Federal Reserve Bulletin, 1958-12

FEDERAL RESERVE B U LLETIN December 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 Capital Markets in 1958 1379 Census Benchmark Indexes of Manufacturing Production 1386 Law Department 1389 Current Events and Announcements 1394 National Summary of Business Conditions 1398 Financial and Business Statistics, U. S. (Contents on p. 1401) 1403 International Financial Statistics (Contents on p. 1457) 1458 Board of Governors and Staff 1475 Open Market Committee and Staff; Federal Advisory Council 1476 Federal Reserve Banks and Branches 1476 Federal Reserve Board Publications 1483 Index 1487 Map of Federal Reserve System Inside back cover Volume 44 Number 12 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

DEMAND FOR LONG-TERM FUNDS has moderated in recent months. Exceptionally SELECTED YIELDS large financing in capital markets in the Per cent per annum first half of the year reflected mainly a rise in bond issues by Federal, State, and local governments. Borrowing by business corporations and consumers continued at about \COMMON \ STOCKS / FHA the 1957 level. MORTGAGES _ Since midyear the Treasury has met its V-Y\ financing needs through short-term borrow- r ing. Bond flotations by State and local gov- tt ernments continued in large volume through NEW CORP. « BONDS /^ the summer, but have declined in recent A.' U. S. GOVT. - 3 BONDS months. Corporate financing in securities markets has also been reduced, but mortgage debt has expanded rapidly. The decline in long-term interest rates, which had been very sharp in late 1957, 1 1 i i i ..... 1954 1956 195t ended early in 1958 under the pressure of rising demands for long-term credit. Bond NOTE.—Monthly averages for (1) 500 common stocks (90 before mid-1957) from Standard and Poor's Corporation; (2) yields remained at reduced levels through FHA mortgages, Federal Reserve computations from average prices reported by FHA (series improves in quality after midmidyear, however, in part because of in- 1953; dashed lines indicate periods when averages were adjusting to changes in contract rates); (3) new corporate long-term vestor expectations of prolonged recession bonds, estimated yields from First National City Bank of New York, adjusted to an Aaa basis (figures reflect changes in qualand in part because of the large increase in ity, industrial composition, maturity, and type of offering); and (4) U. S. Government bonds maturing or callable in 10 years funds made available by the commercial or more. banking system. Commercial banks acquired a major share of the long-term debt diminished and the rise in prices of common issued by private and governmental bor- stocks accelerated. Moreover, commercial rowers in the first half of the year, and also bank purchases of securities were reduced. extended large amounts of short-term credit Long-term interest rates increased sharply to finance nonbank purchases of these se- and by early fall were close to or above their curities. previous postwar peaks. Bond market conditions changed rapidly Bond yields have declined somewhat after midyear. As evidence of revival in since then, as demand for long-term funds economic activity cumulated and fears of has moderated. Stock prices have increased renewed inflationary pressures mounted, further and, with dividend payments little investor willingness to acquire or hold bonds changed, average yields on common stocks 1379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1380 FEDERAL RESERVE BULLETIN • DECEMBER 1958 are at the lowest level in two decades and are ruary at a level about one-seventh below below the returns on high-grade bonds. 1957 peaks, yields declined somewhat further in March and April. The decline UNITED STATES GOVERNMENT SECURITIES reflected further expansion in member bank Federal financing needs have increased lending power arising out of Federal Resharply this year, as revenues have de- serve open market operations and reducclined with reduced economic activity and tions in reserve requirements. Continued expenditures have risen. Cash receipts ex- unfavorable economic developments also enceeded payments to the public in the first couraged the market to anticipate further half of the year, as is usual, but the excess easing in credit conditions. of revenues was one-third smaller than a Despite some indications of improvement year earlier. Since June the excess of pay- in economic prospects by late spring, invesments over receipts has been almost two- tors subscribed heavily to bonds offered by thirds larger than it was a year earlier. For the Treasury in June. Many bought on January-October as a whole, there was a margin and financed their purchases with cash deficit of $4.5 billion, compared with short-term credit obtained from commercial a cash surplus of $2 billion in the same banks or from corporations investing temperiod of 1957. porary balances. Large cash surpluses in the first six Market anticipations changed rapidly months of recent years have enabled the around midyear, as evidence of recovery be- Treasury temporarily to add to its cash bal- came more widespread. Bond yields rose, ances and to release funds to financial mar- and sales of large blocks of Treasury bonds kets by retiring Federal debt. This year the by temporary holders accelerated the ad- Treasury added substantially to its cash bal- vance. By early October, yields on longance, but it was a borrower, on balance, term Government bonds reached postwar over the first six months. peak levels. Since then yields have declined Moreover, the maturity distribution of somewhat, as private demands for long-term Treasury debt offerings changed markedly credit have moderated and the Treasury has from that of last year. In all of 1957 the been able to meet its further financing needs Treasury sold only $1.3 billion of long-term through short-term borrowing, mainly from bonds. This year, in financing operations nonbank investors. in February and June, the Treasury issued $15.6 billion of bonds with maturities ex- STATE AND LOCAL SECURITIES ceeding five years. About one-third of these Financing in capital markets by State and offerings were in exchange for outstanding local governments has also increased as debt with original maturity of over five years; shown in the accompanying chart. Longthe remainder was offered in exchange for term debt of these governments increased issues of shorter original maturity or for $4.7 billion in the first three quarters of cash. 1958, two-fifths more than the expansion The large volume of long-term financing during the same period of last year and half in early 1958 checked the decline in Gov- again as much as in 1954, the previous ernment bond yields that had begun in late record. In contrast with the 1953-54 reces- 1957. After stabilizing in January and Feb- sion, when most of the increase in borrowing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1958 1381 the backlog of State and local government LONG - TERM FINANCING bonds authorized but not yet sold declined Billions of dollars only moderately over the first 10 months 16 of the year. When voters approved a large volume of bond proposals submitted at the November elections, the backlog of authorized issues increased to record levels. U S. BONDS STATE AND LOCAL MORTGAGES BONDS Funds became more readily available in the MORTGAGES mortgage market early in 1958. Yields on FHA-insured and conventionally financed COHrOHATE SICUDITIES home mortgages declined only slightly from 1957 1958 late 1957 to mid-1958, but yields on new NOTE.—Net increases in outstanding securities and mortgages. issues of corporate bonds dropped by al- U. S. bonds, Treasury data for issues with original maturity of more than five years, sold for cash or in exchange for obliga- most one-fourth. As the differential between tions with original maturity of five years or less. Corporate securities, Securities and Exchange Commission estimates for yields on competitive capital market instrudomestic corporations plus Federal Reserve estimates of net foreign government and corporate issues sold in the United ments widened, investors responded by in- States. Other series, Federal Reserve estimates. creasing both current mortgage acquisitions was for financing the construction of toll and commitments for future acquisitions. highways, the recent increase has reflected Home mortgage debt rose only moderlargely continued growth of programs for ately in the early months of 1958, however, such community facilities as schools, hospartly because severe weather delayed conpitals, roads, and water and sewage systems. struction starts in many sections of the The rise in borrowing was particularly country and partly because of the time lags sharp in the first half of the year, in part between financing commitment, construcbecause State and local governments retion start, and final closing of loan. Expansponded to the reduced levels of long-term sion in home mortgage debt has been more interest rates by accelerating the financing rapid since midyear although mortgage marof construction programs. They also funded ket conditions have become less easy. Mortshorter term debts and undertook some figage rates have risen less sharply than cornancing that had been deferred in 1957 beporate and municipal bond yields, but both cause of high interest rates. Commercial mortgage lending and construction activity banks purchased a large share of the new have remained high. bond issues. Borrowing costs rose rapidly after mid- Financing of multifamily dwelling conyear, as commercial banks reduced their struction has also increased substantially. purchases of municipal securities and fi- Mortgage debt on commercial and other nancing continued in large volume. In re- business properties has expanded, but only cent months, however, bond flotations have about as rapidly as last year. Growth in slowed considerably and yields have de- total mortgage debt outstanding over the clined from the September highs. first nine months of the year was about one- Despite large sales of new bond issues, tenth more than in the same period of 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1382 FEDERAL RESERVE BULLETIN • DECEMBER 1958 CORPORATE SECURITIES companies have curtailed both capital out- Corporate security financing was large in lays and security financing. Sales and conthe first half of this year but has declined sumer finance companies have also needed since then. Many corporations took ad- less funds, in view of the decline in borrowvantage of the lower level of long-term inter- ing by consumers. On the other hand, sales est rates in early 1958 to improve liquidity of shares by open-end investment companies positions by substituting long-term debt for have been much larger than in 1957, as short- and intermediate-term loans. At the popular interest in the stock market has same time there was an increase in sales of risen. Public utility and communication foreign issues—both corporate and govern- companies have reduced their expenditures mental—to investors in the United States. for plant and equipment only moderately, Since midyear the over-all volume of new and have continued to finance the major issues has moderated as borrowing costs part of such spending through the capital have risen and corporate funds available market. from operations have increased. Most of the increase in outstanding cor- Changes in the volume of domestic se- porate securities has been in the form of curity issues in 1958 have been mainly in debt instruments. New equity offerings by manufacturing and financial industries, as nonfinancial corporations have declined can be seen from the table. Manufacturing sharply, offsetting the rise in conversions of outstanding bonds to stocks and the growth NET INCREASE IN OUTSTANDING CORPORATE in mutual fund shares. SECURITIES, JANUARY—SEPTEMBER While the supply of equity shares in non- [In billions of dollars] financial corporations has expanded much less than in 1957, demand for common Type of issuer or issue 1957 1958 stocks has increased, as have stock prices. At the beginning of 1958, common stock Total 8.8 8.4 prices were almost one-fifth below peaks Type of issuer reached the previous July. The sharp de- Domestic: Nonfinancial: cline in prices in the second half of 1957 Public utility and communications. 3.7 3.9 had been accompanied by substantial reduc- Manufacturing 2.5 1.8 Other 1 0.4 0.6 tion in the use of credit to finance stock Financial: Open-end investment companies. . 0.7 1.1 purchases, and in mid-January 1958 the Other* 1.0 0.1 Board of Governors reduced margin re- Foreign^ 0.4 0.9 quirements to 50 per cent. Type of issue Although economic activity, employment, Bonds 5.9 5.5 Stocks: and corporate earnings were still declining Open-end investment companies.... 0.7 1.1 Conversion of bonds 0.3 1.0 in the early months of 1958, stock prices Other 1.9 0.9 began to increase. By April, the recession low in industrial production, prices had re- 1 Transportation, mining, commercial, and other companies. 2 Finance, real estate, and insurance companies and banks. covered a substantial share of the losses in- 3 Includes net issues by foreign governments and international organizations as well as foreign corporate securities sold in the curred last year. Stock market credit in- United States. NOTE.—Data for domestic corporations are Securities and Exchange creased even more sharply than prices. Commission estimates of new issues less retirements of previously issued securities; data for foreign securities are Federal Reserve estimates based on Treasury Department data. Details may not As economic activity improved, stock add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1958 1383 prices rose more rapidly and by early fall reached record levels. Trading increased SELECTED TYPES OF SAVINGS sharply and stock market credit continued NET INCREASE, JANUARY-SEPTEMBER to expand. To curb excessive use of credit, Billions of dollars the Board of Governors restored margin requirements to 70 per cent early in August. Following a further increase in credit use, margin requirements were raised to 90 per CONSUMER PURCHASES cent in mid-October. Corporations have maintained dividend COMMERCtAl BANK TIME AND SAVINGS payments this year at close to 1957 rates, DEPOSITS despite reduced levels of earnings. With OTHER SAVINGS DEPOSITS AND SHARES stock prices rising and dividends changing INSURANCE AND little, yields on common stocks have declined PENSION FUNDS sharply. The average return on common 1955 1956 1957 1958 stocks has fallen to a level substantially below that offered on a number of alternative NOTE.—Federal Reserve estimates for (1) consumer purchases of securities—net purchases of corporate and State and investments, including United States Gov- local government securities, mortgages, and U. S. Government bonds; (2) commercial banks—time and savings deposits other than those of domestic commercial banks; (3) and insurance ernment and high-grade corporate bonds. and pension funds—net premium income of life insurance companies and net contributions to self-administered corporate pension funds. Other savings deposits and shares—estimated deposits at MAJOR SOURCES OF FUNDS mutual savings banks, from National Association of Mutual Savings Banks; and estimated savings capital at savings and Consumer saving placed in financial in- loan associations, from Federal Savings and Loan Insurance Corporation. stitutions has risen to record levels in 1958, while direct investment of consumers in se- of United States Government securities concurities and mortgages has declined. The trasts with an increase in 1957. sharpest increases in saving through finan- Consumer purchases of corporate and cial institutions have been in time and sav- municipal bonds have been smaller than in ings deposits at commercial and mutual sav- 1957, but holdings of corporate stocks have ings banks and in share accounts at savings increased much more than last year. The and loan associations. The flow of funds rise in equity holdings reflects largely investto life insurance companies and pension ment in mutual funds and exchange of confunds has increased only moderately. vertible bonds for equity shares. Invest- Consumers. The direct flow of consumer ment in mortgages has changed little. saving to capital markets has contracted Insurance and pension funds. Funds availsharply this year, as can be seen in the chart. able for investment by life insurance com- Consumers have continued to add to their panies and pension funds have increased portfolios of corporate and municipal securi- moderately this year, but not so much as ties and mortgages, but have reduced sub- in 1957. Reductions in profits and employstantially their holdings of United States ment during the recession and the lag in re- Government securities. In the third quarter, employment during early phases of the when bond prices fell sharply, consumers recovery have limited growth in employee sold large amounts of Government bonds. pension and insurance systems. The reduction in their aggregate holdings Changes in the composition of life insur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1384 FEDERAL RESERVE BULLETIN • DECEMBER 1958 ance company investments reflect largely the the associations repaid large amounts of pattern of forward commitments made ear- their indebtedness to Federal home loan lier. In 1957 insurance companies reduced banks and added substantially to their cash their commitments considerably, to bring balances. Since spring, mortgage lending them more closely in line with the funds has accelerated rapidly, and the associations available from debt repayment and premium have increased their borrowing from the and investment income. The sharpest reduc- home loan banks. tion was in residential mortgages, yields on Commercial banks. Time and savings dewhich were relatively less favorable than posits at commercial banks rose almost twice those on new issues of corporate bonds. Re- as rapidly in the first half of 1958 as in the flecting the changed pattern of commit- corresponding period of 1957. The growth ments, insurance company acquisitions of reflected unusually large increases in time residential mortgages declined during the deposits of corporations, State and local governments, and foreign banks. Interest first half of 1958 while acquisitions of corrates on these deposits were generally mainporate bonds remained relatively large. tained in early 1958 while returns on alter- With interest rates on corporate bonds at native short-term investments, such as lower levels in early 1958, commitments for Treasury bills and commercial paper, fell. residential mortgages increased more than those for corporate securities. These Since midyear some of these deposits have changes are being reflected currently in in- been withdrawn, in part because of seasonal creased acquisition of mortgages and smaller needs for funds and the rise in short-term additions to business security portfolios. Savings banks and associations. Deposits at mutual savings banks and share capital COMMERCIAL IANKS SILICTID AfSITS of savings and loan associations have in- Billions of dollar! 1 creased substantially this year. Through September, deposits at mutual savings banks rose $1.8 billion, half again as much as in the corresponding period of 1957, and share / MAR KET ABLE U. S. BONDS capital of savings and loan associations rose $4 billion, one-fourth more than last year. After allowing for seasonal variation, both - 30 rates of increase appear to have accelerated after midyear. REAL ESTATE MORTGAGES <--.-»"" Mutual savings banks continued to invest actively in both corporate securities and 20 mortgages in early 1958. Investment policies changed in the second quarter, however, _ _- OTHER SECURITIES and since then mortgage acquisitions have accelerated while investment in business securities has declined. 