498 ,105 May. 32,957 28,674 12,442 9,129 2,531 3,273 ,299 4,283 ,278 1,034 353 494 ,124 June, 33,054 28,750 12,494 9,105 2,565 3,279 ,307 4,304 ,310 1,035 351 492 ,116 July. 33,133 28,897 12,581 9,121 2,606 3,288 ,301 4,236 ,241 1,035 350 491 ,119 Aug. 33,232 28,967 12,630 9,083 2,645 3,291 ,318 4,265 ,258 1,051 352 488 ,116 1 Consumer finance companies included with "other" financial institu- 3 Represents automobile paper only; other instalment credit held by tions until September 1950. automobile dealers is included with "other" retail outlets. 2 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1205 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - ch P A a u u s r e t p - d o a m pe o D r b i i r l e e ct s g O p c u o a o t m o p h n d e e e - r r s r e R m l r t o a e n i o p n a o iz n d a d n a s i - r - 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 T r o e t d a i l t m A pa o u p b t e o il r - e s g p O c u o a o t m o p h n d e e e - r r s r m R iz l o o a e a n d a p ti n d e a o s r i n r n- s l P o o a e n n r a - s 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 1,303 1,676 1955 8,443 6,919 ,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 1,469 2,118 1957 9,573 7,470 ,413 20 670 1957 12 714 4,054 2,335 2,435 1,527 2,363 1957—Aug. 9,565 7,532 ,384 22 627 1957—Aug 12,607 4,026 2,330 2,434 1,503 2,314 Sept. 9,598 7,557 ,389 22 630 Sept 12,656 4,050 2,334 2,437 1,514 2,321 Oct.. 9,585 7,537 1,390 23 635 Oct 12 749 4 082 2,334 2,471 1,531 2,331 Nov. 9,564 7,510 ,388 21 645 Nov 12,717 4,067 2,333 2,448 1,537 2,332 Dec. 9,573 7,470 ,413 20 670 Dec 12,714 4,054 2,335 2,435 1,527 2,363 1958—Jan.. 9,464 7,363 ,404 20 677 1958 Jan 12,611 4,016 2,330 2,378 1,508 2,379 Feb. 9,405 7,237 1,464 20 684 Feb 12 415 3,966 2,312 2,272 1,484 2,381 Mar. 9,284 7,080 1,492 19 693 Mar 12,310 3,906 2,305 2,236 1,467 2,396 9,200 6,968 1,515 20 697 Apr 12,421 3,893 2,321 2,281 1,465 2,461 M^y 9,129 6,888 1,520 20 701 May 12,442 3,889 2,325 2,262 1,477 2,489 June 9,105 6,844 1.532 20 709 June 12,494 3,892 2,335 2,253 1,485 2,529 July. 9,121 6,795 U592 21 713 July 12 581 3 905 2,339 2,273 1 494 2,570 Aug. 9,083 6,730 1,612 23 718 Aug 12,630 3,918 2,332 2,276 1,512 2,592 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 End of year i T ns o t t a a l 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 n p d e a r ir n- s P o e n r a - l End of year i T n n o s o t t n a a - l l - m (si e n n g t le lo -p a a n y s - ) ac (c c h o a u r n g t e s) Service or month c m re e d n i t t paper g p o a o p d er s iz lo a a ti n o s n loans or month c m re e d n i t t C m o e m r- - p D a e r - t- credit cial Other ment Other banks stores1 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 3,087 693 152 275 1,370 597 1950 2,296 360 200 121 1,615 1945 3,203 674 72 290 1,322 845 1951 2,699 373 233 134 1,959 1952 3,346 452 310 188 2,396 1950 6,692 1,576 245 650 2,641 1,580 1953 4,038 538 370 247 2,883 1951 7,323 1,684 250 698 2,907 1,784 1954 4 510 539 375 282 3,314 1952 7,998 1,844 276 728 3,283 1,867 1955 5,406 761 537 326 3,782 1953 8,238 1,899 288 772 3,352 1,927 1956 6,277 948 648 403 4,278 1954 8,724 2,096 312 793 3,515 2,008 1957 7,088 1.108 638 437 4,905 1955 9,712 2,635 367 862 3,717 2,131 1956 10,270 2,843 410 893 3,842 2,282 1957 Aug .. . . 6,842 1,072 652 429 4,689 1957 10,671 3,095 407 876 3,884 2,409 Sept 6,874 1,082 648 433 4,711 Oct 6,907 [ 093 645 434 4,735 1957—Aug 9,798 3,002 456 535 3,390 2,415 Nov 6,958 1,101 638 438 4,781 Sept 9,855 3,023 470 588 3,354 2,420 Dec 7,088 1,108 638 437 4,905 Oct 9,770 3,022 383 612 3,379 2,374 Nov 9,934 3,028 430 658 3,477 2,341 1958—Jan 7,050 1,095 627 435 4,893 Dec 10,671 3,095 407 876 3,884 2,409 Feb 7,044 1,093 617 432 4,902 Mar 7,027 1,094 606 429 4,898 1958—Jan 10,229 3,054 460 725 3,539 2,451 Apr 7,080 1,108 605 429 4,938 Feb 9,741 3,057 485 601 3,109 2,489 May 7,103 1,117 605 436 4,945 Mar 9,579 3,054 488 573 2,955 2,509 June 7 151 .128 606 437 4,980 Apr 9,733 3,067 434 580 3,114 2,538 July 7,195 1,143 610 437 5,005 May 10,070 3,103 513 584 3,372 2,498 Aug 7,254 1,157 615 445 5,037 June 10,068 3,172 473 575 3,374 2,474 July 9,893 3,140 391 533 3,368 2,461 Aug 9,985 3,152 451 557 3,380 2,445 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 i Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1206 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti o a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1950 21,558 8,530 7,150 835 5 043 1951 23,576 8,956 7,485 841 6,294 1952 29,514 11,764 9,186 1,217 7,347 1953 31,558 12,981 9,227 1,344 8,006 1954 31,051 11,807 9,117 1 261 8,866 1955 39,039 16,745 10,634 1,388 10,272 1956 40,063 15,563 11,590 1,568 11,342 1957 42,411 16,681 11,599 1,518 12,613 1957—Aug 3,591 3,704 ,355 1,467 1,027 1,022 137 150 [,072 1,065 Sept 3,546 3,388 ,392 1,364 973 927 127 138 1,054 959 Oct 3,541 3,545 ,435 1,404 912 976 126 141 1,068 1,024 Nov 3,559 3,439 ,404 1,250 964 1,020 120 123 1,071 1,046 Dec 3,615 4,069 ,423 1,305 959 1,333 118 112 1,115 1,319 1958—Jan 3,504 3,108 ,346 1,190 940 799 131 102 1,087 1,017 Feb 3,235 2,754 ,179 1,020 900 717 116 91 1,040 926 Mar 3,193 3,164 ,077 1,104 981 902 115 105 1,020 1,053 Apr 3,278 3,345 ,161 1,222 914 874 125 124 L,078 1,125 May 3,252 3,386 ,113 1,212 994 1,008 126 136 1,019 1,030 June 3,265 3,484 ,109 1,266 957 969 129 139 1,070 1,110 July 3,342 3,494 ,169 1,291 969 963 125 136 1,079 1,104 Aug 3,431 3,402 ,163 1,208 1,013 977 134 143 1,121 1,074 Repayments 1950 18,445 7,011 6,057 717 4,660 1951 22,985 9,058 7,404 772 5,751 1952 25,405 10,003 7,892 917 6,593 1953 27,956 10,879 8,622 1,119 7,336 1954 30,488 11,833 9,145 1,255 8,255 1955 33,649 13,082 9,751 1,315 9,501 1956 37,194 14,576 10,714 1,362 10,542 1957 40,133 15,644 11,422 1,429 11,638 1957—Aug 3,343 3,369 ,276 ,306 976 982 117 117 974 964 Sept 3,418 3,276 ,318 ,298 990 928 124 123 986 927 Oct 3,358 3,456 ;317 ,381 945 968 118 122 978 985 Nov 3,394 3,347 ,292 ,287 981 956 113 115 1,008 989 Dec 3,498 3,560 ,368 ,351 978 946 124 124 1,028 1,139 1958—Jan 3,421 3,476 ,368 ,360 925 987 120 123 1,008 1,006 Feb 3,401 3,189 ,317 ,224 966 939 125 118 993 908 Mar 3,373 3,483 ,300 ,337 952 987 123 126 998 1,033 Apr 3,401 3,396 ,338 ,323 921 932 126 125 1,016 1,016 May 3,352 3,361 ,296 ,287 941 966 118 117 997 991 June 3,392 3,387 ,278 ,288 963 942 132 130 1,019 1,027 July 3,374 3,415 1,292 ,309 945 946 125 126 1,012 1,034 Aug 3,401 3,303 1,275 ,256 946 917 118 115 1,062 1,015 Change in outstanding credit1 1950 +3,113 + 1,519 + 1,093 + 118 +383 1951 +591 -102 + 81 +69 +543 1952 +4,109 + 1,761 + 1,294 +300 +754 1953 +3,602 +2,102 +605 +225 +670 1954 +563 -26 -28 +6 +611 1955 +5,390 +3,663 +883 +73 +771 1956 +2,869 +987 + 876 +206 + 800 1957 +2,278 + 1,037 + 177 +89 +975 1957_A S O N e u c o p g t v t + + + + 2 1 1 1 4 2 8 6 8 8 3 5 + + + + 3 1 8 9 3 1 9 2 5 2 + + + + 1 1 7 7 1 1 4 9 8 2 + ± + 1 6 6 8 6 1 + - - - 1 3 1 5 7 3 7 1 + + + 4 6 8 4 0 + + 1 8 + + + + 3 1 1 8 3 5 9 + + + + 9 6 6 9 0 8 3 8 + + + + 1 3 3 5 0 2 9 7 1 Dec + 117 +509 +55 -19 +387 -12 +87 + 180 -46 ±1 1958—Jan +83 -368 -22 -170 + 15 -188 -21 +79 + 11 Feb -166 -435 -138 -204 -66 -222 + 11 -27 +47 + 18 Mar -180 -319 -223 -233 +29 -85 -9 -21 +22 +20 Apr -123 -51 -177 -101 -58 -8 -1 +62 + 109 May -100 +25 -183 -75 +53 +42 -1 + 19 +22 +39 J J u ul n y e -1 -3 2 2 7 + + 9 7 7 9 - - 1 1 6 2 9 3 - - 2 1 2 8 + - 2 6 4 + + 2 1 7 7 +8 + + 1 9 0 + + 5 6 1 7 + +7 8 0 3 Aug +30 +99 -112 -48 +67 +60 ~0 +28 +59 +59 + 16 1 Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of records of retail outlets and financial institutions and often include charges the BULLETIN for October 1956; for 1955-56, in the BULLETIN for incurred under the instalment contract. Renewals and refinancing of December 1957, pp. 1420-22. loans, repurchases and resales of instalment paper, and certain other A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit a description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1207 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 Sales finance Other financial Retail outlets companies institutions 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_Aug 3,591 3,704 1.284 1.320 819 903 907 906 581 575 Sept 3,546 3,388 ,289 1,239 834 829 869 797 554 523 Oct.i 3,541 3,545 ,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 ,247 ,174 828 720 875 793 554 All Feb * 3,235 2,754 1,146 1,008 769 642 819 730 501 374 Marl 3,193 3,164 ,109 1,132 742 724 805 828 537 480 Apr.i 3,278 3,345 1,204 1,286 769 759 848 871 457 429 May 3,252 3,386 1.153 1,228 715 743 813 828 571 587 June. 3,265 3,484 1,171 1,277 688 776 845 879 561 552 July 3,342 3,494 1,252 1,312 757 851 859 881 474 450 Aug 3,431 3,402 1,250 1,234 716 756 898 868 567 544 Repayments 1950 18,445 6,776 4,331 3,404 3,934 1951 22,985 8,385 5 524 4,385 4 691 1952 25,405 9,370 5,925 5,012 5,098 1953 27,956 10,625 6,344 5,683 5,304 1954 30,488 11,469 7,043 6,511 5,465 1955 33,649 12,304 7,901 7^53 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_Aug 3,343 3,369 1.196 1.221 797 814 819 806 531 528 Sept 3,418 3,276 1,228 1,190 808 796 815 765 567 525 Oct. 1 3,358 3,456 1,200 1,226 820 873 810 817 528 540 Nov 3,394 3,347 1,208 1,182 795 800 838 826 553 539 Dec 3,498 3,560 1,232 1,231 848 856 843 939 575 534 1958—Jan. i 3,421 3,476 1,216 1,237 844 829 837 831 524 579 Feb.i 3,401 3,189 1,232 1,147 820 758 799 736 550 548 Mar.i 3,373 3,483 [,198 1,219 813 845 818 845 544 574 Apr. i 3,401 3,396 1,203 1,215 862 843 819 818 517 520 May 3,352 3,361 1,201 1.207 830 814 806 805 515 535 June 3,392 3,387 1,220 l!225 793 800 824 831 555 531 July 3,374 3,415 1,195 1,225 837 835 824 837 518 518 Aug 3,401 3,303 1,207 1,185 807 794 850 809 537 515 Change in outstanding credit 2 1950 .. +3,113 + 1 359 +767 +422 +565 1951 +591 —27 +403 +272 1952 +4,109 + 1,753 + 1,057 +647 +652 1953 +3,602 +1.474 + 1.216 +692 +220 1954 +563 —202 +217 +472 +76 1955 +5,390 + 1,805 +2,299 +896 +390 1956 +2,869 + 1,106 +657 +871 1957 +2,278 + 1,007 +473 +811 --13 1957_Aug +248 +335 +88 +99 +22 +89 +88 +100 +50 +47 Sept + 128 + 112 +61 +49 +26 +33 +54 +32 -13 -2 Oct. l + 183 +89 +142 +93 +36 -13 +61 +33 -56 -24 Nov +165 +92 +44 -32 +40 -21 +55 +51 +26 +94 Dec +117 +509 +20 +25 +9 +59 + 130 + 13 +373 1958—Jan. 1 +83 -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 July -32 +79 +57 +87 -80 + 16 +35 +44 -44 -68 +30 +99 +43 +49 -91 -38 +48 +59 +30 +29 1 Data on extensions and repayments have been adjusted to avoid A discussion of the composition and characteristics of the data and duplications resulting from large transfers of other consumer goods paper. a description of the methods used to derive the estimates are shown As a result, the differences between extensions and repayments for some in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment types of holders do not equal the changes in outstanding credit. credit extended and repaid are based on information from accounting 2 Obtained by subtracting instalment credit repaid from instalment records of retail outlets and financial institutions and often include charges credit extended, except as indicated in note 1. incurred under the instalment contract. Renewals and refinancing of NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit o D f e c th em e b B e U r L L 1 E 9 T 5 I 7 N , p f p or . 1 O 42 c 0 to -2 b 2 e . r 1956; for 1955-56, in the BULLETIN for repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1208 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise notec1. The terms ''adjusted" and"unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Industrial production contracts Employment and pajtrolls2 (physical volume)* awarded (value) * Depart- Wholeor Y m e o ar nth Total Tot M al an r u D a f b a u l c - e ture N r s a d o b u n l - e - M era in ls - Total R d t e i e a n s l i - - o A th l e l r p N m t a c e u l g m u o o e r r l n a n y i - - - l t - - pr E o M m d m a u p e n c l n u t o i t f y o a - n c tu w r o in r P r k g o a e l y l r s s - F i l n c o re a g a i r s d g - * - ht v s ( m s r a a t e l o l e e t u a r n 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 i a c d l m e e i s t s - y 2 Ad- Unad- Ad- Ad- Ad- Ad- Unad- Unad- Unad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.3 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 . .. 47 45 47 44 62 45 49 42 64.3 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67.5 65.5 33.0 115 37 75.6 65.0 1927 . .... 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62.0 1928 53 52 53 51 63 73 76 70 67.9 64.2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65.0 47.4 1932 31 30 19 42 42 15 8 20 53.4 42.6 14.8 59 24 58.4 42.1 1933 37 36 24 48 48 14 7 18 53.6 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 .... 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 .... 56 55 49 61 63 30 22 35 65.8 63.9 27.2 81 32 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50.1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51 1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56 8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 49 69.7 64.2 1943 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74.0 67 0 1944 .... 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96 4 1948 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949 97 97 95 99 94 113 116 111 99 0 93.8 97.2 88 99 101.8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 107 102.8 103 1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 112 111.0 114 8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 114 113.5 111.6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 118 114.4 110 1 2954 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 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 133 132 135 142 127 121 78 72 82 117.1 98.0 97.2 149.9 82 130 122.3 118 9 Feb 130 131 131 137 125 118 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 126 127 128 131 125 109 109 115 104 114.4 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 H2 132 134 139 129 112 144 126 156 115.0 92.8 92.3 144.9 77 133 123.7 119 2 July 134 126 M36 141 132 n\6 136 144 130 115.2 93.1 91.8 144.8 70 140 123.9 119.2 Aug 136 136 138 144 133 120 130 134 128 115.6 93.3 94.2 150.1 79 P147 123 7 119 1 Sept ^137 ^140 PU4 ^123 *115.8 80 e138 119.1 "Estimated. p Preliminary. r Revised. including seasonal adjustments, may be obtained from the Division of * 1 I A n v d e e r x a e g s e b p e e g r i n w n o in rk g i n 1 g 9 5 d 6 a y a . re based on data for 48 States from F. W. R an e d 2 s e T a c r h o c e n h s i n u a d m n e d e x r e S s t p a o r t f i i c s e t e m i s c s p a . lo re y m co e m nt p a il n e d d p b a y yr o th ll e s , B w u h r o e l a e u s al o e f c o L m ab m o o r di S ty ta t p i r s i t c ic e s s . , Dodge Corporation, 1956-57= 100. Figures for earlier years are three- Nonagricultural employment covers employees only and excludes personmonth moving averages, based on data for 37 States east of the Rocky nel in the armed forces. The consumer price index is the revised series, Mountains, 1947-49= 100; the data for 1956 on this basis were: Total, reflecting, beginning January 1953, the inclusion of some new series and 268; Residential, 271; and all other, 266. A description of the old index, revised weights; prior to January 1953, indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1209 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1957 1958 pro- average Industry portion 1956 1957 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 143 143 145 144 142 139 135 133 130 128 126 128 132 134 136 MANUFACTURES—TOTAL 90.02 144 145 147 146 143 141 137 135 131 129 128 130 134 136 138 Durable Manufactures—Total 45.17 159 160 163 160 156 154 146 142 137 135 131 134 139 141 144 Primary metals 6.70 138 131 136 131 128 ill 107 100 95 91 86 91 103 102 108 Metal fabricating 28.52 172 176 178 176 172 170 163 159 153 150 146 148 151 154 156 Fabricated metal products 5.73 135 139 140 139 137 141 135 129 124 122 118 120 125 129 132 Machinery 13.68 171 168 172 170 164 163 156 151 144 141 137 137 141 144 147 Nonelectrical machinery 9.04 153 150 151 150 148 143 137 130 127 126 122 122 125 '125 126 Electrical machinery 4.64 207 204 215 209 197 203 194 192 177 170 166 167 171 181 188 Transportation equipment 7.54 199 213 216 212 208 203 194 191 185 183 178 182 185 185 187 Autos, trucks, and parts 4.80 125 128 131 129 126 125 113 107 99 93 86 93 95 96 96 Other transportation equipment 2.74 310 344 345 340 334 322 315 318 313 316 316 314 320 318 322 Instruments and related products 1.29 166 172 174 173 170 170 168 166 163 160 159 158 160 162 162 Clay, glass, and lumber products 5.91 140 133 136 134 131 128 124 125 120 120 120 124 129 r134 134 Stone, clay, and glass products 2.82 158 155 159 159 155 151 148 142 134 133 135 139 145 152 151 Lumber and products. 