Federal Reserve Bulletin, 1958-11

FEDERAL RESERVE lw»-Ji. November 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 Pattern of Recovery 1253 Open Market Operations in Long-Term Securities 1260 Member Bank Earnings, First Half of 1958 1275 Time Deposits, Mid-1957 to Mid-1958 1277 Law Department 1279 Current Events and Announcements 1285 National Summary of Business Conditions 1286 Financial and Business Statistics, U. S. (Contents on p. 1289) 1291 International Financial Statistics (Contents on p. 1349) 1350 j Board of Governors and Staff 1367 : I Open Market Committee and Staff; Federal Advisory Council 1368 I Federal Reserve Banks and Branches 1368 I Federal Reserve Board Publications 1375 t i Index to Statistical Tables 1377 Map of Federal Reserve System Inside back cover Volume 44 * Number n 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

The Pattern of Recovery ECONOMIC RECOVERY has been vigorous since the recession low this spring. In the GROSS NATIONAL PRODUCT Billions of dollars, annual rales current quarter, the dollar value of gross 500 300 national product will probably exceed the CONSUMER y record annual rate of $446 billion reached in the summer of 1957, but the physical volume of goods and services is unlikely to attain the earlier high. The labor force, industrial ;r« ! : ! i « 220 capacity, and productivity have increased further and resources are ample for output GOVERNMENT * _ 380 _ to rise well above the previous peak. The recent downturn was shortlived and INVESTMENT .***"•' moderate, but somewhat sharper than the _ 340 - — 40 two preceding ones. In contrast with 1949 RESIDENTIAL CONSTRUCTION and 1954, when activity changed little for 300 a number of months after cyclical lows 19S4 1956 1958 1954 1956 1958 were reached, recovery this time began im- NOTE.—Department of Commerce quarterly estimates, admediately. The level of economic activity justed for seasonal variation. "Investment" includes producers' durable equipment, private construction other than nonfarm achieved by October, more than a year after residential, change in business inventories, and net foreign investment. the cyclical peak, compares favorably with levels reached in similar intervals after the chases of goods and services rose without two preceding peaks. interruption. The rapidity of recovery, notwithstand- As aggregate consumer, business, and ing the initial strength of recession forces, government demand steadied and then reflects many factors. Monetary and fiscal turned up, the rapid rate of inventory liquidevelopments helped to limit declines and dation moderated. These developments have to stimulate recovery. Unemployment com- stimulated increased output of goods since pensation payments operated to maintain April, and in October industrial production consumer incomes. Consumer spending was almost two-thirds of the way back to its declined little and soon began to advance August 1957 level. Output of nondurable again. Greater availability of mortgage goods was at a new high. Durable goods credit facilitated a marked rise in housing production, where declines in demand had starts. Following sharp declines, both ex- been concentrated, was still well below its ports and business spending for fixed earlier peak. capital leveled off early in the recovery As is typical of upturns, gains in employperiod. State and local government pur- ment have been less rapid than in output, 1253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1254 FEDERAL RESERVE BULLETIN NOVEMBER 1958 partly because increased requirements are ports. Estimates for the fiscal year 1959 in first met by lengthening the workweek and the Midyear Budget Review indicate some partly because productivity tends to rise further increase in purchases. sharply during recovery. Nonfarm employ- Defense orders have been in large volume, ment was 600,000 higher in October than following sharp declines in the second half in April, but was still 1.8 million below the of 1957. Research and development acpre-recession high. Unemployment has de- tivities in missiles, electronics, and atomic clined in recent months, after allowance for energy have accelerated. The recent rise in seasonal influences, but is well above a year defense spending contrasts with a sustained earlier. decline of $12 billion, annual rate, from the Both recession and recovery have been end of the Korean War in mid-195 3 to late accompanied by relatively small changes in 1954, when recovery was under way. prices. Average industrial prices have about Federal payments other than for goods made up their small recession declines. and services also influence economic activity Prices of a number of basic materials have and add directly or indirectly to personal inadvanced from reduced levels and steel come. By far the largest increase in dollar prices rose at midyear, but prices of most amount over the past year has been in unfinished goods have changed little. Con- employment compensation payments. sumer prices have leveled off since spring, Other types of Federal cash outlay have after a sustained rise of 8 per cent from April also risen. These include old age and sur- 1956. vivors' insurance benefits, veterans' benefits, grants-in-aid to State and local governments GOVERNMENT EXPENDITURES (with a substantial increase in Federal high- Federal Government purchases of goods and way aid), special housing assistance, and services have been advancing this year as a interest payments on the public debt. With result of larger defense outlays, pay in- payments to the public much higher and recreases to civilian and military personnel, ceipts lower, a large cash deficit has deand increased outlays for farm price sup- veloped in the fiscal year 1959. SELECTED BUSINESS INDEXES 1947-49-100, monthly INDUSTRIAL PRODUCTION NONAGRICULTURAL PRICES 170 EMPLOYMENT —M0 - - INDUSTRIAL NONMANUFACTURtNG 150 120 _ 120 CONSUMER ^^"^ MANUFACTURING 130 100 - - MO /* NONDURABLE GOODS •r'" i i i i no W 1 1 1 1 •0 1 1 1 1 ~ 1954 1956 195* 1954 1956 195S 19S4 1956 195t NOTE.—Seasonally adjusted series, except for prices. Bureau wholesale prices of all comodities other than farm products of Labor Statistics data for employment and prices, and and foods. Latest figures shown are for October, for which Federal Reserve data for production. Industrial prices are consumer prices were estimated by the Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PATTERN OF RECOVERY 1255 State and local government purchases of goods and services have continued to expand BUSINESS INVESTMENT Bill, in the recent recession and recovery, as they have throughout the postwar period. Rapid PRODUCERS' population growth, high and rising incomes, DURABLE EQUIPMENT large-scale movement to suburban areas, and •MM /" ^ ~\ the increasing importance of the younger age groups have maintained strong pressures on 'NONRESIDENTIAL educational and other community services. •-• CONSTRUCTION - 10 Of special significance has been construction 1 of new facilities, such as schools and high- '\Sways. INVENTORY CHANGE 10 BUSINESS INVESTMENT • 1 • 1 1 1 1 I" I " The major contractive influence from the summer of 1957 to the first quarter of 1958 "| 1 was a decline in business investment outlays - 10 1 1 i 1 1 of more than $ 17 billion, annual rate. Since 1954 spring, the decline in outlays for producers' NOTE.—Department of Commerce quarterly estimates, durable equipment has leveled off, and the adjusted for seasonal variation. rate of inventory liquidation has slackened erating capacity about 10 per cent in 1958. markedly. The decline in business construc- The October survey by the McGraw-Hill tion appears to be halting in the current Publishing Company indicated that nonfarm quarter. Increased sales and substantial businesses planned to spend about the same gains in productivity have resulted in a rapid amount for plant and equipment in 1959, advance since midyear in corporate profits and also in 1960, as in 1958. It may be from their sharply reduced level. noted that past surveys taken at an early The outlays for equipment and construcstage of recovery, before the emergence of tion shown in the chart include some rise in strong pressures on capacity, have tended expenditures by farm operators, reflecting to understate subsequent increases in capital the pick-up in farm incomes this year, as spending. well as continued expansion in capital out- The 1957-58 decline in business outlays lays by nonprofit institutions for churches, for fixed capital was similar in magnitude schools, and hospitals. and duration to the decline in 1949 follow- Fixed investment Nonfarm business spending for plant and equipment has ing the first postwar investment boom. changed little since midyear, but is likely to Rapid retrenchment characterized most inbe down one-sixth for 1958 as a whole. Ca- dustries in both periods, with electric utilipacity in both manufacturing and nonmanu- ties a major exception. In 1957-58, cutfacturing sectors is being further enlarged backs in expenditures by commercial comas many expansion programs initiated earlier panies were only moderate. are being completed. Steel capacity will In 1953-54, the drop in total business increase about 4 per cent and electric gen- capital outlays was both smaller and less Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1256 FEDERAL RESERVE BULLETIN NOVEMBER 1958 abrupt than in the other postwar recessions. not yet started to expand again, and produc- In part, this reflected a tapering off in many tion in some lines is well below capacity. defense-related expansion programs well be- United States imports of goods and servfore the fourth quarter of 1953, when total ices have changed relatively little during the capital outlays began to decline. past two years. In the first three quarters of Inventories. Moderate accumulation of 1958 they totaled about $500 million less business inventories in the summer of 1957 than in the corresponding period of 1957. gave way to liquidation at an annual rate of Thus, through September, the impact of re- $9.5 billion in the first quarter of 1958. This covery in demand in this country was largely adjustment was one of the largest on record. confined to domestic production. In the third quarter, however, liquidation was down to a rate of $5 billion and by now RESIDENTIAL CONSTRUCTION is probably much smaller. Residential construction has been an expan- Liquidation of inventories was concen- sive influence this year, as in 1954. The trated at the manufacturing level and was dollar value of private residential construcmainly in durable goods lines. The sharpest tion activity in October was almost one-fifth cuts were in the machinery and transporta- above the May low and back to the tion equipment industries. In the third quar- high established in mid-1955. Prices of ter, liquidation in durable goods lines slowed building materials and residential construcdown, largely because of restocking in the tion costs, which have risen somewhat in automotive industry. Inventories of non- recent months, are considerably higher than durable goods manufacturers have continued they were in mid-1955. to decline moderately. In October, at a seasonally adjusted an- Distributors' inventories also declined nual rate of 1,260,000, the number of new moderately last winter, but since then have private dwelling units started was the largest changed little at most types of outlets. in the past three years. It was more than Dealers' stocks of automobiles, however, fell one-third above the February-March rate, sharply through October. which was the lowest since the spring of 1949. About 1.1 million units may be started EXPORTS AND IMPORTS in 1958, compared with almost one million Foreign purchases of United States goods in 1957 and 1.3 million in 1955. The numand services have not changed much since ber of public housing units started has also early this year, following a sharp drop. In increased sharply this year. contrast, exports in 1954 were an expansive The increase in private housing starts this element from the beginning of recovery. The year—like the large decline of preceding fall in exports after mid-195 7 exceeded $4 years—has been mainly in units financed billion, annual rate. It reflected not only a under Federally underwritten programs. The leveling off in aggregate industrial activity flow of credit for FHA-insured and VAabroad, but also production declines in in- guaranteed mortgages increased in redustries such as steel and textiles where for- sponse to the general easing in credit mareign countries had previously accumulated kets during the recession, and to legislative stocks of imported materials and domestic and administrative measures taken in 1957 products. Economic activity abroad has and 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PATTERN OF RECOVERY 1257 Conventionally financed mortgages have CONSUMER EXPENDITURES been better able to compete with alternative BilMonf of doltqn, annuol rofi investment outlets in times of strong general 160 demand for credit than have Federally underwritten mortgages. Thus, the number of 140 private housing starts financed under con- NONDURABLE GOODS ventional arrangements was comparatively steady at a high level from mid-1951 to mid- 120 1957, and has since increased moderately. SERVICES 100 CONSUMER EXPENDITURES Consumer spending has been increasing since spring, following a brief decline last fall and winter. Outlays were at a new high in the third quarter, one per cent above a year earlier. In October, retail sales were 20 above the average for the third quarter. 19S4 19S* Consumer prices have been higher than in 1957, however, and the physical volume of NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation. consumer purchases has not yet regained earlier highs. The decline in physical vol- domestic cars and prices have been strong. ume is larger on a per capita basis, with The decline in automobile sales has been a growth of 1.7 per cent in population over accompanied by a substantial reduction in the past year. the amount of credit extended. Repayments Durable goods. Consumer purchases of have come down slightly and outstanding durable goods declined sharply during the automobile instalment credit, seasonally adrecession, mostly because of slack demand justed, in the first three quarters of 1958 for 1958 model automobiles. Early reports showed the first substantial reduction of the on sales of the 1959 models have been gen- postwar period. Instalment credit terms erally favorable. A clear demand pattern have continued easy. has not yet emerged, however, since dealer Consumer spending for furniture, applistocks have been low as a result of work ances, and other household equipment destoppages at automobile plants in October. clined much less during the recession than List prices for new models average about 4 spending for automobiles. Moderate imper cent above last year. provement in demand in the third quarter of Sales of new domestic cars are estimated at this year was accompanied by a much larger 4.3 million in 1958, compared with almost increase in output, as efforts were made to 6 million in 1956 and 1957 and a record 7.4 rebuild depleted inventories. In October, million in 1955. In contrast, sales of im- purchases were close to the advanced thirdported autos through September were more quarter level. than four-fifths higher than a year earlier and Nondurable goods. Consumer purchases for 1958 they may exceed 350,000. Sales of of nondurable goods, after a slight dip in used cars have held up better than new late 1957, have been rising fairly steadily. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1258 FEDERAL RESERVE BULLETIN NOVEMBER 1958 In the third quarter, they were up 2 per cent from the year-earlier level and at a new PERSONAL INCOME Billions of doltors, annual rates high. They continued strong in October. A moderate advance in spending for food over the past year reflects higher prices. In September, retail food prices were 3 per cent higher than a year earlier. Spending for 300 other nondurable goods has been increasing slowly, with little change in prices. 260 WAGES AND SALARIES ^ — ^ Services. Outlays for services have main- 220 tained their strong upward trend and in the third quarter were almost 5 per cent larger 110 than a year earlier. Prices of services have generally continued to advance, but at a 140 slower pace than in 1957. ALL OTHER Expansion in outlays for housing and 100 household operation has continued, reflect- 1954 1956 ing higher rents, utility rates, and other costs, as well as growth in the number of dwelling NOTE.—Department of Commerce monthly estimates, adunits. Advances in expenditures for medical justed for seasonal variation. Transfer payments and labor income other than wage and salary disbursements are included care in part reflect further extension of pre- with "All other." The July 1958 figures for the total and for wages and salaries include lump-sum retroactive salary paypaid hospitalization and surgical care pro- ments to Federal employees. Latest figures shown are for October. grams and increased costs. of increases in Federal pay scales and of higher employment and pay in State and PERSONAL INCOME local governments. A notable feature of all three postwar reces- Unemployment compensation payments sions has been the near stability of personal were a major offset to loss of wages during income. During the recent contraction the the recession. Payments increased somewhat decline was less than 2 per cent, and it further after recovery began, in part reflectlargely reflected sharp curtailments of eming benefits provided by the Temporary Unployment and earnings in durable goods employment Compensation Program that manufacturing industries. Personal income became effective in late June. With old age turned up in March, a little earlier than and survivors' benefits also significantly other broad measures of economic activity. higher, transfer payments in October totaled A slight decline in October resulted mainly from wage losses associated with work stop- almost $27 billion, annual rate, one-fifth pages. larger than a year earlier. Wage and salary income has risen since Privately negotiated supplementary un- April in private manufacturing and non- employment benefits paid to workers in the manufacturing industries. Employment steel, automobile, and other industries also and hours have expanded, and hourly earn- served to mitigate the decline in wage inings have resumed their advance. Govern- come. These benefits are not included in the ment payrolls are up substantially as a result total given in the preceding paragraph. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PATTERN OF RECOVERY 1259 Net farm income has been well above the ters of 1957 but the rise in consumer debt reduced level of last year. Delayed market- was also smaller. ing of 1957 crops, sharply higher prices for Consumers added large amounts to their livestock, and larger 1958 crops have all holdings of currency and deposits and savcontributed to this increase. Production ings and loan shares in the last two quarters, costs have risen further. but they reduced their holdings of United Dividend payments in general have been States Government securities and added maintained despite sharp reductions in smaller amounts than a year earlier to holdprofits during the recession. Other forms of ings of other bonds. income are at or near their highs. Slower growth in total consumer debt, evident since the end of 1955, continued CONSUMER SAVING through the downturn and early part of re- Net financial saving by consumers was large covery. Consumer credit outstanding dein the first three quarters of 1957, and re- clined during the first three quarters of 1958 mained so throughout the recession. It con- in contrast with a moderate rise in 1957. tinued near the year-earlier level during re- Consumer mortgage debt grew at a slower covery in the second and third quarters of rate in the first half of 1958 than a year 1958. Consumer acquisition of financial earlier, but the rate of growth increased sigassets was smaller than in the middle quar- nificantly during the third quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Open Market Operations in Long-Term Securities IN THE CONDUCT of open market opera- direction, whatever the terms of the securtions, the Federal Reserve Open Market ities purchased or sold by the Open Market Committee generally confines itself to pur- Committee, was attributed primarily to chases and sales of short-term securities, arbitrage. There were expressions of fear preferably Treasury bills. The existing pol- that, if the Federal Reserve confined its opicy was adopted five years ago on the basis of erations to short-term securities, arbitrage recommendations presented by an Ad Hoc might not work efficiently or might work so Subcommittee of the Federal Open Market slowly in a recession market that unduly high Committee. It was believed that such a long-term interest rates would impede the policy would be conducive to a resilient borrowing of long-term funds in the capital market for United States Government secur- markets. ities and would also facilitate open market The course of market developments over operations directed primarily toward in- the past five years has shown that this view fluencing the general credit situation. The of the way System purchases or sales of present article re-examines some implications Government securities affect the money and of the policy in the light of operating ex- capital markets is oversimplified and inperience since that time. adequate. Even though System open mar- At the time the policy was adopted, it ket operations have been confined almost was criticized on the grounds that it pre- wholly to Treasury bills, the response to vented the System from directly stimulat- those operations in the long-term capital ing or restricting the volume of funds avail- markets and in movements of long-term inable to the long-term money markets. The terest rates has been in general anything but analysis underlying this criticism was that lethargic. There is currently less doubt con- System transactions in short-term securities cerning the System's ability to exert an ininfluenced primarily the short-term money fluence on long-term interest rates without markets and short-term interest rates. A direct intervention in the long-term market. comparable direct influence on the avail- This influence is not necessarily confined to ability of funds in the long-term money mar- the effects of open market operations. It kets and on long-term interest rates, it was may reflect changes in discount rates or ancontended, required similar direct opera- ticipation of future Federal Reserve action. tions in the long-term market. In the latter part of 1957, for example, The fact that interest rates on both short- System operations were a decisive influence term and long-term securities have tended in one of the most rapid breaks in market in the past to move generally in the same interest rates, both long and short, on record. In this instance, the main drop in rates fol- NOTE.—This article was prepared by Winfield W. lowed a lowering of Federal Reserve Bank Riefler, Assistant to the Chairman, Board of Governors of the Federal Reserve System. discount rates in mid-November without any 1260 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES 1261 marked immediate change in System hold- nearly $550 million in May. The rapid rise ings of either short-term or long-term United of long-term interest rates came to a halt in States Government securities. The basic October, but their general level remained factor in this dramatic break was an abrupt exceptionally high relative to the technical turnabout in market expectations as to the money position, as expressed in the level of direction of monetary policy rather than an Federal Reserve discount rates and of free immediate increase in the supply of reserves reserves. available to the banking system or a decline This episode demonstrated that a variety in the demand for funds. of forces, in addition to those flowing from Subsequent experience has shown, on the Federal Reserve actions, affect the level other hand, that System actions are not in of interest rates. One of the most important all cases the decisive influence on interest in this instance was a diversion of investrates. In the early summer of 1958, for ment funds from bonds and similar longexample, a change in market expectations term fixed interest obligations to common with respect to prospective credit and busistocks, reflecting partly the recovery but ness conditions uncovered a condition of partly also a hedge against a resumption of widespread, and to some extent thinly marinflation. The episode also demonstrated gined, speculation in the market for United some of the difficulties the System faces when States Government securities. There folit operates to support the market. The July lowed a dramatic rise in the level of interest purchases, made to correct a disorderly conrates that persisted despite supporting purdition in the market that arose on the eve chases of United States Government securiof a Treasury financing, at the same time ties of more than $600 million by the helped to create redundant bank reserves Treasury and $1,300 million by the Federal that gave additional strength to the expecta- Reserve System. Treasury support purtion of renewed inflation. chases consisted almost entirely of inter- Finally, the episode highlighted the probmediate-term maturities. Federal Reserve lem the Federal Reserve faces at all times purchases included a small amount of interwhen it diagnoses an emerging credit situamediate- and long-term maturities, but for tion, in differentiating between market dethe most part consisted of short-term issues velopments that reflect forces originating in involved in the July refunding. the economy and those that reflect the re- Interest rates rose even further during late sponse of credit markets to the technical July and August 1958 as Federal Reserve money position established by the Federal operations were directed first to absorbing Reserve System. The former, clearly dominredundant reserves injected into the market ant during the summer of 1958, are in most in the course of these supporting operations, circumstances the more difficult to identify. and later, to establishing a technical money Such differentiation is facilitated when position more consistent with the strong recovery in business activity then in process. System operations are confined to bills. By mid-September, a 2 per cent discount rate In view of developments such as these, prevailed at the Federal Reserve Banks in it seems appropriate to re-examine (1) the contrast with the earlier 134 per cent rate. ways in which Federal Reserve policy actions Free reserves were still positive but at a level affect the availability of funds and market just under $100 million as compared with rates of interest, (2) the manner in which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1262 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 these actions permeate the various sectors Change in outstanding securities. Open of the money and capital markets, and (3) market operations bring about a direct certain features of the organization of the change in the volume of securities available open capital markets that engender insta- in the market for trading and investment. bility when expectations of lower or higher Thus, Federal Reserve purchases withdraw interest rates are not firmly based on actual securities from the market and tend to raise changes in the supply of loanable funds rela- the prices of those that remain. Conversely, tive to the demand. The re-examination in Federal Reserve sales add to the total volthis article is supplemented by a review of ume of securities in the market and tend to the empirical experience of recent years to depress prices. assess the relative influence of different Sys- This relationship of System transactions tem operations on the availability and cost of to the volume of market-held securities is one funds. to one, that is, each dollar of securities The purpose of the analysis is to provide bought or sold withdraws or adds a dollar background against which to evaluate the of securities to those available in the market. suggestion that direct System intervention in The effect is the same as that produced by the long-term market for United States Gov- any other buyer or seller of an equivalent ernment securities might be helpful in situa- amount. The price or interest rate response tions other than those calling for correction to the change in market supply is registered of disorderly conditions in the market. The most strongly on the particular issues that analysis suggests that the lasting contribution are bought or sold, but, as will be noted of such additional use of direct intervention later, it will also be reflected in some degree would be small, and that under certain con- throughout all maturity sectors of the market ditions there would be considerable risk that by reason of actual or anticipated substitusuch action might not only obstruct the tion and arbitrage in the market. functioning of the market but also make it Change in member bank reserves. Federal more difficult for the Federal Reserve to Reserve open market operations also affect judge the adequacy of its own actions. the prices and yields of Government securities because they change the volume of free AVAILABILITY AND COST OF CREDIT reserves available to the member banks. AND CAPITAL System purchases of securities add to the Federal Reserve operations in the Govern- volume of free reserves. Because the bankment securities market can be said to in- ing system operates on a percentage reserve fluence prices and yields of outstanding basis, System purchases add roughly seven securities in three fundamentally different times the amount of the purchase to the total ways. (1) They affect the volume of secur- potential demand of the member banks for ities available for trading and investment, earning assets, including both loans and in- (2) they change the volume of reserves avail- vestments. Conversely, System sales of able to member banks for making loans and securities withdraw reserves from the banks, investments or paying off debts, and (3) frequently causing member banks to borrow they influence the expectations of market reserves through the System's discount winprofessionals and other investors regarding dow; such borrowing must generally be market trends. temporary and by definition does not avert Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES 1263 the contraction of free reserves. Again, posal of any individual operator in the marbecause of the percentage reserve require- ket. Finally, the System operates from the ments, the System's sales decrease the poten- very center of the market with far more tial demand of the member banks for earn- knowledge than any other transactor of the ing assets by a multiple of the amounts sold. total of investment and financial transactions The relationship here of System open mar- currently taking place. ket transactions to market demand and Under these circumstances, market transsupply is not one to one. The effect is a actors, particularly the market profesmultiple of the dollars added to or subtracted sionals, including the dealers, go to great from the reserve base. Furthermore, when lengths to probe the significance of all impulses toward expansion or contraction of System policy actions, particularly operabank earning assets arise from a change in tions in the securities market.1 As prothe availability of reserves, effects of System fessional participants in the market, they are, transactions are not confined to the secur- of course, quickly aware of practically all ities that happen to be bought or sold. They such transactions. It is vital to their busiare dispersed over all types of assets com- ness for them to assess correctly the potential monly found in bank portfolios. impact of System operations and to govern The same effects take place whenever the their own actions accordingly. They are volume of free reserves changes, irrespective not likely to operate against any trend in of the factor responsible for the change. To rates they think the System is trying to be specific, the effects are the same whether establish. Rather, they will try to anticipate the factor responsible is a change in reserve such trends, both by closing out positions requirements, a change in the demand for they expect to become less profitable and by currency, a purchase or sale of gold, or an establishing or strengthening positions conopen market operation. It follows that the sistent with the trend. As a consequence, effects are the same irrespective of whether when System actions give rise to firm exopen market operations are conducted in pectations among market professionals with the short- or the long-term sector of the respect to interest rate trends, relatively market for Government securities. small System operations may have important Change in expectations. Finally, Federal short-run effects on market quotations. Reserve open market operations also affect These effects, it should be reiterated, are prices and yields in the United States Gov- only short run. Market professionals, inernment securities market, particularly over cluding dealers, do not originate the savings the short run, by influencing market ex- that supply investable funds; nor do they pectations, especially among dealers and market professionals. The System is a 1 See also United States Monetary Policy: Recent larger holder of United States Government Thinking and Experience, Hearings before the [Flanders] Subcommittee on Economic Stabilization of the securities than any private investment in- Joint Committee on the Economic Report, 83d Cong., stitution, and is not restricted in its opera- 2d Sess. The technical consequences of Federal Reserve operations in intermediate- and long-term Govtions by considerations of profit. When it ernment securities are analyzed in Chairman Martin's enters the market, it always operates for a answer to question Number 3 of the Subcommittee public-interest purpose, and can bring to Report, pp. 15-26, and also in "The Federal Open Market Committee Report of Ad Hoc Subcommittee bear far greater means than are at the dis- on the Government Securities Market," pp. 257-307. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1264 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 originate the demand for investment funds. in long-term securities can give rise to ex- They are essentially middlemen located at pectations not only regarding the direction the heart of the market, seeking to anticipate of general monetary policy but also regardby their trading the prices (or yields) that ing specific prices and yields of long-term will clear the market. Not infrequently, the securities—a double set of possible misinterprofessionals overshoot the mark in trying pretations. Bill operations lead mainly to to estimate either supply or demand even expectations about general monetary policy. apart from the effects of System policy or the direction of that policy. There is always FLUIDITY—SUBSTITUTION AND ARBITRAGE the possibility that they may assume that a The major open money markets, particularly given purchase or sale by the System fore- the markets for United States Government shadows larger changes in bank reserve posi- securities, are usually characterized by a tions than in fact develop. In such cases, high degree of fluidity as between the various they may take positions and establish, for a maturity sectors, in the sense that fluctuaperiod, an unsustainable level of prices or tions of any magnitude in one sector are yields that is inconsistent with the actual likely to be paralleled by fluctuations in supply-demand situation. other sectors. This phenomenon is often The possibility that an unsustainable level attributed to arbitrage. It is often said, for of prices or yields will prevail temporarily example, that movements of prices and because market expectations are not borne yields originating in the most sensitive and out is a major reason for the System's policy liquid sector of the market, that for Treasof nonintervention in the intermediate- and ury bills, are transmitted to other sectors by long-term sectors of the market. Its opera- reason of arbitrage with or without a certain tions in longer term securities would be much amount of delay. more subject to comment and possible mis- The term arbitrage, as used in this coninterpretation by market professionals than text, refers to closely timed purchases and are its operations in Treasury bills. This sales of securities in different maturity secwould probably be the case even if the tors by professional operators which have the market were accustomed to frequent System effect of generalizing movements in rates and operations in these sectors. The very fact yields. For example, a withdrawal by outthat the System took the initiative in buying side investors of funds from the Treasury or selling long-term securities, where the bill sector would be reflected in a rise in market is almost always thin as compared bill rates, both absolutely and in relation to with the bill sector, would indicate a feeling rates on Treasury certificates. This might on the part of Federal Reserve authorities induce professional operators simultaneously that existing prices and yields on long-term to sell certificates and buy bills, a transaction securities were out of line. Market pro- which would tend to restore the previous fessionals perforce would have to try to relationship between yields on bills and cerassess this implication in their subsequent tificates. At the same time, it would tend trades. Bill operations can also give rise to to leave both yields higher than they were false or misleading expectations, but they are before the initial action took place. much less likely to do so. In accounting for fluidity among the In other words, operations by the System various sectors of the market, too much im- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES 1265 portance should not be attributed to the borrowing to the sectors where financial transactions of the market professionals who costs are most reasonable. Governments and engage in arbitrage. Much more important other public bodies are typically heavy borand basic to their operations as professionals, rowers in all maturity sectors, both of new is the high degree of substitutability of secur- money and of funds for refinancing. Because ity instruments that exists for many lenders they enter the markets for large amounts, and many borrowers in the credit and capital they are alert for signs of congestion in the markets. Large commercial banks in par- different maturity sectors and are careful to ticular, when their liquidity positions permit, offer their issues in sectors that appear operate actively and have positions for their capable of readily absorbing the offering. own account in all major areas and in all These factors of broad substitutability on major maturity sectors of the money mar- both sides of the money and capital markets kets. Large commercial banks are also im- are more fundamental than arbitrage in portant sources of financing for other trans- accounting for the fluidity, homogeneity, and actors in those various areas and sectors. responsiveness of the securities markets. This Since commercial banks, with their ability flexibility links the various sectors of the to expand or contract the means of payment, money and capital markets into a somewhat are always a major, and at times the dom- loosely integrated whole in which yield inant factor in the availability of funds, their changes tend to move together in the various operations in all major areas of the market sectors. Furthermore, broad substitutability and in all maturity sectors have the effect in the market accounts for the fact that of integrating the different sectors. arbitrage operations by professional special- In addition, managers of investment port- ists can be undertaken at a profit. At any folios such as those of insurance companies point in time, of course, the operations of and pension and trust funds, in seeking to professionals, though they do not determine maximize income, operate with great flex- its shape, are primary in accounting for the ibility as between categories of investments smoothness of the yield curve. and, when they think it will pay, between In the light of these considerations, two different maturity sectors. broad observations may be made: (1) a con- Among borrowers, also, many can adopt a siderable amount of interchangeability or variety of financial plans to meet their financ- substitutability on both the demand and the ing needs. If they think the terms necessary supply side of the organized money and to obtain more or less permanent funds will capital markets tends to communicate improve, they may postpone coming to the stringency or ease in any one sector to all capital market. Instead, they may meet sectors; and (2) commercial banks are a immediate needs by drawing down their particularly important element in this reliquid assets or by borrowing at short term sponsiveness inasmuch as they can operate from banks or other lenders. on their own account, as well as finance the For example, finance companies are more operations of others, in all major sectors of or less continuously borrowing large the markets. In doing so, they can expand amounts in the short-, intermediate-, and or contract the means of payment. long-term markets. Within limits, they are These two observations about the funcfree at any time to shift a large part of their tional characteristics of securities markets Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1266 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 help to explain the fact that changes in the capital markets if banks generally are contone or direction of the money markets that cerned about an insufficiency of short-term appear first in the bill sector of the Govern- liquid assets or a high loan-deposit ratio. ment securities market soon spread to the Under either condition, time is needed other sectors. Moreover, any change in before bank activity in long-term investavailability of funds is likely to be reflected ments is likely to be affected. first in the bill sector. It takes time for banks to improve their It is easy to put money to work by invest- liquidity by investing fresh accretions of reing in Treasury bills and also easy to convert serves in liquid assets. As they do, rates funds so invested into cash with little loss. in the short-term open money markets will As a result, the bill sector is very broad and tend to fall. It also takes time for borrowers, very active. It is quickly sensitive to small such as finance companies with access fluctuations in either demand or supply. The to short-term open markets, to refinance fact that funds are committed to bills when, through these markets to repay bank loans, say, free reserves are increasing, does not an operation that would bring about an imimply, however, that they are thereby provement, that is, a reduction, in bank rendered unavailable for investment in mort- loan-deposit ratios. gages or long-term bonds. Rather, when a The time taken for these two processes to bank has excess reserves or excess liquidity, operate sometimes accounts for what may its funds are available for any type of lending seem to be a sluggish response in the longor commitment the bank may choose, taking term markets to changes in the availability into consideration the relative return offered of funds in the short-term markets. Time and with due regard to balance in the bank's for these adjustments to take place is inportfolio. It is immaterial whether funds dispensable when net free reserves have have been placed temporarily in bills, and increased but liquidity in bank earning there is no necessity that any given change assets is low. Long-term markets will not in the trend of interest rates manifest itself respond until bank portfolios have become first in the bill sector. more liquid and banks are again in a posi- The speed with which changes in the tion to extend direct support to long-term availability of reserves are reflected in par- issues. The banks would need this time allel changes in any individual sector of the interval before extending such support even market, such as the long-term sector, will if the Federal Reserve System itself operated depend basically (1) on the strength of in the long end of the market. demand in that sector relative to demand in other sectors, (2) on the attractiveness of the OPERATION OF LONG-TERM MARKETS yield offered in the light of the risks in- A third broad observation applying to the volved, and (3) on the liquidity position money and capital markets is that any deof the banking system, that is, the size of cision to borrow or lend a given dollar its highly liquid asset holdings and the posi- amount has much greater significance when tion of its loan-deposit ratio. it is taken in a long-term market than when Ease in reserve positions will not be it concerns short-term investments. This inquickly reflected in an increase of com- creased significance results from the fact that mercial bank investments in the long-term a commitment undertaken in a long-term Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES 1267 market fixes the borrower's costs and the YIELDS AND PRICES ON U. S. GOVT. SECURITIES Lender's income for a longer time. This is Monthly averages Per cent YIELDS one reason why long-term rates fluctuate so much less widely than shorter term rates. It is also a reason why relatively small changes in long-term interest rates have greater implications and consequences than much larger fluctuations in short-term rates. For example, it is generally realized that a fluctuation of, say, one per cent in interest rates on short-term securities would normally be associated with a much smaller fluctuation in interest yields on long-term bonds. It is also generally realized that the relative change in capital values of the securities in the two maturity areas would be 1956 1958 the opposite, that is, that the market price of NOTE.—For long-term bonds, yields are for issues due or callable in 10 years or more; prices are calculated from yields on basis of an assumed 3 per cent 20-year bond. Prices of 9-12 a long bond would swing over a wider range month issues are calculated from yields on basis of an average of actual coupon rates and an assumed 11-month issue. than the market price of a short-term issue. It is less generally recognized, however, just the capital markets by limiting the amount how wide this swing would be. For example, of long-term securities offered to the amount as the chart shows, the cyclical swing in aver- of funds available at prevailing yields. age prices of long-term United States Gov- Under these circumstances, if for any ernment securities from 1953 to the present reason the level of long-term yields quoted has been in a range roughly 10 times greater in the market is lower than is justified by the than the corresponding fluctuation in prices basic supply-demand position, the lower of 9-12 month securities. yields will tend to persist for a period until These differences are reflected in the man- the volume of prospective issues, previously ner in which borrowers approach the two withheld but currently seeking a place on the areas. In general, approaches to the long- calendar, grows to the point where nervous term markets are carefully timed, with an congestion develops and the true nature of eye among other things to avoiding conges- the basic supply-demand position is distion of competing offerings. Investment closed. Unjustified market expectations with bankers bringing out new long-term bond respect to prospective conditions in the longissues try to offer them, if at all feasible, at term markets are thus likely to be dangerous a time when the calendar is not clogged with to the effective functioning of money and competing issues. To the extent that long- capital markets—much more so than are term borrowing is postponable, this planning unjustified expectations regarding conditions in the short-term markets. in a sense tends in the short run to ration the supply of new long-term securities to the GENERAL EMPIRICAL EVIDENCE volume of funds currently available in the market for investment. It acts to minimize Market behavior is compounded of almost short-run variations in prices and yields in innumerable strands, and so it is difficult to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1268 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 substantiate or illustrate specific aspects of YIELD CURVES - U. S. 60VT. SECURITIES these observations by direct empirical evi- Per cent dence. Nevertheless, many of the features OCTOBER 18, 1957 of behavior described above can be subjected to a considerable degree of indirect MAY 15, 1958 factual testing and confirmation. Broad movements of interest rates. If there X * FIXED MATURITY ISSUES I • = BONDS WITH OPTIONAL CALL DATES is sufficient option for substitution of credit instruments as between different maturity 10 15 20 25 30 35 sectors of the capital markets on both the Years to maturity demand and the supply side, one would ex- clear bids and offers in the different maturity pect the markets in general to move as a sectors of the market, it would be expected whole, that is, one would expect that broad that curves showing the distribution of yields movements in interest rates would usually be on United States Government securities by in the same direction in the long, inter- maturities would be continuous rather than mediate, and short sectors. One would ex- discontinuous as between the various secpect that divergent movements as between tors. Typical yield patterns in the United maturity sectors would be less frequent and States Government securities market on parof shorter duration than parallel movements. ticular days are illustrated in the chart above, This accords with observed market behavior which shows how professional activity, infrom 1953 through October 1958, as the cluding arbitrage, results generally in a relachart below shows. tively smooth and consistent yield curve. Yield curve patterns. If the effect of arbi- In addition, the chart shows how the yield trage and dealer portfolio activity is primar- curve, according to maturity for a given ily to establish prices and yields that will category of security, changes its shape from time to time, reflecting the presence of dif- YIELDS ON SELECTED DEBT ferential supply-demand pressures in various Monthly averages Per cent maturity sectors of the market. In other words, substitution and professional activity have the effect of linking the various maturity sectors into an organic whole. They do not, however, completely obliterate differen- —*H CORPORATE Baa BONDS / />* \ tial pressures as between the sectors. Bank reserve positions and interest rates. If commercial banks with their ability to create money are fundamentally important factors in the supply of funds for investment, in- 4-6 MONTH COMMERCIAL PAPER terest rates would be expected to be highly responsive to changes in the reserve position 1954 1956 1958 of the commercial banks. This expectation NOTE.—Mortgage yields are calculated by Federal Reserve from Federal Housing Administration price data for FHA with respect to the importance of the reserve mortgages sold in the secondary market on the basis of an assumed average life of eight years, with interest rates varying position is confirmed by statistical evidence from AVA per cent in early 1953 to 5Vx per cent in the past year. Corporate and municipal series are from Moody's In- for member banks, as is brought out in the vestors Service. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES 1269 SECURITY YIELDS AND RESERVE POSITION If the general analysis set forth here is Monthly averages Per cent valid, a change in the aggregate volume of reserves available to the banking system would be expected to have much more effect on the availability of funds, and therefore on interest rates, in all the various maturity sectors of the market than would an equal dollar change in the volume of securities held or available for trading in the Billions of dollars RESERVE POSITION I 1 800 market. This would be expected because the impact of a change in reserves is a mul- NET BORROWED RESERVES tiple one whereas the impact of a change in the volume of securities held or available in the market reflects a one-to-one relationship. In a rough general sense, the relative impact on interest rates or security yields of 800 these two factors should be proportional to the required reserve ratio of the commercial banking system. chart above. This response would not al- For example, if the Federal Reserve Sysways be overriding, of course. This was inditem buys or sells a given dollar amount of cated by developments at the end of 1956, Treasury bills at a time when effective rewhen bank liquidity was low and many quired reserves average one-seventh of derates remained firm despite an easing in the mand deposits, something like seven-eighths reserve position. It was also indicated by of any resulting effect on market yields the developments in the summer of 1958 should reflect the changes in the volume of referred to earlier. Interest rates on occareserves available to the banks and only onesion would also reflect changes in such faceighth the fact that the operation was extors as market demand for credit and capiecuted in bills and therefore changed the tal, the supply of funds from others than volume of bills available for investment in banks, loan-deposit ratios of banks, and the market.2 These same general principles Federal Reserve discount rates. BANK RESERVES VERSUS SUPPLY OF 2 The actual ratio of expansion is not a fixed amount because the funds made available by resulting SECURITIES credit expansion may be held in various forms that Current market reporting is largely con- bear different relationships to the supply of reserves. For example, currency in circulation has a one-to-one cerned with changes in the demand for and relationship; demand deposits at different classes of supply of investments in the various individ- member banks are five and one-half to one at central reserve city banks, about six to one at reserve city ual markets for Treasury bills, Treasury cerbanks, and nine to one at country banks; the ratio tificates, United States Government bonds, for time deposits at member banks is about twenty to one; that for deposits at nonmember banks depends municipal bonds, etc. Day-to-day developon what reserves they hold in vault cash and what ments, in fact, are almost entirely described in deposits at member banks and is indeterminable. The over-all relationship of the ratio of the sum of in terms of changes in demand for and suprequired reserves and currency in circulation to the ply of specific categories of issues. total of all deposits in commercial banks and currency Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1270 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 would be applicable if the open market op- serves than through their impact on the erations were executed in the long end of market supply of instruments of particular the market. maturities. For example, if, as general It is impossible to test these principles by analysis suggests, something like sevena study of the response of the market to eighths of the effect of an open market operagiven open market operations, since such tion on the availability of funds in the maroperations exert various types of influence ket represents the effect of that operation on simultaneously. On the one hand, they add bank reserve positions, and the multiple exto or subtract from the volume of free re- pansion of credit therein, while only oneserves available to the commercial banks, eighth reflects the fact that bills were simulwhile at the same time they add to or sub- taneously put into or withdrawn from the tract from the volume of securities to be market, it follows that a comparable change carried in some sector of the market. in the level of net free reserves from what- In addition, as was noted earlier, the very ever cause ultimately should affect the genfact that the Federal Reserve System has eral credit situation and interest rates to entered the market may give rise to expecta- roughly the same extent as the open market tions that will have, at least in the begin- operation or within seven-eighths of the ning, independent influence on quotations in same extent. This should work out whether the securities market. At times these quota- the change in bank reserve positions is tions may reflect professional expectations brought about by movements of gold or curfully as much as or more than they do rency or by changes in reserve requirechanges either in the reserve positions of the ments, neither of which in itself affects the banks or in the amount of market-held se- volume of securities outstanding, or whether curities in the various maturity sectors. This it is induced by open market operations that factor could become still more important if simultaneously change the volume of securiopen market operations were conducted in ties to be carried in the market. the intermediate or long sector of the mar- Observation of the response to changes ket. It is most likely to be minimized when in reserve requirements reinforces this point. open market operations are confined to the The System has reduced reserve requirebill sector. ments on five occasions since the Treasury- There are other ways, however, of test- Federal Reserve accord in March 1951. On ing whether open market operations exert some of these occasions, partly offsetting greater effect through their impact on re- open market sales by the System actually added to the volume of securities outstandin circulation varies from time to time but at present ing in the market. On each occasion, howis about five to one. There is some question, however, ever, a greater availability of funds reflected whether this ratio would be the most appropriate for the relationships analyzed in this paper, partly be- the resulting free reserve position, and incause it includes time and savings deposits which are terest rates declined. That reaction, furtherless closely related than demand deposits to the process of credit expansion, and partly because it more, was very close to what would have includes currency in circulation, which does not been expected if the same reserve position fluctuate closely with changes in the supply of reserves. For these reasons, and for the sake of sim- had been achieved solely through open marplicity in exposition, the illustrative ratio used in the ket purchases, which, it may be noted, would paper, seven to one, is the current ratio of required reserves to demand deposits at all member banks. also have removed securities from the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES 1271 market. In short, reductions in reserve re- was analogous to what would have been quirements that remove no securities from induced had the Federal Reserve System the market have been as effective in easing undertaken a huge swapping operation in the money and capital markets as open which it purchased some $5 billion of certifimarket purchases in which securities are cates in the market, and simultaneously sold removed. some $3.5 billion of issues maturing in 1964 Still another source of empirical data, one and some $1.5 billion of issues maturing in that is completely free from any complica- 1990. However, had a Federal Reserve tions arising from changes in market ex- open market operation rather than a Treaspectations such as are frequently induced ury refunding caused this great shift in by Federal Reserve policy actions, may maturities, the action would have given rise throw light on this problem. The data per- to market expectations about prospective tain to recurrent Treasury operations under- changes in yields of long-term securities that taken to refinance maturing issues of its huge would have affected quotations independoutstanding debt. ently of any effects arising from the shifts Each year more than $20 billion of mar- of the operation itself. ket-held certificates, notes, and bonds are The reaction of the market to such rerefinanced by exchange for new issues. Fre- financing operations of the Treasury, howquently intermediate securities, and some- ever, is free from this influence. It protimes long securities, have been included in vides, consequently, empirical evidence on the offers for exchange. Such occasions, three interrelated questions. (1) What is consequently, furnish a prime opportunity the nature of the market response to addito develop empirical data with respect to the tions to or subtractions from market-held effects on the availability of funds and on debt when the response is not complicated interest rates of changes in the maturity com- by expectations arising out of the fact that position of market-held debt. the Federal Reserve has decided to enter the In the big refinancing of early 1958, for market? (2) How much of the impact of example, nearly $10 billion of market-held the response is modified or absorbed by the debt was refinanced, more than one-third high degree of fluidity that exists among into the 3s of 1964 and more than one-sixth the various maturity sectors on both sides of into the 3Vis of 1990. This refinancing, in the market? (3) How large would direct the course of a very few days, effected a huge operations by the Federal Reserve System redistribution in the market supply of in- in long-term United States Government sevestments as between the short-, the inter- curities have to be to exert a significant mediate-, and the long-maturity sectors. influence on the availability of long-term More than $3.5 billion of securities were funds for investment if the expectations of shifted out of the very short to the inter- market professionals and others had no immediate sector, and more than $1.5 billion pact on the market? additional issues were shifted from the very The reaction of market interest rates to short to the very long maturity sector. this huge operation is shown in the chart On this occasion there was a shift in the on the following page, where the yield distribution of securities to be carried in the curve on January 13, 1958, before the various maturity sectors of the market that nature of the refunding was known, is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1272 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 IMPACT OF REFUNDING ON YIELD CURVES limited in view of the amounts involved is U. S. GOVT. SECURITIES indicated by the fact that bill rates did not Per cent drop even to XVi per cent, and remained _ 4 much above levels that usually prevail when FEBRUARY 5, 1958 member banks have $500 million of free JANUARY 13, 1958 3 reserves. Long-term bond yields, which had 2 also been dropping rapidly, concurrently leveled off and then rose somewhat as these 1 1 1 1 1 I large volumes of additional securities were 15 20 25 30 35 absorbed in the intermediate and long sec- Years to maturity tors of the market. There was, however, compared with the yield curve on Feb- no sharp upward reaction. Nevertheless, ruary 5, 1958, after the refunding had the long-term capital markets continued to been completed. This comparison, of absorb new issues in record volume. course, does to some extent reflect other mar- These responses were certainly tangible ket influences. For example, the decline and definite, as would be expected on genof short-term interest rates from January 13 eral grounds. At the same time, considerto February 5 was also affected by the gen- ing the huge amounts of securities involved, eral shift to easier money conditions then the effects both on interest rates and on the under way. Similarly, had it not been for ability of the capital markets to absorb new the change in money conditions, long-term securities suggest, in answer to the third rates would probably have advanced more question, that the Federal Reserve System than they did. On the whole, however, the would have to undertake very large swapanswers to the first two of these three ques- ping operations indeed if it wished to use tions, as provided by the response to the this device to affect appreciably the availrecent Treasury refinancing, are (1) that ability of funds as among the short-, the the effect on yields of the redistribution of intermediate-, and the long-maturity sectors maturities among the various sectors of the of the market. market was noticeable but still limited considering the magnitudes involved, and, con- RECAPITULATION OF ANALYSIS sequently, (2) that substitutability is a very The kinds of problem that would be enimportant market phenomenon in limiting countered should the System intervene dithese responses in specific maturity groups— rectly in the market for long-term Governsufficiently important to mitigate appre- ment securities are suggested in the foreciably the effects of very large shifts in the going analysis. The steps in the analysis volume of securities outstanding in the vari- may be briefly recapitulated. ous maturity sectors of the market. System actions in the open market affect In this recent case, for example, bill rates, quoted interest rates in two major ways: (1) which had been dropping for some time by altering basic demand-supply relationprevious to the refinancing, dropped appre- ships in the credit and capital markets; and ciably further as the volume of short instru- (2) by inducing a shift in expectations ments available for investment diminished among market professionals and other inmore than $5 billion. That the reaction was vestors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES 1273 With respect to the first of these responses, The consequences of mistaken expecta- System actions influence demand-supply tions are most serious when they concern the relationships in two ways: (1) by changing long-term markets. The organization of the the volume of reserves available to the com- money and capital markets is such that longmercial banks for lending or investing; and term yields may persist for a time at lower (2) by changing the volume of securities in levels than are justified by the volume of the market available for investment. Since funds available for investment. In this interthe first effect is of overriding importance val, the volume of capital offerings tends to compared with the second, enduring effects be rationed to the level of market demand, either on short-term or on long-term interest though eventually the pressure of offerings rates differ very little as between operations leads to obvious market congestion. Any in bills and operations in bonds, either of shift in expectations induced by Federal which changes the volume of reserves avail- Reserve policy actions creates the possibilable to the banks. ity of this type of problem. Under present reserve requirements, one In judging the technical effectiveness of would expect that something like seven- its own actions and therefore in determineighths of the interest rate response to any ing its own future operations, the Federal given open market operation would reflect Reserve must continually guard against blind the effect of that operation on the free acceptance of movements in prices and reserve positions of banks and only one- yields as evidence of basic supply and deeighth would reflect the fact that the open mand conditions in the market. The qualmarket operation also changed the volume ity of this evidence deteriorates the more of market-held debt. These general expecta- the long-term sector is affected by shifting tions accord with experience. Logically and expectations. Shifts in expectations affectempirically it makes no difference, in this ing the long-term sector would almost respect, whether operations are in bonds or surely be more disturbing should the System in bills. Thus the major effect of direct intervene in it directly. operations in long-term securities on basic supply-demand relationships would come CONCLUSION from the fact that reserves were supplied or The decision of the Federal Open Market withdrawn, not the fact that long-term se- Committee in 1953 to confine open market curities were purchased or sold. operations to short-term issues reflected But Federal Reserve operations, espe- primarily realization that the Government cially operations in long-term securities, also securities market occupied a crucial position affect market expectations. Federal Reserve in the postwar financial structure and a deactions may induce shifts in expectations sire to promote the better technical functionamong market professionals, even when the ing of that market by minimizing disturbeffects of those actions on market quotations ances that might result from the System's are ephemeral and supply-demand relation- own operations. Since the bill sector was ships remain unchanged. Such shifts in ex- very much broader than any other sector pectations may have adverse effects in the of the market, it was clear that such dissense that they may distort or obscure the turbances would be held to a minimum if basic supply-demand position. System operations were confined primarily Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1274 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 to bills. The decision of the Committee re- reserves that effectuates this restraint, not the flected its confidence that confining opera- fact that the security sold in conducting the tions to the shortest term securities would operation was a long-term bond. Sales of improve and not impair the market effec- bills are fully as effective in absorbing retiveness of Federal Reserve policy actions. serves from the member banks as sales of Basically, the System aids the economy in long-term bonds. More important, they times of recession by increasing flows of minimize the risk of creating a condition of loanable funds and thus helping to finance disorder in the securities market, which active demands in the markets for men and might force intervention by the System to materials. This is the ultimate aim of mone- support the market at a time when broader tary policy at such a time. The achieve- economic considerations called for restraint. ment of lower interest rates in these cir- The difficult problem for the System in pecumstances represents a means to an end, riods of recession or boom is to diagnose the not an end in itself. The effective monetary state of the economy and particularly the stimulant to the economy in time of reces- tempo of the money and capital markets sion is an increase in the availability of through which policy actions influence ecoreserves to the member banks, since such nomic activity. The System must at all reserves increase by a multiple factor the times act on a judgment as to the volume supply of funds available for loans and in- of reserves that is most appropriate to susvestments and also help to create a financial tained economic growth and stability. The environment in which additional credit- formation of such a judgment involves a worthy enterprises are both tempted and process of continuous evaluation in which able to borrow. This stimulant can be pro- the System is always, in a sense, probing the vided just as effectively by operations in unknown and feeling its way. bills as by operations in bonds. The difficulty of deciding on the appro- Conversely, the System acts to restrain priate volume of reserves is magnified when over-ebullience in the economy when it de- the most relevant indicators of conditions creases the rate of credit creation at the com- in the long-term capital markets are demercial banks, thus minimizing excess pres- flected by transient or short-run responses sure on the markets for goods and labor. to the System's own operations. It is mini- The relief of this pressure, not higher inter- mized when the System is able to effectuate est rates, long- or short-term, is the object changes in the reserve position of the banks of a policy of restraint. The effect of such through operations that cause little if any restraint in the face of active demands for immediate change in expectations, particcredit will, of course, take the form of higher ularly unjustified expectations with respect interest rates which will help to bring total to long-term yields. The outstanding admoney demand into line with resource avail- vantage of open market operations confined ability. When open market operations are to short-term securities is that they meet this used, it is the lessened availability of bank criterion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, First Half of 1958 THE GROWTH of $252 million in gross changes in valuation reserves was an addioperating earnings of all member banks tion to member bank profits. Such transfrom the first half of 1957 to the first half actions increased net profits by $245 million of 1958 was largely offset by higher operat- in the first half of 1958 in contrast with ing expenses, and net current earnings before reducing them by $181 million in the first income taxes increased only $35 million, to half of 1957. Taxes on net income rose $1,275 million.1 For the first time since sharply, from $491 million to $692 million. 1954 the net effect of security transactions, Net profits after taxes in the first half of other profit and loss adjustments, and 1958 amounted to $828 million, $260 million more than in the corresponding period of 1957. Most of this increase reflected NOTE.—This article was prepared by Theodore A. Veenstra, Jr., of the Board's Division of Bank Opera- larger profits on sales of securities. On an tions. annual basis, the ratio of net profits to aver- 1 Net current earnings are gross current operating age total capital accounts rose from 8.2 per earnings less gross current operating expenses, before adjustments for losses, profits on sales of securities, cent in the first six months of 1957 to 11.2 recoveries, and transfers to and from valuation reper cent in the first half of this year. Almost serves, and before taxes on net income. MEMBER BANK EARNINGS [Amounts in millions of dollars] 1954 1955 1956 1957 1958 Item First Second First Second First Second First Second First half half half half half half half half half Earnings 2,366 2,460 2,555 2,788 2,930 3,148 3,262 3,509 3,515 On U. S. Government securities 522 545 556 563 553 547 571 596 633 On other securities 133 140 144 152 151 156 160 179 200 On loans '..'.'. 1,336 1,375 1,447 1,636 1,773 1,952 2,023 2,185 2.130 Service charges on deposit accounts 123 129 134 140 151 159 172 182 191 Other earnings 252 271 274 297 301 333 335 366 361 Expenses 1,438 1,561 1,556 1,709 1,754 1,926 2,022 2,200 2,240 Salaries and wages 692 771 737 834 820 915 892 986 951 Interest on time deposits 241 253 263 280 304 346 440 487 549 Taxes other than on net income 68 72 73 76 79 78 86 87 93 Other expenses 437 465 482 519 551 587 605 641 646 Net current earnings before income taxes 928 900 999 1,079 1,176 1,223 1,240 1,308 1,275 Recoveries and profits * 298 194 86 78 79 72 58 101 600 Losses and charge-offs2 119 136 126 300 194 383 156 312 134 Net increase in valuation reserves 3 75 90 44 95 55 174 83 94 221 Profits before income taxes 1,032 869 915 761 1,006 738 1,059 1,004 1,520 431 260 462 255 491 404 692 Taxes on net income 473 332 484 501 544 483 568 600 828 Net profits 559 537 232 269 253 294 281 323 307 Cash dividends declared* 211 245 6,721 6,660 6,611 6,543 6,499 6,462 6,438 6,393 6,354 Number of banks at end of period 1 Includes recoveries credited either to undivided profits or to 3 This is the net of transfers from undivided profits to valuation valuation reserves. reserves and vice versa, and of losses charged and recoveries credited 2 Includes losses charged either to undivided profits or to valuation to valuation reserves. reserves. 4 Includes interest on capital notes and debentures. 1275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1276 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 all of the increase in net profits was re- the difference between expenses in that petained in capital accounts. Cash dividends riod and the first half of 1958. On the amounted to $307 million, $26 million more average, the level of time deposits was than in the first half of 1957. nearly $6 billion higher than in the earlier period, and the average rate of interest had EARNINGS moved from 2.02 to 2.22 per cent. Earnings on loans and on United States Government securities were $106 million and PROFITS, RECOVERIES, LOSSES, AND TRANS- FERS TO VALUATION RESERVES $62 million, respectively, above the totals for the first half of 1957, reflecting larger Nonoperating transactions added $245 milaverage holdings and higher average rates lion to net profits in the first half of 1958. of return on both types of assets. Average Transactions in securities added $357 milrates of return on both types were slightly lion, which was partly offset by deductions lower than in the second half of 1957. of $88 million from transactions in loans Interest and dividends on United States Gov- and $24 million in all other assets. In the ernment obligations and on other securities first half of 1957, nonoperating transactions represented slightly larger proportions of resulted in a reduction of $181 million in gross earnings than in the first half of 1957, net profits, of which $62 million arose from and earnings on loans a slightly smaller pro- securities, $99 million from loans, and $20 portion. million from all other assets. The average rate of return on loans held by member banks increased from 5.19 in INCOME TAXES the first half of 1957 to 5.31 per cent in the Profits before income taxes in the first half first half of 1958, and average holdings in- of 1958 were $1,520 million, 44 per cent creased $2 billion. Average yields on United more than in the first half of 1957. Higher States Government securities increased from taxes on net income partly offset this 2.47 to 2.56 per cent, while average hold- growth. They amounted to $692 million, ings were $3 billion larger. Average yields 41 per cent more than in the first half of on other securities also increased, from 2.40 1957. to 2.64 per cent, and average holdings increased by $2 billion. CASH DIVIDENDS Member banks distributed 37 per cent of EXPENSES their net profits after taxes as dividends in Gross operating expenses before taxes on the first half of this year, compared with net income totaled $2,240 million, 11 per nearly 50 per cent in the first half of last cent more than in the first half of 1957. year. The $307 million of dividends repre- Salaries and wages continued to be the major sented an annual yield of about 4.1 per expense item, accounting for nearly one-half cent on average total capital accounts, the of the total. Interest paid on time deposits same as in the first half of 1957. was another large expense. It was $109 Details of earnings and expenses for the million more than in the first half of 1957 first half of 1958 and for each half of 1957 and this increase accounted for one-half of are shown on page 1346 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Time Deposits, Mid-19^7 to Mid-19^8 TIME DEPOSITS at member banks increased represent the bulk of all time deposits, increased $7.5 billion or 17 per cent between mid-1957 $3.8 billion or 11 per cent during the 12 months, and mid-1958, continuing at an accelerated rate as shown in Table 1. Individuals' holdings of the growth that began in early 1957.1 This was certificates of deposits increased from $1.3 bilthe largest dollar increase ever recorded for a lion to nearly $1.8 billion, but their time deposits 12-month period and the largest relative increase in open accounts changed little. The rapid rise for such a period since 1946. All types of holders in certificates may have resulted from the adopexcept the United States Government and the tion by some banks of preferential rates of inter- Postal Savings System increased their deposits. est on these certificates to attract funds, particu- Deposits of businesses, however, showed much larly in large amounts, from other uses. larger percentage increases than did those of in- Although savings deposits accounted for more dividuals. than half of the increase in total time deposits, Savings deposits, which may be held only by their growth was less relatively than that in most individuals and nonprofit institutions and which other types of time deposits, and the amount outstanding fell from 80 to 76 per cent of total 1 These data were obtained through call reports time deposits. Because of the preponderance of of member banks and through special supplements savings deposits in the total of savings-type deto the June 6, 1957, and June 23, 1958, call reports. posits, the latter also declined sharply, from 85 Data for 1957 and earlier years appeared in the BULLETIN for April 1958, pp. 422-26. to 81 per cent of the total, during the 12-month TABLE 1 TIME DEPOSITS AT ALL MEMBER BANKS, JUNE 23, 1958 AND JUNE 6, 1957 [Amounts in millions of dollars] Amount outstanding Increase, or Percentage of total decrease (-), 1957-58 time deposits Type of holder Ju 1 n 9 e 5 2 8 3, Ju 1 n 9 e 5 7 6, Amount Per a c g e e nt- Ju 1 n 9 e 5 2 8 3, Ju 1 n 9 e 5 7 6, Total. 52,160 44,682 7,478 16.7 100.0 100.0 Individuals—total.... 42,128 37,821 4,307 11.4 80.8 84.6 Savings accounts. 39,585 35,737 3,848 10.8 75.9 80.0 Other* 2,543 2,085 459 22.0 4.9 4.7 Business—total 2,008 1,049 959 91.4 5.8 2.3 Corporations and institutions. 1,866 961 905 94.2 3.6 2.2 Unincorporated, nonfarm.... 142 88 54 61.3 .3 .2 Government—total 3,554 2,430 1,124 46.3 6.8 5.4 U. S. Government2 259 302 -43 -14.4 .5 States and political subdivisions. 3,296 2,128 1,168 54.9 6.3 4*. 8 Foreign—total. 2,566 1,681 886 52.7 4.9 3.8 Banks 2,127 1,323 804 60.8 4.1 3.0 Other 439 358 81 22.7 .8 .8 Domestic banks. 139 46 93 203.1 .3 .1 Other—total3... 1,764 1,655 109 6.6 3.4 3.7 1 Individuals' holdings of certificates of deposit and open accounts 3 Open accounts of banks' own trust departments and deposits and Christmas savings and similar accounts. accumulated for payment of personal loans. 2 Includes Postal Savings redeposited in banks. NOTE.—Details may not add to totals because of rounding. 1277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1278 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 period. Deposits of this type include—in addi- Growth in savings-type deposits at reserve city tion to regular savings deposits—Christmas sav- and country banks, which hold over 90 per cent ings and similar accounts and the portions of cer- of such deposits, was close to the 11 per cent tificates of deposit and open accounts that are average for all member banks. The increase for held by individuals. central reserve city banks in Chicago was only Corporate and institutional holdings of time 6 per cent while that for New York City banks certificates of deposit and of open accounts al- was 31 per cent. Reserve city and country banks most doubled during the year to a total of also hold the bulk of the time deposits of busi- $1.9 billion. Time deposits of States and politinesses and institutions and governmental units, cal subdivisions increased by nearly $1.2 billion and in both cases growth rates were consideror 55 per cent. Those held for foreign banks ably higher at reserve city than at country banks. increased by $804 million or 61 per cent. Open account deposits of foreigners other than banks Figures for time deposits at member banks on increased from $336 million to $407 million, or June 23, 1958, by reserve classification of banks 21 per cent. Foreign holdings of certificates of and by type of holder and type of deposit, todeposit also rose, but they were relatively small gether with the changes in such deposits from on both dates. June 6, 1957, are given in Table 2. TABLE 2 TIME DEPOSITS AT ALL MEMBER BANKS BY CLASS OF BANK, JUNE 23. 1958, AND CHANGE FROM JUNE 6, 1957 [Amounts in millions of dollars] June 23, 1958 Change from June 6, 1957 Central reserve Central reserve Holder and type of deposit m A b e e m l r l - Y N o e r w k city Chicago Re c s i e ty rve Country m A b e e m l r l - Y N o e r w k city Chicago Re c s i e ty rve Country Individuals, partnerships and corporations: Savings 39,585 1,832 1,210 16,625 19,917 3,848 425 64 1,685 1,674 Accumulated for payment of personal loans. 462 0) 15 192 256 28 2 11 15 Christmas savings and similar accounts 534 45 3 164 322 36 14 16 Certificates of deposit—total 3,038 76 19 1,013 1,930 1,077 34 12 466 566 Domestic: Individuals (certificates similar in purpose to savings deposits) 1,756 2 343 ,404 411 6 63 341 Corporations and institutions 1,150 16 624 457 625 26 377 211 Noncorporate, nonfarm business 99 0) 35 64 31 -1 19 13 Foreign (excluding banks) 32 15 11 6 10 2 7 1 Open accounts of banks' own trust departments 1,302 697 140 378 81 1 16 54 10 Other open accounts—total 1,419 579 3 538 299 385 101 -3 247 40 Domestic: Individuals (accounts similar in purpose to savings deposits) , 253 19 0) 107 127 12 11 0) 42 -42 Corporations and institutions 715 172 385 157 280 4 0) 198 77 Noncorporate, nonfarm business 43 0) 21 14 23 2 16 5 Foreign (excluding banks) 407 380 25 (0 71 84 Q 0) Total 46,339 3,229 1,389 18,910 22,811 5,456 567 91 2,477 2,321 U. S. Government and Postal Savings , 259 28 4 92 135 -43 -29 n States and political subdivisions , 3,296 249 10 1,705 1,331 1,168 183 616 369 Domestic banks , 139 78 3 25 33 93 71 10 10 Foreign banks , 2,127 1,696 36 390 5 804 694 92 2 Total time deposits , 52,160 5,280 1,442 21,122 24,315 7,478 1,506 114 3,166 2,691 Time deposits as a percentage of total deposits 30.0 16.8 18.0 30.8 37.0 1.6 2.4 -.3 1.7 i Less than $500,000. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Margin Requirements such a company, any loan by a bank to such a company should be presumed to be subject to The Board of Governors of the Federal Reserve Regulation U as a loan for the purpose of pur- System, effective October 16, 1958, amended the chasing or carrying registered stocks. This would Supplement to Regulation T entitled "Extension not be altered by the fact that the open-end comand Maintenance of Credit by Brokers, Dealers, pany had used, or proposed to use, its own funds and Members of National Securities Exchanges," or proceeds of the loan to redeem some of its and amended the Supplement to Regulation U enown shares, since mere application of the protitled "Loans by Banks for the Purpose of Purceeds of a loan to some other use cannot prevent chasing or Carrying Stocks Registered on a Nathe ultimate purpose of a loan from being to purtional Securities Exchange" so as to increase the chase or carry registered stocks. margin requirements from 70 per cent to 90 per cent for credit extended by brokers and banks to "Discounts" of Commodity Credit Corporation finance purchases of stock exchange securities. Certificates under Bank Holding Company Act The increased margins also apply to short sales. The texts of the Supplements as thus amended are The Board recently considered the question as follows: whether Section 6(a) (4) of the Bank Holding Company Act of 1956 applies to transfers of SUPPLEMENT TO REGULATION T Commodity Credit Corporation Certificates of In- Maximum loan value for general accounts. The terest between banks which are subsidiaries of the maximum loan value of a registered security same bank holding company. (other than an exempted security) in a general In the General Contract Corporation case, Fedaccount, subject to section 3 of Regulation T, shall eral Reserve BULLETIN for March 1958, at page be 10 per cent of its current market value. 260, the Board expressed the view that the non- Margin required for short sales in general acrecourse purchase of paper by a bank from ancounts. The amount to be included in the adother subsidiary of the same bank holding comjusted debit balance of a general account, pursupany constitutes a "discount" within the meaning ant to section 3(d) (3) of Regulation T, as margin of Section 6(a) (4) of the Bank Holding Company required for short sales of securities (other than Act, which forbids any bank "to make any loan, exempted securities) shall be 90 per cent of the discount or extension of credit to" its bank holdcurrent market value of each such security. ing company or any fellow subsidiary. The Board's Statement in that case said, among SUPPLEMENT TO REGULATION U other things, that (page 269): For the purpose of section 1 of Regulation U, "It is to be understood, of course, that the purthe maximum loan value of any stock, whether or chases referred to here are purchases of paper— not registered on a national securities exchange, promissory notes, bills of exchange and the like. As shall be 10 per cent of its current market value, as the Examiner indicated (p. 285) bank discounts as commonly understood do not apply 'to a bank's acdetermined by any reasonable method. quisition through purchase of other assets, securities or obligations, such as, for example, corporate stocks, Loan to Open-End Investment Company under bonds or debentures.'" Regulation U As indicated by this quotation from the Board's In response to a question regarding a possible Statement, it seems appropriate to consider the loan by a bank to an open-end investment company limitation on "discounts" as, in general, applying that customarily purchases stocks registered on a to those assets usually considered to be "loans" national securities exchange, the Board stated that and not applying to those usually considered to in view of the general nature and operations of be "securities." 1279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1280 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 With that in mind, and looking to the nature missions on all comprehensive automobile insurof the present Certificates, it is seen that the call ance written for customers of the bank. report of condition of State member banks treats It is also understood that the insurance comthese Certificates as loans. They are included on pany writes credit life insurance for the benefit the reverse side of the form under Schedule A, of the bank and its instalment-loan customers; Loans and Discounts, as Item 4(a)—"Loans di- that each insured debtor is covered for an amount rectly guaranteed by the Commodity Credit Cor- equal to the unpaid balance of his note to the poration and Certificates of Interest representing bank, not to exceed $5,000; that as the note is ownership thereof." It may also be noted that reduced by regular monthly payments, the amount under Section 2(b)(2) of the Board's Regulation of insurance is correspondingly reduced so that at A, relating to advances and discounts by Federal all times the debtor is insured for the unpaid Reserve Banks, these Certificates are treated, in balance of his note; that each insurance contract effect, as being "eligible paper" under the Federal provides for payment in full of the entire loan Reserve Act. It is also understood that these Cer- balance upon the death or permanent disability tificates are not considered to be subject to the of the insured borrower; and that this credit life limitation on the public debt stated in Section 21 insurance is written only at the request of, and of the Second Liberty Bond Act, as amended (31 solely for, the bank's borrowing customers. It is U.S.C. Sec. 757b). further understood that the insurance company In the circumstances, while it could be argued engages in no other activity. that these Certificates have some characteristics As indicated in the Board's opinion published similar to those of securities, the better view would in the 1958 Federal Reserve BULLETIN, page 431, seem to be to treat them as "paper," as they have the term "services," while sometimes used in a apparently been treated in other connections. Ac- broad and general sense, appears to be somewhat cordingly, the Board expressed the view that trans- more limited in its application in Section 4(c) (1) fers of the Certificates are subject to the provisions of the Bank Holding Company Act. Unlike an of Section 6(a)(4) of the Bank Holding Com- early version of the Senate bill (S. 2577, before pany Act relating to "discounts." amendment), the Act as finally enacted does not expressly mention any type of servicing activity for exemption. The legislative history of the Act, Services under Section 4(c)(l) of however, as indicated in the relevant portion of Bank Holding Company Act the report of the Senate Banking and Currency Committee on amended S-2577 (84th Cong., 2d The Board of Governors has been requested by Sess., Senate Report 1095, Part 2, p. 3) makes it a bank holding company for an interpretation evident that Congress had in mind the exemption under Section 4(c) (1) of the Bank Holding Com- of services comparable to the types of activities pany Act which, among other things, exempts mentioned expressly in the early Senate bill ("aufrom the nonbanking divestment requirements of diting, appraising, investment counseling") and Section 4(a) of the Act, shares of a company in the Committee Report on the later bill ("adengaged "solely in the business of furnishing serv- vertising, public relations, developing new busiices to or performing services for" its bank holding ness, organization, operations, preparing tax recompany or subsidiary banks thereof. turns, personnel, and many others"). Further- It is understood that a nonbanking subsidiary more, this Committee Report expressly stated that of the holding company engages in writing com- the provision of Section 4(c)(l) with respect to prehensive automobile insurance (fire, theft, and "furnishing services to or performing services for" collision) which is sold only to customers of a was not intended to supplant the exemption consubsidiary bank of the holding company in con- tained under Section 4(c)(6) of the Act. nection with the bank's retail instalment loans; The only activity of the insurance company that when payment is made on a loan secured by (writing comprehensive automobile insurance and a lien on a motor vehicle, renewal policies are not credit life insurance) appears to involve an inissued by the insurance company; and that the in- surance relationship between it and a banking surance company receives the usual agency com- subsidiary of the holding company which the leg- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1281 islative history clearly indicates does not come tions or comments upon the facts stated and the within the meaning of the phrase "furnishing reasons indicated in the Tentative Statement and services to or performing services for" a bank the time for filing such objections and comments holding company or its banking subsidiaries. having expired, Accordingly, it is the Board's view that the in- IT IS HEREBY ORDERED, for the reasons set surance company could not be regarded as quali- forth in the Board's Statement of this date that fying as a company engaged "solely in the business the application of The Marine Corporation pursuof furnishing services to or performing services ant to Section 3 (a) (1) of the Bank Holding Comfor" the bank holding company or banks with pany Act of 1956, shall be and hereby is, aprespect to which the latter is a bank holding proved. company. This 24th day of October, 1958. By order of the Board of Governors. Order under Section 3 of the Bank Holding Voting for this action: Vice Chairman Balderston and Company Act Governors Szymczak, Robertson, and Shepardson. Absent and not voting: Chairman Martin and Gov- The Board of Governors of the Federal Reserve ernors Vardaman and Mills. System, on October 24, 1958, issued an Order (Signed) MERRITT SHERMAN approving the application of The Marine Corpora- Secretary. tion for permission to become a bank holding (SEAL) company under Section 3(a)(l) of the Bank Holding Company Act of 1956. The Board's STATEMENT Order and accompanying Statement read as follows : General nature of the proposal. The Marine Corporation, Milwaukee, Wisconsin ("Marine"), THE MARINE CORPORATION has submitted an application to the Board pursu- In the Matter of the Application of The Marine ant to section 3(a) (1) of the Bank Holding Com- Corporation for prior approval of action to be- pany Act of 1956 ("the Act"), for the Board's come a bank holding company under Section 3 prior approval of action that would result in that of the Bank Holding Company Act of 1956. company becoming a bank holding company under the Act. The action that would cause it ORDER APPROVING APPLICATION to become a bank holding company would be There having come before the Board of Gov- the proposed acquisition by Marine of at least 80 ernors, pursuant to Section 3(a)(l) of the Bank per cent of the outstanding voting shares of the fol- Holding Company Act of 1956 (12 USC 1842 and lowing four existing banks in Milwaukee, Wiscon- Section 4(a)(l) of the Board's Regulation Y (12 sin, and Milwaukee County: Marine National Ex- CFR 222.4(a)(l)), an application on behalf of change Bank of Milwaukee ("National"), Holton The Marine Corporation, a Wisconsin corporation State Bank, Milwaukee ("Holton"), Cudahy State with its principal office in Milwaukee, for the Bank, Cudahy, Wisconsin ("Cudahy"), and South Board's prior approval of action whereby Appli- Milwaukee Bank, South Milwaukee ("South"). cant would become a bank holding company Views and recommendations of bank supervithrough the acquisition of at least 80 per cent of sory authorities. Of the banks the stock of which the outstanding voting shares of Marine National would be acquired by the Applicant, one is a Exchange Bank of Milwaukee, Holton State national bank and three are State banks. Ac- Bank, Milwaukee, Cudahy State Bank, Cudahy, cordingly, pursuant to Section 3(b) of the Act, Wisconsin, and South Milwaukee Bank, South the Board gave notice of the application to the Milwaukee; a Notice of Tentative Decision, refer- Comptroller of the Currency and the Commisring to a Tentative Statement, on said application sioner of Banks for the State of Wisconsin and having been published in the Federal Register on requested their views and recommendations with October 8, 1958, (23 F.R. 7786) the said Notice respect to the application. The Comptroller of having provided persons an opportunity, before the Currency recommended approval of the apissuance of the Board's final order, to make objec- plication and the Wisconsin Commissioner of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1282 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 Banks expressed no objection to the application. bank holding company, and therefore it has only In his letter to the Board of April 15, 1958, the nominal assets; and, if it becomes a bank holding Comptroller of the Currency stated, in part, as company, its principal earning assets at the outset follows: and presumably for the foreseeable future would be its shares of subsidiary banks. The directors "Careful study and consideration have been given to this proposal in the light of the factors enumerated of Marine are directors and/or officers of the in Section 3(c) of the Bank Holding Company Act: proposed subsidiary banks. Consequently, the (1) the financial history and condition of the comfinancial, condition, prospects, and management pany or companies and the banks concerned; (2) their prospects; (3) the character of their management; of Marine will largely depend upon and parallel (4) the convenience, needs, and welfare of the com- those of the proposed subsidiary banks. munities and the area concerned; and (5) whether or not the effect of such acquisition would be to expand On the basis of the information before it, the the size or extent of the bank holding company Board finds that the condition and prospects of system involved beyond limits consistent with adethe proposed subsidiary banks are good and their quate and sound banking, the public interest, and the preservation of competition in the field of banking. management competent, and that the prospects On the basis of this study we recommend that the and management of Marine would likewise be Board approve the application." favorable. As indicated in previous decisions of In his letter to the Board dated April 21, 1958, the Board under the Bank Holding Company Act, the Commissioner of Banks for the State of these findings are consistent with approval of the Wisconsin stated, in part, as follows: application but do not provide substantial affirma- "As you are aware, Section 221.56, Wisconsin Stat- tive support for such approval. utes, permits the holding of a majority of the stock of Convenience, needs, and welfare of communia Wisconsin State bank by a holding company and, therefore, I find no legal prohibition against forma- ties and area concerned. In view of the locations tion and operation of The Marine Corporation as a of the four banks that would be subsidiaries of bank holding company. the proposed holding company, the communities "With respect to the points covered in Section 3(c) and areas most directly concerned in this case of the . . . Bank Holding Company Act, I wish to advise that I am not aware of anything of an adverse would be the cities of Milwaukee, Cudahy, South nature with respect to points 1, 2, 3 and 4 of that Milwaukee and Oak Creek, in particular, and the section. As for point 5 it appears that the resources of the proposed system of banks contemplated by the County of Milwaukee, in general. application would be in nominal ratio to the total National, with deposits of $159 million, is the bank resources of Milwaukee County. The combined resources of the banks which would be owned by largest of the proposed subsidiary banks and is the the holding company now rank third in relation to third largest bank in the City of Milwaukee. That the individual resources of First Wisconsin National city, according to the 1950 census, had a popula- Bank and of Marshall and Ilsley Bank, Milwaukee. tion of 637,392. The city's trade area includes 45 "In my analysis of this matter I do not find a basis per cent of the population of the State. for valid objection to the application." Holton is also located in the City of Milwaukee Statutory factors. Section 3(c) of the Bank about two miles north of National in a section of Holding Company Act provides: the city said to be an important commercial and "(c) In determining whether or not to approve any industrial area and with a population in 1957 of acquisition or merger or consolidation under this section, the Board shall take into consideration the about 25,000. following factors: (1) the financial history and con- Cudahy is located in the City of Cudahy about dition of the company or companies and the banks concerned; (2) their prospects; (3) the character of eight miles south of the downtown business sectheir management; (4) the convenience, needs, and tion of Milwaukee. As of 1950, it had a populawelfare of the communities and the area concerned; and (5) whether or not the effect of such acquisition tion of 12,182 and its present population is estior merger or consolidation would be to expand the mated to be about 16,300. The city has a number size or extent of the bank holding company system of sizeable industrial plants and is growing rapidly involved beyond limits consistent with adequate and sound banking, the public interest, and the preserva- as a residential area. tion of competition in the field of banking." South is located in South Milwaukee, Wisconsin, Financial history and condition, prospects, and about ten miles from the downtown section of character of management. Marine was organized the City of Milwaukee. As of 1950, it had a popurecently for the specific purpose of becoming a lation of 12,855. South Milwaukee and the ad- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1283 joining City of Oak Creek, the primary service capable management, and the proposed associaarea of South, together are estimated to have a tion of those banks under the common control of present population of about 24,300. The two the Applicant would not appear to reduce the cities are expanding rapidly as a residential section effectiveness of any of such banks. and a number of diversified industrial concerns In the downtown section of Milwaukee, Nahave located in this area. tional presently is in active competition with five All of the proposed subsidiary banks are lo- other commercial banks, two of which are larger cated in Milwaukee County, one of the leading in- than National. The largest of these two banks, a dustrial areas of the country, which has a pres- subsidiary of a bank holding company, has 13 ently estimated population of about 977,600. offices in the City of Milwaukee. Each of the The proposed plan would neither increase nor three smaller proposed subsidiary banks primarily lessen the number of banking offices serving the serves its particular local area and is not in subareas concerned. stantial competition with the other two or with The control of National and the three smaller National. There are no other banking offices lobanks by the proposed holding company would cated within the section of the city which comconceivably increase their joint and several prises Holton's primary service area. Cudahy is ability to serve the communities and areas con- the only bank within the limits of the City of cerned through the benefits that might be ex- Cudahy. In the area primarily served by South pected to flow from an association of the three (South Milwaukee and the adjoining City of Oak smaller banks with National which, with its Creek), there is only one other banking office; greater resources, technical skills, and experience and there is no evidence that South's proposed and depth of management, would presumably be association with Marine or National would inable to improve or broaden the banking services crease its competitive position to such an extent rendered by the smaller banks. as would prevent the other bank in that area from It is possible that, through their closer associa- participating in the future growth of banking retion with National, the three smaller banks would sources in the area. be better able than at present to meet the credit The City of Milwaukee has 19 commercial needs of larger businesses in their respective local banks with a total of 32 offices and deposits areas. However, there is no evidence that requests aggregating $1,342.2 million of which $1,032.3 for loans beyond their present legal lending limits million represent deposits of individuals, partnerhave not been or could not be satisfactorily ships, and corporations ("IPC"). If this applicahandled by the three smaller banks through par- tion should be approved, Marine would control 2 ticipations with correspondent banks; and, in view of the 32 commercial banking offices in the city of the relatively short distance from the locations (6.25 per cent), and $169.1 million of the total of such banks to the locations of the larger down- deposits (12.6 per cent) of such offices. Its two town banks of the city, it seems unlikely that an subsidiary banks in the city would control $127.4 increase in their ability to handle large loans and million of the city's IPC deposits (12.3 per cent). accounts is necessary to the needs and welfare The County of Milwaukee has 43 commercial of their respective communities. banking offices with deposits aggregating $1,495.2 In the circumstances, the Board concludes that million of which $1,163.6 million represent IPC consummation of the proposed transaction would deposits. Approval of the proposed transaction not be inconsistent with the needs and welfare of would cause Marine to have four of the total comthe areas concerned and should contribute to some mercial banking offices in the County (9.3 per extent to the convenience of those areas. cent) and to control $189.7 million of the total Effect upon adequate and sound banking, the deposits of such offices (12.7 per cent) of which public interest, and the preservation of competi- $145 million represent IPC deposits (12.5 per tion. It does not appear that the size or extent cent). The combined IPC deposits for the proof the proposed bank holding company would ad- posed four subsidiary banks would be $33.5 milversely affect the adequacy or soundness of bank- lion less than those held by the second largest bank ing in the areas concerned. The four proposed in the City of Milwaukee and $315.7 million less subsidiary banks are in good condition and under than those of the largest bank in that city. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1284 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 On the basis of the facts, the Board concludes banking, the public interest, or the preservation of that any actual or potential competition among competition in the field of banking. the four proposed subsidiary banks, assuming it Conclusion. The above views were incorporated would be eliminated by the proposed transaction, in a Tentative Statement issued in connection is not substantial; that the proposed transaction with a Notice of Tentative Decision in this case would not afford the four proposed subsidiary published in the Federal Register on October 8, banks or the holding company an undue com- 1958 (23 F. R. 7786) affording interested persons petitive advantage over other banks either in their an opportunity to submit comments on or objecrespective areas or the over-all area concerned; tions to the Board's proposed action, and no such that it would preserve adequate freedom of choice comments or objections were received within the by residents of those areas among banking facili- period specified for their submission. ties not under common control; and that it would In the light of the facts stated and for the not cause the Applicant to control an unduly reasons indicated, it is the Board's judgment that large proportion of the offices or deposits of com- approval of the application would be in accordmercial banks in the City or County of Milwaukee. ance with factors stated in Section 3(c) of the In the circumstances, formation of the proposed Act and with the purposes of the Act, and that, holding company would not, in the Board's accordingly, the application should be approved. opinion, be inconsistent with adequate and sound IT IS SO ORDERED. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS CHANGES IN BULLETIN TABLES A meeting of the Federal Open Market Commit- In order to provide more useful information on tee was held in Washington on November 10, international financial conditions, the following 1958. changes have been made in the section of the The Federal Advisory Council held a meeting BULLETIN that contains international statistics: in Washington on November 17, and met with the (1) Two new tables showing supplementary details Board of Governors on November 18, 1958. on liabilities to and claims on foreigners have been added to the material on international capital INCREASES IN FEDERAL RESERVE DISCOUNT RATES In the past few weeks The Board of Governors of transactions, and the table showing net purchases the Federal Reserve System has approved actions by foreigners of long-term United States securities by the twelve Federal Reserve Banks increasing has been changed to show net purchases of United their discount rates to IVi per cent. The effective States corporate securities. (2) A new table on dates of the new rate at the several Reserve the United States balance of payments has been Banks were as follows: added. (3) More details are shown in tables on Philadelphia Oct. 24, 1958 gold reserves, international institutions, and dis- Richmond Oct. 24, 1958 count rates of foreign central banks. And (4) St. Louis Oct. 24, 1958 tables on central banks have been discontinued. Minneapolis Oct. 24, 1958 Dallas Oct. 24, 1958 ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Atlanta Oct. 28, 1958 The following State bank was admitted to mem- Cleveland Oct. 30, 1958 bership in the Federal Reserve System during the Chicago Oct. 31, 1958 period September 16, 1958 to October 15, 1958: Boston Nov. 4, 1958 Kansas City Nov. 4, 1958 Maryland San Francisco Nov. 6, 1958 Gaithersburg . . . The Maryland State Bank of New York Nov. 7, 1958 Montgomery County The rate previously in effect at all of these Banks was 2 per cent. TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY CHANGES IN BOARD'S STAFF AND ORGANIZATION Latest BULLETIN Reference Mr. Innis D. Harris, formerly a Deputy Assistant Semiannually Issue Page Director in the Office of Civil and Defense Mobil- Banking offices: ization, was appointed Coordinator of the Office Analysis of changes in number of. Aug. 1958 988 of Defense Planning of the Board and assumed On, and not on, Federal Reserve Par List, number of Aug. 1958 989 his duties on November 3. Annually Born in Spotsylvania, Virginia, Mr. Harris en- Earnings and expenses: gaged in the practice of law in Wichita and Dallas Federal Reserve Banks Feb. 1958 200-01 Member banks Nov. 1958 1346 for fifteen years. He attained the rank of Col- Insured commercial banks June 1958 719 Banks and branches, number of, by onel in the Air Corps during World War II, and class and State . .. Apr. 1958 492-93 Operating ratios, member banks... June 1958 720-22 over a period of four and a half years served in Stock Exchange firms, detailed debit civilian capacities under the U. S. Military Gover- and credit balances Nov. 1958 1347 Banking and monetary statistics, 1957 JFeb. 1958 204-10 nor, and later under the U. S. High Commissioner, IMay 1958 608-11 Summary flow-of-funds accounts, in Germany. After a year as a Special Assistant 1954-56 Oct. 1957 1190-94 Bank holding companies, Dec. 31, with the Department of State he became a Consultant in the Office of Defense Mobilization and L B i a s 1i n t "0 k D^ i o 7 n 1 f g •. offices and deposits of Feb. 1958 211 then, in 1953, Deputy Assistant Director. group banks Oct. 1958 1224 1285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication November 14 Industrial production advanced further in Octo- output from the October seasonally adjusted level ber. The gain was limited by work stoppages, of 67 per cent of the 1947-49 average. Production however, which also caused manufacturing em- of glass, also affected by strikes, declined in Octoployment to decline moderately. Construction ber. Output of most other construction materials activity and new housing units started continued was maintained, and nonferrous metals continued to increase, and retail sales advanced. From early to increase. Steel mill operations rose about one- October to early November, prices of basic indus- tenth to 74 per cent of capacity in October and trial materials increased further, but the average edged up in early November to 75 per cent. Prolevel of wholesale prices continued stable. Com- duction of furniture and most other consumer mon stock prices rose sharply to record highs while durable goods was apparently maintained at adbond yields showed little change. vanced levels, while activity in most business equipment lines was unchanged. INDUSTRIAL PRODUCTION The Board's seasonally adjusted index of indus- CONSTRUCTION trial production rose one point in October to 138 Private housing starts increased further in Octoper cent of the 1947-49 average—9 per cent above ber to a seasonally adjusted annual rate of 1,260,the April 1958 recession low but 5 per cent below 000 units, the highest level in three years. Total the summer of 1957. Gains among nondurable new construction put in place reached a record goods continued widespread in October and out- of nearly $51.5 billion, on a seasonally adjusted put was at a record rate. Output of minerals de- annual rate basis. The rise in October was acclined slightly reflecting curtailments in crude oil counted for mainly by gains in private residential and coal. Production of durable goods remained and public highway construction. Commercial and at the September level. public utility building increased slightly and in- Auto assemblies increased in October from the dustrial construction was unchanged following sharply reduced September level, but output con- more than a year of continuous decline. tinued to be held down by work stoppages and dealers' stocks showed a contra-seasonal decline. EMPLOYMENT Schedules for November indicate a doubling of Nonfarm employment, seasonally adjusted, declined 120,000 in October to 50.7 million, reflect- INDUSTRIAL PRODUCTION ing the industrial disputes in durable goods in- 1947-49-100 dustries. In most other major industries, employ- TOTAL ment advanced or was maintained. The average factory workweek declined, contributing to a reduction in average weekly earnings. Both the ^1 , , workweek and weekly earnings remained some- Illiili-WA what above a year ago. Unemployment declined 300,000 further to 3.8 million. The seasonally adjusted rate of unemployment was 7.1 per cent of MINERALS the civilian labor force compared with 7.2 per cent \r NONDURABLE MANUFACTURES in September and 7.6 per cent in August. w V - DISTRIBUTION Seasonally adjusted retail sales, which had de- ,I, M.1,, ,,1 M 11111 M WJ X clined in September, rose 2 per cent in October Federal Reserve indexes, seasonally adjusted. Monthly fig- almost to the peak reached in the summer of 1957. ures, latest shown are for October. 1286 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1287 Department store sales changed little, but sales of purchases of new Treasury issues in early October most other groups of retail stores increased. Auto were about offset by subsequent sales, and holdings deliveries recovered somewhat following the intro- of other securities declined. duction of new models, although supplies were Member bank borrowings from the Federal Relimited. serve have continued to average around $450 million, and excess reserves about $550 million. COMMODITY PRICES Reserves have been supplied by Federal Reserve purchases of U. S. Government securities as cur- Stability in the wholesale commodity price index rency in circulation, bank credit, and deposits continued in October and early November. While have increased seasonally and the outflow of gold prices of nonferrous metals, hides, rubber, and has continued. some other basic materials advanced, most industrial commodities were unchanged. Prices of farm SECURITY MARKETS and food products declined slightly. Harvesting of Yields on intermediate- and long-term Treasury the large crops was reflected in decreases in prices bonds were generally stable from mid-October to of feed grains, and wholesale prices of meats demid-November, and those on corporate and State clined as meat production increased seasonally. and local government securities declined slightly. Yields on short-term Treasury issues declined sub- BANK CREDIT AND RESERVES stantially in late October but rose in the second Total credit at city banks increased somewhat week of November in response to a Treasury cash between early October and early November re- offering of $3.0 billion of June tax bills. Federal flecting largely growth in business and real estate Reserve discount rates were raised from 2 to 2Vi loans. The increase in business loans, however, per cent, bringing them into closer alignment with was less than usual for this time of year. Bank money market rates. LOANS AND INVESTMENTS — MEMBER BANKS IN LEADING CITIES INTEREST RATES Billions of dollars Per cent .LONG - TERM GOVERNMENT SECURITIES i i t ) i i I i i i i i i i i t i i I i i 1 i i t i i i i i l-i i i i i i i i i i i I i i i t i i t i L 'TOTAL LOANS 1954 1957 Federal Reserve data. Loans to banks are excluded. Secu- Weekly average market yields for long-term U. S. Governrities other than U. S. Government are included in the total ment 2Vi per cent bonds and for longest Treasury bills; latest but not shown separately. Weekly figures, latest shown are for shown are for week ending November 7. November 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