10 1957 1958 Mortgage lending by savings and loan associations lagged early in the year, and NOTE.—Federal Reserve estimates for all commercial banks. Figures for marketable bonds based on Treasury Survey data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1958 1385 market rates. Although consumers' savings counted for almost half of the net increase deposits have continued to increase, growth in long-term municipal debt in this period. in total time and savings deposits at com- Their mortgage loans also increased. Admercial banks has slowed considerably. ditions to mortgage portfolios in the Janu- The exceptional growth in time and sav- ary-June period were as large as in all of ings deposits earlier in the year, along with 1957. reductions in loan demands and easing of Since midyear changing conditions in reserve positions, permitted commercial bond markets, slower growth of time debanks to add substantially to their longer posits, and some firming of business loan term investments. The bulk of the increase demands have limited commercial bank inin commercial bank assets in the January- vestment in long-term securities. Lending June period was in holdings of United States on mortgages has increased, but bank pur- Government bonds. In addition, bank loans chases of State and local government obligaon Government securities increased sharply, tions have declined. Loans to finance secuparticularly in connection with the Treasury rity purchases by others have also been rebond offerings in June. duced. Holdings of United States Govern- Commercial bank purchases of State and ment securities have risen more slowly than local government bonds in the first half of earlier in the year, and most of the acquisithe year were the largest on record, and ac- tions have been short-term issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Census Benchmark Indexes of Manufacturing Production THE GROWTH in the physical volume of output 1947. Separate indexes based on data for about of manufactures was between 31 and 26 per 6,000 individual products were compiled for more cent from 1947 to 1954, according to the results than 400 manufacturing industries and grouped announced today of a comprehensive study con- into subtotals and major groupings according to ducted jointly by the Board of Governors of the the categories of the Standard Industrial Classi- Federal Reserve System and the United States fication. Departments of Commerce and Labor.1 The varia- This project carries forward benchmark indexes tion in the rise shown over the seven-year period previously calculated jointly by the Bureau of the depends on the weight system used to calculate Census and the Federal Reserve for the years the relative importance of the various manufac- 1939 to 1947 and for prior Census years back to turing industries. The comparison between the 1899 by the National Bureau of Economic Retwo years reflects both the marked general up- search. The 1947-54 production series were comward trend in output over the period and the piled from more detailed and comprehensive data cyclical aspect—that is, that the year 1947 was on the physical quantity of output than were in an advanced phase and 1954 in a relatively available for earlier periods. They reflect various reduced phase of economic activity. improvements in estimating output of products The production measures were based on com- and industries for which physical quantity data prehensive data collected in the last two Censuses were not previously available. The results include of Manufactures, which were taken for the years allowances at major group levels for some under- 1954 and 1947. The over-all results showed coverage of the 1947 Census results relative to the more growth in output than previously indicated 1954 data. by official monthly and annual data with com- The production indexes developed for combinaparable weight systems. Results of the study, tions of industries, industry groups, and for total with some modifications, will be used for bench- manufactures represent changes in terms of conmark purposes to revise the levels of the Federal stant dollars in the value added by manufacturing Reserve monthly and annual production indexes establishments. In 1954, total value added by and to calculate new annual levels for the United manufacturing was about $116 billion, as shown States Department of Labor output per manhour in the accompanying table. In addition to the 21 measures. These revisions will be announced regular two-digit Standard Industrial Classificasubsequently in the publications of those agen- tion groups, this table presents indexes for about cies. Some of the dollar expenditure figures 80 major industries of particular interest, each of shown by the 1954 Census have already been which produced a value added of $400 million incorporated in revised estimates of national prod- or more in 1954. uct and other data compiled by the United States All two-digit groups of industries except leather Department of Commerce. showed increases from 1947 to 1954, but the The results of the study of changes in the changes were highly diverse. Most apparel, food, physical volume of manufacturing production and tobacco manufactures showed a growth comwere developed in detailed index number form parable with the 13 per cent rise in population showing 1954 levels as a percentage of output in over the seven-year period. Very large expansion was shown for such industries as those producing 1 Joint release to morning newspapers of November aircraft, ordnance, plastics materials, and radio 20, 1958, by the Bureau of the Census, U. S. Depart- and television. Output in some other industries ment of Commerce, and the Board of Governors of such as primary metals and textile mill products the Federal Reserve System. 1386 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENSUS BENCHMARK INDEXES OF MANUFACTURING PRODUCTION 1387 was especially affected by the general economic were divergent inventory changes in the two recession in 1954. years. Factory inventories were rising in 1947 Associated with the fact that 1954 was a re- and falling in 1954. In the index calculations, cession year and 1947 a year of expanding activity Census shipments data were adjusted in important MANUFACTURING PRODUCTION IN 1954 1947=100 Indexes based on Value Indexes based on Value Standard Industrial Classification unit values in: added Standard Industrial Classification unit values in: added in in 1954 1954 1947 (billions 1947 (billions No. Industry name 1947 1954 and of No. Industry name 1947 1954 and of 1954 dollars) 1954 dollars) Total. 131 126 128 116.3 31 Leather and leather products.. 90 89 90 1.7 314 Footwear 92 91 91 1.0 19 Ordnance and accessories. 1704 1704 1704 1.6 32 Stone, clay, and glass products. 125 123 124 3.8 20 Food and kindred products... 109 108 109 13.5 3221 Glass containers 102 99 100 0.4 201 Meat products 123 118 120 2.0 3241 Cement 136 136 136 0.5 202 Dairy products 105 104 105 2.3 325 Structural clay products.... 118 116 116 0.4 203 Canned and frozen foods.. 149 144 146 1.3 3271 Concrete products 188 188 188 0.4 204 Grain mill products , 106 105 105 1.3 205 Bakery products 106 107 106 2.0 33 Primary metal products 104 103 103 9.4 207 Candy and related products 98 98 98 0.6 331 Blast furnaces and steel 208 Beverages 102 104 103 2.2 mills 104 104 104 5.2 332 Iron and steel foundries.... 84 83 83 1.3 21 Tobacco manufactures , 109 107 108 1.0 333 Primary nonferrous metals.. 180 169 174 0.6 211 Cigarettes 113 110 111 0.7 335 Nonferrous rolling and drawing 113 112 112 0.9 22 Textile mill products 107 103 105 4.7 336 Nonferrous foundries 108 107 107 0.5 221 Wool manufactures 61 62 61 0.4 3392 Wire manufacture 97 95 96 0.5 222 Yarn and thread mills 103 103 103 0.4 223 Cotton and synthetic fabrics 122 116 120 1.6 34 Fabricated metal products 116 113 114 7.6 225 Knitting mills 118 118 118 0.9 341 Tin cans 135 135 135 0.5 227 Carpets and rugs 107 96 101 0.4 342 Cutlery and hardware 106 104 105 1.0 343 Heating and plumbing 23 Apparel and related products. 113 112 112 5.1 equipment 89 85 87 0.8 231 Men's and boys' suits 75 76 76 0.5 344 Structural metal products... 154 147 150 2.2 232 Men's and boys' furnishings 129 124 126 1.0 346 Metal stamping and coating. 108 107 107 1.2 233 Women's and misses' outer- 348 Fabricated wire products... 113 109 111 0.4 wear 122 123 123 1.7 3494 Bolts, nuts, and rivets 94 94 94 0.4 234 Women's undergarments. . 130 134 132 0.5 35 Machinery, except electrical... 119 114 116 12.1 24 Lumber and wood products.. 113 111 112 3.2 351 Engines and turbines 129 128 128 0.7 242 Lumber and basic products 116 114 115 1.6 352 Tractors and farm machinery 98 92 94 1.0 243 Millwork and related prod- 353 Construction machinery.... 102 99 101 0.9 ucts 159 157 158 0.7 354 Metalworking machinery... 141 138 139 2.2 355 Special-industry machinery. 87 83 84 1.2 25 Furniture and fixtures 125 122 124 2.0 3561 Pumps and compressors 115 117 116 0.5 251 Household furniture 123 123 123 1.3 3566 Power-transmission equipment 109 108 108 0.4 26 Pulp, paper, and products. .. 132 131 131 4.6 3571 Computing machinery 184 186 185 0.4 261 Pulp, paper, and board.... 133 133 133 2.3 3585 Refrigeration machinery 155 144 150 1.0 267 Paperboard containers.... 126 126 126 1.0 3591 Valves and fittings 108 107 107 0.6 269 Sanitary and allied papers. 143 138 140 0.7 3599 Machine shops 198 190 193 0.7 27 Printing and publishing 127 126 126 6.3 36 Electrical machinery 175 156 165 7.3 271 Newspapers 127 127 127 2.1 3614 Motors and generators 104 108 106 0.8 272 Periodicals 133 128 131 0.8 3615 Transformers 153 152 153 0.4 273 Books 129 128 129 0.5 3616 Electrical control apparatus. 138 138 138 0.7 275 Commercial printing 120 120 120 1.4 362 Electrical appliances 154 155 154 0.4 276 Lithographing 162 162 162 0.6 3661 Radio and television products 286 245 264 2.0 28 Chemicals and products 169 160 164 9.1 3662 Electronic tubes 659 357 475 0.5 281 Inorganic chemicals 173 167 169 1.0 3664 Telephone equipment 136 136 136 0.5 2823 Plastics materials 273 237 254 0.6 2825 Synthetic fibers 169 169 169 0.7 37 Transportation equipment.... 197 182 189 13.6 283 Drugs and medicines 195 195 195 1.3 371 Motor vehicles and equip- 284 Soap and related products. 147 117 131 0.8 ment 126 123 124 6.1 285 Paints and allied products. 107 107 107 0.9 372 Aircraft and parts 610 560 583 6.3 288 Vegetable and animal oils. 147 144 146 0.4 373 Ships and boats 113 116 114 0.8 2893 Toilet preparations 155 153 154 0.4 38 Instruments and related prod- 29 Petroleum and coal products. 132 130 131 2.6 ucts 156 149 152 2.1 2 2 9 99 1 2 1 / \ Petroleum refining 140 142 141 2.0 382 Me v c ic h e a s nical measuring de- 154 145 149 0.5 293 Coke and byproducts 91 92 92 0.4 386 Photographic equipment 171 161 166 0.6 30 Rubber products 117 111 114 1.9 39 Miscellaneous manufactures. . 135 123 129 2.7 301 Tires and tubes 92 92 92 0.8 394 Toys and sporting goods.... 166 159 163 0.5 309 Mechanical rubber goods.. 158 147 152 0.9 397 Plastics products 272 236 254 0.6 NOTE.—The value added figures shown for 1954 have been adjusted based as others. Problems of measurement and data limitations for changes in manufacturers' inventories as described in the accom- will be discussed in the final Census volume. panying text. Indexes for some industries are not so adequately Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1388 FEDERAL RESERVE BULLETIN • DECEMBER 1958 cases for inventory changes of finished goods and and 1954 unit values was 28 per cent. In earlier goods in process to reflect more nearly the growth calculations for the 1939 to 1947 change, three in production between 1947 and 1954. sets of weights were also used and, as in the The amount of change shown from one period present calculation, the total index was higher to another in output of manufactures depends with weights based on the earlier year than on partly on the values used to determine the relative the later year. importance of the different products and industries. A complete report on the output study is now Three systems of valuation were used in the 1947being prepared for publication as the final volume 54 study and each system yielded a different set of the 1954 Census of Manufactures Indexes of of production indexes. One system was based on Production and should be issued about the end prices prevailing in 1947, another on 1954 prices, and a third on an average of the two years. With of the year. The Census volume will include weights based on 1947 unit values the increase in separate indexes and weights for 436 industries total manufacturing output was 31 per cent, with and a discussion of concepts, problems, and 1954 unit values the increase was 26 per cent, methods, with special attention paid to differences while the increase shown by the average of 1947 resulting from the use of different weight periods. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Titles of Financing Corporations capital stock of The Kenton Savings Bank, Ken- The Board of Governors has amended Regu- ton, Ohio; a Notice of Tentative Decision, referlation K, entitled Corporations Doing Foreign ring to a Tentative Statement, on said application Banking or other Foreign Financing under the having been published in the Federal Register on Federal Reserve Act, so as to eliminate the re- October 30, 1958; the said Notice having provided quirement that no Financing Corporation shall interested persons an opportunity, before issuance have a name similar to the name of any bank in of the Board's final order, to file objections or the United States with which the Corporation is comments upon the facts stated and the reasons affiliated. There is set forth below the text of the indicated in the Tentative Statement; and the time amendment to Regulation K: for filing such objections and comments having expired and no such objections or comments hav- AMENDMENT TO REGULATION K ing been filed; Effective November 12, 1958, Regulation K is IT IS HEREBY ORDERED, for the reasons set forth amended in the following respects: in the Board's Statement of this date, that the said 1. The second sentence of Section 3(b) is application be and hereby is granted and the acamended by substituting a period for the comma quisition by BancOhio Corporation of up to 100 per cent of the outstanding voting shares of The following the word "affiliations," and deleting the Kenton Savings Bank, Kenton, Ohio, is hereby remainder of this sentence. approved, provided that such acquisition is com- 2. Section 10(c) is amended by deleting the pleted within three months from the date hereof. second paragraph and striking out "(1)" preceding the first paragraph. Dated at Washington this 19th day of November, 1958. Orders under Section 3 of Bank Holding Company Act By order of the Board of Governors. Voting for this action: Chairman Martin, Vice Chair- The Board of Governors of the Federal Reserve man Balderston, and Governors Szymczak, Mills, System on November 19, 1958, issued the follow- Robertson and Shepardson. Absent and not voting: ing Orders and Statements with respect to appli- Governor Vardaman. cations by bank holding companies for approval (Signed) MERRITT SHERMAN of the acquisition of voting shares of banks: Secretary. (SEAL) BANCOHIO CORPORATION In the Matter of the Application of BancOhio Cor- STATEMENT poration for prior approval of acquisition of vot- BancOhio Corporation, Columbus, Ohio (hereing shares of The Kenton Savings Bank. after referred to as "BancOhio"), a bank holding company, has applied, pursuant to Section 3 (a) (2) ORDER APPROVING APPLICATION of the Bank Holding Company Act of 1956 ("the There having come before the Board of Gover- Act"), for the Board's prior approval of the nors, pursuant to Section 3 (a) (2) of the Bank acquisition of up to 100 per cent of the 3,000 Holding Company Act of 1956 (12 USC 1842) outstanding voting shares of The Kenton Savings and Section 4(a) (2) of the Board's Regulation Y Bank (hereafter referred to as "Kenton"), a com- (12 CFR 222.4(a)(2)), an application on behalf mercial bank located in Kenton, Ohio. of BancOhio Corporation, an Ohio corporation Views and recommendations of Superintendent with its principal office in Columbus, for the of Banks. As required by Section 3(b) of the Board's prior approval of acquisition of up to 100 Act, the Board gave notice of the application to per cent of the 3,000 outstanding voting shares of the Superintendent of Banks for the State of Ohio. 1389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1390 FEDERAL RESERVE BULLETIN • DECEMBER 1958 The Superintendent interposed no objection to the ten banking offices in Hardin County and about application. 25 per cent of their deposits. Statutory factors. Section 3(c) of the Act re- In the counties in which it would be operating quires the Board to take into consideration the after the proposed acquisition, the holding comfollowing five factors: (1) the financial history pany would control about 26 per cent of comand condition of the holding company and bank mercial banking offices and 44.6 per cent of their concerned; (2) their prospects; (3) the character total deposits, as compared with its present conof their management; (4) the convenience, needs, trol of 24.5 per cent of offices and 44.3 per cent and welfare of the communities and the area of such deposits in the same counties. concerned; and (5) whether or not the effect of The proposed acquisition would not reduce the the acquisition would be to expand the size or number of competing banking offices in the area extent of the bank holding company system in- or otherwise eliminate any substantial banking volved beyond limits consistent with adequate and competition. It does not appear that any of sound banking, the public interest, and the pres- BancOhio's present subsidiaries competes appreciably in the city of Kenton or in Hardin County. ervation of competition in the field of banking. The nearest present subsidiary of BancOhio is Discussion. It appears that the financial hismore than 20 miles distant from the nearest branch tory and condition, the prospects, and the manageof Kenton. The history of BancOhio suggests ment of both BancOhio and Kenton are satisfacthat the transaction would not be likely to result tory. in its domination of banking in the area concerned. The city of Kenton (population of about 8,700) In the circumstances, it is the Board's opinion is the county seat of Hardin County and is served that the proposed transaction would not expand by three commercial banks, including Kenton. BancOhio's system beyond limits consistent with With deposits of about $5 million, Kenton is the adequate and sound banking, the public interest, largest bank in the city and the county. It operor the preservation of competition in the field of ates two branches, one about 9Vi miles north and banking. one about 9Vi miles south of the city. There is Conclusion. The above views were incorporated no evidence that control of Kenton by BancOhio in the Tentative Statement issued in connection would be inconsistent with the convenience, needs, with the Notice of Tentative Decision published and welfare of the area concerned. On the other in the Federal Register on October 30, 1958 (23 hand, it seems probable that acquisition of control FR 8413) affording interested persons an opporof Kenton by BancOhio would be followed by a tunity to submit comments on or objections to the broadening of banking services and thus contribute Board's proposed action, and no such comments to the convenience and welfare of the area inor objections were received within the period specivolved. fied for their submission. BancOhio now controls 21 commercial banks In the light