3.09 123 114 116 112 109 107 103 110 108 109 105 110 114 118 119 Furniture and misc. manufactures 4.04 135 132 135 135 132 129 125 123 120 121 121 122 126 129 130 Furniture and fixtures 1.64 122 120 123 122 120 118 116 114 111 111 110 113 116 119 123 Miscellaneous manufactures 2.40 144 140 143 143 140 136 131 129 127 128 129 129 132 135 134 Nondurable Manufactures—Total 44.85 129 130 132 152 130 128 127 127 125 124 125 126 129 132 133 Textiles and apparel 11.87 108 105 106 106 104 101 97 97 97 95 98 99 102 no7 108 Textile mill products 6.32 104 99 101 101 98 95 91 92 91 91 92 92 95 101 103 Apparel and allied products 5.55 112 111 112 112 110 107 104 103 103 99 106 106 110 115 114 Rubber and leather products 3.20 117 118 122 120 117 116 108 108 105 106 102 104 111 114 116 Rubber products 1.47 133 135 141 138 135 131 117 116 114 116 112 113 125 125 132 Leather and products 1.73 104 104 106 104 103 103 100 100 98 98 94 97 100 104 Paper and printing 8.93 145 148 149 149 149 149 146 146 144 142 143 143 146 rl48 150 Paper and allied products 3.46 159 158 163 161 161 162 152 155 153 149 152 153 157 163 165 Printing and publishing 5.47 136 141 141 142 142 141 142 140 139 138 137 137 138 138 140 Newsprint consumption 1.85 132 131 129 131 130 129 131 126 124 124 123 124 125 126 128 Job printing and periodicals 3.62 138 146 146 147 148 148 148 147 146 145 145 144 145 145 147 Chemical and petroleum products 9.34 167 172 175 174 173 171 169 168 164 163 164 165 168 mi 173 Chemicals and allied products 6.84 177 184 186 185 185 184 181 182 177 176 178 178 181 184 187 Industrial chemicals 2.54 196 203 206 207 206 201 196 195 187 184 182 182 187 193 Petroleum and coal products 2.50 141 141 143 141 139 135 137 131 129 127 127 129 131 136 *137 Foods, beverages, and tobacco 11.51 112 112 112 113 111 110 113 114 114 113 113 114 116 775 776 Food and beverage manufactures 10.73 113 112 113 113 112 110 114 114 114 113 113 114 116 116 115 Food manufactures 8.49 113 112 112 112 111 110 113 113 112 112 115 114 116 116 116 Beverages 2.24 112 113 113 113 112 110 118 117 120 114 108 114 116 114 Tobacco manufactures .78 107 111 111 114 110 107 106 112 112 112 117 115 116 121 "iii" MINERALS—TOTAL 9.98 129 128 129 129 127 123 123 121 118 112 109 109 112 116 120 Mineral fuels 8.35 129 128 128 129 128 123 122 120 118 /// 108 109 112 r777 727 Coal 2.68 85 83 84 82 80 77 71 69 70 70 63 62 66 65 70 Anthracite .36 55 49 50 48 45 43 40 43 43 41 40 41 45 38 41 Bituminous coal 2.32 90 88 89 88 85 82 76 73 74 74 67 65 69 69 74 Crude oil and natural gas 5.67 150 150 149 151 150 145 146 144 141 130 130 131 135 141 145 Crude oil 4.12 137 138 134 136 136 132 131 130 128 116 117 118 122 128 135 Natural gas and gas liquids .70 190 198 198 196 199 198 193 191 194 196 '196 »198 *>195 *>204 Metal, stone, and earth minerals 1.63 127 129 133 129 125 120 125 127 119 119 113 107 772 '7 73 775 Metal mining .82 114 116 121 115 107 100 no 110 106 100 88 73 80 '80 85 Stone and earth minerals .81 141 142 146 144 143 140 141 144 133 138 139 142 145 146 145 Preliminary. f Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1210 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 a A v n e n r u a a g l e 1957 1958 Industry portion 1956 1957 Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL...100.00 143 143 145 146 146 142 134 132 131 129 127 127 132 126 136 MANUFACTURES TOTAL 90.02 144 145 147 148 148 144 135 134 133 131 129 129 133 127 137 Durable Manufactures—Total 45.17 159 160 160 160 159 156 147 143 139 138 133 133 139 132 140 6.70 138 131 128 128 129 121 106 102 99 95 89 93 106 90 101 Ferrous metals 5.03 135 130 127 126 126 118 102 95 91 89 81 87 100 85 98 3.51 142 140 135 136 135 126 108 99 94 92 83 91 105 92 105 Pig iron. .37 131 137 137 139 132 121 107 98 91 90 80 83 93 87 97 Steel 3.05 143 139 134 134 134 126 107 99 93 91 82 91 105 92 105 2.62 139 138 133 134 132 125 107 96 92 90 83 91 108 94 106 Alloy steel .43 167 143 137 132 143 132 108 111 100 95 77 86 91 81 101 Ferrous castings and forgings 1.52 119 108 106 105 106 99 87 85 85 83 78 78 87 70 80 1.29 117 107 107 104 105 99 87 84 83 83 79 79 88 72 81 .23 126 113 103 110 107 98 88 92 92 86 74 70 81 58 74 1.67 144 136 132 134 138 129 117 121 122 114 112 112 124 102 113 .38 164 164 160 153 156 159 161 160 157 149 146 141 '133 me 129 .09 133 129 122 120 126 125 128 134 128 122 124 112 105 90 94 Copper refining .06 132 135 126 120 128 131 134 134 140 128 122 114 110 108 99 Lead .04 115 114 107 116 115 112 112 106 116 96 94 105 102 86 88 Zinc .10 123 123 115 110 113 114 120 114 106 101 101 99 95 90 87 .09 280 275 282 263 263 274 275 275 273 271 261 256 241 240 254 Secondary nonferrous metals .13 118 111 106 114 117 112 99 98 93 88 94 83 88 P69 1.16 140 129 125 130 134 121 104 110 113 106 102 105 125 97 iii Copper mill shapes .63 115 104 105 109 110 98 80 88 92 83 77 84 110 74 96 .20 215 198 192 200 199 167 159 167 174 170 189 187 '212 198 190 Nonferrous castings .33 146 136 125 131 140 138 118 120 117 111 99 98 101 83 Metal Fabricating.. ... 28.52 172 176 174 174 173 174 166 161 156 154 148 146 149 144 151 5.73 135 139 141 145 142 139 133 127 124 122 118 119 125 '123 133 Structural metal parts 2.68 141 152 153 156 156 156 154 146 138 135 131 132 138 137 143 2.12 125 124 121 122 124 125 120 111 105 103 99 98 101 100 105 .30 151 146 205 195 146 112 110 116 126 139 120 137 160 171 232 Furnaces gas ranges and heaters .63 110 99 105 122 115 99 76 80 94 97 97 96 110 87 115 Machinery 13.68 171 168 167 173 170 165 157 153 148 146 139 135 138 133 142 9.04 153 150 143 149 145 140 138 133 131 132 126 124 125 120 120 Farm and industrial machinery 8.13 147 146 141 143 140 136 135 130 126 124 121 118 117 nu 115 Farm machinery 1.02 86 84 80 82 82 78 80 80 81 83 84 81 80 '80 77 Industrial and commercial machinery.... 7.11 156 155 150 152 148 144 143 137 132 130 126 123 123 '119 120 Machine tools and presses .68 197 182 175 175 164 154 153 144 133 128 119 115 114 '112 109 Laundry and refrigeration appliances...... .69 168 151 119 159 149 138 120 120 144 158 131 137 159 131 123 4.64 207 204 213 220 220 215 194 192 181 174 165 159 162 '158 186 3.23 198 201 196 201 196 198 197 190 183 179 172 168 168 166 170 .74 224 205 256 269 282 260 176 187 159 139 125 112 123 115 214 7.54 199 213 209 194 198 213 203 196 191 189 182 181 183 175 174 Autos trucks and parts 4.80 125 128 123 100 110 139 124 113 108 101 92 94 94 84 77 1.50 138 146 148 84 88 171 151 132 122 106 89 99 100 87 53 Trucks .66 112 104 103 85 93 99 95 91 92 95 90 96 r91 76 78 Light trucks .. .22 92 100 97 69 95 118 99 83 85 83 79 78 79 68 61 .19 58 50 48 29 46 47 40 26 29 26 26 26 29 23 16 Heavy trucks .. .14 218 194 195 184 161 157 183 216 210 226 213 239 r210 '164 189 .07 167 137 146 136 122 116 101 95 102 104 103 111 '113 106 120 Auto and truck Darts 2.58 121 123 113 114 127 131 116 108 104 100 2.74 310 344 341 340 334 322 322 322 316 320 316 311 317 312 319 1.30 548 608 606 597 592 569 571 570 562 566 561 553 568 561 574 .81 118 129 128 126 124 121 125 125 124 128 127 131 131 129 128 .53 63 77 69 83 74 71 61 64 56 58 51 39 32 28 30 Railroad cars .35 54 80 84 85 76 72 59 66 56 59 49 34 24 19 22 1.29 166 172 172 174 172 172 170 166 163 161 160 157 159 157 160 Clay, Glass, and Lumber Products 5.91 140 133 143 141 139 128 117 117 117 118 120 125 134 128 141 2.82 158 155 163 162 161 152 145 136 130 131 135 141 148 '148 156 Glass and pottery products 1.09 140 141 142 141 144 140 135 130 128 124 118 118 123 '123 132 .60 164 161 156 163 165 165 161 150 143 137 130 126 130 133 142 Flat and other glass .47 165 164 159 167 170 170 166 153 144 137 129 127 132 135 146 Glass containers .26 132 136 154 138 143 128 117 128 132 134 126 133 144 139 147 Home glassware and pottery .23 87 92 91 90 92 90 86 79 85 82 77 78 81 82 .32 157 148 185 187 177 152 132 109 92 105 146 172 183 175 186 .35 137 128 137 135 134 126 117 105 99 102 112 116 121 123 Brick .12 134 114 129 124 126 113 95 84 77 87 115 121 123 124 Clay firebrick pipe and tile .20 142 140 145 144 143 138 133 121 115 114 111 114 121 '125 129 .48 194 188 201 198 193 182 172 165 155 163 170 183 195 200 209 .58 173 174 175 175 173 166 165 157 151 151 147 147 153 150 158 Preliminary. ' Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1211 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 19 p 4 r 7 o - - 49 a A v n e n r u a a g l e 1957 1958 portion 1956 1957 Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 123 114 125 121 119 106 92 100 105 106 105 111 121 109 129 Lumber and products 2.05 107 96 106 103 98 89 75 81 87 89 88 93 100 OO 107 Millwork and plywood .60 189 187 209 205 207 178 155 181 189 182 183 190 209 r195 229 Millwork .39 121 112 144 132 124 100 80 76 95 95 91 99 120 101 141 Softwood plywood .12 301 312 314 327 344 307 280 358 346 328 Wood containers .29 91 84 83 83 82 78 77 74 69 73 73 77 79 77 77 Furniture and Misc. Manufacturing.... 4.04 135 132 136 141 139 134 128 120 121 121 118 118 123 121 131 1.64 122 120 124 126 125 121 120 113 112 111 108 108 113 113 124 Household furniture 1 10 121 120 124 126 127 123 122 114 113 113 108 108 113 115 127 .54 122 120 124 125 122 116 116 111 109 109 106 108 112 r108 120 2.40 144 140 144 150 148 143 134 125 127 127 125 125 130 126 136 44.85 129 130 134 135 137 131 123 125 126 125 125 124 128 123 134 11.87 108 105 108 104 108 102 92 99 103 101 100 99 100 92 110 6 32 104 99 101 101 103 98 89 93 95 94 94 93 94 86 103 3.72 108 105 105 107 106 107 97 102 103 103 96 98 99 r87 108 Cotton consumption 2.30 102 95 98 97 97 97 84 94 94 93 86 89 88 72 94 Synthetic fabrics 97 118 119 113 121 122 121 116 110 107 109 104 99 105 107 117 Fabric finishing .45 98 94 94 94 86 97 90 82 102 102 89 104 104 78 Wool textiles .97 86 75 82 79 71 65 55 55 61 64 67 71 82 67 76 Wool apparel yams .16 88 78 86 79 66 66 61 59 69 71 68 77 81 71 81 Wool fabrics .75 86 75 81 80 74 65 54 55 60 63 67 70 83 67 76 Knit goods 1.15 108 104 110 110 109 104 92 94 98 98 98 101 103 98 114 .65 100 93 95 95 98 93 78 90 94 91 90 91 86 80 99 Full-fashioned hosiery .45 102 89 88 87 88 88 74 87 91 88 87 87 79 72 89 Seamless hosiery .20 96 102 114 116 121 107 86 99 103 99 98 100 103 97 123 .50 119 118 128 129 125 118 111 99 104 107 107 115 125 r122 133 .48 Woven carpets .31 83 71 68 75 59 59 61 62 70 69 62 48 50 36 5.55 112 111 116 109 112 107 96 106 113 109 108 105 106 99 111 Men's outerwear 1.78 110 102 110 100 99 98 90 94 100 104 95 104 101 77 110 .73 95 86 98 78 72 73 72 69 74 71 74 83 81 52 91 Men's suits .50 93 87 93 76 73 77 76 73 78 73 72 77 73 47 82 Men's outercoats .13 78 61 93 68 53 41 40 35 41 45 64 89 91 59 104 Shirts and work clothing .99 118 112 117 113 116 113 100 110 116 125 107 117 113 91 122 Women's outerwear 1.85 112 112 118 109 108 102 80 105 129 114 117 106 109 107 120 Women's suits and coats .76 128 128 148 133 134 123 85 122 156 137 96 94 123 138 153 Misc. apparel and allied mfrs 1.92 113 117 120 122 123 121 117 112 114 113 106 106 112 112 120 5.20 117 118 123 121 123 116 104 112 113 112 104 101 110 97 117 1.47 133 135 135 139 145 135 114 123 120 118 115 111 122 103 127 Tires and tubes .70 121 123 120 124 129 119 106 106 112 108 103 102 117 96 110 Auto tires .40 123 134 131 135 139 124 113 111 118 115 112 113 131 105 118 Truck and bus tires .30 119 107 105 110 117 112 97 99 104 98 91 88 9° 85 99 .77 144 147 150 153 160 150 122 140 127 128 125 121 127 108 142 1.73 104 104 112 105 104 99 94 101 108 107 95 92 99 92 Leather .44 91 89 92 87 90 88 80 83 88 82 79 81 84 68 Cattlehide leathers .29 99 98 103 97 101 98 89 92 97 89 85 88 90 72 Skin leathers .15 76 72 72 69 71 68 63 67 72 69 65 68 r70 61 90 .39 97 94 100 98 98 98 95 87 92 90 82 82 90 92 8.93 145 148 147 151 156 152 141 143 145 146 146 144 146 r137 148 3.46 159 158 165 163 170 163 140 153 158 155 156 153 159 145 166 Pul W p o o a d n d p p u a l p p er 1. . 7 5 6 1 1 1 5 7 7 9 1 1 5 7 4 6 1 18 57 1 1 1 5 7 3 2 1 1 6 8 3 7 1 18 56 3 1 15 37 3 1 1 5 7 1 7 1 1 5 7 6 7 1 17 52 3 1 17 52 1 1 1 6 47 6 1 1 7 53 1 r1 1 3 5 7 6 1 1 7 57 6 1.25 148 145 147 146 154 145 131 141 147 144 145 139 146 r129 149 Printing paper .22 140 133 132 125 135 132 123 132 135 131 137 134 138 r121 136 Fine paper .14 145 139 139 145 143 138 131 135 145 148 145 138 146 r116 143 .20 136 127 127 124 135 129 114 123 126 123 124 113 120 109 127 Miscellaneous paper .18 170 179 175 171 185 172 167 181 183 176 184 170 175 r158 173 .41 155 153 158 160 166 157 134 145 155 151 146 145 154 r136 162 Building paper and board .10 131 124 134 134 141 120 101 114 120 115 126 131 133 130 140 Converted paper products. 1.70 162 163 173 173 177 171 142 155 160 158 160 159 165 154 176 Shipping containers .51 159 157 172 170 168 167 132 143 149 148 146 151 156 146 173 Sanitary paper products .11 170 179 175 178 204 182 171 190 192 185 201 183 191 176 183 ' Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1212 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 19 p 4 r 7 o - - 49 a A v n e n r u a a g l e 1957 1958 portion 1956 1957 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 136 141 136 144 146 145 142 136 137 140 140 139 137 132 136 Newsprint consumption 1.85 132 131 116 133 140 140 129 116 121 129 131 132 125 110 115 Job printing and periodicals 3.62 138 146 146 150 150 148 149 146 145 147 145 143 143 r143 147 Chemical and Petroleum Products 9.34 167 172 171 174 176 173 171 170 167 165 765 164 r165 r163 170 Chemicals and allied products 6.84 177 184 181 185 190 187 183 183 180 179 180 111 111 174 182 Industrial chemicals 2.54 196 203 200 205 208 203 198 197 190 188 186 184 184 183 Basic inorganic chemicals .57 189 202 196 203 209 205 198 203 199 202 202 193 185 179 Industrial organic chemicals 1.97 197 204 202 205 207 203 198 195 188 183 181 181 183 184 191 Plastics materials .24 256 272 269 283 299 276 259 270 269 263 262 261 266 244 Synthetic rubber .11 236 245 241 252 274 282 268 265 233 216 196 197 197 199 225' Synthetic fibers .59 181 199 198 202 206 201 194 184 172 164 159 160 164 173 176 Miscellaneous organic chemicals. 1.03 189 186 184 184 179 178 179 176 174 173 174 172 174 '175 179 Vegetable and animaJ oils. .64 132 130 113 120 150 149 136 141 136 126 124 117 110 108 117 Vegetable oils .48 124 121 100 110 148 147 132 136 130 122 118 110 99 98 107 Grease and tallow .16 158 154 153 151 159 156 147 156 154 135 139 138 145 138 148 Soap and allied products. .71 111 112 115 115 126 110 105 111 107 108 101 97 106 88 122 Paints .66 124 121 125 122 119 115 114 113 111 111 111 112 118 119 120 Fertilizers .23 129 132 108 119 122 115 115 124 126 161 189 174 118 102 107 Petroleum and coal products. 2.50 141 141 144 144 139 136 138 134 130 125 124 127 131 133 Petroleum refining , 1.97 150 150 152 152 145 147 153 148 144 137 134 136 141 146 Gasoline 1.04 159 162 168 170 162 160 165 159 155 149 148 152 162 167 Automotive gasoline.. .98 153 157 163 166 157 156 161 156 151 145 144 149 157 162 Aviation gasoline.... .06 254 249 265 233 242 233 236 212 223 212 223 202 237 255 Fuel oil .56 147 147 144 142 137 139 150 146 140 132 125 128 126 131 Distillate fuel oil. .30 193 194 191 188 181 184 200 195 182 175 166 173 171 175 Residual fuel oil. .26 95 93 89 90 86 87 93 89 91 83 78 75 75 80 Kerosene .10 111 98 82 90 87 106 117 118 125 110 89 74 I 76 74 Lubricating oil. .17 119 113 112 108 107 109 105 100 101 95 100 103 104 105 Coke .26 102 105 106 106 103 95 85 79 75 72 66 65 68 *66 72 Asphalt roofing and siding. .15 104 94 122 119 121 81 54 59 57 77 107 132 137 115 165 Foods, Beverages, and Tobacco. 11.51 112 112 122 128 124 113 106 104 104 104 106 110 119 118 125 Food and beverage manufactures.. 10.73 113 112 111 128 125 113 107 104 104 104 106 110 119 119 125 Food manufactures 8.49 113 112 123 131 126 116 109 106 103 102 104 106 114 116 127 Meat products 1.48 133 128 118 130 140 133 131 134 121 120 123 115 121 115 120 Beef. .46 151 148 150 154 156 140 136 149 134 129 131 133 144 141 141 Pork .83 119 110 94 109 124 122 122 118 107 109 111 99 102 94 101 Dairy products .69 110 111 120 101 91 85 88 92 97 106 119 137 146 133 121 Butter .14 107 109 97 87 88 87 97 104 112 121 120 135 138 111 91 Natural cheese .07 117 119 119 105 100 92 98 101 105 117 133 157 162 136 118 Concentrated milk. .19 101 102 97 78 77 73 80 84 87 99 116 143 142 117 94 Ice cream .28 112 111 141 117 96 84 82 84 89 96 111 122 142 M49 149 Canned and frozen foods. 1.13 133 126 213 230 158 109 99 87 85 82 91 98 122 '163 226 Grain-mill products 1.16 101 100 105 108 105 98 97 100 101 101 98 99 106 105 109 Wheat flour .46 84 87 88 94 92 89 86 90 92 93 84 84 87 85 92 Cereals and feeds .70 113 108 117 117 114 104 104 106 107 107 106 109 118 118 120 Bakery products. 1.64 98 100 103 102 101 101 101 98 98 98 98 100 103 104 102 Sugar .27 122 122 80 117 262 279 233 129 65 54 68 83 82 74 Cane sugar .11 116 112 123 125 108 97 93 100 104 106 114 112 125 126 Beet sugar.... .13 121 125 38 105 390 431 350 149 26 3 23 53 41 23 Confectionery .71 107 112 103 155 147 132 99 113 124 109 104 92 95 86 103 Miscellaneous food preparations. 1.41 105 108 113 113 112 110 108 107 109 108 108 114 119 n\9 120 Beverages 2.24 112 113 120 118 121 105 99 93 104 110 110 122 138 128 Bottled soft drinks.. .54 Alcoholic beverages. 1.70 105 103 102 108 117 100 89 99 106 101 112 125 107 Beer and ale 1.02 101 101 111 97 88 73 81 89 94 102 102 116 136 127 107 Liquor distilling.. .17 78 83 47 109 140 99 88 85 95 94 85 74 58 33 Liquor bottling... .37 119 111 101 125 158 151 101 83 105 113 99 114 124 91 Tobacco manufactures. .78 107 111 120 118 119 110 87 112 112 112 112 118 125 109 130 Cigarettes .46 111 116 126 123 122 111 90 118 116 117 119 126 134 119 138 Cigars .17 104 106 115 116 121 116 86 105 111 109 104 109 113 92 122 c Corrected * Preliminary. ' Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1213 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1957 1958 Industry portion 1956 1957 Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 129 128 130 130 129 123 122 120 118 111 109 110 115 110 120 MINERALS—TOTAL 8.35 129 128 126 127 127 124 125 123 121 109 109 114 108 119 Mineral Fuels 2.68 85 83 86 86 87 80 74 73 70 67 60 61 72 46 72 Coal .36 55 49 52 52 49 46 42 48 44 36 36 37 47 30 42 Anthracite 2.32 90 88 92 91 93 86 79 77 74 71 64 65 75 r48 76 Cr B O O ud i i i t C N l l e u a a r a m o N N u n n t i d u i d d l a a n e r t t a o a g g u u n u o l a a r r d s s a a s i g l l l n a e c w s g g a x o e a t a t a a l u r s s l l n a r l a d c d i l t r q i i g o u g l a l n i a i s d n s s g liquids 4 4 5. . . . . . . 6 8 1 8 7 3 3 7 5 0 4 6 2 2 1 1 1 1 1 1 1 5 4 9 3 8 9 8 0 5 9 7 2 0 0 2 1 1 1 1 1 1 1 5 7 3 9 4 8 2 0 1 8 8 6 4 1 1 1 1 1 1 1 4 3 7 8 8 3 9 5 8 9 6 5 0 4 1 1 1 1 1 1 1 4 4 8 8 8 9 3 7 0 5 0 8 6 2 2 1 1 1 1 1 1 0 4 3 4 8 9 7 3 6 1 0 2 3 7 2 2 1 1 1 1 1 2 0 4 4 3 6 8 1 4 4 1 1 0 9 2 2 1 1 1 1 1 2 0 4 7 4 8 3 8 6 9 7 3 6 3 2 2 1 1 1 1 1 3 0 4 4 8 3 7 3 8 7 3 4 2 2 2 2 1 1 1 1 1 3 1 4 4 8 3 5 7 0 5 2 3 0 9 2 2 1 1 1 1 1 3 0 3 8 3 4 2 0 4 4 0 2 3 0 1 1 1 1 1 3 7 3 2 3 2 3 1 1 6 1 1 1 1 1 3 6 1 2 4 1 8 9 9 0 1 1 1 1 1 3 3 6 5 2 4 2 1 7 0 n 1 P 1 1 1 1 3 s 3 2 5 7 7 5 6 1 3 i 1 1 1 1 4 4 3 4 1 0 1 9 Metal, Stone, and Earth Minerals. 1.63 127 129 147 145 138 117 no 106 103 103 108 115 125 121 125 Metal mining .82 114 116 139 137 124 92 82 83 85 79 81 86 100 9 98 Iron ore .33 104 114 182 172 143 65 42 43 43 39 39 69 108 109 Nonferrous metal mining .49 120 117 110 113 110 110 109 HI 113 106 109 98 94 '78 '84* Copper mining .24 136 133 124 132 125 131 131 129 131 129 125 112 105 98 Lead mining .09 88 85 82 79 83 71 70 76 78 56 78 71 72 57 Zinc mining , .06 87 84 79 70 74 68 67 72 71 69 77 67 67 57 Stone and earth minerals .81 141 142 155 153 152 143 138 130 121 128 136 144 150 151 153 » Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, i Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-71. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953 group in addition to the groups shown. Certain types of combat materiel pp. 1247-93 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average 1957 1958 pro- Series portion 1956 1957 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. FI FCTRTCTTY AND GAS TOTAL 100.00 218 233 238 238 237 238 237 238 239 238 J>235 *237 .240 P241 .244 Residential 41.34 241 261 268 269 269 273 273 275 278 282 Nonrcsidential 58.66 201 213 217 216 214 214 212 212 211 207 Electricity 76.18 218 233 238 237 234 236 235 236 238 238 235 237 242 243 Residential 27.48 250 273 281 280 277 282 282 285 2*0 295 291 290 296 294 Industrial 23.68 206 213 217 215 213 210 207 205 202 196 197 199 203 208 General industrial 23.49 186 193 198 196 194 191 188 186 183 177 178 180 184 189 Atomic energy .19 2697 2676 2530 2580 2610 2580 2580 2590 2590 2610 2590 2590 2580 2570 Commercial and other 25.02 194 208 212 210 208 209 209 212 215 214 209 214 220 220 Gas 23.82 218 232 237 240 245 246 246 244 242 240 Residential 13.86 223 236 242 247 255 255 256 256 257 Industrial .. 6.16 218 230 235 237 239 240 238 231 225 219 Commercial and other . ... 