* United States * Member bank reserves, Reserve Bank credit, and related items. 1291 Reserve Bank discount rates; reserve requirements; margin requirements. 1294 Federal Reserve Banks. 1295 Bank debits; currency in circulation. . 1298 All banks: consolidated statement of monetary system; deposits and currency. 1300 All banks, by classes. 1301 Commercial banks, by classes. 1304 Weekly reporting member banks. 1306 Commercial loans; commercial paper and bankers' acceptances. 1308 Interest rates. 1309 Security prices; stock market credit 1310 Savings institutions 1311 Federal business-type activities. 1312 Federal finance. 1314 Security issues. 1318 Business finance. 1319 Real estate credit. 1321 Short- and intermediate-term consumer credit. 1324 Selected indexes on business activity 1328 Production . . 1329 Employment and earnings 1336 Department stores 1338 Foreign trade . 1339 Wholesale and consumer prices. 1340 National product and income series. 1342 Revised estimates of short- and intermediate-term consumer credit. 1344 Earnings of member banks, by classes, 1957 and first half of 1958. 1346 Stock market credit. 1347 Tables published in BULLETIN, annually or semiannually—list, with references 1285 Index to statistical tables 1377 I Tables on the following pages include the prin- the basis of material collected by other agencies; cipal statistics of current significance relating figures for gold stock, currency in circulation, to financial and business developments in the Federal finance, and Federal credit agencies are | United States. The data relating to Federal obtained from Treasury statements; the remain- Reserve Banks, member banks of the Federal ing data are obtained largely from other sources. Reserve System, and department store trade, Back figures for 1941 and prior years for bankand the consumer credit estimates are derived ing and monetary tables, together with descripfrom regular reports made to the Board; pro- tive text, may be obtained from the Board's duction indexes are compiled by the Board on publication, Banking and Monetary Statistics. 1289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars 25 MEMBER BANK RESERVE BALANCES 20 15 EXCESS RESERVES- 2 <**+****W^*s*+yy**t***y*> 0 35 CURRENCY IN CIRCULATION 30 25 RESERVE BANK CREDIT 20 TREASURY CASH AND DEPOSITS 0 NONMEMBER DEPOSITS 30 FEDERAL RESERVE CREDIT U. S. GOVERNMENT SECURITIES 25 20 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 1952 1953 1954 1955 1956 1957 1958 Latest averages shown are for week ending October 29. See p. 1291. 1290 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 a u c H r e g n h i p t r e a d i u e l e s e d e r s e r - - c v D o a a a n u n i d s c n d - - e ts s Float Total i s G to o c ld k T r s c o e u t i r a u n n u e r n r g y c t a - - d y s - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o r n a e r l g s y d a h s s - - Tr u w e r a i y t s h - r F es F . e e o i 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 i e r r - e v d e 2 s c E e x s - s2 ment Averages of daily figures 1957 23,511 23,463 832 858 25,228 22,626 5,118 31,149 759 485 340 281 1,19718,760 18,346 414 23,399 23,367 1,031 953 25,408 22,626 5,119 31,256 759 431 357 279 1,19418,876 18,301 575 18. 23,303 23,286 950 ,442 25,719 22,627 5,121 31,184 755 510 429 287 ,19619,108 18,484 624 25. 23,178 23,173 1,106 ,318 25,622 22,628 5,123 31,052 769 759 386 255 ,18918,963 18,416 547 Oct. 2. 23,346 23,294 52 942 000 25,304 22,634 5,125 31,039 776 493 356 253 ,11219,034 18,685 349 9. 23,545 23,312 233 1,009 99125,563 22,646 5,127 31,129 774 498 373 260 ,112 19,189 18,625 564 16. 23,371 23,281 90 992 ,071 2:5 ,.451 22,658 5,128 31,191 776 506 333 252 ,110 19,068 18,574 494 23. 23,267 23,222 45 605 517 25,407 22,665 5,131 31,129 781 464 317 265 ,10919,137 18,574 563 30. 23,195 23,179 16 710 ,05124,972 22,671 5,132 31,008 786 518 318 251 ,05718,837 18,474 363 Nov. 6. 23,441 23,256 185 824 943 25,225 22,707 5,135 31,115 792 461 367 313 ,056 18,963 18,509 454 13. 23,498 23,332 166 911 997 25,424 22,731 5,136 31,287 795 505 329 407 ,05718,911 18,354 557 20. 23,288 23,282 6 752 ,430 25,489 22,757 5,137 31,336 801 503 315 386 ,054 18,987 18,459 528 27. 23,318 23,167 151 777 ,209 25,325 22,762 5,139 31,431 794 469 301 294 ,030 18,907 18,461 446 Dec. 4. 23,732 23,480 252 626 ,00525,387 22,763 5,141 31,668 770 305 291 191 ,04119,023 18,580 443 11. 23,886 23,574 312 676 020 25,617 22,766 5,142 31,827 769 318 318 186 ,080 19,027 18,600 427 18. 23,907 23,600 307 751 ,52526,218 22,770 5,143 31,973 768 339 334 183 ,05019,483 18,873 610 25. 23,950 23,617 333 786 894 26,687 22,770 5,145 32,089 764 483 359 179 ,06119,666 19,014 652 1958 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 ,039 25,390 22,781 5,147 31,207 771 503 306 190 99419,348 18,769 579 22.... 23,315 23,266 49 359 ,230 24,949 22,782 5,149 30,878 781 511 275 227 99219,216 18,624 592 29.... 23,372 23,335 37 295 919 24,632 22,783 5,151 30,625 789 521 275 275 99219,089 18,509 580 Feb. 5... 23,364 23,321 43 189 80324,397 22,783 5,157 30,581 777 378 265 294 ,04618,997 18,498 499 12.., 23,422 23,292 130 286 79324,543 22,784 5,159 30,675 734 296 284 325 ,11819,054 18,483 571 19.., 23,373 23,285 88 361 1,054 24,830 22,785 5,161 30,642 685 501 337 293 ,19519,122 18,427 695 26 23,380 23,380 153 952 24,527 22,714 5,165 30,542 695 508 284 276 ,193 18,909 18,426 483 Mar. 5... 23,256 23,251 118 892 24,309 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... 23,55" 23,518 167 98324,742 22,498 5,180 30,524 790 580 258 400 ,14318,725 18,037 688 Apr. 2... 23,625 23,625 144 77624,586 22,394 5,184 30,637 724 523 277 368 ,10918,526 17,830 696 9... 23,628 23,628 90 879 24,638 22,294 5,187 30,744 729 479 269 493 ,10618,300 17,673 627 16... 23,633 23,611 199 829 24,701 22,199 5,192 30,733 731 457 319 381 104 18,369 17,754 615 23.., 23,712 23,704 11 99024,854 22,081 5,193 30,617 721 417 242 376 ,10218,654 18,055 599 30 23,626 23,612 125 777 24,566 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 2 2 1 8 !'.'.'..' 2 2 2 4 3 3 , , , 9 0 8 3 5 7 1 3 6 2 2 2 4 3 3 , , , 9 0 8 3 5 7 1 3 6 1 1 1 2 1 0 3 9 4 7 9 7 6 9 8 0 4 0 2 2 2 5 4 4 , , , 0 8 9 1 5 9 6 4 4 2 2 21 1 1 , , , 6 7 8 6 7 8 1 9 6 5 5 5 , , , 1 2 2 9 0 0 9 1 0 3 3 3 0 0 0, , , 8 8 8 1 1 2 3 2 2 7 7 7 4 3 2 1 2 2 4 4 4 5 7 3 9 0 7 2 2 3 9 7 0 4 6 9 3 3 3 8 9 8 1 1 6 , , ,0 0 0 2 4 4 3 3 61 1 1 8 8 8 , , , 2 1 1 4 9 9 8 0 4 1 1 1 7 7 7 , , , 5 5 5 4 1 2 5 3 8 7 6 6 8 0 6 1 3 2 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 24,391 184 81525,440 21,594 5,203 31,052 709 424 267 370 ,13918,274 17,687 587 18... 24,682 24,581 101 175 036 2255,939 21,540 5,204 31,070 698 459 331 359 ,14618,619 17,984 635 25... 25,oor 24,891 111 99 024 26,170 21,374 5,204 30,975 698 440 280 229 ,14418,983 18,314 669 July 2... 25,422 25,419 97 81526,380 21,349 5,203 31,163 687 446 268 405 ,10518,859 18,204 655 9... 25,456 25,456 143 94726,589 21,306 5,202 31,385 677 489 265 377 ,09718,809 18,051 758 16.., 25,262 25,262 115 979 26,398 21,300 5,202 31,375 686 497 358 371 ,09518,518 17,949 569 23.., 25,157 25,157 85 1,04526,328 21,280 5,203 31,217 692 465 293 340 ,09118,712 17,924 788 30.. 25,035 25,035 108 82326,005 21,252 5,206 31,086 697 543 300 333 ,04118,462 17,824 638 Aug. 6. 25,240 25,240 11 828 261,21 21,195 5,207 31,171 696 662 291 350 ,14818,296 17,738 558 25,646 25,626 20 229 77-26,685 21,154 5,210 31,291 699 504 300 329 ,16618,760 18,073 687 20. 25,406 25,406 216 1,008 26,665 21,086 5,210 31,295 696 528 259 301 ,23318,648 18,027 621 27. 25,257 25,257 271 8—5r726,41" 21,086 5,211 31,249 688 486 234 320 212 18,526 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 31,393 694 504 397 282 156 18,572 17,935 637 24. 24,893 24,893 433 1,20326,558 20,895 5,216 31,285 683 508 308 320 162 18,404 17,811 593 Oct. 1. 24,940 24,940 401 904 26,275 20,866 5,219 31,21 690 448 261 387 1,12318,234 17,774 460 25,143 25,143 434 91126,519 20,830 5,219 31,352 691 447 299 343 1,11918,318 17,753 565 15. 25,498 25,353 145 472 92226,925 20,764 5,220 31,498 689 386 327 412 1,12118,475 17,989 486 22. 25,242 25,242 369 1,40127,046 20,724 5,220 31,435 681 464 308 332 1,11718,652>18,046 *606 29. 25,300 25,300 456 97726,767 20,690 5,221 31,299 681 512 270 321 1,080 1"8,515*>17,953 »562 > Preliminary. For other notes see following page. 1291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1292 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- r C e u n r c - y Treas- with r F es . e R rv . e B s, anks reserves P d e o a ri r t o e d Total B r o o ig u u h t g - t ht r a u c H e g n h p e r a d e u l s e d e r e r - - c v D o a a a n u n i d s c d n - - e ts s Float Total i s G to o c ld k r s c o e t i a u n n u n r g c t - - d y - c t c u i i i o n l r a n - - h c i u o n a r l g s y d h s - T u re ry as- For- Other c O F o . a t u h c R n - e t r . s Total qu R ir e e - d 2 Exment Averages of daily figures 1957 Oct 13,348 23,252 96 818 1,143 25,326 22,660 5,129 31,109 780 495 338 258 1,097 19,040 18,573 467 Nov 3,417 23,276 141 810 1,12625,373 22,743 5,137 31,335 793 464 322 337 1,044 18,958 18,447 511 Dec 3,982 23,615 367 716 1,443 "26,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 18,843 577 1958 Jan 23,608 23,458 150 454 1,11825,229 22,782 5,148 31,059 777 512 297 224 99319,296 18,723 573 Feb 23,378 23,313 65 242 90724,568 22,759 5,161 30,608 717 421 294 299 ,15019,000 18,434 566 Mar 23,486 23,465 21 139 893 24,559 22,548 5,177 30,589 750 457 265 350 ,14218,730 18,097 633 Apr 23,649 23,638 11 130 864 24,682 22,166 5,191 30,654 728 494 267 410 092.18,394 17,772 622 May 23,939 23,939 119 84124,939 21,801 5,200 30,798 731 466 286 401 036 18,223 17,557 666 June 24,749 24,698 51 142 991166 25,851 21,490 5,203 31,039 701 442 281 350 ,13218,600 17,974 626 July 25,218 25,218 109 994422 26,310 21,285 5,203 31,264 687 498 302 358 ,081 18,609 17,953 656 Aug. 25,410 25,406 252 85826,554 21,112 5,210 31,268 694 541 274 324 1,194 18,580 17,946 634 Sept 25,051 25,051 476 999900 26,548 20,940 5,215 31,342 691 445 325 325 1,151 18,425 17,854 571 Oct 25,296 25,260 36 425 1,03526,789 20,750 5,220 31,390 686 449 299 352 1,108 18,476 Midyear or year-end 1929—June... 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June... 1,998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec.... 2,484 2,484 7 91 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec.... 2,254 2,254 3 94 2,361 12,in 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec.... 24,262 24,262 249 57825,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947_Dec... 22,559 22,559 85 535 2233,181 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 1,36822,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1954—Dec... 24,932 24,888 44 143 80825,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 1955—Dec... 24,785 24,391 394 108 1,58526,507 21,690 5,008 31,158 767 394 402 554 92519.005 18,903 102 1956—June.. 23,758 23,712 46 232 1,21025,219 21,799 5,032 30,715 768 522 297 313 99218,443 18,449 -6 Dec... 24,915 24,610 305 50 1,665 26,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 End of month 1957 Oct 23,338 23,218 120 789 1,06225,206 22,691 5,135 31,090 784 552 378 256 1,05618,917 18,541 376 Nov 2 2 3 4 , , 7 2 3 3 3 8 2 2 3 3 , , 4 7 4 1 8 9 2 5 8 1 5 9 81 5 9 5 1, 9 4 4 2 f 4 2 2 5 5 , , 5 7 1 8 5 4 2 2 2 2, , 7 7 8 6 1 3 5 5 , , 1 1 3 4 9 6 3 3 1 1 , , 6 8 6 3 1 4 7 7 6 6 1 1 2 48 4 1 3 2 3 8 5 3 6 2 1 4 9 6 6 1, 9 00 9 0 8 1 1 9 9 , , 2 0 7 3 4 4 1 1 9 8 , , 0 5 9 7 1 8 - 6 5 9 7 6 Dec 1958 23,331 23,331 217 76324,352 22,784 5,158 30,576 771 469 249 279 990 958 18,543 415 Jan 2 2 3 3 , , 2 6 4 2 0 8 2 2 3 3 , , 2 62 4 8 0 1 1 2 3 : 7 9 7 2 6 4 5 2 2 4 4 , , 3 5 3 7 0 0 2 2 2 2 , , 6 3 8 9 6 4 5 5 , , 1 1 6 8 9 3 3 30 0 , , 6 5 6 5 6 4 7 69 2 5 2 4 51 7 6 4 2 2 6 6 5 6 3 3 7 3 8 6 , , 1 1 5 0 1 8 6 5 6 3 7 2 1 1 8 7 , ,8 1 5 8 7 6 6 4 7 8 5 1 Feb 23,681 23,681 156 797 2244,672 21,996 5,196 30,565 734 594 257 411 ,050 254 17,686 568 Mar 24,162 24,162 144 96525,313 21,594 5,201 30,994 703 38: 234 624 994 176 17,543 633 A J M u p a n r y e 2 2 2 5 5 4 , , , 4 3 4 3 4 8 8 6 0 2 2 2 5 4 5 , , , 4 4 3 3 8 4 8 0 6 5 4 9 5 1 4 5 7 8 5 6 8 8 2 2 2 2 6 6 55 , , , 7 2 4 3 8 7 9 3 7 2 2 2 1 1 1 , , , 0 3 2 1 5 1 1 6 0 5 5 5 , , , 2 2 2 1 0 0 1 7 3 3 3 3 1 1 1 , , , 3 1 1 7 7 7 1 1 2 6 6 6 8 8 9 5 4 2 4 5 6 1 4 1 0 0 7 2 2 3 6 1 8 9 3 8 4 3 3 2 2 3 0 9 2 , , , 0 0 1 9 3 8 6 9 4 1 18 7 , , , 5 7 7 3 6 8 8 4 4 1 1 1 7 7 8 , , , 8 8 1 0 6 5 1 0 8 - 6 6 3 7 2 7 8 6 A J S u e u l p y g t 2 25 4 , , 4 9 4 8 3 6 2 2 4 5 , , 9 3 8 7 6 3 70 2 4 5 0 5 7 7 8 8 6 8 02 • 6 2 , 6, 1 6 3 7 0 5> 2 2 0 0 , , 8 6 7 8 4 9* 5 5 , , 2 2 1 2 9 2 31 1 , ,3 2 7 4 8 5 6 68 8 1 4 3 3 7 6 1 3 2 2 5 8 8 8 3 3 9 3 5 5 , ,0 1 7 2 9 21 1 8 8 , , 1 4 4 6 7 2*> 1 1 7 7 ,7 ,9 8 6 5 9 362 Oct Wednesday 1958 25,358 25,358 266 68. 26,341 21,160 5,209 31,220 70: 461 287 325 166 18,549 17,721 828 25,519 25,519 182 76526,500 21,146 5,210 31,270 701 483 327 322 ,16518,587 18,073 514 20 25,313 25,313 240 87526,460 21,086 5,210 31,248 689 448 253 309 ,23218,578 18,007 571 27 25,217 25,21" 189 67626,11" 21,086 5,211 31,246 69: 475 256 320 ,18418,240 17,945 295 Sept. 3 25,386 25,386 185 81326,41: 21,011 5,21 31,436 697 518 314 331 ,15318,188 17,911 277 10 25,081 25,081 464 84226,41' 21,012 5,215 31,409 700 51: 38: 319 ,15118,171 17,903 268 17 24,915 24,915 207 1,19126,34: 20,899 5,216 31,335 694 19: 356 270 ,16218,447 17,992 455 24 24,860 24,860 337 94926,17- 20,874 5,219 31,176 686 490 314 338 ,16118,101 17,749 352 Oct. 1 25,047 25,04' 199 904 26,180 20,823 5,21 31,24: 691 441 275 398 ,12018,054 17,840 214 8 25,222 25,222 383 79326,431 20,825 5,220 31,409 693 353 325 349 ,12018,226 17,729 497 15 25,507 25,379 128 245 1,06 26,845 20,775 5,220 31,486 683 340 324 339 11918,550 18,000 550 22 25,225 25,225 759 1,01927,035 20,690 5,221 31,333 68- 525 297 317 'll618,675*>17,998 *>677 29 25,373 25,373 378 77626,561 20,690 5,222 31,293 68- 542 280 326 ,07918,267*17,970 P297 * 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 this table, but are given for end-of-month and Wednesday Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1293 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve Item and period b m a A b e n e l m r k l s - Ne c w ity ban C ks hi- b s R c a e i n r e t v y k - e s C ba o tr n u y k n s - Item and period b m a A b e n e l m r k l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1957_Sept 18,956 4,211 1,122 7,800 5,823 1957—Sept 522 51 457 Oct 19,040 4,231 ',116 7,836 5,857 Oct 467 39 428 Nov 18,958 4,162 ,101 7,849 5,847 Nov 512 63 432 Dec 19,420 4,336 ,136 8,042 5,906 Dec 577 86 449 1958—Jan 19,296 4,251 ,125 8,007 5,914 1958—Jan 573 78 456 Feb 19,000 4,204 ,114 7,871 5,811 Feb 567 98 442 Mar 18,730 4,272 ,098 7,701 5,659 Mar 633 98 479 Apr 18,394 4,122 ,052 7,651 5,569 Apr 623 79 526 May 18,223 4,030 ,054 7,614 5,525 May 666 131 474 June 18,600 4,214 ,113 7,721 5,552 June 626 102 481 July 18,609 4,132 ,088 7,772 5,617 July 656 104 515 Aug 18,580 4,014 ,097 7,820 5,651 Aug. 635 89 516 Sept 18,425 3,951 ,064 7,731 5,679 Sept 571 65 474 Week ending: Week ending: 1958—Sept. 17 18,572 4,014 ,066 7,762 5,730 24 18,404 3,901 ,053 7,710 5,740 1958—Sept. 2 1 4 7 6 5 3 9 6 3 46 6 5 9 6 5 5 1 3 0 2 Oct. 1 18,234 3,972 ,055 7,680 5,527 8 18,318 3,884 ,038 7,660 5,737 Oct. 1 458 65 328 15 18,475 3,922 ,067 7,816 5,670 8 565 65 497 22 18,652 3,912 ,067 7,816 5,857 15 485 68 394 29 18,515 3,993 ,066 7,773 5,683 22 48 29 74 Required reserves:2 1957_Sept 18,434 4,203 ,117 7,749 5,366 Borrowings at Federal Oct 18,573 4,231 ,116 7,797 5,429 Reserve Banks: Nov 18,447 4,147 ,100 7,786 5,414 Dec 18,843 4,303 ,127 7,956 5,457 1957—Sept 988 263 120 485 121 Oct 811 141 115 428 127 1958—Jan 18,723 4,216 ,121 7,928 5,458 Nov 804 96 123 405 181 Feb 18,434 4,182 ,109 7,773 5,369 Dec 710 139 85 314 172 Mar 18,097 4,228 ,087 7,603 5,179 Apr 17,772 4,107 ,049 7,572 5,043 1958—Jan 451 80 29 222 119 May 17,557 3,977 ,046 7,482 5,051 Feb 242 46 11 96 89 June 17,974 4,186 ,099 7,619 5,070 Mar 138 2 29 36 71 July 17,953 4,101 ,084 7,667 5,101 Apr 130 18 9 35 67 Aug 17,946 3,987 ,094 7,731 5,134 May 119 2 1 42 74 Sept 17,854 3,923 ,058 7,667 5,205 June 142 21 2 45 74 July 109 16 1 49 44 Week ending: Aug 252 48 3 111 90 Sept 476 106 266 96 1958—Sept. 17 17,935 3,968 ,064 7,705 5,198 24 17,811 3,893 ,047 7,641 5,230 Week ending: Oct. 1 17,774 3,912 ,049 7,614 5,199 1958—Sept. 17 563 149 14 301 99 1 8 5 1 17 7 , , 9 7 8 5 9 3 3 3 , , 8 9 8 0 1 5 , , 0 0 6 3 1 8 7 7, , 7 5 4 9 7 4 5 5 , , 2 27 4 6 0 24 433 104 250 79 22 *>18,046 3,913 ,066 7,768 *>5,299 Oct. 1 400 47 261 91 29 ^17,953 3,918 ,056 7,699 *>5,280 8 433 47 275 101 15 472 61 262 145 22 368 32 242 82 September 1957 29 455 6 257 181 Deposits: Free reserves:2 Gross demand deposits: Total 115,504 22,955 6,018 45,037 41,494 1957_Sept 467 -254 -115 -433 335 Interbank 13,075 4,178 1,221 6,294 1,383 Oct 344 -141 -115 -389 301 Other 102,429 18,777 4,798 38,743 40,111 Nov 293 -80 -123 -342 251 Net demand deposits 3... 98,749 20,101 5,253 37,948 35,447 Dec 133 -105 -77 -228 277 Time deposits 45,576 3,647 1,321 18,364 22,245 Demand balances due 1958—Jan 122 -46 -25 -144 337 from domestic banks.. 6,515 55 104 1,948 4,408 Feb 324 -25 -6 1 353 Mar 495 42 -18 62 408 Apr 493 -3 -7 44 459 September 1958 May 547 51 7 89 399 June 484 7 12 57 408 July 546 16 4 56 471 Gross demand deposits: Aug 383 -22 -22 426 Total 119,131 23,246 6,225 47,361 42,298 Sept 95 -79 -3 -201 378" Interbank 13,807 4,104 1,296 6,974 1,433 Other 105,324 19,142 4,930 40,387 40,865 Week ending: Net demand deposits3... 101,757 20,336 5,479 39,968 35,973 Time deposits 53,104 5,259 1,437 21,444 24,964 1958—Sept. 17 73 -103 -12 -245 433 Demand balances due 24 160 -96 6 -181 431 from domestic banks.. 6,972 69 101 2,093 4,708 Oct. 1 58 12 5 -196 237 8 132 -44 -10 -210 396 15 13 -44 -194 251 22 -33 -11 -194 *476 29 69 i -183 P222 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