of the facts stated and for the reawith a total of 47 banking offices and deposits in sons indicated, it is the Board's judgment that excess of $608 million. The banks are located in approval of the application would be in accord- 19 Ohio counties, principally in the central and ance with the factors stated in Section 3(c) of the south-central parts of the State. BancOhio's prin- Act and with the purposes of the Act, and that, cipal bank is located in Columbus, the State capiaccordingly, the application should be approved. tal, and it has two other banks in the same county; IT IS SO ORDERED. otherwise, no county contains more than one of BancOhio's subsidiary banks. UNION BOND & MORTGAGE COMPANY Control of Kenton by BancOhio would bring In the Matter of the Application of Union Bond within the holding company system the largest & Mortgage Company for prior approval of acbank in a county in which BancOhio is not now quisition of voting shares of Bank of Sequim. operating. It would cause BancOhio to control (a) the largest of three banking offices in the city ORDER APPROVING APPLICATION of Kenton and about 43 per cent of the total There having come before the Board of Goverdeposits held by such offices, and (b) three of the nors pursuant to Section 3(a)(2) of the Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1391 LAW DEPARTMENT Holding Company Act of 1956 (12 USC 1843) his letter to the Board, the State Supervisor of and Section 4(a)(2) of the Board's Regulation Y Banking stated in part: (12 CFR 222.4(a)(2)), an application on behalf "Union Bond & Mortgage Company has for many of Union Bond & Mortgage Company, whose prin- years held a substantial stock interest in the Bank of Sequim with the knowledge and approval of this divicipal office is in Port Angeles, Washington, for sion. I will therefore interpose no objection to the the Board's prior approval of the acquisition of 10 acquiring by Union Bond & Mortgage Company of additional shares of the outstanding voting shares 10 additional shares." of Bank of Sequim, Sequim, Washington; a Notice Section 3(c) of the Act requires the Board to of Tentative Decision referring to a Tentative take into consideration the following five factors: Statement, on said application having been pub- (1) the financial history and condition of the holdlished in the Federal Register on October 30, 1958; ing company and the bank concerned; (2) their the said Notice having provided interested per- prospects; (3) the character of their management; sons an opportunity, before issuance of the Board's (4) the convenience, needs, and welfare of the final order, to file objections or comments upon communities and the area concerned; and (5) the facts stated and the reasons indicated in the whether or not the effect of the acquisition would Tentative Statement; and the time for filing such be to expand the size or extent of the bank holdobjections and comments having expired, and no ing company system involved beyond limits consuch objections or comments having been filed; sistent with adequate and sound banking, the public interest, and the preservation of competition IT IS HEREBY ORDERED, for the reasons set forth in the field of banking. in the Board's Statement of this date, that the said application be and hereby is granted and the ac- Union now owns 24.5 per cent of the outstandquisition by Union Bond & Mortgage Company ing shares of Sequim. In addition, it owns more of 10 additional shares of Bank of Sequim, Se- than 25 per cent of the stock of each of two other quim, Washington, is hereby approved, provided banks and 23.5 per cent of the stock of a fourth that such acquisition is completed within three bank. The proposed acquisition of additional months from the date hereof. stock of Sequim would cause Union to own exactly 25 per cent of the outstanding shares of that bank. Dated at Washington this 19th day of Novem- It further appears that the proposed acquisition of ber, 1958. 10 additional shares would not affect control of By order of the Board of Governors. the bank. Voting for this action: Chairman Martin, Vice Chair- With respect to the first three statutory factors, man Balderston, and Governors Szymczak, Mills, it appears that the financial history and condition, Robertson and Shepardson. Absent and not voting: prospects, and management of both Union and Governor Vardaman. Sequim are satisfactory. In the circumstances of (Signed) MERRITT SHERMAN this case, the proposed acquisition would in no Secretary. way affect the convenience, needs, and welfare (SEAL) of the communities and the area concerned, nor would the acquisition result in any expansion of STATEMENT the size or extent of Union's system of banks. Union Bond & Mortgage Company, Port An- Conclusion. The above views were incorpogeles, Washington (hereafter referred to as rated in the Tentative Statement issued in con- "Union") has applied, pursuant to Section 3(a) nection with the Notice of Tentative Decision pub- (2) of the Bank Holding Company Act of 1956 lished in the Federal Register on October 30, 1958 (the "Act"), for the Board's prior approval of the (23 FR 8412) affording interested persons an opacquisition of direct ownership of 10 shares of portunity to submit comments on or objections the capital stock of Bank of Sequim, Sequim, to the Board's proposed action, and no such com- Washington ("Sequim"). ments or objections were received within the pe- As required by Section 3(b) of the Act, the riod specified for their submission. Board gave notice of this application to the Super- In the light of the facts stated and for the reavisor of Banking for the State of Washington and sons indicated, it is the Board's judgment that aprequested his views and recommendations. In proval of the application would be in accordance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1392 FEDERAL RESERVE BULLETIN • DECEMBER 1958 with factors stated in Section 3(c) of the Act and STATEMENT with the purposes of the Act, and that, accordingly, Union Bond & Mortgage Company, Port Anthe application should be approved. IT IS SO geles, Washington (hereafter referred to as ORDERED. "Union") has applied, pursuant to Section 3 (a) (2) of the Bank Holding Company Act of 1956 (the UNION BOND & MORTGAGE COMPANY "Act"), for the Board's prior approval of the ac- In the Matter of the Application of Union Bond quisition of direct ownership of 30 shares of the & Mortgage Company for prior approval of ac- capital stock of Forks State Bank, Forks, Washquisition of voting shares of Forks State Bank. ington ("Forks"). As required by Section 3(b) of the Act, the ORDER APPROVING APPLICATION Board gave notice of this application to the Super- There having come before the Board of Gover- visor of Banking for the State of Washington and nors pursuant to Section 3 (a) (2) of the Bank requested his views and recommendations. In his Holding Company Act of 1956 (12 USC 1843) letter to the Board, the State Supervisor of Bankand Section 4(a)(2) of the Board's Regulation Y ing stated in part: (12 CFR 222.4(a)(2)), an application on behalf "Union Bond & Mortgage Company has for many of Union Bond & Mortgage Company, whose years held a substantial stock interest in Forks State principal office is in Port Angeles, Washington, for Bank with the knowledge and approval of this division. I will therefore interpose no objection to the the Board's prior approval of the acquisition of acquiring by Union Bond & Mortgage Company of 30 additional shares of the outstanding voting 30 additional shares." shares of Forks State Bank, Forks, Washington; a Section 3(c) of the Act requires the Board to Notice of Tentative Decision referring to a Tentake into consideration the following five factors: tative Statement, on said application having been (1) the financial history and condition of the holdpublished in the Federal Register on October 30, ing company and the bank concerned; (2) their 1958; the said Notice having provided interested prospects; (3) the character of their management; persons an opportunity, before issuance of the (4) the convenience, needs, and welfare of the Board's final order, to file objections or comments communities and the area concerned; and (5) upon the facts stated and the reasons indicated in whether or not the effect of the acquisition would the Tentative Statement; and the time for filing be to expand the size or extent of the bank holdsuch objections and comments having expired and ing company system involved beyond limits conno such objections or comments having been sistent with adequate and sound banking, the pubfiled; lic interest, and the preservation of competition IT IS HEREBY ORDERED, for the reasons set forth in the field of banking. in the Board's Statement of this date, that the said application be and hereby is granted and the ac- Union now owns 23.5 per cent of the outstandquisition by Union Bond & Mortgage Company ing shares of Forks. In addition, it owns more of 30 additional shares of Forks State Bank, Forks, than 25 per cent of the stock of each of two other Washington, is hereby approved, provided that banks and 24.5 per cent of the stock of a fourth such acquisition is completed within three months bank. The proposed acquisition of additional from the date hereof. stock of Forks would cause Union to own exactly 25 per cent of the outstanding shares of that bank. Dated at Washington this 19th day of Novem- It further appears that the proposed acquisition ber, 1958. of 30 additional shares would not affect control By order of the Board of Governors. of the bank. Voting for this action: Chairman Martin, Vice Chair- With respect to the first three statutory factors, man Balderston, and Governors Szymczak, Mills, it appears that the financial history and condition, Robertson and Shepardson. Absent and not voting: prospects, and management of both Union and Governor Vardaman. Forks are satisfactory. In the circumstances of (Signed) MERRITT SHERMAN this case, the proposed acquisition would in no Secretary. way affect the convenience, needs, and welfare of (SEAL) the communities and the area concerned, nor Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1393 LAW DEPARTMENT would the acquisition result in any expansion of such comments or objections were received within the size or extent of Union's system of banks. the period specified for their submission. Conclusion. The above views were incorpo- In the light of the facts stated and for the rearated in the Tentative Statement issued in connec- sons indicated, it is the Board's judgment that aption with the Notice of Tentative Decision pub- proval of the application would be in accordance lished in the Federal Register on October 30, with factors stated in Section 3(c) of the Act and 1958 (23 FR 8412) affording interested persons with the purposes of the Act, and that, accordingly, an opportunity to submit comments on or ob- the application should be approved. IT IS SO jections to the Board's proposed action, and no ORDERED. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years beginning January 1, 1959, except where otherwise indicated. Boston Class A WILLIAM M. LOCKWOOD, President, The Howard National Bank and Trust Company, Burlington, Vermont. Mr. Lockwood succeeds Oliver B. Ellsworth, President, Riverside Trust Company, Hartford, Connecticut. Class B EUGENE B. WHITTEMORE, President and Treasurer, The Morley Company, Portsmouth, New Hampshire. Mr. Whittemore succeeds Harry E. Umphrey, President, Aroostook Potato Growers, Inc., Presque Isle, Maine. New York Class A HENRY C. ALEXANDER, Chairman, J. P. Morgan & Co., Inc., New York City. Mr. Alexander succeeds Howard C. Sheperd, Chairman of the Board, The First National City Bank of New York, New York City. Class B PHILIP D. REED, Chairman, Finance Committee, General Electric Company, New York City. Mr. Reed succeeds Clarence Francis, Director, General Foods Corporation, New York City. Philadelphia Class A O. ALBERT JOHNSON, President, The First National Bank of Eldred, Eldred, Pennsylvania. Mr. Johnson succeeds Lindley S. Hurff, President and Trust Officer, The First National Bank of Milton, Milton, Pennsylvania. Class B FRANK R. PALMER, President and Director, The Carpenter Steel Company, Reading, Pennsylvania. Mr. Palmer succeeds Charles E. Oakes, Chairman of the Board, Pennsylvania Power and Light Company, Allentown, Pennsylvania. 1394 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 1395 Cleveland Class A RAY H. ADKINS, President, The National Bank of Dover, Dover, Ohio. Mr. Adkins succeeds King E. Fauver, Director, The Savings Deposit Bank and Trust Company, Elyria, Ohio. Class B CHARLES Z. HARDWICK, Executive Vice President, The Ohio Oil Company, Findlay, Ohio. (Re-elected) Richmond Class A A. SCOTT OFFUTT, President, Anacostia National Bank of Washington, Washington, D. C. Mr. Offutt succeeds Joseph E. Healy, President, The Citizens National Bank of Hampton, Hampton, Virginia, who died October 12, 1958. Class B L. VINTON HERSHEY, President, The Hagerstown Shoe Company, Hagerstown, Maryland. (Re-elected) Atlanta Class A WILLIAM C. CARTER, Chairman and President, Gulf National Bank, Gulf port, Mississippi. (Re-elected) Class B DONALD COMER, Chairman of the Board, Avondale Mills, Birmingham, Alabama. (Re-elected) Class B MCGREGOR SMITH, Chairman of the Board, Florida Power and Light Company, Miami, Florida. Mr. Smith was elected for the unexpired portion of a term ending December 31, 1959. He succeeds Joseph T. Lykes, Chairman of the Board, Lykes Bros. Steamship Company, Inc., Tampa, Florida, who resigned effective December 31, 1958. Chicago Class A JOHN H. CROCKER, Chairman of the Board and President, The Citizens National Bank of Decatur, Decatur, Illinois. Mr. Crocker succeeds Nugent R. Oberwortmann, President, The North Shore National Bank of Chicago, Chicago, Illinois. Class B WILLIAM J. GREDE, President, Grede Foundries, Inc., Milwaukee, Wisconsin. (Re-elected) St. Louis Class A ARTHUR WERRE, Jr., Executive Vice President, First National Bank of Steeleville, Steeleville, Illinois. Mr. Werre succeeds J. E. Ether ton, President, The Carbondale National Bank, Carbondale, Illinois. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1396 FEDERAL RESERVE BULLETIN • DECEMBER 1958 St. Louis Class B S. J. BEAUCHAMP, Jr., President, Terminal Warehouse Company, Little Rock, Arkansas. (Re-elected) Minneapolis Class A JOHN A. MOORHEAD, President, Northwestern National Bank of Minneapolis, Minneapolis, Minnesota. (Re-elected) Class B THOMAS G. HARRISON, Chairman of the Board, Super Valu Stores, Inc., Hopkins, Minnesota. (Re-elected) Kansas City Class A W. S. KENNEDY, President and Chairman of the Board, The First National Bank of Junction City, Junction City, Kansas. (Re-elected) Class B E. M. DODDS, Chairman of the Board, United States Cold Storage Corporation, Kansas City, Missouri. (Re-elected) Dallas Class A J. EDD MCLAUGHLIN, President, Security State Bank & Trust Company, Rails, Texas. (Re-elected) Class B H. B. ZACHRY, President and Chairman of the Board, H. B. Zachry Company, San Antonio, Texas. Mr. Zachry succeeds J. B. Thomas, President and General Manager, Texas Electric Service Company, Fort Worth, Texas. San Francisco Class A JOHN A. SCHOONOVER, President, The Idaho First National Bank, Boise, Idaho. (Re-elected) Class B WALTER S. JOHNSON, Chairman of the Board, American Forest Products Corporation, San Francisco, California. (Re-elected) FEDERAL RESERVE MEETINGS Reserve Banks was held in Washington on Meetings of the Federal Open Market Committee December 15, 1958, and on December 16 the were held in Washington on December 2 and 16, Presidents met with the Board of Governors. 1958. A meeting of the Chairmen and Deputy Chair- RESIGNATION OF MR. VARDAMAN AS A MEMBER men of the Federal Reserve Banks with the OF THE BOARD OF GOVERNORS members of the Board of Governors was held in Mr. James K. Vardaman, Jr., who had been a Washington on December 4-5, 1958. member of the Board of Governors since April 4, A meeting of the Presidents of the Federal 1946, resigned effective December 1, 1958. Prior Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 1397 to his appointment as a member of the Board of for the public service role of banking in the Governors, Mr. Vardaman was engaged in invest- nation. ment and commercial banking, and also served as Please accept my thanks and best wishes for a Regional Director of the Reconstruction Finance the future as you retire from a long and dis- Corporation for the St. Louis area. He held tinguished career in Government service. various Naval Commands in World War II and, Sincerely, among other medals, was awarded the Silver Star, (Signed) DWIGHT D. EISENHOWER Legion of Merit, and Purple Heart. He was promoted to Commodore while serving as Naval Aide The Honorable James K. Vardaman, Jr., to the President in August 1945, from which Member of the Board of Governors, position he was appointed to the Board of Federal Reserve System, Governors. Washington, D. C. Mr. Vardaman's letter of resignation and the President's letter of acceptance follow: RATES ON INDUSTRIAL LOANS Due to the relative inactivity in Federal Reserve October 1, 1958. Bank loans and commitments under Section 13b Dear Mr. President: of the Federal Reserve Act, and to the expiration After twenty-five years of public service, a large of this Section of the Act on August 21, 1959, part of it in combat forces of the United States the table "Federal Reserve Bank Rates on Indus- Army and Navy, I would like very much to retire trial Loans" has been dropped from the BULLETIN. and devote the rest of my time to private interests This table, showing the rates effective October in the calm and comfortable climate of my home 31, 1958, was last published on page 1298 of the areas of south Georgia and south Mississippi. November 1958 BULLETIN. Twelve years of my fourteen-year term on this Board have just been completed. I have served ADMISSION OF STATE BANK TO MEMBERSHIP IN during the last two years, however, with reluc- THE FEDERAL RESERVE SYSTEM tance because of my belief that ten years is the The following State bank was admitted to memabsolute maximum time that anyone should be bership in the Federal Reserve System during the allowed to serve continuously as a Governor of period October 16, 1958 to November 15, 1958. the Federal Reserve System. Therefore, if it is agreeable with you, Mr. Presi- Michigan dent, I tender herewith my resignation, to become Southgate Southgate Bank effective December 1, 1958. Bea joins me in best wishes always to you and TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY Miss Mamie. Sincerely, Latest BULLETIN Reference (Signed) J. K. Semiannually Issue Page Banking offices: The President, Analysis of changes in number of.... Aug. 1958 988 On, and not on, Federal Reserve Par The White House, List, number of Aug. 1958 989 Washington. Annually Earnings and expenses: Federal Reserve Banks Feb. 1958 200-01 October 7, 1958. Member banks: Dear J. K.: Calendar year June 1958 710-18 First half of year Nov. 1958 1346 Insured commercial banks June 1958 719 It is with personal regret that I accept your Banks and branches, number of, by class resignation from the Board of Governors of the and State Apr. 1958 492-93 Operating ratios, member banks June 1958 720-22 Federal Reserve System as you request in your Stock Exchange firms, detailed debit and credit balances Nov. 1958 1347 letter of October 1, 1958, to be effective December Banking and monetary statistics, 1957.. {^ }^| l%t-U 1, 1958. Summary flow-of-funds accounts, 1954-56 Oct. 1957 1190-94 The Nation as a whole has benefited from your Bank holding companies, Dec. 31, 1957: List of Feb. 1958 211 incisive and inquiring approach to central bank- Banking offices and deposits of group banks Oct. 1958 1224 ing policies and