3.80 197 218 221 222 224 224 223 221 218 214 I P Preliminary. Indexes without seasonal adjustment may be obtained from the Division NOTE.—For description and back figures see BULLETIN for October of Research and Statistics. 1956, pp. 1055-69. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1214 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average= 100] Product 19 p p 4 r o 7 o r - - - 49 A av n e n r u ag a e l 1957 1958 tion 1956 1957 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL 100.00 131 130 135 134 129 128 119 113 110 104 97 105 111 114 115 Maior Durables 69.72 140 138 145 142 137 136 125 117 111 103 94 104 111 116 117 Autos 32.10 138 146 154 150 143 142 127 117 107 92 81 96 99 99 95 36.13 144 132 139 137 134 134 124 118 117 114 107 113 123 133 137 Furniture and floor coverings 15.32 117 114 115 114 111 112 112 110 106 106 104 106 109 116 119 11.31 121 120 123 122 120 120 119 116 113 113 111 114 116 121 126 Floor coverings * 4.01 15.60 143 127 127 129 129 132 115 106 115 115 102 112 125 129 132 11.88 151 133 136 137 138 141 119 110 117 118 101 113 128 133 139 Ranges 2.60 103 89 86 85 85 92 87 86 81 80 82 79 79 81 77 4.98 150 140 140 138 141 148 125 111 129 122 106 121 140 145 152 2.51 216 180 195 203 203 196 152 142 142 159 116 140 157 174 185 Heating apparatus 3.72 118 104 96 101 101 104 103 93 110 107 105 110 116 115 112 5.21 224 205 247 232 212 203 188 181 151 133 131 138 155 191 207 3.42 70 75 75 82 80 78 66 66 55 44 46 42 51 64 75 1.79 519 453 575 517 465 441 419 401 335 302 293 320 355 435 459 30.28 111 111 112 114 112 110 107 105 107 108 106 105 111 111 112 Auto parts and tires . 14 00 105 110 110 110 Misc home and personal goods.... 16.28 116 114 115 118 113 112 109 105 104 105 103 104 106 nn 110 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 131 130 132 119 119 141 124 117 116 111 101 103 109 100 100 Major Durables 69.72 140 138 139 118 119 153 132 123 120 114 100 103 109 97 94 Autos 32.10 138 146 148 84 88 171 151 132 122 106 89 99 100 87 53 36.13 144 132 133 150 148 138 118 117 121 122 110 108 119 108 131 Furniture and floor coverings 15.32 117 114 116 119 118 115 114 108 108 108 104 101 105 105 119 11.31 121 120 124 126 127 123 122 114 113 113 108 108 113 115 127 4.01 Appliances and heaters 15.60 143 127 109 141 133 121 102 103 121 131 112 115 132 109 114 11.88 151 133 109 144 136 126 109 111 128 140 116 118 135 111 110 2.60 103 89 77 93 90 89 79 86 91 93 86 75 84 62 68 Refrigeration appliances 4.98 150 140 102 133 119 112 106 113 137 152 135 139 165 134 111 2.51 216 180 164 229 229 206 156 140 161 175 120 133 141 124 155 Heating apparatus 3.72 118 104 109 134 121 104 80 78 99 103 101 106 123 102 128 5.21 224 205 256 268 282 259 176 187 159 139 125 112 122 114 214 Radio sets , 3.42 70 75 62 81 101 108 76 66 56 47 44 41 39 40 64 Television sets 1.79 519 453 627 625 627 547 365 417 355 314 279 246 281 257 500 Other Consumer Durables 30.28 111 111 116 121 120 114 106 102 105 105 103 102 108 107 116 Auto parts and tires 14.00 105 114 120 118 Misc. home and personal goods 16.28 116 114 117 121 122 120 110 101 104 104 100 100 103 '103 112 i Publication suspended pending revision* Individual indexes without seasonal adjustment for woven carpets, r Revised. 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] ]Private Public Year or month Total Total d R en e t s i i a - l Total Ind B us u - sine C ss om- Public O n d re t o e h s n n i e - - - r 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 5,793 1953 37,118 25,724 13,777 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 892 6,035 1954 39,601 27,679 15,379 8,526 2,030 2,212 4,284 3,774 11,922 1,030 3,870 773 6,249 1955 44,581 32,620 18,705 10,160 2.399 3,218 4,543 3,755 11.961 1.313 4.050 701 5,897 1956 46,292 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_Sept 4,078 2,870 1.432 1.080 290 298 492 358 J.208 114 410 91 593 Oct 4,166 2,912 1,461 1,093 283 306 504 358 ,?54 111 451 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 1,245 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 May 3,929 2,716 1,334 lioii 210 302 499 371 1,213 90 450 77 5% 3,969 2,743 1,368 195 311 494 375 1,226 86 453 85 602 July** 4,058 2,804 1,431 1,090903 187 308 498 380 1,254 94 460 86 614 Aug p. 4,120 2,856 1,506 971 179 294 498 379 1,264 102 459 90 613 Sept p 4,185 2,896 1,548 964 172 292 500 384 I 289 103 463 90 633 9 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1215 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] B ow y n t e y r p s e h i o p f By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1956 31,612 10,666 20,946 12,862 2 381 3,140 2 883 2,804 7 542 1957 32,173 11,238 20,935 13,039 2,168 3,267 2,936 2,922 7,841 1957—Aug 2,818 802 2.016 1,284 181 324 265 239 526 Sept 2,550 816 1,734 1,151 135 232 242 257 533 Oct 2,614 787 I 827 1 165 167 248 265 230 538 Nov 2,371 867 ,504 930 147 264 244 223 562 Dec 1,982 734 1,249 759 137 204 190 167 525 1958—Jan 2,066 758 ,308 m 107 247 214 191 530 Feb 1,953 769 185 727 102 205 224 220 475 Mar 2,721 1,027 1,694 1,071 131 285 268 283 684 Apr 2,885 1,053 1,832 1,244 129 293 235 300 683 May 3,399 1,463 I 936 1,343 146 265 286 427 932 June 3,820 1,720 2,100 1,364 80 235 264 397 1,479 July 3,607 1,550 >,058 1,557 150 282 264 381 974 Aug 3,467 1,233 >,234 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 Res rc district All Month t d ri i c s t - s 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—June 3 223 138 401 146 276 218 272 465 112 140 217 157 683 July 2,901 170 346 141 261 189 294 430 127 114 179 163 486 Aug 2,818 147 381 123 229 193 317 416 130 98 176 155 453 1958—June 3,820 166 562 149 312 262 419 454 174 153 243 288 639 July 3,607 176 398 127 342 311 335 453 140 122 246 293 665 Aug 3,467 174 494 151 260 275 366 411 148 165 198 267 557 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month a ( n s a n e p d T a u r j s i a u o v o l s t 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 1 1950 1,396 1,022 374 1,352 1,151 42 159 44 686 486 200 1951 1,091 111 315 1,020 892 40 88 71 412 264 149 1952 1 127 795 332 1 069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 463 192 271 1957 1,042 700 342 993 840 33 120 49 313 185 128 1957 Sept 1,012 92 62 30 90 77 3 10 2 30 19 12 Oct 1,020 97 62 35 88 74 3 11 9 31 21 10 Nov . 1 009 78 53 26 76 64 3 9 3 25 19 6 Dec 1,000 63 43 20 63 51 3 9 1 20 15 5 1958—Jan 1 020 68 45 23 63 50 2 10 5 19 15 4 Feb 915 66 44 22 61 49 2 10 5 14 12 3 Mar 918 81 55 27 77 62 3 12 4 20 17 3 Apr 983 99 67 32 94 77 4 14 5 29 24 5 May 1,039 109 74 35 101 84 4 17 7 33 27 6 1,057 113 77 36 101 85 3 14 12 39 30 8 July 76 35 P107 n.a. n.a. n.a. P4 43 33 11 Aug Pi,170 P119 81 39 P109 n.a. n.a. n.a. P10 45 32 13 Sept PI,220 .118 83 35 n.a. n.a. n.a. P10 48 33 14 * Preliminary. 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

1216 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Year or month i p n T o s o t p t i a t u u l l t a n i t o o i n o n n a - l T l f a o o b r t c o a e r l Employedl Unem- l N ab o o t r i n f o t r h c e e Total Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 1950, 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63 815 62,213 55 651 6 562 1,602 47,732 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 1956 118,734 70,387 67 530 64,979 58,394 6,585 2,551 48,348 1957. 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 1957—Sept 120,842 71,044 68,225 65,674 59,156 6,518 2,552 49,797 Oct 120,983 71,299 68,513 66,005 59,168 6,837 2,508 49,684 Nov 121,109 70,790 68 061 64,873 59,057 5,817 3,188 50,318 Dec 121,221 70,458 67,770 64,396 59,012 5,385 3,374 50,763 1958 Jan 121,325 69,379 66,732 62,238 57,240 4,998 4,494 51,947 Feb 121,432 69,804 67,160 61,988 57,158 4,830 5,173 51,627 Mar 121,555 70,158 67,510 62,311 57,239 5,072 5,198 51,397 Apr 121,656 70,681 68,027 62,907 57,349 5,558 5,120 50,975 May 121,776 71,603 68,965 64,061 57,789 6,272 4,904 50,173 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 Aug 122,092 72,703 70,067 65,367 58,746 6,621 4,699 49,389 Sept 122,219 71,375 68,740 64,629 58,436 6,191 4,111 50,844 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is * 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 fa g c- Mining co C ns o t n r t u r c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16 104 916 2 603 4 166 10,012 1 892 5 264 6 389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 777 2,759 4,062 10,846 2,219 5,916 6,914 1956 51,766 16,903 807 2,929 4,161 11,221 2,308 6,160 7,277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 SEASONALLY ADJUSTED 1957 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 7 835 June 50,315 15,275 713 2,698 3,888 11,105 2,367 6,392 7.877 July 50,411 15,312 709 2,693 3,877 11,121 2,363 6,433 7; 903 Aug 50,552 15,326 705 2,716 3,869 11,168 2,375 6,418 7,975 Sept 50,651 15,464 705 2,699 3,869 11,124 2,384 6,415 7,991 WITHOUT SEASONAL ADJUSTMENT 1957 Seot 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 50,413 15,206 717 2,806 3,904 11,035 2,391 6,488 7,866 July 50,178 15,161 705 2,882 3,907 10,984 2,410 6,465 7,664 Aug 50,555 15,453 712 2,960 3 899 11,005 2 411 6 450 7 665 Sept 51,110 15,692 709 2,928 3,897 11,124 2,384 6,447 7,929 NOTE.—Data include all full- and part-time employees who worked family workers, and members of the armed forces are excluded. Figures during, or received pay for, the pay period ending nearest the 15th of the for August and September 1958 are preliminary. Back data may be month. Proprietors, self-employed persons, domestic servants, unpaid obtained from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 1217 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 Sept. July Aug. Sept. Sept. July Aug. Sept. Total. 12,777 11,512 11,536 11,673 12,993 11,353 11,649 11,895 Durable goods 7,408 6,372 6,378 6,520 7,414 6,270 6,342 6,531 Ordnance and accessories 75 67 68 69 75 67 68 69 Lumber and wood products 579 561 552 557 599 572 574 577 Furniture and fixtures 319 298 305 307 321 286 300 309 Stone, clay, and glass products 458 426 426 430 465 422 430 436 Primary metal industries 1,063 861 870 895 1,063 852 866 895 Fabricated metal products 884 789 795 812 884 765 787 812 Machinery except electrical 1,254 1,005 1,006 1,039 1,223 990 981 1,013 Electrical machinery 878 738 748 752 878 712 733 752 Transportation equipment 1,269 1,063 1,039 1,082 1,269 1,063 1,039 1,082 Instruments and related products 226 200 201 204 226 196 198 204 Miscellaneous manufacturing industries 403 364 368 373 413 346 366 382 Nondurable goods 5,369 5,140 5,158 5,153 5,579 5,083 5,307 5,364 Food and kindred products 1,054 1,030 1,032 1,026 1,219 1,081 1,168 1,191 Tobacco manufactures 85 80 78 81 102 70 86 98 Textile-mill products 918 856 865 862 913 830 856 858 Apparel and other finished textiles 1,060 1,039 1,024 1,024 1,081 992 1,044 1,044 Paper and allied products 453 433 440 439 460 429 442 446 Printing, publishing and allied industries 557 542 548 548 557 537 543 548 Chemicals and allied products 539 506 515 509 542 496 507 512 Products of petroleum and coal 167 154 155 155 169 157 158 157 Rubber products 206 180 183 187 207 175 181 188 Leather and leather products 330 320 318 322 330 317 324 322 NOTE.—Data covering production and related workers only (full- and are preliminary. Back data may be obtained from the Bureau of Labor part-time) who worked during, or received pay for, the pay period ending Statistics, nearest the 15th of the month. Figures for August and September 1958 HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1957 1958 1957 1958 1957 1958 Sept. July Aug. Sept. Sept. July Aug. Sept. Sept. July Aug. Sept. Total 82.99 83.50 84.35 85.17 39.9 39.2 39.6 39.8 2.08 2.13 2.13 2.14 Dwable goods 89.24 89.83 90.74 92.23 40.2 39.4 39.8 40.1 2.22 2.28 2.28 2.30 Ordnance and accessories 95.04 100.94 100.44 104.33 40.1 40.7 40.5 41.4 2.37 2.48 2.48 2.52 Lumber and wood products 71.58 74.28 78.12 78.50 38.9 29.3 40.9 41.1 1.84 1.89 1.91 1.91 Furniture and fixtures 72.39 68.85 72.09 73.62 40.9 38.9 40.5 40.9 1.77 1.77 1.78 1.80 Stone, clay, and glass products 84.66 84.40 87.31 87.51 40.7 40.0 40.8 40.7 2.08 2.11 2.14 2.15 Primary metal industries 101.26 102.91 103.95 107.02 39.4 38.4 38.5 39.2 2.57 2.68 2.70 2.73 Fabricated metal products 91.91 91.20 92.52 94.07 41.4 40.0 40.4 40.9 2.22 2.28 2.29 2.30 Machinery except electrical 94.42 93.77 93.38 95.36 40.7 39.4 39.9 2.32 2.38 2.37 2.39 Electrical machinery 33.21 84.50 85.14 86.22 40.2 39.6 40.1 2.07 2.15 2.15 2.15 Transportation equipment 97.27 100.19 101.35 100.08 39.7 39.6 39.9 39.4 2.45 2.53 2.54 2.54 Instruments and related products 86.05 87.34 88.18 89.24 40.4 39.7 39.9 40.2 2.13 2.20 2.21 2.22 Miscellaneous manufacturing industries.. 72.54 72.13 72.68 73.60 40.3 39.2 39.5 40.0 1.80 1.84 1.84 1.84 Nondurable goods 75.24 75.66 76.24 77.03 39.6 39.0 39.3 39.5 1.90 .94 1.95 Food and kindred products 78.69 81.99 81.38 83.00 41.2 41.2 41.1 41.5 1.91 .99 2.00 Tobacco manufactures 57.71 65.74 62.96 60.06 39.8 39.6 39.6 39.0 1.45 .66 1.54 Textile-mill products 59.04 57.90 59.34 60.10 39.1 38.6 39.3 39.8 1.51 .50 1.51 Apparel and other finished textiles 55.42 53.40 55.18 55.02 36.7 35.6 36.3 36.2 1.51 .50 1.52 Paper and allied products 89.23 88.83 90.53 90.95 42.9 41.9 42.5 42.5 2.08 2.12 2.14 Printing, publishing and allied industries.. 98.16 97.38 98.54 99.44 38.8 37.6 37.9 38.1 2.53 2.59 2.61 Chemicals and allied products 92.70 95.06 95.24 96.59 41.2 40.8 40.7 41.1 2.25 2.33 2.35 Products of petroleum and coal t13.30 113.16 111.24 111.93 41.5 41.0 40.6 40.7 2.73 2.76 2.75 Rubber products 92.97 91.89 96.08 94.96 40.6 39.1 40.2 39.9 2.29 2.35 2.38 Leather and leather products 57.66 57.97 58.03 57.15 37.2 37.4 37.2 36.4 1.55 1.55 1.56 1.57 l NOTE.—Data are for production and related workers. Figures for August and September 1958 are preliminary. Back data are available from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1218 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average = 100] Federal Reserve district Year or month U S n t i a t te e s d Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a s n c n o - SALESi 1950 107 105 102 107 107 107 111 105 106 107 112 115 106 1951 112 109 107 112 114 115 117 110 111 107 117 120 112 1952 114 110 104 113 115 122 127 109 116 109 121 129 120 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 136 122 124 132 129 148 169 128 138 128 142 160 141 SEASONALLY ADJUSTED 1957__Aug 144 130 135 138 139 157 176 139 147 138 147 169 143 Sept 136 114 122 128 134 144 172 130 145 130 147 163 141 Oct 129 116 119 129 121 141 159 121 126 119 136 152 134 Nov 133 118 124 128 129 142 166 125 135 125 139 161 139 Dec 138 128 128 133 133 148 174 130 141 132 142 156 139 1958—Jan 130 116 125 126 125 146 157 121 132 126 138 156 132 Feb 124 111 115 114 117 134 147 115 125 121 135 143 135 Mar 131 114 127 126 119 138 158 124 134 132 144 153 137 Apr 130 114 121 135 121 147 155 118 130 120 136 151 142 May 134 117 124 129 124 146 164 124 136 126 148 161 142 133 115 124 129 122 146 176 119 133 123 141 162 143 July ... 140 r129 133 141 132 153 174 131 139 129 147 162 140 2>147 138 136 143 140 163 183 136 151 136 *>158 172 148 WTTHOUT SEASONAL ADJUSTMENT 1957—Aug 127 102 104 110 123 135 158 124 132 130 141 157 139 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 130 117 120 128 120 144 158 122 137 121 145 159 135 126 115 120 121 115 135 153 117 124 119 136 147 135 July 112 93 97 103 107 123 144 103 114 103 130 144 124 Aug P129 107 105 115 124 139 165 121 136 128 *>152 160 144 STOCKS i 1950 110 112 106 110 108 109 123 108 108 106 114 114 112 1951 131 129 127 132 132 129 145 125 130 121 137 135 137 1952 121 117 115 120 115 127 143 112 120 113 130 129 131 1953 131 124 120 129 125 141 155 122 131 123 146 143 140 1954 128 126 117 127 122 138 152 120 125 124 141 140 135 1955 136 132 119 135 124 159 170 127 135 130 152 153 142 1956 148 141 130 148 133 175 195 138 148 142 164 168 156 1957 152 138 137 154 136 178 203 143 149 146 160 174 158 SEASONALLY ADJUSTED 1957—Aug 153 136 138 157 137 180 203 145 149 145 157 175 159 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 144 133 133 152 128 169 191 133 140 133 146 164 152 June ... r147 135 136 157 126 173 191 138 144 136 152 168 156 July 148 140 135 152 131 171 192 142 145 136 149 163 156 ^148 137 135 155 128 172 192 144 143 137 *>152 163 p152 WITHOUT SEASONAL ADJUSTMENT 1957—Aug 150 132 135 151 131 175 199 139 148 142 156 176 160 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 146 135 136 155 131 170 193 137 140 132 148 163 151 June 140 126 127 146 120 160 182 134 134 128 146 156 150 Julv . 139 126 122 r137 121 156 179 136 135 129 142 155 150 Aug P144 133 132 149 123 167 188 138 141 134 P150 163 *153 » Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginning i Figures for sales are the average per trading day, while those for stocks 1947, see BULLETIN for December 1957, pp. 1323-52. Figures prior to are as of the end of the month or averages of monthly data. 1947 may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 1219 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales* Out- Re- New Stocks 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 m ( s e r t n o d i a n n d e n g r t d h s o - ) f i m c ( e t o f i o o n p t r t a t h s l 2 ) o m ( r t o d f o o n e t r r t a h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - o st p o r i a d n u l n u e g t d r s - s - ce R ip e- ts Annual average: 1949 361 925 373 358 358 2.7 3.8 |.O 1950 376 1,012 495 391 401 2.8 1.4 4.2 l.l 1951 391 1,202 460 390 379 3.2 1.3 4.4 0 1952 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 406 1,163 421 408 401 3.0 LI 4.1 o 1954 409 1,140 388 410 412 3.0 .0 4.0 1.0 1955 437 1,195 446 444 449 2.9 4 0 ,0 1956 454 1,286 470 459 458 3.0 l.l 4.1 o 1957 458 1,338 460 460 457 3.1 LI 4.2 1.0 Month: 1957—Aug '434 r1,307 '576 '499 '474 3.0 4.3 .1 Sept. 438 1,400 567 538 536 3.2 i!3 4.5 Oct 481 1,518 529 599 561 3.2 LI 4.3 • 2 Nov. 554 1,562 427 598 496 2.8 i).8 3.6 .1 Dec 839 1,229 307 506 386 1.5 ().4 1.8 ( 1958—Jan 366 1,203 383 340 416 3.3 L0 4.3 () 9 Feb 309 1,259 398 365 380 4.1 l % 5.4 Mar 416 l!299 350 456 408 3.1 0.8 4 0 416 1,344 310 461 421 3.2 0.7 4.0 1 May 441 1,308 319 405 414 3.0 0.7 3.7 0.9 402 1,230 481 324 486 3.1 1.2 4 3 0 8 July 366 1,216 563 352 434 3.3 1.5 4.9 1.0 420 I 277 533 481 451 3.0 1.3 4.3 1.1 9 Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. * 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 excluding Merchandise exports * military-aid shipments2 Merchandise imports 3 Period 1956 1957 1958 1956 1957 1958 1956 1957 1958 Jan 1.284 1.680 1.511 1.202 1.583 1.402 1.073 1,115 1,095 Feb 1,363 1,611 1,345 1,273 1,490 11,245 1,051 993 962 Mar 1,583 *i,151 1,557 1,479 *,021 1,442 1,102 1,133 1,072 Apr 1,512 1,864 1,531 1,400 1,780 1,409 991 1,119 1,057 May 1,717 1,813 1,638 1,522 1,711 1,507 1,095 1,106 1,063 1,697 1,786 1,408 1,492 1,652 ,309 1,034 984 1,037 julv 1,640 1,692 1,419 1,289 1,505 .290 1,052 1,146 1,050 Aria 1,536 1,677 .396 I 378 1,536 1^283 055 1,043 Sept 1.534 1,540 1,427 1,437 '995 1,009 Oct 1^671 1,674 1,561 1.600 1,121 1,148 Nov 1 545 I 683 425 l'596 987 I 043 Dec 2,007 .639 1^885 1,543 1,059 1.141 June-Aug 12,332 14,274 11,805 11,035 13,278 10,887 8,453 8,639 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. and supplies under the Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1220 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 Gas Solid House- House- p A a p re - l T po ra r n ta s - - M ic e a d l - s P o e n r a - l a in n g d g a o n o d ds Total Rent and fuels fur- hold tion care care recrea- servelec- and nish- opera- tion ices tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933. 