1294 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Oct. 31 beginning— rate Oct. 31 beginning— rate Oct. 31 beginning— rate Boston Sept. 23, 1958 Sept. 23, 1958 3% Mar. 11,1958 P N h e i w la d Y el o p r h k ia .. . . . S O e c p t t . . 2 1 4 2 , , 1 1 9 9 5 5 8 8 !* S O e c p t t . . 2 1 4 2 , , 1 1 9 9 5 5 8 8 2* S S e e p p t t . . 1 19 2 , , 1 1 9 9 5 5 8 8 Cleveland Oct. 30, 1958 2 Oct. 30, 1958 Oct. 30,1958 Richmond. . . Oct. 24, 1958 2 Oct. 24, 1958 4 Oct. 24,1958 Atlanta Oct. 28, 1958 2 Oct. 28, 1958 4 Oct. 28,1958 Chicago P Oct. 31, 1958 2 Oct. 31, 1958 Jan. 24,1958 St. Louis Oct. 24, 1958 Oct. 24, 1958 3% Oct. 24,1958 Minneapolis.. Oct. 24, 1958 Oct. 24, 1958 41/4 Oct. 24,1958 Kansas City.. Aug. 29, 1958 f Aug. 29, 1958 3*4 Aug. 29,1958 D Sa a n ll a F s rancisco 21/2 A Oc u t g . . 2 1 4 5 , , 1 1 9 9 5 5 8 8 O A c u t g . . 2 15 4 , , 1 19 9 5 5 8 8 4 3 1 % /2 A Oc u t g . . 1 2 5 4 , ,1 1 9 9 5 5 8 8 21/2 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 l MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits1 Time deposits 1930—Feb. 7 4 1948—Jan. 12 W54 Effective date Central Mar. 14 I* Aug. 13 I of change Central Reserve Coun- reserve Coun- May 2 1950—Aug. 21 reserve city try and try June 20 1953—Jan. 16 city banks banks reserve banks Dec. 24 21/2 1954—Feb. 5 W4 banks city 1931—May 8 Apr. 16 1% banks Oct. 9 j» 1955—Apr. 15 Oct. 16 Aug. 5 1932—Feb. 26 Sept. 9 18 1917—June 21 13 10 7 3 June 24 Nov. 18 1933 Mar. 3 1956—Apr. 13 1* 1936—Aug. 16 191/2 15 IO1/2 4i/2 f A M p a r y . 2 7 6 1957— A A u u g g . . 2 2 4 3 I* 1937— M M a a y r. 1 1 %* K* 1 1 2 4 14 2* 1934_F O e c b t. . 2 2 0 1*4 1958— N Ja o n v . . 2 1 4 5 1938—Apr. 16 22Y4 171/2 12 1 19 9 4 3 2 7 _A O u c g t. . 2 3 7 0 \* A M p a r r . . 1 7 8 2 2 V V 4 4 1 19 9 4 4 2 1 — _N A o u v g . . 20 1 2 2 4 6 20 14 5 6 1946—Apr. 25 Sept. 12 134 Sept. 14 22 6 In effect Nov. 1, 1958 2 Oct. 3 20 1948—Feb. 27 22 1 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 7% or callable in 1 year or less in effect during the period Oct. 30, 1942- 1949—May 1,5* 24 21 15 A ad p v r a . n 2 c 4 e , s 1 s 9 e 4 c 6 u . r ed T h b e y 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 . 30 1 , , J 1 u 1 ly * 1 .. * .. . 2 \V 0 A 1 1 4 3 5 6 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 11* periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. Sept. 1 %* 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75; 1951—Jan. 11, 16*.... 23 19 13 6 6 1957_Aug. 22, 3.50. Jan. 25, Feb. 1*. 24 20 14 1953—July 1,9* 22 19 13 MARGIN REQUIREMENTS 1 1954—June 16,24*.... 21 5 5 July 29, Aug. 1 *. 20 18 12 [Per cent of market value] 1958_Feb. 27, Mar. 1 * 191/2 IT* 11% Mar. 20, Apr. 1 * 19 11 S P ec re u s r c it r i i e b s e d E x i c n h a a c n c g o e r d A a c n t c e o f w 1 i 9 th 34 J A a 1 u n 9 g . 5 . 8 1 - 4 6 , , O A 1 c u 9 t g . 5 . 8 1 - 5 5 , , O E c t f t i f . v e e c 1 - 6, A A p p r r . . 2 1 4 7 1 18 8i/2 16i/2 1958 1958 1958 In effect Nov. 1, 1958.. 18 161/2 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 50 70 90 Maximum 26 20 14 6 6 For short sales 50 70 90 Regulation U: For loans by banks on stocks 50 70 90 1 Demand deposits subject to reserve requirements which, beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also 1 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 1295 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1958 1958 1957 Oct. 29 Oct. 22 Oct. 15 Oct. 8 Oct. 1 Oct. Sept. Oct. Assets Gold certificate account 19,217,89219,217,89219,316,89319,357,89219,355,89419,217,89219,405,89321,158,390 Redemption fund for F. R. notes.. 887,297 889,664 878,846 880,250 882,283 887,297 882,283 846,337 Total gold certificate reserves. 20,105,189 20,107,556 20,195,739 20,238,142 20,238,17720,105,189 20,288,176 22,004,727 F. R. notes of other Banks 386,444 382,341 327,867 340,748 368,222 365,287 364,645 404,164 Other cash 381,057 377,310 358,967 363,575 383,189 383,962 381,434 377,764 Discounts and advances: For member banks 376,967 757,450 244,155 382,125 198,325 405,877 254,078 782,845 For nonmember banks, etc 1,300 1,300 700 700 700 1,300 700 6,500 Industrial loans 338 338 338 340 340 338 340 560 Acceptances—Bought outright 33,158 31,523 32,265 32,206 29,104 36,301 28,351 16,488 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 1,371,610 1,224,210 1,378,310 1,221,210 ,045,810 1,371,610 985,310 482,673 Certificates—Special Other 21,507,29121,507,29121,507,29121,507,29121,507,29121,507,29121,507,29119,: 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 ,483,771 2,483,771 2,483,771 1,483,771 2,801,750 Total bought outright 25,372,672 25,225,27225.379,372 25,222,272 25,046,872 25,372,672 24,! 6,372 23,218,035 Held under repurchase agreement. 128,100 . 70,100 ... 120,000 Total U. S. Government securities. 25,372,672 25,225,27225,507,472 25,222,272 25,046,872 25,442,772 24,986,372 23,338,035 Total loans and securities 25,784,43526,015,88325,784,930 25,637,643 25,275,34125,886,588 25,269,84124,144,428 Due from foreign banks. 15 15 15 15 15 15 15 12 Uncollected cash items.. 4,988,813 5,504,148 ,360,828 ,603,891 5,182,643 4,490,420 4,706,128 ,814,622 Bank premises 93,309 91,083 90,676 90,553 90,474 93,194 90,481 82,654 Other assets 210,280 201,333 189,371 177,333 165,204 213,653 162,806 207,023 Total assets. 51,949,54252,679,669 53,308,393 51,451,900 51,703,26551,538,30851,263,526 52,035,394 Liabilities Federal Reserve notes 26,938,903 26,973,344 27,056,338 26,999,484 26,881,089 27,002,540 26,870,627 26,834,017 Deposits: Member bank reserves 18,266,69018,674,71418,550,40118,225,56418,054,167 118,461,89218 146,938 ,916,511 U. S. Treasurer—general account. 542,233 524,592 339,713 353,358 441,278 363,206 371,169 552,095 Foreign 280,118 296,708 323,641 325,495 274,712 288,459 257,947 377,607 Other 326,183 316,629 338,730 349,203 397,612 334,599 395,444 256,426 Total deposits. 19,415,224 19,812,643 19,552,485 19,253,620 19,167,769 19,448,156 19,171,498 20,102,639 Deferred availability cash items 4,212,467 4,484,962 5,300,312 3,810,561 4,278,270 3,702,237 ,845,803 3,,752,675 Other liabilities and accrued dividends. 22,455 21,804 21,969 20,534 18,097 22,196 18,900 20,292 Total liabilities 50,589,049 51,292,753 51,931,104 50,084,199 50,345,225 50,175,129 49,906,82850,709,623 Capital Accounts Capital paid in. 357,342 357,283 357,172 357,176 357,138 357,463 357,113 340,912 Surplus 809,195 809,195 809,195 809,195 809,195 809,195 809,195 1775,136 Other capital accounts. 193,956 220,438 210,922 201,330 191,707 196,521 190,390 209,723 Total liabilities and capital accounts. 51,949,542 52,679,669 53,308,393 51,451,900 51,703,265 51,538,308 51,263,526 52,035,394 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 43.4 43.0 43.3 43.8 43.9 43.3 44.1 46.9 Contingent liability on acceptances purchased for foreign correspondents 70,411 65,674 67,659 71,238 75,181 70,596 75,435 69,423 Industrial loan commitments 1,019 1,019 1,019 1,031 1,031 1,019 1,031 1,166 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advances—total 378,267 758,750 244,855 382,825 199,025 407,177 254,778 789,345 Within 15 days 371,535 753,848 240,545 379,085 195,415 385,035 251,300 779,775 16 days to 90 days 6,732 4,902 4,310 3,740 3,610 22 142 3,478 9,570 91 days to 1 year Industrial loans—total 338 338 338 340 340 338 340 560 Within 15 days 186 186 186 187 187 194 187 69 16 days to 90 days 29 29 19 20 20 18 20 253 91 days to 1 year 52 52 62 58 58 47 58 87 Over 1 year to 5 years 71 71 71 75 75 79 75 151 Acceptances—total 33,158 31,523 32,265 32,206 29,104 36,301 28,351 16,488 Within 15 days 12,119 11,543 7,359 7,506 9,714 9,866 9,397 5,026 16 days to 90 days 21,039 19,980 24,906 24,700 19,390 26,435 18,954 11,462 U. S. Government securities—total. 25,372,672 25225,272 25 507,472 25,222,272 25.046,872 25,442,772 24,986,37223 338,035 Within 15 days 276,000 222,400 341,100 160,800 194,200 268,100 135200 142,050 16 days to 90 days ,995533,117755 8,885599,337755 022,875 917,975 709,175 ,031,175 8,707675 288,688 91 days to 1 year 13,649,72613,649,726 13,649,72613,649,72613,649,726 ,649,726 1"3,649726 12 118,040 Over 1 year to 5 years 1,023,614 ,023,614 ,023,614 ,023,614 023,614 ,023,614 1,023 614 680,635 Over 5 years to 10 years 83,910 83,910 83,910 83,910 83,910 83,910 83910 750,375 Over 10 years 1,386,247 ,386,247 ,386,247 ,386,247 386,247 ,386,247 1,386 247 358,247 1 Includes, prior to Sept. 2, 1958, Section 13b surplus of $27,543,000. in 15 days in accordance with maximum maturity of the agreements. 2 Holdings under repurchase agreements are classified as maturing with- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1296 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1958 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets Gold certificate account 941,134 5,110,6991,019,259 ,603,122 ,123,739 846,3413,368,607 778,653 453,219 790,421 747,9812,434,717 Redemption fund for F. R. notes 56,464 181,922 57,431 78,999 79,460 52,692 158,963 44,058 20,810 41,821 29,070 85,607 Total gold certificate reserves. 997,598 5,292,6211,076,6901,682,121 ,203,199 899,033 3,527,570 822,711 474,029 832,242 777,0512,520,324 F. R. notes of other Banks... 28,633 94,335 38,262 21,875 32,164 44,938 24,235 9,094 14,611 10,054 17,837 29,249 Other cash 28,540 73,372 21,037 34,455 23,198 30,797 68,285 18,396 9,394 13,245 17,033 46,210 Discounts and advances: Secured by U. S. Govt. securities 5,280 41,065 6,165 13,938 30,225 94,240 71,340 16,950 28,350 56,574 30,200 11,400 Other 74 366 140 116 66 58 186 48 31 151 68 146 Industrial loans 327 11 Acceptances: Bought outright 36,301 Held unde'r rreeppuu:rchase agreement U. S. Govt. securities: Bought outright 1,381,491 6,398,1761,458,5232,246,116 ,651,5581,291,037 4,432,0981,035,053 533,7651,082,982 993,873 2,868,000 Held under repurchase agreement 70,100 Total loans and securities.... 1,387,172 6,546,0081,464,828 2,260,1701,681,8491,385,335 4,503,6241,052,051 562,1571,139,707 ,024,1412,879,546 Due from foreign banks 1 14 1 1 2 1 () 1 1 1 Uncollected cash items 319,615 809,284 273,319 404,629 367,651 354,408 727,876 205,396 145,840 237,019 222,626 422,757 Bank premises 4,664 10,517 4,290 9,917 6,658 9,047 11,386 6,862 5,222 4,878 7,714 12,039 Other assets 11,641 53,507 12,055 19,383 13,783 11,188 36,552 8,621 4,489 9,914 8,485 24,035 Total assets. 2,777,86412,879,648 2,890,482 4,432,5513,328,503 2,734,747 8,899,5302,123,1321,215,742 2,247,060 2,074,888 5,934,161 Liabilities F. R. notes 1,568,880 6,314,4721,665,6412,485,353 2,105,5891,361,8775,197,769 ,199,183 568,8491,077,162 763,744 2,694,021 Deposits: Member bank reserves 797,493 5,141,976 862,7091,449,283 803,962 957,594 2,817,995 670,814 465,752 872,5761,009,789 2,611,949 U. S. Treasurer—general account 21,750 38,778 19,306 27,054 25,819 31,785 47,771 21,617 20,675 43,733 25,892 39,026 F O o th re e i r gn 15,390 2 3 8 9 1 4 , , 1 5 4 9 1 9 18,630 24 1 , , 0 02 3 4 0 1 2 3 , , 8 7 3 7 7 0 1 3 2 , , 4 1 9 50 8 38, 4 61 9 0 3 9,9 3 9 2 0 5 6,480 10,530 14 1, , 3 0 4 4 9 0 4 3 0 0 , , 9 2 0 4 0 0 536 1,459 348 689 Total deposits 835,169 5,556,494 902,1041,501,391 846,3881,005,0272,904,869 702,746 493,255 927,528 ,051,070 2,722,115 Deferred availability cash items , 295,436 629,821 230,486 320,468 304,981 301,898 592,129 167,320 119,104 186,992 189,576 364,026 Other liabilities and accrued dividends 1,013 5,754 1,103 2,604 957 1,100 3,499 852 720 929 811 2,854 Total liabilities 2,700,49812,506,5412,799,334 4,309,816 3,257,9152,669,902 8,698,266 2,070,1011,181,928 ,192,6112,005,2015,783,016 Capital Accounts Capital paid in 17,944 103,605 21,781 33,535 16,183 18,087 49,217 12,100 8,252 14,674 20,137 41,948 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. 12,274 45,972 13,153 17,659 13,240 10,560 30,532 9,371 5,801 9,251 8,624 20,084 Total liabilities and capital accounts , 2,777,86412,879,648 2,890,482 4,432,5513,328,5032,734,7478,899,530 2,123,1321,215,7422,247,060 2,074,888 5,934,161 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 41.5 44.6 41.9 42.2 40.8 38.0 43.5 43.3 44.6 41.5 42.8 46.5 Contingent liability on acceptances purchased for foreign correspondents 4,013 420,049 4,857 6,265 3,590 3,168 10,067 2,605 1,690 2,746 3,661 7,885 Industrial loan commitments. 79 940 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $50,547,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $193,860,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1297 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1958 1958 1957 Oct. 29 Oct. 22 Oct. 15 Oct. 8 Oct. 1 Oct. Sept. Oct. F. R. notes outstanding (issued to Bank). 27,969,505 27,964,462 27,957,209 27,869,699 27,828,657 28,017,260 27,838,932 27,797,515 Collateral held against notes outstanding: Gold certificate account 11,393,000 11,383,000 11,518,000 11,518,000 11,518,000 11,393,000 11,518,000 12,028,000 Eligible paper 62,509 122,112 25,600 45,985 28,080 79,839 35,398 137,258 U. S. Government securities 17,670,000 17,570,000 17,570,000 17,570,000 17,570,00017,670,000 17,570,0"0""0 16,995,000 Total collateral 29,125,509 29,075,112 29,113,600 29,133,985 29,116,080 29,142,839 29,123,398 29,160,258 EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1958 Item Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- R m i o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) ,636,988 63583,4741,739,924 2,553,166 2,175,3031,416,240 5>,321,232 ,253,988 582,4581,108,507 811152 2,834,828 Collateral held: Gold certificate acct.. 600,000 3 120,000 640,000 1,000,000 775,000 425,000 21,300,000 430,000 200,000 300,000303,0001,300,000 Eligible paper 6,215 16,950 56,674 U. S. Govt. securities. 1,150,000 3,600,0001,200,0001,600,000 ,450,0001,100,0003,200,000 900,000 425,000 820,000 525,0001,700,000 Total collateral.... 1,750,000 6,720,000 1,846,2152,600,000 2,225,000 1,525,000 5,500,0001,346,950 625,0001,176,674 828,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n t o o h f r N b u A e m r a p - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r e o o t o t v m e n u e d - o n d i t t) ( s a t L a m o o n u o a d t u n i - n n s t g ) 2 ( C s a t m o m a o m n e o u d n m u t i - t n n s i g t t - ) o ( i s n a P p f t t u a m g a a o f n t t r i u i o i i n t d o n o i t u a i c - n s n n n n i t s s - c i t g - ) - 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 a T m o o t o u a u n l t t L st o a a n n d s g P in u o t g a e rt e r i a d o n n - a u o a A b n v u n a o d t a t d m e m s r d i e e l r t i e r a a o o t a n b n i w u g o g t l d n s e u e n r i t e r a 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 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 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 Sept.. 3,787 843,321 339 1,032 816 Sept 1,531 3,071 298 228 1 90 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

1298 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect Oct. 31. Per cent per annum] [In effect Oct. 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of Federal On discounts or Percentage of (percentage of any commitment Reserve purchases loan guaranteed interest payable fee charged Bank by borrower) borrower On On On loans 2 commit- Portion Re- commitments for which main- ments 70 or less 10 10 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 30 30 95 35 35 Boston Over 95 40-50 40-50 New York... Philadelphia. . 4-6 Cleveland. Maximum Rates Financing Institution May Charge Borrower A Ri t c la h n m ta ond () [Per cent per annum] Chicago St. Louis # Minneapolis.. 4-6 4-6 4-6 Interest rate Kansas City.. 4-6 Commitment rate. Vi Dallas 4-6 San Francisco 4-6 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by 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. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Twenty-five per cent of loan rate. Charge of Vi per cent per annum is made on undisbursed portion. 7 Charge of 1/A per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debit in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposits accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Year or month Without seasonal adjustment Seasonally adjusted 3 Total, al] New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centersi centers2 City centersi centers 2 City centersl centers2 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1957 July 200,559 74,509 41,711 84,339 49.5 30.6 23 6 50.8 31 2 24 0 190,539 68,409 40,194 81,936 44.7 28.5 22.1 51.7 31.1 23.5 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 Apr 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 4 219,465 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 23.2 185,849 68,620 37,942 79,287 46.4 27.4 21.7 53.6 29 9 23 1 Sept 195,205 70,887 40,520 83,798 49.4 30.3 23.6 48.2 30.6 23.3 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. 2 Prior to April 1955, 338 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 1299 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2 048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28 868 20,020 1,404 ,048 65 2,110 6,275 9,119 8 850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1952 30,433 21,450 1,750 ,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 ,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 ,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 IS 1955 31,158 22,021 .927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 ,369 78 2,196 6.734 10,194 9,192 2,771 5,704 292 407 3 14 1957—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 8 Dec 31,834 22,626 2,110 ,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958—Jan 30,576 21,527 2,061 1,293 78 2,044 6,331 9,721 9,049 2,711 5 668 277 381 3 9 Feb 30,554 21,544 2,057 1,285 77 2,044 6,355 9,724 9,011 2,692 5,651 276 380 3 8 Mar 30,666 21,652 2,066 1,293 78 2,047 6,377 9,792 9,014 2,689 5,656 277 381 3 8 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 Sept 31,245 22,154 2,127 1,417 80 2,072 6,433 10,025 9,091 2,704 5,726 274 376 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 F. R. Kind of currency S st e a 1 p n 9 t d . 5 i 8 3 n 0 g , A g a s o s g l s i d a l e v i c e n 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 g a a e n n n d k t s s Se 1 p 9 t. 5 8 30, Au 1 g 9 . 5 8 31, Se 1 p 9 t. 5 7 30, certificates agents Gold 20,874 20,320 2554 Gold certificates 20,320 17,473 2,816 32 32 32 Federal Reserve notes. 27,839 72 1,333 26,434 26,560 26,354 Treasury currency—total 5,219 32,422 58 381 4,779 4,779 4,686 Standard silver dollars 488 183 24 8 273 272 258 Silver bullion 2,238 2,238 Silver certificates and Treasury notes of 1890 32,422 259 2,163 2,171 2,110 Subsidiary silver coin 1 455 24" 71 1,360 1,353 1,330 Minor coin 513 7 13 493 491 480 United States notes 347 3 30 314 314 317 Federal Reserve Bank notes 119 1 118 118 129 National Bank notes 59 (4) (4) 59 59 61 Total—Sept. 30, 1958 (5) 22,741 684 17,473 4,530 31.245 Aug 31 1958 (5) 22,877 684 17,609 4,386 31,371 Sept. 30, 1957 (5) 24,380 773 19,127 4,618 31,073 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. 1292. 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

1300 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Total Bank credit assets, net- Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d n si c t y s c m o n a u i c e s n - t c t . s, savings Banks banks 1929—June 29.. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31.. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31.. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1954—Dec. 31.. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Dec. 31.. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 ,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 5,106 221,454 110,538 89,114 64,548 23,016 ,550 21,402 249,180 227,576 21,605 1957—Sept. 25.. 22,600 5,100 223,600 113,400 88,400 63,700 23,200 ,500 21,800 251,300 229,500 21,900 Oct. 30.. 22,700 5,100 225,200 113,000 89,700 65,000 23,200 ,500 22,500 253,000 231,100 21,900 Nov. 27.. 22,800 5,100 224,800 113,000 89,400 64,500 23.600 ,400 22,400 252,700 231,000 21,700 Dec. 31.. 22,781 5,146 229,470 115,157 91,370 65,792 24,238 ,340 22,943 257.397 236,372 21,023 1958—Jan. 29.. 22,800 5,200 225,600 112,500 89,900 65,200 23,400 ,300 23,100 253,500 231,800 21,800 Feb. 26.., 22,700 5,200 226,700 112,700 90,500 65,800 23,400 ,300 23,500 254,600 232,500 22,100 Mar. 26.. 22,500 5,200 230,000 113,900 91,900 67,100 23,500 ,300 24,300 257,700 235,500 22,200 Apr. 30.., 22,000 5,200 234,400 114,400 95.300 70,300 23,700 ,300 24,800 261,600 239,200 22,500 May 28'., 21,600 5,200 234,900 114,000 95,900 70,600 24,100 ,300 25,000 261,700 238,900 22,800 June 23... 21,356 5,204 240,451 116,842 97,849 71,611 25,000 ,238 25,760 267,011 244,131 22,880 July 30*r. 21,200 5,200 238,600 115,400 97,800 71,600 24,900 ,300 25,500 265,100 241,900 23,200 Aug. 27? r. 21,100 5,200 241,100 115,300 100,000 73,500 25,200 ,300 25,800 267,400 243,400 24,100 Sept. 24*.. 20,900 5,200 240,400 115,900 98,400 72,300 24,900 ,200 26,100 266,500 242,700 23,700 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o n d a i s e g e n i - t n t k s, T h c i u r o n a e r l g s a y d h s s - - m s b a c e a a v o A r n n i m c n t d k i g - a s s l B F. A a n R t k . s Total Total m T b C e i a o m r n c m k e ia s - l de s p b M a o a v u s n i i t n k t u g s s a 2 s 3 l S S P a y o v s i s t n t e a g m l s p m o D d s a e e i n - - t 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 d s e e t n i e - - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63,254 27,059 15,258 10,523 1,278 29,793 6,401 1941_Dec. 31.. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31... 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30.. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,800 24,500 1954-Dec. 31... 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136 110066,550 27,852 129,700 102,800 26,900 1955—Dec. 31.. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 890 109,914 28,285 133,200 105,800 27,400 1956—Dec. 31... 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647111,391 28,335 134,400 106,700 27.700 1957—June 6.. 3,247 792 3,625 473 219,439 85,715 53,605 30,647 ,463105,706 28,018 (5) 1957—Sept. 25.. 3,300 800 3,900 600 220,900 87,700 55,100 31,200 ,400105,500 27,800 133,900 106,200 27700 Oct. 30.. 3,300 800 3,500 500 223,000 88,100 55,500 31,300 ,400107,200 27,800 134,200 106,50027.700 Nov. 27.. 3,200 800 3,300 400 223,300 87,600 55.000 31,300 ,300107,200 28,500 134,000 105.900 28100 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 3,800 400 223,900 90,900 57,600 32,100 ,300105,600 27,400 133,100 105,500 27,600 Mar. 26.., 3,900 700 5,800 600 224,500 92,500 58,800 32,400 ,300104,600 27,400 134,000 106,40027,600 Apr. 30.., 4,000 700 5,400 600 228,400 93,600 59,900 32,500 ,200107,200 27,600 135,000 107,200 "2"7,800 May 28.., 4,000 700 5,700 400 228,100 94,600 60,700 32,700 200 105,800 27,800 135,500 107,600 27,900 J A J S u u e u l n p y g e t . . 2 2 2 3 7 0 4 3 * * * . . . r r . 4 3 3 3 , , , , 0 9 9 8 0 0 5 0 0 0 3 0 7 7 7 7 0 0 0 0 0 0 0 0 4 9 4 5 , , , , 4 3 5 8 7 0 0 0 1 0 0 0 5 6 5 5 0 0 2 0 0 0 4 0 2 2 2 2 2 3 3 3 9 2 2 3 , , , , 4 4 5 3 8 0 0 0 3 0 0 0 9 9 9 9 6 7 5 7 , , , , 5 0 5 2 0 0 2 0 0 0 4 0 6 6 6 6 2 1 2 2 , , , , 4 3 7 7 7 0 0 0 3 0 0 0 3 3 3 3 2 2 3 3 , , , , 8 9 1 3 3 0 0 0 7 0 0 0 , , , , 2 2 2 2 0 0 0 1 0 0 0 41 1 1 1 0 0 0 0 6 7 8 8 , , , , 1 5 1 1 6 0 0 0 9 0 0 0 2 2 2 2 7 7 7 8 , , , , 7 9 0 9 9 0 0 0 0 0 0 0 1 1 1 3 3 3 7 7 6 ( , , , 5 5 3 7 ) 0 0 0 0 0 0 1 1 1 0 0 0 9 9 8 (( , , , ) 5 2 9 0 0 0 0 0 0 2 2 2 7 8 8 , , , (( 1 8 0 5) 0 0 0 ) 0 0 0 9 Preliminary. rRevised NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, * Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957. pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1301 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U bl o . i S v g . t a . - O s r e i t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i n i a t i t d i t - a e a l s l Total 2 b In a t n e k r 2 - Dema O nd ther c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f r ks tions ac- Time counts 3 U.S. Govt. Other All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 31 * 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 3,736125,308 80,908 19,249 14,167 1957—June 6 197,465111,515 64,548 21,402 40,834 242,647 216,986 14,423 3,320114,659 84,584 19,879 14.144 Sept. 25 199,820114,260 63,720 21,840 42,040 246,370 220,150 14,800 3,580115,160 86,610 20,210 14,128 Dec. 31 203,849115,115 65,792 22,943 49,318 257,864 233,020 17,022 3,903123,993 88,102 20,428 14,090 1958—Feb. 26 202,880113,580 65,770 23,530 42,290 250,060 223,590 15,130 3,500115,040 89,920 20,700 14,076 Mar. 26 205,990114,610 67,120 24,260 42,220 253,130 226,810 15,560 5,560114,210 91,480 20,830 14,078 Apr. 30 210,229900 111155,220 70,310 24,760 43,730 259,000 232,360 16,320 5,180 118,190 92,670 20,910 14,071 May 28' 210,440114,890 70,570 24,980 42,000 257,240 230,280 15,980 5,420115,260 93,620 21,040 14,065 June 23 215,179117,808 71,611 25,760 44,423 264,525 237,204 16,287 9,209 117,113 94,596!21,359 14,055 July 30P r. . . 213,100116,020 71,560 25,520 42,730 260,800 233,880 16,680 4,000 117,620 95,580 21,390 14,040 Aug. 27?r. . . 215,740116,390 73,510 25,840 42,110 262,700 234,940 16,530 5,490 116,830 96,090 21,540 14,036 Sept. 24? 215,420117,050 72,270 26,100 42,220 262,450 234,510 16,370 4,220 117,540 96,380 21,590 14,034 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. 31• 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806101,917 36,503 11,590 14,121 1956—Dec. 31 165,123 90,302 58,552 16,269 48,720 217,460 197,515 17,593 3,733125,282 50,908 16,302 13.640 1957_ S ju e n p e t. 2 6 5 1 1 6 6 6 4 , , 3 5 2 1 0 5 9 93 1 , , 4 0 0 2 0 8 5 5 6 5 , , 6 8 4 7 2 0 1 1 7 6, , 8 0 4 5 5 0 4 3 1 9 , , 2 99 6 5 0 2 2 0 1 8 1 , , 3 5 9 9 3 0 1 1 8 8 8 6 , , 9 3 3 0 0 8 1 1 4 4, , 4 8 2 0 1 0 3 3 , , 5 31 8 8 01 1 1 1 5 4 , , 1 63 3 3 0 5 5 5 3 , , 4 9 2 3 0 7 1 1 7 6 , , 1 8 4 3 0 7 1 1 3 3 , , 6 6 0 1 3 9 Dec. 31 170,068 93,899 58,239 17,930 48,428 222,696 201,326 17,021 3,898123.967 56,440 17,368 13,568 1958—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 28r 175,440 92,900 63,140 19,400 41,120 220,840 197,590 15,980 5,420115,230 60,960 17,920 13,545 June 23 179,905 95,571 64,194 20,140 43,507 227,847 204,335 16,285 9,205117,086 61,759 18,178 13,535 July 30*""... 177,600 93,610 64,130 19,860 41,880 223,970 200,920 16,680 4,000117,590 62,650 18,190 13,521 Aug. 27? r. . . 179,990 93,760 66,060 20,170 41,270 225,620 201,840 16,530 5,490116,800 63,020 18,310 13,517 Sept. 24^ 179,460 94,220 64,850 20,390 41,360 225,130 201,140 16,370 4,220117,510 63,040 18,340 13,515 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947_Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1956—Dec. 31 138,768 78,034 47,575 13,159 42,906 184,874 167,906 16,855 3,292106,850 40,909 13,655 6,462 1957_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 Sept. 25 139,315 80,608 45,007 13,700 36,399 179,283 159,759 14,095 3,189 97,997 44,478 14,341 6,421 Dec. 31 142,353 80.950 47,079 14,324 42,746 188,828 170,637 16,328 3,472105,547 45,290 14,554 6,393 1958—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 23 151,589 82,146 53,165 16,277 38,489 194,003 173,904 15,540 8,658 99,812 49,893 15,181 6,357 July 30^ 149,280 80,179 53,028 16,073 36,864 190,132 170,425 15,921 3,626100,262 50,616 15,208 6,346 Aug. 27P 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 Sept. 24^.... 150,651 80,794 53,385 16,47" 36,247 190,725 170,127 15,601 3,805 99,826 50,895 15,327 6,339 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,85: 10,524 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947—Dec. 3H 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 79 22,385 20,031 20,009 2,247 529 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 30,001 2,947 527 1957_ S ju e n p e t. 2 6 5 3 3 3 2 , , 5 9 0 5 0 0 2 2 0 0 , , 8 48 6 7 0 7 7, , 8 9 5 0 0 6 4 4 , , 7 5 9 5 0 7 7 8 8 3 0 9 3 3 4 4 , , 7 2 8 5 0 4 3 3 1 0 , , 2 6 2 7 0 8 3 31 0 , , 1 6 9 4 0 7 3 3, , 0 0 7 4 0 2 5 5 2 2 5 5 Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 31,662 3,059 522 1958—Feb. 26 34,300 21,490 7,510 5,300 950 35,740 32,110 32,080 3,120 520 Mar. 26 34,580 21,630 7,570 5,380 930 36,040 32,410 32,380 3,120 520 Apr. 30 34,730 21,770 7,480 5,480 880 36,130 32,510 32,480 3,100 520 May 28 35,000 21,990 7,430 5,580 880 36,400 32,690 32,660 3,120 520 June 23 35,274 22,237 7,417 5,620 916 36,678 32,869 32,837 3,181 520 July 30*>r. . . 35,500 22,410 7,430 5,660 850 36,830 32,960 32,930 3,200 519 Aug. 27^ r. . . 35,750 22,630 7,450 5,670! 840 37,080 33,100 33,070 3,230 519 Sept. 24? 35,960 22,830 7,420 5,710 860 37,320 33,370 33,340 3,250 519 9 Preliminary. r Revised 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

1302 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— 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 t b io o l . i n S v g t s . a . - O s r e i t t c h i u e e s - r a C ss a e s t h s 2 c b a i a a l p n i c t i d i - t e a s l Total* b In an te k r * - Demand Time c c a o a p u c i n t - a ts l ba b o n e f r ks counts 3 U.S. Other Govt. Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945_Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1956—Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,987 747 19,940 2,475 2,873 18 1957__june 6 23,293 15,895 5,738 1,660 6,692 30,993 26,322 5,033 688 17,836 2,765 2,907 18 Sept. 25 23,258 16,216 5,254 1,788 6,984 31,403 26,182 5,108 535 17,778 2,761 3,054 18 Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 5,781 737 19,959 2,893 3,136 18 1958—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 23 27,149 16,764 8,035 2,350 8,272 36,664 31,469 6,119 2,946 18,898 3,506 3,214 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 Sept. 24? 25,230 15,460 7,350 2,420 6,321 32,769 27,606 5,687 849 17,554 3,516 3,240 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 ,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 ,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 ,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1956—Dec. 31 6,473 3,772 2,113 588 ~,171 8,695 7,943 1,372 184 5,069 1,319 660 14 1957—June 6 6,266 3,789 1,884 593 ,821 8,147 7,284 1,184 97 4,691 1,312 665 14 Sept. 25 6,261 3,937 1,783 541 ,939 8,257 7,319 1,251 186 4,573 1,309 670 14 Dec. 31 6,446 3,852 2,032 562 ,083 8,595 7,792 1,347 195 4,904 1,345 689 14 1958—Feb. 26 6,261 3,487 2,201 573 ,927 8,256 7,374 1,211 203 4,612 1,348 693 14 Mar. 26 6,492 3,481 2,404 607 ,808 8,374 7,390 1,272 351 4,418 1,349 700 14 Apr. 30 6,647 3,592 2,434 621 ,873 8,600 7,665 1,320 302 4,671 1,372 705 14 May 28 6,484 3,417 2,434 633 ,985 8,553 7,692 1,317 292 4,708 1,375 709 14 June 23 6,942 3,594 2,694 654 ,914 8,929 8,022 1,288 705 4,626 1,403 708 14 July 30? 6,576 3,329 2,611 636 ,938 8,589 7,759 1,384 229 4,751 1,395 714 14 Aug. 27*> 6,701 3,329 2,719 653 ,961 8,738 7,828 1,346 337 4,744 1,401 718 14 Sept. 24^ 6,577 3,404 2,537 636 ,869 8,523 7,629 1,342 246 4,642 1,399 714 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—June 6 53,137 31,435 16,797 4,905 14,532 68,965 61,796 6,228 1,051 36.874 17,642 5,182 282 Sept. 25 53,881 32,576 16,372 4,933 14,930 70,128 62,870 6,408 1,274 37;103 18,085 5,260 281 Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67.483 7,542 1,358 39,960 18,623 5,370 278 1958—Feb. 26 54,626 31,815 17,672 5,139 14,934 71,012 63,710 6,392 1,349 36,924 19,045 5,428 278 Mar. 26 55,711 32,072 18,210 5,429 14,629 71,802 64,626 6,536 1,960 36,646 19,484 5,469 278 Apr. 30 57,243 32,012 19,627 5,604 15,356 74,086 66,642 6,794 1,886 38,028 19,934 5,506 278 May 28 57,687 32,042 19,869 5,776 15,030 74,174 66,492 6,759 1,884 37,465 20,384 5,573 281 June 23 59,273 32,851 20,436 5,986 15,443 76,155 68,672 6,813 3,150 38,003 20,706 5,617 280 July 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 Sept. 24*> 59,340 32,850 20,499 5,991 15,268 76,020 67,963 7,156 1,478 38,318 21,011 5,672 277 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 Sept. 25 55,915 27,879 21,598 6,438 12,546 69,495 63,388 1,328 1,194 38,543 22,323 5,357 6,108 Dec. 31 56,820 28,191 21,815 6,814 14.139 72,062 65,991 1,658 1,181 40,724 22,429 5,359 6,083 1958—Feb. 26 56,279 27,989 21,473 6,817 12,269 69,632 63,412 1,324 1,009 38,134 22,945 5,434 6,072 Mar. 26 56,665 28,169 21,544 6,952 12,302 70,056 63,764 1,327 1,405 37,623 23,409 5,498 6,070 Apr. 30 57,704 28,459 22,192 7,053 12,632 71,441 65,124 1,404 1,093 38,840 23,787 5,507 6,062 May 28 57,561 28,421 22,044 7,096 12,172 70,797 64,387 1,264 1,587 37,608 23,928 5,517 6,051 June 23 58,225 28,937 22,000 7,288 12,860 72,255 65,741 1,320 1,857 38,286 24,277 5,641 6,045 July 30* 58,262 28,964 22,145 7,153 12,534 71,963 65,599 1,339 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 1,391 1,484 38,603 24,892 5,668 6,031 Sept. 24^ 59,504 29,080 22,999 7,425 12,789 73,413 66,929 1,416 1,232 39,312 24,969 5,701 6,030 * 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 1303 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io l o . i S n g v . s a t - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l o p i n i c a t t i d i - a t - e a l s l Total* b In a t n e k r- 2 Dema O nd ther Time c c T a o a o p u c t i n - t a a t l s l b N a b u o n e m f k r s counts3 U.S. Other Govt. All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34,882 9,734 13,398 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 1958—June 23 178,330 95,105 63,489 19,735 43,243 225,945 202,819 15,921 9,162 116,308 61,429 17,857 13,121 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 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 1958—June 23 95,898 50,744 34,498 10,656 23,964 122,100 110,065 8,674 4,751 62,886 33,754 9,451 4,599 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 1956—Dec. 31 50,291 29,924 16,007 4,359 15,900 67,530 60,744 7,012 1,218 39,416 13,098 5,205 1,811 1957—June 6 49,898 30,034 15,483 4,381 12,745 64,047 56,605 5,773 1,150 35,874 13,807 5,337 1,798 Dec. 31 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,853 1,306 39,001 14,386 5,483 1,773 1958—June 23 55,691 31,403 18,667 5,621 14,525 71,904 63,839 6,866 3,907 36,926 16,140 5,730 1,758 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6,478 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_ D ju e n c e . 3 6 1 2 2 5 6 , ,2 2 6 4 8 3 1 1 2 2 , , 4 1 9 3 3 4 1 1 0 0 , ,1 5 5 1 6 2 2 3 , , 9 26 5 4 3 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 38 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 1958—June 23 26,768 12,972 10,335 3,460 4,756 31,971 28,942 381 504 16,496 11,562 2,679 6,768 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 3H 2,009 474 1.280 255 576 2,643 2,251 363 18 1,392 478 325 783 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 1958—June 23 1,575 466 704 405 264 1,902 1,516 364 44 778 330 321 413 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7.036 1,596 7.261 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 1958—June 23 28,343 13,438 11,040 3,865 5,020 33,873 30,458 745 548 17,274 11,892 3,000 7,181 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 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 2,308 230 1958—June 23 27,869 18,132 5,234 4,503 745 29,021 26,082 26,052 2,433 239 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 1956—Dec. 31 7,770 4,235 2,453 1,082 182 8,028 7,146 7,143 817 304 1957—June 6 7,765 4,259 2,401 1,105 167 8,013 7,100 7,098 802 291 Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 1958—June 23 7,404 4,104 2,183 1,116 171 7,657 6,787 6,785 748 281 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