procedures and your concern Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication December 12 Industrial production advanced further in No- ber and early December at 74 per cent of capacity. vember, and construction activity, personal in- Production of most nonferrous metals rose further come, and retail sales reached new record levels. and output of construction materials remained at Nonfarm employment, reduced in October by advanced rates. work stoppages, increased somewhat and unem- Nondurable goods production reached a new ployment declined. Wholesale prices of industrial high. Gains since spring have been most marked commodities continued to advance while prices of in the textile, apparel, leather, and rubber indusfarm and food products declined further. Bank tries, where recession curtailments in output of credit increased, but business loan expansion was nondurables had been greatest. less than usual for this time of year. CONSTRUCTION INDUSTRIAL PRODUCTION The value of new construction put in place con- Industrial production in November, as meas- tinued to advance in November and, at a record ured by the Board's seasonally adjusted index, rose seasonally adjusted annual rate of $52 billion, was three points to 141 per cent of the 1947-49 aver- 6 per cent above a year ago. The November inage, two points above a year ago and only four crease resulted chiefly from further gains in private points below the August 1957 level. A major ad- residential and public highway construction. Comvance in the automotive industry was accompanied mercial building also increased further, public by widespread gains throughout manufacturing. utility showed no change, and industrial rose for Auto assemblies, following settlement of major the first time in over a year. work stoppages, rose to a seasonally adjusted rate EMPLOYMENT of 139 per cent of the 1947-49 average from 67 in October. Schedules for December indicate Seasonally adjusted nonfarm employment insome additional increase. Truck output also rose creased 200,000 in November, mainly reflecting in November, and activity in other business equip- settlement of labor disputes in durable goods manment lines continued to recover. Output of house- ufacturing industries. At 50.8 million, the level hold durable goods advanced slightly further. was 700,000 above the April low but still one mil- Steel mill operations were maintained in Novem- lion below a year ago. An increase in average hourly earnings and some lengthening in the factory workweek resulted in a $1.60 rise in average INDUSTRIAL PRODUCTION "1947-49-100- weekly earnings to a new high of $86.60. Un- 160] employment, which usually rises in November, remained at 3.8 million and the seasonally adjusted rate declined to 6 per cent of the civilian labor force compared with 7 per cent in October and 5 per cent in November 1957. DISTRIBUTION Total retail sales increased 1.5 per cent in November and were 1 per cent above the previous high in the summer of 1957. A sharp rise in deliveries of new autos, as supplies improved, was an important factor in over-all expansion. Sales at department stores remained at about the September-October level and were 2 per cent above Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for November. a year ago. At the end of October, stocks at 1398 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1399 department stores were 2 per cent below a year serve averaged $470 million and excess reserves earlier. $485 million in the four weeks ending December 10. Borrowings were about $45 million greater COMMODITY PRICES and excess reserves about $45 million smaller Wholesale prices of industrial commodities con- than in the preceding four weeks. Between midtinued to advance from early November to early November and mid-December, currency and gold December. While prices of basic materials outflows absorbed bank reserves, and required rechanged little, following a substantial rise from serves increased in association with the expansion the recession low of last spring, increases were in bank credit and deposits. Absorption of reeffected or announced for some business equip- serves was largely offset by Federal Reserve open ment and consumer goods. Meanwhile, prices of market purchases of U. S. Government securities farm and food products declined somewhat fur- and an increase in float. ther, reflecting mainly decreases in meats, and the average level of wholesale commodity prices con- SECURITY MARKETS tinued to change little. Yields on State and local government bonds have declined somewhat further in recent weeks, BANK CREDIT AND RESERVES yields on corporate bonds have changed little, and Total credit at city banks rose nearly $1 billion yields on all maturities of U. S. Government sebetween early November and early December as curities have risen moderately. On December 11 large increases in loans and in holdings of U. S. the Treasury issued a 6-month bill as well as the Government securities were offset only in part by regular 3-month bill, adding $200 million to the a decline in holdings of other securities. All major weekly total of bills offered. At the end of Notypes of loans increased. Banks acquired a large vember $12.2 billion of maturing Treasury securivolume of the new Treasury tax anticipation bills ties were refunded with cash redemptions of only in mid-November but reduced their holdings of $414 million. Government securities at other times during the Common stock prices declined sharply in late period. November, then recovered in early December to Member bank borrowings from the Federal Re- record levels. Trading volume continued large. RETAIL TRADE PRICES 1947-49-100 1947-49'100 TOTAL RETAJL SALES 160 ^/ 150 140 130 J1MIII till f I! 1 I 1 I 1 1 111M1111 M II 1 1 IiIl Iii i i i I ii I ii ii I la l 120 DEPARTMENT STORES. 170 160 l\ STOCKS. 150 -A, / ' AAA 140 \ /vv«> V v> SALES 4 i 1 1 1 1 1 1 1 1 1 III. Ml MM,!lM II I II i i i 1 i II II . M i a Federal Reserve indexes, seasonally adjusted: retail sales Bureau of Labor Statistics indexes. "Other" wholesale prices based on Department of Commerce data. Monthly figures; exclude processed foods, included in total but not shown sepalatest shown for department store stocks is October, for other rately. Monthly figures, latest shown: October for consumer series, November. prices, and November for wholesale prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 1403 Reserve Bank discount rates; reserve requirements; margin requirements 1406 Federal Reserve Banks. 1407 Bank debits; currency in circulation. . 1410 All banks: consolidated statement of monetary system; deposits and currency. 1412 All banks, by classes. . . . 1413 Commercial banks, by classes 1416 Weekly reporting member banks. . 1418 Commercial loans; commercial paper and bankers' acceptances. ~. 1420 Interest rates. . 1421 Security prices; stock market credit. 1422 Savings institutions 1423 Federal business-type activities. . . 1424 Federal finance. 1426 Security issues. 1430 Business finance. . . 1431 Real estate credit .... , 1433 Short- and intermediate-term consumer credit. . 1436 Selected indexes on business activity. 1440 Production . 1441 Employment and earnings. . 1448 Department stores . 1450 Foreign trade 1451 Wholesale and consumer prices.... 1452 National product and income series. . , 1454 Tables published in BULLETIN, annually or semiannually—list, with references 1397 Index 1487 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. 1401 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 REQUIRED RESERVES 15 EXCESS RESERVES- 2 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 I ^ FEDERAL RESERVE FLOAT I - 1952 1953 1954 1955 1956 1957 1958 Latest averages shown are for week ending November 26. See p. 1403. 1402 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 reserves, reserves e W nd e i e n k g T U o . t a S l . G B o r o o i v g u u t h t . g - t h se t cu r u c H r e h n i p t e a d i u l e s e d r s e r - c v D o a a a n 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 t u i r a u n n u e r n g y r 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 - F F . e o i R g r . n - Ba O nk th s er c O F o a . t u c h R n - e t . r s Total quired5 Exagreement Averages of daily figures 1957 Oct. 2 23,346 23,294 52 942 1,000 25,304 22,634 5,125 31,039 776 493 356 253 1,11219,034 18,685 349 9 23,545 23,312 233 1,009 9"9"1 25,563 22,646 5,127 31,129 774 498 373 260 1,11219,189 18,625 564 16 23,371 23,281 90 992 ,07125,451 22,658 5,128 31,191 776 506 333 252 1,11019,068 18,574 494 23 23,267 23,222 45 605 ,51725,407 22,665 5,131 31,129 781 464 317 265 1,10919,137 18,574 563 30 23,195 23,179 16 710 ,05124,972 22,671 5,132 31,008 786 518 318 251 1,05718,837 18,474 363 Nov. 6. 23,441 23,256 185 824 94325,225 22,707 5,135 31,115 792 461 367 313 1,05618,963 18,509 454 13. 23,498 23,332 166 911 99725,424 22,731 5,136 31,287 795 505 329 407 1,05718,911 18,354 557 20. 23,288 23,282 6 752 ,430 25,489 22,757 5,137 31,336 801 503 315 386 1,05418,987 18,459 528 27. 23,318 23,167 151 777 ,209 25,325 22,762 5,139 31,431 794 469 301 294 1,03018,907 18,461 446 Dec. 4. 23,732 23,480 252 626 ,00525,387 22,763 5,141 31,668 770 305 291 191 1,04119,023 18,580 443 11. 23,886 23,574 312 676 ,020 25,617 22,766 5,142 31,827 769 318 318 186 1,080 1199,027 18,600 427 18. 23,907 23,600 307 751 ,52526,218 22,770 5,143 31,973 768 339 334 183 050 19,483 18,873 610 25. 23,950 23,617 333 786 ,894 26,687 22,770 5,145 32,089 764 483 359 179 1^06119,666 19,014 652 1958 Jan. 1.... 24,344 23,735 609 661 ,550 26,623 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 23,285 361 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 ,19318,909 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 23,432 131 816 24,456 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 30,592 804 257 257 368 150 18,930 18,332 598 26. 23,552 23,518 167 98324,742 22,498 5,180 30,524 790 580 258 400 ,14318,725 18,037 688 2 23,625 23,625 144 776 24,586 22,394 5,184 30,637 724 523 277 368 109 18.526 17,830 696 9.... 23,628 23,628 90 879 24,638 22,294 5,187 30,744 729 479 269 493 106 18,300 17,673 627 16.... 23,633 23,611 199 829 24,701 22,199 5,192 30,733 731 457 319 381 ,"1"0 41 188,369 17,754 615 23.... 23,712 23,704 112 990 24,854 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 23,799 23,799 118 808 24,763 21,967 5,197 30,659 738 533 287 386 049 18,276 17,647 629 23,931 23,931 123 760 24,854 21,886 5,199 30,812 741 470 294 386 046 18,190 17,528 662 21 23,876 23,876 104 994 25,016 21,779 5,200 30,822 732 459 309 381 ,04318,248 17,545 703 28 24,053 24,053 119 780 24,994 21,661 5,201 30,813 722 437 276 391 ,02318,194 17,513 681 June 4 24,194 24,194 135 869 25,240 21,594 5,201 30,989 709 411 238 484 ,05718,147 17,574 573 11 24,397 24,391 6 184 81525,440 21,594 5,203 31,052 709 424 267 370 ,13918,274 17,687 587 18 24,682 24,581 101 175 036 25,939 21,540 5,204 31,070 698 459 331 359 146 18,619 17,984 635 25 25,002 24,891 111 99 024 26,170 21,374 5,204 30,975 698 440 280 229 144 18,983 18,314 669 July 2 25,422 25,419 97 815 26,380 21,349 5,203 31,163 687 446 268 405 ,10518,859 18,204 655 9 25,456 25,456 143 947 26,589 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 25,240 25,240 112 82826,212 21,195 5,207 31,171 696 662 291 350 ,14818,296 17,738 558 25,646 25,626 20 229 777744 26,685 21,154 5,210 31,291 699 504 300 329 ,16618,760 18,073 687 20. 25,406 25,406 216 1,00826,665 21,086 5,210 31,295 696 528 259 301 ,23318,648 18,027 621 27. 25,257 25,257 271 857 2*6'417 21,086 5,211 31,249 688 486 234 320 212 18,526 17,953 573 Sept. 3. 25,353 25,353 461 792 26,638 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 1,049 26,644 20,939 5,215 31,393 694 304 397 282 156 18,572 17,935 637 24. 24,893 24,893 433 1,20326,558 20,895 5,216 31,285 683 508 308 320 ,16218,404 17,811 593 Oct. 1. 24,940 24,940 401 904 26,275 20,866 5,219 31,217 690 448 261 387 ,12318,234 17,774' 460 8. 25,143 25,143 434 91126,519 20,830 5,219 31,352 691 447 299 343 ,11918,318 17,753 565 15. 25,498 25,353 145 472 922 2266,925 20,764 5,220 31,498 689 386 327 412 ,12118,475 17,989 486 22. 25,242 25,242 369 1,40127,046 20,724 5,220 31,435 681 464 308 332 ,11718,652 18,086 566 29. 25,300 25,300 456 97726,767 20,690 5,221 31,299 681 512 270 321 ,08018,515 17,993 522 Nov. 5. 25,459 25,380 79 403 79626,694 20,679 5,222 31,422 681 325 283 391 ,07818,416 18,008 408 12. 25,660 25,614 46 470 93427,100 20,652 5,225 31,660 687 371 297 375 ,07818,510 17,891 619 19. 25,411 25,392 19 453 1,18827,087 20,680 5,225 31,754 692 475 316 341 ,07418,3402>17,877 P463 26. 25,734 25,578 156 430. 1,19927,399 20,616 5,225 31,825 686 455 243 337 ,06318,631*>18,185 » Preliminary. For other notes see following page. 1403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1404 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued fin millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o r a i r t o e d T U o . t a S l . G B o r o i o v g u u t h t . g - t h se t cu r u c H r e n h i p t e a d i u l e s e d r s e r - c v D o a a a u n n i d s n c d - - e ts s Float Total i s G to o c ld k T r s c o e u t r i a u n n u e r n r y c g a t - d - y s - - r c C t e c u i i u n i o n l r c r a n - - y - T h c i u r o n a e r l s g y a d h s s - - Tr u w e r a i y t s h - re F s . 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 q r u e i s r e e r d v e 2 s Exagreement Averages of daily figures 1957 Nov 23,417 23,276 141 810 1,12625,373 22,743 5,137 31,335 793 464 322 337 1,04418,958 18,447 511 Dec 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 1,06319,420 18,843 577 1958 23,608 23,458 150 454 1,11825,229 22,782 5,148 31,059 777 512 297 224 99319,296 18,723 573 Jan 23,378 23,313 65 242 90724,568 22,759 5,161 30,608 717 421 294 299 ,15019,000 18,434 566 Feb 23,486 23,465 21 139 89324,559 22,548 5,177 30,589 750 457 265 350 ,14218,730 18,097 633 Mar 23,649 23,638 11 130 86424,682 22,166 5,191 30,654 728 494 267 410 092.18,394 17,772 622 Apr 23,939 23,939 119 84124,939 21,801 5,200 30,798 731 466 286 401 ,03618,223 17,557 666 May 24,749 24,698 51 142 91625,851 21,490 5,203 31,039 701 442 281 350 132 18,600 17,974 626 June 25,218 25,218 109 94226,310 21,285 5,203 31,264 687 498 302 358 ,08118,609 17,953 656 July 25,410 25,406 252 85826,554 21,112 5,210 31,268 694 541 274 324 ,19418,580 17,946 634 Aug 25,051 25,051 476 99026,548 20,940 5,215 31,342 691 445 325 325 ,15118,425 17,854 571 Sept 25,296 25,260 36 425 1,03526,789 20,750 5,220 31,390 r685 449 299 352 ,10818,476 17,955 521 Oct 25,650 25,562 488 1,03927,211 20,648 5,225 31,732 688 410 276 369 ,06818,540 Nov 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 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 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec... 24,262 24,262 249 57825,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec... 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec... 20,778 20,725 53 67 1,36822,216 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 1,66526,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 End of month 1957 Nov.. 23,733 23,448 285 819 94225,515 22,763 5,139 31,661 761 243 283 196 1,000 19,274 18,578 696 Dec. 24,238 23,719 519 55 1,42425,784 22,781 5,146 31,834 761 481 356 246 99819,034 19,091 -57 1958 Jan 23,331 23,331 217 76324,352 22,784 158 30,576 771 469 249 279 99018,958 18,543 415 Feb 23,240 23,240 122 92424,330 22,686 169 30,554 695 516 265 336 ,15118,667 18,186 481 Mar 23,628 23,628 137 76524,570 22,394 183 30,666 722 474 266 378 ,10818,532 17,857 675 Apr 23,681 23,681 156 79724,672 21,996 196 30,565 734 594 257 411 ,05018,254 17,686 568 May 24,162 24,162 144 96525,313 21,594 201 30,994 703 382 234 624 99418,176 17,543 633 June 25,438 25,438 41 75826,283 21,356 203 31,172 692 410 269 420 ,09618,784 18,158 626 July 24,480 24,480 94 86825,477 21,210 207 31,171 685 617 288 329 ,03917,764 17,801 -37 Aug 25,346 25,346 555 80526,739 21,011 211 31,371 684 540 313 332 ,18418,538 17,860 678 Sept 24,986 24,986 255 86026,130 20,874 219 31,245 684 371 258 395 ,12218,147 17,785 362 Oct 25,443 25,373 70 407 78826,675 20,690 222 31,386 674 363 288 335 ,07918,462 18,009 453 Nov 26,229 26,069 160 717 1,02628,006 *>20;609 228*>32,037 424 226 430 038 18,994 18177 Wednesday 1958 Sept. 3 25,386 25,386 185 81326,415 21,011 5,212 31,436 697 518 314 331 ,15318,188 17,911 277 10 25,081 25,081 464 84:26,417 21,012 5,215 31,409 700 512 382 319 ,15118,171 17,903 268 17 24,915 24,915 207 1,19126,342 20,899 5,216 31,335 694 192 356 270 ,16218,447 17,992 455 24 24,860 24,860 337 94926,174 20,874 5,219 31,176 686 490 314 338 ,16118,101 17,749 352 Oct. 1. 25,047 25,047 199 90426,180 20,823 5,219 31,243 691 441 275 398 ,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 1,06126,845 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 31,333 684 525 297 317 ,11618,675 18,038 637 29 25,373 25,373 378 77626,561 20,690 5,222 31,293 684 542 280 326 ,07918,267 18,010 257 Nov. 5. 25,519 25,423 96 502 44126,498 20,665 5,222 31,514 687 194 299 332 ,07718,281 18,000 281 12. 25,445 25,443 375 65726,512 20,676 5,224 31,751 688 496 288 320 ,07617,792 17,875 -83 19. 25,448 25,401 47 560 1,27127,312 20,658 5,225 31,714 689 391 317 351 ,07418,659H7,946 P713 26. 25,795 25,662 133 1,049 98027,858; 20,609 5,225 32,015 684 476 215 336 ,035118,929*18230 P Preliminary. r Revised. dates in subsequent tables on Federal Reserve Banks. i Includes industrial loans and acceptances; these items are not shown 2 These figures are estimated. separately in this table, but are given for end-of-month and Wednesday Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1405 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. * In millions of dollars] Central reserve Central reserve Item and period b m a 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 t e v y k - e s C ba o tr n u y k n s - Item and period b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i n r t e 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—Oct 19,040 4,231 1,116 7,836 5,857 1957_Oct 467 39 428 Nov 18,958 4,162 1,101 7,849 5,847 Nov 512 16 63 432 Dec 19,420 4,336 1,136 8,042 5,906 Dec 577 34 86 449 1958—Jan 19,296 4,251 1,125 8,007 5,914 1958—Jan 573 34 78 456 Feb 19,000 4,204 1,114 7,871 5,811 Feb 567 22 98 442 Mar 18,730 4,272 1,098 7,701 5,659 Mar 633 44 98 479 Apr , 18,394 4,122 1,052 7,651 5,569 Apr 623 15 79 526 May 18,223 4,030 1,054 7,614 5,525 May 666 53 131 474 June 18,600 4,214 1,113 7,721 5,552 June 626 28 102 481 July 18,609 4,132 1,088 7,772 5,617 July 656 32 104 515 Aug 18,580 4,014 1,097 7,820 5,651 Aug 635 26 89 516 Sept 18,425 3,951 1,064 7,731 5,679 Sept 571 27 65 474 Oct 18,476 3,935 1,061 7,755 5,724 Oct 521 27 55 433 Week ending: Week ending: 1958—-Oct. 22 18,652 3,912 1,067 7,816 5,857 1958—Oct. 22 566 -1 48 518 29 18,515 3,993 1,066 7,773 5,683 29 522 75 74 363 Nov. 5 18,416 3,946 ,061 7,761 5,648 Nov. 5 408 16 60 333 12 18,510 3,808 ,044 7,766 5,891 12 619 6 5 60 548 19 , 18,340 3,801 ,035 7,749 5,754 19 -2 -1 41 5 26 18,631 3,918 ,075 7,883 5,755 26 8 4 41 ^393 Required reserves:2 Borrowings at Federal Reserve Banks: 1957_Oct 18,573 4,231 ,116 7,797 5,429 Nov 18,447 4,147 ,100 7,786 5,414 1957—Oct 811 141 115 428 127 Dec 18,843 4,303 ,127 7,956 5,457 Nov 804 96 123 405 181 Dec 710 139 85 314 172 1958—Jan , 18,723 4,216 ,121 7,928 5,458 Feb 18,434 4,182 ,109 7,773 5,369 1958—Jan 451 80 29 222 119 Mar 18,097 4,228 ,087 7,603 5,179 Feb 242 46 11 96 89 Apr , 17,772 4,107 ,049 7,572 5,043 Mar 138 2 29 36 71 May 17,557 3,977 ,046 7,482 5,051 Apr 130 18 9 35 67 June 17,974 4,186 ,099 7,619 5,070 May 119 2 1 42 74 July 17,953 4,101 ,084 7,667 5,101 June 142 21 2 45 74 Aug , 17,946 3,987 ,094 7,731 5,134 July 109 16 49 44 Sept 17,854 3,923 ,058 7,667 5,205 Aug 252 48 111 90 Oct 17,955 3,909 ,055 7,700 5,291 Sept 476 106 266 96 Oct 425 35 253 128 Week ending: Week ending: 1958—Oct. 22 18,086 3,913 ,066 7,768 5,339 29 17,993 3,918 ,056 7,699 5,320 1958—Oct. 22 368 32 242 82 29 455 6 257 181 Nov. 5 18,008 3,930 ,062 7,701 5,315 12 17,891 3,803 ,039 7,706 5,343 Nov. 5 402 20 220 154 19 •17,877 3,803 ,037 7,708 ^5,329 12 469 108 170 179 26 '18,185 3,910 ,071 7,842 ^5,362 19 451 48 275 115 26 428 58 210 137 October 1957 Free reserves:2 4 Deposits: 1957—Oct -344 -141 -115 -389 301 Nov -293 -80 -123 -342 251 Gross demand deposits: Dec -133 -105 -77 -228 277 Total 116,093 23,085 6,021 45,083 41,905 Interbank 13,192 4,250 1,230 6,324 1,388 1958—Jan 122 -46 -25 -144 337 Other 02,901 18,835 4,791 38,759 40,517 Feb 324 -25 -6 1 353 Net demand deposits3 . .. 99,562 20,231 5,248 38,177 35,905 Mar 495 42 -18 62 408 Time deposits 45,924 3,693 1,324 18,497 22,411 Apr 493 -3 -7 44 459 Demand balances due May 547 51 7 89 399 from domestic banks. . 6,510 48 103 1,959 4,400 June 484 7 12 57 408 July 546 16 4 56 471 Aug 383 -22 -22 426 October 1958 Sept 95 -79 -3 -201 378 Oct 96 -3 -198 305 Gross demand deposits: Week ending: Total 120,121 23,266 6,263 47,596 42,994 Interbank 13,793 4,110 1,286 6,932 1,465 1958—Oct. 22 198 -33 -11 -194 436 Net d O e t m he a r nd deposits3. .. 1 10 0 2 6 , , 6 3 3 2 1 8 2 1 0 9 , , 2 1 8 5 3 6 4 5 , , 9 4 7 6 8 3 4 40 0 , , 1 6 9 6 2 4 4 3 1 6 , , 5 6 3 9 0 2 29 67 69 -1 -183 182 Time deposits 53,053 5,151 1,436 21,372 25,094 Nov. 5 6 -4 -9 -160 179 Demand balances due 12 150 -102 -7 -110 369 from domestic banks. . 6,929 72 105 2,088 4,664 19 -50 -14 -234 ^310 26 -50 -19 -169 *>256 » Prelimin ary. banks and of country banks are estimates. 11 AAvveerraaggee ss ooff ddaaiillyy cclloossiinngg ffiigguurreess ffoorr rreesseerrvveess aanndd bboorrrroowwiinnggss aanndd ooff 3 3D Dememanadn dd edpeopsoistsi tss usbujbejcetc tt ot or erseesrevrev er erqeuqiuriermemenetnst, s,i .ei..e, .,g rgorsoss sd edmemanadnd 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 de posits 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