55.3 41.6 83 6 45 9 1941 62.9 52.2 88 4 55 6 1945 76 9 68 9 90 9 76 3 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—Aug.. 121.0 117.9 125.7 135.4 113.3 135.7 103.9 128.0 106.6 135.9 138.6 124.9 112.6 126.7 Sept 121.1 117.0 126.3 135.7 113.7 136.8 104.8 128.3 107.3 135.9 139.0 125.1 113.3 126.7 Oct. 121.1 116.4 126.6 136.0 113.8 137.6 104.8 128.7 107.7 135.8 139.7 126.2 113.4 126.8 Nov. 121.6 116.0 126.8 136.3 114.3 138.0 104.5 129.4 107.9 140.0 140.3 126.7 114.4 126.8 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 July 123.9 121.7 127.7 137.8 117.0 132.3 104.0 131.2 106.7 140.3 144.6 128.9 116.6 127.2 Aug.. 123.7 120.7 127.9 138.1 117.5 133.6 103.3 132.1 106.6 141.0 145.0 128.9 116.7 127.1 NOTE.—Revised index, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim c lusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r th or m c A o o m l d l i - - p F r a o r d m - P es r s o e c d - p T t r i e o l x e d - - H sk i i d n e s s , ,p F o a u w n e d e l r , , C i h ca e l m s - R b u e b r - L b u e m r - p P a u p l e p r , , M a e n t d als c M e h r i a y n - - F t a u u n r r d n e i- N t m a o l e l n i - c - b m T a f c o r c - s o . Misties ucts foods Total p u a a a c n p r t d - e s l l p e u a a r n c o th t d d s e - r l t i m e i g n r h a i g a - t- ls p a u a l r l c n o i t e d d s d - p u a r n c o t d d s - p w u a r o c n o o t d d s d - p a u a l r l c n o i t e d d s d - m p u r e c o t t d a s - l p u m a t r i c n o v o t d d e - s - h d o h b o u t o l u h r e l s e a d s e r - -e s r t m t u a r l i r u s n a c — - l - b e o b a r t e a n t v g l d e - e d s n c e e o ll u a s - 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110. 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 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. 122.2 134.6 126.1 89.6 1957 Aug 118.4 93.0 106.8 126.0 95.4 100.3 116.3 109.8 146.9 118.6 129.9 153.2 146.2 122.4 135.3 127.7 90.1 Sept 118.0 91.0 106.5 126.0 95.4 100.0 116. 110.2 146.5 117.8 130.1 152.2 146.9 122.3 135.2 127.7 89.4 Oct 117.8 91.5 105.5 125. 95.1 100. 115.8 110.4 146.2 117.3 130.9 150.8 147.7 122.6 135.3 127.7 87.7 Nov 118.1 91.9 106.5 125.9 95.0 100.0 115.7 110.3 144.7 116.9 130.9 150.4 149.2 122.7 135.4 127.8 86.8 Dec 118.5 92.6 107.4 126. 94.9 99.5 116.2 110.6 145.7 116.3 131.0 150.5 149.4 123.5 135.7 128.0 87.2 1958 Jan 118.9 93.7 109.5 126. 94.6 99.5 116.1 110.8 145.1 116.3 130.8 150.0 149.4 123.8 136.4 128.1 88.3 Feb 119.0 96.1 109.9 125.7 94.1 99.6 113.6 110.6 144.6 115.8 130.8 150. 149.3 123.6 136.5 128.1 89.3 Mar 119 100.5 110.7 125.7 94.0 99.5 112.4 110.7 144.6 115.5 130.5 149.8 149.2 123.5 135.3 128.0 94.3 Apr 119 97.7 111.5 125.5 93.7 99.7 111.0 111.0 144.5 115.7 130.5 148.6 149.4 123.4 135.4 128.0 97.8 May 119 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 95.6 113.5 125.3 93.3 100.3 110.7 110.7 144.2 116.4 130.5 148.8 149.5 123.0 135.5 128.0 93.7 July 119.2 95.0 112.7 '125.6 93.3 '100.3 111.9 110.4 144.7 116.8 131.0 148.8 149.5 123.2 135.6 128.0 97.2 Aug 119.1 93.2 111.3 126.1 93.3 100.6 113.7 110.0 145.1 118.3 131.0 150.7 149.6 123.1 135.5 128.0 95.6 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1221 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1957 1958 1957 1958 Subgroup Subgroup Aug. June July Aug. Aug. June July Aug. Farm Products: Pulp, Paper\ and Allied Products iCont.): 106.3 103.0 105.4 96.9 Grains ... . 82.4 81.3 79.8 77.3 Paperboard 136.2 136.0 136.0 136.0 86.7 98.8 97.1 94.0 Converted paper and paperboard.... 126.5 127.9 127.9 127.8 Plant and animal fibers . . .. 104.0 101.9 101.8 101.8 141.7 144.1 143.4 143.4 Fluid milk 94.9 90.2 91.9 93.4 Eggs 79.7 74.9 76.1 81.5 Metals and Metal Products: Hay and seeds 81.3 79.3 76.2 75.9 Other farm products 142.9 141.4 139.9 139.5 171.2 166.7 167.0 171.2 Nonferrous metals.. 134.6 124.8 124.9 126.1 Processed Foods: 153.1 155.7 155.7 155.7 Hardware 165.9 171.7 171.7 172.0 Cereal and bakerv Droducts 116.7 118 5 117.5 116.9 Plumbing equipment 129.0 123.8 120.9 120 9 Mieats poultry and fish • 97.7 114.1 112.1 108.2 Heating equipment 122.3 121.3 '121.2 121.4 Dairy products and ice cream 110.3 111.1 111.6 112.4 Fabricated structural metal products. 135.6 133.7 133.1 133.1 Canned, frozen fruits, and vegetables. 102.1 110.3 111.6 111.9 Fabricated nonstructural metal Sugar and confectionery 113.8 117.1 117.1 116.7 products 146.6 145.0 145.0 145.1 Packaged beverage materials 183.7 168.4 165.2 161.2 Other processed foods 95.1 96.9 97.1 96.5 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 132.5 138 3 138 4 138 4 Cotton products 90.2 87.6 87.4 87.7 Construction machinery and equip- Wool products 111.2 101.3 101.1 100.2 ment 161.4 165.5 165.6 165.6 Synthetic textiles 82.1 80.4 80.1 80.0 Metal working machinery 167.0 169.4 169.7 169.3 122.0 109.9 116.2 116.3 General purpose machinery and Apparel 99.6 99.1 99.2 99.3 equipment 158.0 160.3 160.3 160.5 Other textile products 75.7 73.6 74.8 75.9 Miscellaneous machinery 146.3 147.7 147.5 147.6 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 149.6 152.6 152.6 152.7 Motor vehicles 134.7 139.0 139.0 139.0 Hides and skins 61.5 57.0 58.1 60.4 Leather 91.6 91.8 91.5 91.3 Furniture and Other Household Dura- Footwear .. . . 121.0 122.0 122.0 122.1 bles: Other leather products 98.2 97.3 97.3 97.2 Household furniture 122.9 122.5 122.6 122.6 Fuel, Power, and Lighting Materials: Commercial furniture 153.6 154.2 155.0 155.0 Floor covering 132.5 '128.3 '127.1 127.1 Coal 124.4 120.3 121.1 121.9 Household appliances 104.7 104.9 104.8 104.8 Coke 161.9 161.9 161.9 161.9 Television, radios, phonographs 95.6 '93.7 95.0 95.0 Gas fuels (Jan. 1958= 100) n.a. 97.4 98.5 102.0 Other household durable goods 148.2 155.2 155.1 154.8 Electric power (Jan. 1958= 100) n.a. 100.1 100.1 100.8 Petroleum and products 125.5 115.3 117.1 119.2 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass . . . 135.7 135.7 135.7 135.5 Concrete ingredients 136.5 138.9 139.0 139.1 Industrial chemicals 123.6 123.5 123.1 122.8 Concrete products 126.4 128.5 128.5 128.4 Preoared Daint 128 1 128.2 128.2 128.2 Structural clay products 155.0 155.6 155.6 155 6 Paint materials. 100.5 103.4 103.4 103.3 127.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics... 93.4 '94.5 94.5 94.4 Prepared asphalt roofing 125.8 105.8 105.8 105.8 Fats and oils inedible 63.4 61.9 62.5 62.5 Other nonmetallic minerals 128.4 131.2 131.2 131.2 Mixed fertilizers 110.5 111.4 111.6 111.6 106.5 110.3 108.0 104.4 Tobacco Manufactures and Bottled Other chemicals and products 105.5 107.4 107.0 106.4 Beverages: Rubber and products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 105.1 106.0 106.0 106.0 Crude rubber 144.3 129.4 133.0 134.3 Other tobacco products 143.8 139.7 139.7 139.7 Tires and tubes 153.5 152.1 152.1 152.4 Alcoholic beverages 119.6 120.3 120.3 120.3 Other rubber products 140.8 143.0 142.7 142.9 Nonalcoholic beverages 149.3 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: Lumber 119.4 116.8 116.7 118.7 Toys, sporting goods, small arms.... 117.8 119.1 119.1 119.3 Millwork 128.3 127.1 127.3 127.3 68.2 73.3 79.7 76.8 Plywood 95 2 94 9 98 3 99 4 Notions and accessories 97.4 97.5 97.5 97.5 Jewelry, watches, photo equipment... 107.2 107.8 107.8 107.8 Pulp, Paper, and Allied Products: Other miscellaneous 129.4 132.6 132.3 132.4 Woodpulp 118.0 121.2 121.2 121.2 Wastepaper . 74.7 71.8 86.1 87.0 Paper 143.2 141.8 141.8 141.8 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1222 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 2 104.4 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 .6 .5 .8 1.4 1.3 1.5 1.5 1.6 1 6 1 6 1 6 1 6 1 6 Statistical discrepancy .3 .9 .4 n 1.3 .9 1.0 -.9 .7 1.5 .7 .7 -1.7 Plus: Subsidies less current surplus of gov- -.1 .0 .1 .2 .4 -.2 .0 1.0 1.3 1.4 1.3 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 .2 2.8 6.9 8.7 9.7 11.0 12.3 14.2 14.1 14.3 14.2 14.2 Excess of wage accruals over disburse- .0 .0 .0 .0 -.1 .0 .0 .0 .0 .0 .0 .0 .8 .8 .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 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 .6 .7 .5 .8 1.4 1.3 1.5 1.5 1.6 1.6 1.6 1.6 1.6 1 6 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 State and local 1.4 1.0 1.3 2.6 3.4 3.8 4.2 4.8 5.4 5.3 5.4 5.5 5.7 5.8 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 Less: 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 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 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 40.2 104.7 241.9 305.6 301.8 330.2 349.4 364.0 364.1 368.7 361.5 350.6 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 51.9 124.1 164.2 161.9 174.9 189.3 198.0 198.6 199.9 197.4 192.7 191.8 Military .3 .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 7.8 10.8 11.3 13.0 14.5 16.5 16.4 16.8 16.8 16.5 16.4 Proprietors* and rental income3. 20.2 7.6 20.9 46.6 51.3 51.3 52.8 53.3 54.8 54.7 55.5 55.0 55.3 56.2 Business and professional.... 8.8 3.2 10.9 23.5 27.4 27.8 30.4 30.8 31.4 31.4 31.7 31.3 30.6 30.7 Farm 6.0 2.4 6.5 14.0 13.3 12.7 11.8 11.6 11.6 11.6 11.8 11.5 12.6 13.4 Rental income of persons 5.4 2.0 3.5 9.0 10.5 10.9 10.7 10.9 11.8 11.7 12.0 12.2 12.1 12.1 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 17.0 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. 21.8 21.8 22.1 20.0 15.5 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.0 -.3 -1.7 -2.6 -1.5 -1.5 -1.1 -1.1 -.3 .5 Net interest. 6.4 5.0 4.5 5.5 8.2 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 1223 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 Grots 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 40.4 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 49.6 49.2 New construction^ 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 17.1 16.2 Other 5.1 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 1. -2.1 5.5 5.9 .2 2.0 1.3 -3.1 -9.3 -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 .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 1 6 3 . . 9 8 2 1 2 8 . . 1 5 5 5 9 1 . . 5 5 4 48 3 . . 9 0 4 4 6 1 . . 8 3 4 4 7 2 . . 1 5 4 5 6 0 . . 5 5 5 4 1 7 . . 5 4 4 50 6 . . 9 9 4 50 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 Less: Government sales2 .0 .0 .0 .3 .4 .4 .4 .4 .5 .4 .5 .5 .4 .4 State and local 6.0 7.8 19.7 24.9 27.7 30.3 33.1 36.3 36.0 36.1 37.8 38.6 39.1 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 Pro- dends personal Year or month * in s P c o e o n r m a - l e Total p d m i C r n u o o g s o d t d m r i u i i n t e - c y - s - D i u n t i r s t d i i t e v u ri s e s b - - S in e tr d r i v e u i s s c - e m G er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r c e a i o n e n m t t d o a e l rs 3 ' i i n n s p a t c o e e n o n r r d m a e - s l e t m T p r f e a e a n r y n - t - s s - 4 b c i s a u o n o n f t n s o c i c u o t i r e a r r n i 5 l - - s i a n g N t c u r o o i r m c n a u l - e l * - 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 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 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 6 331.0 349.9 233.1 95.6 62.6 33.4 41.5 8.9 56.5 31.7 26.4 6.7 332.4 352.0 235.8 96.6 63.3 33.6 42.4 8.9 56.2 31.8 26.0 6.7 335.1 July 358.8 242.2 97.1 63.5 33.7 48.0 9.0 56.3 31.8 26.5 7.0 342.0 Aug .. 356.1 238.5 97.7 63.6 33.8 43.4 9.1 56 6 31.9 26 8 6 8 339 2 Sept p 357.5 239.1 98.2 63.5 33.9 43.5 9.2 56.9 31.9 27.2 6.8 340.6 * Preliminary. well as consumer bad debts and other business transfers. * Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. * Represents personal income exclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends termg-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

1224 BANK HOLDING COMPANIES BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1957 i [Holding companies registered pursuant to Bank Holding Company Act of 1956] Details for 33 States Number of banking offices in I Deposits of banks in holding company groups holding company groups State, or item Banks and branches Number of companies 2 Banks Branches Total a c l A l e n s c t o a a m g p e m e r o e - f r- o m f i d l I l o n io ll n a s rs a c l A c l e i n s a c l t o a a m b g p a e m e n r o k e - f rcial banking deposits offices Arizona 2 52 54 40.91 347 38.22 California 5 143 148 10.03 1,447 6.96 Colorado 3 3 1.72 77 4.53 Florida 14 14 5.19 471 11.54 Georgia 23 24 47 9.92 870 34.70 Idaho 36 38 36.19 232 40.44 Illinois 5 5 .53 137 .86 Indiana 5 7 1.02 93 2.17 Iowa 14 23 2.77 218 7.63 Kansas 3 3 .50 186 8.97 Kentucky 15 17 3.62 170 7.91 Maine 11 6.71 29 4.98 Massachusetts 118 140 30.11 1,002 20.17 Minnesota 117 6 123 17.85 2,313 61.69 Missouri 13 13 2.13 489 8.74 Montana 31 31 26.96 404 53.35 Nebraska 5 5 1.18 148 10.19 Nevada 2 22 24 64.86 248 74.87 New Hampshire 5 5 6.58 34 9.47 New Mexico 5 13 15.12 80 13.47 New York 23 162 185 11.39 2,132 5.42 North Dakota 34 5 39 21.67 265 37.81 Ohio 23 29 52 4.73 617 6.01 Oklahoma 1 1 .26 3 .12 Oregon 75 76 35.85 789 44.46 South Dakota 11 23 34 15.18 207 32.94 Tennessee 11 6 17 3.70 97 3.48 Texas 8 8 .83 309 2.97 Utah 3 46 49 44.55 443 52.66 Virginia 4 3 7 1.36 46 1.57 Washington 3 44 49 15.03 339 13.62 Wisconsin 3 15 23 3.28 835 20.92 Wyoming 2 4 7.55 62 17.09 Total—33 States . . 2 50 M17 1851 11,268 U5,139 Summary totals and comparisons 33 States United a S ll tates- perce H n o ta ld g i e n g o f c a o l m l c p o a m ny m g e r r o ci u a p l s b a a s n k a s in: comp H a o n l y d in g g roups commer A ci l a l l banks com ba m n e k r s cial 33 States United States Number of banking offices, total 11,268 15,667 21,531 18.09 15.89 Banks 1417 10,387 13,564 Branches 1851 5,280 7,967 Deposits (in millions of dollars) U5,139 155,193 201,306 19.75 17.52 1 The data include: (1) banks of which the bank holding companies 2 Data for individual States represent bank holding companies con owned or controlled 25 per cent or more of the outstanding stock, and trolling banks in the respective States rather than registered bank holding (2) eight domestic commercial banks that are themselves bank holding companies whose principal offices are located in such States. Total companies. The eight banks have 52 branches and deposits aggregating does not equal sum of State figures because it has been corrected for $1,549,192,000. Exclusion of these 60 banking offices and their deposits duplications; that is, holding companies that control banks in more than from the data in the table would reduce the percentage ratios shown in one State are included in the total only once. the table as follows: Holding company groups to all commercial banks The 50 bank holding companies included in the total represent only in 33 States—number of banking offices, from 8.09 to 7.71; deposits, 44 separate bank groups because in six cases the bank group is confrom 9.75 to 8.76; holding company groups to all commercial banks in trolled by a bank holding company that is in turn controlled by another United States—number of banking offices, from 5.89 to 5.61; deposits, bank holding company. These groups are located in the following from 7.52 to 6.75. States: Florida, one; Georgia, two; Indiana, one; Massachusetts, one; and Virginia, one. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 1226 Gold production. 1230 Net gold purchases and gold stock of the United States. 1231 Reported gold reserves of central banks and governments 1232 Estimated foreign gold reserves and dollar holdings. 1233 International Bank and Monetary Fund. 1234 Central banks. . 1234 Money rates in foreign countries 1239 Foreign exchange rates. 1240 Index to statistical tables. 1251 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. 1225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1226 DVFL 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 'FSL' 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 ,454 785 757 550 1,519 6,147 1,032 2,000 2,181 360 1956—Dec. 31.... 1,452 13,487 8,045 626 ,835 930 836 1,012 1,627 6,865 1,516 2,346 2,415 346 1957—Aug. 31.... 1,635 13,267 7,627 450 1,577 1,009 769 944 1,754 6,502 1,724 2,683 1,981 377 Sept. 30.... 1,512 13,332 7,647 411 1,664 1,030 802 807 1,855 6,570 1,650 2,723 2,015 373 Oct. 31.... 1,517 13,753 7,934 398 1,573 1,056 857 1,161 1,948 6,993 1,739 2,672 1,979 370 Nov. 30.... 1,538 13,608 7,817 352 1,567 1,021 868 1,199 1,972 6,979 1,735 2,593 1,946 356 Dec. 31.... 1,517 13,637 7,913 354 1,557 1,079 967 1^75 1,910 7,142 1,623 2,575 1,946 351 1958—Jan. 31.... 1,619 13,719 8,017 334 1,515 1,084 945 1,330 2,035 7,243 1,597 2,536 1,962 382 Feb. 28.... 1,471 13,840 8,118 316 1,494 1,078 923 1,244 2,242 7,297 1,662 2,515 2,011 355 Mar. 31.... 1,377 13,805 8,016 319 1,508 1,066 904 1,260 2,280 7,338 1,626 2,474 2,002 365 Apr. 30.... 1,373 13,685 7,951 322 ,549 1,129 875 1,021 2,229 7,125 1,662 2,552 2,004 343 May 3 1P... 1,514 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*>... 1,447 13,813 7,917 301 1,465 1,071 833 1,060 2,230 6,959 2,001 2,499 2,067 288 July 3\P... 1,459 13,917 8,087 310 1,588 1,053 812 1,098 2,273 7,134 1,962 2,403 2,134 285 Aug. 31»... 