1304 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Loans for U. S. Government obligations Com- purchasing Obli- 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 l t s - Total 2 e o m m i k l p n u e a e e g d r r t n - - - A c tu g u a r r l l- - i- b o a T e s r r n o e r o c s d c k a u - r r r i y t o i T i t e n h o s 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 Bills C o d c e f a e r t t b i e i n t f D s - i - - ire N c o t tes Bonds G t u a e n a ed - r- S p t s a i i g t o u o c o a n a l b a t f n d i - e l - t s - s O s ri e t t h c i e e u r s pa- deal- ers ed- diviper ers ness sions All commercial banks: 3 1947—Dec. 31.... 16,28438,05718,1671,660 830 ,220 9,393 5,723 1,06378,226 19,2212,193 7,789 6,03453,191 5;,,276 3,729 1956—Dec. 31.... 65,112233 90,30238,720 44,1612,589 ,691 22,509 18,850 3,34374,821 18,552 ,924 1,997 11,82338,796 12,9013,368 1957—June 6.... 64,51591,02839,020 4,0772,274 ,634 22,530 19,5083,62373,48756,642 4^61 3,66510,070 3388,137 13,314 3,531 Dec. 31.... 70,06893,899 40;526 4,0662,601 620 23,110 20,217 3,53376,169!5 87, 239 5.,405 4,813 10,60837,406 13,915 4,014 1958—June 23.... 79,90595,571 886 4,552 3,699 ,925 23,693 20,091 4,56284,334 64,194 4,502 3,88312,348 4"3,456 15,716 4,424 All insured commercial banks: 1941—Dec. 31.... 49,29021,259 9,214 ,450 614 662 4,773 4,545 28,03121,046 988 3,15912,797 ,102 3,651 3,333 1945—Dec. 31.... 121,80925,765 9,461 1,314 3,164 3,606 4,677 2,3611,18196,04388,9122,455 19,071 16,04551,321 22 3,873 3~,258 1947—Dec- 31.... 114,227744 37,583 8.012 11,610 823 1I,190 9,266 5,654 76.691 17,9412,124 7.552 5,918 52,334 14 5, .621 1956—Dec. 31.... 163,60189,83138;5714,1012,5651,669 22,39418,765 33,,332 573,770 7,837 ",763 1,981 11, ,358 1312,6753;;225588 1957—June 6.... 163,002255 90,57123 8.,,870 4",0272,2511,613 22,42719,4213,599 72,454 5,973 4,658 3,610 9,967 37,730 813,0953,386 Dec. 31.... 168,59593,430 40,380 4,015:2,5691,601 23;003 20,122 3,513 75.16457,5805,290 4,758 10,49337,031 713,6883,897 1958—June 23.... 178,33095,105 750 4,499 3,677 ,9072..3 ,5_8._5 19,9814,5_4.1. 83 63,489 4,416 3,841 12,213 43,013 515,457 44,278 Member banks, total: 1941—Dec. 31.... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 3,832 3,090 2,871 1945—Dec. 31.... 107,18322,775 8,949 8553,1333,378 3,455 1,900 104 84,40878,338 2,275 16,98514,27144,792 16 3,2542,815 1947—Dec. 31.... 97,84632,628 6,9621,046 8111,065 7,130 4,662 95265,21857,914 1,987 5,816 4,815 45,286 10 4, 19"9 3,105 1956—Dec. 31.... 138,76878,0"3'4 36,2962,478 2,447 1,473 17,81115,7653,147 60,734 47,575 4,383 1,469 9,493 32,218 12 10,494 2,665 1957—June 6.... 137,880088 78,448 36,5002,453 2,132 M16 17,768 16,229 >,39959,360 45,829 3,439 2,798 7,95231,632 T10,768 2,763 Dec. 31.... 142,35380,950137,8682,472 2,448 1' ,40~9~ 18,23116,775 1,31661,403 47,079 3,948 3,534 8,56031,031 11,2353,089 1958—June 23.... 151,58982,14636,1252,774 3,5741,70618,71216,544 4,336 6"9,443 53,165 3,574 2,90510,48036,201 12J86 3,492 New York City:* 1941—Dec. 31.... 12,896 4,07: 2,807 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31..., 26,143 7,334 3,044 2,45 ,172 80 287 29818,809 17,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31..., 20.393 7,179 5,361 545 267 111 564 33013.214 11,9721,002 640 558 9,771 638 604 1956—Dec. 31..., 23,809 15,987 11,266 1,409 402 617 1,558 1,049 7; 822 6,057 724 194 976 4,160 1,406 358 1957—June 6..., 23,293 15,89511,344 1,152 389 567 1,516 1,245 7,398 5,738 685 219 781 4,052 1,311 349 Dec. 31..., 23,828 16,102 11,651 1,280 387 565 1,513 1,053 7,726 5,880 648 214 1,093 3,924 1,435 411 1958—June 23..., 27,149 16,76410,978 2,164 420 557 1,437 1,56610,38" 8,03"1,023 286 1,729 4,996 1,748 602 Chicago:4 1941—Dec. 31... 2,760 954 73: 48 5: 2. 95 1,806 1,430 256 153 903 119 18: 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 8' 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1956—Dec. 31... 6,473 3,772 2,781 203 9 134 439 178 2,701 2,113 112 42 316 1,643 440 148 1957_j DUn ec e . 3 6 1 . . . . . . 6 6 , , 2 4 6 4 6 6 3 3 , , 7 8 8 5 9 2 2 2, , 9 8 0 5 3 9 2 17 0 : 0 9 9 6 1 1 3 4 5 3 4 42 3 5 0 1 1 8 8 4 0 2 2 , , 4 5 7 9 7 4 2 1 , ,8 0 8 3 4 2 7 6 5 5 1 7 2 4 6 2 3 2 1 3 3 1 1 , , 5 5 1 2 3 8 4 40 6 8 0 1 1 3 5 3 4 1958—June 23... 6,942 3,594 2,618 178 100 143 336 318 3,348 2,694 268 145 490 1,791 495 159 Reserve city banks 1941—Dec. 31... 15,34' 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 427 ,503 1,459 855 404 31,59429,552 1,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31... 36,04013,449 7,088 225 170 484 3,147 1,969 22,59120,196 373 2,358 1,90115,560 1,342 1,053 1956—Dec. 31... 53,91531,78315,170 489 501 71: 7,654 6,5121,289 22,13217,3681,185 441 3,742 1111,995 3,820 944 1957—June 6... 53,13731,435 14,919 495 496 67: 7,481 6,630 11,,330000 21,70216,797 758 1,179 3,03811,819 3,888 ,017 Dec. 31... 55,25932,805 15,702 494 603 673 7,667 6,893'1 ,370— 22,. 454H7,3521,009 1,285 3,297 1111,760 4,02" ,075 1958—June 23... 59,27332,851 14,789 611 881 904 7,841 6,7411,706 26,422 20,436 874 1,009 4,41014,142 4,76' ,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 1,22: ,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 36329,407 2>66,999 630 5,10: 4,54416,713 9 1,34: ,067 1947—Dec. 31... 36,324 100,199 3,096 818 23 227 3,827 1,979 229 2266,12522,857 480 2,583 2,10817,681 6 2,006 ,262 1956—Dec. 31... 54,57 26,491 7,0801,972 334 261 9,407 7,256 631 2288,08022,0372,362 792 4,45814,420 4,827 ,215 1957—June 6... 55,11227,330 7,3781,949 312 259 9,586 7,653 669 2277,78221,4091,920 1,326 3,91014,248 5,109 ,265 1958— D Ju e n c e . 2 3 3 1 . . . .. . 5 5 8 6 , , 2 8 2 2 5 0 2 2 8 8 , , 9 1 3 9 7 1 7 7 , , 6 7 1 3 3 92 1 , , 1 97 5 0 3 35 6 1 5 2 2 5 8 : 21 9 0 , , 8 1 5 72 6 7 8 , , 9 0 4 3 4 0 7 7 1 4 3 6 2 "2 8 9,2 ,,66 8 22 8 99 2 2 21 2 1, , 8 0 1 0 5 0 2 ' , , 2 40 2 9 6 1 1, , 4 9 6 0 5 9 3 3 , , 8 8 5 5 7 21 1 5 3 , , 2 8 7 1 f 9 5 5 , , 7 3 7 6 5 5 , , 5 4 1 4 3 9 Nonmember commercial banks:3 1947_Dec. 31... 18,454 5,432 1,205 61 20 156 2,266 1,061 11113,02 11,318 206 1,973 1,219 7,916 1,078 625 1956—Dec. 31... 26,38112,279 2,424 1,683 143 218 4,708 3,085 19614,10210,9891,541 528 2,330 6,588 2,409 704 1957_june 6... 26,73312,59 2,519 1,625 143 219 4,773 3,278 224 14,14110,8251,323 867 2,119 6,515 2,548 769 Dec. 31... 27,74112,96 2,657 1,594 15 211 4,891 3,442 21714,78011,1721,457 1,279 2,049 6,385 2,682 926 1958—June 23... 28,34313,438 2,761 1,778 125 219 4,994 3,547 22514,90511,040 927 978 1,868 7,266 2,932 933 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, 1'"9'544, ,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 1305 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B s w e e R R e a d r i r e v n e e t v - - h e k r e s a s l C va i a n u s l h t b m a a w B n d e n a o i c s k t l e - t h - s i s c 5 j p u m D o s d a a t s d e e e n i - - - d t d s * m D e In s d o t - t e i e p c r 5 o b s a i n F t e s k i o g r n - G U o .S v . t. p v s S o i u a t l s i a b n i t o t d i d e c n i s a - s l c C h c o f a e e e e i f n t e r c f r c s d i d t k . - * i s - , p a v n s a p i I t d h d i r n o o t u i d r n p c n a a i e s o s - l - , r s r - , - I b n a t n e k r- P G U S i o a n o a . n s g S v v t d a s . - t l . v S p s i a i u t o s c a n i b l a o t i d d e l t n - s i s - p a v n s a p I t i h d i d r n o o t i u d r c n p n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n - l i t - s All commercial banks: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1956—Dec. 31.... 18,706 3,261 12,813111,405 14,338 1,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 7516,302 1957—June 6.... 18,500 2,737 9,761105,713 11,247 1,618 3,318 10,603 2,852 101,177 1,556 331 2,712 50,893 1,44616,837 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 7717,368 1958—June 23.... 18,568 3,017 10,904106,178 12,141 1,648 9,205 10,892 3,741 102,453 2,495 286 4,100 57,372 1,13618,178 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 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 9,734 1956—Dec. 31.... 18,706 3,237 12,490110,487 14,226 1,755 3,717 10,350 3,744 110,252 1,301 330 2,329 47,949 56 15,988 1957—June 6.... 18,500 2,717 9,515104,904 11,127 1,581 3,310 10,500 2,829 100,483 1,388 331 2,652 50,660 1,43300 16,525 Dec. 31.... 18,972 3,311 12,079109,439 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 12,022 1,610 9,162 10,800 3,715 101,793 2,288 286 4,032 57,110 1,12"5" 17,857 Member banks, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243 222,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1956—Dec. 31.... 18,707 2,487 8,124 93,320 13,818 1,749 3,292 8,211 3,475 95,163 1,289 301 1,839 38,769 4813,655 1957—June 6.... 18,501 2,065 5,931 88,912 10,799 1,568 2,932 8,371 2,616 86,624 1,369 302 2,128 40,8831,37414,058 Dec. 31. 18,973 2,536 7,806 92,191 13,356 1,726 3,472 8,412 3,331 93,804 1,246 275 2,170 42,845 5714,554 1958—June 23.... 18,570 2,277 6,913 89,186 11,676 1,597 8,658 8,628 3,482 87,703 2,266 259 3,296 46,339 ,07815,181 New York City:* 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 ,105 6,940 237 1,338 15,712 17 20 1,206 195 2,120 1947—Dec. 31... 4,639 151 70 16,653 3,236 ,217 267 290 1,105 17,646 12 14 1,418 30 2.259 1956—Dec. 31.... 4,375 161 99 15,974 3,622 ,400 747 286 1,172 18,482 965 44 2,395 2,873 1957—June 6.... 4,080 143 45 15,450 2,775 ,249 688 261 914 16,660 1,009 67 2,662 326 2,907 Dec. 31.... 4,564 158 110 15,849 3,480 ,389 737 299 1,284 18,377 912 56 2,813 2 3,136 1958—June 23.... 4,418 145 76 15,305 3,084 ,261 2,946 337 1,645 16,916 1,774 249 3,229 483 3,214 Chicago:4 1941—Dec. 31.... 1,021 298 2,215 1,027 127 233 2,152 476 288 1945—Dec. 31... 94f 200 3,153 1,292 1,552 237 3,160 719 377 1947—Dec. 31.... 1,070 175 3,73" 1,196 72 285 3,853 902 426 1956—Dec. 31... 1,158 174 4,27! 1,318 184 294 4,690 1,302 4 660 1957—June 6.... 1,089 95 4,08' 1,133 97 459 4,152 1,298 101 665 Dec. 31.... 1,071 148 4.084 1,293 195 333 4,493 1,332 4 689 1958—June 23..., 1,183 128 4,089 1,211 705 456 4,095 1,389 80 708 Reserve city banks 1941—Dec. 31.... 4,060 425 2,590 11,117 4,30: 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2,566 1947_Dec. 31..., 7,095 562 2,125 25,714 5,497 131 405 2,28: 705 26,003 2: 45 332 11,045 2,844 1956—Dec. 31..., 7,649 787 2,656 34,046 7,298 286 1,201 3,09: 1,036 36,519 294 114 935 15,748 21 5,076 1957—June 6..., 7,701 653 1,825 32,549 5,648 266 1,051 2,911 787 33,177 314 120 1,089 16,432 681 5,182 Dec. 31..., 7,763 790 2,585 33,583 6,962 279 1,358 3,111 943 35,906 301 113 1,175 17,335 21 5,370 1958—June 23..., 7,576 707 2,277 33,145 6,115 28: 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 9,661 790 225 1,370 239 8,500 31 146 6,08: 4 1,982 1945—Dec. 31..., 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 5: 219 12,224 11 2,525 1947_Dec. 31..., 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 45 337 14,177 23 2,934 1956—Dec. 31..., 5,526 1,502 5,194 39,028 1,580 1,160 4,538 1,183 35,473 146 847 19,324 21 5,046 1957_j DUn ec e . 3 6 1 . . . . . . . , 5 5 , , 6 5 3 7 1 6 1 1 , , 2 5 4 4 1 9 4 3 , , 9 9 6 6 4 6 3 3 6 8 , , 8 6 2 7 7 6 1 1 , ,6 2 2 4 1 3 1 1, , 1 0 8 9 1 7 4 4 , ,6 7 6 4 9 0 1,0 8 2 3 7 5 3 3 2 5 , , 6 0 3 2 5 9 1 14 3 : 5 9 92 6 8 2 2 2 0 1 , , 4 3 9 6 1 6 26 3 7 0 5 5, , 3 3 5 0 9 4 1958—June 23..., 5,392 1,395 4,43f 36,648 1,267 1,857 4,769 943 32,573 135 1,331 22,811 164 5,641 Nonmember commercial banks: 3 1947—Dec. 31. 544 3,947 13,595 385 167 1,295 180 12,284 190 172 6,858 1,596 1956—Dec. 31. 77- 4,690 18,085 521 440 2,238 310 15,885 171 546 9,449 2,649 1957—June 6. 672 3,831 16,801 448 38: 2,232 236 14,553 187 584 10,035 2,781 Dec. 31. 799 4,536 18.075 511 42' 2,282 289 15,849 138 603 10.546 2.818 1958—June 23. 740 3,993 16,992 465 548 2,265 260 14,749 229 11,059 3,000 2 Beginning June 30, 1948, figures for various loan items are shown 4 Central reserve city banks. gross (i.e., before deduction of valuation reserves); they do not add to the 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on total and are not entirely comparable with prior figures. Total loans Dec. 31, 1942, aggregated $513 million at all member banks and $525 continue to be shown net. million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not 6 Demand deposits other than interbank and U. S. Govt., less cash items available prior to 1947; summary figures for earlier dates appear in the reported as in process of collection. preceding table. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1306 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans i U. S. Government obligations For purchasing or carrying securities Month or date i m T l n o a v o e n a e n t n d a s t s t l s - j i L m u n a s o a v e t n d a e e n d - n s d t t s s 1 - j L us a o t d a e - n d s i C m a c o n i e a m d r l - - A t c u g u r r l a - i l - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C t f a e i e f t b i i e r n - t - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s i t n r d ia u l s- G t U l i o i o o g . b n v S a - s - t . .O c t s u t i e h e r - s i e - rG t l U i o i o o g . b n v S a - s - t . .O c t u t i h e n s e - r n e e d s - s Total- Leading Cities 1957 Oct 8,333 87,148 54,05231,582 444 1,819 1,113 8,74911,403 25,3571,132 1,663 4,477 18,085 7,739 1,185 1958 Sept 95,781 94,130 52,43929,611 561 1,758 1,248 9,120 11,32532,179 1,472 4,304 6,797 19,606 9,512 ,651 95,605 94,045 52,72229,736 585 1,713 1,234 9,27411,357 31,8051,792 4,111 6,734 19,168! 9,518 ,560 Oct 1958 96,010 94,298 52,16529,316 569 1,831 1,245 9,07411,314 32,6741,389 4,421 6,907 19,957 9,459 ,712 Sept. 3 96,322 94,703 52,42729,523 561 1,840 1,247 9,100 11,340 32,6641,610 4,335 6,800 19,919 9,612 ,619 10 95,884 94,118 52,71929,915 552 1,691 ',249 9,139 11,35731,913 1,586 4,256 6,772 19,299 9,486 ,766 17 94,910 93,404 52,44629,693 560 1,671 ,250 9,166 11,290 3~1\465 1,303 4,203 6,709 19,250 9,493 ,506 24 Oct. 1 95,415 93,595 52,67529,716 571 1,808 ,237 9,182 11,342 31,4311,364 4,168 6,673 19,226 9,489 ,820 8 95,524 94,080 52,54729,649 574 1,732 ,225 9,220 Hi322 3311,983 1,993 4,151 6,662 19,177 9,550 ,444 15 96,174 94,584 52,914 2299,864 582 1,737 ,237 9,29511,37532,1231,966 4,172 6,823 19,162 9,547 ,590 22 95,535 94,062 52,69629,722 593 1,646 ,230 9,321 11,335599 31; 854 1,8664,066 6,762 19,160 9,512 ,473 95,378 93,906 52,78029,731 606 1,641 ,240 9,350 1"1',38831,6321,770 3,999 6,751 19,112 9,494 ,472 29 New York City 1957 23,295 22,642 15,54011,754 201 847 19 347 570 2,119 5,296 280 178 1,023 3,815 1,806 653 Oct 1958 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 25,400 24,505 14,742 10,679 166 960 334 588 2,344 7,331 547 1,111 1,528 4,145 2,432 895 Oct 1958 25,777 24,788 14,49810,533 154 966 344 562 2,274 7,849 441 1,163 1,659 4,586! 2,441 989 25,776 25,000 14,67610,594 227 995 345 559 2,292 7,844 560 1,150 1,559 4,575 2,480 776 Sept. 3 25,698 24,585 14,75110,796 127 955 349 563 2,300 7,394 553 1,126 1,527 4,188 2,440 1,113 10 25,161 24,313 14,66910,704 141 950 349 564 2,299 7,229 420 1,149 1,524 4,136 2,415 848 17 24 25,592 24,508 14,81310,739 196 986 334 568 2,318 7,281 477 1,144 1,521 4,139 2,414 1,084 Oct. 1 25,232 24,495 14,72210,684 152 987 334 579 2,316 7,334 553 1,127 1,513 4,141 2,439 737 8 25,593 24,689 14,81510,718 188 946 334 596 2,364 7,417 559 1,153 1,561 4,144 2,457 904 15 25,200 24,412 14,657 10,622 142 935 334 598 2,357 7,323 567 1,082 1,528 4,1461 2,432 788 22 25,385 24,420 14,701 10,633 152 947 335 598 2,366 7,302 581 1,050 1,515 4,156 2,417 965 29 Outside New York City 1957 Oct 65,038 64,506 38,512 19,828 443 771 747 8,179 9,284 20,061 852 1,485 3,454 14,270j 5,933 532 1958 Sept 70,178 69,459 37,791 18,955 560 630 875 8,558 9,034 24,600 978 3,157 5,230 15,235 7,068 719 70,205 69,540 37,980 19,057 584 587 867 8,686 9,013 24,474 ,245 3,000 5,206 15,023 7,086 665 Oct 1958 70,233 69,510 37,667 18,783 568 711 874 8,512 9,,040 24,825 948 3,258 5,248 15,371 7,018 723 Sept. 3 70,546 69,703 37,75118,929 560 618 875 8,541 ,048 24,8201,050 3,185 5,241 15,344 7,132 843 10 70,186 69,533 37,96819,119 551 609 876 8,576 9^057 241519 1',033 3,130 5,245 15,111 7,046 653 17 69,749 69,091 37,777 18,989 559 580 876 8,602 8,99124,236 883 3,054 5,185 15,114 7,078 658 24 Oct. 1 69,823 69,087 37,862 18,977 570 626 868 8,614 9,024 24,150 887 3,024 5,152 15,087 7,075 736 8 70,292 69,585 37,825 18,965 573 593 858 8,641 9,006 24,6491,440 3,024 5,149 15,036 7,111 707 15 70,581 69,895 38,099 19,146 581 603 871 8,699 9,01124,7061,407 3,019 5,262 15,018 7,090 686 22 70,335 69,650 38,039 19,100 592 569 865 8,723 9,002 2244,5311,299 2,984 5,234 15,014 7,080 685 29 69,993 69,486 38,079 19,098 605 542 873 8,752 9,022 24,3301,189 2,949 5,236 14,956 7,077 507 1 Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 1307 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank Borrowings except interbank except interbank deposits Month or date s B F w e R . a r i e v n t R - h e k . s s v C a i a n u s l h t b m a w B a d n e n o i c a s t - k e l h t - i s s c j p m u D o a s d a s t d 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 r d r l p r r d a s t i - - - s - - , - , S p s d s a i t i o u c i a o n v l b a t n i d - e i l t s - - s c C h c o f a e e e e i t f n e c c f r r d i . t d s k - i ' s - , G U o .S v . t. s p I p u n c v h a n o a a o e n i i d r r d l p r r d a s t i - - - s - - , - , S p s d s a i t i o u c i a o n v l b a t n i d - i e l t - s - s P G U S i a o n o . a n s g v v d t S s a - t . . l m D t e D i o c s - - eman F e d o ig 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 a t u c a p - n l - ts tions tions Total- Leading Cities 1957 Oct 13,291 999 2,395 54,86458,010 3,732 1,938 2,439 21,589 1,122 18110,694 1,719 1,241 568 752 9,514 1958 Sept 12,748 1,011 2,540 56,147 58,986 4,028 1,974 2,609 24,528 1,762 16811,539 1,502 2,130 241 1,12310,046 '2,902 995 2,489 56,33659,904 3,877 1,990 2,554 24,536 1,634 16911,493 1,454 2,068 311 1,10310,089 Oct 1958 12,738 985 2,559 55,509 58,015 4,242 2,037 3,527 24,519 1,790 16811,545 1,573 2,111 121 1,08810,058 Sept. 3 12,782 1,036 2,505 56;,71959,560 4,029 2,040 2,152 24,625 1,771 17011,703 1,503 2,164 405 1,06710,054 10 12,781 998 672 56,,880000 60,431 3,904 2,079 1,970 24,481 1,747 16711,872 1,498 2,136 161 1,20210,034 17 12,693 1,026 2^42455,56157,936 3,938 1,742 2,787 24,488 1,741 16711,039 1,434 2,107 278 1,13410,039 24 Oct. 1 12,597 931 2,59455,967 59,152 4,151 2,495 2,487 24,506 ,674 16711,545 1,422 2,079 151 1,27610,085 8 2,773 976 2,335 55;593 58193 3,810 1,830 3,070 24,508 ,646 116666 11,486 1,425 2,079 313 1,01110,099 15 13,060 999 2,664 56,136 61 859 3,707 1,956 3,003 24,534 ,633 117700 12,208 1,442 2,073 154 f,229 10,079 22 13,265 1,018 2,41556,7703 60 i 2213,749 1,793 2,245 24,556 ,613 17011,234 1,494 2,059 704 ' 076 10,072 12,815 1,051 2,43657,2283 60,097 3,966 1,877 1,966 24,577 ,603 170 10,993 1,487 2,051 234 923 10,107 29 New York City 1957 4,192 145 4815,12616,664 299 1,022 811 2,590 '82 33 2,8 1,419 914 49 385 3,068 Oct 1958 3,832 144 15,60516,961 329 894 788 3,280 190 2,963 1,164 1,701 409 3,215 Sept 3,895 149 15,46417,118 359 989 779 3,231 185 3,045 1,137 1,648 459 3,230 Oct 1958 3,740 142 15,24516,621 306 930 1,154 3,251 195 3,016 1,226 1,681 426 3,219 4,047 147 15,87517,196 360 1,006 664 3,341 189 2,920 1,171 1,725 567 3,219 Sept. 3 3,727 145 15,99317,505 355 911 484 3,258 190 3,044 1,154 1,715 279 3,209 10 3,812 143 15,30916,521 298 730 3,270 189 2,872 1,106 1,683 364 3,211 17 24 3,791 138 15,49117,253 334 1,390 776 3,255 189 3,168 1,102 1,655 462 3,226 Oct. 1 3,868 148 15,26616,506 299 886 962 3,231 173 2,939 1,107 1,656 25 438 3,230 8 3,848 153 15,22117,555 364 919 925 3,218 185 3,193 1,131 1,651 619 3,231 15 4,112 147 15,54117,110 353 826 652 3,217 189 2,939 1,179 1,642 157 458 3,232 22 3,857 158 15,80117,164 444 926 581 3,232 189 2,985 1,166 1,638 320 3,231 29 Outside New York City 1957 Oct 9,099 854 2,347 39,738 41,346 3,433 916 1,628 18,999 1,040 148 7,826 300 32' 519 367 6,446 1958 Sept 8,916 867 2,491 40,542 42,025 3,699 1,080 1,821 21,248 1,57: 145 8,576 338 429 224 714 6,831 9,007 846 2,430 40,872 42,786 3,518 1,001 1,775 21,305 1,449 147 8,448 31 420 275 644 6,859 Oct 1958 8,998 843 2,507 40,264 41 394 3,936 1,107 2,373 21,268 1,595 144 8,529 34' 430 121 662 6,839 Sept. 3 8,735 889 2,459 40,844 42!364 3,669 1,034 1,488 21,284 1,582 146 8,783 33: 439 363 500 6,835 10 9,054 853 2,623 40,807 42926 3,549 1,168 1,486,21,223 1,557 145 8,828 344 421 160 923 6,825 17 8,881 883 2,373 40,252 41 415 3,640 1,01" 1,939,21,218 1,55" 145 8,167 328 424 254 770 6,828 24 Oct. 1 8,806 793 2,524'40,476 41,899 3,817 1,105 1,711 21,251 1,485 146 8,37' 320 424 151 814 6,859 8 8.905 828 2,283;40,327|41,687 3,511 944 2,108 21,277 1,473 145 8,54' 318 423 288 573 6,869 15 9,212 846 2,603140,915144,304 3,343 1,037 2,078 21,316 1,448 146 9,015 311 42: 154 610 6,848 22 9,153 871 2,35941,16243,111 3,396 967 I,593i21,339 1,424 148 8,295 315 41' 547 618 6,840 29 8,958 893 2,381:41,48242,933 3,52f 951 1,385121,345 1,414 148 8,008 321 413 234 603 6,876 * Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1308 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, ( -). In millions of dollars] Manufacturing and mining Comm'l Public and Period2 l F iq a o n u o d o d r , , T ap e a x p n t a i d r l e es l, , M m p a r e e n o t t d a d 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 w re 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 h p 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 g l k l ' e r 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 «2,243 July-Dec 822 -6 -71 428 72 178 739 98 350 -66 176 2,719 2,459 1957—Jan.-June -456 148 935 291 214 j -539 366 513 -12 -54 1,404 1,249 July-Dec 331 -159 -496 150 -161 -8 420 -108 183 -49 58 161 -296 1958—Jan.-June -658 84 146 -140 157 -165 -283 -853 -177 56 69 -1,765 -1,945 1958 Aug 104 15 -85 24 — 6 15 99 48 -7 27 56 291 330 Sept 167 -12 40 33 23 36 -88 73 22 70 366 362 Oct 195 -126 -197 -34 -60 133 152 -79 104 2 69 159 38 Week ending: AUg- ?3 2 1 4 1 2 8 - - 1 8 2 3 8 5 -4 -10 5 2 5 1 6 -2 6 1 8 -32 7 -4 19 5 2 6 4 8 1 4 6 5 5 5 20 34 5 19 20 2 16 20 60 33 -1 3 210 237 27 35 -8 -8 -4 4 2 -59 -14 14 -5 -44 -27 Sept. 3 42 -64 -2 10 17 10 -19 -2 -7 -15 10 49 4 13 41 4 28 3 -29 15 2 49 178 207 17 47 2 69 -6 23 36 12 103 69 19 27 401 392 24 29 -18 22 -4 -74 4 -171 8 4 -7 -207 -222 Oct. 1 59 -13 -95 -57 -17 15 13 -12 95 6 41 37 23 8 38 -20 -46 16 -1 19 37 -38 -19 -6 -20 -41 -67 15 73 -14 -7 23 7 61 39 27 5 1 28 228 215 22 42 -46 -25 -11 -16 15 20 -47 -8 -2 -5 -83 -142 29 -17 -33 -25 c -19 23 44 -10 31 4 25 19 9 i 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. s Includes increase of $318 million resulting from errors disclosed ^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 1,924 733 873 289 203 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—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 ,225 197 131 66 16 69 942 248 465 94 226 192 Nov 2,944 560 2 384 224 221 151 70 20 67 916 268 459 64 222 211 Dec .. . 2,666 551 2,115 ,307 287 194 94 66 76 878 278 456 46 296 232 1958—Jan 3,345 654 2,691 ,422 416 307 109 41 127 838 273 461 65 386 237 Feb 3,628 776 2,852 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 1,352 396 292 104 45 113 798 282 375 121 325 248 July 3,627 966 2,661 426 328 98 34 108 785 269 380 141 313 251 3,371 981 2,390 1 '363 416 340 75 33 91 824 256 385 131 337 254 Sept 3,146 958 2,188 1*281 385 319 65 28 75 792 236 355 136 319 235 * 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 1309 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 m o m c e t i e h r - a e , - s l 1 3 p d n p c p - l i a a o a r a l t n y p e c m o n c c e , e y t - e 6 d r - - a P a b 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- on se t o h c R n u b r a n i i t l t e e l i w e s s 9 ( i m t - s a s t o x u o n a e t b 1 s h l 2 3 e - )2 3 is - y s e t u o a e r s 5 4 - Annu A al r ea av a e n ra d g p es e , riod lo A a l n l s 1 1 - 0 1 1 0 0- 0 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months1 yield issues 19 large cities: 1955 3.7 5.0 4.4 4.0 3.5 1956 4.2 5.2 4.8 4.4 4.0 1955 average 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:1 19 large cities: 1957_Oct 4.10 3.88 3.75 3.58 3,591 3.94 3.99 1957 Dec ... 4.85 5.66 5.29 5.01 4.71 Nov 4.07 3.79 3.50 3.29 3.337 3.52 3.63 1958—Mar 4.49 5.55 5.10 4.75 4.29 Dec 3.81 3.55 3.35 3.04 3.102 3.09 3.04 4.17 5.45 4.88 4.40 3.95 Sept 4.21 5.45 4.90 4.47 4.00 1958—Jan 3.49 3.23 3.06 2.44 2.598 2.56 2.77 New York City: Feb 2.63 2.18 2.30 1.54 1.562 1.93 2.67 1957—Dec 4.71 5.50 5.23 4.94 4.62 Mar 2.33 1.86 1.80 1.30 1.354 1.77 2.50 1958—Mar 4.29 5.42 5.02 4.60 4.17 Apr 1.90 1.59 1.52 1.13 1.126 1.35 2.33 3.88 5.18 4.72 4.13 3.74 May 1.71 1.38 1.30 .91 1.046 1.21 2.25 Sept . . . 4.00 5.19 4.74 4.28 3.87 1.54 1.38 1.13 .83 .881 .98 2.25 7 Northern & Eastern July 1.50 1.31 1.13 .91 .962 1.34 2.54 cities: Aug 1.96 1.52 1.65 1.69 1.686 2.14 3.11 1957—Dec 4.86 5.67 5.33 5.02 4.74 Sept 2.93 2.47 2.39 2.44 2.484 2.84 3.57 1958—Mar 4.49 5.60 5.08 4.72 4.33 Oct 3.23 2.87 2.75 2.63 2.793 2.83 3.63 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 Oct. 4... 3.20 2.84 2.70 2.70 2.920 3.04 3.72 cities: 11... 3.25 2.88 2.75 2.64 2.668 2.98 3.58 1957—Dec 5.05 5.73 5.31 5.04 4.87 18. .. 3.25 2.88 2.75 2.67 2.927 2.76 3.52 1958—Mar. 4.77 5.60 5.17 4.87 4.49 25... 3.25 2.88 2.75 2.69 2.804 2.74 3.67 June 4.58 5.56 4.99 4.57 4.31 Nov. 1... 3.15 2.88 2.75 2.53 2.647 2.67 3.66 Sept 4.54 5.55 4.99 4.63 4.23 1 Average of daily prevailing rates. 2 Except for new bill issues, yields are i Based on figures for first 15 days of month. averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 3 Consists of certificates of indebtedness and selected note and bond issues. pp. 228-37. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS1 [Per cent per annum] Corporate bonds 3 StocksS G U o .S v . t S g ta o t v e t . a b n o d n l d o s c 3 al By selected By Dividends/ Earnings/ Year, month, or week bonds ratings groups price ratio price ratio t ( e l r o m ng ) - 2 Total4 Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues 4-7 20 5 5 120 30 30 40 40 40 14 500 500 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 average.... 3.47 3.56 3.10 4.20 4.21 3.89 4.71 4.12 4.32 4.18 4.63 4.35 8.21 1957 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 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 Aug 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 n.a. Oct 3.76 3.69 3.23 4.25 4.42 4.11 4.92 4.25 4.56 4.46 4.64 3.54 Week ending: Oct 4 3.83 3.72 3.25 4.29 4 43 4 13 4 92 4 26 4.55 4.48 4.66 3.60 11 3.72 3.73 3.25 4.30 4.44 4.13 4.94 4.26 4.57 4.49 4.65 3.52 18 3.74 3.67 3.21 4.26 4.42 4.09 4.94 4.23 4.58 4.46 4.61 3.56 25 3.77 3.68 3.23 4.24 4 41 4 10 4 91 4 24 4.55 4.44 4.64 3.52 Nov 1 3.75 3.64 3.21 4.16 4.42 4.12 4.90 4.25 4.57 4.44 4.66 3.51 n.a. Not available. 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

1310 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's series Securities and Exchange Commission series of (index, 1941-43= 10) (index, 1939= 100) trad- Ye o ar r , w m e o ek nth, t ( G e U l r o o m . n S v g ) . t * - . g n ( r h i M c a i i d g u p h e - a ) - l 3 g ( C r h r p a a i o o d g t r - e h e - ) - 3 Total d t I r u n ia s - - l R ro a a i d l- P u i l u t t i i y b c l- - Total Tot M al anu r D a fa b u c l - t e urin N ra d g o b u n l - e - T p t r o i a o r n t n a s - - P u i l u t t i i y b c l- - T n s a a r e i f n c a n r i e v d d - c - e e , , M in i g n- s s t h i h a n ( a o o n i g r n f d u e * s s - ) Number of issues. 15 17 500 425 25 50 265 170 98 72 21 29 31 14 1955 average. 102.40 123.1 114.4 40.49 42.40 32.94 31.37 305 374 352 394 320 153 297 313 2,578 1956 average. 98.91 116.3 109.1 46.62 49.80 33.65 32.25 345 439 410 465 327 156 306 358 2,216 1957 average. 93.24 105.8 101.3 44.38 47.66 28.11 32.19 331 422 391 451 275 156 277 342 2,222 1957—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 Oct... 89.36 100.9 98.6 50.95 54.55 31.23 39.15 376 474 437 499 311 183 346 344 4,134 Week ending: Oct. 4, 88.45 100.4 98.3 50.09 53.63 30.82 38.45 372 469 430 496 308 181 346 344 3,846 11. 89.91 100.7 98.6 51.03 54.68 31.26 38.92 379 478 440 504 310 183 345 347 3,821 18. 89.68 100.8 99.1 51.17 54.83 30.98 39.13 379 478 442 502 310 184 346 347 4,881 25. 89.17 101.0 99.0 51.08 54.69 31.19 39.30 374 470 435 494 311 184 346 338 3,893 Nov. 1. 89.46 101.5 98.2 50.96 54.48 31.70 39.65 378 476 439 500 315 185 344 344 4,147 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 S^-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 Net debit balances with Bank loans to others (than 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 e h c e u r r i t t h ie a s n New York f S ir t m oc s k 1 Exchange ch b a ro si k n e g r s a n a d n d c a d r e ry al i e n r g s ) s e fo c r u r p it u ie r- s2 Money borrowed Cus n t e o t mer o ( b c c l o i o g l l . a . t 3 5 io ) + ns U o S b e . c l S i u g . r a e G t d i o o b v n y t s . 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 ti o o v n t s . se O cu th ri e ti r es U ob . l S ig O . a G n tio o n v s t. se o c O u th r n i e t r ies ba c l r a e n d c it es 1953—Dec.. 2,445 31 1,665 88 780 88 1,074 713 1954_Dec.. 3,436 41 2,388 65 ,048 69 1,529 1,019 1955—Dec. 4,030 34 2,791 32 1,239 51 2,246 894 1956—Dec., 3,984 33 2,823 41 1,161 46 2,132 880 1957—Sept. 3,882 35 2,789 21 1,093 63 2,046 838 Oct.. 3,643 39 2,568 31 1,075 72 1,708 879 Nov. 3,577 42 2,517 33 L060 56 1,641 876 Dec. 3,576 68 2,482 60 i;094 125 1,706 896 1958—Jan., 3,554 126 2,487 58 1,067 188 1,552 937 Feb.. 3,679 102 2,580 79 1,099 199 1,647 939 Mar. 3,863 111 2,665 86 1,198 206 1,784 954 Apr., 3,980 134 2,735 70 1,245 230 ,822 985 May, 4,069 141 2,856 75 1,213 244 1,808 979 June, 4,218 248 2,921 84 1,297 468 1,930 1,047 July. 4,252 149 3,021 113 1,231 306 1,903 1,080 Aug., 4,199 140 3,013 48 1,186 251 1,751 1,103 Sept. 4,308 122 3,109 51 1,199 210 1,865 1,119 i Ledger balances of member firms of the New York Stock Exchange 2 Figures are for last Wednesday of month for weekly reporting member carrying margin accounts, as reported to the Exchange. Customers' debit banks, which account for about 70 per cent of all loans for this purpose and free credit balances exclude balances maintained with the reporting Column 5 includes some loans for purchasing or carrying U. S. Govt. firm by other member firms of national securities exchanges and balances securities (such loans are reported separately only by New York and of the reporting firm and of general partners of the reporting firm. Bal- Chicago banks). On June 30, 1956, reporting banks outside New York ances are net for each customer—i. e., all accounts of one customer are and Chicago held $51 million of such loans. On the same date insured consolidated. Money borrowed includes borrowings from banks and commercial banks not reporting weekly held loans of $28 million for from other lenders except member firms of national securities exchanges. purchasing and carrying U. S. Govt. securities and of $384 million for Data are as of the end of the month, except money borrowed, which is as other securities. Noninsured banks had $33 million of such loans, of the last Wednesday of the month beginning June 1955. probably mostly for purchasing or carrying other securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 1311 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 gages 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 ,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 ,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,525 1,153 ,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 ,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 ,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 ,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 ,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_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 1,279 43,266 40,233 3,033 34,902 3,072 3,807 4,462 Nov... 100,840 10,871 7,209 2,367 1,295 43,474 40,432 3,042 35,034 3,098 3,839 4,524 Dec... 101,309 10,691 7,028 2,377 1,286 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 Aug... 105,054 11,244 7,300 2,597 1,347 45,351 42,200 3,151 36,323 3,355 4,114 4,667 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 an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS 1 [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities End of year or month Total 2 g M ag o e rt s - 3 o G U bl o . i S v g . t a . - Cash Other4 S c a a v p i i n ta g l s FHL B B orrowings u R n p e d r a s i o e n v f r d i i v d ts e e s d tions Other advances 1941 6,049 4,578 107 344 775 4,878 218 38 475 1945 8,747 5,376 2,420 450 356 7,386 190 146 644 1950 16,893 13,657 1,487 924 733 13,992 810 90 1,280 1951 19,222 15,564 1,603 1,066 899 16,107 801 93 1,453 1952 22,660 18,396 1,787 1,289 1,108 19,195 860 84 1,658 1953 26,733 21,962 1,920 1,479 1,297 22,846 947 80 1,901 1954 31,736 26,194 2,021 1,980 1,471 27,334 864 96 2,191 1955 37,719 31,461 2,342 2,067 1,791 32,192 1,412 146 2,557 1956 42,875 35,729 2,782 2,119 2,199 37,148 1,225 122 2,950 1957 48,275 40,119 3,169 2,144 2,809 42,038 1,263 118 3,377 1957—Aug. 46,188 38,743 3,203 1,635 2,569 39,982 1,070 115 Sept. 46,639 39,106 3,229 1,643 2,624 40,306 1,117 115 Oct.. 47,127 39,532 3,219 1,622 2,718 40,673 1,129 121 Nov. 47,600 39,835 3,238 1,705 2,787 41,072 1,141 117 Dec.. 48,275 40,119 3,169 2,144 2,809 42,038 1,263 118 3,377 1958—Jan.. 48,423 340,369 3,215 2,023 2,816 C42,491 904 100 Feb.. 48,845 40,623 3,195 2,198 2,829 42,875 788 89 Mar. 49,406 40,967 3,192 2,407 2,840 43,366 694 94 50,068 41,367 3,229 2,524 2,948 43,729 813 87 May! 50,762 41,908 3,244 2,562 3,048 44,250 801 67 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 Aug. 52,384 43,599 3,479 2,365 2,941 45,615 936 116 c Corrected. 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 D tio a n ta s b a e n g d i nn a i n n n g u a 1 l 9 5 re 0 p a o r r e ts ba o s f e d n o o n n in m su o re n d th ly as s r o e c p i o a r t t i s o n o s f . in D su a r t e a d p a r s io so r ci t a o - to 4 $ 3 In 4 c m lu i d ll e i s o n o t a h t e r t h l e o a e n n s d , s o t f o c 1 k 9 5 in 7 . 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

1312 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1957 1958 19512 19522 19532 1954 1955 1956 2* Loans, by purpose and agency: To aid agriculture, total 4,161 5,070 6,811 6,929 6,715 6,752 7,261 6,827 6,466 6,681 7,605 Banks for cooperatives 425 424 377 367 375 457 423 384 430 454 428 Federal intermediate credit banks... 633 673 590 638 689 734 3845 997 997 935 1,040 Farmers Home Administration 539 596 648 701 681 724 823 866 880 832 906 Rural Electrification Administration. 1,742 1,920 2,096 2,226 2,348 2,488 2,544 2,586 2,634 2,688 2,732 Commodity Credit Corporation 782 1,426 3,076 2,981 2,621 2,349 2,626 1,994 1,525 1,778 2,499 Other agencies 40 31 23 18 (4) (4) (4) (4) (4) (4) To aid home owners, total 2,142 2,603 2,930 2,907 3,205 3,680 4,076 4,381 4,680 4,769 4,917 Federal National Mortgage Association. 1,850 2,242 2,462 2,461 2,641 3,072 3,433 3,629 3,807 3,998 4,096 O V t e h te e r r a a n g s e A nc d i m es inistration > 292 362 f i 3 16 0 8 0 38 6 3 3 48 8 0 4 4 1 6 4 4 5 4 1 8 5 8 5 5 1 2 23 1 6 1 9 8 1 2 770 1 820 1 To industry, total 589 598 431 678 619 629 640 652 674 645 Treasury Department... 174 353 306 209 209 211 254 251 224 Commerce Department. 589 598 f 261 219 228 219 216 217 203 Other agencies 413 79 1 112 191 192 210 182 206 219 To financing institutions 814 864 952 870 1,419 1,233 966 1,084 1,124 1,270 701 To aid States, territories, etc., total. 744 1,020 645 272 245 246 272 243 276 264 275 Public Housing Administration.. 589 894 500 112 90 106 120 94 186 105 107 Other agencies 155 126 145 160 155 140 153 149 90 159 167 Foreign, total 6,110 7,736 8,043 8,001 7,988 8,223 8,237 8,300 8,316 8,754 8,965 Export-Import Bank 2,296 2,496 2,833 2,806 2,702 2,701 2,678 2,667 2,656 3,040 3,111 Treasury Department5 3,750 3,667 3,620 3,570 3,519 3,470 3,470 3,470 3,470 3,470 3,470 International Cooperation Administration. 51,515 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 55 75 119 166 256 213 240 338 306 344 393 Housing and Home Finance Agency. 5 29 127 209 156 184 275 246 283 331 Other agencies (4)34 69 90 39 47 57 56 60 60 62 62 Less: Reserves for losses -173 -140 -203 -228 -268 -309 -327 -695 -501 -367 -354 Total loans receivable (net). 14,422 17,826 19,883 19,348 20,238 20,657 21,353 20,980 21,320 22,395 23,147 Investments: U. S. Government securities, total 2,226 2,421 2,602 2,967 3,236 3,739 3,923 3,881 3,762 3,704 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 securities! 257 223 219 197 179 284 344 340 340 333 368 Inventories, total 1,461 1,280 2,515 3,852 4,356 21,375 21,303 21,450 21,514 21,628 21,206 Commodity Credit Corporation.. 1,174 978 2,087 3,302 3,747 3,651 3,362 3,153 3,090 3,025 2,636 Defense Department 11,004 11,094 11,105 11,157 11,136 10,866 General Services Administration. 6,517 6,654 7,022 7,092 7,282 7,528 Other agencies 288 303 428 550 609 201 193 171 175 185 175 Land, structures, and equipment, total 3,358 3,213 8,062 8,046 7,822 9,985 9,875 9,979 9,974 9,962 10,020 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,470 4,506 4,520 4,535 4,568 Panama Canal Company 298 415 363 421 421 398 396 401 599 398 396 Tennessee Valley Authority 1,048 1,251 1,475 1,739 1,829 1,762 1,751 1,803 1,791 1,801 1,789 Housing and Home Finance Agency 1,284 1,202 1,040 728 450 236 144 114 106 88 77 Nat. Advisory Committee for Aeronautics 276 277 281 281 283 274 Bonneville Power Administration 311 317 327 328 342 345 General Services Administration 1,298 1,226 1,332 1,341 1,308 1,327 Post Office Department 590 590 599 599 599 599 Other agencies 728 345 350 360 300 613 704 616 408 608 644 Bonds, notes, & debentures payable (not guar.), total... 1,369 1,330 1,182 1,068 2,379 2,711 2,975 3,497 3,647 4,662 4,749 Banks for cooperatives 170 181 150 156 185 257 231 190 237 247 224 Federal intermediate credit banks 674 704 619 640 665 721 803 953 959 902 992 Federal home loan banks 525 445 414 272 958 963 720 733 765 825 468 Federal National Mortgage Association 570 770 1,220 1,620 1,687 2,688 3,065 NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded cover- 3 Effective Jan. 1, 1957, the production credit corporations were merged age and the new classification of agencies now reported in the Treasury in the Federal intermediate credit banks, pursuant to the Farm Credit Bulletin. The revised statement includes a larger number of agencies, and Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations their activities are classified according to the type of fund they represent. of the banks are classified as trust revolving transactions. Funds are combined in the table above, but are shown separately in the 4 Less than $500,000. table on the following page. Classifications by supervisory authorities 5 Figures represent largely the Treasury loan to the United Kingdom, are those in existence currently. Where current Treasury compilations and through 1952 are based in part on information not shown in Treasury do not provide a detailed breakdown of loans, these items have been compilation. classified by Federal Reserve on basis of information about the type of 6 Figure derived by Federal Reserve. lending activity involved. 7 Includes investment of the Agricultural marketing revolving fund in * Totals reflect exclusion of agencies reporting other than quarterly. the banks for cooperatives; Treasury compilations prior to 1956 classified 1 Figures for trust revolving funds include interagency items. For all this item as an interagency asset. types of funds combined, loans by purpose and agency are shown on a 8 Includes $1,000 million due under the agreement with Germany gross basis; total loans and all other assets, on a net basis, i.e., after signed Feb. 27, 1953, and lend-lease and surplus property balances due reserve for losses. the United States in the principal amount of $1,966 million. 2 Coverage changed from preceding period (see also NOTE). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 1313 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 items1 interagency items * 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 e t c b i 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 e s t m u t a q a r r n e u n u e d n i d c s p t - , , - Other G a B t U u n a b u o r t . n y e a e S n d e s r . d - d s d p , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i 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 1,37119,348 3,852 2,967 3,432 8,046 2,387 1,068 4,183 35,610 508 1955—Dec. 31 45,304 1,338 "20,,2 3.8..4,356 3,236 3,414 7,822 4,900 2,379 2,70339,583 596 1956—Dec. 31* 69,653 4,996 20,657 2'1,375 3,739 3,669 9,985 5,232 2,711 3,,6"59 "6,2516 699 1957—Mar. 31 69,895 4,44121,353 21,303 3,923 3,729 9,875 5,272 2,975 3,713 62,364 775 June 30* 69,059 33,99881120,980 21,450 3,881 3,725 9,979 5,063 3,497 3,325 61,144 1,037 Sept. 30 70,175 4692 " 32021,514 3,762 3,725 9,974 5,186 3,647 2,634 62,778 1,056 Dec. 31 71,139 4,291 21,628 3,804 3,718 9,962 5,340 4,662 2,916 62,391 1,121 1958—Mar. 31 72,242 44,115588 23,147 21,206 4,523 3,75310,020 5,436 4,749 3,472 62,789 1,183 Classification by type of fund and activity, March 31, 1958 Public Enterprise Funds—Total 20,228 1,119 9,634 3,756 861 143 3,284 1,432 49 1,600 1,51617,064 Farm Credit Administration: Federal Farm Mortgage Corporation 1 8 Agricultural Marketing Act, revolving fund 186 44 l42 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 1 283 12 16 281 Small Business Administration 325 112 207 6 2 323 Export-Import Bank 3,139 1 3,111 () () 26 53 3,086 Tennessee Valley Authority 2,070 91 46 1,789 145 35 2,036 Panama Canal Company 464 35 8 396 25 18 447 Veterans Administration 842 112 678 4 45 2 2 12 830 General Services Administration 1,293 64 (4) 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 Allother 182 43 6 112 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 58 135 8,348 Navy 3,375 419 2,918 38 230 3,145 Air Force 858 209 605 44 94 764 All other 337 87 128 117 4 52 285 Certain Other Activities—Total 31,006 1,066 9,683 6,455 3,563 6,514 3,719 220 30,785 General Services Administration 8,317 418 81 6,442 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 i42 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 10 224 3 223 42 Federal Deposit Insurance Corporation 2,036 3 2,013 19 156 1,880 Federal home loan banks 2,252 44 Os 1,456 47 9 468 988 796 Certain Trust Revolving Funds—Total 3,174 219 2,708 144 103 2,457 76 296 9345 Federal National Mortgage Association 1,706 55 1,641 10 1,466 46 156 938 Federal intermediate credit banks 1,168 10 1,040 18 992 19 140 917 Office of Alien Property 214 149 65 1 »213 All other 86 5 10 10 977 Latest data for agencies not reporting quarterly Atomic Energy Commission (June 30, 1957) 8,622 1,324 1,749 5,130 419 206 8,417 Veterans Administration (June 30, 1957) 1,902 355 107 2 1,340 98 137 1,765 Agriculture—other activity (June 30, 1957) 1,418 448 6 879 86 21 1,397 Health, Education & Welfare Dept. (June 30, 1957) 1,055 790 2 260 3 157 898 Interior Department (June 30, 1957) 3,752 287 8 2,891 562 376 3,375 Treasury Department (June 30, 1957) 3,197 278 44 765 2,110 774 2,423 All other (June 30, 1957) 1,684 428 206 85 549 416 21 1,663 9 Figure represents total trust interest. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1314 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period r B ec u N e d e i g p t e ts t re T P f c u r l e n u u i d s s p : t ts t I G r L n a e o t n s r v s a s t . : - . 1 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 x re d g - s i e - t p T P t f e u u e r l n x r u n u e d - s d s s i : t - A m L d e e j n s u s t s s : t 3 - E p p t T 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 o fr u a t o o h ( b y m r e - l t i s ) , c . , & ( c ( o c ~ d r d r r e I e i e a ) n r a a d g b , e s - s i e c e t e n e - n t , .)t a i r G n g . N v e o f n . e u v . t n b t & . L d y s ess: O d n c e a o th b s n e t h - 4 r b E r i o e n q c N p r a g u r a s e 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—Jan.-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—Sept 7,225 972 126 8,066 5,667 ,086 2 6,754 1,311 634 -310 -69 1,014 Oct 3,131 938 167 3,896 6,501 ,387 386 7,501 -3,605 476 9 -32 500 Nov 4,827 1,438 186 6,075 5,806 964 550 6,219 -144 655 4 -13 665 Dec 5,956 1,184 703 6,433 5,809 ,402 92 7,119 -686 337 -87 40 383 1958—Jan 4,786 820 227 5,374 6,011 ,651 1,286 6,377 -1,003 -137 -119 18 -36 Feb 6,299 1,684 217 7,759 5,528 ,317 105 6,740 1,020 145 305 -52 -107 Mar 9,501 1,127 135 10,485 5,749 ,564 803 6,509 3,976 -2,168 14 -67 -2,114 Apr 3,496 1,331 194 4,626 6,122 ,479 786 6,814 -2,188 2,380 -181 -125 2,686 May 4,925 2,131 144 6,908 5,846 ,363 187 7,021 -114 591 618 68 -96 June? 10,751 2,066 1,168 11,647 6,581 ,574 226 7,929 3,718 -140 141 -6 -275 July 2,946 1,111 273 3,782 6,613 ,786 489 7,911 -4,128 -835 -337 70 -569 Aug 4,838 1,956 237 6,553 6,198 ,412 17 7,593 -1,040 3,017 391 51 2,575 Sept.*3 7,208 885 154 7,937 6,633 ,397 -255 8,285 -348 -1,650 -338 64 -1,376 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period s B d u u N e r o p f d i e r l g c t u i e t s t , a l c T a f c u t r o u i n u o r m d s n t u , - t c o R i l c e T i a a c r s t o e i h o n a n - s. i m s a ( G s g + N a u e o ) r a n e v k o n t c t e c f y . t e i i n s a n G e g v N c e . o F . n e v e b ( t c t d - y y . ) . I d n ( e d g - c c i r r ) o r r o e e , e r s a i c a n s s 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 c u c r r e e o a r u ' s s n - t Balance B ( F a D a . v n e a R k p il . s o - sit T s T a in u x re — r a a y n s- d O as n t s h e e t e ts r deficit obliga- & trust public able Loan ( 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 1958*.. -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—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 -2,626 -148 711 -144 278 2,433 94 412 6,487 594 4,558 ,335 M*ay.''.'.'.'.'.'. -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 ,240 Aug -1,361 543 -195 10 -470 3,009 288 1,249 6,368 540 4,769 ,059 Sept 575 -511 -284 -3 314 -1,810 -450 -1,269 5,099 371 3,535 ,193 * 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 1315 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 r a n u g ld d T s e - t r 6 ans H f t f w r u e i u g r n a s s y h d t - to— R m a t r i c . e e r c e - n R t - t . . c fu e R r o n i e e p f - d - t s s B c T u e r o i d e p t - g a t e s l t W he I i n t ld h d - ivid O ua th l er C r o at r i 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- co a t M a n i d l f e r r s r e s . - ' ' 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—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 1,105 352 249 164 n.a. Sept 7,208 504 188 44 175 8,119 2,093 1,815 2,267 912 549 483 n.a. n.a. n.a. Budget expenditures8 Major national security Agri- Vet- culture Period Total Total 9 D m D e il e f i e t p n a t r s , y e p s M e ro c u g u tu r r i a a t m y l , A en t e o r m gy ic f a i I n f a n f 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 a s e s - n - ' d w L a a e n l b f d o ar r e 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 1,181 1957—Jan.-June. 35,632 23,269 19,893 2,031 1,060 450 3,721 2,502 1,545 2,399 560 574 608 July-Dec.. 36,060 22,164 19,370 1,471 1,080 776 3,912 2,400 1,636 2,651 850 1,003 661 1958—Jan.-June* 35,837 22,804 19,645 r,581 1,195 458 3,782 2,626 1,745 1,969 693 1,082 692 Monthly: 1957_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* 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 Aug 6,198 3,675 3,205 192 215 163 578 404 368 495 151 233 127 3 Consists primarily of (1) intra-Governmental 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

1316 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s t a * s l d d T g i e r o r o b e t s t a c s 2 l t Total Certifi- Bonds v C i e b o r l n t e i - - Sav- T an a d x S i p ss e u c e ia s l Total Bills c i e n a d t d e n e s e b s o t s - f Notes B el a ig n i k - B r a e n - k bonds TotaP b i o n n g d s s n s i o n a g t v e s - s ble 4 stricted 1941 Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1951 Dec 259.5 259 4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35 9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953 Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1 1 9 9 5 5 6 5 — D D e ec c 2 2 8 7 0 6 . . 8 7 2 2 8 7 0 6 . . 8 6 2 2 3 2 3 8 . . 9 6 1 16 6 0 3 . . 4 3 2 25 2 . . 2 3 1 1 9 5 . . 0 7 4 3 3 5 . . 3 3 8 8 0 1 . . 9 9 1 10 1 . . 8 4 5 5 7 9 . . 4 2 5 5 6 7 . . 3 9 (6) 4 4 3 5 . . 9 6 1957 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 Mar 272.7 212.6 225.1 162.9 23.0 31.5 20.7 87.7 9.1 53.1 52.3 45.8 Apr 275.2 275.1 228.0 166.0 22.4 31.1 24.7 87.7 9.0 53.0 52.2 45.4 May 275.7 275.7 227.9 166.0 22.4 31.1 24.8 87.7 9.0 53.0 52.1 46.1 June . . . . 276.4 276.3 228.5 166.7 22.4 32.9 20.4 90.9 8.9 52.9 52.0 46.2 July 275.6 275.5 228.0 166.4 22.4 32.9 20.5 90.6 8.8 52.8 51.9 45.9 A.us 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 Oct 280.3 280.2 233.2 172.2 25.9 38.5 21.9 85.8 8.4 52.7 51.7 45.4 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $426 million on Oct. 31, 1958) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $9,628 million on Sept. 30, 1958. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and m En o d n t o h f in ( g in g cl u u a d r - - trust funds1 Federal Com- Mutual Insur- Other State Individuals Misc. a se n t c i t e e u s e r ) i d - S is p s e u c e ia s l P is u s b u l e i s c Total R B e a s n er k v s e m ba e n r k ci s a 2 l s b a a v n in k g s s p c a o n m ie - s r c a o t r i p o o n - s g l o oc v a t' l s S b a o v n in d g s s se O cu th ri e ti r es i t n o v r e s 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 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 June 270.6 46.8 8.7 215.1 23.0 55.8 7.9 12.3 15.4 16.9 49.1 18.7 16.0 1957 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 Sent 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 14.6 17.1 48.1 18 5 15 7 M!ay 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 18 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 Aug 278.6 46.3 9.7 222.6 25.3 66.1 7.5 11.9 14.2 17.0 47.9 17.8 14.9 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $284 million on Dec. 31, 1957. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1317 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, OCTOBER 31, 19581 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills* Treasury n<>tes Treasury bonds Treasury bonds—Cont. Nov. 6, 1958... 1,700 Feb. 15, 1959.. 5,102 Dec. 15, 1958. . . 2V? 2,368 Aug. 15, 1966 . . 1 1,484 Nov 13 1958 1 699 Aor 1 1959 IV? 119 June 15 1959 62 2V| 5 267 Mar 15 1966-71 2V? 2 949 N N o o v v . . 2 2 0 8, 1 19 9 5 5 8 8 . . .. 1 1 , , 8 80 0 0 0 O N c o t v . . 1, 1 19 9 5 5 9 9 .. . 3 1 V V» 1,18 9 4 9 D N e o c v . . 1 15 5 , , i 1 9 9 6 5 0 9 -62... 2 2 V VA g 3 3, , 8 4 0 5 6 6 J S u e n p e t. 1 1 5 5 , , 1 1 9 96 6 7 7 - - 7 7 2 2. •$£ 2 1 , , 7 8 1 4 6 3 Dec 4 1958 . 1,800 Apr 1 1960 . IV? 198 Dec 15 1960-653 2% 1 485 Dec 15 1967 72 *2V> 3 722 D D e e c c . . 1 1 1 8 , , 1 1 9 9 5 5 8 8 . . . . . . 1 1 , , 8 8 0 0 0 0 O M c a t y . j' I 1 9 9 6 6 0 0 . . . . 3 IV V ? ? 2,4 2 0 7 6 8 N Se o p v t . .1 1 5 5 , , 1 1 9 9 6 6 1 1 2 2 V yA 4 1 2 1 ,1 2 7 3 7 9 O N c o t v . . 15 1 , , 1 19 9 7 6 4 9.. 3V 4 6 65 5 4 7 D Ja e n c . . 26 2, 1 1 9 9 5 5 8 9 . . .. 1 1 , , 8 80 0 1 0 A Au p g r. . 1,1 1 9 9 6 6 1 1 .. . IV 4 ? 2,6 1 0 4 9 4 J A u u n g e . 1 1 5 5 1 1 9 9 6 6 3 2 -67... 2 2 % V? 2 6 ,7 1 5 1 5 2 J M un ay e 1 15 5 , , 1 1 9 9 7 8 8 5 - . 8 . 3 .. . 'v/ 1 1, , 1 6 3 0 5 4 Jan. 8 1959 1,800 Oct. 1,1961 . IV? 332 Dec. 15, 1963-68... 2 Vi 2,821 Feb. 15, 1990 ... 1,727 Jan. 15, 1959... 1,803 Feb. 1962..-A3H 647 Feb. 15 1964 3 3 854 Feb. 15 1995. 3 2 741 Jan. 22, 1959... 1,800 Apr. iJ 1962.. 551 June 15, 1964-69... 2Vi 3,745 Jan. 29 1959 1,803 Aug. 15,1962 . 2,000 Dec. 15, 1964-69... 2Vi 3,820 May 15 1959 . 2,735 Oct. 1,1962.. 590 Feb. 15 1965 2% 6,896 Panama Canal Loan.... 3 50 Nov. 15,1962 . 2$/. 1,143 Mar. 15, 1965-70... 2Vi 4,701 Certificates Feb. 15,1963.. 1.V 3,971 Convertible bonds Dec. 1, 1958... 9,833 Apr. 1963.. IV? 533 Investment Series B Feb. 14, 1959... 2Vi 9,770 Oct. 1,1963 . IV? 33 Apr. 1, 1975-80. .2% 8,387 Mar.24, 1959*.....ljA 3,567 May 15 1959 . 1,817 Aug. 1, 1959... IV 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. 1309. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES i [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and conver tible 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 C e o r o t n i n d b - 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 r s 10 All holders: 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 Aug. 31 177,851 22,401 38,487 20,665 87,681 8,618 169,233 70,477 48,074 15,833 34,850 U. S. Govt. agencies and trust funds: 1956—June 30 8,236 273 355 688 3,575 3,345 4,891 927 500 434 3,030 1957—June 30 8,554 130 416 1,282 3,664 3,063 5,491 1,138 1,210 295 2,848 Dec. 31 9,260 130 657 1,617 3,933 2,923 6,337 1,236 1,782 260 3.059 1958—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 Aug. 31 9,477 124 640 1,174 4,739 2,801 6,676 840 1,647 869 3,319 Federal Reserve Banks: 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1,014 ,415 1957—June 30 23,035 287 11,367 8,579 2,802 23,035 20,246 681 750 ,358 Dec. 31 24,238 1,220 20,104 87 2,827 24,238 21,427 1,397 57 .358 1958—June 30 25,438 2,703 19,946 ""io 2,789 25,438 23,010 1,014 57 ,358 July 31 24,480 1,569 19,946 2,955 24,480 21,986 1,024 84 ,386 Aug. 31 25,346 1,345 21,507 10 2,484 25,346 22,852 1,024 84 ,386 Commercial banks: 1956—June 30 49,673 2,181 1,004 11,620 34,712 155 49,517 7,433 18,234 19,132 4,719 1957—June 30 48,734 2,853 2,913 8,984 33,839 144 48,590 12,268 23,500 8,600 4,222 Dec. 31 51,712 4,332 4,046 9,672 33,529 133 51,579 13,066 26,526 7,364 4.623 1958—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 Aug. 31 58,750 3,261 6,896 11,714 36,750 129 58,622 14,408 29,388 9,708 5,117 Mutual savings banks: 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 Aug. 31 7,142 153 119 482 5,467 921 6,221 342 1,258 538 4,083 Insurance companies: 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 Aug. 31 10,832 481 143 625 7,435 2,148 8,684 1,961 686 5,158 Other investors: 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 Aug. 31 66,304 17,036 9,182 6,660 30,806 2,619 63,684 31,154 12,796 3,948 15,786 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