1406 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 Nov. 30 beginning— rate Nov. 30 beginning— rate Nov. 30 beginning— rate Boston Nov. 4,1958 Nov. 4,1958 Nov. 4, 1958 New York. . . Nov. 7,1958 Nov. 7,1958 Nov. 7, 1958 Philadelphia.. Oct. 24,1958 Oct. 24,1958 Sept. 19, 1958 Cleveland Oct. 30,1958 Oct. 30,1958 Oct. 30, 1958 Richmond. . . Oct. 24,1958 Oct. 24,1958 Oct. 24, 1958 Atlanta Oct. 28,1958 Oct. 28,1958 Oct. 28, 1958 Chicago Oct. 311,958 Oct. 31,1958 Jan. 24, 1958 St. Louis Oct. 24,1958 Oct. 24,1958 Oct. 24, 1958 Minneapolis.. Oct. 24,1958 Oct. 24,1958 Oct. 24, 1958 Kansas City. . Nov. 4,1958 Nov. 4,1958 Nov. 4, 1958 Dallas Oct. 24,1958 Oct. 24,1958 Oct. 24, 1958 San Francisco Nov. 6,1958 Nov. 6,1958 Nov. 6, 1958 i 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 DISCOUNT RATES 1 MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Range F. R. Range F. R. Net demand deposits 1 Time deposits Date (or level)— Bank Date (or level)— Bank effective all F. R. of effective all F. R. of Banks N. Y.2 Banks N. Y.2 Effective date Central of change Central Reserve Coun- reserve Counreserve city try and try 1955 1957 city banks banks reserve banks Apr. 14. .. W2-W4 11/2 Nov. 15. .. 3 -31/2 3 banks city 15... W2-W4 WA Dec. 2... 3 3 banks May 2... WA Aug. 4... l%-2% 1958 5... W4-2V4 2 Jan. 22... 2%-3 3 1917—June 21 13 10 7 3 3 12... 2 -214 2 24... 2M-3 2% Sept. 9... 2 -2V4 214 Mar. 7... 21/4-3 214 1936—Aug. 16 191/2 15 4% ft Nov. 1 1 8 3 . .. . . . 214 2 - 1 2 /4 1/2 2 21 1 / 4 2 2 1 1 3 . .. . . . 2VA 2 - 1 2 4 YA 2 2 1 1 / / 4 4 1937— M M a a y r. 1 1 8* 11* 14 P 23. .. 2% 2^2 Apr. 18... WA-2VA 1% 1938—Apr. 16 12 6 Apr. 1 9 1 56 3. .. 21/2-3 2Y4 A S M e u a p g y t . . 1 1 9 5 2 . . . . . . . . . l 1 % *4 W - - 2 A 2 t1% 1 1 9 9 4 4 2 1 — — A N u o g v . . 20 1 2 26 2*4 171/2 14 6 5 6 20... 2%-3 234 Sept. 14 24 20 24... 2%-3 3 Oct. 24!!! 2 -21/2 2 Oct. 3 22 JT 11 . . . 3 j Nov. 7... 21/2 21/2 20 1957 1948—Feb. 27 22 Aug. 23 9 . . . . . . 3 3 - 1 3 /2 1/2 3 31/2 I N n o v e . f fe 3 c 0 t ... 2% 21/2 J S u e n p e t. 1 1 1 6,24*.... 2 2 4 6 22 16 VA 1949—May 1,5* 24 21 15 i'Under Sees. 13 and 13a, as described in table above. J A u u n g e . 30 1 , , J 1 u 1 ly * . 1 . * . . . lfA 20 1 1 4 3 6 5 6 the 2 \ d R i e s p c u o r u ch n a t se r ate r at a e t o th n e U F . e S d . e r G al o v R t. e s s e e c r u v r e i ti B es a . nk T o h f is N r e a w te Y w o a r s k th e e x c s e a p m t e in as A A u u g g . . 2 1 5 6, 18*.... g* \fA 12 5 the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, Sept. 1 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 1951—Jan. 11, 16*.... 23 19 13 6 6 2.75; and 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 17% ii* Mar. 20, Apr. 1* 19 17 Jan. 16, Aug. 5, Effec- Apr. 17 I8I/2 Prescribed in accordance with 1958- 1958- tive Apr. 24 18 I6I/2 Securities Exchange Act of 1934 Aug. 4, Oct. 15, Oct. 16, 1958 1958 1958 In effect Dec. 1, 1958.. 18 16% 11 5 5 Present legal require- Regulation T: ments : For extensions of credit by brokers and 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 fnay 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 1407 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1958 1958 1957 Nov. 26 Nov. 19 Nov. 12 Nov. 5 Oct. 29 Nov. Oct. Nov. Assets Gold certificate account 19,108,894 19,175,89419,197,892 19,192,892 19,217,892 19,108,892 19,217,892 21,219,392 Redemption fund for F. R. notes.. 910,479 893,583 889,948 887,297 887,297 910,478 887,297 863,150 Total gold certificate reserves. 20,019,373 20,069,477 20,087,840 20,080,189 20,105,189 20,019,370 20,105,189 22,082,542 F. R. notes of other Banks 288,079 325,341 292,161 321,181 386,444 280,006 365,287 310,108 Other cash 330,973 353,994 347,372 367,942 381,057 335,856 383,962 348,015 Discounts and advances: For member banks 1,047,234 558,283 374,118 501,169 376,967 715,316 405,877 813,907 For nonmember banks, etc 1,300 1,300 1,300 1,300 1,300 1,300 1,300 5,500 Industrial loans 337 337 338 338 338 337 338 548 Acceptances—Bought outright 34,329 33,329 33,323 35,162 33,158 33,906 36,301 20,208 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 1,661,150 1,399,650 1,442,150 1,422,110 1,371,610 2,067,750 1,371,610 712,573 Certificates—Special Other 21,507,2912^507; 29121,507,29121,507,29121507,29121,507 21,507,29119,933^6i2 Notes 10,000 10,000 10,000 10,000 10,000 10 10,000 Bonds 2,483,771 21,483,771 2,483,771 2,483,771 483,771 2,483; 2,483,771 Total bought outright 25,662,212 25,400,712 25 443,212 25 423,172 25,372,672 26,068,812 25,372,672 23,447,935 Held under repurchase agreement. 132,800 47,000 2,000 95,800 160i ,0"0""0 7""0 ,1'0""0 285,500 Total U. S. Government securities. 25,795,012 25,447,712 25,445,212 25,518,972 25,372,672 26,228,812 25,442,772 23,733,435 Total loans and securities 26,878,212 26,040,96125,854,29126,056,94125,784,43526,979,67125,886,588 24,573,598 Due from foreign banks. 15 15 15 15 15 15 15 12 Uncollected cash items.. 5,283,939 ,197,202 5,094,655 4,822,311 ,988,813 5,280 4,490,420 4,891,486 Bank premises 93,345 93,338 93,286 93,187 93,309 93; 9"3", 194 83,363 Other assets 258,334 246,764 234,273 222,462 210,280 265 213,653 272,527 Total assets. 53,152,270 53,327,092 52,003,893 51,964,228 51,949,542 53,253,538 51,538,30852,561,651 Liabilities Federal Reserve notes 27,504,168 27,268,802 27,265,888 27,083,699 26,938,903 27,529,111 27,002,540 27,260,056 Deposits: Member bank reserves 18,929,311 8,658, 17,792,321 18,281,384 18,266,690 18994,412 18,461. ,274,041 U. S. Treasurer—general account. 476! 062 390; 496; 193; 542,233 424,020 363; 243,487 Foreign 215; 216 317; 287; 299; 280 118 225,908 288; 282,875 Other 336; 256 351; 33i; 326 183 429,716 334; 195,946 Total deposits. 19,956,845 19,718,030 18,896,661 19,106,196 19,415,224 20,074,056 19,448,156 19,996,349 Deferred availability cash items 4,304.092 4,925,920 4,437,414 4,381,532 4,212,467 ,254,045 3,702, ,949,744 Other liabilities and accrued dividends. 25;078 24,342 23,711 22,601 22,455 28,015 22; 23,639 Total liabilities 51,790,18351,937,094 50,623,674 50,594,028 50,589,04951,885,22750,175,129 51,229,788 Capital Accounts Capital paid in. 358,123 357,780 357,696 357,502 357,342 358,136 357,463 341,672 Surplus 809,195 809,195 809,195 809,195 809,195 809,195 809,195 1775,136 Other capital accounts. 194,769 223,023 213,328 203,503 193,956 200,980 196,521 215,055 Total liabilities and capital accounts. 53,152,270 53,327,092 52,003,89351,964,228 51,949,542 53,253,538 51,538,308 52,561,651 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 42.2 42.7 43.5 43.5 43.4 42.1 43.3 46.7 Contingent liability on acceptances purchased for foreign correspondents 75,171 74,623 77,705 73,490 70,411 74,798 70,596 67,032 Industrial loan commitments 1,015 1,015 1,015 1,019 1,019 1,015 1,019 1,130 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advances—total ,048,534 559,583 375,418 502,469 378,267 716,616 407,177 819,407 Within 15 days ,040,524 551,916 362,336 495,777 371,535 706,095 385,035 779,775 16 days to 90 days 8,010 7,667 13,082 6,692 6,732 10,521 22,142 39,632 91 days to 1 year Industrial loans—total 337 337 338 338 338 337 338 548 Within 15 days 195 195 195 195 186 204 194 61 16 days to 90 days 29 29 19 19 29 20 18 69 91 days to 1 year 46 46 53 53 52 46 47 276 Over 1 year to 5 years 67 67 71 71 71 67 79 142 Acceptances—total 34,329 33,329 33,323 35,162 33,158 33,906 36,301 20,208 Within 15 days, 5,050 7,721 9,412 11,314 12,119 4,438 9,866 3,211 16 days to 90 days 29,279 25,608 23,911 23,848 21,039 29,468 26,435 16,997 U. S. Government securities—total. 25,795,012 25,447,712 25,445,212 25,518,972 25,372,672 26 228,812 25,442,772 23,733,435 Within 15 days ,293,725 ",292,275 112,850 485,650 276,000 "084,925 268,100 ",187,825 9 1 1 6 d d a a y y s s t t o o 9 1 0 y e d a a r ys 6 8 , , 8 1 6 4 4 2 , , 7 7 8 3 3 3 6 8 , , 5 1 1 4 8 2 , , 9 7 3 3 3 313, 1 6 8 4 8 9 , , 8 7 6 2 5 6 , , 8 6 8 4 9 9 , , 8 7 2 2 5 6 1 8 3 ,995533,, 117755 7 8 , , 5 1 0 4 7 2 , ,7 3 3 8 3 3 1 9 3 , , 0 6 3 4 1 9 , , 1 7 7 2 5 6 , , 1 5 6 9 2 4 , , 3 0 1 4 3 0 Over 1 year to 5 years 1,023,614 1023,614 023,614 ,023,614 ',649,726 1,023,614 1,023,614 680,635 Over 5 years to 10 years 83,910 023,614 83,910 83,910 ,023,614 83,910 83,910 750,375 Over 10 years 1,386,247 83,910 386,247 ,386,247 83,910 1,386,247 1,386,247 ,358,247 ,386,247 ,386,247 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

1408 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1958 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificate account 950,283 5,047,068 1,026,157 ,479,665 j1,107,424 852,526 3,356,422 731,313 488,484 796,977 784,044 2,488,529 Redemption fund for F. R. notes 56,143 190,495 58,923 84,492 11,99 A 57,439 163,427 43,896 21,669 41,696 28,980 85,324 Total gold certificate reserves. 1,006,426 5,237,5631,085,080 1,564,1571,185,418 909,965 3,519,849 775,209 510,153 838,673 813,024 2,573,853 F. R. notes of other Banks... 17,237 66,918 18,909 11,729 29,303 46,815 22,118 8,673 10,726 5,826 16,635 25,117 Other cash 22,944 63,110 19,345 29,729 19,483 27,782 58,542 21,115 7,713 12,297 14,554 39,242 Discounts and advances: Secured by U. S. Govt. securities 27,120 70,955 35,725 151,300 33,585 102,860 76,615 44,650 28,095 74,741 16,150 52,900 Other 74 366 90 116 66 58 186 48 31 671 68 146 Industrial loans 327 10 Acceptances: Bought outright 33,906 Held under repurchase agreement U. S. Govt. securities: Bought outright ,419,395 6,573,7201,498,540 2,307,7421,696,871 ,326,459 4,553,7001,063,451 548,4101,112,6951,021,1412,946,688 Held under repurchase agreement 160,000 Total loans and securities. .. ,446,916 6,838,9471,534,355 2,459,1581,730,5221,429,377 4,630,5011,108,149 576,5461,188,1071,037,3592,999,734 Due from foreign banks 1 14 1 1 2 1 () 1 1 1 Uncollected cash items 366,641 1,003,411 314,866 447,894 404,715 453,505 818,835 245,748 151,262 280,725 287,275 505,371 Bank premises 4,630 10,531 4,268 9,920 6,642 9,146 11,446 6,844 5,211 4,871 7,745 12,102 Other assets 14,551 66,259 14,976 23,778 17,146 13,769 45,438 10,721 5,548 12,115 10,478 30,237 Total assets. 2,879,34613,286,743 2,991,800 4,546,366 3,393,230 2,890,360 9,106,7312,176,4601,267,159 2,342,615 2,187,0716,185,657 Liabilities F. R. notes 1,609,482 6,426,798 1,717,243 2,530,340 2,,1.31,5741,420,560 5,271,4111,222,219 580,2161,090,709 780,6902,747,869 Deposits: Member bank reserves 805,489 5,322,629 882,473 ,441,111 806,754 988,972 2,873,406 689,327 483,844 914,247 ,058,790 2,727,370 U. S. Treasurer—general account 32,148 52,216 24,024 52,543 20,965 30,939 56,059 16,327 31,782 46,905 15,523 44,589 O Fo th re e i r gn 12,255 3 3 5 7 9 1 , , 7 5 9 3 6 8 1 3 4 , , 0 8 3 3 2 5 19 1, , 3 1 3 3 3 5 1 2 0 , , 1 9 0 6 4 5 9 1 , ,8 6 3 7 1 5 30, 9 7 2 4 3 5 1 7 0 , , 9 5 5 2 5 6 5,160 8,385 11 1, , 4 1 2 8 0 0 4 2 6 4 , , 9 0 8 8 8 0 470 459 834 Total deposits 850,362 5,806,179 924,364 ,514,122 840,7881,031,417 2,961,133 724,135 521,245 970,3711,086,913 2,843,027 Deferred availability cash items 340,453 671,633 257,284 375,731 348,664 371,887 667,626 175,870 130,902 225,653 248,505 439,837 Other liabilities and accrued dividends 1,335 7,490 1,507 3,062 1,330 1,294 4,600 1,023 857 1,150 1,089 3,278 Total liabilities 2,801,63212,912,100 2,900,398 4,423,2553,322,356 2,825,158 8,904,770 2,123,2471,233,220 2,287,8832,117,197 6,034,011 Capital Accounts Capital paid in 18,029 103,842 21,817 33,556 16,200 18,139 49,292 12,122 8,295 14,697 20,164 41,983 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. 12,537 47,271 13,371 18,014 13,509 10,865 31,154 9,531 5,883 9,511 8,784 20,550 Total liabilities and capital accounts 2,879,34613,286,7432,991,800 4,546,366 3,393,230 2,890,360 9,106,7312,176,460 1,267,159 2,342,6152,187,0716,185,657 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 40.9 42.8 41.1 38.7 39.9 37.1 42.8 39.8 46.3 40.' 43.5 46.0 Contingent liability on acceptances purchased for foreign correspondents 4,286 420,804 5,189 6,693 3,835 3,384 10,754 2,78: 1,805 2,933 3,910 8,423 Industrial loan commitments. 75 940 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $53,994,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $154,370,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1409 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1958 1958 1957 Nov. 26 Nov. 19 Nov. 12 Nov. 5 Oct. 29 Nov. Oct. Nov. F. R. notes outstanding (issued to Bank). 28,473,795128,220,220 28,152,238 28,003,936 27,969,50528,586,156 28,017,260 28,178,234 Collateral held against notes outstanding: Gold certificate account 11,233,000 11,223,000 11,213,000 11,393,000 11,393,000 11,233,000 11,393,000 12,028,000 Eligible paper 178,830 138,922 78,210 90,732 62,509 150,266 79,839 215,587 U. S. Government securities 18,070,000 17,870,00017,870,000 17,670,000 17,670,000 18,070,000 17,670,000 16,995,000 Total collateral 29,481,830 29,231,922 29,161,210 29,153,732 29,125,509 29,453,266 29,142,839 29,238,587 EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1958 Item Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- R m i o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) ,670,422 6,767,3931,778,8052,586,691 2,196,129 ,477,24715,399,420 1,271,151593,7731,118,607 835,101 2,891,417 Collateral held: Gold certificate acct.. 600,000 3,120,000 640,000 920,000 775,000 425,000 2,200,000 430,000 200,000 300,0000 323,0001,300,000 Eligible paper 30,625 44,650 74,991 U. S. Govt. securities. ^ i50*666 3,*8o6i 1,200,000 7oo|66o i\450\ jioo, 666 3 j 366,666 900,000 425,000 820,000 525,000 1,700,000 Total collateral.... 1,750,000 6,920,000 [,870,6252,620,000 2,225,000 1,525,000 5,500,000 1,374,650 625,000 1,194,991848,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n t o o h f r N b u A e m r a p p - t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r A e o o t o t p v m e n u - e d - o n d 1 t t) ( s a t L a m o o n u o a d t u n i - n n s g t) 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 a n 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 o n i t u a i c - n n s n n n i t s s - c t i 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 iz t 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 o a u A b n v u n o a d t a t d m e m s r i d e e l r t i a e r a o o t b a n n i w u g o g l t d n e s u e n r i t e r a n a t s e r 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 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 1,516 2,952 326 252 168 June 3,787 843,321 75 343 991 799 June 1,522 3,029 330 254 177 July 3,787 843,321 75 342 986 798 July 1,523 3,033 306 235 194 Aug 3,787 843,321 340 1,037 817 Aug 1,528 3,069 299 229 199 Sept 3,787 843,321 339 1,032 816 Sept 1,531 3,071 298 228 190 Oct 3,787 843,321 338 1,019 810 Oct 1,538 3,089 304 231 184 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

1410 BANK DEBITS MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [Per cent per annum] [In effect Nov. 30] Feb. 1, Jan. 1, Effective Fees Payable to Guaranteeing Agency by Financing Type of deposit D 1 e 9 c. 3 5 3 - 1, D 1 ec 9 . 3 6 3 - 1, Jan. 1, Institution on Guaranteed Portion of Loan 1935 1956 1957 Guarantee fee Percentage of Percentage of (percentage of any commitment Savings deposits 21/2 21/2 3 loan guaranteed interest payable fee charged by borrower) borrower Postal Savings deposits 21/2 21/2 3 Other time deposits payable: 70 or less 10 10 In 6 months or more 21/2 !» 3 75 15 15 In 90 days to 6 months 21/2 21/2 80 20 20 In less than 90 days 21/2 85 25 25 90 30 30 95 35 35 NOTE.—Maximum permissible rates for member banks established by Over 95 40-50 40-50 the Board of Governors in Regulation Q, which provides that rate paid by a member bank may not exceed maximum rate payable by State banks or trust companies on like deposits under laws of State in which member Maximum Rates Financing Institution May Charge Borrower bank is located. Since Feb. 1, 1936, maximum rates established by Federal Deposit Insurance Corporation for insured nonmember banks, [Per cent per annumj under authority of the Banking Act of 1935, have been the same as those in effect for member banks. Interest rate Commitment rate. Vi 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors. BANK DEBITS AND DEPOSIT TURNOVER [Debit in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposits accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Year or month Without seasonaladjustment Seasonally adjusted 3 Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers * centers2 City centers * centers2 City centers 1 centers 2 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 I954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 I957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1957 Aug 190,539 68,409 40,194 81,936 44.7 28.5 22.1 51.7 31.1 23.5 Sect 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 Aug 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 Oct 212,894 79,620 43,594 89,680 50.1 29.8 23.1 51.6 30.7 23.1 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. An 2 g e P l r e i s o . r to April 1955, 338 centers. NOTE.—For description see BULLETIN for April 1953, pp. 355-57. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 1411 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation 1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7 598 5 553 590 559 36 1 019 1 772 1 576 2 048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6 275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 1,312 75 2,151 6 617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 Oct 31,090 22,086 2,083 1,330 77 2,089 6,533 9,975 9,003 2,695 5,632 279 385 4 9 Nov 31,661 22,582 2,099 1,356 78 2,146 6,726 10,177 9,079 2,725 5,677 279 386 3 8 Dec 31,834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958—Jan 30 576 21,527 2,061 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 Apr 30 565 21,565 2,075 1,305 81 2,035 6 319 9,750 9,000 2,682 5,651 275 379 3 9 Mi ay 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 Oct 31,386 22,264 2,142 1,426 80 2,091 6,477 10,048 9,122 2,707 5,759 273 371 3 8 i Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation1 Kind of currency T s O o ta t c 1 a n t 9 l . d 5 3 i o 8 n 1 u g , t- A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F F a a . n o n R d r k . s H a B F e g a a . l e n d n R n d k t b . s s y Oc 1 t 9 . 5 3 8 1, Se 1 p 9 t. 5 8 30, Oc 1 t 9 . 5 3 7 1, certificates agents Gold 20,690 20,137 2553 Gold certificates . . 20 137 17,290 2,816 31 32 32 Federal Reserve notes 28 017 69 1,380 26,569 26,434 26,364 Treasury currency—total 5,222 $2,421 52 384 4,785 4,779 4,693 Standard silver dollars . . . 488 183 22 9 274 273 259 Silver bullion 2 238 2 238 Silver certificates and Treasury notes of 1890.. .. 32,421 268 2,154 2,163 2,103 Subsidiary silver coin 1,457 21 65 1,371 1,360 1,341 Minor coin 514 6 12 496 493 483 United States notes 347 3 29 315 314 319 Federal Reserve Bank notes 118 (4) 1 117 118 128 National Bank notes 59 (4) (4) 59 59 61 Total—Oct 31 1958 (5) 22 558 674 17 290 4,580 31,386 Sept 30 1958 . . 22 741 684 17 473 4 530 31,245 Oct 31 1957 P) 24,425 784 19,189 4,561 31,090 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. 1404. 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