1,432 14,236 8,397 349 1,673 1,093 823 1,006 2,482 7,427 2,051 2,387 2,105 266 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w e e n - T k u ey r- Y sl u av g i o a - o A th l e l r 1954—Dec. 31 1.642 273 100 71 41 113 249 103 91 71 141 8 9 r371 1955—Dec 31 1,519 261 108 60 49 176 164 82 132 104 153 9 13 '209 1956—Dec. 31 1,627 296 117 65 53 177 134 67 137 43 217 20 17 '282 1957—Aug. 31 1,754 328 123 101 55 143 115 87 116 24 272 16 11 '363 Sept. 30 1,855 337 132 102 62 139 172 94 124 24 273 12 12 r372 Oct 31 1,948 345 137 97 68 144 186 97 129 30 260 19 9 '426 Nov. 30 1,972 347 131 100 66 146 218 95 127 26 270 16 11 r418 Dec. 31 .910 349 130 112 64 154 203 93 142 24 260 18 11 r349 1958 Jan 31 2,035 355 130 126 64 154 239 117 137 22 265 16 7 '404 Feb. 28 2,242 353 133 124 65 157 350 122 144 24 266 12 7 r486 Mar 31 2,280 355 110 131 61 154 323 107 155 28 258 13 7 '577 Apr 30 2,229 353 118 142 59 142 295 108 157 27 257 12 5 '553 May 31^ 2,183 354 114 143 50 131 292 104 153 34 251 15 9 r535 June 30^ 2,230 363 109 114 47 122 293 108 154 31 254 12 6 '619 July 31^ 2,273 377 100 127 51 116 285 101 161 28 268 11 9 '639 Aug. 31^ 2,482 397 157 149 59 109 348 98 158 41 281 11 11 664 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 m p D i 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__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 2,575 137 26 132 75 153 235 54 65 386 73 136 60 27 55 835 124 1958—Jan. 31 2,536 138 23 120 78 150 240 52 68 397 71 123 56 32 72 780 136 Feb. 28 2,515 137 25 118 72 146 239 49 69 382 69 141 66 33 85 749 135 Mar. 31 2,474 144 23 116 77 135 235 48 66 378 66 144 62 31 86 709 152 Apr. 30 2,552 139 22 120 78 125 266 50 62 379 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 July 31*> 2,403 147 21 126 74 129 277 54 59 322 67 138 74 30 79 664 142 Aug. 31*3 2,387 133 21 159 78 144 294 49 54 351 73 133 75 26 76 580 142 P Preliminary. ' Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1227 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 rea, Phil- Bel- Union Total H K o o n n g g India I n n e d si o a - Iran Israel Japan p R u li e b c - - p i i p n - es T w a a i n - T la h n a d i- Other Total A tr u a s l - iaC g o ia n n go Egypt* A S f o r o u i f c t a 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—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 1,946 70 82 151 55 52 586 117 175 86 157 417 351 85 39 40 38 149 1958—Jan. 31 1,962 65 78 138 55 49 600 118 184 87 156 432 382 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 2,002 68 79 89 52 48 704 121 188 92 157 404 365 82 46 42 38 156 Apr. 30 2,004 66 75 86 47 52 739 122 169 92 145 412 343 77 54 41 20 151 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 July 31P ... 2,134 68 80 89 55 51 858 119 168 91 145 411 285 86 35 16 22 126 Aug. 3\P 2,105 67 76 80 51 46 901 123 171 92 141 357 266 70 36 18 19 123 Table Id. Supplementary Areas and Countries s 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 .7 .7 .5 .7 Ceylon 18.8 32.9 41.2 34.2 Eastern Germany 1.2 1.3 1.2 n.a. China Mainland6 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 1.0 1.0 .8 .7 .8 1.2 2.0 1.6 Iceland 8 9 4 8 3 1 2.9 Kuwait 10.7 3.5 5.3 5.9 Ireland, Republic of 14.3 13.7 9.1 n.a. Laos .1 23.1 37.3 n.a. Latvia 1.0 1.0 .6 .5 16.5 18.0 22.3 28.2 Lithuania . ... .5 .3 .4 .5 Pakistan 3.8 5.7 20.2 12.8 4.5 3.1 13.2 16.4 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. P R o u l m an a d n i 6 a *> .... 2 7 .1 8 2 8 .5 1 3.3 9 3. . 2 8 Syria4 . . 2 6 1 1 .5 5 7 1 9 3 . . 5 1 9 1 7 7 . 4 1 n 3 . . a 5 . Trieste 2.2 1.4 1.4 1.2 Viet-Nam 8.1 62.3 50.1 n.a. U. S. S. R.« 1.8 .7 .8 .7 AH other: Other Latin America: British dependencies 1.4 2.4 3.8 2.3 British dependencies 19.0 16.6 24.1 24.0 Ethiopia and Eritrea... 18.0 23.7 24.2 35.1 Costa Rica 15 3 17 6 14 6 16 4 French dependencies 8 7 8 0 10 5 10 7 Ecuador 21.2 14.9 18.0 22.7 Liberia 5.6 13.1 23.7 n.a. French West Indies and French Guiana... .4 .6 1.0 .8 Libya 1.7 9.9 3.7 6.7 Haiti 12.7 12.1 8.9 11.2 Morocco: Honduras 17.3 9.7 10.2 12.6 Morocco (excl. Tangier) 7.6 14.8 13.6 32.2 10.3 12.8 11.8 12.7 Tangier. 35.7 33.5 22.4 19.2 Paraguay .. . . 3.6 3.6 4.0 5.1 2.3 1.9 2.2 1.9 Portuguese dependencies . 8.3 5.3 2.8 4.4 Other Asia: .5 .7 .3 .7 5.1 4.1 5.3 4.7 Sudan n.a. n.a. .4 n.a. Bahrein Islands .... .. .6 .5 1.7 n.a. Xunisia .. .4 .7 .5 n.a. P Preliminary. n.a. Not available. * 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

1228 INFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES > [Amounts outstanding, in millions of dollars] Ger- Switz- United Latin Date Total France many, Italy er- King- Other Total Can- Amer- Asia All Fed. land dom Europe Europe ada ica other Rep. of 1954—Dec. 31.. 1,387 14 70 20 16 173 109 402 76 728 143 37 1955—Dec. 31.. 1,549 12 88 30 26 109 158 423 144 706 233 43 1956—Dec. 31.. 1,946 18 157 43 29 104 216 568 157 840 337 43 1957-July 31.. 2,137 96 150 59 31 123 192 650 125 895 421 46 Aug. 31.. 2,158 113 149 55 33 115 196 661 120 930 396 52 Sept. 30.. 2,154 113 150 54 32 110 212 671 111 931 389 52 Oct. 31.. 2,250 106 138 54 35 124 207 665 177 953 407 48 Nov. 30.. 2,201 108 136 54 37 111 213 659 147 959 387 49 Dec. 31.. 2,229 114 140 58 34 109 223 680 154 960 386 50 1958—Jan. 31.. 2,266 101 136 53 31 110 240 671 152 998 400 45 Feb. 28.. 2,249 98 126 53 30 107 238 651 154 994 406 44 Mar. 31.. 2,303 104 130 55 27 95 269 680 186 ,010 383 44 Apr. 30. . 2,438 92 134 49 30 93 285 684 220 1,026 460 48 May 31 P. 2,510 93 138 45 27 93 290 686 229 ,056 465 73 June 30*\ 2,490 84 123 48 36 105 273 671 261 ,028 451 79 July 3 1P. 2,528 86 117 47 31 111 278 669 279 ,041 463 76 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 other lands 1954—Dec. 31. 109 1 20 10 16 2 1 4 4 41 5 1955—Dec. 31. 158 16 13 11 9 5 7 78 7 1956—Dec. 31. 216 28 12 21 23 8 13 88 7 1957_july 31. 192 4 23 7 31 17 12 13 63 9 Aug. 31., 196 6 25 7 25 17 19 9 68 9 Sept. 30., 212 7 25 6 28 18 24 9 72 11 Oct. 31. 207 7 24 9 26 16 10 9 81 13 Nov. 30. 213 6 25 9 29 19 10 11 77 11 Dec. 31. 223 6 33 11 29 23 11 10 76 10 1958—Jan. 31. 240 7 36 9 33 23 22 11 77 1 9 Feb. 28. 238 9 35 9 32 25 26 11 71 1 8 Mar. 31. 269 9 33 8 39 27 39 13 75 11 Apr. 30., 285 33 6 42 29 45 17 81 10 May 31». 290 35 7 46 24 49 18 81 9 June 30^ 273 24 41 26 47 16 78 9 July 31*. 278 25 44 25 47 16 79 1 11 1 Table 2b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- I l W S n a a e u d n n r e r i d d - s e i s - t s l a p P i R c m u a e b n o a - - - , f Peru v S a E d a l l o - r g U u r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r nam 1954—Dec. 31 728 6 3 273 14 107 71 3 4 116 1 9 16 10 7 63 27 1955—Dec. 31 706 7 4 69 14 143 92 5 5 154 3 17 29 8 18 105 34 1956—Dec. 31 840 15 4 72 16 145 90 7 7 213 5 12 35 11 15 144 49 1957_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. 31 960 28 3 100 33 107 113 15 8 231 2 18 31 8 42 170 51 1958—Jan. 31 998 26 3 110 43 107 130 13 9 224 2 19 31 9 52 166 53 Feb. 28 994 27 3 141 41 91 126 12 9 223 2 20 30 7 53 158 52 Mar. 31 1,010 26 3 168 40 89 116 12 9 224 3 24 35 6 47 157 51 Apr. 30 1,026 23 3 184 42 85 114 10 9 245 3 23 37 6 43 152 48 May 3\P 1,056 22 3 202 50 83 123 11 9 257 3 19 38 6 37 144 50 June 30? '. 1,028 37 3 189 54 78 105 7 8 253 3 24 33 7 39 136 52 July 31* 1,041 49 3 216 49 61 105 11 8 241 3 23 30 7 42 138 55 P Preliminary. (excluded from these statistics) amounted to $1,232 million on July 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, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and office* of U. S. banks and commercial firms. ioreign currency oamiiues neiu aorudu oy oaiiKing msiiiuuons aim ineir 2 Less than $500,000. customers in the United States. Claims on foreigners with a contractual 3 Part of United Arab Republic since February 1958. maturity of more than one year reported by U. S. banking institutions 4 Includes transactions of international institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1229 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 e - s T w a a i- n T la h n a d i- Other Total t A ra us l - ia C g B o i e n a l n g - o Egypt3 A U S f n o r o i u i f o c t a n h Other 1954—Dec. 31 143 3 5 16 11 50 7 5 6 39 37 14 6 6 10 1955—Dec. 31 233 3 5 18 10 103 19 6 8 60 43 11 5 8 17 1956—Dec. 31 337 4 6 20 16 170 16 6 9 91 43 11 6 8 17 1957_july 31 421 7 11 24 22 248 28 6 11 63 46 12 6 12 15 Aug. 31 396 9 9 24 24 216 40 6 12 58 52 11 6 12 21 Sept. 30 389 9 9 24 23 188 51 6 8 71 52 11 5 11 24 Oct. 31 407 7 8 24 26 174 51 6 11 100 48 11 4 12 20 Nov. 30 387 8 7 24 25 150 56 6 12 100 49 10 5 14 19 Dec. 31 386 7 6 22 24 146 53 6 14 110 50 13 5 • 12 19 1958—Jan. 31 400 8 7 23 22 152 54 6 13 115 45 13 5 9 17 Feb. 28 406 7 7 26 21 148 58 6 13 122 44 13 6 7 16 Mar. 31 383 8 7 28 21 139 53 6 12 108 44 13 6 12 12 Apr. 30 460 8 8 40 19 214 42 6 12 112 48 13 6 2 14 14 May 31* 465 7 6 29 19 224 45 5 16 114 73 13 8 2 36 14 June 30p 451 8 6 29 18 230 32 6 17 106 79 14 9 1 38 17 July 31^ 463 6 5 31 18 225 38 6 16 119 76 12 7 2 39 16 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES4 [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e 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 1,392 -693 593 622 -29 1957—July. 29 122 -93 161 153 8 130 -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 97 -58 36 28 8 Dec.. 73 42 31 101 101 ) 38 60 -22 30 26 4 1958—Jan.. . 114 113 1 93 104 -11 39 179 -140 28 51 -23 Feb.. 246 133 113 98 100 -2 54 143 -89 122 202 -80 Mar.. 65 52 13 129 128 1 39 87 -48 22 40 -18 Apr.. 79 95 -16 104 126 -21 52 108 -56 25 34 -9 May? 47 83 -35 117 124 -7 79 361 -283 20 39 -19 June? 249 311 -63 136 153 -17 147 189 -42 25 42 -17 160 137 23 164 158 6 68 148 -81 26 47 -22 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 l e G e ic d a p e n e u o r r y - b f a , - l Italy Sw la i n tz d er- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1954 78 72 17 (2) -1 73 70 -20 139 -187 113 3 3 1955 -21 706 -2 9 — 7 147 96 85 329 265 76 29 7 1956 82 75 -121 7 234 8 33 161 -124 34 4 1957 -157 299 10 3 1 98 79 101 291 o 8 5 4 1957 July . -85 7 -78 13 -59 -27 AUR -141 1 17 -2 15 -17 2 1 Sept -6 (2) 8 -2 -5 4 _2 -5 1 (2) Oet 1 -21 -21 2 11 -8 -13 1 -2 Nov 24 (Z) 11 -2 2 12 7 3 1 Dec 29 «(2) 3 15 23 40 1 -12 1958 Jan -10 -3 -5 34 -28 2 -9 1 f2) Feb 135 -23 1 -7 3 3 -4 -22 3 Mar 13 1 9 22 33 -15 -4 -1 f2) Apr 5 -42 -1 2 -9 2 2 -4 -16 -23 (2) May9 2 -44 2 -12 5 -2 -8 -9 -28 p\ Junep 88 -167 5 -5 3 -23 -26 -15 -60 -105 -1 (2) 6 23 1 1 -4 14 2 14 i 7 2 (2) p Preliminary. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1230 INTL 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 a I u i n t n t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u e t i n a g s l - n Europe C a a d n a - A L i m a c t a e in r- Asia o A th l e l r Date Deposits U se . c S u . r i G ti o e v s2 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—Sept. 30 337 3,421 278 1957 — 384 -338 231 -552 15 -45 13 Oct. 31 378 3,774 349 Nov. 30 283 3,787 344 1957_july.... -101 49 117 -70 2 -1 Dec. 31 356 3,729 353 Aug.... -6 -5 15 -21 2 2 1 Sept.... 2 -39 -9 -30 2 -1 — 1 1958—Jan. 31 249 3,755 405 D O N c e o t c v . . . . . . . . - - 7 5 G 7 3 ) -1 9 8 6 2 8 9 6 6 -1 1 4 1 3 - - 3 4 1 - - - 4 5 7 C 0 1 ) ) A F M M e p a a b r y r . . . 2 3 3 3 8 0 1 1 2 2 2 2 6 3 6 5 5 4 6 7 3 3 3 3 , , , , 3 5 0 0 1 3 5 6 5 7 2 8 4 4 4 4 2 2 0 2 8 1 5 2 1958—Jan -135 -27 -6 -6 4 -5 -15 June 30 269 2,974 491 July 31 288 3,167 541 F M e a b r . . . . . . . . - - 1 4 3 -1 -6 5 3 7 - - 2 6 3 4 - -3 9 6 3 C 2 1) - - 3 3 -8 2 A Se u p g t . . 3 3 1 0 2 3 5 1 8 3 3 3 , , 6 3 0 4 9 4 4 5 9 2 3 3 Apr.... -11 -55 7 -49 4 -3 May».. -156 -146 2 -123 4 -4 -25 June**.. -93 34 81 -40 2 -3 -5 Sept. 3 314 3,369 519 July?... -17 -85 -27 -55 1 -4 0) 10 382 3,418 515 17 356 3,426 508 24 314 3,534 507 * Preliminary. i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See note 4 at botton 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 ld tion Africa North and South America Other month (excl. U.S.S.R.) Total A So fr u ic th a R de h s o i - a Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 1 Brazil Chile Co b l i o a m- Au li s a tra- India 1950 864.5 781.7 408.2 17.9 24.1 12.0 80.1 155.4 14.3 8.0 4.6 6.7 13 3 30.4 6.7 1951 . . . 840.0 763.1 403.1 17.0 22.9 12.3 66.3 153.7 13.8 8.8 4.8 6.1 15.1 31.3 7.9 1952 868.0 785.7 413.7 17.4 23.8 12.9 67.4 156.5 16.1 8 9 4.9 6.2 14.8 34.3 8.9 1953 864.5 780.5 417.9 17.5 25.4 13.0 69.0 142 A 16.9 9.1 4.0 4.6 15.3 37.7 7.8 1954 913.5 830.4 462.4 18.8 27.5 12.8 65.1 152.8 13.5 8.2 4.2 4.4 13.2 39.1 8.4 1955 959.0 877.7 510.7 18.4 23.8 13.0 65.7 159.1 13.4 8.1 3.9 4.3 13.3 36.7 7.4 1956 994.0 914.8 556.2 18.8 21.9 13.1 65.3 153.4 12.3 7.6 4.3 3.3 15.3 36.1 7.3 1957 1,036.7 956.2 596.2 18.8 27.7 13.1 63.0 154.7 12.5 6.9 4.2 3.6 11.4 37.9 6.3 1957—July 82.0 51.4 1.5 2.3 1.2 5.8 12.8 .7 .6 .4 .2 .9 3.7 .5 Aug 81.3 51.1 1.5 2.4 1.1 5.8 12.6 .9 .6 .4 .5 .8 3.0 .5 Seot 279.8 50.3 1.6 2.4 1.2 5.7 13.1 .6 .3 .2 .9 3.1 .5 Oct 282.3 50.9 1.6 2.4 1.1 6.5 13.9 .6 .3 .4 .8 3.1 .5 Nov 279.0 49.8 1.6 2.4 1.0 5.1 13.1 .6 .3 .2 1.1 3.2 .5 Dec 278.0 49.0 1.6 2.4 .9 5.5 12.9 .5 .3 .2 .9 3.3 .5 1958—Jan 49.6 1.5 2.5 1.4 4.4 13.2 .6 .4 1.5 3.2 .5 Feb 47.5 1.5 2.5 .9 4.4 12.5 .5 .3 1.0 2.9 .5 Mar 50.1 1.6 2.5 .9 4.3 13.7 .5 .4 .9 3.0 .5 Apr... 50 3 1 6 2 4 1.2 4 5 13.4 6 .3 1 0 2 9 May 51.6 2.4 1.0 4.6 13.3 .6 .4 1.1 June 50 7 2 5 1 4 4 9 13 3 6 3 July 52.5 2.5 .9 6.1 13.2 .7 .4 1 Gold exports, representing about 90 per cent of total production. Production reported monthly: reports from individual countries except 2 Excluding Mexico. Ghana, Belgian Congo and Brazil, data for which are from American Bureau of Metal Statistics. For the United States, annual figures are Sources.—World production: estimates of U. S. Bureau of Mines. from the U. S. 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 1231 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 Apr.- July- Oct.- Jan.- Apr, 1950 1951 1952 1953 1954 1955 1956 1957 June Sept. Dec. Mar. June Continental Western Europe: Belgium 1-58.0 1-18.3 1-5.8 1-94.8 3.4 3.4 -14.2 -143.6 France -84.8 —20.0 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 — 100.0 -65.0 25i6 "-4U9 '"-6219 Portugal -15.0 -34.9 -5.0 -59.9 -5.0 -20.0 Sweden -22.9 -32.0 -20.0 -15^0 "'is'.i Switzerland -38.0 -15.0 "*22.'5 -65.0 -15.5 -8.0 O Ba th n e k r for Intl. Settlements.... - - 6 1 5 6 . . 3 4 - - 3 2 0 9 . . 4 7 -8.3 - -1 9 7 4 . . 5 3 -20 2 . . 0 6 4.0 3.0 339.3 1.0 331.3 -15.1 4- - 1 7 8 4 7 A .3 Total -380.2 -184.8 -115.6 -546.4 -328.3 -78.5 -20.2 67.7 6.0 31.3 -76.2 -623.2 Sterling Area: -1,020.0 469.9 440.0 -480.0 -50.0 100.3 -300.0 -450.0 Union of South Africa 13.1 52.1 11.5 Other 3.5 3.6 -.3 -.5 -.5 -•1 Total -1,003.4 525.6 451.2 -480.5 -50.5 -.1 100.3 -300.0 -450.0 Canada -100.0 -10.0 7.2 14.6 5.2 Latin America: Argentina -49.9 -20.0 -84.8 115.3 75.4 10.1 15.0 40.2 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 — .9 —30.0 -200.0 Other 21.0 -54.7 -2.4 -.3 17.2 3.0 -.7 2.4 2.8 3.3 -.1 -.4 Total -172.0 -126.0 57.5 -131.8 62.5 14.0 -28.3 80.9 12.9 15.0 46.6 -.1 -.4 Asia -38.9 -53.7 -6.7 -5.7 -9.9 -4.9 -.2 18.0 -.5 4.0 14.9 -.6 -.4 All other -30 6 -76 0 -.4 1.0 14.1 -.2 -.1 -.5 -.1 Total foreign countries.. -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 80.2 171.6 18.4 18.9 92.8 -377.4 -1,074.1 200.0 600.0 300.0 5-7.1 Grand total -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 771.6 318.4 18.9 92.8 -377.4 -1,081.2 i Includes sales of gold to Belgian Congo as follows (in millions): 1950, 4 Includes sale of $168.8 million of gold to Italy. $3. 3 0 I ; n 1 c 9 lu 5 d 1 e , s $ 8 p . u 0 r ; c h 1 a 9 s 5 e 2 , o $ f 2 $ .0 3 ; 1 . a 5 n d m i 1 ll 9 io 53 n , o $ f 9 . g 9 o . ld from S 2 p L a e in S . S than $50,000. Mo 5 n F e i t g a u ry re s F r u e n p d r . esent purchase of gold from, or sale to (—), International 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_Sept 22,635 22,759 24.1 18.9 -9.0 5.7 1946 20,529 20,706 623.1 311.5 465.4 51.2 Oct 22 691 22 835 75 4 42.8 36 9 6 5 1947 . ... 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Nov 22,763 22,837 2.4 34.3 -31.2 5.1 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 Dec 22,781 22,857 20.2 18.8 2.0 5.5 1949 24,427 24,563 164.6 686.5 -495.7 67.3 1950 22,706 22,820-1,743.3 -371.3 -1,352.4 80.1 1958—Jan 22,784 22,860 2.3 45.0 -37.3 4.4 Feb 22,686 22,736 -123.7 38.9 -167.6 4.4 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Mar 22,394 22 487 -248.7 6.0 -252.0 4.3 1952 23,187 23,252 379.8 684.1 -304.8 67.4 Apr 21,996 22,042 -445.1 26.0 -471.5 4.5 1953 22,030 22,091-1,161.9 2.0 -1,170.8 69.0 May 21,594 21,674 -367.8 17.9 -355.2 4.6 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 June 21 356 21 412 -262 4 3.4 -285.0 4.9 1955 21,690 21,753 —40.9 97.3 -132.4 65.7 July 21,210 21,275 — 136.5 18.0 -164.3 6.1 1956 21,949 22,058 305.9 106.1 318.5 65.3 Aug 21,011 21,082 -193.1 3.7 -196.7 5.4 1957 22,781 22,857 798.8 104.3 600.1 63.0 Sept ^20,873^20,929 4-220.2 v Preliminary. 3 Not yet available. 1 See note 2 on following page. 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $8,172.4 million on Sept. 30,1958. scription to the International Monetary Fund. Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1232 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f w t o o r ta ld l ! 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 Treasury Total* 1952—Dec 35,985 23,187 23,252 287 112 52 706 317 1953—Dec 36,415 22,030 22,091 372 117 52 776 321 1954—Dec 37,075 21,713 21,793 372 138 62 778 322 1955—Dec 37,740 21,690 21,753 372 144 71 929 323 1956 Dec 38,245 21,949 22,058 224 107 71 928 324 1957—Aug 22,626 22,735 181 116 87 882 324 Sept 38,825 22,635 22,759 166 116 87 874 324 Oct 22,691 22,835 127 119 83 876 324 Nov 22,763 22,837 126 123 103 875 324 Dec 38,975 22,781 22,857 126 126 103 913 324 1958 Jan 22,784 22,860 126 103 946 324 Feb 22 686 22 736 126 103 967 324 Mar ^39,125 22,394 22,487 126 103 998 324 Apr .... 21,996 22,042 126 103 1,028 324 May 21 594 21 674 103 1 099 324 June *>39,350 21,356 21,412 103 1,143 325 July 21 210 21 275 107 1 182 325 Aug 21,011 21,082 125 1,213 325 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 e n r b y a l , i l c G m u a a l t a e- India I n n e d s o ia - Iran of 1952 Dec 174 26 573 140 27 247 235 138 1953—Dec 174 26 576 328 27 247 145 137 1954 Dec 174 31 576 626 27 247 81 138 1955—Dec 174 35 861 920 27 247 81 138 1956 Dec 188 35 861 1,494 27 247 45 138 1957—Aug 188 35 575 2,261 27 247 41 138 Sept 188 35 575 2,399 27 247 41 138 Oct 188 35 575 2,548 27 247 41 138 Nov 188 35 575 2,557 27 247 41 Dec 188 35 575 2,542 27 247 39 1958 Jan . 188 35 575 2,501 27 247 39 Feb 188 35 575 2,489 27 247 39 Mar 174 35 575 2,460 27 247 39 Apr 174 35 575 2,492 247 38 May 174 35 575 2,499 247 38 June 174 35 575 2,575 247 38 July 174 35 589 2,581 247 38 Aug 174 35 589 2,587 38 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 i t c h a Sweden Sw la it n z d er- T la h n a d i- 1952—Dec 46 286 29 170 184 1,411 113 1953 Dec 36 361 29 176 218 1,459 113 1954 Dec 35 429 29 199 265 1,513 113 1955—Dec 35 428 28 212 276 1,597 112 1956 Dec 35 448 28 224 266 1,676 112 1957—Aug 35 466 31 226 241 1,694 112 Sept 35 467 31 215 235 1,725 112 Oct 28 464 31 215 226 1,733 112 Nov 28 469 31 218 227 1,718 112 Dec 28 461 31 217 219 1,718 112 1958 Jan 28 454 31 206 215 1,727 112 Feb 20 454 31 212 209 1,733 112 Mar 20 454 31 193 203 1,720 112 Apr 20 454 31 179 203 1,770 112 May 20 474 31 161 203 1,836 112 June 20 474 31 159 204 1,857 112 July 474 31 167 204 1 907 112 Aug 486 31 180 204 1,929 CO CO CO CO CO C 0000 00 00 00 OC Canada Chile Co- Cuba Den- lombia mark 896 42 76 214 31 996 42 86 186 31 1,080 42 86 186 31 1,141 44 86 136 31 1,113 46 57 136 31 1,135 40 58 136 31 1,136 40 58 136 31 1,136 40 60 136 31 1,127 40 61 136 31 1,115 40 62 136 31 1,116 40 63 136 31 1 086 40 64 136 31 1,096 40 136 31 1 101 40 136 31 1 089 40 136 31 1,086 40 136 31 1 096 40 136 31 1,088 136 31 Italy Mexico Nether- Nor- Paki- lands way stan 346 144 544 50 38 346 158 737 52 38 346 62 796 45 38 352 142 865 45 48 338 167 844 50 49 422 163 747 45 49 428 182 700 45 49 443 182 700 45 49 453 181 700 46 49 452 180 744 45 49 457 159 792 45 49 462 159 828 45 49 462 158 847 43 49 417 156 862 43 49 138 491 154 881 43 49 138 910 43 49 138 920 43 49 138 944 43 49 Turkey U K n i i n t g ed - Uru- Vene- M In o t n l. e- Ba I n n k tl . for dom5 guay zuela tary Settle- Fund ments 143 1,846 207 373 1,692 196 143 2 518 227 373 I 702 193 144 2,762 227 403 1,740 196 144 2,120 216 403 [,808 217 144 2,133 186 603 1,692 179 144 2 142 183 719 I 157 184 144 1,850 183 719 1,167 138 144 2 093 183 719 I 177 130 144 2,185 183 719 I 180 143 144 2,273 180 719 1,180 165 144 2,404 180 719 [,180 171 144 2,539 180 719 1,182 162 144 2 770 180 719 I 186 182 144 2,914 180 719 1,238 212 144 3,039 180 720 1,241 254 144 3,076 180 720 1,242 200 144 3 084 180 167 144 3,089 171 P Preliminary. 