1318 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 l - - S n m a p t i n a a c u d l t i - e - Others Total Total o B P f l f i u o e c b r l n e y - d d s p v l P a a t r c e i- e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N o e n w ey7 l p M p a c o o u e n u i s l r s e s - e - - - s m e b d t R i t o a e e r c e f e n b n . - « - k t t , m s r t i e i o t e r c i f e e n u - s t - 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—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 N O o c v t . .. . 2 3 , , 7 0 0 2 5 2 1, 8 37 9 4 4 'ioo 6 6 3 8 9 3 6 1 5 5 1,1 8 1 4 3 4 9 67 4 1 4 4 6 8 0 5 8 3 1 3 8 6 6 2 6 4 8 1 1 0 5 1 0 1,0 8 9 2 9 8 1,0 7 9 8 0 9 1,0 7 6 6 0 4 2 3 5 0 3 9 9 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 1,232 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 Aug.. 1,264 369 389 499 420 209 211 11 68 489 471 456 15 18 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital io secu- capital io secu- capital io secu- capital io secu- capital io secu- capital i securities rities rities rities rities rities 1950 1,026 149 474 610 196 1,927 682 314 81 639 100 1951 2,846 221 462 437 53 2,326 85 600 449 66 1952 , 3,712 261 512 758 225 2,539 88 747 6 448 60 1953 , 2,128 90 502 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 694 20 2,474 14 1,384 21 1,815 17 1957 4,104 49 579 802 14 3,821 51 1,441 4 1,701 67 1 1957—Aug. 243 51 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 60 138 173 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 "5* 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 Aug.. 107 15 40 14 266 6 39 1 Estimates of new issues maturing in more than one year sold for cash « Estimated net proceeds are equal to estimated gross proceeds less cost in the United States. of notation, i.e., compensation to underwriters, agents, etc., and expenses. 2 Gross proceeds are derived by multiplying principal amounts or num- 7 Represents proceeds for plant and equipment and working capital. ber of units by offering price. 8 Represents proceeds for the retirement of mortgages and bank debt 3 Includes guaranteed issues. with original maturities of more than one year. Proceeds for retirement of * 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. i o 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 1319 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual total!> Quarterly/ totals Industry 1956 1957 1958 1952 1953 1954 1955 1956 1957 4 1 2 3 4 1 2 Manufacturing Total (200 corps.): Sales 54,51763,34358,11069,876 71,925 76,032 19,194 19,78619,43818,056 18,752 16,718 16,796 Profits before taxes 7,308 8,375 7,244 10,250 9,290 9,559 2,483 2,752 2,575 2,042 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.): *. . Sales 19,26620,69420,62023,106 24,784 26,278 6,464 6,636 6,524 6 558 6,560 6,133 6,203 Profits before taxes 2,853 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 2,019 521 551 503 491 474 377 359 946 972 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 6,120 1,616 1,804 1,702 1,201 1,413 974 1,000 Profits after taxes 1,800 2,123 2,244 3,313 2,901 3,090 841 881 836 616 758 475 504 1,127 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 5 042 5,411 5 476 5 833 6 299 6,620 1 641 1 618 1 642 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 203 212 224 244 273 295 74 65 75 77 79 67 74 Dividends 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 8,203 2,001 2,045 2,047 2,065 2,047 1,858 1,903 1,259 1,308 1,153 1,535 1,488 1,556 377 395 394 397 369 281 284 Profits after taxes 486 520 593 782 769 798 201 197 202 201 197 144 146 Dividends 396 417 499 597 602 639 181 150 152 150 187 156 154 Petroleum refining (14 corps.): Sales 5,411 5,883 6,015 6,556 7,185 7,814 1,909 2,048 1,941 1,920 1,906 1,801 1,774 728 841 751 854 917 867 228 299 219 193 156 146 113 Profits after taxes 524 603 567 624 689 711 186 230 172 164 144 125 103 Dividends 283 290 294 317 346 374 93 91 91 95 97 95 95 Primary metals and products (39 corps.): Sales 11 56413,75011 52214,952 16,062 16,073 4,340 4 272 4,270 3,856 3,675 3,047 3,133 Profits before taxes 1,147 1,817 1,357 2,377 2,370 2,313 702 676 652 512 473 302 370 Profits after taxes 564 790 705 1,195 1,232 1,193 378 342 327 264 260 157 190 Dividends 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 2,746 2 624 2,750 2,669 2,871 2,454 2,621 971 1,011 914 912 942 1,175 245 293 305 270 306 227 259 Profits after taxes 375 402 465 465 458 577 123 141 148 135 152 111 127 Dividends 199 237 263 281 321 329 87 79 81 82 86 83 81 Automobiles and equipment (15 corps.): Sales 13,03816.61114,13718,826 16,336 17,480 4,215 4,993 4,522 3,689 4,211 3,853 3,543 1,982 2,078 1,789 3,023 1,984 2,110 513 711 603 291 506 346 271 Profits after taxes 709 758 863 1,394 942 1,059 262 336 292 151 279 161 137 469 469 536 693 656 670 166 166 166 164 173 164 160 Public Utility Railroad: 10 58110,664 9 37110,106 10 551 10,491 2,722 2 574 2,660 2,675 2,582 2,239 2,294 Profits before taxes 1 438 1,436 '908 1,341 1,268 1,056 375 247 264 286 259 59 135 Profits after taxes 825 903 682 927 876 734 267 161 183 191 199 31 93 Dividends 338 412 379 448 462 435 153 122 110 82 121 96 79 Electric power: Operating revenue 6,549 7,136 7,588 8,360 9,049 9,644 2,303 2,540 2,312 2,335 2,457 2,707 2,390 Profits before taxes 1 740 1,895 2 049 2,304 2,462 2,557 594 731 596 600 630 768 615 Profits after taxes . . . 947 1,030 1,134 1,244 1,326 1,403 334 393 327 326 357 421 349 Dividends 725 780 868 942 1,022 1,077 270 269 270 265 273 281 287 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 1,562 380 387 388 387 400 402 454 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

1320 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 r p i r b n o u d fi t i t e s s d - Y qu e a a r r te o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1950 40.6 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. 1318, new issues 2 32.0 16.3 15.7 12.4 3.3 ex elude 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 iss ues and cash proceeds connected with conversions of bonds into stocks. Retirements NOTE.—Quarterly data are at seasonally adjusted include the same types of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 1318. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchanges Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U ec o . u S v r t . i . - Not r e e s c e a i n v d ab a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n ab d l e 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 1 1 9 95 5 3 2 9 9 0 1 . . 1 8 1 19 8 0 6 . . 6 2 3 3 0 1 . . 8 1 2 1 1 9 . . 5 9 2 2 . . 8 6 6 65 4 . . 9 6 6 6 5 7 . . 8 2 2 2 . . 4 4 9 9 6 8 . . 1 9 22..32 5 5 7 7 . . 0 3 1 1 8 8 . . 1 7 2 1 0 8 . . 7 7 1 19 9 5 5 5 4 1 9 0 4 3 . . 9 0 2 1 2 9 4 4 . . 5 6 3 3 3 4 . . 4 6 2 1 3 9 . . 0 2 22..43 7 8 1 7 . . 2 1 6 7 5 2 . . 3 8 4 3 . . 7 1 1 9 2 9 1 . . 7 5 2 2 . . 4 3 7 5 3 9 . . 5 3 1 1 5 9 . . 5 3 2 2 6 2 . . 5 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 1 . 114.8 232.8 32.6 15.4 2.7 94.6 81.4 6.2 118.0 2.1 73.2 12.8 29.9 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 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n g u u r- - M in i g n- R ro a a i d l- Other P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i i c n n n i t n u g g d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l rs 1950 20.6 7.5 .7 1.1 1.2 3.3 1.1 5.7 1957—1 8 3 3 8 7 1 1 2 6 1951 25 6 10 9 9 1 5 l-'S 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 .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 1.6 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 L.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 I 7 4 9 2 7 8 4 2 7 8 3 2 I 5 2 5 1957 37.0 16.0 1.2 1.4 L.8 6.2 3.0 7.4 34 8.2 3.4 .5 L9 2.4 19584 31.0 12.0 .9 .8 1.5 6.3 9 5 44 7.7 3.3 .5 I 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 1321 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial properties! or quarter h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - S F e a e c l g e d i e e c e n s t r e - a d l v o I i a t d n h n u d e d a i r - l s s h A e o r l l s d l - Total t F u i i n c t n i i s o a a t l i n n - s - O h e o th r l s d e - r Total t F u i i n c t n i i s o a a t l i n n - s - O h e o t r h ld s e - r h A e o r l l s d l - t F u in i c t n i i s a o a ti l n n - s - h O ol t d h e e r r s2 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1950 72.8 51.7 1.4 19.8 66.7 45.2 35.4 9.8 21.6 14.0 7.6 6.1 2.3 3.7 1951 82.3 59 5 2 0 20.8 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.7 2.6 4 1 1952 91.4 66.9 2.4 22.1 84.2 58.5 46.8 11.7 25.7 17.2 8.4 7.3 2.8 4.4 1953 101.3 75.1 2.8 23.5 93.6 66.1 53.6 12.5 27,5 18.5 9.0 7.8 3.0 4.8 1954. 113.8 85.8 2.8 25.2 105.5 75.7 62.5 13.2 29.8 20.0 9.8 8.3 3.3 5.0 1955 130.0 99.4 3.1 27.5 120.9 88.2 73.8 14.4 32.7 21.9 10.8 9.1 3.6 5.4 1956 144.5 111.2 3.6 29.7 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957 156.6 119 7 4.7 32 1 146.1 107.6 89.9 17.7 38.5 25.8 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 147 3 113 0 4 0 30 3 137.2 101.1 84 8 16.2 36 2 24 3 11.9 10 1 3 9 6 2 June 150.4 115 3 4.2 30 9 140.1 103.4 86.6 16.7 36.7 24.6 12.1 10.3 4.0 6 4 Sept 153.7 117.7 4.5 31.6 143.3 105.7 88.5 17.2 37.5 25.2 12.4 10.4 4.0 6.4 Dec 156.6 119 7 4 7 32 1 146.1 107.6 89 9 17.7 38.5 25.8 12.7 10 5 4.0 6 5 1958—Mar.*7 159.1 121 5 4 9 32 7 148.5 109.3 91.2 18.1 39.1 26.2 12.9 10 6 4.1 6 6 JXXXXQP 162.6 124.5 4.6 33.5 151.7 111.7 93.6 18.1 40.0 26.8 13.2 10.9 4.1 6.7 Sept v 166.7 127.9 4.6 34.3 155.7 114.8 96.3 18.4 40.9 27.3 13.6 11.1 4.2 6.8 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 holdings2 Mutual savingsbank holdings3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4 812 3,884 900 28 1945. 4,772 3 856 591 4 387 797 24 1950 13 664 10,4M 2,264 968 8,261 7,054 1,164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2 237 4,477 1,444 53 1953, 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3'053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955. ^1,004 888 4,560 3 711 7 617 3,819 19Q7 17457 15568 4 150 5 773 5,645 1,831 58 1956 99,719 17 004 4 803 3 902 8 300 4,379 1,336 19J745 17 703 A 409 7 H9 6 155 1 984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1956- Dec 22,719 17,004 4,803 3,902 8,300 4,379 ,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957-Mar 99 670 16880 4 770 3 810 8 300 4 440 1 350 105 18035 4,455 7 330 6,250 2,010 60 June 99,760 16 890 4,730 3,720 8,440 4,500 1 370 20'475 18,384 4 500 1J590 6,364 2,033 58 Sept 23,105 17,070 4,750 3,660 8,660 4,660 1,375 20,812 18,687 4,575 7,660 6,452 2,068 57 Dec 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958-—M^ar 23,400 17,125 4,825 3,485 8,815 4,880 1,395 21,565 19,372 4,810 7,937 6,625 2,135 58 J S u ep n t e .1 p * 2 9 4 3 ,6 9 9 6 0 0 1 18 7 ,0 4 5 6 5 0 4 5 , , 9 2 7 0 0 5 3 3 ,3 4 5 0 5 5 9 9 ,4 0 9 8 5 5 5 5, , 1 0 5 6 5 0 1, , 4 4 4 8 0 0 9 2 9 2,7 1 4 6 0 5 2 1 0 9 ,465 5 5, , 0 3 4 1 6 3 8 8,3 1 7 6 8 0 6 6 , , 7 7 2 7 0 4 2 2 , , 1 2 8 1 1 8 5 5 7 8 p Preliminary. based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member Sources.—All-bank series prepared by Federal Deposit Insurance Bank Call Report and from weekly reporting member banks. Corporation from data supplied by Federal and State bank supervisory 3 Figures for 1941 and 1945, except for the grand total, are estimates agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1322 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 t956. 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1957 Sept 381 358 60 41 257 23 34,732 32 162 6,694 7 736 17,732 2,570 Oct 440 409 67 53 289 31 34,902 32,323 6,712 7,754 17,857 2,579 Nov 363 336 60 37 239 27 35,034 32,449 6,726 7,760 17,963 2,5g5 Dec 537 502 85 28 389 35 35,271 32,686 6,758 7,746 18,182 2,585 1958 Jan 426 383 87 29 267 43 35,462 32,873 6,822 7,750 18,301 2,589 Feb 379 338 85 30 223 41 35,587 32,990 6,858 7,739 18,393 2,597 Mar 390 344 92 22 230 46 35,727 33,117 6,906 7,723 18,488 2,610 Apr 402 360 94 26 240 42 35,840 33,213 6,948 7,719 18,546 2,627 May. 380 348 96 16 236 32 35,956 33,316 6,995 7,699 18,622 2,640 June 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 AUK 437 406 109 5 292 31 36,323 33,645 7,123 7,619 18,903 2,678 Sept 451 421 125 7 289 30 36,472 33,786 7,212 7,561 19,013 2,686 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) By type of lender Total (without seasonal adjustment) Y m e o a n r th or Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r t o h r Se a a a l d s l o y - n- W se a a i d t s j h o u o n s u t a - t l in S lo g a s a v n - & I c n a o n s m u ce r - - C m c o i e a m r l - - M i s u n a t g v u s - al justed 1 ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1950 5,237 1,767 2,246 13,657 848 2,973 9,836 1951 5,250 1,657 2,357 15,564 866 3,133 11,565 1950 16,179 5,060 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 1,013 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952 18,018 6,452 1,420 3,600 1,137 1954 8,969 3,076 3,846 26,194 1,172 4,721 20,301 1953 19,747 7,365 1,480 3,680 1,327 1955 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1954 22,974 8,312 1,768 4,239 1,501 1956 10,545 3,771 4,121 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10,402 3,562 4,708 40,119 1,643 7,013 31,463 1956 27,088 9,532 1,799 5,458 1,824 1957 24,244 9,217 1,472 4,264 1,429 1957 1957 Aug 1,001 331 470 38,743 1,560 6,920 30,263 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 Apr 920 316 354 41,367 1,749 6,982 32,636 Mar 1,971 1,866 705 108 345 94 May 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 Aug 1,180 373 538 43,599 1,943 7,033 34,623 July 2,291 2,543 986 125 491 165 Aug 2,535 995 130 476 169 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 1323 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Year or month Total p e N r r m t o e i w e p o H s - r o tg m a p i g e 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 - - * 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 m t o e i w e p o H s - r o tg m a p i g e e s E r r e t t o i s x i n e p - g s - q y E u e n a a d r r t o o e f r r Total 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 1957 Sept 273 57 116 14 85 295 228 66 1957 107.6 47.2 16.5 30.7 60.4 Oct 422 87 145 79 111 280 229 50 Nov 329 86 145 33 65 213 182 30 1956—Sept 96.6 42.5 15.2 27.3 54.1 Dec 332 97 152 12 71 176 155 20 Dec 99.0 43.9 15.5 28.4 55.1 1958 Jan 418 120 186 56 55 160 142 18 1957—Mar 101.0 45.1 15.7 29.4 55.9 Feb 386 115 164 43 64 142 129 13 June 103.4 45.9 15.9 30.0 57.5 Mar. 435 127 192 62 53 123 110 13 Sept 105.7 46.5 16.1 30.4 59.2 Apr 423 119 186 57 61 85 72 13 De« 107.6 47.2 16.5 30.7 60.4 May 431 110 201 55 65 73 57 15 J J u u l n y e 5 5 2 5 4 1 1 1 2 3 6 2 2 2 3 1 6 7 1 9 2 8 8 5 8 8 1 1 9 2 7 7 7 8 1 3 4 2 3 7 1958— J M un a e r * .P 3 . ... 1 1 1 0 1 9 . . 7 3 4 4 7 8 . . 7 3 1 1 7 7 . . 1 7 3 3 0 0 . . 6 6 6 6 1 3 . . 6 4 Aug 699 128 243 170 58 156 91 64 Sept.p 114.8 49.2 18.6 30.6 65.5 Sept 756 160 320 146 130 189 107 82 P Preliminary. 2 1 T M h o es n e t h l l o y a n fi s g u a r r e e s n d o o t n o o rd t i r n e a fl r e il c y t m se o c r u t r g e a d g e b y a m m e o n r d tg m a e g n e t s s . 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 F ut e s d ta e n ra d l i n R g e s f e ig rv u e re s e s f t o im r a f t i e rs s t . 3 Includes a small amount of alteration and repair loans, not shown separately; only such For conventional, figures are derived. loans in amounts of more than $1,000 need be secured. Sources.—Federal Home Loan Bank Board, Federal NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Housing Administration, Veterans Administration, and loans, gross amount of loans closed. Figures do not take account of principal repayments Federal Reserve. on previously insured or guaranteed loans. For VA-guarantecd loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a t y s or month Total F su H in r A e - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m r t 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 ,417 991 426 1956 3,047 978 2,069 609 5 360 1956 745 934 ,228 798 430 1957 3,974 1,237 2,737 1,119 2 764 1957 1,116 1,079 ,265 731 534 1957 Sept 3,783 1.152 2,631 82 712 1957_Sept. 96 49 ,119 688 431 Oct 3,849 ,170 2,679 79 726 Oct.. 83 70 ,131 686 445 Nov 3,909 ,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 ,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 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 3,683 1,298 2,385 22 23 1,543 Aug. 100 62 939 427 512 Sept 3,693 1,320 2,373 37 8 1,674 Sept. 119 48 1,010 490 520 1 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