1412 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Date Gold T s r t c o e u r i a u n n e u r n g a r y c t d - - y s - - Total Lo n a e n t s, Tot U al . S. G m o C v a e o r n e c m r d i n a - m l ent R F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l n T a i i a n a p t o e n i b e i e t t t d t i a - s a l l - l, c d u e T r a p r o n o e t d n s a i l c t y s C c m o a a n a u p i n c e s n i d - t c t t a . s l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939_Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1954—Dec. 31. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—Dec. 31. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 1,723 20,461 250,757 230,510 20,246 1957—June 6. 22,620 5,106 221,454 110,938 89,114 64,548 23,016 1,550 21,402 249,180 227,576 21,605 1957— Oct. 30. 22,700 225,200 113,000 89,700 65,000 23,200 ,500 22,500 253,000 231,100 21,900 Nov. 27. 22.800 224,800 113,000 89,400 64,500 23.600 ,400 22,400 252,700 231,000 21,700 Dec. 31. 22,781 229,470 115,157 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 30P 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*> 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 98,200 72,100 24,900 ,200 26,300 266,500 242,600 23,900 Oct. 29^ 20,700 5,200 243,100 116,900 99,900 73,300 25,400 ,200 26,200 269,000 244,900 24,100 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o d n a i s g e e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - m s b a c e a a v o A r n n i m c n t d k i g - a s s l B F. A a n R t k . s Total Total m T b C e i a o m r n c m k e ia s - l de s p b M a o a v u n s i i t k n t u s g s a 3 2 s l S S P a y o v s s i t n t e a g m l s p m o D d s a e e i n - - t d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m u r o n o e s t a d n s a t n e i l c t d d y s j p m u D o a d s a s d e t e n i e - - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63,254 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1.313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947_Dec. 31.. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30.. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,800 24,500 1954—Dec. 31.. 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136106,550 27,852 129,700 102,800 26,900 1955—Dec. 31.. 3,167 767 4,038 394 216.577 78,378 48,359 28,129 1,890109,914 28,285 133,200 105,800 27,400 1956—Dec. 31.. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 1,647111,391 28,335 134,400 106,700 27,700 I957_june 6., 3,247 792 3,625 473 219,439 85,715 53,605 30,647 1,463105,706 28,018 (5) (5) () 1957—Oct. 30. 3,300 800 3,500 500 223.000 88.100 55,500 31,300 1,400) 107,200 27,800 134,200 106,500 27,700 Nov. 27. 3,200 800 3,300 400 223,300 87,600 55.000 31,300 1J300 107,200 28,500 134,000 105,900 28,100 Dec. 31.. 3,270 761 4,179 481 227,681 89,126 56,139 31,662 1,325110,254 28,301 133,200 105,100 28,100 1958—Jan. 29. 3,300 800 2,400 500 224,800 89,800 56,600 31,900 1,300 107,600 27,300 132,200 104,700 27,500 Feb. 26. 3,700 700 3,800 400 223,900 90,900 57,600 32,100 1,300 110055,600 27,400 133,100 105,500 27,600 Mar. 26. 3,900 700 5,800 600 224,500 92,500 58,800 32,400 1,300 104,600 27,400 134,000 106,400 27,600 Apr. 30., 4,000 700 5,400 600 228,400 93,600 59,900 32,500 1,200 107,200 27,600 135,000 107,200 27,800 May 28., 4,000 700 5,700 400 228,100 94,600 60,700 32,700 1,200 105,800 27,800 135,500 107,600 27,900 J J u ul n y e 3 2 O 3 * .. 7, 4 3 , , 0 9 0 5 0 3 7 7 0 0 0 0 4 9, , 4 3 7 0 1 0 5 60 2 0 4 2 2 2 3 9 2 , , 4 4 8 0 3 0 9 9 5 6 , , 5 5 2 0 4 0 6 6 1 2 , , 4 3 7 0 3 0 3 3 2 2 , , 8 9 3 0 7 0 1 1, , 2 2 0 1 0 4 1 1 0 0 8 6, , 1 1 6 0 9 0 2 27 7 , , 9 7 0 9 0 0 'I37 ( , 5 6 ) 00 109,500 •28 ( ,1 ) 00 Aug. 27P, 3,900 700 5,800 500 232,500 97,000 62,700 33,100 1,200 107,500 28,000 137,300 109,200 28,100 Sept. 24P 3,800 700 4,500 500 233,100 97,200 62,700 33,300 1,200 108,100 27,900 136,700 108,900 27,800 Oct. 29^. 3,800 700 3,700 500 236,200 97,400 62,900 33,400 1,200 111100,800 28,000 137,900 110,000 27,900 v Preliminary. r Revised. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957, pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1413 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U bl o . i S v g . t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i n i a t t i d i t a - e a l s l Total2 b In a t n e k r * - Dema O nd ther c c T a o a o p u c t i n - t a a t l s l N ba b u o n e m f k r s tions ac- Time counts3 U.S. Other Govt. All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 3H 134.924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148;021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 1956—Dec. 31 197.063110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736 125,308 80,908 19,249 14,167 1957_June 6 197;465111,515 64,548 21,402 40,834 242,647 216,986 14,423 3,320114,659 84,584 19,879 14.144 Oct. 30 201;450113,970 64,990 22,490 42,590 248,660 222,030 14,710 3,180117,100 87,040 20,450 14,113 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—Mar. 26 205 990114,610 67,120 24,260 42,220 253,130 226,810 15,560 5,560114.210 91,480 20,830 14,078 Apr. 30 210;290115,220 70,310 24,760 43,730 259,000 232,360 16,320 5,180118,190 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 9,209117,113 94,596 21,359 14,055 July 30P 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^ 215;740 116,390 73,510 25,840 42,110 262,700 234,940 16,530 5,490116,830 96,090 21,540 14,036 Sept. 24?r 215:470 117,060 72,140 26,270 42,190 262,580 234,420 16,410 4,220117,460 96,330 21,660 14,034 Oct. 29^ 217:460 117,920 73,310 26,230 43,020,265,260 237,220 16,340 3,410:120,880 96,590 21,710 14,028 All commercial banks: 1939—Dec. 30... 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31.. . 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14.011 1947—Dec. 3H.. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30. .. 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806 101,917 36,503 11,590 14,121 1956—Dec. 31 . . . 165,123 90,302 58,552 16,269 48,720j217,460 197,515 17,593 3,733 125,282 50,908 16,302 13.640 1957—June 6... 164.515 91,028 56,642 16,845 39,995!208,393 186,308 14,421 3,318 114,633 53,937 16,837 13,619 Oct. 30. . . 167,900 92,970 57,310 17,620 41,790 213,840 190,740 14,710 3,180 117,070 55,780 17,380 13,588 Dec. 31,. . 170,068 93,899 58,239 17,930 48,428 222,696 201,326 17.021 3,898 123.967 56,440 17,368 13.568 1958—Mar. 26. .. 171,410 92,980 59,550 18,880 41,290 217,090 194,400 15,560 5,560114,180 59,100 17,710 13,558 Apr. 30. .. 175,560 93,450 62,830 19,280 42,850 222,870 199,850 16,320 5,180 118,160 60,190 17,810 13,551 May 28... 175,440 92,900 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 9,205 117,086 61,759 18,178 13,535 July 30*\ . 177,600 93,610 64,130 19,860 41,880 223,970 200,920 16,680 4,000 117,590 62,650 18,190 13,521 Aug. 272>. . 179,990 93,760 66,060 20,17G 41,270 225,620 201,840 16,530 5,490116,800 63,020 18,310 13,517 Sept. 24^ r. 179,510 94,230 64,720 20,560 41,330|225,260 201,050 16,410 4,220 117,430 62,990 18,410 13,515 Oct. 29*>. . 181,440 94,930 65,980 20,530 42,160 227,900 203,760 16,340 3,410 120,850 63,160 18,470 13,509 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 Oct. 30 140,475 80,155 46,158 14,162 36,935 181,109 161,229 14,008 2,777 99,704 44,740 14,539 6,411 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—Mar. 26 143,874 80,089 48,572 15,213 36,395 184,191 164,745 14,977 5,097 97,141 47,530 14,828 6,380 Apr. 30 147,485 80,423 51,505 15,557 37,834 189,304 169,551 15,720 4,818100,584 48,429 14,918 6,372 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. 27^ 151,259 80,299 54,634 16,326 36,229 191,358 171,012 15,747 4,992 99,412 50,861 15,299 6,341 Sept. 24^r 150,684 80,798 53,285 16,600 36,191 190,784 170.031 15,633 3,782 99,764 50,852 15,375 6,339 Oct. 29^ 152,102 81,375 54,166 16,561 37,020 192,945 172,301 15,558 3,023102,764 50,956 15,437 6,328 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 10,68 1,246 609 17,020 15,385 15,371 1,592 542 1947—Dec. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20.031 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—June 6 32,950 20,48? 7,906 4,557 839 34,254 30.678 30,647 3,042 525 Oct. 30 33,550 21,000 7,680 4,870 800 34,820 31,290 31,260 3,070 525 Dec. 31 33,78f 21,216 7,55: 5,013 890 35,168 31,695 31,662 3,059 522 1958—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» 35,500 22,410 7,430 5,660 850 36,830 32,960 32,930 3,200 519 Aug. 27P 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 Oct. 29^ 36,020 22,990 7,330 5,700j 860 37,360 33,460 33,430 3,240 519 p Preliminary. r Revised. available. Comparability of figures for classes of banks is affected some- 1 All banks in the United States. All banks comprise all commercial what by changes in Federal Reserve membership, insurance status, and banks and all mutual savings banks. All commercial banks comprise all the reserve classifications of cities and individual banks, and by mergers, nonmember commercial banks and all member banks (including (1) one etc. bank in Alaska and one in the Virgin Islands that became members on 2 Beginning June 30, 1942, excludes reciprocal balances, which on Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured non- Dec. 31, 1942, aggregated $513 million at all member banks and $525 deposit trust company, but excluding three mutual savings banks that million at all insured commercial banks. became members in 1941). Stock sayings 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

1414 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 S n v g s . 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 a i a a l p n i c t i d i - t e a s l Total* Inter- Demand Time c c a o a p u c i n - ta ts l ba b o n e f k r s counts 3 U.S. Govt. Other Central reserve city member banks: New York City X 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 Oct. 30 23,385 16,115 5,415 1,855 7,539 32,103 27,030 5,119 500 18,648 2,763 3,127 18 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—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 r 25,230 15,464 7,350 2,416 6,309 32,782 27,608 5,703 847 17,553 3,506 3,240 18 Oct. 29* 25,444 15,604 7,418 2,422 6,850 33,465 28,387 5,815 584 18,518 3,470 3,259 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1956—Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 1,372 184 5,069 1,319 660 14 1957_june 6 6,266 3,789 1,884 593 1,821 8,147 7,284 1,184 97 4,691 1,312 665 14 Oct. 30 6,273 3,829 1,888 556 1,969 8,310 7,264 1,183 148 4,624 1,309 679 14 Dec. 31 6,446 3,852 2,032 562 2,083 8,595 7,792 1,347 195 4,904 1,345 689 14 1958—Mar. 26 6,492 3,481 2,404 607 1,808 8,374 7,390 1,272 351 4,418 1,349 700 14 Apr. 30 6,647 3,592 2,434 621 1,873 8,600 7,665 1,320 302 4,671 1,372 705 14 May 28 6,484 3,417 2,434 633 1,985 8,553 7,692 1,317 292 4,708 1,375 709 14 June 23 6,942 3,594 2,694 654 1,914 8,929 8,022 1,288 705 4,626 1,403 708 14 July 30* 6,576 3,329 2,611 636 1,938 8,589 7,759 1,384 229 4,751 1,395 714 14 Aug. 27* 6,701 3,329 2,719 653 1,961 8,738 7,828 1,346 337 4,744 1,401 718 14 Sept. 24 r 6,577 3,405 2,537 636 1,869 8,522 7,628 1,340 247 4,642 1,399 714 14 Oct. 29* 6,614 3,426 2,547 641 1,887 8,583 7,693 1,279 192 4,826 1,396 720 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 Oct. 30 54,109 32,261 16,755 5,093 14,899 70,389 62,963 6,367 918 37,483 18,195 5,298 281 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—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' 59,327 32,830 20,455 6,041 15,247 75,976 67,918 7,177 1,492 38,243 21,005 5,675 277 Oct. 29* 59,471 32,984 20,508 5,979 15,448 76,383 68,474 7,031 1,074 39,370 20,999 5,714 277 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 Oct. 30 56,708 27,950 22,100 6,658 12,528 70,307 63,972 1,339 1,211 38,949 22,473 5,435 6,098 1958— D M e a c r . . 3 2 1 6 , 5 5 6 6, . 6 8 6 2 5 0 2 2 8 8 , , 1 1 9 6 1 9 2 2 1 1 , , 8 5 1 4 5 4 6 6 , , 8 9 1 5 4 2 1 1 2 4 , .1 3 3 0 9 2 7 7 2 0 , , 0 0 6 5 2 6 6 6 5 3 , , 9 7 9 6 1 4 1 1 , , 6 3 5 2 8 7 1 1 , , 1 4 8 0 1 5 4 3 0 7 , , 7 62 2 3 4 2 2 2 3 . , 4 4 2 0 9 9 5 5, t3 4 5 9 9 8 6 6, , 0 0 7 8 0 3 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 r 59,550 29,099 22,943 7,507 12,765 73,505 66,877 1,413 1,197 39,326 24,941 5,747 6,030 Oct. 29* 60,573 29,361 23,693 7,519 12,835 74,514 67,747 1,433 1,173 40,050 25,091 5,744 6,019 * 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 1415 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 n S 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 i d a - t - e a l s l Total* b In a t n e k r * - Dema O nd ther Time c c T a o a o p u c t i n a t - a t l s l N ba b u o n e m f k r s counts3 U.S. Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34,882 9,734 13,398 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_ D j uence . 3 6 1 9 8 1 7 , , 2 9 0 1 1 0 4 5 8 0 , , 4 3 1 5 5 0 3 3 0 1 , , 3 2 4 3 5 4 9 9 , , 1 6 5 1 0 7 2 2 2 6 , , 5 7 2 8 5 6 1 12 1 0 2 , , 1 4 5 6 3 0 1 10 0 9 0 , , 0 9 9 8 1 9 7 9, , 4 9 7 6 5 3 2 1 , , 1 7 6 8 6 2 6 6 1 6 , , 7 54 3 6 7 2 3 9 0 , , 5 9 0 0 6 4 9 8 , , 0 7 7 2 0 2 4 4 , , 6 6 4 2 7 0 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_june 6 25,243 12,134 10,156 2,953 4,446 30,088 27,292 359 378 16,200 10,355 2,469 6,748 Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 425 388 17,580 10,873 2,500 6,753 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. 31* 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7.036 1,596 7.261 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 2,308 239 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

1416 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans* Investments Class of bank T lo o a t n a s l C m c i o i n e a m - r l - , - p o L s u r e o r c c a c a u n h r r s a r i t y s i f i i e o n n s r g g O lo t a h n e s r U. S. Gover D nm ir e e n ct t obligations O ti g o o b a n f l - i s cal a l n d d ate i m n a v e n e n d s t t s - TotaP c o m p p i k l p n u a e a e e g d r r - t n - - A c tu u a g l r l r - - i- o T e t r o h s - l R o t e a a e s t n - a e l s u v i d t a i n o i d l - - s - O lo t a h n e s r Total Total Bills C o d c n e e f a e r e d t b t i s e i - n t s f s - - i- Notes Bonds j t a u e n e a - d r- 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 O s ri e t t h c i e e u r s - All commercial banks: 3 1947_Dec. 31.... 16,28438,057 8,167 660 8301,220 9,393 5,7231,063 '8,226 69,2212,193 7,789 6,034 3,191 5,276 .729 1956—Dec. 31.... 65,12390,302 3188;,772200 41612,589 1,69122,509 18,, 850 33,343 '4,821 18,552 ,924 1,997 11,82338,796 12,901 ,368 1957—Dec. 31.... 70,06893,899 4\00,,552266t ,40662,601 1,620 23, 11~0 20,217 3,53376,169 18,239 ,405 4,813 10,60837,406 13,9154,014 1958—June 23.... 79,90595,57138,886 4,552 33,699 925 23 669933 2200,,009911 4,562 34,3"3"4 6.44,194 ,502 3,88312,348 "4,3456 6 15,,7164,424 Sept. 24«... 79,51094,230 38,700 4,660 ,9301^770 24'290 20,120 4,630 35,280 64,720 ,040 7,170 2,500 41,000 10 16,4504,110 AH insured commercial banks: 1941_Dec. 31.... 49,29021,259 9,214 1,450 614 662 4,773 4,.545 28,031 _2_1,046 988 3,15912,797 4,102 3,6513,333 1945—Dec. 31.... 21,80925,765 9,4611,314 3,164 3,606 4,677 2,3611,18196,043 8888,912 455 9,071 16,04551,321 22 3,8733,258 1947_Dec. 31.... 14,27437,58318.001122 11,610 8231,190 9,266 5,6541,028 ^6.69167,941 124 7,552 5,918"2,334 14 5,1293,621 1 1 9 9 5 5 6 7 — _D D e e c c . . 3 3 1 1 . . . . . . . . 6 6 3 8 , , 6 5 0 9 1 59 8 3 9, , 8 4 3 3 1 0 3\ 4 8 0 ,; , 5 3 7 8 1 0 4 4 , , 1 0 0 1 1 5 2 2, . 5 5 6 6 9 5 1 1, , 6 6 0 6 1 92 2 2 3 , , 3 0 9 0 4 3 2 11 0 8 , ,. 1 7 2 6 2 5 3 3, , 3 5 2 1 5 3 ' r 3 5 , ,1 7 6 7 4 05 5 7 7 , , 8 5 3 8 7 0!,,2 7 9 6 0 3 4 1 , , 7 98 5 1 8 1 10 1 , .. 4 772 9 22 3 2 3 3 8 7 , ,0 3 3 5 1 8 1 7 31 1 2 3 , , 6 6 7 8 5 83 3 , . 8 25 9 8 7 1958—June 23.... .78,33095,10538,750 4 1,907 23,585 11 9,9814',54183,22463,489 4,416 3,841 12,213 43,013 515,4"5"7 4,278 Member banks, total: 1941—Dec. 31.... 43,521 8,021 8,671 972 594 598 3,494 33,,692 25,500 19,539 971 3,00711,729 3,83: 3,0902,871 1 1 9 9 4 4 5 7 — _ D D e e c c . . 3 31 1 . . . . . . . . 0 9 7 7 , , 1 8~4 8 "6 3 2 33 2 22 , , 7 6 7 2 5 81 8 6 , , 9 9 4 6 9 21,0 88 "4" 55 6 55 3, 8 1 1 3 1 33 1 , ,0 3 6 7 5 8 7 3 , , 1 4 3 5 0 5 44 1 , , 6 9 66 0 62 0 2 1 9 1 5 0 2 4 6 8 5 4 , , 2 4 1 0 8 8 5 7 7 8 , , 9 3 1 3 4 82 1 , , 2 98 7 7 5 6 5, , 8 9 1 8 6 51 4 4 , , 8 2 1 7 5 1 4 44 4 55 , , 7 2 9 8 2 6 1 1 6 0 4 3 , , 1 2 199 5 99 4 2 33 , , 8 1 1 0 5 5 1956—Dec. 31.... 38,768 78,03436.2962,478 2.4471,473 17,81115.765 3,1'4 '7" 6 600,,7"3"4' 47;575 4,383 1,469 9,493 3:2,218 1 10,4942,665 1957—Dec. 31.... 42,35380,95037,8682,472 2,4481,409 18,23116,775 3, 6611,,403 47,079 3,948 3,534 31,031 11,2353,089 1958—June 23.... 51,58982,14636,1252,774 3,5741,706 18,71216,544 4,336 6699,4'4"3 53,165 3,574 2,905 10,480 36,201 5 12,778866 33,492 Sept. 24....150,68480,79835,941' ""• 1,8071,549 19 30216,567 4, 69,88553,285 3,082 6,148 10,56833,482 5 13,3933,207 New York City:* 1941—Dec. 31.... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1 1 1 9 9 9 4 4 5 7 5 6 — — — D D D e e e c c c . . . 3 3 3 1 1 1 . . . . . . . . . , . . 2 2 2 6 0 3 , . , 1 3 8 4 9 0 3 3 91 7 7 5 , , , 1 3 9 7 3 8 9 4 71 5 3 1 , , , 3 0 2 6 4 6 1 4 6 2 1 , , 5 4 4 0 4 5 9 5 31,1 2 4 7 6 0 : 7 2 6 1 8 1 1 0 1 7 1,5 2 5 5 6 8 8 4 7 1, 2 0 3 4 9 3 9 8 0 1 1 7 3 8 , S , 8 8 2 2 0 1 2 9 4 1 1 '1 6 1 7 , , , 9 0 5 7 5 7 2 7 4 i, 4 7 oo 7 2 : 7 4 3, 6 4 1 3 4 9 0 3 4 3, 9 5 3 7 5 2 6 8 51 9 4 0 , , , 7 1 3 7 6 3 1 0 7 1 1,4 6 6 0 0 3 6 6 8 6 6 3 2 5 0 9 8 4 1957-Dec. 31.... 23,82816,10211,651 1,280 38' 565 1,513 1,053 7,726 5,880 648 214 1,093 3,924 1,435 411 1958—June 23.... 27,14916,76410,978 2,164 420 55' 1,437 1,56610,385 8,0351,023 286 1,729 4,996 1,748 602 Sept. 24.... 25,23015,464 10,648 1,085 361 579 ',450 1,701 9,766 7,350 431 1,149 1,570 4,200 1,965 450 Chicago:* 1941—Dec. 31.... 2,760 954 73: 48 5: 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31..., 5,931 1,333 760 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.... 5,088 1,801 1.418 73 87 46 149 26 3,287 2,890 13: 235 248 2,274 213 185 1956—Dec. 31..., 6.47' 3,77" 2,781 20: 97 134 439 178 2,701 2,113 11 4: 316 1,643 440 148 1957—Dec. 31..., 6,446 3,85: 2,903 200 97 14: 425 180 2,594 2,63: 65 126 313 1,528 408 154 1958—June 23..., 6,942 3,594 2,618 178 100 143 336 318 3,348 2,69. 268 145 490 1,791 495 159 Sept. 24..., 6,57^ 3,405 2,584 113 95 147 333 235 3,173 2,537 170 406 453 1,508 487 149 Reserve city banks 1941—Dec. 31... 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,59429,552 1,034 6,98 5,65315,878 5 1,126 916 1947—Dec. 31... 