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 1233 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3 , 1956 June 30, 1957 Sept. 30, 1957 Dec. 3 ,1957 Mar. 31, 1958 June 30, 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 & notesdollars & notes Continental Western Europe: Austria .. 367 10 382 8 424 8 452 8 458 7 466 7 Belgium-Luxembourg (and Belgian Congo).. 1,227 12 1,133 11 1,165 8 1,182 8 1,259 7 1,394 7 Denmark 96 6 92 6 133 6 143 6 162 6 145 6 Finland ... . 88 5 94 5 97 5 99 5 96 5 82 5 France (and dependencies) * 1,505 7 2996 9 1,004 9 946 9 911 10 893 16 Germany (Federal Republic of) 3,329 14 3,719 14 4,063 14 4,099 14 3,968 15 4,040 12 Greece 187 111 152 167 167 135 Italy 1,268 2 1,323 2 1,458 2 1,531 2 1,528 2 1 674 4 Netherlands (and Netherlands West Indies and Surinam) 1,071 9 1,004 10 971 12 1,044 14 1 260 14 1 289 13 Norway 117 87 133 86 139 81 138 105 150 95 151 89 Portugal (and dependencies). . 628 622 636 651 1 658 (3) 678 Spain (and dependencies) 160 3 142 140 3 114 118 120 3 Sweden 483 499 508 479 461 8 458 4 Switzerland .... 2,512 131 2,442 132 2,527 134 2,685 2,624 118 2,690 84 Turkey 164 158 156 162 128 157 156 Other* 933 12 1,204 12 889 12 863 12 978 6 1,129 5 Total 14,135 298 14,120 298 14,462 294 14,755 319 14,955 296 15,500 255 Sterling Area: United Kingdom 2,812 203 2,894 264 2,507 180 2,875 205 3,460 241 3,810 226 United Kingdom dependencies 103 4 96 4 109 104 4 102 4 99 4 Australia . 191 191 (3? 197 211 5208 5201 India 323 1 323 329 329 1 326 1 331 1 Union of South Africa 277 294 262 1 255 1 231 183 1 Other 228 14 226 29 227 30 224 34 230 37 229 37 Total 3,934 223 ',024 299 3,631 216 3,998 245 4,557 284 4,853 269 Canada 2,629 367 2,712 457 2,786 443 2,738 457 2,722 441 3,087 341 Latin America: Argentina 370 345 313 263 270 266 Brazil 549 1 467 457 1 456 440 450 j Chile .. 137 1 131 1 117 1 115 1 117 1 126 1 Colombia 210 263 244 215 5199 5189 Cuba 347 167 393 167 416 167 371 154 371 146 417 98 Guatemala .. .... 91 97 (3i 87 92 93 91 Mexico 600 4 504 553 566 536 5486 3 Panama, Republic of 109 1 135 129 136 1 144 2 134 1 Peru 119 110 96 88 82 93 Uruguay 259 248 243 235 1 266 1 257 2 Venezuela 1,058 3 1,450 2 1,615 2 1,554 2 1,428 2 1,460 2 Other 274 12 345 11 293 13 277 13 300 12 303 13 Total.... 4,123 190 4,488 188 4,563 189 4,368 176 4,246 168 4,272 121 Asia: Indonesia 231 (3) 168 220 (3) 190 128 122 I J r a a p n an 1,1 1 4 5 5 8 (3 4 7 1 5 7 4 3 (3) 6 1 9 87 8 (3)2 7 1 1 93 4 1 8 1 3 90 3 1 9 2 3 02 2 (3 1 ) Philippines 294 6 243 6 235 6 181 196 175 5 T O h th a e il r and 7 2 0 6 7 0 6 1 7 2 6 7 6 9 7 1 7 2 6 7 8 5 7 1 2 in 69 8 2 7 6 7 9 3 7 1 7 2 6 6 4 0 8 1 Total 2,795 17 2,383 16 2,383 16 2,324 16 2,389 15 2,455 15 All other: Egypt6 238 246 242 228 216 192 Other 129 8 175 166 162 7 170 8 151 8 Total 367 8 421 7 408 7 390 7 386 8 343 8 Total foreign countries 7 .... 27,983 1,103 28,148 1,265 28,233 1,165 28,573 1,220 29,255 1,212 30,510 1,009 International institutions 3,144 391 2,720 366 2,679 222 2,697 222 2,563 356 2,689 446 Grand total7 31,127 1,494 30,868 1,631 30,912 1,387 31,270 1,442 31,818 1,568 33,199 1,455 v Preliminary. 6 Part of United Arab Republic since February 1958. 1 Excludes gold holdings of French Exchange Stabilization Fund. 7 Excludes gold reserves of the U. S. S. R. and other Eastern European 2 Does not include $286 million of gold loaned by Bank of France to countries. the French Exchange Stabilization Fund on June 26, 1957. NOTE.—Gold and short-term dollars include reported and estimated 3 Less than $500,000. official gold reserves, and total dollar holdings as shown in Short-term 4 Includes Yugoslavia, Bank for International Settlements (both for Liabilities to Foreigners Reported by Banks in the United States, by its own and European Payments Union account), gold to be distributed Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. by the Tripartite Commission for Restitution of Monetary Gold, and bonds and notes represent estimated holdings of such securities with origiunpublished gold reserves of certain Western European countries. nal maturities of more than one year; these estimates are based on a 5 Includes latest reported figures for gold reserves as follows: Australia survey of selected U. S. banks and on monthly reports of security transac- (Dec. 31, 1957); Colombia (Feb. 28); and Mexico (May 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

1234 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 July Oct. Jan. Apr. July June Sept. Dec. Mar. June Gold 1,148 1,177 1,180 1,238 1,242 Dollar deposits and U. S. securities. 484 52^[ 602 683 917 Investments* 200 200 200 200 200 Other currencies and securities *. . . 873 85*5 813 767 752 Currencies: United States1 992 811 769 696 664 Effective loans2 2,437 2,54S> 2,606 2,795 2,829 Otheri 5,777 5,948 5,992 6,060 6,119 Other assets3 72 It> 75 90 93 Unpaid member subscriptions 818 874 874 898 873 Other assets 6 8 8 8 8 TRRD bonds outstanding 1,034 1,141 1,269 1,405 1,658 Undisbursed loans 670 67*> 62C 699 675 Member subscriptions.... 8,941 9,016 9,016 9,088 9 088 Other liabilities 19 2() 21 24 27 Accumulated net income. -2 3 (9) (9) 289 30:J 319 335 350 Reserves and liabilities... 4 12 18 Capital 1,854 1,86'1 1,867 1,872 1,881 Quota Cumulative net drawings on the Fund Loans by country, Aug. 31, 1958 Country io Paid 1957 1958 Outstanding Total in Area and member country* gold July June July Prin- Dis- Recipal bursed paid Sold Total to Argentina 150 38 75 75 75 others* Belgium 225 56 50 50 50 Brazil 150 38 38 113 113 Chile 50 9 12 37 39 Continental W. Europe, total.. 1,282 1,093 212 880 103 Colombia 50 13 25 35 35 Belgium and Luxembourg... 173 139 15 124 31 France 525 108 263 394 394 267 267 21 247 13 India 400 28 200 200 200 Italy 238 122 2 120 20 Indonesia 110 16 55 55 55 Netherlands 236 236 147 90 30 Japan 250 63 75 125 125 Other 368 328 28 300 8 Netherlands 275 69 64 64 Un. of S.Africa... 100 25 36 36 Sterling area, total 1,268 939 104 835 118 United Arab Rep.. 60 10 30 30 30 318 303 20 283 38 United Kingdom.. 1,300 236 562 550 550 India 422 290 28 262 29 Uni v j States 2,750 688 H-1,721 U-2 ,046 H-2,048 Pakistan 126 63 13 50 3 Union of S. Africa 160 152 31 120 22 United Kingdom 193 101 5 96 26 Notes to tables on international institutions; Other 49 31 7 24 1 Currencies include demand obligations held in lieu of deposits. 2 Represents principal of authorized loans, less loans not yet effective, Latin America, total 798 618 82 536 23 repayments, the net amount outstanding on loans sold or agreed to be Brazil 182 167 21 146 sold to others, and exchange adjustment. 111 96 22 74 2 3 Excludes uncalled portions of capital subscriptions. 186 149 13 136 8 4 Loans to dependencies are included with member. Other 318 206 26 180 11 5 Includes also effective loans agreed to be sold but not yet disbursed. 6 Includes $238 million in loans not yet effective. Asia (excl. Sterling area), total. 425 226 9 217 16 7 Includes $240 million not guaranteed by the Bank. Japan 195 103 4 99 9 * U. S. Treasury bills purchased with proceeds of sales of gold. 107 41 5 36 2 » Transferred to General Reserve. Other . 123 81 81 6 I ° Countries shown are those with cumulative net drawings of $25 million or more on the latest date. Africa (excl. Sterling area).... 63 10 1 9 1 I1 Represents sales of U. S. dollars by the Fund to member countries for local currencies, less repurchases of such currencies with dollars. Total 63,836 2,885 408 2,478 7260 PRINCIPAL ASSETS AND LIABILITIES OF <CENTRAI. BANKS Bank of England (millions of pounds sterling) Assets of issue Assets of banking department Liabilities of banking department department Date Note Gold (fi O i a d s s u s t s h u c e i e e t a s r ) ry Coin Notes a v c n o D a d n u i c s n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l i a- Bankers' Pub D li e c posit E s CA Other C su a a r p n p i l d t u a s l 1953—Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 1.619.9 290.2 14.9 7.2 70.4 18.2 1954—Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 1955 Dec. 28 .4 1,900.0 2.3 10.7 37.7 299.6 1,889.6 245.2 12.0 3.2 71.7 18.1 1956 Dec 26 4 2 025.0 1.9 27.7 11.0 267.7 1,997.7 203.6 11.6 74 9 18 1 1957 Sent 25 4 2 000.0 2.5 32.9 15.1 271.0 I 967.5 216.8 13 0 73 1 18 5 Oct 30 .4 2 000.0 2.5 33.4 13.7 288.7 .967.0 234.6 10.1 75.7 17 8 Nov. 27 .4 2 050.0 2.4 48.9 19.8 260.3 2,001.4 226.9 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 July 30 4 2 150.0 2.3 21.5 11.1 276.6 2,128.9 204.6 16.5 72.1 18 3 Aug. 27 .4 2,100.0 1.9 53.4 8.2 243.1 2,047.0 206.0 12.0 70.1 18.4 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 1235 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets2 Liabilities Date Ste a r n l d ing Do ci m al i n g i o o v n t a s n e d c u p r r it o i v es in- Other Note Deposits lia O b t i h li e ti r es T d S T o t - l a ji l . t a e J r s s S t h e o rm rt- Other assets circulation Ch b a a r n te k r s ed Do g m o i v n t i . on Other ca a p n i d tal 1953—Dec. 31 54.9 1.376.6 893.7 112.0 1.599.1 623. 9 51.5 29.5 133.1 1954 Dec. 31 54.2 1,361.5 871.1 114.1 1,623.5 529. 6 56.3 30.5 161.0 1955—Dec. 31 57.4 11,283.s 1,093.7 185.2 1,738.5 551. 0 89.2 34.0 207.5 1956—Dec. 31 60.8 ,025. 0 1,392.0 69.9 1,868.7 511. 5 38.8 31.2 97.5 1957—Sept. 30 55.3 1,208.4 1,204.2 110.9 1,819.1 480. 8 66.9 28.7 183.3 Oct. 31 56.6 ,297. 5 1,192.1 163.5 1,824.0 623. 7 40.1 25.8 196.0 Nov. 30 56.2 1,321. 1,152.0 252.8 1,828.0 543. 4 64.3 30.7 316.1 Dec. 31 63.5 1,246.2 1,217.5 131.5 1,903.7 517. 6 35.4 31.2 170.8 1958—Jan. 31 63.0 ,265. 5 1,105.0 182.2 1,776.5 533. 8 57.3 23.3 224.8 Feb. 28 63.2 ,293. I) 1,103.2 198.1 783.7 555. 46.1 26.8 245 6 Mar. 31 61.2 ,373. 9 1,074.3 157.6 ,809.7 579. 5 53.8 24.6 199.3 Apr. 30 51.3 ,329. 7 1,144.1 117.3 ,832.0 554. 2 60.4 25.1 170.6 May 31 58.0 ,002. 4 1,472.7 202.3 ,843.5 540. 7 65.5 27.1 258 5 June 30 50.4 496.1 1,087.4 150.7 876 t 609. 8 60.8 30.6 207.3 July 31 49.5 1,501 t) 1,123.6 120.7 1*902!9 619. 9 61.3 26.7 185 0 Aug. 30 53.9 1,420.7 1,219.0 263.6 I,'906.7 628.9 45.5 43.6 332.5 Bank of France (billions of francs) Assets Liabilities Date Gold F c o h e r a x e n i - g g e n m O a p r e k n et Dom Sp e e s c ti i c a l bills Other Cu A G rr d o e v v n a e t n rn c m e O s e t n t 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- G m ov en D er t e n p - os O it t s her* c O l a i i a a t p t i n h b e i d t i e s a l r - l 1953—Dec. 31 201.3 15.4 292.5 61. 891 6 200.0 679.8 170.0 2,310.5 (4) 144.9 56.3 1954—Dec. 30 201.3 57.3 236.8 48.<) 1,130.2 195.0 617.6 277.2 2,538.5 .1 157.8 67.9 1955—Dec. 29 301.2 200.2 226.7 45.:} 1,194 7 190.0 539.8 336.8 2,820.0 142.9 71 8 1956—Dec. 27 301.2 49.6 289.2 30.. 1,753,7 179.0 479.8 236.4 3,046.9 (*) 173.8 98.8 1957—Sept. 26 201.2 11.9 322.7 18.. 1,886 7 175.0 804.8 266.2 3,214.4 (4) 359.5 112.9 Oct. 31 201.2 12.0 315.2 44.<) 1,914,9 175.0 829.8 341.1 3,292.5 I? 417.0 123.6 Nov. 28 201.2 12.0 282.0 44.( 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.. 1,951 175.0 796.4 295.0 3,174.9 475.3 122.9 1938—-Jan. 30 201.2 11.9 260.3 53.<i 1,868 9 175.0 949.4 268.8 3,191.7 .1 469.0 128.1 Feb. 27 201.2 11.8 290.2 50. (5 1,827.7 175.0 948.9 259.7 3,197.9 .1 455.5 111.8 Mar. 27 201.2 11.8 287.8 34.1* 1,932 175.0 899.9 253.2 3,192.1 .1 478.5 125 5 Apr 30 201.2 11.9 322.6 27. I 1,881.2 175.0 946.4 305.0 3,295.5 .1 470.8 104.1 May 29 201.2 11.9 310.7 22.'7 2,011 6 175.0 929.8 270.3 3,286.3 .1 550.2 96 7 June 26 201.2 11.8 289.3 16.:}, 1,975 7 175.0 948.9 264.3 3,266.9 .1 492.9 122.7 July 31 5247.6 14.2 248.2 8.'X 2,03C.6 175.0 966.1 319.2 3,438.0 460.1 111.1 Aug. 28 247.6 14.2 254.3 7.:I 1,968.0 175.0 956.1 6286.8 3,360.2 443.2 105.8 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item Aug. July une Aug. Aug. July June Aug. Central Bank of the Argentine Republic Commonwealth Bank of Australia (millions of pesos): ? (millions of pounds): Gold and foreign exchange (net)... -1,413 -1,035 _1,214 Gold and foreign exchange. . 419 433 474 Net claim on Intl. Fund8 -675 -675 -675 Checks and bills of other bariks. 3 A 3 Advances to Government. 476 2,593 2,175 Securities (incl. Govt. and Treas- Government securities.... 68,622 65,103 63.485 ury bills) 491 467 472 Loans and discounts. .. 6,253 6,196 6,243 Other assets 30 4C 36 Other assets 4,938 4,397 4.000 Note circulation... 390 388 387 Currency in circulation... 55,729 54,518 53',486 Deposits of Trading Banks: Deposits Government • • 142 238 335 Special 265 275 340 Banks 14 788 14 566 Other 31 21 30 Other 413 403 340 Other liabilities and f.anital 257 253 228 Other liabilities and capital 7,128 6,854 6,253 Notes to central bank table on this and opposite page: 7 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 * 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 On July 31, 1958, gold reserves were revalued on the basis of 420 of the month. For details relating to individual items, see BULLETIN for francs per U. S. dollar. April 1955, p. 443. «Includes 120.1 billion francs of gold loaned to Stabilization Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1236 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 Aug. July June Aug. Aug. July June Aug. Austrian National Bank (millions of National Bank of Cuba (millions of schillings): pesos): Gold 3,213 2,745 2,655 2,231 Gold 136 136 136 136 Foreign exchange (net) 12,314 11,561 10,815 10,396 Foreign exchange (net) 152 143 139 180 Loans and discounts 5,779 5,896 6,010 6,184 Foreign exchange (Stabilization Claim against Government 1,166 1,345 1,345 1,343 Fund) 116 116 117 205 Other assets 836 850 852 599 Net claim on Intl. Fund1 13 13 13 13 Note circulation 15,863 16,042 15,686 14,741 Loans and discounts 79 76 76 49 Deposits—Banks 3,423 2,390 2,077 2,184 Credits to Government 213 221 220 112 Other 1,019 878 943 1,127 Other assets 68 69 66 76 Blocked 1,006 1,101 1,059 876 Note circulation 468 475 485 444 Other liabilities and capital 1,998 1,984 1,912 1,825 Deposits 267 260 243 291 National Bank of Belgium (millions of Other liabilities and capital 40 39 38 34 francs): National Bank of Czechoslovakia2 Gold 60,625 59,107 57,133 44,112 National Bank of Denmark (millions Foreign claims and balances (net). 9,505 9,818 10,456 7,880 of kroner): Loans and discounts 3,509 6,664 5,343 14,653 Gold 68 68 68 68 Consolidated Govt. debt 34,243 34,243 34,243 34,456 Foreign exchange 1,212 1,110 1,062 956 Govt. securities 7,655 8,105 6,805 9,778 Loans and discounts 179 107 152 134 Other assets 6,262 6,128 6,131 6,128 Securities 365 373 335 493 Note circulation 114,977117,394112,989 110,320 Govt. compensation account 2,953 2,953 2,954 ,022 Deposits—Demand 1,620 1,540 2,161 2,031 Other assets 816 853 674 784 ECA 19 19 19 20 Note circulation 2,276 2,327 2,367 :,124 Other liabilities and capital 5,184 5,111 4,940 4,636 Deposits—Government 1,250 1,255 1,263 ,502 Central Bank of Bolivia—Monetary Other 1,151 1,245 1,338 ,562 dept. (millions of bolivianos): (Apr.) Other liabilities and capital 916 637 277 268 Gold at home and abroad 7,038 7,239 Gentral Bank of the Dominican Re- Foreign exchange (net) -43,330 39,311 public (thousands of pesos): Gold contribution to Intl. Fund. . 21,375 475 Gold 11,432 11,432 11,432 11,405 Loans and discounts 368,914 286,340 Foreign exchange (net) 14,147 10,275 11,494 15,850 Govt. securities 7,770 7,920 Net claim on Intl. Fund1 2,500 2,500 2,500 2,500 Other assets 40,389 12,240 Loans and discounts 9,463 10,115 10,118 3,316 Note circulation 195,580 177,907 Govt. securities 7,300 7,300 7,300 7,830 Deposits 23,610 42,170 Other assets 30,016 29,611 28,995 23,570 Other liabilities and capital 182,966 133,449 Note circulation 55,562 53,979 55,415 48,432 Central Bank of Ceylon (millions of Demand deposits 15,165 13,163 12,254 12,414 rupees): Other liabilities and capital 4,133 4,093 4,171 3,624 Foreign exchange 532 509 493 624 Oentral Bank of Ecuador (millions of Advances to Govt , 7 47 58 sucres): Govt. securities 130 125 119 49 Gold 325 325 325 325 Other assets 58 46 42 11 Foreign exchange (net) -39 -85 -98 66 Currency in circulation 526 517 516 459 Net claim on Intl. Fund1 38 38 38 -37 Deposits—Government 2 2 7 24 Credits—Government 463 474 502 514 Banks 80 79 81 85 Other 387 382 340 338 Other liabilities and capital 119 129 108 116 Other assets 305 314 281 240 Central Bank of Chile (millions of Note circulation 774 736 695 739 pesos): Demand deposits—Private banks. 215 216 210 227 Gold 5,447 4,265 4,496 Other 189 185 169 169 Foreign exchange (net) 339 398 1,057 Other liabilities and capital 302 310 313 311 Net claim on Intl. Fund1 -2,952 -2,732 18National Bank of Egypt (millions of Discounts for member banks 18,288 19,959 16,404 pounds): Loans to Government 40,650 39,079 26,077 Gold 61 61 61 66 Other loans and discounts 61,038 68,302 54,116 Foreign assets3 65 65 66 96 Other assets 44,055 37,676 21,749 Egyptian Govt. securities 188 187 187 170 Note circulation 90,394 90,090 70,644 Clearing and other accounts (net). -40 -39 -37 -32 Deposits—Bank 12,075 8,559 7,442 Loans and discounts 36 38 40 21 Other 6,566 6,786 5,511 Other assets 2 3 2 2 Other liabilities and capital 57,831 61,511 40,320 Note circulation 176 183 191 183 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government. 13 14 18 10 lions of pesos): Other 102 96 89 111 Gold and foreign exchange 342 301 266 352 Other liabilities and capital 20 20 19 19 Net claim on Intl. Fund1 52 52 52 52 OEntral Reserve Bank of El Salvador Loans and discounts ,877 1,858 1,838 951 (thousands of colones): Govt. loans and securities 647 641 631 648 Gold 78,501 78,508 78,519 78,629 Other assets 381 351 338 340 Foreign exchange (net) 20,106 29,828 34,586 58,067 Note circulation ,064 1,059 1,045 930 Net claim on Intl. Fund1 4,689 4,689 4,689 1,562 Deposits ,417 1,344 1,278 1,193 Loans and discounts S2,412 79,713 82,570 71,368 Other liabilities and capital 819 801 801 220 Govt. debt and securities 3,594 2,544 4,550 10,331 Central Bank of Costa Rica (millions Other assets 9,924 9,484 9,695 7,621 of colones): Note circulation 92,315 93,607 95,769 98,362 Gold 12 12 12 12 Deposits 93,948 98,235106,094 117,040 Foreign exchange 89 103 111 78 Other liabilities and capital 13,021 12,924 12,746 12,177 Net claim on Intl. FundJ 7 7 7 7Bank of Finland (millions of markka a): Loans and discounts 116 110 105 106 Gold 7,866 7,866 7,850 7,847 Securities 13 13 13 16 Foreign assets and liabilities (net). 