1324 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 ! er e a r n R l n d o i e z a p m a n a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u r n ge ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950 21,395 14,703 6,074 4,799 1.016 2,814 6,692 1,821 3,291 1 580 1951 22,617 15,294 5,972 4,880 1,085 3,357 7,323 1,934 3,605 1,784 1952 27,401 19,403 7,733 6,174 1,385 4,111 7,998 2,120 4,011 1,867 1953 31,243 23,005 9,835 6,779 1,610 4,781 8,238 2,187 4,124 1,927 1954, 32,292 23,568 9,809 6,751 1,616 5,392 8,724 2,408 4,308 2,008 1955 38,670 28,958 13,472 7,634 1,689 6,163 9,712 3,002 4,579 2 131 1956 42,097 31,827 14,459 8,510 .895 6,963 10,270 3,253 4,735 2,282 1957r 44,774 34,095 15,409 8,692 2,091 7,903 10,679 3,365 4,829 2,485 1957 Sept r 43,159 33,393 15,488 8,220 2,049 7,636 9,766 3,400 3,966 2,400 Oct r 43,162 33,484 15,505 8,229 2,078 7,672 9,678 3,275 4,044 2,359 Nov r 43,438 33,566 15,459 8,289 2,095 7,723 9,872 3,325 4,147 2,400 Dec r 44,774 34,095 15,409 8 692 2 091 7,903 10,679 3,365 4 829 2 485 1958 Jan r 43,904 33,713 15,235 8 495 2 069 7,914 10,191 3,386 4,290 2 515 Feb r 43,017 33,278 15,030 8,277 2,041 7,930 9,739 3,404 3,754 2,581 Mar r 42 500 32 940 14 793 8 179 2 019 7,949 9,560 3,397 3 579 2 584 Apr r 42,617 32,888 14,691 8 124 2,017 8,056 9,729 3,352 3,772 2 605 Mayr 42,985 32,910 14,613 8,158 2,038 8,101 10,075 3,476 4,010 2,589 J J u u l n y e r *" 4 43 2 ,9 0 2 7 3 9 3 3 3 3 , , 0 0 7 0 4 8 1 1 4 4 ,5 5 6 9 7 0 8 8 ,1 1 9 9 7 0 2 2 ,0 0 6 4 1 8 8 8 , , 1 2 8 4 0 9 1 9 0 , , 8 0 4 7 9 1 3 3 , , 4 3 8 7 2 3 4 3 ,9 0 2 1 7 2 2 2 ,5 5 4 7 9 7 Au° r 43,128 33,165 14,514 8,254 2,091 8,306 9,963 3,453 3,956 2,554 Sept r 43,144 33,079 14,332 8,312 2,107 8,328 10,065 3,495 4,033 2,537 r Figures beginning with 1957 have been revised. Monthly figures for 2 Represents repair and modernization loans held by financial instituthat year and a note describing the revision are shown on pp. 1344-45 tions; holdings of retail outlets are included in other consumer goods of this BULLETIN. paper. 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 be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total End of year instal- Sales Con- Houseor month c m re e d n i t t Total m b C e a o r n m c k ia s - l f p i c n a o a n m n ie c - s e u C n r i e o d n i s t f s i c n u o a m m n e c - r e Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u o u r r r n e e i s - a h a p n o p c l l d e i- d m A ea o u l b e to i r l s - e 3 Other panies i stores 1939 . ... 4 503 3,065 1 079 1.197 132 657 1,438 354 439 183 123 339 1941 6 085 4 480 1 726 1 797 198 759 1 605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1.107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 1,124 2,137 111 4,042 1,064 1,004 377 527 1,070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 I 052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1,511 1,044 365 487 1,101 1956 31,827 27,084 11,707 9,100 2,014 3,056 1,207 4,743 1,408 1,187 377 502 1,269 1957r 34,095 29,427 12,753 9,573 2,429 3,333 1,339 4,668 1,393 1,210 361 478 I 226 1957 Sept r 33,393 29,165 12,679 9,598 2,352 3 231 1,305 4,228 1,167 1,122 354 494 I 091 Oct r 33,484 29,282 12,773 9,585 2,387 3,229 1,308 4,202 1,134 1,131 355 489 ,093 Nov r 33 566 29,281 12 749 9 564 2 402 3 246 1 320 4,285 1,199 1,148 354 484 100 Dec r 34,095 29,427 12,753 9 573 2,429 3,333 1,339 4,668 1,393 1,210 361 478 226 1958 Jan r .... 33 713 29,171 12 647 9 464 2,402 3 321 1,337 4,542 .381 1,170 354 471 166 Feb r 33,278 28,907 12,451 9,405 2,404 3,307 1,340 4,371 1,326 1,140 351 464 090 Mar r 32,940 28,646 12,333 9,284 2,410 3,287 1,332 4,294 1,343 1,103 347 455 1,046 Apr r 32 888 28,724 12,444 9 200 2,452 3 292 1,336 4,164 1,241 1,091 342 450 040 Mayr 32,910 28,703 12,467 9,129 2,478 3,277 1,352 4,207 1,278 1,092 341 446 I 050 June r 33,008 28,774 12,520 9,105 2,510 3,283 1,356 4,234 1,310 1,093 339 444 1,048 J A ul u y s r r 3 3 3 3 , ,1 0 6 7 5 4 2 2 8 8 , , 9 9 1 8 7 3 1 1 2 2 , , 6 6 5 0 5 6 9 9, , 1 0 2 8 1 3 2 2 , , 5 5 4 7 5 8 3 3 , , 2 2 9 9 2 4 1 1 , , 3 3 5 7 3 3 4 4 , , 1 1 5 8 7 2 1 1 , , 2 2 4 5 1 1 1 1 , , 1 0 1 9 0 3 3 3 3 4 8 0 4 4 4 4 3 0 1,0 0 4 4 1 2 Sept r 33,079 28,758 12,607 8,891 2,591 3,280 1,389 4,321 1,393 1,110 344 433 I 041 r Revised. See note to table above. 2 Includes mail-order houses. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1325 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t m o p h n d e e e - r r s r e R m l r t o a e n i n o a p o iz n d d a n a s i - r - s l P o o e a n r n a - s l E o n r d m o o f n y t e h ar i c T m n r o s e e t t d a n a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a d n a p ti e n d a o r s i n n r - s l P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1950 3,711 2,956 532 61 162 1950 5,798 1,177 1,294 1,456 834 1,037 1951 3,654 2,863 452 63 276 1951 5,771 1,135 1,311 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 [,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 [,034 25 465 1955 10 601 3 243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,707 3,651 2,075 2,394 1,469 2,118 1957 9,573 7,470 1,413 20 670 1957 r 12,753 4,130 2,225 2,467 1,580 2,351 1957—Sept. 9,598 7,557 1,389 22 630 1957_Sept.r 12,679 4,102 2,253 2,460 •1,554 2,310 Oct.. 9,585 7,537 1,390 23 635 Oct r 12 773 4,140 2,243 2,495 1,576 2,319 Nov. 9,564 7,510 1,388 21 645 Nov.r 12,749 4,132 2,233 2,477 1,586 2,321 Dec., 9,573 7,470 1,413 20 670 Dec r 12,753 4,130 2,225 2,467 1,580 2,351 1958—Jan.. 9,464 7,363 1,404 20 677 1958 Jan r 12,647 4,089 2,220 2,410 1,561 2,367 Feb.. 9,405 7,237 1,464 20 684 Feb r . . . 12 451 4 038 2,202 2,304 1,537 2,370 Mar. 9,284 7,080 1,492 19 693 Mar.r 12,333 3,974 2,195 2,259 L,52O 2,385 Apr., 9,200 6,968 1,515 20 697 Apr r 12,444 3,961 2,210 2,306 1,518 2,449 May, 9,129 6,888 1,520 20 701 May 12 467 3,954 2,214 2,289 1,531 2,479 June, 9,105 6,844 1,532 20 709 June r 12,520 3,957 2,223 2,281 1,540 2,519 July. 9,121 6,795 1,592 21 713 July 12 606 3 967 2 228 2 300 1,551 2,560 Aug. 9,083 6,730 1,612 23 718 Aug r 12 655 3,977 2,221 2,304 1,570 2,583 Sept. 8,891 6,601 1,551 20 719 Sept.r 12,607 3,948 2,198 2,274 1,583 2,604 r Revised. See note to table below. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m o o f n y t e h ar i c T m n r o s e e t t d a n a i l t l t - m A pa o u p b t e o il r - e s g p O c u o a o t m o p h n d e e e - r s r r m R iz lo o a e a n a d p ti n d e a o s r i n r n- s l P o o a e n r n a - s l E o n r d m o o f n y t e h ar i c T m n n r o e s o e t t d n n a a i - t l l t - C m c m ( o i s e a m i e r l n - n - g t l e lo - O p a a n t y h s - ) er m p D a e a e r n c ( t - - c t c h o a u r n g O t e s t ) her S c e r r e v d i i c t e banks stores i 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 3,087 693 152 275 1,370 597 1950 2,296 360 200 121 1,615 1945 3,203 674 72 290 1,322 845 1951 2,699 373 233 134 1,959 1952 3,346 452 310 188 2,396 1950 6,692 1,576 245 650 2,641 1,580 1953 4,038 538 370 247 2,883 1951 7,323 1,684 250 698 2,907 1,784 1954 4,510 539 375 282 3,314 1952 7,998 1,844 276 728 3,283 1,867 1955 5,406 761 537 326 3,782 1953 8,238 1,899 288 772 3,352 1,927 1 1 9 9 5 5 6 7 r 6 7, , 1 2 0 7 1 7 1 9 1 4 0 8 6 6 6 4 2 8 2 4 4 0 9 3 1 4 4 , , 2 8 7 8 8 2 1 1 9 9 5 5 5 4 9 8 , , 7 7 1 2 2 4 2 2 , , 0 6 9 3 6 5 3 3 1 6 2 7 7 8 9 6 3 2 3 3, , 7 5 1 1 7 5 2 2 , , 0 1 0 3 8 1 1957 O Se c p t t r r 6 6 , , 8 9 8 2 8 4 1 1 . , 0 0 8 9 2 6 6 63 3 1 7 4 4 7 7 3 9 4 4 , , 7 6 1 9 8 6 1 1 9 9 5 5 6 V 1 10 0 , , 6 2 7 7 9 0 2 2 , , 8 93 4 7 3 4 4 1 2 0 8 8 8 9 7 3 6 3 3, , 9 8 5 4 3 2 2 2 , , 2 4 8 8 2 5 D N e o c v . r r 6 7, , 1 9 0 6 1 8 1 1 , , 1 1 0 0 0 6 6 6 2 2 3 2 4 4 8 9 8 1 4 4 , , 7 8 5 8 7 2 1957— O S c ep t. t ' .r 9 9 , , 6 7 7 6 8 6 2 2 , , 9 8 1 8 1 1 4 3 8 9 9 4 6 5 1 8 2 8 3 3 , , 3 4 7 3 8 2 2 2, , 3 4 5 0 9 0 1958 F Ja e n b r r 7 7, , 0 0 5 6 1 0 1 1 , , 0 0 9 8 2 9 6 6 1 0 0 2 4 4 8 8 8 4 4 4 , , 8 8 7 7 0 6 D N e o c v . . r r 1 9 0 , , 8 67 7 9 2 2 2 , , 8 9 7 3 7 7 4 42 4 8 8 6 8 5 7 8 6 3 3 , , 9 4 5 8 3 9 2 2, , 4 4 8 0 5 0 Mar.r 7,029 1,089 589 480 4,871 1958—Jan. r 10,191 2,902 484 725 3,565 2,515 J A M u p n a r y e .' r r " 7 7 7, , , 1 1 0 4 0 8 9 7 0 1 1 , , , 1 1 1 1 2 0 2 1 2 5 5 5 8 8 8 8 9 7 4 4 4 8 7 8 8 9 7 4 4 4 , , , 9 9 9 2 5 1 1 2 0 A F M e p a b r r . . . ' r r 9 9 9 , , , 7 7 5 3 2 6 9 9 0 2 2 2 , , , 8 8 8 8 9 9 1 6 3 4 5 5 5 1 1 6 1 6 6 5 5 0 8 7 1 0 3 3 3 3 , , , 1 1 0 9 5 0 2 3 6 2 2 2 , , , 5 6 5 8 0 8 1 5 4 July 7 190 134 591 489 4,976 May 10,075 2,933 543 584 3,426 2,589 Aue r 7,245 1,146 596 498 5,005 June1" 10,071 2,998 484 575 3,437 2,577 Sept.r 7,260 1,152 599 504 5,005 July 9,849 2,968 405 533 3,394 2,549 Aug.r 9,963 2,980 473 546 3,410 2,554 r Revised figures for 1957, together with a note describing the revision, Sept.r 10,065 2,965 530 600 3,433 2,537 are shown on pp. 1344-45 of this BULLETIN. NOTE.—Institutions represented are consumer finance companies, credit r Revised. See note to opposite table. unions, industrial loan companies, mutual savings banks, savings and i Includes mail-order houses. loan associations, and other lending institutions holding consumer instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1326 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' 42,426 16,545 11,626 1,662 12,593 1957—Sept.'. 3,542 3,386 1,377 ,350 974 928 140 152 1,051 956 Oct.r.. 3,533 3,547 1,424 ,393 913 978 139 155 1,057 1,021 Nov.'. 3,553 3,428 1,384 ,231 958 1,014 134 138 1,077 1,045 Dec.1"., 3,635 4,088 1,407 ,292 980 1,351 134 127 1,114 1,318 1958—Jan.'. 3,481 3,088 1,331 ,176 933 794 137 107 1,080 1,011 Feb.', 3,221 2,742 1,171 ,014 896 714 122 95 1,032 919 Mar.' 3,184 3,156 1,067 ,094 978 901 122 111 1,017 1,050 Apr.', 3,262 3,335 1,151 ,211 916 876 132 131 1,063 1,117 May, 3,243 3,371 1,100 ,199 986 1,000 134 144 1,023 1,028 June ', 3,259 3,477 1,101 ,257 961 973 135 146 1,062 1,101 Julyr. 3,330 3,483 1,159 ,281 961 956 135 146 1,075 1,100 Aug.' 3,415 3,385 1,148 ,193 1,013 976 142 151 1,112 1,065 Sept.' 3,324 3,297 1,088 ,105 999 993 142 158 1,095 1,041 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 ,119 7,336 1954 30,488 11,833 9,145 ,255 8,255 1955 33,649 13,082 9,751 ,315 9,501 1956 37,194 14,576 10,714 ,362 10,542 1957' 40,158 15,595 11,444 ,466 11,653 1957—Sept.' 3,398 3,276 ,303 1,293 979 929 128 127 988 927 Oct.' 3,369 3,456 ,312 1,376 958 969 122 126 977 985 Nov.' 3,393 3,346 ,281 1,277 980 954 118 121 1,014 994 Dec' 3,496 3,559 ,359 1,342 980 948 131 131 1,026 1,138 1958—Jan.' 3,415 3,470 ,357 1,350 929 991 126 129 1,003 1,000 Feb.' 3,389 3,177 ,312 1,219 960 932 130 123 987 903 Mar.' 3,384 3,494 ,294 1,331 964 999 130 133 996 1,031 Apr.' 3,393 3,387 ,328 1,313 920 931 135 133 1,010 1,010 May' 3,339 3,349 1,285 1,277 941 966 124 123 989 983 June' 3,393 3,379 1,279 1,280 962 941 138 136 1,014 1,022 July' 3,367 3,417 1,278 1,304 948 949 132 133 1,009 1,031 Aug.' 3,404 3,294 1,277 1,246 948 919 124 121 1,055 1,008 Sept.' 3,377 3,383 1,247 1,287 950 935 139 142 1,041 1,019 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' +2,268 +950 + 182 + 196 +940 1957_Sept.'. + 144 + 110 +74 +57 -5 -1 + 12 +25 +63 +29 Oct.'.. + 164 +91 + 112 + 17 -45 +9 + 17 +29 +80 +36 Nov.'., + 160 + 82 + 103 -46 -22 +60 + 16 +63 +51 Dec.'.. + 139 +529 +48 -50 0 +403 +3 +88 + 180 1958—Jan.'.. + 66 -382 -26 -174 +4 -197 + 11 -22 +77 + 11 Feb.'.. -168 -435 -141 -205 -64 -218 -28 +45 + 16 Mar.'., -200 -338 -227 -237 + 14 -98 -22 +21 + 19 Apr.'.. -131 -52 -177 -102 -55 -3 -2 +53 + 107 May'.. -96 +22 -185 -78 +~45 + 34 + 10 +21 +34 +45 June'.. -134 +98 -178 -23 + 32 + 10 +48 +79 July'.. -37 +66 -119 -23 + 13 +7 + 3 + 13 +66 +69 Aug.'.. + 11 +91 -129 -53 +65 +57 + 30 +57 + 57 Sept.'.. -53 -86 -159 -182 +49 +58 + 16 +54 +22 r Revised. See note to table at top of p. 1324. in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment i Obtained by subtracting instalment credit repaid from instalment credit extended and repaid are based on information from accounting credit extended. records of retail outlets and financial institutions and often include charges NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other t D h e e c e B m U b L e L r E T 1 I 9 N 5 7 f , o p r p . O 1 c 4 t 2 o 0 b - e 2 r 2 . 1956; for 1955-56, in the BULLETIN for transactions may increase the amount of both credit extended and credit A discussion of the composition and characteristics of the data and repaid without adding to the amount of credit outstanding. a description of the methods used to derive the estimates are shown Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1327 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] Sales finance Other financial Total Commercial banks companies institutions Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1950 21,558 8,135 5,098 3,826 4,499 1951 23,576 8,358 5,467 4,788 4,963 1952 29,514 11,123 6,982 5,659 5,750 1953 31,558 12,099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 1956 40,063 14,387 9,600 9,474 6,602 1957r 42,426 15,234 10,200 10,497 6,495 1957_Sept.r 3,542 3,386 1,291 1,243 833 874 801 544 513 D N O o e c v t c . . . i 1 r * " 3 3 3 , , , 6 5 5 3 3 5 5 3 3 4 3 3 , , , 0 5 4 4 8 2 7 8 8 1 1 1 , , , 2 3 2 6 2 6 0 0 2 1 1 1 , , , 2 1 3 3 5 0 6 3 6 8 8 83 7 5 5 2 6 7 8 8 7 6 6 9 5 0 9 8 8 0 7 9 6 6 4 1,0 8 8 7 5 7 5 5 8 4 5 5 8 9 6 1 5 4 9 5 6 1 2 1 2 6 8 1958— F Ja e n b . . 1 i; ' 3 3 , , 4 2 8 2 1 1 2 3 , , 7 08 4 8 2 1 1, , 1 2 4 4 9 4 1 1, , 0 1 0 7 9 1 7 8 6 2 9 8 7 6 2 4 0 2 8 81 6 3 8 7 7 8 2 7 5 4 5 9 4 0 1 4 3 1 6 0 6 Mar.i 3,184 3,156 1,110 1,133 742 724 802 825 530 474 J A A J M u u u p n l a y y g r e 7 . 7 7 . i " " r " . . , 3 3 3 3 3 , , , , , 4 3 2 2 2 1 3 5 4 6 5 0 9 3 2 3 3 3 3 3 , , , , , 3 4 3 4 3 8 7 8 7 3 5 1 3 7 5 1 1 1 1 1 , , , , , 2 2 1 1 2 6 5 7 5 0 0 2 1 3 4 1 1 1 1 1 , , , , , 2 3 2 2 2 3 2 7 2 8 5 0 8 7 5 7 7 7 7 6 1 5 1 6 8 6 7 5 9 8 7 7 8 7 7 5 5 7 4 5 1 6 6 3 9 8 8 8 8 8 5 8 3 1 3 3 8 9 8 6 8 8 8 8 8 7 5 7 2 6 5 8 2 7 6 4 4 5 5 5 5 6 6 5 5 3 0 1 9 7 4 4 5 5 5 2 5 3 3 7 5 1 7 6 4 Sept.i 3,324 3,297 1,209 1,209 636 656 871 831 608 601 Repayments 1950 18,445 6,776 4,331 3,404 3,934 1951 22,985 8,385 5,524 4,385 4,691 1952 25,405 9,370 5,925 5,012 5,098 1953 27,956 10,625 6,344 5,683 5,304 1954 30,488 11,469 7,043 6,511 5,465 1955 33,649 12,304 7,901 7,553 5,891 1956 37,194 13,320 8,943 8,603 6,328 1957r 40,158 14,259 9,727 9,673 6,499 1957—Sept.r, 3,398 3,276 1,221 ,192 808 796 818 767 551 521 Oct.*' 3,369 3,456 1,203 ,229 819 873 812 819 535 535 Nov.r. 3,393 3,346 1,202 ,177 796 800 847 834 548 535 Dec.r. 3,496 3,559 1,233 ,232 848 856 845 942 570 529 1958- Jan. ir 3,415 3,470 1,215 ,237 844 829 835 828 521 576 Feb.lr 3,389 3,177 1,233 ,148 820 758 796 734 540 537 Mar.ir 3,384 3,494 1,212 ,233 813 845 820 847 539 569 Apr.ir 3,393 3,387 1,203 1,214 862 843 816 815 512 515 Mayr. 3,339 3,349 1,198 1,204 830 814 801 800 510 531 June r. 3,393 3,379 1,220 1,225 802 800 823 830 548 524 July.. 3,367 3,417 1,204 1,234 828 835 821 834 514 514 Aug.*". 3,404 3,294 1,220 1,186 807 794 844 803 533 511 Sept.ir 3,377 3,383 1,197 1,215 806 825 837 816 537 527 Change in outstanding credit2 1950 + 3,113 + 1,359 +767 +422 +565 1951 +591 -27 -57 +403 +272 1952 +4,109 + 1,753 + 1,057 +647 +652 1953 + 3,602 + 1,474 + 1,216 +692 +220 1954 + 563 -202 +217 +472 +76 1955 + 5,390 + 1,805 +2,299 + 896 + 390 1 1 9 9 5 5 6 7' + + 2 2 , , 2 86 6 9 8 + + 1 1 , ,1 0 0 4 6 6 + + 4 6 7 5 3 7 + + 8 8 7 2 1 4 •t2?! 1957—Sept.r.. + 144 + 110 +70 +51 +25 +33 +56 +34 -7 Oct.*'. + 164 +91 + 134 +94 + 37 -13 +64 +36 -71 -26 Nov.r.. + 160 + 82 +58 -24 + 39 -21 +47 +44 + 16 + 83 Dec.'.. + 139 + 529 +29 +4 +24 +9 +61 + 133 +25 +383 1958—Jan. I'. +66 -382 -11 -106 -16 -109 +33 -41 +60 -126 Feb.1'. -168 -435 -141 -196 +6 -59 + 17 -9 -50 -171 Mar.ir -200 -338 -120 -118 -71 -121 -18 -22 +9 -77 Apr.ir. -131 -52 +41 + 111 -93 -84 +20 +51 -99 -130 Mayr.. -96 +22 -45 +23 -115 -71 + 17 +27 +47 +43 Juner.. -134 +98 -49 +53 -114 -24 + 16 +42 + 13 +27 July'.. -37 +66 + 56 + 86 -71 + 16 +32 +41 -54 -77 Aug.r.. + 11 +91 + 32 +49 -91 -38 +44 +55 + 26 +25 Sept.i' -53 -86 -30 -48 -193 -192 +34 + 15 + 136 + 139 r Revised. See note to table at top of p. 1324. A discussion of the composition and characteristics of the data and 1 Data on extensions and repayments have been adjusted to avoid a description of the methods used to derive the estimates are shown duplications resulting from large transfers of other consumer goods paper. in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment As a result, the differences between extensions and repayments for some credit extended and repaid are based on information from accounting types of holders do not equal the changes in outstanding credit. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except as indicated in note 1. loans, repurchases and resales of instalment paper, and certain other trans- NOTE>—Monthly figures for 1940-54 are shown on pp. 1043-54 of r a e c p ti a o i n d s w m ith a o y u i t n a c d re d a in se g t t o h e th a e m a o m u o n u t nt o o f f b c o r t e h d i c t r o e u d t it s ta e n x d te in nd g. ed and credit the BULLETIN for October 1956; for 1955-56, in the BULLETIN for December 1957, pp. 1420-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1328 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise noted. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variationj Construction Industrial production contracts Employment and payrolls2 (physical volume)* awarded (value)1 Depart- Freight ment Wholeor Y m e o a n r th Total Tota M l 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 e ia n s l i - - o A th l e l r p N m t a e c u l g o m u o e r r l n a n y i - - - l - t - pr E o M m d m u a p e n c l n u t o i t f y o a - n c t w ur o in r P r k g o a e l y r ls s - i l c n o a g a r s d - * - ( v s s r a a t e l o l e t u a r s e e i * ) l p s C r u i o m 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 4^ 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 oo 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62 9 56 8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 49 69.7 64.2 1943 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74.0 67.0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75 2 67 6 1945 107 110 123 96 92 36 16 50 91 5 104.0 87.8 102 70 76 9 68 8 1946 90 90 86 95 91 82 87 79 94 4 97.9 81.2 100 90 83 4 78 7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95 5 96 4 1948 104 103 104 102 106 102 98 105 101 6 102 8 105 1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99 0 93.8 97.2 88 99 101 8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 107 102 8 103 1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 112 111 0 114 8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 114 113.5 111 6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 118 114 4 110 1 1954 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 118 114.8 110.3 1955 ... . 139 140 155 126 122 261 280 248 114.4 105.6 152.9 95 128 114 5 110 7 1956 143 144 159 129 129 199 199 199 118 3 106.7 161.4 97 135 116 2 114 3 1957 143 145 160 130 128 101 101 101 119.2 104.4 162.7 90 136 120 2 117 6 1957 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 132 132 134 139 129 112 144 126 156 115.0 92.8 92.3 144.9 77 133 123.7 119 2 July . . . 134 126 136 141 132 116 136 144 130 115.2 93.1 91.8 144.8 70 140 123 9 119 2 Aus 136 136 138 144 133 120 130 134 128 115.6 r93.2 r94.1 r150.0 79 147 123 7 119 1 Sept 137 139 139 145 133 122 121 135 111 116.1 94.8 96.6 155.7 80 *>136 123.7 119 1 Oct . . *138 P143 *140 »145 2134 nil ^115.8 P93.8 ^95.2^151.7 *>83 *135 119.0 e Estimated. p Preliminary. r Revised. including seasonal adjustments, may be obtained from the Division of * Average per working day. Re 2 s e T a h rc e h i n a d n e d x e S s t a o t f i s e t m ic p s. loyment and payrolls, wholesale commodity prices, i Indexes beginning 1956 are based on data for 48 States from F. W. and consumer prices are compiled by the Bureau of Labor Statistics. 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 Ro^ky 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 1329 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 Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL 100.00 143 143 144 142 139 135 133 130 128 126 128 132 134 136 137 MANUFACTURES—TOTAL 90.02 144 145 146 143 141 137 135 131 129 128 130 134 136 138 139 Durable Manufactures—Total. . . 45.17 159 160 160 156 154 146 142 137 135 131 134 139 141 144 145 Primary metals 6.70 138 131 131 128 121 107 100 95 91 86 91 103 102 no9 113 Metal fabricating 28.52 172 176 176 172 770 163 159 153 150 146 148 151 154 156 156 Fabricated metal products 5.73 135 139 139 137 141 135 129 124 122 118 120 125 129 132 135 Machinery 13.68 171 168 170 164 163 156 151 144 141 137 137 141 144 147 148 Nonelectrical machinery 9.04 153 150 150 148 143 137 130 127 126 122 122 125 125 126 130 Electrical machinery 4.64 207 204 209 197 203 194 192 177 170 166 167 171 181 188 185 Transportation equipment 7.54 199 213 212 208 203 194 191 185 183 178 182 185 185 187 178 Autos, trucks, and parts 4.80 125 128 129 126 125 113 107 99 93 86 93 95 96 96 82 Other transportation equipment 2.74 310 344 340 334 322 315 318 313 316 316 314 320 318 '321 323 Instruments and related products 1.29 166 172 173 170 170 168 166 163 160 159 158 160 162 162 167 Clay, glass, and lumber products 5.91 140 133 134 131 128 124 125 120 120 120 124 129 134 134 136 Stone, clay, and glass products 2.82 158 155 159 155 151 148 142 134 133 135 139 145 152 r150 157 Lumber and products 3.09 123 114 112 109 107 103 110 108 109 105 110 114 118 119 118 Furniture and misc. manufactures 4.04 755 132 135 132 729 125 123 120 121 121 122 126 129 130 133 Furniture and fixtures 1.64 122 120 122 120 118 116 114 111 111 110 113 116 119 123 126 Miscellaneous manufactures 2.40 144 140 143 140 136 131 129 127 128 129 129 132 135 134 137 Nondurable Manufactures—Total. . . 44.85 129 130 131 130 128 127 127 125 124 125 126 129 132 133 133 Textiles and apparel 11.87 108 105 106 104 101 97 97 97 95 98 99 102 107 108 109 Textile mill products 6.32 104 99 101 98 95 91 92 91 91 92 92 95 101 103 103 Apparel and allied products 5.55 112 111 112 110 107 104 103 103 99 106 106 110 115 114 116 Rubber and leather products 3.20 117 118 120 117 775 705 108 105 106 102 104 111 114 116 Rubber products 1.47 133 135 138 135 131 117 116 114 116 112 113 125 125 132 H35 Leather and products 1.73 104 104 104 103 103 100 100 98 98 94 97 100 104 103 Paper and printing 8.93 145 148 149 149 149 146 146 144 142 143 143 146 148 150 150 Paper and allied products 3.46 159 158 161 161 162 152 155 153 149 152 153 157 163 r166 167 Printing and publishing 5.47 136 141 142 142 141 142 140 139 138 137 137 138 138 140 140 Newsprint consumption 1.85 132 131 131 130 129 131 126 124 124 123 124 125 126 128 127 Job printing and periodicals 3.62 138 146 147 148 148 148 147 146 145 145 144 145 145 147 146 Chemical and petroleum products 9.34 167 172 174 173 777 169 168 164 163 164 165 168 171 r174 174 Chemicals and allied products 6.84 177 184 185 185 184 181 182 177 176 178 178 181 184 '186 187 Industrial chemicals 2.54 196 203 207 206 201 196 195 187 184 182 182 187 193 195 201 Petroleum and coal products 2.50 141 141 141 139 135 137 131 129 127 127 129 131 136 139 Foods, beverages, and tobacco 11.51 112 112 113 111 110 775 114 114 113 113 114 116 116 116 115 Food and beverage manufactures 10.73 113 112 113 112 110 114 114 114 113 113 114 116 116 115 115 Food manufactures 8.49 113 112 112 111 110 113 113 112 112 115 114 116 116 '115 115 To B b e a v c e c r o a g m es anufactures 2. . 2 7 4 8 1 1 0 1 7 2 1 11 1 1 3 1 1 1 1 3 4 1 11 1 0 2 1 10 1 7 0 1 1 0 1 6 8 1 11 1 2 7 1 1 1 2 2 0 1 11 1 2 4 1 11 0 7 8 1 1 1 1 5 4 1 1 1 1 6 6 1 12 1 1 4 1 12 1 1 5 iii' MINERALS—TOTAL 9.98 129 128 129 127 123 123 121 118 112 109 109 112 116 120 111 Mineral fuels 8.35 129 128 129 128 123 122 120 118 HI 108 109 112 r116 121 123 Coal 2.68 85 83 82 80 77 71 69 70 70 63 62 66 65 '68 70 Anthracite .36 55 49 48 45 43 40 43 43 41 40 41 45 38 41 44 Bituminous coal 2.32 90 88 88 85 82 76 73 74 74 67 65 69 69 '73 74 Crude oil and natural gas 5.67 150 150 151 150 145 146 144 141 130 130 131 135 141 '146 148 Crude oil 4.12 137 138 136 136 132 131 130 128 116 117 118 122 128 r137 139 Natural gas and gas liquids .70 190 198 196 199 198 193 191 194 196 »196 *198 *>195 P199 ^198 Metal, stone, and earth minerals 1.63 127 129 129 125 120 125 127 119 119 113 107 112 113 r113 Metal mining .82 114 116 115 107 100 110 110 106 100 88 73 80 80 '83 Stone and earth minerals .81 141 142 144 143 140 141 144 133 138 139 142 145 146 r144 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1330 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 r 7 o - - 49 A av n e n ra u g a e l 1957 1958 Industry portion 1956 1957 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL. 100.00 143 143 146 146 142 134 132 131 129 127 127 132 126 136 139 MANUFACTURES—TOTAL 90.02 144 145 148 148 144 135 134 133 131 129 129 133 127 138 141 Durable Manufactures—Total 45.17 159 160 160 159 156 147 143 139 138 133 133 139 132 140 146 Primary metals 6.70 138 131 128 129 121 106 102 99 95 89 93 106 90 102 110 Ferrous metals 5.03 135 130 126 126 118 102 95 91 89 81 87 100 85 98 106 Pig iron and steel 3.51 142 140 136 135 126 108 99 94 92 83 91 105 92 105 114 Pig iron .37 131 137 139 132 121 107 98 91 90 80 83 93 87 97 106 Steel 3.05 143 139 134 134 126 107 99 93 91 82 91 105 92 105 114 Carbon steel 2.62 139 138 134 132 125 107 96 92 90 83 91 108 94 106 113 Alloy steel .43 167 143 132 143 132 108 111 100 95 77 86 91 81 101 118 Ferrous castings and forgings 1.52 119 108 105 106 99 87 85 85 83 78 78 87 70 80 87 Iron and steel castings 1.29 117 107 104 105 99 87 84 83 83 79 79 88 72 81 88 Steel forgings .23 126 113 110 107 98 92 92 86 74 70 81 58 •75 80 Nonferrous metals 1.67 144 136 134 138 129 117 121 122 114 112 112 124 102 115 124 Primary nonferrous metals .38 164 164 153 156 159 161 160 157 149 146 141 133 126 128 138 Copper smelting .09 133 129 120 126 125 128 134 128 122 124 112 105 90 '95 110 Copper refining .06 132 135 120 128 131 134 134 140 128 122 114 110 108 99 109 Lead .04 115 114 116 115 112 112 106 116 96 94 105 102 86 88 99 Zinc .10 123 123 110 113 114 120 114 106 101 101 99 95 90 '86 P91 Aluminum .09 280 275 263 263 274 275 275 273 271 261 256 241 240 254 261 Secondary nonferrous metals .13 118 111 114 117 112 99 98 93 94 83 74 Nonferrous shapes and castings 1.16 140 129 130 134 121 104 110 113 106 102 105 125 97 114 122 Copper mill shapes .63 115 104 109 110 98 80 88 92 83 77 84 110 74 96 102 Aluminum mill shapes .20 215 198 200 199 167 159 167 174 170 189 187 212 198 190 207 Nonferrous castings .33 146 136 131 140 138 118 120 117 111 99 98 101 83 103 Metal Fabricating 28.52 172 176 174 173 174 166 161 256 154 148 146 149 144 r150 156 Fabricated metal products 5.73 135 139 145 142 139 133 111 124 122 118 119 125 123 133 141 Structural metal parts 2.68 141 152 156 156 156 154 146 138 135 131 132 138 137 143 148 Stampings and misc. metal products 2.12 125 124 122 124 125 120 111 105 103 99 98 101 100 104 115 Tin cans .30 151 146 195 146 112 110 116 126 139 120 137 160 171 232 208 Furnaces, gas ranges, and heaters .63 110 99 122 115 99 76 94 97 97 96 110 87 115 132 Machinery 13.68 171 168 173 170 165 157 153 148 146 139 135 138 133 142 151 Nonelectrical machinery 9.04 153 150 149 145 140 138 133 131 132 126 124 125 120 128 Farm and industrial machinery 8.13 147 146 143 140 136 135 130 126 124 121 118 117 114 r114 119 Farm machinery 1.02 86 84 82 82 78 80 80 81 83 84 81 80 80 77 81 Industrial and commercial machinery.. 7.11 156 155 152 148 144 143 137 132 130 126 123 123 119 r119 125 Machine tools and presses .68 197 182 175 164 154 153 144 133 128 119 115 114 112 109 114 Laundry and refrigeration appliances.... .69 168 151 159 149 138 120 120 144 158 131 137 159 131 123 170 Electrical machinery 4.64 207 204 220 220 215 194 192 181 174 165 159 162 158 186 194 Electrical apparatus and parts 3.23 198 201 201 196 198 197 190 183 179 172 168 168 166 170 176 Radio and television sets .74 224 205 269 282 260 176 187 159 139 125 112 123 115 214 222 Transportation equipment 7.54 199 213 194 198 213 203 196 191 189 182 181 183 175 173 170 Autos, trucks, and parts 4.80 125 128 100 110 139 124 113 108 101 92 94 94 84 77 69 Autos 1.50 138 146 84 88 171 151 132 122 106 89 99 100 87 53 37 Trucks .66 112 104 85 93 99 95 91 92 95 90 96 91 76 78 67 Light trucks .22 92 100 69 95 118 99 83 85 83 79 78 79 68 61 49 Medium trucks .19 58 50 29 46 47 40 26 29 26 26 26 29 23 16 12 Heavy trucks .14 218 194 184 161 157 183 216 210 226 213 239 210 164 189 155 Truck trailers .07 167 137 136 122 116 101 95 102 104 103 111 113 106 120 131 Auto and truck parts 2.58 121 123 114 127 131 116 108 104 100 Other transportation equipment 2.74 310 344 340 334 322 322 322 316 320 316 311 317 312 •318 323 Aircraft and parts 1.30 548 608 597 592 569 571 570 562 566 561 553 568 561 573 583 Shipbuilding and repair .81 118 129 126 124 121 125 125 124 128 127 131 131 129 128 127 Railroad equipment .53 63 77 83 74 71 61 64 56 58 51 39 32 28 30 29 Railroad cars 24 20 .35 54 80 85 76 72 59 66 56 59 49 34 19 22 Instruments and related products 159 169 1.29 166 172 174 172 172 170 166 163 161 160 157 157 160 Clay, Glass and Lumber Products 134 143 5.91 140 133 141 139 128 117 117 117 118 120 125 128 141 Stone, clay, and glass products 155 148 148 160 Glass and pottery products 2.82 158 141 162 161 152 145 136 130 131 135 141 123 123 155 136 Flat glass and vitreous products 1.09 140 161 141 144 140 135 130 128 124 118 118 130 133 131 154 Flat and other glass .60 164 164 163 165 165 161 150 143 137 130 126 132 135 141 160 Glass containers .47 165 136 167 170 170 166 153 144 137 129 127 144 139 146 142 Home glassware and pottery .26 132 92 138 143 128 117 128 132 134 126 133 81 82 147 84 .23 87 90 92 90 86 79 85 82 77 78 84 Cement .32 157 148 187 177 152 132 109 92 105 146 172 183 175 186 192 Structural clay products .35 137 128 135 134 126 117 105 99 102 112 116 121 123 126 Brick .12 134 114 124 126 113 95 84 77 87 115 121 123 124 126 Clay firebrick, pipe, and tile .20 142 140 144 143 138 133 121 115 114 111 114 121 125 129 133 Concrete and plaster products .48 194 188 198 193 182 172 165 155 163 170 183 195 200 209 210 Misc. stone and earth manufactures .58 173 174 175 173 166 165 157 151 151 147 147 153 150 •157 163 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1331 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 9 p 4 r 7 o - - 49 A av n e n ra u g a e l 1957 1958 portion 1956 1957 Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 123 114 121 119 106 92 100 105 106 105 111 121 109 129 127 Lumber 2.05 107 96 103 98 89 75 81 87 89 88 93 100 107 105 Millwork and plywood. .60 189 187 205 207 178 155 181 189 182 183 190 209 195 229 225 Millwork .39 121 112 132 124 100 80 76 95 95 91 99 120 101 141 133 Softwood plywood. ., .12 301 312 327 344 307 280 358 346 328 Wood containers .29 91 84 83 82 78 77 74 69 73 73 77 79 77 77 81 Furniture and Misc. Manufacturing. 4.04 135 132 141 139 134 128 120 121 121 118 118 123 121 131 138 Furniture and fixtures 1.64 122 120 126 125 121 120 113 112 111 108 108 113 113 124 130 Household furniture 1.10 121 120 126 127 123 122 114 113 113 108 108 113 115 127 134 Fixtures and office furniture. 120 125 122 116 116 111 109 109 106 108 112 108 119 122 .54 122 Miscellaneous manufactures 140 150 148 143 134 125 127 127 125 125 130 126 135 144 2.40 144 Nondurable Manufactures—Total. 130 135 137 131 123 125 126 125 125 124 128 123 135 137 44.85 129 Textiles and Apparel 105 104 108 102 92 99 103 101 100 99 100 92 110 108 11.87 108 Textile mill products 99 101 103 98 89 93 95 94 94 93 94 86 103 103 Co C S F tt y a o o b n t n t t r o h ic a n e n t f i c d c i o n s f n is a y s h b n u i r t m n i h c g e p s t t i i c o n fabrics. 2 6 3 . . . . 3 3 7 9 2 0 2 7 1 1 1 1 0 0 1 0 4 8 8 2 1 1 9 9 1 0 5 4 9 5 1 1 9 9 2 0 4 7 1 7 1 1 9 8 0 2 7 6 6 2 1 1 9 9 2 0 7 7 1 7 1 9 9 8 1 7 0 4 6 1 1 9 8 0 1 4 2 2 0 1 1 1 9 0 0 0 4 3 7 2 1 1 1 9 0 0 0 3 3 9 2 1 9 8 8 0 6 6 9 4 1 9 9 8 0 8 9 9 4 1 1 9 8 0 0 9 8 5 4 1 ' r 7 7 0 8 2 5 7 6 1 1 1 0 9 0 1 7 4 4 7 1 1 1 9 1 0 2 6 1 9 5 .45 Wool textiles .97 86 75 79 71 65 55 55 61 64 67 71 82 67 76 75 Wool apparel yarns. .16 88 78 79 66 66 61 59 69 71 68 77 81 71 81 78 Wool fabrics .75 86 75 80 74 65 54 55 60 63 67 70 83 67 76 75 Knit goods 1.15 108 104 110 109 104 92 94 98 98 98 101 103 98 114 113 Hosiery .65 100 93 95 98 93 78 90 94 91 90 91 86 80 99 97 Full-fashioned hosiery. .45 102 89 87 88 88 74 87 91 88 87 87 79 72 89 86 Seamless hosiery .20 96 102 116 121 107 86 99 103 99 98 100 103 97 123 123 Knit garments .50 119 118 129 125 118 111 99 104 107 107 115 125 122 134 134 Floor coverings*. .48 Woven carpets. .31 83 71 75 59 59 61 62 70 69 62 48 50 36 61 Apparel and allied products... 5.55 112 111 109 112 107 96 106 113 109 108 105 106 99 117 113 Men's outerwear 1.78 110 102 100 99 98 90 94 100 104 95 104 101 77 110 106 Men's suits and coats .73 95 86 78 72 73 72 69 74 71 74 83 81 52 91 78 Men's suits .50 93 87 76 73 77 76 73 78 73 72 77 73 47 82 72 Men's outercoats .13 78 61 68 53 41 40 35 41 45 64 89 91 59 104 86 Shirts and work clothing. .99 118 112 113 116 113 100 110 116 125 107 117 113 91 122 123 Women's outerwear 1.85 112 112 109 108 102 80 105 129 114 117 106 109 107 120 112 Women's suits and coats. .76 128 133 134 123 85 122 156 137 96 94 123 138 153 139 128 Misc. apparel and allied mfrs.. . . 1.92 117 122 123 121 117 112 114 113 106 106 112 112 121 127 113 Rubber and Leather Products. 3.20 118 121 123 116 104 112 113 112 104 101 110 97 117 V120 117 Rubber products 1.47 133 135 139 145 135 114 123 120 118 115 112 122 103 111 mi Tires and tubes .70 121 123 124 129 119 106 106 112 108 103 102 117 96 110 Auto tires .40 123 134 135 139 124 113 111 118 115 112 113 131 105 118 Truck and bus tires .30 119 107 110 117 112 97 99 104 98 91 88 99 85 99 Miscellaneous rubber products. .77 144 147 153 160 150 122 140 127 128 125 121 127 108 142 Leather and products. . . 1.73 104 104 105 104 99 94 101 108 107 95 92 99 92 108 Leather .44 91 89 87 90 88 80 83 88 82 79 81 84 68 84 Cattlehide leathers. .29 99 98 97 101 98 89 92 97 89 85 88 90 72 94 Skin leathers .15 76 72 69 71 68 63 67 72 69 65 68 70 61 65 Shoes and slippers i .90 Miscellaneous leather products. .39 97 94 98 98 98 95 87 92 90 82 82 90 92 100 Paper and Printing. 8.93 145 148 151 156 152 141 143 145 146 146 144 146 137 148 152 Paper and allied products 3.46 159 158 163 170 163 140 153 158 155 156 153 159 145 168 169 Pulp and paper 1.76 157 154 153 163 156 137 151 156 152 152 147 153 137 159 159 Wood pulp .51 179 176 172 187 183 153 177 177 173 171 166 171 156 179 179 Paper and board 1.25 148 145 146 154 145 131 141 147 144 145 139 146 129 151 151 Printing paper .22 140 133 125 135 132 123 132 135 131 137 134 138 121 136 132 Fine paper .14 145 139 145 143 138 131 135 145 148 145 138 146 116 143 148 Coarse paper .20 136 127 124 135 129 114 123 126 123 124 113 120 109 129 130 Miscellaneous paper .18 170 179 171 185 172 167 181 183 176 184 170 175 158 176 175 Paperboard .41 155 153 160 166 157 134 145 155 151 146 145 154 136 163 163 Building paper and board. .10 131 124 134 141 120 101 114 120 115 126 131 133 130 141 145 Converted paper products. 1.70 162 163 173 177 171 142 155 160 158 160 159 165 154 177 179 Shipping containers .51 159 157 170 168 167 132 143 149 148 146 151 156 146 173 175 Sanitary paper products. .11 170 179 178 204 182 171 190 192 185 201 183 191 176 185 188 r Revised. Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1332 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 a A v n e n ra u g a e l 1957 1958 Industry portion 1956 1957 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 136 141 144 146 145 142 136 137 140 140 139 137 132 136 142 Newsprint consumption 1.85 132 131 133 140 140 129 116 121 129 131 132 125 110 115 128 Job printing and periodicals. 3.62 138 146 150 150 148 149 146 145 147 145 143 143 143 147 149 Chemical and Petroleum Products. 9.34 167 172 174 176 173 171 170 167 165 165 164 165 163 170 174 Chemicals and allied products 6.84 177 184 185 190 187 183 183 180 179 180 177 177 174 181 186 Industrial chemicals 2.54 196 203 205 208 203 198 197 190 188 186 184 184 183 190 199 Basic inorganic chemicals .57 189 202 203 209 205 198 203 199 202 202 193 185 179 181 196 Industrial organic chemicals 1.97 197 204 205 207 203 198 195 188 183 181 181 183 184 192 200 Plastics materials .24 256 272 283 299 276 259 270 269 263 262 261 266 244 275 Synthetic rubber .11 236 245 252 274 282 268 265 233 216 196 197 197 199 225 '242* Synthetic fibers .59 181 199 202 206 201 194 184 172 164 159 160 164 173 176 186 Miscellaneous organic chemicals. 1.03 189 186 184 179 178 179 176 174 173 174 172 174 175 178 183 Vegetable and animal oils. .64 132 130 120 150 149 136 141 136 126 124 117 110 108 117 117 Vegetable oils .48 124 121 110 148 147 132 136 130 122 118 110 99 98 107 108 Grease and tallow .16 158 154 151 159 156 147 156 154 135 139 138 145 138 148 146 Soap and allied products. .71 111 112 115 126 110 105 111 107 108 101 97 106 122 126 Paints .66 124 121 122 119 115 114 113 111 111 111 112 118 119 120 119 Fertilizers .23 129 132 119 122 115 115 124 126 161 189 174 118 102 r106 121 Petroleum and coal products. 2.50 141 141 144 139 136 138 134 130 125 124 127 131 133 140 Petroleum refining 1.97 150 150 152 145 147 153 148 144 137 134 136 141 146 149 Gasoline 1.04 159 162 170 162 160 165 159 155 149 148 152 162 167 170 H10 Automotive gasoline.. .98 153 157 166 157 156 161 156 151 145 144 149 157 162 163 Aviation gasoline.... .06 254 249 233 242 233 236 212 223 212 223 202 237 255 293 Fuel oil .56 147 147 142 137 139 150 146 140 132 125 128 126 131 133 Distillate fuel oil. .30 193 194 188 181 184 200 195 182 175 166 173 171 175 181 Residual fuel oil. .26 95 93 90 86 87 93 91 83 78 75 75 79 Kerosene , .10 111 98 90 87 106 117 118 125 110 89 74 76 74 87 Lubricating oil. .17 119 113 108 107 109 105 100 101 95 100 103 104 105 109 Coke .26 102 105 106 103 95 85 79 75 72 66 65 68 66 72 78 Asphalt roofing and siding. .15 104 94 119 121 81 54 59 57 77 107 132 137 115 165 Foods, Beverages, and Tobacco. 11.51 112 112 128 124 113 106 104 104 104 106 110 119 118 r127 129 Food and beverage manufactures.. 10.73 113 112 128 125 113 107 104 104 104 106 110 119 119 126 130 Food manufactures 8.49 113 112 131 126 116 109 106 103 102 104 106 114 116 127 133 Meat products 1.48 133 128 130 140 133 131 134 121 120 123 115 121 115 120 130 Beef. .46 151 148 154 156 140 136 149 134 129 131 133 144 141 141 147 Pork .83 119 110 109 124 122 122 118 107 109 111 99 102 94 101 113 Dairy products .69 110 111 101 91 85 88 92 97 106 119 137 133 121 103 Butter .14 107 109 87 88 87 97 104 112 121 120 135 138 111 91 79 Natural cheese .07 117 119 105 100 92 98 101 105 117 133 157 162 138 119 109 Concentrated milk. .19 101 102 78 77 73 80 84 87 99 116 143 142 117 '95 84 Ice cream .28 112 111 117 96 84 82 84 89 96 111 122 142 149 149 122 Canned and frozen foods. 1.13 133 126 230 158 109 99 87 85 82 91 98 122 163 r236 236 Grain-mill products 1.16 101 100 108 105 98 97 100 101 101 98 99 106 105 109 109 Wheat flour .46 84 87 94 92 89 86 90 92 93 84 84 87 85 92 93 Cereals and feeds .70 113 108 117 114 104 104 106 107 107 106 109 118 118 120 120 Bakery products. 1.64 98 100 102 101 101 101 98 98 98 98 100 103 104 102 102 Sugar .27 122 122 117 262 279 233 129 65 54 68 83 82 74 72 Cane sugar.... .11 116 112 125 108 97 93 100 104 106 114 112 125 126 136 Beet sugar .13 121 125 105 390 431 350 149 26 3 23 53 41 23 11 Confectionery .71 107 112 155 147 132 99 113 124 109 104 92 95 86 103 154 Miscellaneous food preparations. 1.41 105 108 113 112 110 108 107 109 108 108 114 119 119 120 119 Beverages 2.24 112 113 118 121 105 99 93 104 110 110 122 138 128 122 Bottled soft drinks.. .54 Alcoholic beverages. 1.70 105 103 108 117 100 89 88 99 106 101 112 125 107 104 Beer and ale 1.02 101 101 97 88 73 81 89 94 102 102 116 136 127 107 Liquor distilling.. .17 78 83 109 140 99 88 85 95 94 85 74 58 33 47 Liquor bottling... .37 119 111 125 158 151 101 83 105 113 99 114 124 91 116 Tobacco manufactures. .78 107 111 118 119 110 87 112 112 112 112 118 125 109 130 125 Cigarettes .46 111 116 123 122 111 90 118 116 117 119 126 134 119 138 129 Cigars .17 104 106 116 121 116 86 105 111 109 104 109 113 92 122 124 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1333 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Industry 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1957 1958 portion 1956 1957 Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 129 128 130 129 123 122 120 118 111 109 110 115 110 120 123 MINERALS—TOTAL 8.35 129 128 127 127 124 125 123 121 109 109 114 108 119 121 Mineral Fuels 2.68 85 86 87 80 74 73 70 67 60 61 72 46 HO 73 Coal .36 55 52 49 46 42 48 44 36 36 37 47 30 42 47 Anthracite 2.32 90 91 93 86 79 77 74 71 64 65 75 48 H5 77 Cr B O O ud i i i t N C l l e u a a r a m o N N u n n t i u d i d d l a a n e r t t a o a g u u g n o l u a a r r d i s a a s s g l l l n a e c w s g g a o x e t a a a t a l u r s s l l n a r a d d l c i l r t q i i g o u g ll a n i a i s d n s s g liquids 4 4 5 . . . . . . . 1 8 6 8 7 3 3 2 2 7 5 0 4 6 1 1 1 1 1 1 1 5 4 9 3 9 8 8 0 5 9 7 0 2 0 1 2 1 1 1 1 1 5 1 4 3 9 7 8 0 2 6 8 8 1 4 1 1 1 1 1 1 1 4 8 4 9 3 8 8 7 8 0 6 2 5 0 2 1 1 1 1 1 1 0 4 3 4 9 8 7 3 6 1 0 3 2 7 2 1 2 1 1 1 1 0 4 2 4 3 8 6 4 4 1 1 1 9 0 2 2 1 1 1 1 1 0 2 4 3 7 4 8 6 8 9 3 7 3 6 2 1 2 1 1 1 1 3 0 4 3 4 8 7 3 8 7 2 3 4 2 2 2 1 1 1 1 1 4 3 1 4 3 8 5 5 7 0 2 0 3 9 2 1 2 1 1 1 1 3 3 0 3 2 8 4 4 0 4 2 0 0 3 H 1 1 1 1 1 9 3 2 3 7 3 6 2 1 1 3 6 1 1 1 1 3 6 2 1 8 1 9 9 ! ^ 1 1 1 1 1 1 J 3 8 3 2 \ 6 J 4 1 2 5 7 i ^ r 1 1 1 1 1 3 3 8 2 7 7 4 6 3 3 ! H 1 H U 1 4 S 4 3 4 1 2 6 1 3 9 78 1 1 1 1 4 3 4 5 4 5 3 0 Metal, Stone, and Earth Minerals 1.63 127 129 145 138 117 110 106 103 103 108 115 125 121 r124 129 Metal mining .82 114 116 137 124 92 82 83 85 79 81 86 100 91 '96 Iron ore .33 104 114 172 143 65 42 43 43 39 39 69 108 109 110 No C n o fe p r p r e o r u s m m in e in ta g l mining . . 4 2 9 4 1 13 2 6 0 1 13 1 3 7 1 13 1 2 3 1 12 1 5 0 1 13 1 1 0 1 1 0 3 9 1 1 1 1 2 1 9 1 1 1 3 3 1 1 12 0 9 6 1 1 0 2 9 5 1 9 1 8 2 1 9 0 4 5 7 8 8 8 n ' o 86 o 1 io 2 o 2 Lead mining .09 88 85 79 83 71 70 76 78 56 78 71 72 62 '59 58 Zinc mining .06 87 84 70 74 68 67 72 71 69 77 67 67 54 57 58 Stone and earth minerals .81 141 142 153 152 143 138 130 121 128 136 144 150 151 153 157 P 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] 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1957 1958 Industry portion 1956 1957 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. ELECTRICITY AND GAS—TOTAL 100.00 218 233 238 237 238 237 238 239 238 235 236 240 .241 ^246 ^246 Residential 41.34 241 261 269 269 273 273 275 '279 282 278 277 281 Nonresidential 58.66 201 213 216 214 214 212 212 211 '208 205 208 212 Electricity 76.18 218 233 237 234 236 235 236 238 238 235 237 242 243 248 *?48 27.48 250 273 280 277 282 282 285 290 295 291 290 296 294 303 Industrial 23.68 206 213 215 213 210 707 205 202 196 197 199 203 208 210 23.49 186 193 196 194 191 188 186 183 177 178 180 184 189 192 Atomic energy .... .19 2697 2676 2580 2610 2580 2580 2590 2590 2610 2590 2590 2580 2570 2550 Commercial and other 25 02 194 208 210 208 209 209 212 215 214 209 214 220 220 224 Gas 23.82 218 232 240 245 246 ?46 244 242 240 237 235 235 13.86 223 236 247 254 255 255 256 '257 '256 253 251 251 Industrial .... 6.16 218 230 237 239 240 238 r230 '224 '221 220 221 Commercial and other 3.80 197 218 222 224 224 223 221 218 214 206 202 201 ... . * Preliminary. r Revised. Indexes without seasonal adjustment may be obtained from the Division NOTE.—For description and back figures see BULLETIN for October of Research and Statistics. 1956, pp. 1055-69. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1334 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 r 7 o- _49 a A v n e n ra u g a e l 1957 1958 Product portion 1956 1957 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 131 130 134 129 128 119 113 110 104 97 105 111 114 115 104 Major Durables 69.72 140 138 142 137 136 125 117 111 103 94 104 111 116 116 99 Autos 32.10 138 146 150 143 142 127 117 107 92 81 96 99 99 95 56 Major household goods 36.13 144 132 137 134 134 124 118 117 114 107 113 123 133 137 138 Furniture and floor coverings. 15.32 117 114 114 111 112 112 110 106 106 104 106 109 116 117 120 Household furniture 11.31 121 120 122 120 120 119 116 113 113 111 114 116 121 126 129 Floor coverings1 4.01 Appliances and heaters 15.60 143 127 129 129 132 115 106 115 115 102 112 125 129 132 137 Major appliances 11.88 151 133 137 138 141 119 110 117 118 101 113 128 133 139 144 Ranges 2.60 103 89 85 85 92 87 86 81 80 82 79 79 81 77 84 Refrigeration appliances.. 4.98 150 140 138 141 148 125 111 129 122 106 121 140 145 152 155 Laundry appliances 2.51 216 180 203 203 196 152 142 142 159 116 140 157 174 185 202 Heating apparatus 3.72 118 104 101 101 104 103 93 110 107 105 110 116 115 112 Radio and television sets 5.21 224 205 232 212 203 188 181 151 133 131 138 155 191 207 Radio sets 3.42 70 75 82 80 78 66 66 55 44 46 42 51 64 75 86 Television sets 1.79 519 453 517 465 441 419 401 335 302 293 320 355 435 459 408 Other Consumer Durables 30.28 111 111 114 112 110 107 105 107 108 106 105 111 111 112 114 Auto parts and tires 14.00 105 110 110 Misc. home and personal goods. 16.28 116 118 113 112 109 105 104 105 103 104 106 111 110 114 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL.. 100.00 131 130 119 119 141 124 117 116 111 101 103 109 100 100 104 Major Durables 69.72 140 138 118 119 153 132 123 120 114 100 103 109 97 94 96 Autos 32.10 138 146 84 88 171 151 132 122 106 89 99 100 87 53 37 Major household goods 36.13 144 132 150 148 138 118 117 121 122 110 108 119 108 130 150 Furniture and floor coverings. 15.32 117 114 119 118 115 114 108 108 108 104 101 105 105 118 125 Household furniture 11.31 121 120 126 127 123 122 114 113 113 108 108 113 115 127 134 Floor coverings1 4.01 Appliances and heaters 15.60 143 127 141 133 121 102 103 121 131 112 115 132 109 114 150 Major appliances 11.88 151 133 144 136 126 109 111 128 140 116 118 135 111 110 150 Ranges 2.60 103 89 93 90 89 79 86 91 93 86 75 84 62 68 92 Refrigeration appliances. 4.98 150 140 133 119 112 106 113 137 152 135 139 165 134 111 149 Laundry appliances 2.51 216 180 229 229 206 156 140 161 175 120 133 141 124 155 228 Heating apparatus 3.72 118 104 134 121 104 80 78 99 103 101 106 123 102 128 Radio and television sets 5.21 224 205 268 282 259 176 187 159 139 125 112 122 114 214 222* Radio sets 3.42 70 75 81 101 108 76 66 56 47 44 41 39 40 64 80 Television sets 1.79 519 453 625 627 547 365 417 355 314 279 246 281 257 500 493 Other Consumer Durables 30.28 111 111 121 120 114 106 102 105 105 103 102 108 107 115 120 Auto parts and tires 14.00 105 120 118 Misc. home and personal goods. 16.28 116 121 122 120 110 101 104 104 100 100 103 103 112 118 1 Publication suspended pending revision. Individual indexes without seasonal adjustment for woven carpets, N r O R T e E vi . s — ed F . or a description of these indexes, see BULLETIN for May 1954, a o p b .p~ ta li;i i a n n e c d e« s„ fr , om hu^e ^a t +t h i; e n— g D i a v p i p si a o r n a t t u o u s f s^ , R r r a e a c s jd e jo i a o r s c e h ts s e > a ts n a , d n( aj S n t dt a e t le i t s ev t li i es c rv s '—i . si on~ "Ls~e ts ma*y- -be 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 In tr d i u B al s u - sin m e C e s o s rc m ia - l P u u ti b li l t i y c O n d r t e o t e i h s a n n i l e - - - r Total M ta i r l y i- H w ig ay h- s C t e i r o o v n n a - - o A th l e l r 1950 29,955 22,954 14,100 5,680 1,062 1,288 3,330 3,174 7,001 177 2 272 942 3 610 1951 32,739 23,320 12,529 7,217 2,177 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 Oct 4,166 2,912 1.461 1.093 283 306 504 358 1 254 111 451 93 599 Nov 4,137 2,917 1,472 ,086 281 305 500 359 1,220 104 443 85 588 Dec 4,211 2,895 1,461 ,072 272 304 496 362 1,316 110 538 74 594 1958—Jan 4,156 2,863 1,445 ,058 269 288 501 360 1,293 107 510 79 597 Feb 4 079 2,834 1,441 ,030 252 281 497 363 1 245 96 500 77 572 Mar 4,053 2,792 1,397 ,033 240 288 505 362 1,261 95 500 78 588 Apr 3,960 2,734 1,350 ,019 222 294 503 365 1,226 88 463 82 593 May 3 929 2,716 1,334 011 210 302 499 371 1 213 90 450 77 596 June . .. 3 969 2,743 1,368 .000 195 311 494 375 1,226 86 453 85 602 July 4,058 2,804 1,431 '993 187 308 498 380 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 ,548 964 172 292 500 384 1,289 103 463 90 633 Oct.? 4,290 2,952 1,586 976 172 299 505 390 1,338 109 493 89 647 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1335 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- public tories mercial tional Other utilities 1956. 31,612 10,666 20,946 12,862 2,381 3,140 2,883 2,804 7,542 1957. 32,173 11,238 20,935 13,039 2,168 3,267 2,936 2,922 7,841 1957—Sept.. 2,550 816 1,734 1,151 135 232 242 257 533 Oct... 2,614 787 1,827 1,165 167 248 265 230 538 Nov.. 2,371 867 ,504 930 147 264 244 223 562 Dec... 1,982 734 ,249 759 137 204 190 167 525 1958—Jan... 2,066 758 ,308 111 107 247 214 191 530 Feb... 1,953 769 ,185 727 102 205 224 220 475 Mar.. 2,721 1,027 ,694 1,071 131 285 268 283 684 Apr... 2,885 1,053 ,832 1,244 129 293 235 300 683 May.. 3,399 1,463 ,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 2,058 1,557 150 282 264 381 974 Aug.. 3,467 1,233 2,234 1,451 142 356 280 301 937 Sept.. 3,216 1,460 113 303 240 237 863 NOTE.—This series for 48 States replaces the old series for 37 States. CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district All Month tr d i i c s- ts 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—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 Sept 2,550 119 289 142 240 201 254 392 106 112 166 160 370 1958—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 Sept 3,216 173 518 143 223 265 317 457 131 133 161 201 493 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month a ( n s a e n p d T a u r j s i o u a v o l s t a n a t r e t a l e a d ll t y e) Total p M a o r e l e i t t a r a o s n - p m N a o e r l o e i t t r n a a o s - n - Total fam 1- il P y rivat f e am 2- ily f M am ul i t l i y - Public G T o o v t e a r l nmen F t- H u A nderwri V tt A en * 1950 J.396 1,022 374 1,352 1,151 42 159 44 686 486 200 1951 ,091 777 315 1,020 892 40 88 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 ,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—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 33 26 6 1,057 113 77 36 101 85 3 14 12 39 30 8 July 1 174 113 81 32 109 88 3 17 4 42 32 11 Aue Pi,170 ni9 81 39 P109 n.a. n.a. n.a. P10 45 32 13 Sept Pi,220 83 35 P108 n.a. n.a. n.a. no 48 34 14 Oct »l,260 Pill 78 33 2>109 n.a. n.a. n.a. 53 38 15 v Preliminary. n.a. Not available, figures are based on filed office reports of first compliance inspections; i Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1336 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Year or month i T ns o t t i a tu l t n io o n n a - l T la o b t o a r l Employedl Not in the population force Total Unem- labor force Total In nonagricul- In ployed tural industries agriculture 1950 110,780 64,599 63,099 59,957 52 450 7 507 3,142 46 181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1.602 47,732 1954 . . 116,220 67,818 64,468 61,238 54.734 6,504 3:230 48,402 1955 117,388 68,896 65 848 63 193 56 464 6 730 2 654 48 492 1956 118,734 70,387 67,530 64,979 58,394 6,585 2.551 48,348 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 1957 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 J88 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 58,438 6,191 4.111 50,844 Oct 122,361 71,743 69,111 65,306 58,902 6,404 3,805 50,618 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Beginning 1957 persons waiting to start new wage and salary jobs and obtained through interviews of households on a sample basis. Monthly those on temporary layoff, previously considered as employed (with a job data relate to the calendar week that contains the 12th day; annual but not at work), are classified as unemployed, and a small group in school data are averages of monthly figures. and waiting to start new jobs (previously included as employed) are classified as not in the labor force. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta lo te c a a l nd utilities government 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5 264 6,389 1952 48,303 16 334 885 2 634 4 185 10,281 1,967 5 411 6 609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15,995 111 2,593 4,009 10,520 2,122 5 664 6 751 1955 50 056 16 563 111 2 759 4 062 10,846 2,219 5 916 6 914 1956 . . . 51,766 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 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 35? 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 50,570 15,330 701 2,711 3,867 11,175 2,377 6,420 7,989 Sept 50,779 15,520 706 2,696 3,863 11,143 2,391 6.438 8,022 Oct 50,660 15,379 707 2,698 3,881 11,175 2,390 6,405 8,025 WITHOUT SEASONAL ADJUSTMENT 1957 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 50,576 15,462 708 2 955 3 897 11 011 2 413 6 452 7 678 Sept . 51,234 15,744 710 2,925 3,891 11,143 2,391 6^470 7,960 Oct 51,210 15,553 707 2,887 3,891 11,246 2,378 6,469 8,079 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 September and October 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 1337 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 Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Total 12,721 11,530 11,727 11,606 12,896 11,645 11,943 11,778 Durable goods 7,376 6,377 6,573 6,443 7,413 6,339 6,584 6,480 Ordnance and accessories 72 67 68 70 72 67 68 70 Lumber and wood products 573 559 571 576 590 581 591 593 Furniture and fixtures 313 306 308 303 319 301 310 309 Stone, clay, and glass products 453 426 433 410 460 430 439 416 Primary metal industries 1,051 868 898 918 1,051 864 898 918 Fabricated metal products 893 796 820 808 897 788 820 812 Machinery except electrical 1,229 1,002 1,039 1,035 1,204 977 1,013 1,014 Electrical machinery 859 749 759 748 868 734 759 755 Transportation equipment 1,316 1,034 1,099 1,001 1,316 1.034 1,099 1,001 Instruments and related products 223 202 206 207 224 199 206 208 Miscellaneous manufacturing industries. 394 368 372 367 412 366 381 384 Nondurable goods 5,345 5,153 5,154 5,163 5,483 5,306 5,359 5,298 Food and kindred products 1,050 1,034 1,017 1,028 1,140 1,172 1,176 1,118 Tobacco manufactures 81 78 79 75 97 86 95 90 Textile-mill products 907 864 864 862 907 855 860 862 Apparel and other finished textiles 1,055 1,024 1,033 1,032 1,071 1,044 1,054 1,047 Paper and allied products 456 440 439 440 461 442 446 444 Printing, publishing and allied industries 555 547 548 547 561 542 548 552 Chemicals and allied products 537 512 509 513 542 504 512 518 Products of petroleum and coal 167 154 156 154 167 157 158 154 Rubber products 208 183 187 190 210 181 188 192 Leather and leather products 329 317 322 322 327 323 322 320 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 September and October 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 earning (dollars per week) (per week) (dollars per hour) Industry group 1957 1958 1957 1958 1957 1958 Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Total 82.56 84.35 85.39 84.35 39.5 39.6 39.9 39.6 2.09 2.13 2.14 2.13 Durable goods 88.75 91.14 92.46 90.91 39.8 39.8 40.2 39.7 2.23 2.29 2.30 2.29 Ordnance and accessories 94.96 100.69 102.75 101.18 39.9 40.6 41.1 40.8 2.38 2.48 2.50 2.48 Lumber and wood products 73.97 77.74 77.95 77.36 40.2 40.7 40.6 40.5 1.84 1.91 1.92 1.91 Furniture and fixtures 72.04 72.09 73.21 74.29 40.7 40.5 40.9 41.5 1.77 1.78 1.79 1.79 Stone, clay, and glass products 84.65 86.90 88.56 86.93 40.5 40.8 41.0 41.2 2.09 2.13 2.16 2.11 Primary metal industries 98.18 103.95 106.62 106.08 38.5 38.5 39.2 39.0 2.55 2.70 2.72 2.72 Fabricated metal products 90.35 92.52 93.89 91.14 40.7 40.4 41.0 39.8 2.22 2.29 2.29 2.29 Machinery except electrical 93.67 93.77 95.36 95.04 40.2 39.4 39.9 39.6 2.33 2.38 2.39 2.40 Electrical machinery 81.95 84.96 86.62 85.32 39.4 39.7 40.1 39.5 2.08 2.14 2.16 2.16 Transportation equipment 97.57 102.00 101.49 97.66 39.5 40.0 39.8 38.6 2.47 2.55 2.55 2.53 Instruments and related products 84.99 87.96 89.28 89.51 39.9 39.8 40.4 40.5 2.13 2.21 2.21 2.21 Miscellaneous manufacturing industries. , 72.22 72.68 74.37 74.00 39.9 39.5 40.2 40.0 1.81 1.84 1.85 1.85 Nondurable goods 74.10 76.04 76.83 76.83 39.0 39.4 39.4 39.4 1.90 1.93 1.95 1.95 Food and kindred products 77.99 81.56 82.39 81.60 40.2 41.4 41.4 40.8 1.94 1.97 1.99 2.00 Tobacco manufactures 55.92 62.96 59.85 60.13 38.3 39.6 39.9 39.3 1.46 1.59 1.50 1.53 Textile-mill products 59.04 59.19 59.95 61.26 39.1 39.2 39.7 40.3 1.51 1.51 1.51 1.52 Apparel and other finished textiles 53.49 55.33 55.39 55.18 35.9 36.4 36.2 36.3 1.49 1.52 1.53 1.52 Paper and allied products 88.19 90.53 91.16 90.95 42.4 42.5 42.6 42.5 2.08 2.13 2.14 2.14 Printing, publishing and allied industries.. 97.15 98.54 99.56 99.41 38.4 37.9 38.0 37.8 2.53 2.60 2.62 2.63 Chemicals and allied products 91.84 95.24 95.94 95.06 41.0 40.7 41.0 40.8 2.24 2.34 2.34 2.33 Products of petroleum and coal 110.03 110.29 112.33 108.93 40.6 40.4 40.7 39.9 2.71 2.73 2.76 2.73 Rubber products 93.03 96.80 96.87 98.23 40.1 40.5 40.7 41.1 2.32 2.39 2.38 2.39 Leather and leather products , 57.04 58.19 57.31 58.40 36.8 37.3 36.5 37.2 1.55 1.56 1.57 1.57 NOTE.—Data are for production and related workers. Figures for September and October 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

1338 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h i e i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t n - ta c Ch a i g - o Lo S u t. is M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a s n c n o - SALES i 1950 107 105 102 107 107 107 111 105 106 107 112 115 106 1951 112 109 107 112 114 115 117 110 111 107 117 120 112 1952 114 110 104 113 115 122 127 109 116 109 121 129 120 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 136 122 124 132 129 148 169 128 138 128 142 160 141 SEASONALLY ADJUSTED 1957—Sept 136 114 122 128 134 144 '168 130 145 130 147 '162 '140 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 140 129 133 141 132 153 174 131 139 129 147 162 140 147 rm 137 143 140 163 183 136 151 '137 158 172 148 Sept P136 119 125 129 129 2>145 *>167 124 *>145 *126 »147 162 140 WITHOUT SEASONAL ADJUSTMENT 1957__Sept ••138 122 126 134 134 150 '161 136 '144 139 '148 '156 '140 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 AUE . 129 107 105 115 124 139 165 121 136 '130 152 160 1AA Sept *138 127 129 135 129 *>151 ^161 129 »143 *135 2>149 156 140 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 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 144 133 133 152 128 169 191 133 140 133 146 164 152 147 135 136 157 126 173 191 138 144 136 152 168 156 July 148 140 135 152 131 171 192 142 145 '135 149 163 156 148 137 135 '153 128 172 192 144 143 137 152 163 152 Sept *>151 141 137 156 132 175 198 145 136 142 *155 *>165 ^158 WITHOUT SEASONAL ADJUSTMENT 1957—Sept 160 144 '146 167 144 187 209 150 158 151 164 '183 168 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 146 135 136 155 131 170 193 137 140 132 148 163 151 140 126 127 146 120 160 182 134 134 128 146 156 150 July 139 126 122 137 121 156 179 136 135 129 142 155 150 Aug 144 133 132 r147 123 167 188 138 141 134 150 163 153 Sept . *>157 147 144 164 137 181 206 151 143 148 »159 *>175 H64 9 Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginning * 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 1339 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t a o f o o l n e t r t a s h l i ) S m t ( o o e o c n n f k t d h s^ ) o m ( s e r O t n o d i a n n u d e n g r t t d h - o s - * f ) m c ( e t R o f i o p o n e t r t t a - s h l 2 ) o m ( r N t o d f o o e n e t r w r t a h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S s o t p o r t i a o d n u l n u c e g t d k s - rs - s ce R ip e- ts Annual average: 1949 361 925 373 358 358 2.7 3.8 1-0 1950 376 1,012 495 391 401 2.8 4.2 .1 1951 391 1,202 460 390 379 3.2 !3 4.4 0 1952 397 1,097 435 397 401 2.9 1.2 4.1 0 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4.0 0 1 1 9 9 5 5 5 6 4 4 3 5 7 4 1 I ,1 2 9 8 5 6 4 4 7 4 0 6 4 4 5 4 9 4 4 45 4 8 9 2 3 . . 9 0 l I . . l I 4 4. . 1 0 t.o o 1957 458 1,338 460 460 457 3.1 l.l 4.2 0 Month: 1957—Sept. 438 r1,402 r570 r533 r527 3.2 1.3 4.5 ? Oct 481 1,518 529 599 561 3.2 1.1 4.3 Nov 554 1,562 427 598 496 2.8 ().8 3.6 1 Dec 839 1,229 307 506 386 1.5 (3.4 1.8 0.6 1958—Jan 366 1,203 383 340 416 3.3 1.0 4.3 0.9 Feb 309 1,259 398 365 380 4.1 1.3 5.4 1.2 Mar 416 1,299 350 456 408 3.1 ().8 4.0 1.1 Apr 416 1,344 310 461 421 3.2 ).7 4.0 1.1 May . 441 1,308 319 405 414 3.0 ).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 5 4.9 1.0 420 1,276 532 480 449 3.0 1.3 4.3 1.1 Sept p 451 1 383 546 558 572 3.1 1.2 4.3 1.2 » Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1957, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdepartment store sales. LETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports1 Mer m ch il a it n a d r i y s - e a i e d x p s o h r ip ts m e e x n c t l s u 2 ding Merchandise imports3 Period 1956 1957 1958 1956 1957 1958 1956 1957 1958 Jan 1.284 1.680 1.511 J.2O2 1,583 J.4O2 J. 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 £,151 1,557 1,479 2-021 ,442 1,102 1,133 1,072 Apr 1,512 1,864 1,531 1,400 1,780 ,409 991 1,119 1,057 May 1,717 11,813 [,638 1,522 1,711 ,507 1,095 1,106 1,063 1,697 1,786 1,408 1,492 1,652 ,309 1,034 984 1,037 July 1,640 1,692 1,419 I 289 1,505 1,290 I 052 1,146 1,050 1,536 1,677 1,396 1,378 1,536 ,283 1.055 1,043 953 Sept I 534 I 540 I 427 1 437 ?4ft 995 ( 009 Oct I 671 1,674 I 561 1 600 1 121 1,148 Nov . . 545 683 [ 425 1 596 987 L 043 Dec 2,007 .639 .885 543 1,059 14T Jan.-Sept 13,866 15,814 13,167 12,462 14,715 12,127 9,448 9,648 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