36,04013,449 7,088 225 170 484 3,147 1,969 36622,59120,196 373 2,358 1,90115,560 3 1,3421,053 1956—Dec. 31... 53.91531,78315.170 489 501 71 7,654 6,512 1,228899 2"2,132 17,368 1,185 441 3,74f11.995 4 3,820 944 1957—Dec. 31... 55,25932,80515,702 494 60: 673 7,667 6,893 370 22,,4 5*H7.3521,009 1,28: 3,29 11,760 2 4,0271,075 1958—June 23... 59,27332,851 14,789 611 881 904 7,841 6,741 706 26,422 20,436 874 1,009 4,41014,142 2 4,7671,218 Sept. 24 e.. 59,32732,83015,069 677 435 811 8,080 6,708 1,687 26,49720,455 656 2,391 4,51"12,889 2 4,902 ,139 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 20 18 1,823 1,530 6,628 4,37' 110 481 2,926 861 1,222222 1,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 36329,40726,999 630 5,102 4,54416,713 9 1,342 1,067 1947—Dec. 31... 36,32410,199 3,096 818 23 227 3,827 1,979 22926,12522,85^ 480 2,583 2,10817,681 6 2,006 1,262 1 1 9 9 5 5 7 6 — — D D e e c c . . 3 3 1 1 . . . . . . 5 5 4 6, , 8 5 2 7 C 1 2 2 8 6 . , 1 4 9 9 7 7 , . 6 0 1 8 3 0 1 1 , , 9 9 7 7 0 2 3 3 3 6 . 5 2 25 6 2 9 9, . 8 4 5 0 6 7 7 7 , , 9 25 4 6 4 7 6 1 3 3 1 2 2 8 8 , . 6 0 2 8 9 0 2 2 1 2. , 0 8 3 15 2 2, 53 2 6 2 2 6 1,9 7 0 9 9 2 4 3 , , 4 8 5 5" 81 13 4 , , 8 4 1 2 9 0 4 4 4 5 , , 8 3 2 6 7 5 1 1, , 4 2 4 1 9 5 1958—June 23... 58,225 28,93 7,739 2,154 351 28210,172 8,030 74629,28822,000 ,409 1,465 3,85: 15,272 3 5,7751,513 Sept. 24... 59,550 29,099 7,640 2,199 282 10,497 8,076 77830,45022,943 2,202 4,02814,885 3 6,0381,469 Nonmember commercial banks:3 1947—Dec. 31... 18,454 5,432 1,205 614 201 156 2,266 1,061 11113,02 11,318 206 1,973 1,219 7,916 1,078 625 1956—Dec. 31... 26,381 12.279 2,424 1,683 143 218 4,708 3.085 19614,102 1100.9891,541 528 2,330 6.588 2,409 704 1957—Dec. 31... 27,741 12,961 2,657 1,594 153 211 4,891 3,442 21 14,78011,1721,457 1,279 2,049 6,385 2,682 926 1958—June 23... 28,343 13,438 2,761 1,778 125 219 4,994 3,547 22514,90511,040 927 978 1,868 7,266 2,932 933 e Estimated. cluded in member banks but are not included in all insured commercial 1 All commercial banks in the United States. These figures exclude banks or all commercial banks. Comparability of figures for classes of data for banks in U. S. possessions except for one bank in Alaska and banks is affected somewhat by changes in Federal Reserve membership, one in the Virgin Islands that became members on Apr. 15, 1954, and insurance status, and the reserve classifications of cities and individual May 31, 1957, respectively. During 1941 three mutual savings banks banks, and by mergers, etc. became members of the Federal Reserve System; these banks are in- For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1417 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES * [In millions of dollars] Demand deposits Time deposits Bal- De- Cla c s a s l a l o n d f d a b te ank F s s w e e R e r d r i e v t e v - h e r e s a v C a i a n u s l h t b m a a w d n e n o i c s k t - e t h s i s c 5 j p u m o a s d a t d s e e n - i - t d d s 6 In d t e e p r o b s a i n ts k G U o . v S t . . p s S o u a l t i a b n t t i d d e c i a s - l C c o f a e e i f n e f r r i d d t s - i ' - p a v n a s i I d h d r n t u i d n p c a i e o s - l , r s r - , - I b n a t n er k - G P U a o o . n S s v d t . t a . S p a i t o c a n l a t i d e l t- s p a v n s a I i h d r d n t i u d n c p a i o e s - l , r r s - - , r B i o n o w g r s - - C C O < t i a u C a p - n l i- ts Banks m D e o s - tic5 F ei o g r n - visions ch e e tc c . ks p ti o o r n a s - S in a g v s - v s i u si b o d n i s - p ti o o r n a s - All commercial 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 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 75 16,302 1957—Dec. 31.... 18,972 3,335 12,342110,266 13,867 1,769 3,898 10,693 3,620 109,653 1,385 301 2,773 53,366 77 17,368 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 57,3721,13618,178 Sept. 24«... 17,950 3,140 10,760108,070 12,460 1,520 4,340 10,310 2,710 104,330 2,410 300 3,920 58,7601,56018,410 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37 845 9 8?3 673 1 762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12J566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1956—Dec. 31.... 18,706 3,237 12.490110,487 14,226 1,755 3,717 10,350 3,744 110.252 1,301 330 2,329 47,949 56 15,988 1957—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 57,1101,12517,857 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 t 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 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 48 13,655 1957—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 57 14,554 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 46,3391,07815,181 Sept. 24 17,953 2,370 6,625 90,639 11,994 1,464 3,782 7,992 2,447 89,326 2,174 279 3,104 47,4681,51415,375 New York City:4 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.... • ,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 10 20 1,206 "195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1956—Dec. 31.... *,375 161 99 15,974 3,622 1,400 747 286 1,172 18,482 965 36 44 2,395 A 2,873 1957—Dec. 31.... *,564 158 110 15,849 3,480 1,389 737 299 1,284 18 377 912 24 56 2,813 2 3,136 1958—June 23.... • ,418 145 76 15,305 3,084 ,261 2,946 337 1,645 16 916 1 774 28 249 3 229 483 3 214 Sept. 24.... 3,819 142 62 15,320 2,874 ,118 847 297 737 16 518 1 710 :j 22 177 3,308 385 3 240 Chicago:4 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2 152 476 288 1945—Dec. 31.... 942 36 200 3 153 1,292 20 1 552 237 66 3 160 719 377 1947_Dec. 31 1,070 30 175 3 737 1,196 21 72 285 63 3 853 2 9 902 426 1956—Dec. 31.... 1,158 37 174 272 1,318 46 184 294 85 4 690 7 5 12 1 302 4 660 1957—Dec. 31.... 1,071 39 148 4 084 1,293 40 195 333 77 4 493 15 3 10 1 332 4 689 1958—June 23.... ,183 31 128 4 089 1,211 38 705 456 75 4,095 39 4 10 1 389 80 708 Sept. 24.... ,060 29 99 3 985 1,263 39 247 408 68 4 166 38 5 10 1 383 55 714 Reserve city banks: 1941—Dec. 31.... t1,060 425 2 590 11 117 1,302 54 491 1 144 286 11 127 104 20 243 4 542 1 967 1945_Dec. 31.... t5,326 494 2 174 22 372 5,307 110 8 221 1,763 611 22,281 30 38 160 9,563 "*2 2,566 1947_Dec. 31.... P,095 562 2 125 25 714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1956—Dec. 31.... 'r,649 787 2, 656 34 046 '7,298 286 1 201 3,092 1,036 36,519 294 114 935 15,748 21 5,076 1957—Dec. 31.... mr,763 790 2,585 33 583 5,962 279 1 358 3, 111 943 35,906 301 113 1,175 17,335 21 5, 370 1958—June 23.... 1,576 707 2,277 33, 145 (5,115 282 3, 150 3,065 818 34, 119 416 92 1,705 18,910 350 5,617 Sept. 24.... 1,540 744 2,077 33,392 <5,502 293 1,492 2,676 780 34,787 382 121 1,589 19,295 947 5,675 Country banks: 1941—Dec. 31.... 2,210 526 3,216 9, 661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... A,527 796 4, 665 23,595 ,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31.... A,993 929 3,900 27,424 ,049 7 432 2,647 528 25,203 17 45 337 14, 177 23 2,934 1956—Dec. 31.... 5,526 1,502 5,194 39,028 ,580 16 1,160 4, 538 1,183 35,473 22 146 847 19,324 21 5,046 1957—Dec. 31.... 5,576 1,549 4,964 38,676 ,621 18 1,181 4, 669 1,027 35,029 18 135 928 21,366 30 5,359 1958—June 23.... 5,392 1,395 4,432 36,648 ,267 15 1,857 4,769 943 32,573 38 135 1,331 22, 811 164 5,641 Sept. 24.... 5,535 1,456 4, 387 37,942 ,355 14 1,197 4,610 862 33,854 44 131 1,328 23,481 126 5,747 Nonmember commercial banks: 3 1947_Dec. 31 544 3 947 13,595 385 55 167 1 295 180 12,284 190 6 172 6,858 12 1,596 1956—Dec. 31 774 4,690 18,085 521 45 440 2,238 310 15.'885 171 29 546 9,449 11 2,649 1957—Dec. 31 799 4 536 18 075 511 43 427 2 282 289 15 849 138 27 603 10 546 21 2,818 1958—June 23 740 3,'993 16,992 465 50 548 2,'265 260 14,'749 229 28 805 11,059 58 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

1418 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * U. S. Government obligations For purchasing or carrying securities Loans Month or date i m T l n o a v o e n a e t n n d a s t s t l s - i j m n u a a v s e n d t e n e d - s t d t s - 1 j L us a o t d a e - n d s i C i m t n a c r o d n i i e m a a d u r l l - s - - A t c u g u r r l a - i l - G t a T l U i o i n o o o g . b d n S v a - b s - . t d r . e o O a c k t l s u t i e e e h e r r r - s i e s s - r t l U j i T o i o o g b . o v n S a - t s - . o . t O h c t e s u t i e h e r r s - s i e - r e l R o st e a a n a t l s e O lo t a h n e s r Total Bills o d c C n t e f a e i e e f d t b i i s e r - n - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s Total- Leading Cities 1957 Nov 87,556 86,196 53,568 1,283 443 1,623 1,095 8,77011,41524,923 977 1,641 4,389 17,916 7,705 1,360 1958 Oct 95,605 94,045 52,72229,736 585 1,713 1,234 9,27411,35731,805 ,792 4,111 6,734 19,168 9,518 1,560 95,713 94,161 53,316 29,946 614 1,803 1,230 9,452'1,450"1,642 ,885 3,981 6,685 19,091 9,203 1,552 Nov 1958 95,415 93,595 52,67529,716 571 1,808 1,237 9,18211,34231,431 ,364 4,168 6,673 19,226 9,489 1,820 Oct. 1 95,524 94,080 52,54729,649 574 1,732 ',225 9,22011,322 31,983 ,993 4,151 6,662 19,177 9,550 1,444 8 96,174 94,584 52,91429,864 582 1,737 ,237 9,29511, ,123 ,966 4,172 6,823 19,162 9,547 1,590 15 95,535 94,062 52,669966 2299,722 593 1,646 ,230 9,32111,359 31,854 ,866 4,066 6,762 19,160 9,512 1,473 22 95,378 93,906 52,78029,731 606 1,641 ,240 9,35011,38831,6321,770 3,999 6,751 19,112 9,494 1,472 29 Nov. 5 95,604 93,942 53,04129,836 608 1,742 ,232 9,38511,41531,522 ,706 3,979 6,729 19,108 9,379 1,662 12 95,699 93,710 53,28829,985 617 1,782 ,233 9,42911,42131,288 ,529 3,971 6,698 19,090 9,134! 1,989 19 95,141 93,777 53,37429,992 616 1,776 ,226 9,47611,466 3311,268 ,539 3,963 6,683 19,083 9,135! 1,364 96,408 95,215 53,56"29,971 615 1,915 ,228 9,51611,49932,4902,764 4,012 6,630 19,084 9,163 1,193 26 New York City 1957 22,886 22,080 15,168 [,537 152 766 17 345 567 2,103 5,209 264 225 948 3,772 1,703 806 Nov 1958 Oct.. 25,400 24,505 14,74: 10,679 166 960 334 588 2,344 7,331 547 ,111 1,528 4,145 2,432 895 Nov.. 25,199 24,397 14,901 0,699 1671,031 346 622 2,373 7,30: 592 ,034 1,515 4,161 2,194 802 1958 1 25,59: 24,508 14,81310,739 196 986 334 568 2,318 7,281 477 ,144 1,521 4,139 2,414 1,084 25,232 24,495 14,72210,684 152 987 334 579 2,316 7,334 553 ,127 1,513 4,141 2,439 737 15. 25,593 24,689 14,81510,718 188 946 334 596 2,364 7,417 559 ,153 1,561 4,144 2,457 904 22. 25,200 24,412 14,65710,622 142 935 334 598 2,357 7,323 567 ,08! 1,528 4,146 2,432 788 29. 25,385 24,420 14,70110,633 152 94' 335 598 2,366 7,302 581 ,050 1,515 4,156 2,417 965 Nov. 5 25,050 24,376 14,79010,667 139 993 340 611 2,374 7,275 577 ,030 1,519 4,149 2,311 674 12 25,180 24,166 14,89610,727 1711,011 349 618 2,358 7,135 463 ,021 1,503 4,148 2,135 1,014 19 25,092 24,271 14,90610,697 1691,033 347 622 2,376 7,220 534 ,019 1,514 4,153 2,145 821 26 25,477 24,775 15,01210,703 1901,088 346 63 2,385 7,57^ 795 ,068 1,522 4,19f 2,186 702 Outside New York City 1957 Nov 64,67C 64,116 38,40019,746 442 705 733 8,203 9,31219,71. 713 1,416 3,441 14,144 6,002 554 1958 Oct 70,20: 69,540 37,98019,057 58. 587 867 8,686 9,01: 24,47- ,24! 3,000 5,206 15,023 7,086 665 70,51< 69,764 38,41519,247 613 605 858 8,830 9,07724,340 293 2,94' 5,170 14,930 7,009 750 Nov 1958 69,82: 69,087 37,86218,977 570 626 868 8,614 9,024 24,150 3,024 5,152 15,087 7,075 736 Oct. 1 70,29: 69,585 37,82518,965 573 593 858 8,641 9,006 24,649 ,440 3,024 5,149 15,036 7,111 707 8 70,58 69,895 38,09919,146 581 603 871 8,699 9,01124,706 ,407 3,019 5,262 15,018 7,090 686 15 70,33! 69,650 38,03919,100 592 569 865 8,72: 9,00'24,53'1,299 2,984 5,234 15,014 7,080 685 22 69,99: 69,486 38,07r 19,098 605 542 873 8,752 9,02224,3301,189 2,949 5,236 14,956 7,077 507 29 Nov. 5 70,55' 69,566 38,25 19,169 607 610 863 8,77 9,04124,24' 1,12! 2,949 5,210 14,959 7,068 12 70,51! 69,544 38,39219,258 616 600 859 8,811 9,06324,1531,066 2,950 5,195 14,942 6,999 975 19 70,04< 69,506 38,46819,295 615 574 854 8,854 9,09024,0481,005 2,944 5,169 14,930 6,990 543 26 70,93 70,44C 38,55^ 19,268 614 637 856 8,879 9,11 24,9131,969 2,944 5,108 14,892 6,977 491 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 1419 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 v e n R t - e h 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 d s a d t s e e e n i - - - t d d s ! s p I p u c n 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 o a n v l b a t n i d e i t l - - s - s c C h c o a f e e e e i f n t e c f c r r i d d k t s . - i ' s - , G U o .S v . t. s p p I u n c v h a n o a a o e n i i d r d r p l r r d a s t i - - - s - - , - , S p s d s a i i t o u c i o a 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 D i e o c s - e - ma F n 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 t a u c a p n - l - ts tions tions Total- Leading Cities 1957 Nov 13,246 1,024 2,380 55,099 58,550 3,849 2,124 1,557 21,531 1,056 17210,541 1,661 1,216 539 9,589 1958 Oct 12,902 995 2,489 56,336 59,904 3,877 1,990 2,55424,536 1,634 16911,493 ,454 2,068 311 1,10310,089 1,2,909 1,023 2,48556,868 60,693 4,147 2,034 2,16524,395 1,517 17011,248 ,465 2,060 498 1,27410,133 Nov 1958 12,597 931 2,59455,96759,152 4,151 2,495 2,48724,506 ,674 16711,545 ,422 2,079 151 1,276 10,085 Oct. 1 12,773 976 2,33555,59358,193 3,810 1,830 3,070 2244,508 ,646 16611,486 ,425 2,079 313 1,011 10,099 8 13,060 999 2,66456,136 6"1,859 3,707 1,956 3,00324,534 ,633 17012,208 ,442 2,073 154 1,229 10,079 15 13,265 1,018 2,415 56;703 60,221 3,749 1,793 2,245",556 ,613 17011,234 ,494 2,059 704 '1, 0"7"6' 10,072 22 12,815 1,051 2,436 57283 60,097 3,966 1,877 1,966 24,577 ,603 17010,993 ,487 2,051 234 92310,107 29 Nov. 5 12,777 960 2,46556,4?4 60 4,364 2,063 1,84724,548 ,540 17011,676 ,438 2,062 394 1,24110,129 12 12,253 1,095 2,60556,874 61 4,051 1,942 1,244 24,403 ,529 17211,568 ,457 2,052 259 1,66110,128 19 13,159 1,024 2,44756,846 60; 3,980 1,976 2,04124,306 ,508 17111,152 ,495 2,067 479 1,19710, 26 13,446 1,013 2,422 57^56 60; 4,194 2,155 3,52824,322 ,491 17110,598 ,470 2,059 858 99610,148 26 New York City 1957 4,064 158 5915,09516,826 334 1,094 412 2,586 72 29 1,359 904 44 397 3,108 Nov 1958 3,895 149 15,46417,118 359 989 779 3,231 185 3,045 ,137 1,648 459 3,230 Oct 3,892 163 15,41317,158 434 931 579 3,176 149 2,949 ,144 1,652 632 3,249 Nov 1958 3,791 138 15,49117,253 334 1,390 776 3,255 189 3,168 ,102 1,655 462 3,226 3,868 148 15,26616,506 299 886 962 3,231 173 2,939 ,107 ,656 25 438 3,230 Oct. 1 3,848 153 15,22117,555 364 919 925 3,218 185 3,193 ,131 ,651 619 3,231 8 4,112 147 15,54117.110 353 826 652 3,217 189 2,939 ,179 ,642 157 458 3,232 15 3,857 158 15,80117,164 444 926 581 3,232 189 2,985 ,166 ,638 320 3,231 22 29 4,022 162 15,34817,074 544 1,039 543 3,202 158 3,019 ,129 ,649 625 3,249 Nov. 5 3,536 173 15,19516,985 440 837 325 3,158 153 3,038 ,136 ,641 730 3,250 12 3,r~ 151 15,51117,044 395 789 506 3,155 144 2,882 ,165 ,662 617 3,251 19 4,120 164 15,59917,529 356 1,062 943 3,190 139 2,858 ,144 ,655 186 557 3,247 26 Outside New York City 1957 Nov 9,182 866 2,32140,004 41,724 3,515 1,030 1,145 18,945 984 143 7,673 302 312 495 498 6,481 1958 Oct 9,007 846 2,430 40,872 42,786 3,518 1,001 1,775 21,305 1,449 147 8,448 317 420 275 644 6,859 9,017 860 2,42141,455 43,535 3,713 1,103 1,586 21,219 1,368 148 8,299 321 408 423 642 6,884 Nov 1958 8,806 793 2,524 40476 41,899 3,817 1,105 1,71121,251 1,485 146 8,377 320 424 151 814 6,859 Oct. 1 8,905 828 2,283 40327 41,687 3,511 944 2,108 21,277 1,473 145 8,547 318 423 288 573 6,869 8 9,212 846 2,603 40915 44,304 3,343 1,037 2,07821,316 1,448 146 9,015 311 422 154 610 6,848 15 9,153 871 2,359 41,116622 4433,111 3,396 967 1,59321,339 1,424 148 8,295 315 417 547 618 6,840 22 8,958 893 2,38141 ;482 42,933 3,522 951 1,38521,345 1,414 148 8,008 321 413 234 603 6,876 29 Nov. 5 8,755 798 2,406 41,146 43,116 3,820 1,024 1,304 21,346 1,382 148 8,657 309 413 304 616 6,880 12 8,717 922 2,544 41,679 44,214 3,611 1,105 919 21,245 1,376 150 8,530 321 411 234 931 6,878 19.'.'.'.'.'.'.'.'.'.'. 9,271 873 2,387 41,335 43,393 3,585 1,187 1,53521,151 1,364 150 8,270 330 405 479 580 6,875 26 9,326 849 2,345 41,657 43,415 3,838 1,093 2,585 21,132 1,352 150 7,740 326 404 672 439 6,901 i 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

1420 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY i [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l and Period 2 t l o F i b q a o a n u o c d o d c r , o , T a l p e e a x a p n t t a h i d r l e e e r s l, , M p m u a r c e e n o t t t s d d a a 3 l - l s ch r P l u c e e a e m o b u n t a b r m d i o l c e , , - r al, Other ( T r w e s a r h t a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u P p t ( t t r o u i i i a l n o b r i n c t n t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch r b w e a i a e n p i n a n n e d o g l k k g l ' r e l l s t — y - 4 1955—Jan.-June -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 July-Dec 480 71 224 208 63 327 469 704 27 106 370 3,050 53,206 1956—Jan.-June -302 238 1,362 424 369 171 -386 -322 365 54 149 2,124 42,243 July-Dec 822 -6 -71 428 72 178 739 98 350 -66 176 2,719 2,459 1957—Jan.-June -456 148 935 291 214 -1 -539 366 513 -12 -54 1,404 1,249 July-Dec 331 -159 -496 150 -161 -8 420 -108 183 -49 58 161 -296 1958—Jan.-June -658 84 146 -140 157 -165 -283 -853 -177 56 69 -1,765 -1,945 1958 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 Nov 150 -43 39 -56 108 81 42 15 -13 8 331 240 Week ending: Sept. 3 42 -64 -2 10 17 10 -19 -2 1 -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 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 -5 -19 23 44 -10 31 4 25 19 9 Nov. 5 27 -19 28 72 -25 35 14 29 -14 -2 -28 118 105 12 60 8 58 -24 -3 47 36 -47 1 8 13 155 149 19 53 -17 -27 -19 -7 13 1 58 1 -12 6 50 7 26 9 -16 -20 -29 -21 14 30 2 27 -7 17 7 -21 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold about 95 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and about loans. 75 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS* ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year Accepting banks F. R. Goods stored in or or month Placed P di l r a e c c e t d - Total Banks p I o m rt - s p E o x rt - s Dollar ship p p o e i d n ts b e i t n w : een Total through ly Others into from 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 r n - , U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1952 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957—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 ,523 497 372 125 43 139 843 261 447 110 480 224 Mar 3,485 862 2,623 ,529 422 318 104 39 132 936 263 432 139 471 224 3,658 919 2,739 ,479 459 350 109 37 131 852 278 416 131 416 239 May'.'.'.'.'.'.'" 3,709 946 2,763 ,441 474 372 102 42 119 806 296 396 130 371 247 June 3,373 965 2,408 ,352 396 292 104 45 113 798 282 375 121 325 248 July 3,627 966 2,661 ,353 426 328 98 34 108 785 269 380 141 313 251 Aug 3,371 981 2,390 ,363 416 340 75 33 91 824 256 385 131 337 254 Sept 3,146 958 2,188 ,281 385 319 65 28 75 792 236 355 136 319 235 Oct 3,294 961 2,333 ,255 347 273 73 36 71 802 246 354 117 296 242 1 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 1421 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.) mo Y w n e e t a h e r k , , or m m 4 p P - c o a e r o t p n i r o m m c e t i h r 6 - e a , s - l 1 3 p d n p c - p l i a a o a r l a t y n p e o c m n c , c e e y t - 6 e r d - - a a P b d c n e a r a c 9 i c r n y e m 0 s e k p s ' s 1 e - 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 e t e l i w s es 9 ( i m t s - a s t o o x u n e a 1 t s b h 2 3 l - e)2 3 is - y s u t e o a e r s 5 4 - Annua A l r a e v a e a ra n g d e s p , eriod lo A a l n l s 1 1 - 0 1 10 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months1 yield issues 19 large cities: 1955 3.7 5.0 4.4 4.0 3.5 1956 4.2 5.2 4.8 4.4 4.0 1955 average... 