51,224 45,855 41,238 15,135 Other assets 35 32 34 30 Loans and discounts 23,799 28,571 35,699 38,775 Note circulation 162 164 167 151 Securities—Government 8,125 8,125 8,125 16,250 Demand deposits 49 54 56 47 Other 1,644 1,643 1,665 1,515 Other liabilities and capital 61 60 58 52 Other assets 15,202 15,523 16,121 13,092 Note circulation 59,511 56,824 59,332 53,736 Deposits 11,780 14,471 15,757 5,351 Other liabilities and capital 36,568 36,288 35,609 33,528 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 1237 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item Aug. July June Aug. Aug. July June Aug. German Federal Bank4 (millions of Bank of Israel (millions of pounds): German marks): Gold 6 6 9 Gold 10,792 10,766 10,695 9,450 Foreign exchange 160 167 112 Foreign exchange 14,715 14,406 13,843 13,689 Clearing accounts (net) -9 -6 -4 Loans and discounts 1,092 922 1,586 1,148 Loans and discounts 22 22 28 Loans to Government 1,925 2,248 2,676 3,251 Advances to Government 115 116 60 Other assets 1,680 1,578 1,623 946 Other Govt. accounts 99 98 129 Note circulation 17,208 17,111 16,974 15,706 Govt. securities , 148 148 150 Deposits—Government 4,074 4,311 4,801 4,812 Other assets , 11 10 13 Banks 6,107 5,786 5,989 4,746 Notes and coin in circulation 267 261 241 Other 178 176 419 676 Deposits—Government , 44 43 39 Other liabilities and capital 2,636 2,538 2,240 2,543 Other 211 227 188 Bank of Greece (millions of drachmae) Other liabilities and capital , 30 30 28 Gold and foreign exchange (net).. 5,107 5,432 5,955 Bank of Italy (billions of lire): Loans and discounts 201 193 170 Gold 5 5 4 4 Advances—Government 5,408 4,799 8,589 Foreign exchange 63 71 71 71 Other 6,322 6,238 5,123 Advances to Treasury 567 567 567 567 Other assets 2,704 2,471 2,491 Loans and discounts 460 429 427 475 Note circulation 7,413 6,946 6,328 Govt. securities , 386 394 393 405 Deposits—Government 1,116 1,244 1,075 Other assets 1,576 1,620 1,467 ,070 Reconstruction and Note circulation 1,834 1,839 1,774 ,706 relief accts 3,695 3,693 7,113 Deposits—Government 17 16 13 5 Other 5,958 6,034 5,785 Demand 121 133 152 150 Other liabilities and capital 1,561 1,216 2,026 Other 871 888 788 559 Bank of Guatemala (thousands of Other liabilities and capital 215 210 201 171 quetzales): Bank of Japan (billions of yen): Gold 27,270 27,270 27,262 Bullion () () F G O R C o i e t o r h r d l c e d e i u i s r g l c c a n a o o t s i u n s e o n e t x n r t t c s i s — b h a a u N C n n ti o d o g o i e t n n e a s ( d t n v o e a t n I ) n c t e l s . Fund.. 4 2 3 5 6 4 0 3 8 1 , , , , , , 3 5 4 5 2 9 2 2 5 2 6 5 1 5 0 8 0 5 4 3 5 1 4 6 6 9 7 1 , , , , , , 4 5 9 2 4 9 0 5 8 9 5 5 1 0 5 9 3 6 3 5 3 1 4 8 8 9 1 1 , , , , , , 2 2 5 0 7 0 5 4 5 7 9 0 0 2 5 5 7 2 D L N O G o e t o o h a p t v e e n o t r . s s c i s a i a t e r s s n c s c — d u e u t l r O G s a d it t i o t i i s h e o v c s e n o e r r u n n m ts ent 2 5 6 1 1 4 4 6 9 8 9 2 3 7 4 6 2 6 1 7 6 8 5 8 5 9 9 1 3 7 2 1 0 3 6 1 8 1 9 7 6 5 2 5 6 1 4 2 3 8 5 2 7 1 3 5 0 1 Deposits—Government 11,540 9,416 8,887 Other liabilities 143 145 147 94 Banks 21,647 22,375 21,163 Bank of Mexico (millions of pesos): Other liabilities and capital 32,292 33,305 25,500 Monetary reserve? 1,909 1,893 1,862 1,867 National Bank of Hungary2 "Authorized" holdings of secu- Reserve Bank of India (millions of rities, etc 4,440 4,359 4,356 4,587 rupees): Bills and discounts 1,276 1,254 1,187 912 Issue department: Other assets 836 883 821 847 Gold at home and abroad 1,178 1,178 1,178 1,178 Note circulation 5,583 5,352 5,349 5,246 Foreign securities 1,747 1,847 1,997 3,605 Demand liabilities 2,053 2,220 2,100 2,221 Indian Govt. securities 11,144 11,296 11,676 9,020 Other liabilities and capital 824 817 776 746 Rupee coin 1,383 1,351 1,313 1,336 Netherlands Bank (millions of Note circulation 15,218 15,418 15,771 14,706 guilders): Banking department: Gold 3,570 3,480 3,442 2,826 Notes of issue department 233 253 392 432 Silver (including subsidiary coin).. 22 18 17 12 Balances abroad 125 125 180 193 Foreign assets (net) 1,212 1,212 1,267 622 Bills discounted 33 24 7 42 Loans and discounts 18 32 101 400 Loans to Government 129 148 267 373 Govt. debt and securities 174 322 170 791 Other assets 3,884 4,308 3,730 2,987 Other assets 275 275 292 351 Deposits 3,084 3,499 2,842 2,739 Note circulation 4,124 4,275 4,205 4,046 Other liabilities and capital 1,320 1,360 1,734 1,287 Deposits—Government 178 293 Bank Indonesia (millions of rupiahs): ECA 17 Gold and foreign exchange (net).. 1,013 1,085 1,127 588 Other 760 857 594 727 Loans and discounts 1,879 1,670 1,447 835 Other liabilities and capital 208 207 197 212 Advances to Government 23,666 23,256 22,497 16,210 Reserve Bank of New Zealand (thou- Other assets 993 1,016 1,007 792 sands of pounds): Note circulation 16,075 15,849 15,554 11,970 Gold 6,163 6,162 6,162 Deposits—ECA 73 77 270 Foreign exchange reserve 31,112 23,424 57,133 Other 5,292 4,957 5,110 3,885 Loans and discounts 50,143 43,993 23,628 Other liabilities and capital 6,184 6,148 5,337 2,300 Advances to State or State un- Bank Melli Iran (millions of rials): dertakings 32,195 44,069 27,972 Gold 5,536 5,536 5,536 4,533 Investments 36,377 36,377 38,124 Foreign exchange 962 962 962 Other assets 1,438 1,678 1,608 Gold contribution to Intl. Fund. . 663 663 663 663 Note circulation 73,533 73,882 72,699 Govt.-secured debt 7,923 7,923 7,923 , 923 Demand deposits 75,489 73,652 72,722 Govt. loans and discounts 13,700 12,962 14,142 , 174 Other liabilities and capital 8,405 8,168 9,207 Other loans and discounts 9,734 9,528 9,075 585 Bank of Norway (millions of kroner): Other assetss 17,792 19,291 15,901 736 Gold 192 192 192 206 Note circulation 13,390 13,079 12,784 , 380 Foreign assets (net) 205 202 174 205 Deposits—Government 7,189 8,050 6,508 461 Clearing accounts (net) -15 16 -19 14 Banks 2,727 2,545 2,567 , 697 Loans and discounts 98 97 93 81 Other 23,528 23,762 21,558 239 Securities 201 215 210 112 Special Account—Profits of reval- Occupation account (net) 5,440 5,440 5,440 5,545 uation 6,190 6,190 6,190 , 110 Other assets 203 216 200 119 Other liabilities and capital 3,286 3,238 4,595 , 727 Note circulation 3,283 3,292 3,285 3,251 Central Bank of Ireland (thousands of Deposits—Government 1,379 1,517 1,565 1,337 pounds): Banks 507 411 318 641 Gold 2,646 2,646 2,646 646 FOA 1 1 26 Sterling funds 73,311 72,739 72,456 879 Other liabilities and capital 1,156 1,157 1,122 1,028 Note circulation 75,958 75,385 75,102 4 On Aug. 1, 1957, the Land Central Banks and the Berlin Central .0275557 to .0117316 grams of fine gold per rial. Bank were merged with the Bank of German States (Bank deutscher 6 Holdings in each month were 448 million yen. Lander) and the latter became the German Federal Bank (Deutsche 7 Includes gold, silver, and foreign exchange forming required reserve Bundesbank). (25 per cent) against notes and other demand liabilities. 5 Includes (1) gold and foreign exchange in banking department and For other notes see opposite page. (2) in May 1957, the profit resulting from revaluation of gold from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1238 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 Aug. July June Aug. Aug. July June Aug. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 449 449 449 531 Issue department: Foreign assets 1,365 1,320 1,260 1,203 Gold at home and abroad *•.... 162 117 117 115 Net claim on Intl. Fund2 129 129 129 129 Foreign exchange—Approved.. 487 524 627 692 Swedish Govt. securities and ad- Other 57 57 57 57 vances to National Debt Office 3. 3,773 3,773 4,597 4,491 Pakistan Govt. securities 2,129 2,166 2,192 1,818 Other domestic bills and advances. 48 54 382 69 India currency 430 430 430 430 Other assets 835 842 875 965 Rupee coin 54 50 42 60 Note circulation 5,423 5,359 5,513 5,320 Notes in circulation 3,202 3,232 3,373 3,030 Demand deposits—Government.. 104 126 136 261 Banking department: Other 59 71 56 71 Notes of issue department 118 112 92 142 Other liabilities and capital 1,013 1,012 1,988 1,735 Bills discounted 17 40 Swiss National Bank (millions of Loans to Government 9 46 110 francs): Other assets 1,093 1,064 1,021 1,051 Gold 8,350 8,251 8,034 7,181 Deposits 1,075 1,069 1,077 1,054 Foreign exchange 515 539 572 535 Other liabilities and capital.... 144 169 187 139 Loans and discounts 114 140 142 157 Central Bank of Paraguay (millions of Other assets 81 90 86 92 guaranies): Note circulation 5,592 5,544 5,569 5,565 GGooldd 10 10 10 15 Sight liabilities 3,227 3,236 3,025 2,170 Foreiign exchange (net) 446 389 447 750 Other liabilities and capital 241 240 239 231 NNeett ccllaaiim on Intl. Fund 2 113 113 113 173 Central Bank of the Republic of Turkey Loans andd ddiiscounts 1,604 1,602 1,601 1,666 (millions of pounds): Govt. loans and securities 722 733 732 702 Gold 403 403 403 402 Other assets 523 558 527 476 Foreign exchange and foreign Note and coin issue 1,373 1,366 1,333 1,229 clearings 368 306 331 485 Deposits—Government 365 360 357 535 Loans and discounts 5,796 5,779 5,637 4,609 Other 312 270 323 289 Securities 33 33 33 33 Other liabilities and capital 1,367 1,408 1,416 1,729 Other assets 267 274 262 271 Central Reserve Bank of Peru (millions Note circulation 3,825 3,827 3,728 2,926 of soles): Deposits—Gold 156 156 156 155 Gold and foreign exchange 169 129 83 581 Other 2,125 1,960 1,957 1,965 Net claim on Intl. Fund 2 67 67 67 67 Other liabilities and capital 760 852 825 754 Loans and discounts to banks.... 1,506 1,393 1,320 1,'013 Bank of the Republic of Uruguay (mil- Loans to Government 2,008 2,004 2,029 1,649 lions of pesos): (May) Other assets 158 106 138 186 Gold 273 278 Note circulation 2,766 2,838 2,661 2,496 Silver Deposits 851 591 667 715 Advances to State and Govt. Other liabilities and capital 290 271 309 285 bodies '316 272 Central Bank of the Philippines Other loans and discounts 695 626 (millions of pesos): Other assets r979 896 Gold 26 23 22 53 Note circulation 651 558 Foreign exchange 160 148 157 245 Deposits—Government 199 183 Loans 205 230 217 100 Other 396 385 Domestic securities 827 827 842 586 Other liabilities and capital 1,026 954 Other assets 169 169 168 116655 Central Bank of Venezuela (millions Circulation—Notes 719 701 710 688 of bolivares): Coin 88 88 87 86 Gold 1,999 1,999 2,099 Demand deposits 412 441 448 232 Foreign exchange (net) 1,567 1,738 2,027 Other liabilities and capital 167 166 161 142 Other assets 150 138 195 Bank of Portugal (millions of escudos): Note circulation 1,440 1,468 1,318 Gold 6,139 6,147 6,016 5,969 Deposits 820 824 597 Foreign exchange (net) 13,916 14,149 14,007 13,691 Other liabilities and capital 1,455 1,582 2,406 Loans and discounts 1,707 1,635 1,275 1,"5"5"9 National Bank of Federal People's Re- Advances to Government 1,362 1,362 1,365 1,369 public of Yugoslavia (billions of Other assets 1,277 1,284 1,317 2,311 dinars): Note circulation 12,328 12,285 12,035 11,597 Gold 4 4 4 6 Demand deposits—Government.. 1,903 1,899 2,050 1,968 Gold contribution to Intl. Fund.. 2 2 2 2 ECA 21 21 18 Foreign assets 25 24 23 36 Other 7,696 7,905 7,389 7,819 Loans (short-term) 871 875 879 791 Other liabilities and capital 2,475 2,467 2,485 3,497 Govt. debt (net) 81 95 83 94 South African Reserve Bank (millions Other assets . 39 19 17 56 of pounds): Notes and coin in circulation 127 125 122 107 Gold 64 59 56 Demand deposits 440 444 439 378 Foreign bills 17 20 20 Foreign liabilities 78 78 81 84 Other bills and loans 61 76 65 Long-term liabilities (net) 310 304 303 291 Other assets 59 57 67 Other liabilities and capital 69 67 65 125 Note circulation 117 118 116 115 Bank for International Settlements Deposits 53 63 64 53 (millions of Swiss gold francs): Other liabilities and capital 31 31 28 16 Gold in bars 524 510 613 564 Bank of Spain (millions of pesetas): Cash on hand and with banks 50 60 54 43 Gold 618 618 618 Rediscountable bills and accept- Silver 313 313 323 ances (at cost) 642 488 405 399 Govt. loans and securities 16,733 17,216 16,624 Time funds at interest 542 551 581 216 Other loans and discounts 63,379 60,750 57,328 Sundry bills and investments 845 854 796 861 Other assets 69,438 73,412 67,090 Funds invested in Germany 297 297 297 297 Note circulation 67,59: 64,905 60,970 Other assets 1 1 1 4 Deposits—Government 3,26: 5,902 5,155 Demand deposits—Gold 817 783 840 656 Other 13,134 12,132 14,095 Other 1,535 1,429 1,353 ,192 Other liabilities and capital 66,49' 69,370 61,763 Long-term deposits: Special 229 229 229 229 Other Liabilities and capital 321 319 326 308 r Revised. "Latest month available. 3 Includes small amount of nongovernment bonds. 1 In August 1958, a portion of the gold reserves was revalued from NOTE.—All figures, including gold and foreign exchange, are compiled 0.549191 to 0.258601 grams of fine gold per rupee. from official reports of individual banks and are as of the last report date 2 This figure represents the amount of the country's subscription to tho of the month. Fund less the bank's local currency liability to the Fund* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 1239 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 - Japan 3 P p h i i n l e ip s - A t r i g n e a^ n- Cuba* 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 8.40 1.5 3.5 4.5 1957 July 4.50 4.25 5.00 5.0 4.05 5.0 5.00 4.28 Sent 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 7 67 July 3.75 1.12 Aue 3.50 4.5 4 5 1.74 Sept 2.52 7.30 In effect September 30, 1958 3.50 4.5 5.0 3.0 3.5 3.50 5.00 4.5 4.5 2.52 7.30 4.5 6.0 5.5 Other selected central banks—rates in effect on September 30, 1958 A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Europe: Asia: Latin America: Latin America— Austria 5.0 Nov. 1955 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 Turkey 6.0 June 1956 Thailand 7.0 Feb. 1945 1 Rates shown represent mainly those at which the Central bank either type of transaction; Cuba—4.5 per cent for sugar loans and 4 per cent discounts or makes advances against eligible commercial paper and/or for loans secured by national public securities; Indonesia—various rates government securities for commercial banks or brokers. For countries depending on type of paper, collateral, commodity involved, etc.; Chile— with more than one rate applicable to such discounts or advances, the rates in excess of 6 per cent are applied to rediscounts in excess of 50 per rate shown is the one at which the largest proportion of central bank cent of the rediscounting bank's capital and reserves, rates of 4 and 2 credit operations is understood to be transacted. In certain cases other per cent apply to certain types of agricultural paper; Costa Rica—5 rates for these countries are given in note 3. per cent for paper related to commercial transactions (rate shown is for 2 Since Nov. 1, 1956, the discount rate is set each week at VA per cent agricultural and industrial paper); El Salvador—3 per cent for agricultural above the latest average tender rate for Treasury bills. and industrial paper and 2 per cent for special cases; and Peru—4 per 3 Discounts or advances at other rates include: Japan—-commercial cent for industrial paper and mining paper, and 3 per cent for most bank borrowings from the Central bank in excess of individual bank agricultural paper. quotas are charged penalty rates exceeding the basic rate shown; Argentina 4 Since May 16, 1957, this rate applies to advances against commercial —3 and 5 per cent for certain rural and industrial paper, depending on paper as well as against government securities and other eligible paper. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Switzerland Month 3 T m re b o a il s n l u s th ry s1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t t r h - s s ' T 3 r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - e y t y o 3 - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m o p o a n t n o t s hs d P is r r i c a v o t a e u t n e t 1955 Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 4i4-6Vi 1.50 1956 Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 3.23 1.50 1957 Aug 4.02 3.88 4.17 3.97 3.60 3.00 7.94 4.45 3.51 534-8 2.50 Sept 3.94 2.96 5.40 5.42 4.33 3.80 5.77 4.86 3.64 534-8 2.50 Oct 3.84 3.57 6.81 6.60 5.53 5.00 4.94 4.87 3.75 534-8 2.50 Nov 3.66 3.52 6.78 6.54 5.63 5.00 4.87 4.66 3.35 534_8 2.50 Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 4.64 3.33 534-8 2.50 1958 Jan 3.54 3.34 6.51 6.27 5.56 5.00 5.17 4.43 3.50 534-8 2.50 Feb 2.99 3.05 6.17 6.02 5.57 5.00 5.25 3.88 3.26 534-8 2.50 Mar 2.44 2.61 5.98 5.78 5.23 4.65 5.96 3.14 2.77 534-8 2.50 Apr 1.65 1.64 5.47 5.28 4.71 4.00 6.78 3.18 2.93 534-8 2.50 1.56 1.55 5.24 5.02 4.53 3.85 10.04 2.97 2.39 5*A~7Vi 2.50 June 1.75 1.72 4.65 4.45 3.95 3.30 7.51 2.90 2.34 5V4—7Vi 2.50 July 1.31 1.18 4.31 4.15 3.62 3.00 6.85 r2.88 2.49 5lA—7 Vi 2.50 Aug 1.29 .67 3.98 3.81 3.36 2.70 2.62 2.08 2.50 r Revised. 3 Beginning January 1957, rate shown is on private securities. Previous 1 Based on average yield of weekly tenders during the month. figures are averages of rates on government and private securities. 2 Based on weekly averages of daily closing rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1240 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 (peso) Aus- Den- Year or month Prefer- (p tr o a u l n 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 ro ar n k e) Basic ential Free 1952 20.000 13.333 7.163 222.63 1.9878 102.149 20.903 14.492 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 101.650 21.046 1954 20.000 13.333 7.198 223.80 3.8580 1.9975 102.724 21.017 1955 20.000 13.333 7.183 222.41 3.8580 1.9905 101.401 20.894 1956 15.556 22.835 222.76 3.8580 2.0030 101.600 20.946 1957 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 1957—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 Aug. 5.556 2.221 223.51 3.8536 2.0050 103.645 21.020 Sept. 5.556 2.025 223.37 3.8536 2.0056 102.357 21.016 Year or month ( F m i a n r l k an k d a) F (f r r a a n n c c e ) G (d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o 1952. .4354 .2856 23.838 20.922 279.68 32.601 11.588 1953. .4354 .2856 21.049 281.27 32.595 11.607 1954. .4354 .2856 23.838 21.020 280.87 32.641 9.052 1955. .4354 .2856 23.765 20.894 279.13 32.624 8.006 1956. .4354 .2855 23.786 20.934 279.57 .2779 32.582 8.006 1957. 