1340 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_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 Sept 123.7 120.3 127.9 138.2 118.0 135.2 103.6 132.2 107.1 141.3 146.1 128.7 116.6 127.1 NOTE.—Revised index, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - p F u r a c o r t d m s - P f e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t e d - d e s - l - l H s p e u a k a r i c n o i t d n h t d d e s s e - s , r ,p l F t o i m e a i g u w n r n h a i e g d a e - t l l - r , s , C p a i u a l h c r l c n o a e i t e d l d m s s d - - p R u a b r u n c o e b t d d r s - - w p L u a b r u o c n o e m o t d d r s d - - p P a p u a l r a u l c n o i p l t e d d p e s d - , r, M m p u a r e e c n o t d t t d a a s l - l s p c m M a t e r h i n o r v o i a y d n d - e - - - h F d o h t o a u u t u o n u h r r r l d s e n a e d e r - i- -e s N r t t m t m a a u r o l l i r u e s l n a n i — - c c - l - - b b e m o b a T a r t e a n f c t o r v g l d c - s e - e o . d s n c M e e o l i l s u a - - s ucts bles 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 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 89.6 1957 Sept 118.0 91.0 106.5 126.0 95.4 100.0 116.1 110.2 146.5 117.8 130.1 152.2 146.9 122.3; 135. T 127.7 89.4 Oct 117.8 91.5 105.5 125.8 95.1 100.1 115.8 110.4 146.2 117.3 130.9 150.8 147.7 122.6i 135.3! 127.7 87.7 Nov 118.1 91.9 106.5 125.9 95.0 100.0) 115.7 110.3 144.7 116.9 130.9 150.4 149.2 122.71 135.4 127.8 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 A 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. 136.4 128.1 88.3 Feb 119.0 96.1 109.9 125.7 94.1 99.6 113.6 110.6 144.6 115.8 130.8 150.1 149.3 123.61 136.5 128.1 89.3 Mar 119.7 100.5 110.7 125.7 94.0 99.5 112.4 110.7 144.6 115.5 130.5 149.8 149.2 123.5 135.3 128.0 94.3 Apr 119.3 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 119.5 98.5 112.9 125.3 93.5 99.9 110.3 110.8 143.8 115.9 130.5 148.6 149.4 123.2 135.7 128.0 96.2 June 119.2 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!r135.3 128.0 97.2 Aug 119.1 93.2 111.3 126.1 93.3 100.5 113.7 110.0 '144.4 118.6 131.0 150.8 '149.5 p123.0 435.2 128.0 95.6 Sept 119.1 93.1 111.2 126.2 93.3 100.4 114.1 109.9 144.8 120.4 131.7 151.1 149.6 122.9 136.3 128.0 92.6 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1341 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1957 1958 1957 1958 Subgroup Subgroup Sept. July Aug. Sept. Sept. July Aug. Sept. Farm Products: Pulp, Paper, and Allied Products {Com.): 98.6 105.4 96.9 97.6 Grains . 81.2 79.8 77.3 76.1 Paperboard 136.2 136.0 136.0 136 5 Livestock and poultry 81.5 97.1 94.0 91.5 Converted paper and paperboard.... 126.5 127.9 127.8 127.9 Plant and animal fibers 102.9 101.8 101.8 101.1 Building paper and board 141.7 143.4 143.4 143.4 Fluid milk . . 96.9 91.9 r93.5 95.4 91.2 76.1 81.5 98.6 Metals and Metal Products: 78.0 76.2 75.9 72.2 Other farm products . . 143.2 139.9 139.5 137.3 Iron and steel 170.2 167.0 r171.3 171.5 Nonferrous metals 131.7 124.9 126.1 127.2 Processed Foods: Metal containers . 153.1 155.7 155.7 155.9 167.2 171.7 172.0 172.0 Cereal and bakery products 116.7 117.5 116.9 117.7 128.9 120.9 120.9 123.6 Meats poultry and fish . 95.7 112.1 108.2 107.1 Heating equipment 122.3 121.2 121.2 121 5 Dairy products and ice cream 112.4 111.6 112.4 113.9 Fabricated structural metal products. 134.9 133.1 133.3 132.7 Canned, frozen fruits, and vegetables. 102.5 111.6 111.8 112.1 Fabricated nonstructural metal Sugar and confectionery 113.9 117.1 116.7 117.2 147.1 145.0 145.4 145.4 Packaged beverage materials 178.3 165.2 161.2 161.2 96.0 97.1 96.5 96.7 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 133.4 138.4 138.4 138 6 Cotton products., 90.0 87.4 87.7 87.9 Construction machinery and equip- Wool products 110.3 101.1 r100.4 99.6 ment 162.9 165.6 165.6 165 9 Synthetic textiles 82.3 80.1 80.0 79.7 Metal working machinery 168.9 169.7 169.3 169.2 Silk products 121.1 116.2 116.3 115.8 General purpose machinery and Apparel.. . 99.7 99.2 99.3 99.3 equipment 158.5 r160.1 160.1 160.5 Other textile products 77.2 74.8 75.9 75.3 Miscellaneous machinery 147.3 147.5 147.6 147.7 Electrical machinery and equip- Hides, Skins, and Leather Products: 151.1 152.6 152.8 152.8 Motor vehicles 134.8 139.0 139.0 139.0 Hides and skins... 58.2 58.1 60.4 59.0 Leather 91.6 91.5 r91.5 91.3 Furniture and Other Household Dura- 121.0 122.0 122 A 122.1 bles: Other leather products 98.4 97.3 r96.8 97.1 Household furniture . . 122.5 122.6 122.6 122.8 Fuel, Power, and Lighting Materials: Commercial furniture 153.6 155.0 155.0 155.0 Coal 124.8 121.1 121.9 122.6 Household appliances 104.6 104.8 127.1 1 1 2 0 6 4 . . 6 2 Coke 161.9 161.9 161.9 161.9 Television, radios, phonographs 95.6 95.0 1r0944..79 94.9 Gas fuels (Jan. 1958= 100) n.a. 98.5 102.0 104.1 148.3 155.1 154.7 154.9 Electric power (Jan. 1958= 100) n.a. 100.1 100.8 100.8 Petroleum and products 125.6 117.1 119.2 119.7 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.7 135.7 135.3 135.3 Concrete ingredients . . . 136.7 139.0 139.1 139.1 Industrial chemicals 123.5 123.1 122.8 122.7 Concrete products 126.3 128.5 128.3 127.9 Prepared paint 128.1 128.2 128.2 128.2 155.0 155.6 155.6 158.2 Paint materials 101.5 103.4 103.3 102.9 Gypsum products 127.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics... 93.5 94.5 94.4 94.4 Prepared asphalt roofing 124.6 r101.7 101.7 114.4 Fats and oils inedible 64.5 62.5 62.5 61.7 Other nonmetallic minerals 128.6 131.2 131.2 131.2 Mixed fertilizers 112.0 111.6 r110.3 109.8 Fertilizer materials 106.4 108.0 104.4 104.3 Tobacco Manufactures and Bottled 106.7 107.0 106.4 106.8 Beverages: Rubber and products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 105.1 106.0 106.0 106 0 Crude rubber 140 3 133 0 134 3 135 7 Other tobacco products . . 143.8 139.7 139 7 139 7 Tires and tubes . . .. ... 153.5 152.1 r152.8 152.8 Alcoholic beverages 119.6 120.3 120.3 120.3 142.2 142.7 140.9 141.1 Nonalcoholic beverages 149.3 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: Lumber... 118.3 116.7 r119.0 121.0 Toys, sporting goods, small arms.... 118.2 119.1 119.3 118.8 Millwork 128.3 127.3 r127.0 127.9 Manufactured animal feeds 66.4 79.7 76.8 71.4 Plywood 94.7 98.3 r100.2 102.0 97.4 97.5 97.5 97.5 Jewelry, watches, photo equipment... 107.6 107.8 107.7 107.7 Pulp, Paper, and Allied Products: 130.1 132.3 132.4 132.4 118.0 121.2 121.2 121.2 Wastepaper 88.5 86.1 87.0 106.4 Paper 143.2 141.8 141.8 141.8 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1342 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 3 4 1 2 3 104.4 56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 445.6 438.9 425.8 429.0 439.0 8.6 7.2 9.0 19.1 26.5 28.8 32.0 34.7 37.7 38.1 38.5 38.9 39.3 39.7 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 30.2 30.2 32.9 35.6 37.6 37.9 37.7 38.0 38.3 38.6 Business transfer nflvmcnts .6 .7 .5 8 1 4 1 3 1 5 1 5 1 6 1 6 1 6 1 6 1 6 1 6 Statistical discrepancy .3 .9 .4 -.7 1.3 .9 1.0 -.9 .7 .7 .7 — 1.7 — 1.1 Plus: Subsidies less current surplus of gov- -.1 .0 .1 .2 -.4 -.2 .0 1.0 1.3 1.3 1.2 1.6 1.5 1.5 Equals: National income 87.8 40.2 104.7 241.9 305.6 301.8 330.2 349.4 364.0 368.7 361.5 350.6 352.4 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 43.1 38.8 31.3 32.5 Contributions for social insurance .2 .3 2.8 6.9 8.7 9.7 11.0 12.3 14.2 14.3 14.2 14.2 14.2 "u'.i Excess of wage accruals over disbune- .0 .0 .0 .0 -.1 .0 .0 .0 .0 .0 .0 .8 .8 -1.5 .9 1.5 2.6 14.3 12.9 15.0 16.0 17.1 19.9 20.0 21.3 22.5 24.6 25.2 Net interest paid by government 1.0 1.2 1.3 4.8 5.2 5.4 5.4 5.7 6.2 6.2 6.2 6.3 6.2 6.2 Dividends 5.8 2.1 4.5 9.2 9.2 9.8 11.2 12.0 12.4 12.7 12.0 12.5 12.4 12.5 .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 96.3 228.5 288.3 289.8 310.2 330.5 347.9 351.8 349.7 347.3 349.8 357.5 Less: Personal tax and related payments 2.6 1.5 3.3 20.5 35.8 32.9 35.7 40.1 42.7 43.1 43.0 42.3 42.3 43.5 Federal 1.3 .5 2.0 18.2 32A 29.2 31.5 35.2 37.4 37.7 37.5 36.6 36.5 37.6 State and local 1.4 1.0 1.3 2.6 3.4 3.8 4.2 4.8 5.4 5.4 5.5 5.7 5.8 5.9 83.1 45.7 93.0 207.7 252.5 256.9 274.4 290.5 305.1 308.7 306.8 305.0 307.5 314.0 Less: Personal consumption expenditures.... 79.0 46.4 81.9 195.0 232.6 238.0 256.9 269.4 284.4 288.3 287.2 286.2 288.3 291.5 4.2 -.6 11.1 12.6 19.8 18.9 17.5 21.1 20.7 20.4 19.6 18.8 19.2 22.5 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally b a y d j q u u s a te r d te r a s nnual rates Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 National income 87.8 40.2 104.7 241.9 305.6 301.8 330.2 349.4 364.0 368.7 361.5 350.6 352.4 Compensation of employees , 51.1 29.5 64.8 154.2 208.8 207.6 223.9 241.8 254.6 257.3 254.8 250.9 250.7 255.3 Wages and salaries1 • 50.4 29.0 62.1 146.4 198.0 196.3 210.9 227.3 238.1 240.5 238.0 234.4 234.2 238.4 Private , 45.5 23.9 51.9 124.1 164.2 161.9 174.9 189.3 198.0 199.9 197.4 192.7 191.8 195.0 Military , .3 .3 1.9 5.0 10.3 10.0 9.8 9.7 9.6 9.8 9.5 9.4 9.6 10.0 Government civilian , 4.6 4.9 8.3 17.3 23.5 24.4 26.2 28.4 30.5 30.8 31.1 32.3 32.8 33.4 Supplements to wages and salaries. .7 2.7 7.8 10.8 11.3 13.0 14.5 16.5 16.8 16.8 16.5 16.4 16.9 Proprietors' and rental income2. 20.2 7.6 20.9 46.6 51.3 51.3 52.8 53.3 54.8 55.5 55.0 55.3 56.2 56.6 Business and professional 8.8 3.2 10.9 23.5 27.4 27.8 30.4 30.8 31.4 31.7 31.3 30.6 30.7 31.1 Farm 6.0 2.4 6.5 14.0 13.3 12.7 11.8 11.6 11.6 11.8 11.5 12.6 13.4 13.3 Rental income of persons 5.4 2.0 3.5 9.0 10.5 10.9 10.7 10.9 11.8 12.0 12.2 12.1 12.1 12.2 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 37.3 33.7 43.1 42.9 41.9 43.1 38.8 31.3 32.5 Corporate profits before tax , 9.6 .2 17.0 40.6 38.3 34.1 44.9 45.5 43.4 44.2 39.9 31.7 32.0 Corporate profits tax liability , 1.4 .5 7.6 17.9 20.2 17.2 21.8 22.4 21.6 22.0 19.9 16.1 16.3 Corporate profits after tax , 8.3 -.4 9.4 22.8 18.1 16.8 23.0 23.1 21.8 22.1 20.0 15.5 15.7 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.0 -.3 -1.7 -2.6 -1.5 -1.1 -1.1 -.3 .5 .2 Net interest 6.4 5.0 4.5 5.5 8.2 9.1 10.4 11.3 12.6 12.8 12.9 13.0 13.1 13.2 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 1343 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 3 4 Gross national product , 104.4 56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 445.6 438.9 425.8 429.0 439.0 Personal consumption expenditures , 79.0 46.4 81.9 195.0 232.6 238.0 256.9 269.4 284.4 288.3 287.2 286.2 288.3 291.5 Durable goods , 9.2 3.5 9.7 30.4 32.9 32.4 39.6 38.4 39.9 40.4 39.6 36.3 35.6 36.1 Nondurable goods 37.7 22.3 43.2 99.8 118.0 119.3 124.8 131.4 138.0 140.5 138.8 139.8 141.4 142.9 Services 32.1 20.7 29.0 64.9 81.8 86.3 92.5 99.6 106.5 107.4 108.7 110.1 111.3 112.5 Gross private domestic investment 16.2 1.4 18.1 50.0 50.3 48.9 63.8 68.2 65.3 66.7 61.5 49.6 49.2 53.7 New construction1 8.7 1.4 6.6 24.2 27.6 29.7 34.9 35.7 36.5 36.6 37.1 36.3 34.9 36.3 Residential, nonfarm 3.6 .5 3.5 14.1 13.8 15.4 18.7 M.I 17.0 16.9 17.6 17.1 16.2 17.9 Other 5.1 1.0 3.1 10.1 13.8 14.3 16.2 18.1 19.5 19.7 19.6 19.2 18.7 18.4 Producers' durable equipment 5.9 1.6 6.9 18.9 22.3 20.8 23.1 27.0 27.9 28.0 26.7 22.9 22.3 22.3 Change in business inventories 1.7 -1.6 4.5 6.8 .4 -1.6 5.8 5.4 1.0 2.2 -2.3 -9.5 -8.0 -5.0 Nonfarm only 1.8 -1.4 4.0 6.0 1. -2.1 5.5 5.9 .2 1.3 -3.1 -9.3 -7.8 -5.4 Net foreign investment .8 .2 1.1 -2.2 -2.0 -.4 -.4 1.4 3.5 3.6 1.9 .5 .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 87.0 88.3 89.5 90.9 93.3 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 47 2 . . 1 5 4 50 6 . . 8 5 5 4 0 6 . . 9 9 5 4 0 6 . . 5 0 5 4 0 5 . . 9 6 4 51 6 . . 9 0 5 4 3 6 . . 4 6 Other 1.3 2.0 3.2 3.9 8.4 6.2 5.9 5.0 4.8 4.5 5.0 5.7 6.2 7.2 Less: Government sales2 .0 .0 .0 .3 .4 .4 .4 .4 .5 .5 .5 .4 .4 .4 State and local 6.0 7.8 19.7 24.9 27.7 30.3 33.1 36.3 36.1 37.8 38.6 39.1 39.9 7.2 1 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 r s i 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 al e rs 3 ' i i n n s p a t c o e e n o n r r d m e a - s l e t m T p r f e a e a n r y n t - - s s * - b c i s a u o n o n f t n s c o i c u o t i r e r a r n i 5 l - - s i a n N g t c u r o o i r c m n a u l - e l * - 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 1952 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_Oct 350.6 238.6 101.5 63.5 32.9 40.7 9.2 55.1 31.8 22.6 6.6 335.7 Nov 350.2 238.0 101.0 63.6 32.9 40.5 9.2 54.8 31.8 23 0 6 6 335 2 Dec 348.4 237.3 99.8 63.7 33.2 40.6 9.2 55.2 30.0 23.3 6.6 333.0 1958 Jan 348.2 235.1 97.9 63.5 33.1 40.7 9.1 55 1 31.8 23 9 6 7 332 5 Feb . .. 346.4 233.2 95.6 63.4 33.2 41.0 9.0 55.3 31.8 23.8 6.7 330.1 Mar 347.1 232.6 95.3 62.9 33.3 41.1 8.9 55.7 31.7 24 8 6 6 330 5 Apr 348.1 232.0 95.0 62.4 33.4 41.2 8.9 56.1 31.7 26.1 6.6 331.0 May 349.9 233.1 95.6 62.6 33.4 41.5 8.9 56.5 31.7 26.4 6.7 332.4 June 352.0 235.8 96.6 63.3 33.6 42.4 8.9 56.2 31.8 26.0 6.7 335.1 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 Aus 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 357.8 239.4 98.4 63.6 33.9 43.5 9.2 57.0 31.9 27.0 6.8 340.9 Octp 357.5 238.6 97.5 63.7 33.9 43.6 9.2 57.4 32.0 26.9 6.7 340.5 9 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 die self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated * Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1344 CONSUMER CREDIT, 1957 REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT [In millions of dollars] Type of credit or holder Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Credit outstanding at end of month Consumer credit, by major parts: Total 41,288 40,877 40,854 41,352 42,080 42,496 42,633 43,033 43,159 43,162 43,438 44,774 Instalment credit, total , 31,581 31,494 31,527 31,782 32,165 32,602 32,962 33,283 33,393 33,484 33,566 34,095 Automobile paper 14,404 14,419 14,509 14,664 14,849 15,086 15,277 15,431 15,488 15,505 15,459 15,409 Other consumer goods paper 8,320 8,168 8,049 8,017 8,092 8,164 8,196 8,221 8,220 8,229 8,289 8,692 Repair and modernization loans 1,880 1,875 1,880 1,894 1,928 1,956 1,981 2,024 2,049 2,078 2,095 2,091 Personal loans 6,977 7,032 7,089 7,207 7,296 7,396 7,508 7,607 7,636 7,672 7,723 7,903 Noninstalment credit, total 9,707 9,383 9,327 9,570 9,915 9,894 9,671 9,750 9,766 9,678 9,872 10,679 Single-payment loans 3,189 3,253 3,342 3,335 3,536 3,470 3,331 3,375 3,400 3,275 3,325 3,365 Charge accounts 4,171 3,714 3,560 3,772 3,943 3,987 3,927 3,968 3,966 4,044 4,147 4,829 Service credit 2,347 2,416 2,425 2,463 2,436 2,437 2,413 2,407 2,400 2,359 2,400 2,485 Instalment credit, by holder: Total 31,581 31,494 31,527 31,782 32,165 32,602 32,962 33,283 33,393 33,484 33,566 34,095 Financial institutions, total 26,979 27,018 27,163 27,563 27,887 28,291 28,754 29,047 29,165 29,282 29,281 29,427 Commercial banks 11,641 11,669 11,746 11,994 12,158 12,342 12,526 12,628 12,679 12,773 12,749 12,753 Sales finance companies 9,077 9,035 9,048 9,104 9,176 9,300 9,476 9,565 9,598 9,585 9,564 9,573 Credit unions 2,009 2,034 2,069 2,116 2,155 2,212 2,265 2,321 2,352 2,387 2,402 2,429 Consumer finance companies 3,048 3,058 3,063 3,105 3,123 3,155 3,209 3,234 3,231 3,229 3,246 3,333 Other 1,204 1,222 1,237 1,244 1,275 1,282 1,278 1,299 1,305 1,308 1,320 1,339 Retail outlets, total 4,602 4,476 4,364 4,219 4,278 4,311 4,208 4,236 4,228 4,202 4,285 4,668 Department stores * 1,387 1,351 1,304 1,176 1,229 1,249 1,144 1,161 1,167 1,134 1,199 1,393 Furniture stores 1,144 1,125 1,106 1,095 1,102 1,107 1,107 1,123 1,122 1,131 1,148 1,210 Household appliance stores 363 360 354 350 350 353 354 352 354 355 354 361 Automobile dealers 495 491 488 488 489 493 495 496 494 489 484 478 Other 1,213 1,149 1,112 1,110 1,108 1,109 1,108 1,104 1,091 1,093 1,100 1,226 Noninstalment credit, by holder: Total 9,707 9,383 9,327 9,570 9,915 9,894 9,671 9,750 9,766 9,678 9,872 10,679 Financial institutions (single-payment loans): Commercial banks 2,817 2,828 2,839 2,872 2,934 2,954 2,910 2,903 2,911 2,881 2,877 2,937 Other 372 425 503 463 602 516 421 472 489 394 448 428 Retail outlets (charge accounts): Department stores1 723 611 566 592 593 579 533 535 588 612 658 876 Other 3,448 3,103 2,994 3,180 3,350 3,408 3,394 3,433 3,378 3,432 3,489 3,953 Service credit 2,347 2,416 2,425 2,463 2,436 2,437 2,413 2,407 2,400 2,359 2,400 2,485 Instalment credit held by commercial banks, by type of credit: Total 11,641 11,669 11,746 11,994 12,158 12,342 12,526 12,628 12,679 12,773 12,749 12,753 Automobile paper: Purchased 3,658 3,690 3,739 3,810 3,878 3,955 4,015 4,071 4,102 4,140 4,132 4,130 Direct 2,084 2,094 2,126 2,169 2,205 2,231 2,248 2,259 2,253 2,243 2,233 2,225 Other consumer goods paper 2,316 2,301 2,288 2,373 2,381 2,411 2,475 2,455 2,460 2,495 2,477 2,467 Repair and modernization loans 1,456 1,446 1,444 1,453 1,471 1,492 1,510 1,538 1,554 1,576 1,586 1,580 Personal loans 2,127 2,138 2,149 2,189 2,223 2,253 2,278 2,305 2,310 2,319 2,321 2,351 Instalment credit held by financial institutions other than commercial banks and sales finance companies, by type of credit: Total 6,261 6,314 6,369 6,465 6,553 6,649 6,752 6,854 6,888 6,924 6,968 7,101 Automobile paper 945 954 966 985 1,005 1,031 1,053 1,073 1,082 1,096 1,100 1,106 Other consumer goods paper 636 635 630 634 637 639 639 642 637 631 623 622 Repair and modernization loans 401 406 414 419 435 442 449 464 473 479 488 491 Personal loans 4,279 4,319 4,359 4,427 4,476 4,537 4,611 4,675 4,696 4,718 4,757 4,882 Ins talment credit extended and repaid, by type of credit SEASONALLY ADJUSTED* Extensions: Total 3,498 3,503 3,428 3,461 3,551 3,534 3,608 3,580 3,542 3,533 3,553 3,635 Automobile paper 1,414 1,398 1,366 1,362 1,352 1,347 1,371 1,343 1,377 1,424 1,384 1,407 Other consumer goods paper 952 956 932 932 1,006 995 1,010 1,018 974 913 958 980 Repair and modernization loans.. 134 138 133 133 147 138 142 150 140 139 134 134 Personal loans 998 1,011 997 1,034 1,046 1,054 1,085 1,069 1,051 1,057 1,077 1,114 Repayments: Total 3,298 3,259 3,262 3,284 3,317 3,345 3,381 3,356 3,398 3,369 3,393 3,496 Automobile paper 1,314 1,283 1,270 1,291 1,303 1,292 1,306 1,281 1,303 1,312 1,281 1,359 Other consumer goods paper 942 934 939 910 919 953 968 982 979 958 980 980 Repair and modernization loans.. 117 121 115 117 125 122 129 121 128 122 118 131 Personal loans 925 921 938 966 970 978 978 972 988 977 1,014 1,026 Change in outstanding credit:2 Total +200 +244 +166 +177 +234 +189 +227 +224 +144 + 164 +160 +139 Automobile paper + 100 + 115 +96 +71 +49 +55 +65 +62 +74 + 112 + 103 +48 Other consumer goods paper + 10 +22 n +22 + 87 +42 +42 + 36 -5 -45 -22 0 Repair and modernization loans.. + 17 + 17 + 18 + 16 +22 + 16 + 13 +29 + 12 + 17 + 16 + 3 Personal loans +73 +90 +59 +68 +76 +76 + 107 +97 +63 + 80 +63 +88 * Includes adjustment for differences in trading days. For other notes see opposite page. 1 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT, 1957 1345 REVISED ESTIMATES OF SHORT- AND INTERiMEDIATE-TERM CONSUMER CREDIT—Continued [In millions of dollars] Type of credit or holder Jan.3 Feb. Mar. Apr.3 May June July3 Aug. Sept. Oct.3 Nov. Dec Instalment credit extended and repaid, by type of credit—Cont. WITHOUT SEASONAL ADJUSTMENT Extensions: Total 3,105 2,972 3,351 3,590 3,760 3,661 3,845 3,693 3,386 3,547 3,428 4,088 Automobile paper 1,253 1,207 1,373 1,457 1,503 1,482 1,550 1,454 1,350 l,393i 1.231 1,292 Other consumer goods paper 816 758 848 898 1,027 988 1,008 1,012 928 9781 1,014 1,351 Repair and modernization loans... 104 109 121 132 160 144 156 164 152 1551 138 127 Personal loans 932 898 1,009 1,103 1,070 1,047 1,131 1,063 956 1,021| l,045| 1,318 Repayments: Total 3,351 3,059 3,318 3,335 3,377 3,224 3,485 3,372 3,276 3,456l 3,346 3,559 Automobile paper 1,308 1,192 1,283 1,302 1,318 1,245 1,359 1,300 1,293 l,376i 1,277 1,342 Other consumer goods paper 1,006 910 967 930 952 916 976 987 929 9691 954 948 Repair and modernization loans... 119 114 116 118 126 116 131 121 127| 126! 121 131 Personal loans 918 843 952 985 981 947 1,019 964 927 985| 994 1,138 Change in outstanding credit:2 Total -246 -87 +33 +255 +383 +437 +360 +321 + 110 -+-82! +529 Automobile paper -55 + 15 +90 + 155 + 185 +237 + 191 + 154 + 57 -46 -50 Other consumer goods paper -190 -152 -119 -32 +75 +72 + 32 +25 + ; + 60 +403 Repair and modernization loans... -15 -5 + 5 + 14 + 34 +28 +25 +43 +25 + 17 -4 Personal loans + 14 +55 + 57 + 118 + 89 + 100 + 112 +99 +29 +29| + 51 + 180 + 36| Instalment credit extended and repaid, by holder SEASONALLY ADJUSTED* Extensions: Total 3,498 3,503 3,428 3,461 3,551 3,534 3,608 3,580 3,542 3,533 3,553 3,635 Commercial banks 1,282 1,266 1,214 1,241 1,247 1,270 1,296 1,285 1,291 l,320i 1,260 1,262 Sales finance companies 906 830 852 845 831 831 889 820 833 856: 835 872 Other financial institutions 822 844 841 862 886 873 908 911 874 876! 894 906 Retail outlets 488 563 521 513 587 560 515 564 544 481 564 595 Repayments: Total 3,298 3,259 3,262 3,284 3,317 3,345 3,381 3,356 3,398 3,369 3,393! 3,496 Commercial banks 1,177 1,162 1,144 1,153 1,168 1,193 1,195 1,208 1,203 1.202! 1,233 Sales finance companies 823 793 791 800 818 814 821 796 819| 796| 848 Other financial institutions 770 758 782 794 809 801 819 818 818 812; 847| 845 Chan R ge e ta in il o o u u t t s l t e a t n s ding credit:2 528 546 545 537 522 537 546 534 551 535 548 570 Total +200 +244 +166 +177 +234 +189 +227 +224 + 144 +164 + 160 + 139 Commercial banks +30 + 104 +70 + 172 +79 +77 + 146 +77 +70 + 134I + 58j +29 Sales finance companies +83 + 37 +61 +45 + 13 + 17 +68 +24 +25 + 37 + 39l +24 Other financial institutions +52 + 86 +59 + 68 +77 +72 + 89 +93 + 56 + 64J +47! +61 Retail outlets + 35 + 17 -24 -108 +65 + 23 -76 + 30 71 + 16 +25 WITHOUT SEASONAL ADJUSTMENT Extensions: Total 3,105 2,972 3,351 3,590 3,760 3,661 3,845 3,693 3,386 3,547 3,428| 4,088 Commercial banks 1,207 1,111 1,218 1,352 1,363 1,335 1,387 1,323 1224433 1,306 1,1531 1,236 Sales finance companies 785 691 821 855 886 904 1,022 903 829 860 7791 865 Other financial institutions 744 752 848 904 909 874 948 909 801 855 878| 1,075 Retail outlets 369 418 464 479 602 548 488 558 513 526 618| 912 Repayments: Total 3,351 3,059 3,318 3,335 3,377 3,224 3,485 3,372 3,276 3,456 3,346! 3,559 Commercial banks 1,198 1,083 1,141 1,188 1,199 1,151 1,248 1,221 1,192 1,229| 1J77: 1,232 Sales finance companies 808 733 808 799 814 780 846 814 796 873i 800! 856 Other financial institutions 760 699 793 808 821 778 845 807 767 819' 8341 942 Retail outlets 585 544 576 540 543 515 546 530 521 535' 535S 529 Change in outstanding credit:2 Total -246 -87 +33 +255 +383 +437 +360 +321 + 110 +91 +82 +529 Commercial banks -66 + 28 +77 +248 + 164 + 184 + 184 + 102 + 51 +94 -24 +4 Sales finance companies -23 -42 + 13 + 56 +72 + 124 + 176 + 89 + 33 -13 -21 +9 Other financial institutions -16 + 53 +55 +96 +88 +96 + 103 + 102 + 34 + 36 +44 + 133 Retail outlets -141 -126 -112 -145 + 59 + 33 -103 +28 -26 + 83 + 383 * Includes adjustment for differences in trading days. NOTE.—Revisions for the period January 1957 to date incorporate 2 Obtained by subtracting instalment credit repaid from instalment ore comprehensive information available recently from the following: credit extended, except as indicated in note 3. 3 Data on extensions and repayments for commercial banks and retail outlets have been adjusted to avoid duplications resulting from large transfers of other consumer goods paper. As a result, the differences between extensions and repayments for these institutions do not equal the changes in outstanding credit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1346 MEMBER BANK EARNINGS ALL MEMBER BANKS, BY CLASSES, 1957 AND FIRST HALF OF 1958 [Amounts in thousands of dollars] All member Classes of member banks, first half 1958 1957 Central reserve city Item 1958— Reserve first city Country First Second half New half half York Chicago Earnings 3,262,370 3,508,588 3,514,540 585,189 138,022 1,392,759 1,398,570 Interest on U. S. Government securities 571,415 596,324 633,018 80,823 27,607 236,282 288,306 Interest and dividends on other securities 159,968 179,483 199,700 29,816 8,463 71,022 90,399 Interest and discount on loans 1,989,899 2,146,213 2,092,146 347,473 79,714 849,738 815,221 Service charges and fees on loans 33,242 38,561 37,430 6,949 926 17,921 11,634 Service charges on deposit accounts 172,438 181,749 191,452 13,338 1,278 80,336 96,500 Other charges, commissions, fees, etc 65,485 71,073 71,400 14,746 3,933 25,534 27,187 Trust department 161,190 179,044 170,774 59,455 12,796 66,953 31,570 Other current earnings 108,733 116,142 118,620 32,589 3,305 44,973 37,753 Expenses 2,022,020 2,200,355 2,239,601 317,908 72,128 892,300 957,265 Salaries—officers 279,503 312,877 298,626 33,584 8,933 104,327 151,782 Salaries and wages—others 612,193 672,692 652,807 115,713 24,659 273,230 239,205 Directors' and committee members' fees 14,209 16,647 14,866 837 154 2,830 11,045 Interest on time deposits 440,163 487,036 549,249 54,586 12,269 232,681 249,713 Interest on borrowed money 22,499 25,376 9,104 3,531 659 3,350 1,564 Taxes other than on net income 85,526 86,645 92,543 8,230 3,439 40,990 39,884 Recurring depreciation 52,202 64,869 60,392 6,571 628 21,901 31,292 Other current expenses 515,725 534,213 562,014 232,780 94,856 21,387 212,991 Net current earnings before income taxes 1,240,350 1,308,233 1,274,939 441,305 267,281 65,894 500,459 Recoveries, profits, etc 54,966 114,972 598,516 185,620 On securities: 87,013 41,022 284,861 Recoveries 2,889 5,301 5,018 2,112 Transfers from valuation reserves 3,360 15,985 34,396 963 1,370 573 4,991 Profits on securities sold or redeemed 16,660 40,502 527,747 1,210 1,962 26,233 162,452 On loans: 81,912 37,411 245,972 All T R o r e a t c n h o s e v f r e e r r i e f s rom valuation reserves 1 1 7 2 2 , , , 2 0 8 0 3 2 1 3 3 2 2 4 1 6 , , , 8 5 8 1 3 3 5 4 6 1 7 7 6 , , , 6 0 7 0 2 2 7 6 2 2,1 6 1 0 5 6 2 8 8 1 9 8 2 0 7 7 3 1 , , , 0 2 7 7 5 5 5 8 0 7 5 3 , , , 1 0 7 8 9 8 3 8 4 Losses, charge-offs, etc 236,150 418,913 353,272 25,629 26,659 183,113 117,871 On securities: Losses and charge-offs 58,679 148,229 30,953 1,837 1,371 13,631 14,114 Transfers to valuation reserves 26,489 51,780 179,092 14,594 18,685 109,926 35,887 On loans: Losses and charge-offs 5,345 10,330 6,190 3 36 683 5,468 Transfers to valuation reserves 112,856 168,031 96,550 6,816 4,595 42,025 43,114 All other 32,781 40,543 40,487 2,379 1,972 16,848 19,288 Profits before income taxes 1,059,166 1,004,293 1,520,183 328,665 80,257 602,207 509,054 Taxes on net income 490,701 403,814 691,984 156,129 41,893 284,522 209,440 Federal 467,389 381,290 652,876 141,456 41,893 267,888 201,639 State 23,312 22,524 39,108 14,673 16,634 7,801 Net profits 568,465 600,479 828,199 172,536 38,364 317,685 299,614 Cash dividends declared 280,730 323,037 307,034 77,301 15,384 124,147 90,202 On preferred stock* 775 710 771 18 34 129 590 On common stock 279,955 322,327 306,263 77,283 15,350 124,018 89,612 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 998 1,101 10,702 155 1,991 6,225 2,331 On loans 17,529 26,144 31,733 8,769 1,154 10,769 11,041 Losses charged to reserves (not included in losses above): On securities 21,862 49,532 9,070 1,560 462 5,497 1,551 On loans 37,665 62,946 46,942 3,737 3,767 16,133 23,305 Number of officers at end of period 62,900 63,410 65,020 4,392 1,097 19,413 40,118 Number of employees at end of period 375,872 378,317 382,489 52,819 12,009 154,018 163,643 Number of banks at end of period 6,438 6,393 6,354 18 14 280 6,042 Ratios: Percentage of total capital accounts: 2 Net current earnings before income taxes 17.9 18.2 17.2 16.8 18.9 18.3 16.1 Net profits 8.2 8.4 11.2 10.9 11.0 11.6 10.9 Cash dividends declared * 4.1 4.5 4.1 4.9 4.4 4.5 3.3 Percentage of total assets:2 Total earnings 3.67 3.8$ 3.45 3.25 3.81 3.95 Net current earnings before income taxes 1.39 1.45 1.57 1.55 1.37 1.25 Net profits .64 .66 1.02 .90 .87 .85 Percentage of earnings to related assets:2 Earnings on loans 5.19 5.46 4.40 4.51 5.38 5.84 Interest on U. S. Government securities 2.47 2.60 2.42 2.38 2.54 2.64 Interest and dividends on other securities 2.40 2.60 2.64 2.80 2.81 2.61 2.60 Total capital accounts to: Total assets 7.8 7.9 8.0 9.4 8.2 7.5 7.7 Total assets less Govt. securities and cash assets 14.6 14.8 14.9 16.3 16.5 14.0 15.1 Total deposits 8.7 8.9 8.9 11.0 9.2 8.3 8.5 Time deposits to total deposits 27.3 28.2 29.6 16.3 18.4 30.3 36.2 Interest on time deposits to time deposits 2 2.02 2.14 2.22 2.32 1.76 2.33 2.14 i Includes interest on capital notes and debentures. 2 Annual basis. part of the period but not at the end. The figures for assets, deposits, NOTE.—Includes figures for all banks that were members of the Federal and capital accounts used in computing ratios are averages of the amounts Reserve System at the end of the report period (including those whose reported for the call dates at the beginning and end of each period plus returns may cover operations for only part of the period); in addition, last-Wednesday-of-the-month figures for intervening months. Data includes appropriate adjustments for member banks in operation during may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STOCK MARKET CREDIT 1347 DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE NEW YORK STOCK EXCHANGE CARRYING MARGIN ACCOUNTS, JUNE 1951-58 [End of month figures. Amounts in millions of dollars] Item 1951 1952 1953 1954 1955 1956* 1958 DEBIT BALANCES Cash on hand and in banks 364 365 309 337 322 324 Securities borrowed 50 43 37 64 85 65 134 Securities sold, delivery pending (failed to deliver) 94 79 67 121 214 148 170 Net debit balances due from member firms of national securities exchanges: Member firms of New York Stock Exchange 72 81 100 77 144 151 132 Member firms of other exchanges 14 12 11 10 16 14 15 Net debit balances due from all other customers exclusive of firms' own partners: Secured by U. S. Government obligations / 253 Secured by other collateral 1,275 1,327 1.684 1,857 2,768 2,811 \2,926 Net debit balances in partners' individual investment and trading accounts 10 9 7 10 14 21 35 Debit balances in firm investment and trading accounts: I I n n f f i i r r m m i t n ra v d e i s n tm g e a n n t d a u cc n o d u er n w ts riting accounts 375 427 347 492 673 625 4 3 8 3 6 5 Commodity margins on deposit with banks and commodity guaranty funds on deposit... 43 42 37 41 35 38 23 All other debit balances 93 110 93 144 137 151 Total. ,390 2,493 2,665 3,080 4,430 4,332 4,985 CREDIT BALANCES Money borrowed: From banks and trust companies: U U . . S S . . a b g a e n n k c s ies of foreign banks 670 902 1,196 1,159 2,075 2,231 r [ 1,7 6 4 2 3 2 In New York City 615 825 1,066 976 1,744 1,872 1,402 Elsewhere 55 77 130 183 331 359 341 From other lenders (not including members of national securities exchanges)2 10 10 20 14 40 35 21 Securities loaned 74 72 68 116 156 124 187 Securities bought, delivery pending (failed to receive) 94 85 67 123 218 156 181 Net credit balances due to member firms of national securities exchanges: Member firms of New York Stock Exchange 64 71 89 68 126 123 120 Member firms of other exchanges 10 9 6 11 11 9 Credit balances of other customers exclusive of firms' own partners: Free credit balances 834 708 653 838 919 837 1,034 Other net credit balances 225 219 163 248 239 207 367 Credit balances and money borrowed which are subordinated to general creditors under approved agreements3 n.a. n.a. n.a. n.a. n.a. n.a. 20 Net credit balances in partners' individual investment and trading accounts 26 23 23 23 31 34 34 Credit balances in firm investment and trading accounts 13 16 16 45 62 34 82 All other credit balances (except those included in next item) 51 55 45 64 83 78 83 Net balance in capital and profit and loss accounts and partners' drawing accounts 319 324 319 372 469 466 483 Total. 2,390 2,493 2,665 3,080 4,430 4,332 4,985 Memorandum : Value of securities sold under repurchase agreements. 24 Number of firms. 289 292 287 278 299 303 316 Money borrowed according to type and ownership of collateral:3 Secured by customers' collateral: Entirely by obligations of U. S. Government or its agencies 245 Entirely by other securities exempted under Section 3(a) of Securities Exchange Act—1934. 150 By nonexempt securities or mixed collateral 1,451 Secured by firm or partners' collateral: Entirely by obligations of U. S. Government or its agencies , 204 Entirely by other securities exempted under Section 3(a) of Securities Exchange Act—1934 98 By nonexempt securities or mixed collateral 239 Unsecured 1 n.a. Not available. 1 Data not collected for June 1957. borrowed," and "credit balances of other customers exclusive of firms' 2 Prior to 1958 probably includes some borrowing from U. S. agencies own partners—free credit balances" are conceptually identical to these of foreign banks. items (including debit balances secured by and money borrowed on 3 Collected in 1958 for the first time. U. S. Government obligations), as shown in the table on Stock Market NOTE.—For explanation of these figures see 'Statistics on Margin Ac- Credit, p. 1310, but the data differ somewhat because of minor differences counts" in BULLETIN for September 1936. The items "net debit balances in coverage, statistical discrepancies in reporting, and—since June 1955 due from all other customers exclusive of firms' own partners," "money for the item "money borrowed"—the date of reporting. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 1350 Net gold purchases and gold stock of the United States. 1358 Estimated foreign gold reserves and dollar holdings. 1359 Reported gold reserves of central banks and governments. . 1360 Gold production 1361 International Bank and Monetary Fund. . 1362 United States balance of payments 1363 Money rates in foreign countries. 1363 Foreign exchange rates 1365 Index to statistical tables. 1377 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 the balance of payments of the ments and official statistical bulletins. Back fig- United States. The figures on international cap- ures for 1941 and prior years, together with deital transactions 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. 1349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1350 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] In- Gerterna- Foreign countries many, United Date Grand tional Fed. Italy King- Other Total Canada Latin Asia All Total insti- Rep. dom Europe Europe America Other tutions2 Total Official of 1954—Dec. 31 12,919 1,770 11,149 6,770 ,373 579 640 3,030 5,621 1,536 1,906 1,821 265 1955—Dec. 31 13,601 1,881 11,720 6,953 ,454 785 550 3,357 6,147 1,032 2,000 2,181 360 1956—Dec. 31 14,939 1,452 13,487 8,045 ,835 930 1,012 3,089 6,865 1,516 2,346 2,415 346 1957_Sept. 30 14,844 1,512 13,332 7,647 ,664 ,030 807 3,069 6,570 1,650 2,723 2,015 373 Oct. 31 15,270 1,517 13,753 7,934 ,573 ,056 1,161 3,203 6,993 1,739 2,672 1,979 370 Nov. 30 15,147 1,538 13,608 7.817 ,567 ,021 1,199 3,192 6,979 1,735 2,593 1,946 356 Dec. 31 15,154 1,517 13,637 7,913 ,557 ,079 1,275 3,231 7,142 1,623 2,575 1,946 351 1958—Jan. 31 15,338 1,619 13,719 8,017 ,515 ,084 1,330 3,314 7,243 1,597 2,536 1,962 382 Feb. 28 15,310 1,471 13,840 8,118 1,494 ,078 1,244 3,480 7,297 1,662 2,515 2,011 355 Mar. 31 15,182 1,377 13,805 8,016 ,508 ,066 1,260 3,504 7,338 1,626 2,474 2,002 365 Apr. 30 15.059 1,373 13,685 7,951 ,549 ,129 1,021 3,426 7,125 1,662 2,552 2,004 343 May 31 15,214 1,522 13,692 7,945 ,596 ,121 1,056 3,277 7,049 1,789 2,497 2,044 312 June 30 15,270 1,454 13,816 7,927 ,465 ,071 1,060 3,361 6,957 2,001 2,499 2,072 288 July 31» 15,376 1,459 13,917 8,087 1,588 ,053 1,098 3,395 7,134 1,962 2,403 2,134 285 Aug. 31^ 15,668 1,432 14,236 8,397 ,673 ,093 1,006 3,654 7.427 2,051 2,387 2,105 266 Sept. 30^ 15,621 1,478 14,144 8,379 1,730 ,087 1,076 3,659 7,552 1,944 2,290 2,084 273 Table la. Other Europe Neth- Switz- Date Other Aus- Bel- Den- Fin- France Greece er- Nor- Por- Spain Swe- er- Tur- Yugo- All Europe tria gium mark land lands way tugal den land key slavia other 4 1954—Dec. 31 3,030 273 100 71 41 715 113 249 103 91 71 141 672 8 9 371 1955—Dec. 31 3,357 261 108 60 49 1,081 176 164 82 132 104 153 757 9 13 209 1956—Dec. 31 3,089 296 117 65 53 626 111 134 67 137 43 217 836 20 17 282 1957—Sept. 30 3,069 337 132 102 62 411 139 172 94 124 24 273 802 12 12 372 Oct. 31 3,203 345 137 97 68 398 144 186 97 129 30 260 857 19 9 426 Nov. 30 , 3,192 347 131 100 66 352 146 218 95 127 26 270 868 16 11 418 Dec. 31 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 11 349 1958—Jan. 31. ., 3,314 355 130 126 64 334 154 239 117 137 22 265 945 16 7 404 Feb. 28 3,480 353 133 124 65 316 157 350 122 144 24 266 923 12 7 486 Mar. 31 , 3,504 355 110 131 61 319 154 323 107 155 28 258 904 13 7 577 Apr. 30 3,426 353 118 142 59 322 142 295 108 157 27 257 875 12 5 553 May 31 3,277 354 114 143 50 249 131 292 104 153 34 251 827 15 9 552 June 30 3,361 363 109 114 47 298 122 293 108 154 31 254 832 12 6 620 July 31* 3,395 377 100 127 51 310 116 285 101 161 28 268 812 11 9 639 Aug. 31» 3,654 397 157 149 59 349 109 348 98 158 41 281 823 11 11 664 Sept. 30^ 3,659 418 106 162 63 405 112 337 101 157 33 292 804 10 11 648 Table lb. Latin America Neth- Do- er- Pan- Latin Co- min- lands ama, El Other Date Amer- Argen- Bo- Brazil Chile lom- Cuba ican Guate- Mex- West Re- Peru Sal- Uru- Vene- Latin ica tina livia bia Re- mala ico Indies pub- vador guay zuela Amerpub- and lic of ica lic Surinam 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—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 2,497 137 22 139 77 120 271 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» 2,387 133 21 159 78 144 294 49 54 351 73 133 75 26 76 580 142 Sept. 30» 2,290 131 21 133 84 137 277 48 49 370 72 143 72 25 82 514 136 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BVFL CAPITAL TRANSACTIONS OF THE U. S. 1351 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES*—Continued [Amounts outstanding, in millions of dollars) Table lc. Asia and All Other Asia All other Ko- Date Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u l e i e b a c - - , P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total A tra u l s i - a C g B o i e n a l n g - o Egypt 5 U A S f n o o r i u i f o c t n 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—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 2,044 65 76 88 43 51 780 115 180 91 146 408 312 77 35 29 27 144 June 30 2,072 66 81 89 64 48 803 117 164 88 148 403 288 75 34 18 24 137 July 31* ... 2,134 68 80 89 55 51 858 119 168 91 145 411 285 86 35 16 22 126 Aug. 31» 2,105 67 76 80 51 46 901 123 171 92 141 357 266 70 36 18 19 123 Sept. 30*> 2,084 65 73 91 43 40 882 128 175 93 140 353 273 74 31 18 28 122 Table Id. Supplementary Areas and Countries0 End of year End of year Area or country Area or country 1954 1955 1956 1957 1954 1955 1956 1957 Other Europe: Other Asia (Cont.): Albania .2 .4 .3 British dependencies .. . . 9.8 9.8 8.8 8.0 British dependencies .6 .4 .4 ]3 Burma 29.7 19.1 7.0 n.a. Bulgaria .6 .7 .2 n.a. Cambodia. .2 13.1 17.2 20.0 Czechoslovakia7 .7 .7 .5 .7 Ceylon 18.8 32.9 41.2 34.2 Eastern Germany 1.2 1.3 1.2 n.a. China Mainland7 35.7 36.2 35.5 36.3 Estonia. 1.9 1.8 1.9 1.7 Iraq .. . . 10.0 14.7 16.9 19.6 Hungary. 1.0 1.0 .8 .7 Jordan .8 1.2 2.0 1.6 Iceland 8 9 4 8 3 1 2 9 Kuwait 10 7 3 5 5 3 5.9 Ireland Republic of 14 3 13 7 9 1 n a Laos .... ... 1 23 1 37.3 n.a. 1.0 1.0 .6 .5 Lebanon 16 5 18 0 22.3 28.2 Lithuania . 5 3 4 5 Pakistan 3 8 5 7 20 2 12.8 Luxembourg 4.5 3.1 13.2 16.4 Portuguese dependencies 1.8 2.0 2.7 3.1 5.3 5.6 4.3 5.4 26.9 34.0 30.6 n.a. Poland 7 2.1 2.5 3.3 3.2 Saudi Arabia 61.5 79.5 97.4 n.a. Rumania7 7.8 8.1 .9 .8 Syrian 21.5 13.1 17.1 3.5 Trieste ... 2.2 1.4 1.4 1.2 Viet-Nam 8.1 62.3 50.1 n.a. U. S. S. R.7 1.8 .7 .8 .7 All other: Other Latin America: British dependencies 1.4 2.4 3.8 2.3 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 Nicaragua 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 New Zealand 2 3 1 9 2.2 1.9 Portuguese dependencies 8.3 5.3 2.8 4.4 Other Asia: Spanish dependencies .5 .7 .3 .7 Afghanistan 5.1 4.1 5.3 4.7 Sudan n.a. n.a. .4 n.a. Bahrein Islands . . . .6 .5 1.7 n.a. Tunisia .4 .7 .5 n.a. P Preliminary. n.a. Not available. partial breakdown of the amounts shown in the "other" categories in 1 Short-term liabilities reported in these statistics represent principally tables la-lc. deposits and U. S. Government obligations maturing in not more than 7 Based on reports by banks in all Federal Reserve districts. one year from their date of issue; small amounts of bankers' acceptances NOTE.—Statistics on international capital transactions of the United and commercial paper and of liabilities payable in foreign currencies States are based on reports by U. S. banks, bankers, brokers, and dealers, are also included. Banking liabilities to foreigners maturing in more by branches or agencies of foreign banks, by certain domestic institutions than one year (excluded from these statistics) amounted to $5 million not classified as banks that maintain deposit or custody accounts for on Sept. 30, 1958. foreigners, and by the U. S. Treasury. The term "foreigner" is used to 2 Includes International Bank for Reconstruction and Development, designate foreign governments, central banks, and other official institu- International Monetary Fund, and United Nations and other inter- tions as well as banks, organizations, and individuals domiciled abroad national organizations. and the foreign subsidiaries and offices of U. S. banks and commercial 3 Represents liabilities to foreign central banks and foreign central firms. governments and their agencies (including official purchasing missions, Beginning with this issue of the BULLETIN, two tables have been added trade and shipping missions, diplomatic and consular establishments, etc.) to the Section to show supplementary details on liabilities to and claims * Includes Bank for International Settlements. on foreigners, and Table 6 on page 1357 (formerly Table 4) has been 5 Part of the United Arab Republic since February 1958. changed to show net purchases of U. S. corporate securities rather than 6 Except where noted, these data are based on reports by banks in net purchases of all long-term U. S. securities. the Second (New York) Federal Reserve District. They represent a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1352 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Payable in D a a n t d e , c o o r u n a t r r e y a Total cu fo rr r e e n ig c n ies U.S. U.S. Treasury Treasury Total Deposits bills and Other Total Deposits bills and Other certificates certificates Total amounts outstanding 1954—Dec. 31. 12,919 11,070 5,479 4,955 637 1,805 ,520 251 34 43 1955—Dec. 31. 13,601 11,777 5,451 5,670 656 1,783 ,543 184 56 40 1956—Dec. 31. 14,939 12,860 5,979 5,990 891 2,030 ,653 243 134 49 1957—Sept. 30. 14,844 12,528 5,849 5,537 1,142 2,244 ,739 313 192 73 Oct. 31. 15,270 12,965 5,849 5,895 1,221 2.242 1,736 295 210 63 Nov. 30. 15,147 12,823 5,677 5,918 ,229 2.267 1,794 263 210 57 Dec. 31. 15,154 12,843 5,871 5,840 ,132 2r252 1,766 278 209 59 1958—Jan. 31 15,338 13,074 5,793 6,003 ,277 2,215 1,735 264 216 49 Feb. 28 15,310 13,067 6,331 5,473 1,263 2,194 1,736 247 211 49 A M p a r r . . 3 3 0 1 1 15 5 , , 0 1 5 8 9 2 1 1 2 2 , , 9 7 0 7 9 7 6 6 , , 6 7 4 9 1 2 4 5 , , 8 05 22 8 1 1, , 1 2 6 1 4 0 2 2, , 1 2 9 0 4 3 •1 1 , , 8 8 0 1 0 2 2 2 1 1 5 2 1 16 9 7 0 7 8 1 7 May 31 15,214 12,964 6,905 4,936 1,123 2,163 1,824 182 156 87 June 30 15,270 12,960 7,092 4,732 1,135 2,234 1,919 183 132 77 July 31 15,376 13,122 7,108 4,907 1,107 2,185 1,929 133 122 69 Aug. 31 15.668 13,366 7,084 5,204 1,078 2,230 1,889 216 124 72 Sept. 30 15,621 13,278 6.696 5,500 1,082 2,265 1,893 236 136 79 Area and country detail, June 30, 1958 Europe: Austria 363 361 352 3 3 0 B D e e l n g m iu a m rk 1 1 0 1 9 4 1 6 0 4 1 4 7 9 9 10 1 1 1 4 2 4 1 4 3 3 1 8 1 C1 1 ) 6 1 0 0 Finland 47 45 34 6 5 2 2 France 226 199 11 16 64 57 Germany, Fed. Rep. of... 1,465 1,424 297 -885 242 17 16 0 24 Greece 122 112 112 0 10 10 0 N I N ta e o l t r y h w e a r y lands 1,0 2 1 7 9 0 1 3 8 1,0 2 4 6 6 1 6 3 1 9 6 4 4 2 0 6 1 0 1 5 7 8 28 1 4 1 4 4 2 3 5 7 0 2 4 2 2 1 4 (12 6 3 1 0 0 0) Portugal 154 118 116 2 36 35 1 0) S Sw pa e i d n en 25 3 4 1 24 1 4 3 6 1 1 2 128 54 1 1 1 8 0 1 1 7 0 0 0 0) Switzerland 832 696 421 140 135 134 108 20 0 Turkey 12 9 9 0 2 2 0 United Kingdom 1,060 719 360 332 27 311 163 114 34 30 Yugoslavia 6 6 5 1 0 0) 0 Other Europe 620 582 193 '270* 119 38 30 0 Total Europe 6,957 6,089 2,596 2,556 937 804 587 139 77 64 Canada 2.001 1,748 1,168 560 21 245 207 27 11 7 Latin America: Argentina 140 83 83 0) 57 56 0 1 0 Bolivia 23 7 7 0) 16 15 0 Brazil 125 44 31 0) 13 82 77 0 4 0 Chile 86 27 26 1 58 57 0 1 0 C C o u l b o a mbia 2 1 8 2 1 5 1 6 6 4 4 1 6 2 1 0 '46' 4 3 1 6 1 1 7 1 6 1 1 6 (1} 0 1 0 Dominican Republic 53 32 31 0 21 21 0 0 Guatemala 64 46 24 18 4 18 18 0 0 M Ne e t x h i . c o W. Indies and Suri 332 214 204 8 3 117 116 0 nam 40 23 6 10 23 19 62 Panama, Rep. of 22 21 0 0) 113 4 20 0 Peru 134 26 26 0 47 44 0 3 El Salvador 73 7 1 10 16 16 0) 0 Uruguay 33 34 33 0) 1 42 34 0 Venezuela 77 591 590 1 149 147 0 Other Latin America 740 82 66 9 67 63 1 "I 150 Total Latin America. 2,499 1,493 1,353 80 60 1,003 15 40 Preliminary. 1 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1353 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars Area and To banks and official institutions To all other foreigners Payable Total in foreign country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other Total Deposits T bi r l e ls a s a u n r d y Other certificates certificates Area and country detail, June 30, 1958—Continued As H ia o : ng Kong 66 37 35 2 29 28 0) 1 (II India 81 68 66 13 13 Indonesia 89 86 75 11 1 2 2 Iran 64 61 61 (i) 3 3 Israel 48 46 32 5 9 3 3 0) C1) Japan 803 783 564 189 30 20 19 (i) (i) Korea Rep of 117 115 114 1 1 2 2 Philippines 164 142 125 16 22 21 0) C1) C1) Taiwan 88 82 82 0) 2 6 6 T O h th a e il r a n A d sia 4 1 0 4 3 8 3 1 6 4 5 3 3 5 1 3 4 6 3 8 5 16 3 4 8 3 4 8 0 C1 ) ) C 0 1 ) ) 0) Total Asia 2,072 1,928 1,520 309 99 142 140 1 1 1 All other: Australia 75 71 36 33 3 3 3 (1) (1) Belgian Congo. 34 33 17 10 6 1 1 0) Egypt2 18 17 17 G) I 1 C1) Union of South Africa.... 24 20 19 1 0) 3 3 0) C1) Other 137 104 95 9 31 28 0) Total other countries.. 288 246 184 43 19 39 36 1 3 3 International 1,454 1,454 271 1,183 Grand total 15,270 12,960 7,092 4,732 1,135 2,234 1,919 183 132 77 i Less than $500,000. 2 Part of United Arab Republic since February 1958. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding, in millions of dollars] Date Total France R m e G F p a e e . n d r y o - . , f Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 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—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 1,010 383 44 Apr. 30. 2,438 92 134 49 30 93 285 684 220 1,026 460 48 May 31. 2,510 93 140 45 27 93 288 686 229 1,057 466 71 June 30. 2,479 84 123 48 35 105 273 670 251 1,031 450 77 July 3 1P, 2,528 86 117 47 31 111 278 669 279 1,041 463 76 Aug. 3 1P 2,594 84 111 48 33 133 325 734 265 1,054 463 78 Sept. 30*>, 2,572 90 109 44 36 134 325 738 257 1,048 450 79 p Preliminary. foreigners; drafts drawn against foreigners that are being collected by 1 Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year: loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1354 INFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THF UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Other Aus- Bel- Date Europe tria gium 1954 Dec. 31 109 20 1955—Dec. 31 158 2 16 1956—Dec. 31 216 7 28 1957—Sept. 30 212 7 25 Oct 31 207 7 24 Nov. 30 213 6 25 Dec 31 223 6 33 1958 Jan 31 240 7 36 Feb. 28 238 9 35 Mar 31 269 9 Apr 30 285 8 May 31 288 5 June 30 .... 273 8 July 31» 278 9 Aug. 31* 325 9 Sept 30p . . 325 9 CO co c* CO COW- Denmark 10 13 12 6 9 9 11 9 Q 24 25 75 71 00 NO 4- Fin- Neth- Nor- Por- Swe- Tur- Yugo- All land Greece er- way tugal Spain den key slavia other lands 3 3 16 2 4 4 41 1 5 3 4 11 9 2 5 7 78 2 7 4 4 21 23 2 8 13 88 3 7 28 18 24 9 72 2 11 4 7 26 16 1 10 9 81 2 13 5 6 29 19 10 U 77 2 11 4 6 29 23 2 11 10 76 (2\ 10 4 5 33 23 2 22 11 77 9 6 3 5 6 7 7 4 3 3 2 2 9 2 2 2 5 7 9 2 2 2 4 2 3 5 6 9 1 1 1 1 3 7 7 7 8 1 5 1 (2) 1 1 8 1 0 5 7 46 24 2 49 18 81 9 8 4 7 41 26 2 47 16 78 9 7 4 8 44 25 2 47 16 79 11 6 3 8 42 25 2 60 14 67 13 8 3 8 44 22 2 61 13 72 10 (2) Table 3b. Latin America Neth- Date A L m i a c t e a in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p D i R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- I l W S n a a e u d n n r e r i d d - s e i s - t s l a p P i R m c u a e b n o a - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r i nam 1954— Dec. 31 728 6 3 273 14 107 71 3 4 116 9 16 10 7 63 27 1955- Dec. 31 706 7 4 69 14 143 92 5 5 154 3 17 29 8 18 105 34 1956—Dec. 31 840 15 4 72 16 145 90 7 7 213 5 12 35 11 15 144 49 1957-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 31 1,057 22 3 202 50 83 123 11 9 257 3 21 38 6 37 144 50 June 30 1,031 37 3 189 54 78 105 7 8 253 3 25 33 7 39 136 54 July 31*> 1,041 49 3 216 49 61 105 11 8 241 23 30 7 42 138 55 Aug. 31*> 1,054 48 3 199 48 61 132 12 8 245 3 26 30 7 45 134 55 Sept. 30^ 1,048 48 3 183 47 56 126 14 9 276 2 24 28 10 50 125 49 Table 3c. Asia and All Other Asia Date Hong Total India Kong 1954—Dec. 31 143 3 5 1955—Dec. 31 233 3 5 1956—Dec. 31 337 4 6 1957_Sept. 30 389 9 9 Oct. 31 407 7 8 Nov. 30 387 8 7 Dec. 31 386 7 6 1958—Jan. 31 400 8 7 Feb. 28 406 7 7 Mar. 31 383 8 7 Apr. 30 460 8 May 31 466 7 June 30 450 8 July 31*> 463 6 Aug. 31^ 463 6 Sept 30p 450 5 OONONO All other 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 u l s ia - 16 11 50 7 5 6 39 37 14 18 10 103 19 6 8 60 43 11 20 16 170 16 6 9 91 43 11 24 23 188 51 6 8 71 52 11 24 26 174 51 6 11 100 48 11 24 25 150 56 6 12 100 49 10 22 24 146 53 6 14 110 50 13 23 22 152 54 6 13 115 45 13 26 21 148 58 6 13 122 44 13 28 21 139 53 6 12 108 44 n 40 19 214 42 6 12 112 48 29 19 224 45 5 16 114 71 29 18 229 32 6 17 106 77 5 31 18 225 38 6 16 119 76 5 29 19 223 39 6 14 122 78 6 27 21 209 41 6 14 121 79 co COT! Union g B i e a l n - Egypt3 of Other Congo South Africa 6 1 6 10 5 1 8 17 6 2 8 17 5 1 11 24 4 1 12 20 5 14 19 5 1 12 19 5 1 9 17 6 1 7 16 6 1 12 12 6 2 14 14 6 2 36 14 7 1 38 17 12 7 2 39 16 12 5 3 41 17 13 5 3 41 17 p Preliminary. 2 Less than $500,000. 1 See note 1 on preceding page. 3 Part of the United Arab Republic since February 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1355 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- D an at d e , c o o r u n a t r r e y a t t e o rm tal — i Total Loans to: C t o io ll n e s c- Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Total amounts oustanding 1954—Dec. 31. 441 1,387 1,176 449 142 301 283 211 173 38 1955—Dec. 31. 671 1,549 1,385 489 236 353 307 164 144 20 1956—Dec. 31. 839 1,946 1,796 582 330 440 444 150 131 19 1957—Sept. 30. 1,063 2,154 1,998 617 275 414 692 157 144 13 Oct. 31. 1,084 2,250 2,074 648 282 423 720 176 163 13 Nov. 30. 1,080 2,201 2,069 630 303 438 697 133 119 13 Dec. 31. 1,137 2,229 2,082 649 312 423 699 147 132 15 1958—Jan. 31. 1,151 2,266 2,128 643 322 441 722 137 122 15 Feb. 28. 1,185 2,249 2,125 622 337 432 734 125 110 15 Mar. 31. 1,183 2,303 2,147 620 352 441 735 156 140 16 Apr. 30. 1,230 2,438 2,266 731 351 448 736 171 157 14 May 31. 1,212 2;510 2,344 796 360 455 732 166 153 14 June 30. 1.226 2,479 2,307 787 357 432 730 172 159 13 July 31» 1,232 2,528 2,347 759 417 430 741 181 167 15 Aug. 31*> 1,295 2,594 2,415 853 415 423 724 179 166 13 Sept. 30^ 1,291 2,572 2,355 884 385 406 680 217 204 13 Area and country detail, June 30, 1958 Europe: Austria... 11 5 Belgium.. 17 24 24 7 Denmark. 2 8 8 5 Finland. . 3 4 4 3 () France 17 84 83 70 Germany, Fed. Rep. of., 13 123 95 10 18 65 28 28 Greece 1 7 7 3 4 (2) Italy 14 48 48 18 10 17 Netherlands 30 41 41 3 21 10 6 Norway 121 26 26 1 5 2 18 Portugal.... 3 2 () 1 1 Spain 5 47 46 27 1 16 Sweden 21 16 16 ft 1 5 9 Switzerland. 2 35 28 12 4 1 Turkey 78 78 4 75 United Kingdom.. 103 105 36 13 69 63 6 Yugoslavia 1 9 9 *(2)' Other Europe 372 670 558 171 65 96 226 111 105 7 Total Europe. 85 251 199 26 107 59 51 48 3 Canada Latin America: Argentina 37 37 20 Bolivia () 3 3 () () 3 B C C C r o h u a i l b z l o a e i m l bia 2 7 1 1 5 9 2 6 1 1 5 7 0 8 4 8 5 9 1 1 5 7 0 8 4 8 5 9 2 6 6 1 1 5 3 8 1 1 9 7 4 5 2 2 1 1 7 4 4 0 8 3 1 1 4 0 4 1 Dominican Republic 12 1 3 4 Guatemala 1 () 1 6 1 Mexico 114 253 251 83 49 24 95 Netherlands W. Indies and Surinam Panama, Rep. of 32 25 25 20 3 8 Peru 11 33 33 5 17 9 El Salvador 7 7 () 3 3 Uruguay 2 39 39 17 2 15 Venezuela 50 136 134 15 30 52 37 Other Latin America 44 54 54 4 18 23 9 Total Latin America. 583 ,031 ,027 297 176 220 334 v Preliminary. 2 Less than $500,000. 1 Represents mainly loans with an original maturity of more than one year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1356 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Longterm— Loans to: Area and total 1 Total country Collections Deposits Total Banks and outstand- Other Total with Other i o n f s fi t c it ia u l - Others ing foreigners tions Area and country detail, June 30, 1958—Continued Asia: Hong Kong 1 8 8 3 1 3 (2) 8 (2) 2 6 6 (2) (2) 5 (2) (2) Indonesia (2) (2) (2) 8 (2) Iran 4 29 29 C2) (2) 28 C2) (2) 24 18 18 1 13 Japan 16 229 228 114 3 26 84 l (2) 1 Korea Reo of 1 1 (2) (2) (2) Philippines 19 32 32 30 (2) 1 (2) (2) (2) T T a h i a w il a a n nd 14 1 6 7 1 6 7 1 6 2 ( ( 2 2 ) > (2i (2) Other Asia 33 105 104 88 1 i 1 (2) 13 Total Asia 113 450 448 258 6 82 102 2 1 1 All other: Australia 7 14 12 1 (2) 4 7 1 1 Belgian Congo 2 7 7 6 (2) (2) (2) Egypt3 1 1 ?! (2) (2) (2) (2) Union of South Africa.... 19 38 38 6 (2) (2) (2) Other 45 17 17 3 11 1 (2) Total other countries.. 73 77 75 36 3 28 8 2 1 1 Grand total 1,226 2,479 2,307 787 357 432 730 172 159 13 1 Represents mainly loans with an original maturity of more than 2 Less than $500,000. one year. 3 Part of the United Arab Republic since February, 1958. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities2 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 - 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 Aug 18 175 -157 135 119 16 23 36 -13 46 44 2 Sent 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 g Dec 73 42 31 101 101 (3) 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 39 87 -48 22 40 -18 Apr 79 95 -16 104 126 -21 52 108 -56 25 34 — 9 May . . 43 92 -48 115 118 2 79 365 -286 24 48 -23 June 269 323 -53 136 153 -17 149 188 -39 25 42 -17 July? 160 137 23 164 158 6 68 148 -81 26 47 — 22 Aug & 52 61 -9 137 149 -12 39 89 -50 27 43 -16 1 Includes transactions of international institutions. 3 Less than $500,000. 2 Includes small amounts of U. S. municipal securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1357 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY COUNTRIES 1 [Net sales, ( — ). In millions of dollars] Type of security Country Year or month Total2 Neth- Switz- United Latin Stocks Bonds Belgium France er- er- King- Other Total Canada Amer- All lands land dom Europe Europe ica other 1955 156 128 29 14 9 -21 142 30 10 183 -80 27 26 1956 291 256 35 23 23 -7 147 87 7 280 -53 38 27 1957 194 143 51 14 8 35 101 77 20 255 -99 23 15 1957 Aug 16 14 3 1 10 16 29 -16 2 2 Sept -11 -15 4 2 -2 2 -3 -8 -1 Oct -36 -38 2 2 -12 -10 3 -21 -15 (3) N De o c v 17 -5 3 1 4 4 (3) 1 10 -2 1 <3) 1 3 1 2 P 2 ) 1958—Jan -11 -8 3 -4 2 4 -1 -10 Feb -2 -8 6 c -4 2 3 10 3 -9 1 A M p a r r 21 1 - - 1 1 4 4 15 -T2 -1 1 -8 2 -3 3 1 -13 8 - - 1 1 1 0 4 1 M^ay -3 -3 I 1 j 2 3 -9 -1 3 June . . -17 1 — 2 -3 -10 -5 J A u u ly g P .p 1 6 2 -1 1 6 4 -9 4 to 3 1 -I -4 1 3 -9 -4 2 -6 8 j » Preliminary. 2 Includes transactions of international institutions. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (—). In millions of dollars] [In millions of dollars] Y m e o a n r t o h r na I i n t n i t s o e t n i r - - al f c o T o r o e u t i n a g l - n Europe C a a d n a - A L i m a c t a i e n r- Asia o A th l e l r Date Deposits Assets in custody tutions tries U. S. Govt. Miscelsecurities2 laneous3 1955 -27 -4 -46 74 24 -49 n 1956 -33 -478 8 -447 17 -40 -16 1956—Dec. 31 322 3,856 139 1957 .. . -384 -338 231 -552 15 -45 13 1957—Oct. 31 378 3,774 349 1957—Aug.... -6 -5 15 -21 2 -2 1 Nov. 30 283 3,787 344 Sept.... 2 -39 -9 -30 2 i -1 Dec. 31 356 3,729 353 Oct -77 96 86 13 T -4 0) Nov.... -53 2 9 I -4 c 0) 1958—Jan. 31 249 3,755 405 Dec.... 0) -18 6 -14 3 n Feb. 28 265 3,552 428 Mar. 31 266 3,315 421 1958—Jan -135 -27 -6 -6 4 -5 -15 Apr. 30 257 3,068 422 Feb.. .. -13 -157 -64 -93 -3 2 May 31 234 3,037 405 Mar.... -4 -63 -23 -36 ol 2 0) June 30 269 2,974 491 Apr -11 -55 7 -49 4 -3 -13 July 31 288 3,167 541 May... -156 -154 -129 4 -4 -25 Aug. 31 313 3,344 523 June... -91 35 82 -40 2 -3 -5 Sept. 30 258 3,609 493 July»... -17 -85 -27 -55 I -4 0) Oct. 31 288 3,777 481 Aug.p.. -15 -51 -11 -30 -8 -1 -1 1 Excludes assets held for international institutions, and earmarked P Preliminary. gold. See note 4 at bottom of page 1358 for total gold under earmark i Less than $500,000. at 2 F e U d . e r S a . l T R r e e s a e s r u v r e y B b a i n ll k s s , f c o e r r t f if o i r c e a i t g e n s a o n f d i n in d t e e b r t n e a d t n io e n ss a , l n ac o c te o s u n a t n s. d bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1358 U. S. GOLD 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 -84.8 -20.0 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 -4!5 -100.0 -65.0 ""is'.O ""5.6 -41.9 '"-62'9 Portugal -15.0 -34.9 -5.0 -59.9 -54.9 -5.0 -20.0 Sweden -22 9 -32.0 -20 0 — 15 0 "*i5*2 Switzerland -38.0 -15.0 -f! -65.0 -15.5 -8.0 -5.0 -135.1 Bank for Int'l Settlements -65.3 -30.4 -94.3 -20.0 -15.1 -74.4 Other -16.4 -29.7 -17.5 2.6 "*4.'6 ""3.0 ""339.'3 ""i.'o "m'.3 4-187.3 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: United Kingdom -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 -10.0 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 -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 -.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 International institutions 5 200.0 600.0 300.0 -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 1 Includes sales of gold to Belgian Congo as follows (in millions): 1950, * Includes sale of $168.8 million of gold to Italy. $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. 2 Less than $50,000. 5 Figures represent purchase of gold from, or sale to (—), International 3 Includes purchase of $31.5 million of gold from Spain. Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES fin 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 TotaP crease ury Total 1 crease 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1957_Oct 22,691 22,835 75.4 42.8 36.9 6.5 1946 20,529 20,706 623.1 311.5 465.4 51.2 Nov 22,763 22,837 2.4 34.3 -31.2 5.1 1947 22,754 22,868 ^2,162.1 1,866.3 210.0 75.8 Dec ... 22 781 22,857 20 2 18 8 2 0 5 5 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 1949 24,427 24,563 164.6 686.5 -495.7 67.3 1958 Jan ... 22,784 22,860 2.3 45.0 -37.3 4.4 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Feb 22,686 22,736 123.7 38 9 -167.6 4.4 Mar 22,394 22,487 -248.7 6.0 -252.0 4.3 1951 22,695 22,873 52.7 -549.0 617 6 66.3 Apr. ... 21 996 22 042 — 445 1 26 0 — 471 5 4 5 1952 23,187 23,252 379.8 684.1 -304.8 67.4 May.... 21,594 21,674 -367.8 17.9 -355.2 4.6 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 June 21,356 21,412 -262.4 3.4 -285.0 4.9 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 July.... 21,210 21,275 -136.5 18.0 -164.3 6.1 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 Aug 21 011 21,082 -193 1 3 7 — 196.7 5 4 1956 21,949 22,058 305.9 106.1 318.5 65.3 Sept 20.874 20,929 -153.2 71.2 -220.2 1957 22,781 22,857 798.8 104.3 600.1 63.0 Oct *>20,689^20,740 P-189.3 4-189.0 /\\ p Preliminary. 2 Net after payment of $687.5 million in gold as United States gold sub- 1 Includes gold in Exchange Stabilization Fund. Gold in active portion scription to the International Monetary Fund. of this Fund is not included in regular statistics on gold stock (Treasury 3 Not yet available. gold) used in the Federal Reserve statement "Member Bank Reserves, 4 Gold held under earmark at the Federal Reserve Banks for foreign Reserve Bank Credit, and Related Items" or in the Treasury statement and international accounts amounted to $8,361.4 million on Oct. 31, 1958. "United States Money, Outstanding and in Circulation, by Kinds." 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