3.3995 4.2856 4.2376 23.798 20.910 279.32 .2779 32.527 8.006 1957—Sept., 3.3674 .2858 .2375 23.800 20.858 278.51 .2779 32.448 8.006 Oct.. .3118 .2858 .2375 23.800 20.940 279.98 .2779 32.556 8.006 Nov., .3118 .2858 .2375 23.800 20.951 280.26 .2779 32.580 8.006 Dec. .3118 .2858 .2376 23.799 20.975 280.58 .2779 32.644 8.006 1958—Jan... .3118 .2858 .2376 23.795 21.050 281.32 .2779 32.769 8.006 Feb.. .3118 .2858 .2375 23.795 21.099 281.57 .2779 32.818 8.006 Mar.. .3118 .2858 .2376 23.793 21.086 281.54 .2779 32.811 8.006 Apr.. .3118 .2858 .2376 23.808 21.101 281.71 .2779 32.830 8.006 May. .3118 .2858 .2376 23.858 21.092 281.57 .2779 32.821 8.006 June. .3118 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 Aug.. .3118 .2382 23.861 21.019 280.51 .2779 32.701 8.006 Sept.. .3118 .2381 23.867 21.003 280.33 .2779 32.672 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r u a t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e S fr r w a la n i n t c - d ) ( U K p d n o i o i n u m t n g e - d d) 1952 26.315 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 1953 26.340 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954 26.381 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 26.230 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 26.113 276.80 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1957 26.170 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1957—Sept. 26.102 275.75 14.008 49.695 3.4900 211 Al 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 Aug. 26.409 211.13 14.008 49.695 3.4900 279.46 2.3810 19.328 23.335 280.51 Sept. 26.434 277.55 14.008 49.695 3.4900 279.28 2.3810 19.328 23.335 280.33 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, Secretary ROBERT F. LEONARD, Director KENNETH A. KEN YON, 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 H. FRANKLIN SPRECHER, JR., Assistant Director ROLAND I. ROBINSON, Adviser 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 OFFICE OF THE CONTROLLER J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser J. J. CONNELL, Controller ROBERT L. SAMMONS, Associate Adviser SAMPSON H. BASS, Assistant Controller 1241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1242 FEDERAL RESERVE BULLETIN • OCTOBER 1958 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON HUGH LEACH CHAS. N. SHEPARDSON W. D. FULTON H. N. MANGELS M. S. SZYMCZAK WATROUS H. IRONS A. L. MILLS, JR. JAMES K. VARDAMAN, JR. J. L. ROBERTSON WINFIELD W. RIEFLER, Secretary L. MERLE HOSTETLER, Associate Economist ELLIOTT THURSTON, Assistant Secretary ARTHUR W. MARGET, Associate Economist MERRITT SHERMAN, Assistant Secretary H. V. ROELSE, Associate Economist HOWARD H. HACKLEY, General Counsel CHARLS E. WALKER, Associate Economist FREDERIC SOLOMON, Assistant General Counsel O. P. WHEELER, Associate Economist WOODLIEF THOMAS, Economist RALPH A. YOUNG, Associate Economist J. DEWEY DAANE, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account Federal Advisory Council LLOYD D. BRACE, BOSTON HOMER J. LIVINGSTON, CHICAGO, ADRIAN M. MASSIE, NEW YORK Vice President CASIMIR A. SlENKIEWICZ, PHILADELPHIA WlLLIAM A. MCDONNELL, ST. LOUIS FRANK R. DENTON, CLEVELAND, GORDON MURRAY, MINNEAPOLIS President R. CROSBY KEMPER, KANSAS CITY JOHN S. ALFRIEND, RICHMOND WALTER B. JACOBS, DALLAS JOHN A. SIBLEY, ATLANTA FRANK L. KING, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches District 1—FEDERAL RESERVE BANK OF BOSTON BOARD OF DIRECTORS Robert C. Sprague, Chairman and Federal Reserve Agent Harvey P. Hood, Deputy Chairman Stanley M. Cooper Milton P. Higgins Harry E. Umphrey Oliver B. Ellsworth William D. Ireland Nils Y. Wessell Arthur F. Maxwell J. A. Erickson, President E. O. Latham, First Vice President Vice Presidents D. H. Angney Benjamin F. Groot Ansgar R. Berge Dana D. Sawyer George H. Ellis O. A. Schlaikjer District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS John E. Bierwirth, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman Charles W. Bitzer Cyrus M. Higley Howard C. Sheperd Clarence Francis Augustus C. Long Lansing P. Shield Franz Schneider Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1243 District 2—FEDERAL RESERVE BANK OF NEW YORK-CoMtinued 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. M. 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 Sumner E. Nichols John C. Warner, Frank C. Irvine Chairman Douglas M. Moorhead John T. Ryan, Jr. Irving W. Wilson Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1244 FEDERAL RESERVE BULLETIN • OCTOBER 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 L. Vinton Hershey Denver L. Morgan Robert Gage Robert O. Huffman W. A. L. Sibley (Vacancy) 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 DIRECTOR? 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, Chairm 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, Chairmen 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 1245 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 Frank A. Godchaux, III G. H. King, Jr., Chairman H. A. Pharr J. Spencer Jones D. U. Maddox E. E. Wild (Vacancy) 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

1246 FEDERAL RESERVE BULLETIN • OCTOBER 1958 District &—FEDERAL RESERVE BANK OF ST. LOUIS -Contfamwi 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. Boysen R. L. Mathes, in charge Cecil Puckett, in charge George H. Clay of Oklahoma City Branch of Denver Branch P. A. Debus, in charge E. U. Sherman of Omaha Branch Clarence W. Tow Joseph S. Handford D. W. Woolley DENVER BRANCH—BOARD OF DIRECTORS Stewart Cosgriff Ralph S. Newcomer Aksel Nielsen, Chairman Arthur Johnson Ray Reynolds OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS Davis D. Bovaird, Chairman R. Otis McClintock C. L. Priddy Phil H. Lowery C. P. Stuart Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1247 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 Howard Carrithers, in charge W. E. Eagle, in charge of L. G. Pondrom of El Paso Branch San Antonio Branch Morgan H. Rice J. L. Cook, in charge of T. A. Hardin Harry A. Shuford Houston Branch G. R. Murff C. E. Walker T. W. Plant 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 E. R. Millard W. F. Volberg, Salt Lake City Branch R. H. Morrill in charge of J. M. Leisner, in charge of John A. O'Kane Los Angeles Branch Seattle Branch J. A. Randall, in charge of O. P. Wheeler A. B. Merritt Portland Branch Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1248 FEDERAL RESERVE BULLETIN • OCTOBER 1958 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Contidued 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. per month, or $5.00 for 12 months. September 1950. 74 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. FEDERAL RESERVE CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS. Monthly. Annual 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. 1249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1250 FEDERAL RESERVE BULLETIN • OCTOBER 1958 REPRINTS SURVEY OF FINANCE COMPANIES, MID-1955. (From Federal Reserve Bulletin unless preceded April 1957. 17 pages. by an asterisk) WINNING THE BATTLE AGAINST INFLATION. Au- THE MONETARY SYSTEM OF THE UNITED STATES. gust 1957. 12 pages. February 1953. 16 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- INFLUENCE OF CREDIT AND MONETARY MEASURES DEXES. December 1957. 30 pages. ON ECONOMIC STABILITY. March 1953. 16 pages. BANKING AND MONETARY STATISTICS, 1957. Selected series of banking and monetary statistics FEDERAL FINANCIAL MEASURES FOR ECONOMIC for 1957 only. February and May 1958. 12 STABILITY. May 1953. 7 pages. pages. (Similar reprints of 1954, 1955, and •DETAILED DESCRIPTION OF SOURCES AND METH- 1956 data are available from earlier BULLE- ODS USED IN REVISION OF SHORT- AND INTER- TINS.) MEDIATE-TERM CONSUMER CREDIT STATISTICS. BANK CREDIT AND MONEY IN 1957. February April 1953. 25 pages. 1958. 9 pages. (Also, similar reprint from DEPARTMENT STORE SALES AND STOCKS, BY July 1957 BULLETIN.) MAJOR DEPARTMENTS (Revised Indexes). No- SEASONAL FACTORS AFFECTING BANK RESERVES. vember 1953. 65 pages. February 1958. 12 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUS- INTERNATIONAL GOLD AND DOLLAR FLOWS. TRIAL PRODUCTION, 1953 Revision. December March 1958. 7 pages. 1953. 90 pages. 1958 SURVEY OF CONSUMER FINANCES. PRELIMI- NEW INDEXES OF OUTPUT OF CONSUMER DUR- NARY FINDINGS. March 1958. 4 pages. Pur- ABLE GOODS. May 1954. 15 pages. chases of Durable Goods. July 1958. 16 SEASONAL ADJUSTMENT FACTORS FOR DEMAND pages. The Financial Position of Consumers. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE September 1958. 31 pages. (Similar Surveys BANKS. March 1955. 4 pages. are available for earlier years from 1952, 1953, A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- 1954, 1955, 1956, and 1957 BULLETINS.) COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- MEMBER BANK LENDING TO SMALL BUSINESS, ber 1955. 40 pages. 1955-57. April 1958. 19 pages. SURVEY OF BANK LOANS FOR COMMERCIAL AND REVISED WEEKLY INDEX OF DEPARTMENT STORE INDUSTRIAL PURPOSES. Business Loans of SALES. April 1958. 10 pages. Member Banks. April 1956. 14 pages. Credit Lines and Minimum Balance Requirements. GROWTH AND STRUCTURE OF TIME DEPOSITS. June 1956. 7 pages. (Reprints on a similar April 1958. 5 pages. Survey are available from March, May, June, OWNERSHIP OF DEMAND DEPOSITS. May 1958. 3 July, and August 1947 BULLETINS.) pages. (Also, similar reprint from May 1957 FINANCING OF LARGE CORPORATIONS, 1951-55. BULLETIN.) June 1956. 9 pages. SURVEY OF COMMON TRUST FUNDS, 1957. May REVISION OF CONSUMER CREDIT STATISTICS. Oc- 1958. 5 pages. (Also, similar reprints from tober 1956. 24 pages. (Also, similar reprint August 1956 and June 1957 BULLETINS.) from April 1953 BULLETIN.) THE BATTLE AGAINST RECESSION. May 1958. 8 pages. INDEX OF ELECTRICITY AND GAS OUTPUT. October 1956. 15 pages. MONEY AND CREDIT IN THE RECESSION. July 1958. 7 pages. AGRICULTURAL LOAN SURVEY. November 1956 and January, February, and March 1957 BUL- THE BALANCE SHEET OF AGRICULTURE, 1958. LETINS. 52 pages. August 1958. 9 pages. UNITED STATES BANKING ORGANIZATION ABROAD. INTEREST RATES IN LEADING COUNTRIES. Sep- December 1956. 16 pages. tember 1958. 8 pages. SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. THE 1957-58 RECESSION IN WORLD TRADE. Oc- April 1957. 20 pages. tober 1958. 8 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1188, 1189 Debits to deposit accounts, 1178 Agricultural loans of commercial banks, 1184, 1186 Demand deposits: Agriculture, Govt. agency loans, 1192, 1193 Adjusted, banks and the monetary system, 1180 Assets and liabilities (See also Foreign liabilities and Adjusted, commercial banks, by classes, 1185 claims reported by banks): Banks, by classes, 1181, 118/ Banks and the monetary system, consoli- Type of holder, at commercial banks, 1185 dated, 1180 Department stores: Corporate, current, 1200 Merchandising data, 1219 Domestic banks, by classes, 1181, 1184, 1186 Sales and stocks, 1208, 1218 Federal business-type activities, by fund Deposits (See also specific types of deposits): or activity, 1192, 1193 Adjusted, and currency, 1180 Federal Reserve Banks, 1175, 1176 Banks, by classes, 1181, 1185, 1187 Foreign central banks, 1234 Federal Reserve Banks, 1175, 1176, 1230 Automobiles: Postal savings, 1180 Consumer instalment credit, 1204, 1205, 1206 Turnover of, 1178 Production index, 1210, 1214 Deposits, reserves, and borrowings, by class of member bank, 1173 Bank holding companies, banking offices and deposits Discount rates, 1174, 1239 of banks in holding company groups, 1224 Discounts and advances by Federal Reserve Bankers'balances, 1185, 1187 Banks, 1171, 1175 (See also Foreign liabilities and claims reported Dividends, corporate, 1199, 1200 by banks) Dollar assets, foreign, 1230, 1231 Banks and the monetary system, consolidated state- Dwelling units started, 1215 ment, 1180 Earnings and hours, manufacturing indus- Bonds (See also U. S. Govt. securities): tries, 1208, 1217 New issues, 1198, 1200 Employment, 1208, 1216, 1217 Prices and yields, 1189, 1190 Export-Import Bank, loans, etc., 1192, 1193 Brokers and dealers in securities, bank loans to, 1184, 1186 Farm mortgage loans, 1192, 1201, 1202 Business expenditures on new plant and equip- Federal business-type activities, assets and liabilities, ment, 1200 by fund or activity, 1192, 1193 Business indexes, 1208 Federal Deposit Insurance Corporation, Business loans (See Commercial and industrial loans) assets, etc., 1192, 1193 Federal finance: Capital accounts: Cash transactions, 1194 Banks, by classes, 1181, 1185, 1187 Receipts and expenditures, 1195 Federal Reserve Banks, 1175, 1176 Treasurer's balance, 1194 Carloadings, 1208 Federal home loan banks, loans, etc., 1192, 1193, 1203 Central banks, foreign, 1232, 1234, 1239 Federal Housing Administration, loans, etc., 1192, Coins, circulation of, 1179 1193, 1201, 1202, 1203 Commercial banks: Federal National Mortgage Association, Assets and liabilities, 1181, 1184 loans, etc., 1192, 1193, 1203 Consumer loans held, by type, 1205 Federal Reserve Banks: Number, by classes, 1181 Condition statement, 1175, 1176 Real estate mortgages held, by type, 1201 U. S. Govt. securities held by, 1171, 1175, 1176, Commercial and industrial loans: 1196,1197 Commercial banks, 1184 Federal Reserve credit, 1171, 1175, 1176 Weekly reporting member banks, 1186, 1188 Federal Reserve notes, 1175, 1176, 1177, 1179 Commercial paper, 1188, 1189 Finance company paper, 1188, 1189 Commodity Credit Corporation, loans, etc., Foreign central banks, 1232, 1234, 1239 1192, 1193 Foreign deposits in U. S. banks, 1171, 1175, 1176, Condition statements (See Assets and liabilities) 1180, 1185, 1187 Construction, 1208, 1214, 1215 Foreign exchange rates, 1240 Consumer credit: Foreign liabilities and claims reported by Instalment credit, 1204, 1205, 1206, 1207 banks, 1226, 1228, 1230 Major parts, 1204, 1206 Foreign trade, 1219 Noninstalment credit, by holder, 1205 Gold: Consumer durable goods output indexes, 1214 Earmarked, 1231 Consumer price indexes, 1208, 1220 Net purchases by U. S., 1231 Consumption expenditures, 1222, 1223 Production, 1230, 1231 Corporate sales, profits, taxes, and Reserves of central banks and governments, 1232 dividends, 1199, 1200 Reserves of foreign countries and international Corporate security issues, 1198, 1200 institutions, 1233 Corporate security prices and yields, 1189, 1190 Stock, 1171, 1180, 1231 Cost of living (See Consumer price indexes) Gold certificates, 1175, 1176, 1177, 1179 Currency in circulation, 1171, 1179 Govt. debt (See U. S. Govt. securities) Customer credit, stock market, 1190 Gross national product, 1222, 1223 1251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1252 FEDERAL RESERVE BULLETIN • OCTOBER 1958 Home owners, Govt. agency loans, 1192, 1193 Real estate loans: Hours and earnings, manufacturing indus- Commercial banks, 1184, 1186, 1201 tries, 1208, 1217 Type of mortgage holder, 1201, 1202, 1203 Type of property mortgaged, 1201, 1202, 1203 Industrial advances by Federal Reserve Banks, 1175, Regulation V, loan guarantees, 1177, 1178 1176, 1177, 1178 Reserve requirements, member banks, 1174 Industrial production indexes, 1208, 1209, 1214 Reserves: Instalment loans, 1204, 1205, 1206, 1207 Commercial banks, 1185 Insurance companies, 1191, 1196, 1197, 1202 Federal Reserve Banks, 1175, 1176 Insured commercial banks, 1183, 1184 Foreign central banks and governments, 1232 Interbank deposits, 1181, 1185, 1187 Foreign countries and international institu- Interest rates: tions, 1233 Bond yields, 1189 Member banks, 1171, 1173, 1175, 1176, Business loans by banks, 1189 1185, 1187 Federal Reserve rates, 1174, 1178 Residential mortgage loans, 1201, 1202, 1203 Foreign countries, 1239 Open market, 1189, 1239 Sales finance companies, consumer loans of, 1204, Regulation V loans, 1178 1205, 1207 Stock yields, 1189 Savings, 1222 International capital transactions of the U. S., 1226 Savings deposits {See Time deposits) International financial institutions, 1231, 1232, Savings institutions, principal assets, 1191 1233, 1234 Savings and loan associations, 1191, 1202 Inventories, 1223 Securities, international transactions, 1229, 1230 Investments {See also specific types of investments): Security issues, 1198, 1200 Banks, by classes, 1181, 1184, 1186 Silver coin and silver certificates, 1179 Federal Reserve Banks, 1175, 1176 State member banks, 1183 Govt. agencies, etc., 1192, 1193 State and municipal securities: Life insurance companies, 1191 New issues, 1198 Savings and loan associations, 1191 Prices and yields, 1189, 1190 States and political subdivisions: Labor force, 1216 Deposits of, 1185, 1187 Loans {See also specific types of loans): Holdings of U. S. Govt. securities, 1196 Banks, by classes, 1181, 1184, 1186 Ownership of obligations of, 1184, 1191 Federal Reserve Banks, 1171, 1173, 1175, 1176, Stock market credit, 1190 1177,1178 Stocks: Govt. agencies, etc., 1192, 1193 New issues, 1198 Insurance companies, 1191, 1202 Prices and yields, 1189, 1190 Savings and loan associations, 1191, 1202 Loans insured or guaranteed, 1177, 1201, 1202, 1203 Tax receipts, Federal, 1195 Time deposits, 1173, 1180, 1181, 1185, 1187 Manufacturers, production indexes, 1208, 1209, 1214 Treasurer's account balance, 1194 Margin requirements, 1174 Treasury cash, 1171, 1180 Member banks : Treasury currency, 1171, 1179, 1180 Assets and liabilities, by classes, 1181, 1184 Treasury deposits, 1171, 1175, 1176, 1194 Borrowings at Federal Reserve Banks, 1171, 1173 Deposits and reserves, by classes, 1173 Unemployment, 1216 Number, by classes, 1181 U. S. Govt. balances: Reserve requirements, by classes, 1174 Commercial bank holdings, by classes, 1185, 1187 Reserves and related items, 1171 Consolidated monetary statement, 1180 Weekly reporting series, 1186 Treasury deposits at Federal Reserve Minerals, production indexes, 1208, 1209 Banks, 1171, 1175, 1176, 1194 Money rates {See Interest rates) U. S. Govt. securities: Mortgages {See Real estate loans) Bank holdings, 1180, 1181, 1184, 1186, Mutual savings banks, 1180, 1181, 1183, 1196, 1196, 1197 1197, 1201 Federal Reserve Bank holdings, 1171, 1175, 1176, 1196,1197 National banks, 1183 Foreign and international holdings, 1233 National income, 1222 International transactions, 1229 National security expenditures, 1195, 1223 New issues, gross proceeds, 1198 Nonmember banks, 1175, 1183, 1184 Outstanding, by type of security, 1196, 1197 Ownership of, 1196, 1197 Payrolls, manufacturing, index, 1208 Prices and yields, 1189, 1190 Personal income, 1223 United States notes, outstanding and in circula- Postal Savings System, 1180 tion, 1179 Prices: Utility output index, 1213 Consumer, 1208, 1220 Security, 1190 Veterans Administration, loans, etc., 1192, 1193, 1201, Wholesale commodity, 1208, 1220 1202, 1203 Production, 1208, 1209, 1213, 1214 Profits, corporate, 1199, 1200 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ik (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