GOLD RESERVES AND DOLLAR HOLDINGS 1359 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1956 June 30, 1957 Sept. 30, 1957 Dec. 3I, 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 & notes dollars & 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 1,393 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 1,505 7 2996 9 1,004 9 946 9 911 10 890 26 Germany (Federal Republic of) 3,329 14 3,719 14 4,063 14 4,099 14 3,968 15 4,040 12 Greece 187 177 152 167 167 135 Italy 1,268 2 1,323 2 1,458 2 1,531 2 1,528 2 1 678 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) 628 622 636 651 658 678 Spain (and dependencies) '176 '158 '156 '126 3 '130 132 3 Sweden . 483 499 508 479 5 461 8 458 4 Switzerland 2,512 131 2,442 132 2,527 134 2,685 128 2,624 118 2 689 88 Turkey 164 158 156 162 157 156 Other* '917 12 '1,188 12 '873 12 '851 12 '966 6 1,118 5 Total . . 14,135 298 14,120 298 14,462 294 14,755 319 14,955 296 15,500 269 Sterling Area: United Kingdom 2,812 203 2,894 264 2,507 180 2,875 205 3,460 241 3,810 220 United Kingdom dependencies 103 4 96 4 109 4 104 4 102 4 101 4 Australia . 191 191 197 211 '218 222 India 323 323 329 1 329 1 326 1 328 Union of South Africa 277 294 262 1 255 1 231 1 183 1 Other 228 14 226 29 227 30 224 34 230 37 230 39 Total . 3,934 223 4,024 299 3,631 216 3,998 245 '4,567 284 4,874 265 Canada 2,629 367 2,712 457 2,786 443 2,738 457 2,722 441 3,087 345 Latin America: Argentina . 370 345 (3) 313 263 270 266 Brazil 549 1 467 457 1 456 440 1 450 1 Chile 137 1 131 1 117 1 115 1 117 1 126 1 Colombia 210 263 244 215 '200 192 C G u u b a a temala 3 9 4 1 7 167 3 9 9 7 3 167 41 8 6 7 1 1 67 3 9 7 2 1 154 3 9 7 3 1 146 4 9 1 1 7 86 Mexico 600 4 504 4 553 566 3 536 3 485 Panama Republic of 109 1 135 1 129 136 144 134 < Peru 119 110 96 88 82 93 Uruguay.. . . 259 1 248 1 243 1 235 266 257 Venezuela 1,058 3 1,450 2 1,615 2 1,554 2 1 428 1 460 2 Other 274 12 345 11 293 13 277 13 300 12 304 12 Total 4,123 190 4,488 188 4,563 189 4,368 176 '4,247 168 4,275 108 Asia: Indonesia 231 (3) 168 220 190 (3) 128 127 I J r a a p n an ... 1,1 1 4 5 5 8 (3 4 ) 7 1 5 7 4 3 6 1 9 8 8 7 7 1 1 9 4 3 (3) 8 1 3 9 3 0 2 9 2 3 0 2 2 (3^ Philippines 294 6 243 6 235 6 181 5 196 5 175 5 Thailand 260 279 275 269 1 269 260 Other 707 6 766 7 768 7 111 8 773 7 765 3 Total 2,795 17 2,383 16 2,383 16 2,324 16 2,389 15 2,461 10 All other: Egypt ^ 238 246 242 228 (3) 216 192 Other 129 8 175 7 166 7 162 170 8 152 7 Total 367 8 421 7 408 7 390 7 386 8 344 7 Total foreign countries6 27,983 1,103 28,148 1,265 28,233 1,165 28,573 1,220 '29,266 1,212 30,541 1,004 International institutions 3,144 391 2,720 366 2,679 222 2,697 222 2,563 356 2,696 446 Grand total6 . . 31,127 1,494 30,868 1,631 30,912 1,387 31,270 1,442 '31,829 1,568 33,237 1,450 ' Revised. 6 Excludes gold reserves of the U. S. S. R. and other Eastern European 1 Excludes gold holdings of French Exchange Stabilization Fund. countries. 2 Does not include $286 million of gold loaned by Bank of France to NOTE.—Gold and short-term dollars include reported and estimated the French Exchange Stabilization Fund on June 26, 1957. official gold reserves, and total dollar holdings as shown in Short-term 3 Less than $500,000. Liabilities to Foreigners Reported by Banks in the United States, by 4 Includes Yugoslavia, Bank for International Settlements (both for Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. its own and European Payments Union account), gold to be distributed bonds and notes represent estimated holdings of such securities with origiby the Tripartite Commission for Restitution of Monetary Go'd, and nal maturities of more than one year; these estimates are based on a unpublished gold reserves of certain Western European countries. survey of selected U. S. banks and on monthly reports of security transac- 5 Part of the United Arab Republic since February 1958. 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

1360 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- End of mated month total world1 1952 Dec . . '36,000 1953 Dec r36,435 1954 Dec r37,080 1955 Dec 37,740 1956 Dec 38,245 1957 Sept 38,825 Oct Nov . Dec r38 970 1958 Jan Feb Mar 39,135 May June 39 380 July Aus Sept ^39 450 End of Costa month Rica 1952 Dec 2 1953 Dec 2 1954 Dec 2 1955 Dec 2 1956 Dec 2 1957 Sent 2 Oct 2 Nov 2 Dec 2 1958 Jan 2 Feb 2 Mar . . 2 Apr 2 2 June 2 July 2 Aus ... 2 Sept 2 End of Iran month 1952 Dec ... . 138 1953 Dec 137 1954 Dec 138 1955 Dec 138 1956 Dec 138 1957—Sept 138 Oct 138 Nov Dec 1958 Jan Feb Mar Apr May June July .. . . Au2 Sept cococo 0000 000300 OOOC00 00 00 Int'l Mone- United tary States Fund 1,692 23,252 1.702 22,091 1,740 21,793 1,808 21,753 1,692 22,058 1,167 22,759 I 177 22 835 1,180 22,837 [,180 22,857 1,180 22,860 1,182 22,736 1,186 22,487 ,238 22,042 241 21,674 1,242 21,412 1 242 21 275 1,247 21,082 20,929 Den- Cuba mark 214 31 186 31 186 31 136 31 136 136 136 136 136 136 136 136 136 136 136 136 136 Iraq 8 14 14 14 20 20 25 25 25 25 25 25 25 CO CO CO CO f 31 cococo 31 31 31 31 31 Ireland, Republic of 18 18 000000 OOOCOOOO OOOC Estimated Argen- Aus- rest of tina tralia world 11,055 287 112 12,640 372 117 13,545 372 138 14,180 372 144 14,495 224 107 14,900 166 116 127 119 126 123 14,935 126 126 126 130 126 133 15,460 126 136 126 140 143 16,725 147 150 Domin- ican Ecua- Egypt 2 Repub- dor lic 12 23 174 12 23 174 12 23 174 12 23 174 11 22 188 11 22 188 11 22 188 11 22 188 11 22 188 11 22 188 11 22 188 11 22 174 11 22 174 11 22 174 11 22 174 11 22 11 22 11 22 Italy a L n e o b n - 346 31 346 35 346 63 352 74 338 77 428 84 443 84 453 84 452 91 457 91 462 91 18 462 91 18 417 91 18 491 91 18 607 91 18 91 91 555 Bel- Aus- gian tria Congo 52 80 52 101 62 115 71 116 71 122 87 104 83 82 103 81 103 81 103 76 103 78 103 86 103 85 103 84 103 83 107 82 125 82 136 l F a i n n d - France3 26 573 26 576 31 576 35 861 35 861 35 575 35 575 35 575 35 575 35 575 35 575 35 575 35 575 35 575 35 575 35 589 35 589 35 589 Mex- Nether- New ico lands Zealand 144 544 33 158 737 33 62 796 33 142 865 33 167 844 33 182 700 33 182 700 33 181 700 180 744 159 792 159 828 158 847 156 862 154 881 153 910 920 944 956 CO CO CO crcococ coco coc-cococ- Bel- gium Brazil 706 '320 776 321 778 322 929 323 928 324 874 324 876 324 875 324 913 324 946 324 967 324 998 324 1,028 324 1,099 324 1,143 325 1 182 325 1,213 325 1,228 Germany, Federal Greece Republic of 140 10 328 11 626 11 920 11 1,494 10 2,399 13 2,548 13 2,557 13 2,542 13 2,501 n 2,489 2,460 2,492 2,499 2,575 2,581 2,587 2,597 Nor- way 50 52 45 45 50 45 45 46 45 45 45 43 43 43 33 43 33 43 33 43 33 43 coco Canada Chile Co- lombia 896 42 76 996 42 86 1,080 42 86 1,141 44 86 1,113 46 57 1,136 40 58 1 136 40 60 1,127 40 61 1,115 40 62 1,116 40 63 1 O8£ 40 64 1,096 40 65 1,101 40 65 1,089 40 66 1 086 40 67 I 096 40 68 1,088 40 69 088 Guate- Indo- mala India nesia 27 247 235 27 247 145 27 247 81 27 247 81 27 247 45 27 247 41 27 247 41 27 247 41 27 247 39 27 247 39 27 247 39 27 247 39 27 247 38 27 247 38 27 247 38 27 247 38 247 38 38 P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l u- 38 46 9 286 38 36 9 361 38 35 9 429 48 35 16 428 49 35 22 448 49 35 20 467 49 28 20 464 49 28 20 469 49 28 6 461 49 28 6 454 49 20 7 454 49 20 8 454 49 20 8 454 49 20 10 474 49 20 11 474 49 20 12 474 49 20 13 486 49 20 486 Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 1361 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Bank Euro- E m n o d n t o h f E v l a d S o a r l- A So fr u ic th a Sweden Sw la i n tz d er- Syria2 T la h n a d i- Turkey U K d n o in i m t g e 4 - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n o tt t r l 'l e- m p P e e a a n y n t - s ments Union 1952—Dec 29 170 184 ,411 14 113 143 1,846 207 373 12 196 158 1953—Dec 29 176 218 ,459 14 113 143 2,518 227 373 13 193 153 1954—Dec 29 199 265 ,513 17 113 144 2,762 227 403 14 196 153 1955—Dec 28 212 276 ,597 19 112 144 2,120 216 403 16 217 244 1956_Dec 28 224 266 ,676 19 112 144 2,133 186 603 17 179 268 1957_Sept 31 215 235 ,725 19 112 144 1,850 183 719 19 138 229 Oct 31 215 226 ,733 19 112 144 2,093 183 719 13 130 Nov 31 218 227 ,718 24 112 144 2,185 183 719 12 143 Dec 31 217 219 ,718 24 112 144 2,273 180 719 13 165 254 1958—Jan 31 206 215 ,727 24 112 144 2,404 180 719 12 171 Feb 31 212 209 ,733 24 112 144 2,539 180 719 12 162 Mar 31 193 203 ,720 24 112 144 2,770 180 719 14 182 * * * i 26 * Apr 31 179 203 ,770 24 112 144 2,914 180 719 14 212 May 31 161 203 ,836 24 112 144 3,039 180 720 14 254 June 31 159 204 ,857 24 112 144 3,076 180 720 14 200 126 July 31 167 204 ,907 112 144 3,084 180 14 167 Aug 31 180 204 ,929 144 3,089 180 14 171 Sept 31 188 204 ,934 144 3,120 180 187 v Preliminary. 3 Represents holdings of Bank of France (holdings of French Exchange 1 Excludes U.S.S.R. and other Eastern European countries. Stabilization Fund are not included). Represents reported gold holdings of central banks and governments 4 Exchange Equalization Account holdings of gold and of United and international institutions, unpublished holdings of various central States and Canadian dollars, as reported by British Government. (Gold banks and governments, estimated holdings of British Exchange Equaliza- reserves of Bank of England have remained unchanged at $1 million tion Account based on figures shown for United Kingdom, and esti- since 1939, when Bank's holdings were transferred to Exchange Equalizamated official holdings of countries from which no reports are received. tion Account.) 2 Part of the United Arab Republic since February 1958. GOLD PRODUCTION [Tn millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated world Year or production Africa North and South America Other month Total U.S.S.R.) A So fr u i t c h a R de h s o ia - Ghana B C e o l n gi g a o n U S n ta it t e e d s 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 l s ia 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 69.0 142.4 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 Aug 81.3 51.1 1.5 2.4 1.1 5.8 12.6 .9 .6 .4 .5 .8 3.0 .5 Sept 81.0 50.3 6 2.4 1.2 5.7 13.1 1.2 .6 .3 .2 .9 3 1 .5 Oct 83.5 50.9 1.6 2.4 1.1 6.5 13.9 1.2 .6 .3 .4 .8 3.1 .5 Nov 279.0 49.8 6 2.4 1.0 5.1 13.1 .6 .3 .2 1.1 3.2 .5 Dec 278 0 49.0 6 2.4 .9 5.5 12 9 .5 .3 .2 .9 3 3 .5 1958 Jan 49.6 S 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 6 2.5 .9 4.3 13.7 .5 .4 .9 3.0 .5 Apr.... 50.3 L6 2.4 1.2 4.5 13.4 .6 .3 1.0 2.9 .5 May 51.6 6 2.4 1.0 4.6 13.3 .6 .4 1.1 June 50.7 6 2.5 1.4 4.9 r13.4 .6 .3 1.2 July 52.5 2.5 .9 6.1 13.2 .7 .4 Aug . . 52.5 2.5 1.2 5.4 12.8 .7 r Revised. Ghana, Belgian Congo and Brazil, data for which are from American 1 Gold exports, representing about 90 per cent of total production. Bureau of Metal Statistics. For the United States, annual figures are from the U. S. Bureau of the Mint and monthly figures are from American 2 Excluding Mexico. Bureau of Metal Statistics. Sources.—World production: estimates of U. S. Bureau of Mines. Production reported monthly: reports from individual countries except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1362 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 Sept. Dec Mar. June Sept Gold 1,148 1,177 1,180 1,238 1,242 D O o th ll e a r r c d u e r p re o n s c it i s e s a n a d n d U s . e S cu . r s i e t c ie u s r 1 ities 5 8 2 5 4 8 6 8 0 1 2 3 7 6 6 8 7 3 9 7 1 5 7 2 9 7 0 4 0 7 I C n u v r e r s e t n m c e ie n s ts :1 9 200 200 200 200 200 Effective loans2 2,549 2,606 2,795 2,829 2,999 United States 992 811 769 696 664 Other assets3 76 75 90 93 91 Other 5,777 5,948 5,992 6,060 6,119 Unpaid member subscriptions 818 874 874 898 873 IBRD bonds outstanding 1,141 1,269 1,405 1,658 1,687 Other assets 6 Undisbursed loans 676 620 699 675 753 Other liabilities 20 21 24 27 27 Member subscriptions 8,941 9,016 9,016 9,088 9,088 Reserves 303 319 335 350 366 Accumulated net income. 2 3 (10) (10) Capital 1,867 1,867 1,872 1,881 1,904 Reserves and liabilities. . . 4 12 18 Loans by country, Sept. 30, 1958 Quota Cumulative net drawings on the Fund Outstanding Country Area and member country4 Paid 1957 1958 Prin- Dis- Re- Total in cipal bursed paid Sold gold Total to Aug. Aug. others5 Argentina 150 38 75 75 Continental Western Europe, Belgium 225 56 50 50 total 1,282 1,103 215 889 103 Bolivia 10 3 7 8 Austria 67 57 57 2 Brazil 150 38 38 113 Belgium and Luxembourg.., 173 143 17 126 31 Burma 15 1 15 15 Denmark 40 40 4 36 2 Finland 65 56 12 44 2 Chile 50 9 25 40 France 267 267 21 246 13 Colombia 50 13 25 35 Italy 238 128 2 126 20 Denmark 68 6 34 9 Netherlands 236 236 147 90 30 France 525 108 263 394 Norway 75 58 1 57 2 Haiti 8 2 1 Turkey 61 58 4 54 Yugoslavia 61 61 53 India 400 28 200 200 Indonesia 110 16 55 55 Sterling area, total 1,361 957 110 847 113 Iran 35 9 25 17 A Ce u y s l t o ra n lia 3 2 1 5 8 30 1 5 2 25 28 1 1 2 33 I J s a r p a a e n l 25 8 0 6 2 3 12 4 5 12 4 5 India 507 294 28 266 29 Pakistan 126 63 13 51 4 Netherlands 275 69 64 Union of S. Africa 160 152 33 119 22 Paraguay 8 2 6 United Kingdom 193 112 5 107 26 Philippines 15 4 15 Other 32 19 6 13 Turkey 43 11 43 Union of South Latin America, total 804 626 83 544 23 Africa 100 25 36 C C B h o ra i l l z o e i m l bia 1 1 7 1 8 4 1 2 1 4 9 6 1 6 8 2 2 1 2 7 1 7 3 4 4 4 6 ( 2 6 1 ) Un p i u te b d li c Arab Re- 60 10 30 30 E El c u S a a d lv o a r dor 2 3 4 3 2 9 3 (6) 2 9 1 ( ( 6 6 ) ) U U n n i i t t e e d d S K ta in te g s dom. 2 1 , ,3 7 0 5 0 0 2 6 3 8 6 8 1,7 5 8 6 3 2 H-2,0 5 6 5 0 0 Mexico 186 152 13 139 8 Yugoslavia 60 8 23 Nicaragua 23 19 5 14 1 Peru 62 37 4 33 3 Uruguay 64 50 7 43 2 Notes to tables on international institutions: Other 45 33 2 30 3 1 Currencies include demand obligations held in lieu of deposits. 2 Represents principal of authorized loans, less loans not yet effective, Asia (excluding Sterling area), repayments, the net amount outstanding on loans sold or agreed to be total 509 233 224 17 sold to others, and exchange adjustment. Iran 75 75 75 5 3 Excludes uncalled portions of capital subscriptions. Japan 244 110 106 9 4 Loans to dependencies are included with member. Lebanon 27 2 2 5 Includes also effective loans agreed to be sold but not yet disbursed. Malaya 36 6 Less than $500,000. Philippines 21 7 Includes $336 million in loans not yet effective. Thailand 107 8 Includes $236 million not guaranteed by the Bank. 9 U. S. Treasury bills purchased with proceeds of sales of gold. Africa (excluding Sterling 1 ° Transferred to general reserve. area), total 1! Represents sales of U. S. dollars by the Fund to member countries Ethiopia for local currencies, less repurchases of such currencies with dollars. Sudan Total 74,019 2,930 418 2,512 8257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 1363 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1955 1956 1957 1958 Exports of goods and services, total1 4,930 4,856 5,462 5,347 5,952 5,698 6,521 6,698 6,944 6,252 6,582 5,577 5,866 Merchandise 3,561 3,398 3,851 3,954 4,412 4,096 4,859 5,096 5,143 4,447 4,641 4,053 4,181 Services2 1,369 1,458 1,611 1,393 1,540 1,602 1,662 1,602 1,801 1,805 1,941 1,524 1,685 Imports of goods and services, total... 4,498 4,643 4,652 4,855 5,043 5,069 4,843 5,027 5,289 5,299 5,092 4,850 5,116 Merchandise 2,808 2,825 3,119 3,254 3,172 3,154 3,211 3,298 3,342 3,266 3,385 3,143 3,171 Services 913 1,126 838 859 1,041 1,262 947 880 1,071 1,340 1,005 878 1,078 Military expenditures 777 692 695 742 830 653 685 849 876 693 702 829 867 Balance on goods and services1 432 213 810 492 909 629 1,678 1,671 1,655 953 1,490 727 750 Unilateral transfers (net) 3 -638 -514 -590 -567 -616 -517 -632 -561 -665 -506 -575 -547 -584 Private remittances and pensions... -142 -141 -154 -151 -157 -158 -171 -170 -173 -172 -179 -168 -163 Government nonmilitary grants.... -496 -373 -436 -416 -459 -359 -461 -391 -492 -334 -396 -379 -421 U. S. long- and short-term capital (net)3 -593 -244 -567 -550 -891 -985 -1,180 -1,095 -1,557 -551 -971 -927 -1,249 Private, total -427 -195 -549 -417 -683 -801 -1,079 -840 -1,363 -410 -598 -684 -1,074 Direct investment -279 -136 -272 -288 -342 -512 -697 -402 -993 -339 -338 -159 -454 Portfolio and short-term investment -148 -59 -277 -129 -341 -289 -382 -438 -370 -71 -260 -525 -620 Government -166 -49 -18 -133 -208 -184 -101 -255 -194 -141 -373 -243 -175 Foreign capital and gold (net) 560 507 218 621 445 661 -189 -377 305 -256 164 577 1,055 Increase in foreign short-term assets and Government securities 440 416 168 508 391 678 -275 -195 503 -247 212 188 -32 Increase in other foreign assets.... 86 106 58 125 157 147 113 166 127 18 50 19 12 Gold sales by United States 34 -15 -12 -103 -164 -27 -348 -325 -27 370 1,075 Errors and omissions 239 38 129 153 212 323 362 262 360 -108 170 28 Preliminary. 2 Including military transactions. 1 Excluding military transfers under grants. 3 Minus sign indicates net outflow. 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 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - 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 41/4-61/1 1.50 1956—Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 3.23 4%-6*4 1.50 1957 Sept 3.94 2.96 5.40 5.42 4.33 3.80 5.77 4.86 3.64 5*4-8 2.50 Oct 3.84 3.57 6.81 6.60 5.53 5.00 4.94 4.87 3.75 534-8 2.50 Nov 3.66 3.52 6.78 6.54 5.63 5.00 4.87 4.66 3.35 5*4-8 2.50 Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 4.64 3.33 5*4-8 2.50 1958 Jan 3.54 3.34 6.51 6.27 5.56 5.00 5.17 4.43 3.50 5*4-8 2.50 Feb 2.99 3.05 6.17 6.02 5.57 5.00 5.25 3.88 3.26 5*4-8 2.50 Mar 2.44 2.61 5.98 5.78 5.23 4.65 5.96 3.14 2.77 5*4-8 2.50 Apr 1.65 1.64 5.47 5.28 4.71 4.00 6.78 3.18 2.93 5*4-8 2.50 May 1.56 1.55 5.24 5.02 4.53 3.85 10.04 2.97 2.39 5i4-7Vi 2.50 1.75 1.72 4.65 4.45 3.95 3.30 7.51 2.90 2.34 2.50 July 1.31 1.18 4.31 4.15 3.62 3.00 6.85 2.88 2.49 5^4-7/4 2.50 1.29 .67 3.98 3.81 3.36 2.70 6.97 2.62 2.08 51/4—7 Vi 2.50 Sept 2.02 .48 3.82 3.65 3.17 2.50 2.62 2.16 51/4-71/2 2.50 1 Based on average yield of weekly tenders during the month. 3 Beginning January 1957, rate shown is on private securities. Previous 2 Based on weekly averages of daily closing rates. figures are averages of rates on government and private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1364 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Changes during the last 12 months Rate as of Oct. 31, 1957 Rate Country 1957 1958 as of Oct. 31, Per Month 1958 cent effective Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Argentina 2 3.5 Oct. 1948 6.0 6.0 Austria 5.0 Nov. 1955 5.0 Belgium 4.5 July 1957 4.25 4.6 3.75 3.5 3.5 Brazil 6.0 May 1955 10.0 10.0 Burma 3.0 Feb. 1948 3.0 Canada3 4.05 Oct. 1957 3.83 3.87 3.50 3.11 2.52 1.62 1.79 1.97 1.12 1.74 2.52 3.08 3.08 Ceylon 2.5 June 1954 2.5 Chile 2 . . . 6.0 Feb. 1957 6.0 Colombia 2 4.0 July 1933 4.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 4.5 Nov. 1956 5.5 5 5 Denmark 5.5 May 1955 5.0 4.5 4.5 Ecuador .. 10.0 May 1948 10.0 3.0 Nov. 1952 3.0 El Salvador2 4.0 Apr. 1957 4.0 Finland 2 6.5 Apr. 1956 6.5 France 5.0 Aug. 1957 4.5 4.5 4 0 Sept. 1957 3.5 3.0 3.0 10.0 May 1956 10.0 Honduras ^ 2.0 Jan. 1953 2 0 Iceland 7.0 Apr. 1952 7 0 India 5 4.0 May 1957 4 0 3.0 Apr. 1946 3.0 Iran 4.0 Aug. 1948 4.0 Ireland 6.0 Sept. 1957 5.5 5.0 4.5 4.5 Israel 6 0 Feb. 1955 6.0 Italy 4.0 Apr. 1950 3.5 3.5 Japan2 8.4 May 1957 7 67 7 3 7.3 Mexico 4.5 June 1942 4.5 Netherlands . 5.0 Aug. 1957 4.5 4.0 3.5 3.5 New Zealand 7.0 Oct. 1955 7.0 6.0 Apr. 1954 6.0 Norway 3 5 Feb. 1955 3.5 Pakistan 3.0 July 1948 3.0 Peru2 6.0 Nov. 1947 6.0 Philippines 4.5 Sept. 1957 4.5 Portugal 2.0 Jan. 1944 2.0 South Africa 4.5 Sept. 1955 4.5 Spain 5.0 July 1957 5.0 Sweden 5.0 July 1957 4.5 4.5 2.5 May 1957 2.5 Thailand 7.0 Feb. 1945 7.0 Turkey 6.0 June 1956 6.0 United Kingdom 7.0 Sept. 1957 6.0 5.5 5.0 4.5 4.5 Venezuela 2.0 May 1947 2.0 1 Rates shown represent mainly those at which the central bank either Cuba—4.5 per cent for sugar loans and 4 per cent for loans secured by discounts or makes advances against eligible commercial paper and/or national public securities; El Salvador—3 per cent for agricultural and government securities for commercial banks or brokers. For countries industrial paper and 2 per cent for special cases; Finland—rates ranging with more than one rate applicable to such discounts or advances, the up to 7.25 per cent for longer term paper (rate shown is for 3 months rate shown is the one at which the largest proportion of central bank commercial paper); Indonesia—various rates depending on type of paper, credit operations is understood to be transacted. In certain cases other collateral, commodity involved, etc.; Japan—penalty rates (exceeding rates for these countries are given in note 2. the basic rate shown) for borrowings from the Central bank in excess 2 Discounts or advances at other rates include: Argentina—3 and 5 of an individual bank's quota; and Peru—4 per cent for industrial paper per cent for certain rural and industrial paper, depending on type of and mining paper, and 3 per cent for most agricultural paper. transaction; Brazil—8 per cent for secured paper and 4 per cent for 3 Since Nov. 1, 1956, the discount rate has been set each week at certain agricultural paper; Chile—rates of more than 6 per cent for l/4 of one per cent above the latest average tender rate for Treasury bills; rediscounts in excess of 50 per cent of the rediscounting bank's capital end-of-month rate shown. and reserves, and 2 and 4 per cent for certain types of agricultural paper; 4 Rate shown is for advances only. Colombia—3 per cent for agricultural paper and for loans on products 5 Since May 16, 1957, this rate applies to advances against commercial in bonded warehouses; Costa Rica—5 per cent for paper related to com- paper as well as against government securities and other eligible paper. mercial transactions (rate shown is for agricultural and industrial paper); Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 1365 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 tralia Austria Belgium Canada Ceylon mark Prefer- (pound) (schilling) (franc) (dollar) (rupee) (krone) 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—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 Oct.. 5.556 1.656 223.67 3.8536 2.0061 103.005 21.049 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 *286 4.2376 23.798 20.910 279.32 .2779 32.527 8.006 1957—Oct.. .3118 .2858 .2375 23.800 20.940 279.98 .2779 32.556 T8.006 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 F8.006 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 Oct.. .3118 .2381 23.892 21.029 280.70 .2779 32.744 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r a u t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w 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 n i 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_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. 26.409 277.73 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 Oct.. 26.508 277.93 14.008 49.695 3.4900 279.66 2.3810 19.328 23.300 280.70 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 EXAMINATIONS MERRITT SHERMAN, Secretary ROBERT C. MASTERS, Director KENNETH A. KENYON, Assistant Secretary C. C. HOSTRUP, Assistant Director CLARKE L. FAUVER, Assistant Secretary FRED A. NELSON, Assistant Director LEGAL DIVISION GLENN M. GOODMAN, Assistant Director HOWARD H. HACKLEY, General Counsel HENRY BENNER, Assistant Director FREDERIC SOLOMON, Assistant General Counsel JAMES C. SMITH, Assistant Director DAVID B. HEXTER, Assistant General Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve G. HOWLAND CHASE, Assistant General Counsel Examiner THOMAS J. O'CONNELL, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser GUY E. NOYES, Adviser ROLAND I. ROBINSON, Adviser DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Associate Adviser JOSEPH E. KELLEHER, Director ALBERT R. KOCH, Associate Adviser KENNETH B. WILLIAMS, Associate Adviser LEWIS N. DEMBITZ, Research Associate OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser OFFICE OF THE CONTROLLER ROBERT L. SAMMONS, Associate Adviser J. J. CONNELL, Controller DIVISION OF BANK OPERATIONS SAMPSON H. BASS, Assistant Controller ROBERT F. LEONARD, Director JOHN R. FARRELL, Associate Director OFFICE OF DEFENSE PLANNING GERALD M. CONKLING, Assistant Director M. B. DANIELS, Assistant Director INNIS D. HARRIS, Coordinator 1367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1368 FEDERAL RESERVE BULLETIN • NOVEMBER 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. Shepcrd 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 1369 District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued Alfred Hayes, President William F. Treiber, First Vice President Vice Presidents H. A. Bilby Robert V. Roosa I. B. Smith, in charge John Exter Robert G. Rouse of Buffalo Branch M. A. Harris Walter H. Rozell, Jr. T. G. Tiebout H. H. Kimball V. Willis H. V. Roelse R. B. Wiltse BUFFALO BRANCH—BOARD OF DIRECTORS Vernon Alexander Daniel M. Dalrymple John W. Remington Leland B. Bryan Raymond E. Olson E. Perry Spink Ralph F. Peo, Chairman District 3—FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS Henderson Supplee, Jr., Chairman and Federal Reserve Agent Lester V. Chandler, Deputy Chairman William B. Brosius Walter E. Hoadley, Jr. R. Russell Pippin Bayard L. England Lindley S. Hurff Geoffrey S. Smith Charles E. Oakes Karl R. Bopp, President Robert N. Hilkert, First Vice President Vice Presidents Joseph R. Campbell David P. Eastburn J. V. Vergari W. M. Catanach Murdoch K. Goodwin 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 John T. Ryan, Jr. Chairman Douglas M. Moorhead Irving W. Wilson Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1370 FEDERAL RESERVE BULLETIN • NOVEMBER 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 DIRECTORS George H. Aull Charles D. Parker G. G. Watts William H. Grier, Chairman Ernest Patton T. Henry Wilson I. W. Stewart District 6—FEDERAL RESERVE BANK OF ATLANTA BOARD OF DIRECTORS Walter M. Mitchell, Chairman and Federal Reserve Agent Harllee Branch, Jr., Deputy Chairman Roland L. Adams William C. Carter Joseph T. Lykes W. C. Bowman Henry G. Chalkley, Jr. Pollard Turman Donald Comer Malcolm Bryan, President Lewis M. Clark, First Vice President Vice Presidents J. E. Denmark J. E. McCorvey L. B. Raisty H. C. Frazer, in charge of R. E. Moody, Jr., in charge Earle L. Rauber Birmingham Branch of Nashville Branch S. P. Schuessler T. A. Lanford, in charge of Harold T. Patterson M. L. Shaw, in charge Jacksonville Branch of New Orleans John L. Liles, Jr. Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Robert M. Cleckler R. J. Murphy John E. Urquhart, Chairman E. W. McLeod John C. Persons Adolph Weil, Sr. Selden Sheffield JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James G. Garner Harry M. Smith, Chairman W. E. Ellis C. B. McLeod McGregor Smith J. Wayne Reitz Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1371 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

1372 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 District &—FEDERAL RESERVE BANK OF ST, LOUIS -CoBttaued 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

1373 FEDERAL RESERVE BANKS AND BRANCHES District 10—FEDERAL RESERVE BANK OF KANSAS CTTY-CoatiBued 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

1374 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Condnoed LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick Leonard K. Firestone, Joe D. Paxton Robert J. Cannon Chairman James E. Shelton PORTLAND BRANCH—BOARD OF DIRECTORS Warren W. Braley John B. Rogers William H. Steiwer, Sr., Chairman J. H. McNally C. B. Stephenson SALT LAKE CITY BRANCH—BOARD OF DIRECTORS George S. Eccles Oscar Hiller Joseph Rosenblatt, Chairman Russell S. Hanson Geo. W. Watkins SEATTLE BRANCH—BOARD OF DIRECTORS Henry N. Anderson Lyman J. Bunting, Joshua Green, Jr. James Brennan Chairman S. B. Lafromboise Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 747-750 of the June 1958 Bulletin. THE FEDERAL RESERVE SYSTEM—PURPOSES AND Reserve Bulletin, single copies 60 cents each or FUNCTIONS. April 1954. 208 pages. in quantities of 10 or more for single shipment 50 cents each; elsewhere 70 cents each. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. THE FEDERAL RESERVE ACT, as amended through December 31, 1956, with an Appendix con- FEDERAL RESERVE BULLETIN. Monthly. Sub- taining provisions of certain other statutes afscription price in the United States and its pos- fecting the Federal Reserve System. 385 pages. sessions, Bolivia, Canada, Chile, Colombia, $1.00. Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, FLOW OF FUNDS IN THE UNITED STATES, 1939-53. Mexico, Nicaragua, Panama, Paraguay, Peru, A new accounting record designed to picture El Salvador, Uruguay, and Venezuela is $6.00 the flow of funds through the major sectors of per annum or 60 cents per copy; elsewhere the national economy. December 1955. 390 $7.00 per annum or 70 cents per copy. Group pages. $2.75. subscriptions in the United States for 10 or more copies to one address, 50 cents per copy A STATISTICAL STUDY OF REGULATION V LOANS. September 1950. 74 pages. 25 cents per copy; per month, or $5.00 for 12 months. in quantities of 10 or more copies for single shipment, 15 cents each. FEDERAL RESERVE CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS. Monthly. Annual BANKING AND MONETARY STATISTICS. Statistics of subscription includes one issue of Historical banking, monetary, and other financial develop- Supplement. Subscription price in the United ments. November 1943. 979 pages. $1.50. States and the countries listed above is $6.00 per annum, 60 cents per copy, or 50 cents each RULES OF ORGANIZATION AND RULES OF PROCEin quantities of 10 or more of a particular DURE—Board of Governors of the Federal Reissue for single shipment; elsewhere $7.00 per serve System. 1946. 31 pages. annum or 70 cents each. REGULATIONS OF THE BOARD OF GOVERNORS OF HISTORICAL SUPPLEMENT TO FEDERAL RESERVE THE FEDERAL RESERVE SYSTEM. CHART BOOK. Issued annually in September. Annual subscription to monthly chart book in- ADMINISTRATIVE INTERPRETATIONS OF REGULAcludes one issue of Supplement. In the United TION F—SECTION 17—COMMON TRUST FUNDS. States and countries listed above under Federal 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President, are being distributed through the Superintendent of Documents. Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00 Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60 Part III—Views on Regulation, $1.00 Part IV—Financing New Car Purchases, $.60 Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C. 1375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1376 FEDERAL RESERVE BULLETIN • NOVEMBER 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 BANKING AND MONETARY STATISTICS, 1957. Sepages. lected 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 July 1957 BULLETIN.) DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised Indexes). No- SEASONAL FACTORS AFFECTING BANK RESERVES. February 1958. 12 pages. vember 1953. 65 pages. INTERNATIONAL GOLD AND DOLLAR FLOWS. FEDERAL RESERVE MONTHLY INDEX OF INDUS- March 1958. 7 pages. TRIAL PRODUCTION, 1953 Revision. December 1953. 90 pages. 1958 SURVEY OF CONSUMER FINANCES. PRELIMI- NARY FINDINGS. March 1958. 4 pages. Pur- NEW INDEXES OF OUTPUT OF CONSUMER DURchases of Durable Goods. July 1958. 16 ABLE GOODS. May 1954. 15 pages. pages. The Financial Position of Consumers. SEASONAL ADJUSTMENT FACTORS FOR DEMAND September 1958. 31 pages. (Similar Surveys DEPOSITS ADJUSTED AND CURRENCY OUTSIDE are available for earlier years from 1952, 1953, BANKS. March 1955. 4 pages. 1954, 1955, 1956, and 1957 BULLETINS.) A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- MEMBER BANK LENDING TO SMALL BUSINESS, COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- 1955-57. April 1958. 19 pages. ber 1955. 40 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SURVEY OF BANK LOANS FOR COMMERCIAL AND SALES. April 1958. 10 pages. INDUSTRIAL PURPOSES. Business Loans of GROWTH AND STRUCTURE OF TIME DEPOSITS. Member Banks. April 1956. 14 pages. Credit April 1958. 5 pages. Lines and Minimum Balance Requirements. OWNERSHIP OF DEMAND DEPOSITS. May 1958. 3 June 1956. 7 pages. (Reprints on a similar pages. (Also, similar reprint from May 1957 Survey are available from March, May, June, BULLETIN.) July, and August 1947 BULLETINS.) SURVEY OF COMMON TRUST FUNDS, 1957. May FINANCING OF LARGE CORPORATIONS, 1951-55. 1958. 5 pages. (Also, similar reprints from June 1956. 9 pages. August 1956 and June 1957 BULLETINS.) REVISION OF CONSUMER CREDIT STATISTICS. Oc- THE BATTLE AGAINST RECESSION. May 1958. 8 tober 1956. 24 pages. (Also, similar reprint pages. from April 1953 BULLETIN.) MONEY AND CREDIT IN THE RECESSION. July 1958. INDEX OF ELECTRICITY AND GAS OUTPUT. Oc- 7 pages. tober 1956. 15 pages. THE BALANCE SHEET OF AGRICULTURE, 1958. AGRICULTURAL LOAN SURVEY. November 1956 August 1958. 9 pages. and January, February, and March 1957 BUL- INTEREST RATES IN LEADING COUNTRIES. Sep- LETINS. 52 pages. tember 1958. 8 pages. UNITED STATES BANKING ORGANIZATION ABROAD. THE 1957-58 RECESSION IN WORLD TRADE. Oc- December 1956. 16 pages. tober 1958. 8 pages. SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. OPEN MARKET OPERATIONS IN LONG-TERM SE- April 1957. 20 pages. CURITIES. November 1958. 15 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptance, bankers', 1308, 1309 Department stores: Agricultural loans of commercial banks, 1304, 1306 Merchandising data, 1339 Agriculture, Govt. agency loans, 1312, 1313 Sales and stocks, 1328, 1338 Assets and liabilities {See also Foreign liabilities and Deposits {See also specific types of deposits): claims reported by banks): Adjusted, and currency, 1300 Banks and the monetary system, consoli- Banks, by classes, 1301, 1305, 1307 dated, 1300 Federal Reserve Banks, 1295, 1296, 1357 Corporate, current, 1320 Postal savings, 1300 Domestic banks, by classes, 1301, 1304, 1306 Turnover of, 1298 Federal business-type activities, Deposits, reserves, and borrowings, by class of memby fund or activity, 1312, 1313 ber bank, 1293 Federal Reserve Banks, 1295, 1296 Discount rates, 1294, 1364 Automobiles: Discounts and advances by Federal Reserve Consumer instalment credit, 1324, 1325, Banks, 1291, 1295 1326, 1344 Dividends, corporate, 1319, 1320 Production index, 1330, 1334 Dollar assets, foreign, 1357, 1359 Dwelling units started, 1335 Bankers' balances, 1305, 1307 {See also Foreign liabilities and claims reported Earnings and expenses, member banks, 1346 by banks) Earnings and hours, manufacturing indus- Banks and the monetary system, consolidated state- tries, 1328, 1337 ment, 1300 Employment, 1328, 1336, 1337 Bonds {See also U. S. Govt. securities): Export-Import Bank, loans, etc., 1312, 1313 New issues, 1318, 1320 Farm mortgage loans, 1312, 1321, 1322 Prices and yields, 1309, 1310 Federal business-type activities, assets, and liabilities, Brokers and dealers in securities, bank by fund or activity, 1312, 1313 loans to, 1304, 1306 Federal Deposit Insurance Corporation, Business expenditures on new plant and equipassets, etc., 1312, 1313 ment, 1320 Federal finance: Business indexes, 1328 Cash transactions, 1314 Business loans {See Commercial and industrial loans) Receipts and expenditures, 1315 Treasurer's balance, 1314 Capital accounts: Federal home loan banks, loans, etc., 1312, 1313, 1323 Banks, by classes, 1301, 1305, 1307 Federal Housing Administration, Federal Reserve Banks, 1295, 1296 loans, etc., 1312, 1313, 1321, 1322, 1323 Carloadings, 1328 Federal National Mortgage Association, Central banks, foreign, 1360, 1364 loans, etc., 1312, 1313, 1323 Coins, circulation of, 1299 Federal Reserve Banks: Commercial banks: Condition statement, 1295, 1296 Assets and liabilities, 1301, 1304 U. S. Govt. securities held Consumer loans held, by type, 1325, 1344 by, 1291, 1295, 1296, 1316, 1317 Number, by classes, 1301 Federal Reserve credit, 1291, 1295, 1296 Real estate mortgages held, by type, 1321 Federal Reserve notes, 1295, 1296, 1297, 1299 Commercial and industrial loans: Finance company paper, 1308, 1309 Commercial banks, 1304 Foreign central banks, 1360, 1364 Weekly reporting member banks, 1306, 1308 Foreign deposits in U. S. Commercial paper, 1308, 1309 banks, 1291, 1295, 1296, 1300, 1305, 1307 Commodity Credit Corporation, loans, etc., 1312, 1313 Foreign exchange rates, 1365 Condition statements {See Assets and liabilities) Foreign liabilities and claims reported by Construction, 1328, 1334, 1335 banks, 1350, 1352, 1355, 1357 Consumer credit: Foreign trade, 1339 Instalment credit, 1324, 1325, 1326, 1327, 1344 Major parts, 1324, 1326, 1344 Gold: Noninstalment credit, by holder, 1325, 1344 Earmarked, 1358 Consumer durable goods output indexes, 1334 Net purchases by U. S., 1358 Consumer price indexes, 1328, 1340 Production, 1358, 1361 Consumption expenditures, 1342, 1343 Reserves of central banks and governments, 1360 Corporate sales, profits, taxes, and divi- Reserves of foreign countries and international dends, 1319, 1320 institutions, 1359 Corporate security issues, 1318, 1320 Stock, 1291, 1300, 1358 Corporate security prices and yields, 1309, 1310 Gold certificates, 1295, 1296, 1297, 1299 Cost of living {See Consumer price indexes) Govt. debt {See U. S. Govt. securities) Currency in circulation, 1291, 1299 Gross national product, 1342, 1343 Customer credit, stock market, 1310, 1347 Home owners, Govt. agency loans, 1312, 1313 Debits to deposit accounts, 1298 Hours and earnings, manufacturing indus- Demand deposits: tries, 1328, 1337 Adjusted, banks and the monetary system, 1300 Industrial advances by Federal Reserve Adjusted, commercial banks, by classes, 1305 Banks, 1295, 1296, 1297, 1298 Banks, by classes, 1301, 1307 Industrial production indexes, 1328, 1329, 1334 Type of holder, at commercial banks, 1305 Instalment loans, 1324, 1325, 1326, 1327, 1344 1377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1378 FEDERAL RESERVE BULLETIN • NOVEMBER 1958 Insurance companies, 1311, 1316, 1317, 1322 Regulation V, loan guarantees, 1297, 1298 Insured commercial banks, 1303, 1304 Reserve requirements, member banks, 1294 Interbank deposits, 1301, 1305, 1307 Reserves: Interest rates: Commercial banks, 1305 Bond yields, 1309 Federal Reserve Banks, 1295, 1296 Business loans by banks, 1309 Foreign central banks and governments, 1360 Federal Reserve rates, 1294, 1298 Foreign countries and international institu- Foreign countries, 1363, 1364 tions, 1359 Open market, 1309, 1363 Member banks, 1291, 1293, 1295, 1296, Regulation V loans, 1298 1305, 1307 Stock yields, 1309 Residential mortgage loans, 1321, 1322, 1323 International capital transactions of the U. S., 1350 International financial institutions, 1358, 1359, Sales finance companies, consumer 1360, 1362 loans of, 1324, 1325, 1327, 1344 Inventories, 1343 Savings, 1342 Investments {See also specific types of investments): Savings deposits {See Time deposits) Banks, by classes, 1301, 1304, 1306 Savings institutions, principal assets, 1311 Federal Reserve Banks, 1295, 1296 Savings and loan associations, 1311, 1322 Govt. agencies, etc., 1312, 1313 Securities, international transactions, 1356, 1357 Life insurance companies, 1311 Security issues, 1318, 1320 Savings and loan associations, 1311 Silver coin and silver certificates, 1299 State member banks, 1303 Labor force, 1336 State and municipal securities: Loans {See also specific types of loans): New issues, 1318 Banks, by classes, 1301, 1304, 1306 Prices and yields, 1309, 1310 Federal Reserve Banks, 1291, 1293, 1295, States and political subdivisions: 1296, 1297, 1298 Deposits of, 1305, 1307 Govt. agencies, etc., 1312, 1313 Holdings of U.S. Govt. securities, 1316 Insurance companies, 1311, 1322 Ownership of obligations of, 1304, 1311 Savings and loan asociations, 1311, 1322 Stock market credit, 1310, 1347 Loans insured or guaranteed, 1297, 1321, 1322, 1323 Stocks: New issues, 1318 Manufacturers, production indexes, 1328, 1329, 1334 Prices and yields, 1309, 1310 Margin requirements, 1294 Member banks: Tax receipts, Federal, 1315 Assets and liabilities, by classes, 1301, 1304 Time deposits, 1293, 1300, 1301, 1305, 1307 Borrowings at Federal Reserve Banks, 1291, 1293 Treasurer's account balance, 1314 Deposits and reserves, by classes, 1293 Treasury cash, 1291, 1300 Earnings and expenses, 1346 Treasury currency, 1291, 1299, 1300 Number, by classes, 1301 Treasury deposits, 1291, 1295, 1296, 1314 Reserve requirements, by classes, 1294 Reserves and related items, 1291 Unemployment, 1336 Weekly reporting series, 1306 U. S. balance of payments, 1363 Minerals, production indexes, 1328, 1329 U. S. Govt. balances: Money rates {See Interest rates) Commercial bank holdings, by classes, 1305, 1307 Mortgages {See Real estate loans) Consolidated monetary statement, 1300 Mutual savings banks, 1300, 1301, 1303, 1316, Treasury deposits at Federal Reserve 1317, 1321 Banks, 1291, 1295, 1296, 1314 National banks, 1303 U. S. Govt. securities: National income, 1342 Bank holdings, 1300, 1301, 1304, 1306, National security expenditures, 1315, 1343 1316, 1317 Nonmember banks, 1295, 1303, 1304 Federal Reserve Bank holdings, 1291, 1295 1296, 1316, 1317 Payrolls, manufacturing, index, 1328 Foreign and international holdings, 1359 Personal income, 1343 International transactions, 1356, 1357 Postal Savings System, 1300 New issues, gross proceeds, 1318 Prices: Outstanding, by type of security, 1316, 1317 Consumer, 1328, 1340 Ownership of, 1316, 1317 Security, 1310 Prices and yields, 1309, 1310 Wholesale commodity, 1328, 1340 United States notes, outstanding and in circula- Production, 1328, 1329, 1333, 1334 tion, 1299 Profits, corporate, 1319, 1320 Utility output index, 1333 Real estate loans: Veterans Administration, loans, etc., 1312, 1313, Commercial banks, 1304, 1306, 1321 1321, 1322, 1323 Type of mortgage holder, 1321, 1322, 1323 Type of property mortgaged, 1321, 1322, 1323 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(p THE FEDERAL RESERVE SYSTEM ~o) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Legend — Boundaries of Federal Reserve Districts Boundaries of Federal Reserve BranchTerritories © 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