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—No v 4.07 3.79 3.50 3.29 3.337 3.52 3.63 1957—Dec 4.85 5.66 5.29 5,01 4.71 Dec 3.81 3.55 3.35 3.04 3.102 3.09 3.04 1958—Mar 4.49 5.55 5.10 4.75 4.29 June 4.17 5.45 4.88 4.40 3.95 1958—Jan 3.49 3.23 3.06 2.44 2.598 2.56 2.77 Sept 4.21 5.45 4.90 4.47 4.00 Feb 2.63 2.18 2.30 1.54 1.562 1.93 2.67 New York City: Mar 2.33 1.86 1.80 1.30 1.354 1.77 2.50 1957—Dec 4.71 5.50 5.23 4.94 4.62 Apr 1.90 1.59 1.52 1.13 1.126 1.35 2.33 1958—Mar 4.29 5.42 5.02 4.60 4.17 May 1.71 1.38 1.30 .91 1.046 1.21 2.25 June 3.88 5.18 4.72 4.13 3.74 June.... 1.54 1.38 1.13 .83 .881 .98 2.25 Sept 4.00 5.19 4.74 4.28 3.87 July 1.50 1.31 1.13 .91 .962 1.34 2.54 7 Northern & Eastern Aug 1.96 1.52 1.65 1.69 1.686 2.14 3.11 cities: Sept 2.93 2.47 2.39 2.44 2.484 2.84 3.57 1957—Dec 4.86 5.67 5.33 5.02 4.74 Oct 3.23 2.87 2.75 2.63 2.793 2.83 3.63 1958—Mar 4.49 5.60 5.08 4.72 4.33 Nov 3.08 2.75 2.75 2.67 2.756 2.92 3.60 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 Nov. 1. 3.15 2.88 2.75 2.53 2.647 2.67 3.66 cities: 8. 3.13 2.75 2.75 2.49 2.649 2.87 3.62 1957—Dec . 5.05 5.73 5.31 5.04 4.87 15. 3.00 2.75 2.75 2.71 2.774 2.90 3.59 1958_Mar 4.77 5.60 5.17 4.87 4.49 22. 3.08 2.75 2.75 2.73 2.876 2.94 3.60 June 4.58 5.56 4.99 4.57 4.31 29. 3.13 2.75 2.75 2.72 2.723 2.96 3.58 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 YIELDS i [Per cent per annum] Corporate bonds3 Stocks 5 G U o . v S t . . S g ta o t v e t . a n b d o n l d o s c 3 al By selected By Dividends / Earnings / Year, month, or week bonds ratings groups price ratio price ratio t ( e lo rm ng ) - 2 Total4 Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues . 4-7 20 5 5 120 30 30 40 40 40 14 500 500 1955 average 2.84 2.57 2.18 3.14 3.25 3.06 3.53 3.19 3.34 3.22 4.01 4.08 7 78 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—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 3.36 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 5.63 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 Nov 3.70 3.59 3.17 4.11 4.40 4.09 4.87 4.23 4.56 4.40 4.65 3.42 Week ending: 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 8 3 75 3 60 3.19 4 12 4.42 4.11 4.89 4.25 4.57 4.44 4.65 3.46 15 3.71 3.59 3.17 4.12 4.41 4.10 4.88 4.24 4.57 4.42 4.64 3.39 22 3.69 3.59 3.17 4.11 4.39 4.08 4.86 4.23 4.57 4.38 4.63 3.38 29 3.67 3.57 3.14 4.10 4.38 4.07 4.85 4.22 4.55 4.37 4.66 3.46 1 Monthly and weekly yields are averages of daily figures for U. S. 4 Includes bonds rated Aa and A, data for which are not shown sepa Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividend/price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks, on Wednesday figures. Earning/price ratios for common 5 Standard and Poor's Corporation. Preferred stock ratio is based on stocks are as of end of period. 8 median yields in a sample of noncallable issues—12 industrial and 2 2 Series is based on bonds maturing or callable in 10 years or more. public utility. For common stocks, the dividend/price and the earnings/ 3 Moody's Investors Service. State and local govt. bonds include gen- price ratios are now computed for the 500 stocks in the price index, but eral obligations only. figures prior to mid-1957 are based on the 90 stocks formerly included in the daily price index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1422 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Vol- Sta ( n in d d a e rd x , a 1 n 9 d 4 1 P - o 4 o 3 r = 's 1 s 0 e ) ries Securities an ( d i n E d x ex ch , a 1 n 9 g 3 e 9 = C o 1 m 00 m ) issiori series u o m f e trad- Year, month, Coror week t ( G U e lo r o . m n S v g t ) . . - 2 g n ( r h i M c a i i d g u p e h - a ) - l 3 g ( r h r p a a i o d g te - e h ) - 3 Total d tr I u n ia s - l - R ro a a i d l- P u i l u t t i i y c b l- - Total Tot M al anu r D f a a b u c l - t e urin N g d o u n - - T p t r o i a o r n n ta s - - P u i l u t t i i y c b l- - T n s a a r e f n a n r i v - d d c - e e , , M in i g n- s s t h h a ( a o n o i r n f d e u s s - ) rable ice 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—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 no.o 105.3 42.34 45.09 23.20 35.54 312 387 340 426 233 166 286 287 2,395 May 97.94 lll.l 105.6 43.70 46.51 24.74 36.57 323 401 353 438 249 169 301 300 2,580 June. 97.17 HO 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 *4 55 31 23 39 15 376 474 437 499 311 183 346 344 4 134 Nov 90.13 102.3 98.9 52.50 56.11 33.07 40.75 388 487 448 514 327 190 362 341 4,131 Week ending: 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 8 89 54 101 7 98 5 52 07 55 72 32 24 40 20 385 486 449 510 319 188 354 343 3 980 15 90 07 101.9 98.7 52.90 56.58 33.08 40.87 391 492 452 520 328 192 362 344 4 158 22 90.28 102.6 99.0 53.10 56.72 33.72 41.27 388 486 446 514 329 190 368 340 4,143 29 90.60 102.8 99.2 51.68 55.15 33.10 40.53 387 485 445 513 332 189 364 338 4,235 J Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5^-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 End of month or last s T ec o u t r a it l i - es 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 r a y l i e n r g s ) s e fo c r u r p it u ie r- s2 Money borrowed Customer Wednesday of month other than net U. S. Govt. free o ( b c c l o i o g l l . a . t 3 i 5 o + ) ns U S ob e . c l S i u g . r a e G t d 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 ti o o v n t s . 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 1,048 69 ,529 1,019 1955 Dec 4,030 34 2,791 32 1,239 51 >,246 894 1956—Dec 3,984 33 2,823 41 1,161 46 >,132 880 1957 Oct 3,643 39 2,568 31 1,075 72 1,708 879 Nov 3 577 42 2,517 33 1.060 56 I 641 876 Dec 3,576 68 2,482 60 1,094 125 1,706 896 1958 Jan 3,554 126 2,487 58 1,067 188 1,552 937 Feb 3,679 102 2,580 79 1.099 199 1,647 939 Mar 3,863 111 2,665 86 1,198 206 I 784 954 Apr 3,980 134 2,735 70 1,245 230 1,822 985 May 4,069 141 2,856 75 1,213 244 1,808 979 4,218 248 2,921 84 1,297 468 1,930 1,047 JUly 4 4, , 1 2 9 5 9 2 1 1 4 4 9 0 3 3 , , 0 02 1 1 3 1 4 1 8 3 1 1, , 1 2 8 3 6 1 2 3 5 0 1 6 I 1 ,7 9 5 0 1 3 1 1, , 1 0 0 8 3 0 Sept 4,308 122 3,109 51 1.199 210 865 1 119 Oct 4,369 123 3,188 59 1,181 193 1,832 1,140 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 1423 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a ts l Total U S n ta i t t e e s d S ( ta U lo t . e c a S a l . n ) d Foreign2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1950 64,020 16,118 13,459 1,152 1,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,525 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 End of month: 1955—Dec.. 90,267 11,757 8,545 1,998 1,214 38,851 35,930 2,921 29,425 2,557 3,294 4,383 1956—Dec.. 95,844 10,989 7,519 2,234 1,236 40,976 38,067 2,909 32,994 2,829 3,505 4,551 1957—Sept.. 100,017 10,909 7,288 2,344 1,277 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 35,956 3,241 4,038 4,610 June. 104,008 10,976 7,083 2,537 1,356 44,987 41,828 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 Sept.. 105,493 11,268 7,307 2,616 1,345 45,561 42,370 3,191 36,462 3,368 4,138 4,696 1 Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments foi 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 i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities End of year or month U.S. Borrowings Reserves Total2 g M ag o e r s t- 3 o G t b io l o i n v ga t s . - Cash Other 4 S c a a v p i i n ta g l s FHLB Other un p d r a i o n v f d i i d ts ed advances 1941 6,049 4,578 107 344 775 4,878 218 38 475 1945 8,747 5,376 2,420 450 356 7,386 190 146 644 1950 . . 16,893 13,657 1,487 924 733 13,992 810 90 1,280 1951 19,222 15,564 1,603 1,066 899 16,107 801 93 1 453 1952 22,660 18,396 1,787 1,289 1,108 19,195 860 84 1,658 1953 26,733 21,962 1,920 1,479 1,297 22,846 947 80 1 901 1954 31,736 26,194 2,021 1,980 1,471 27,334 R64 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 ,225 122 2 950 1957 48,138 40,007 3,173 2,146 2,770 41,912 ,263 116 3,363 1957 Sept 46,597 39,058 3,220 1,647 2,628 40,250 ,117 111 Oct 47 077 39,475 3 215 1,629 2 715 40 611 129 115 Nov 47,524 39,753 3,238 1,715 2,775 40,989 ,141 113 Dec 48,138 40,007 3,173 2,146 2,770 41,912 ?61 116 3,363 1958 Jan . . 48,269 40,243 3,217 2,027 2,782 42,362 904 98 Feb 48,678 40,490 3,198 2,200 2 790 42 735 788 87 Mar 49,231 40,825 3,197 2,409 2,800 43,219 694 92 Apr 49 885 41 223 3 235 2 525 2 902 43 575 813 86 May 50,564 41,751 3,248 2,563 3,002 44,083 801 66 June 51,367 42,333 3,329 2,740 2,965 45,020 928 108 3,561 July 51,563 42,866 3,369 2,443 2,885 45,082 899 98 Aug . . . 52,170 43,423 3,480 2,373 2,894 45,435 936 116 Sept 52,855 43,997 3,627 2,295 2,936 45,875 1,007 130 1 Figures are for all savings and loan associations in the United States. 3 Beginning January 1958, no deduction is made for mortgage pledged Data beginning 1950 are based on monthly reports of insured associa- shares. These have declined consistently in recent years and amounted tions and annual reports of noninsured associations. Data prior to to $42 million at the end of 1957. 1950 are based entirely on annual reports. 4 Includes other loans, stock in the Federal home loan banks and other 2 Includes gross mortgages with no deduction for mortgage pledged investments, real estate owned and sold on contract, and office buildings shares. and fixtures. NOTE.—Data for 1957 and 1958 are revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1424 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 Loans, by purpose and agency: To aid agriculture, total 4,161 5,070 6,811 6,929 6,715 6J52 7,261 6,827 6,466 6,681 7,605 Banks for cooperatives 425 424 377 367 375 457 423 384 430 454 428 Federal intermediate credit banks... 633 673 590 638 689 734 3845 997 997 935 1,040 Farmers Home Administration 539 596 648 701 681 724 823 866 880 832 906 Rural Electrification Administration. 1,742 1,920 2,096 2,226 2,348 2,488 2,544 2,586 2,634 2,688 2,732 Commodity Credit Corporation 782 1,426 3,076 2,981 2,621 2,349 2,626 1,994 1,525 1,778 2,499 Other agencies 40 31 23 18 1 (4) (4) (4) 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 ¥,977 Federal National Mortgage Association. 1,850 2,242 2,462 2,461 2,641 3,072 3,433 3,629 3,807 3,998 4,096 V O e th te e r r a a n g s e A nc d i m es inistration > 292 362 f [ 3 1 0 6 0 8 38 6 3 3 48 8 0 4 4 1 6 4 4 5 4 1 8 5 8 5 5 1 2 2 1 3 6 1 9 8 1 2 770 1 820 To industry, total 589 598 588 431 678 619 629 640 652 674 645 Treasury Department... 174 353 306 209 209 211 254 251 224 C O o th m e m r a e g rc e e n c D ie e s partment. 589 598 \ 413 79 ' , 2 1 6 1 1 2 2 1 1 9 9 1 2 1 2 9 8 2 2 2 1 1 0 9 2 1 1 8 6 2 2 2 0 1 6 7 2 2 1 0 9 3 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 Department* 3,750 3,667 3,620 3,570 3,519 3,470 3,470 3,470 3,470 3,470 3,470 International Cooperation Administration. 61,515 1,537 1,624 1,767 1,995 2,035 2,084 2,139 2,195 2,338 Other agencies , 64 58 53 1 57 54 52 51 49 46 All other purposes, total 35 75 119 166 256 213 240 338 306 344 393 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). 2 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 2,6-02 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 I O n t v h e e s r t m se e c n u t r i i n ti e i s n 1 ternational institutions 3, 2 3 5 8 7 5 3, 2 3 2 8 3 5 3t3 2 8 1 5 9 3, 1 3 9 8 7 5 3, 1 3 7 8 9 5 3,3 2 8 8 5 4 3,3 3 8 4 5 4 3,3 3 8 4 5 0 3, 3 3 4 8 0 5 3, 3 3 3 8 3 5 3, 3 3 6 8 8 5 Inventories, total 1,461 1,280 2,515 3,852 4,356 21,375 21,303 21,450 21,514 21,628 21,206 Commodity Credit Corporation.. 1,174 978 2,087 3,302 3,747 3,651 3,362 3,153 3,090 3,025 2,636 Defense Department 11,004 11,094 11,105 11,157 11,136 10,866 O G t e h n e e r r a a l g S en e c rv ie ic s es Administration. > 288 303 428 550 609 6,5 2 1 0 7 1 6,6 1 5 9 4 3 7,0 1 2 7 2 1 7,0 1 9 75 2 7,2 1 8 85 2 7,5 1 2 7 8 5 Land, structures, and equipment, total 3,358 3,213 8,062 8,046 7,822 9,985 9,875 9,979 9,974 9,962 10,020 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,470 4,506 4,520 4,535 4,568 Panama Canal Company 298 415 363 421 421 398 396 401 599 398 396 Tennessee Valley Authority 1,048 1,251 1,475 1,739 1,829 1,762 1,751 1,803 1,791 1,801 1,789 Housing and Home Finance Agency 1,284 1,202 1,040 728 450 236 144 114 106 88 77 Nat. Advisory Committee for Aeronautics 276 277 281 281 283 274 Bonneville Power Administration 311 317 327 328 342 345 General Services Administration 1,298 1,226 1,332 1,341 1,308 1,327 Post Office Department 590 590 599 599 599 599 Other agencies 728 345 350 360 300 613 704 616 408 608 644 Bonds, notes, & debentures payable (not guar.), total... 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 1425 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 items1 Date, and fund or activity Total Cash L c a r e o b e i a l - v e n - s t v o I e r n i n - e - s P s d e u e c b b I u m l n t i - c v e e n s O t s t s e - t c h u e - r L s e t m u t a q a r r n e u n u e d n i d c s p t - , , - Other a G B tu n a b u o r t n e y e a 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 S v e t . t r . - o v in P w a e t t r s n e e i t - l r e y - d rities rities U.S. All activities 1954—Dec. 31.. 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 1,068 4,18335,610 508 1955—Dec. 31.. 45,304 1,33820,238 4,356 3,236 3,414 7,822 4,900 2,379 2,70339,583 596 1956—Dec. 31*. 69,653 4,"9"9'6 20 i 657 21,375 3,739 3,669 9,985 5,232 2,711 3,65962,516 699 1957—Mar. 31.. 69,895 4,44121,,:353 21 3,923 3,729 9,875 5,272 2,975 3,713 62,364 775 June 30*. 69,059 3,98120,980 21 3.881 3,725 9,979 5,063 3,497 3, ,144 1,037 Sept. 30.. 70,175 4,692 21 i320 21 3,762 3,725 9,974 5,186 3,647 2,63462,778 1,056 Dec. 31. . 71,139 4,291 3,804 3,718 9,962 5,340 4,662 2,916 6622,391 1,121 1958—Mar. 31.. "2,24: 4,158 23; 147 21 4,523 3,753 U020 5,436 4,749 3,47262,789 1,183 Classification by type of fund and activity, March 31, 1958 Public Enterprise Funds—Total 20,228 1,119 9,634 3,756 861 143 3,284 1,432 49 1,600 1,51617,064 Farm Credit Administration: Federal Farm Mortgage Corporation 8 8 Agricultural Marketing Act, revolving fund. . . 186 44 142 186 Agriculture Department: Commodity Credit Corporation 5,618 18 2,403 2,636 155 406 876 4,742 Disaster loans, etc., revolving fund 126 37 85 4 125 Allother 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 T V T P G a e r e e e n n t n a e n a e s r e m r a u s a n r a s l y s e S C e A D e a V r d e n v m p a a ic l a l l i e e r n C s t y i m s o A A t m e r d n a u p m t t t i a h o i n o n n y r is it t y ration 2 1 , , 0 2 4 8 2 9 7 6 4 2 3 0 4 2 6 1 9 6 1 3 1 4 6 2 5 678 1,03 4 6 4 6 8 45 1,7 3 1 8 9 2 9 2 7 6 1 2 6 4 2 5 5 5 5 2 3 1 1 4 5 8 2 2 1 , ,2 0 4 2 8 6 3 4 2 3 8 6 7 6 0 Post Office Department—postal fund 87! 233 599 27 213 660 Interior Department 263 60 6 138 48 14 249 All other 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 60! 44 94 764 All other 337 128 117 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 6,44' (4) 1,189 187 8,301 Agriculture Department: Farmers Home Administration 812 119 669 23 795 Rural Electrification Administration 2,908 49 2,724 135 2,907 Interior Department 44: 4: 366 31 439 International Cooperation Administration 2,395 39 2,338 18 2,395 Treasury Department 10,174 3,479 3,563 33,131 10,174 Commerce Department—maritime activities 5,114 '245 249 ,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 4,78 62 1,12: 3,512 39 69: 1,148 2,103 838 Banks for cooperatives 493 425 10 224 3 223 42 Federal Deposit Insurance Corporation. 2,03 () 2,013 19 156 1,880 Federal home loan banks 2,25: 44 696 1,456 9 '468 796 Certain Trust Revolving Funds—Total. 3,174 219 2,708 144 103 2,457 296 9345 Federal National Mortgage Association... 1,706 55 1,641 10 1,466 156 938 Federal intermediate credit banks 1,168 10 1,040 18 99f 140 917 Office of Alien Property 214 14! 65 9213 All other 86 (4> 10 977 Latest data for agencies not reporting quarterly Atomic Energy Commission (June 30, 1957) 8,622 1,324 1,74! 5,130 419 206 8,417 Veterans Administration (June 30, 1957) 1,902 355 107 1,340 98 137 1,765 Agriculture—other activity (June 30, 1957) 1,41" 448 879 86 21 1,397 Health, Education & Welfare Dept. (June 30, 1957) 1,055 790 260 157 898 Interior Department (June 30, 1957) 3,752 28' 8 2,891 56: 376 3,375 Treasury Department (June 30, 1957) 3,197 278 44 765 2,110 774 2,423 All other (June 30, 1957) , 1,684 428 206 549 416 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

1426 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period r B ec u N e d e i g p t e ts t re T P f c u r l e u u n i s d s p : t ts t I G L r n a e o t n s r v s s a t : . - . * E p T r u f q e r t b o u o h c l a t m t e i a s l c l s . 2 : B p t e u u e n d r x e d g - s i e - t p T P t f e u u e r l n u r x 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 t p T q o u a u o b y t a t h l t a l i s e s c l . : t p p o fr u a t o o h b y ( m r e l - t i s ) , c . , & ( c ( c o - d r d r r e I ) a e i e n r a g a , d b e s - i s e e c t n e e n - t , .) t a i r G n g . N e v o f n . e u v . t b n t. & y L d e s ss: O d n c e a t o b h s n e t h - * r b E i o n q c N r g u a r e s a o o h t l w s r : - 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_Oct 3,131 938 167 3,896 6,501 1,387 386 7,501 -3,605 476 9 -32 500 Nov 4,827 ,438 186 6,075 5,806 964 550 6,219 -144 655 4 -13 665 Dec 5,956 ,184 703 6,433 5,809 1,402 92 7,119 -686 337 -87 40 383 1958—Jan 4,786 820 227 5,374 6,011 1,651 1,286 6,377 -1,003 -137 -119 18 -36 Feb 6,299 ,684 217 7,759 5,528 1,317 105 6,740 1,020 145 305 -52 -107 Mar 9,501 ,127 135 10,485 5,749 1,564 803 6,509 3,976 -2,168 14 -67 -2,114 3,496 ,331 194 4,626 6,122 1,479 786 6,814 -2,188 2,380 -181 -125 2,686 May!;;;;; 4,925 2,131 144 6,908 5,846 1,363 187 7,021 -114 591 618 68 -96 June* 10,751 2,066 1,168 11,647 6,581 1,574 226 7,929 3,718 -140 141 -6 -275 July 2,946 1,111 273 3,782 6,613 1,786 489 7,911 -4,128 -835 -337 70 -569 Aug 4,838 1,956 237 6,553 6,198 1,412 17 7,593 -1,040 3,017 391 51 2,575 Sept 7,208 885 156 7,935 6,633 1,397 -252 8,282 -348 -1,650 -338 63 -1,374 Oct.*5 2,769 1,025 205 3,586 7,144 1,597 723 8,018 -4,432 3,640 -570 184 4,026 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 e N r o f p d i e r l g c t u i e t s t , a l c d T a f c e u t r o u f i u n i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h o n a n - s. i m s o a ( G s g + b N a u e o l r ) a i e n v k g o n t c t e a c f . y t - e m & a s G e g N c e o t F . n r e v e u t b c t d s . y y t . I d n ( p e d g - c u c i r r ) o r r b o e e . e r l s a i c a i n s s c s t e e , T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ' s s n - t Balance ( B F a a D a . v b n e a l R k e p il . s o - sit T s T L a i x n r u o e — r a a a y n n s- d O n th et er tions5 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.-JuneP.. 3,922 213 569 -431 -217 1,446 357 5,143 9,749 410 8,218 ,121 Monthly: 1957—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^iy!'.'.'.'.'.'. -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 Oct -4,376 -572 511 -32 519 3,546 161 -565 4,534 363 2,916 ,255 * Preliminary. n.a. Not available. Budget expenditures, and payroll deductions for Federal employees re- * 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 1427 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budget receipts Selected excise taxes (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period B c u N e r d i e e p g - t t e s t f t O u a r n u g ld T d s e - t 6 rans H f f t w r u e i u r g n a s s y h d t - to— R m a t r i c . r e e c e n - R t - . t . c fu e R r o n i e e p f d - - t s s B c T u e r o d i e p t - g a t e s l t W he I i n t ld h d - ivid O ua th l er C 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 c - o 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 6,634 616 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 2,559 643 463 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.-JuneP 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_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*1 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 Aug 4,838 1,032 206 72 133 6,280 3,476 123 316 908 1,105 352 249 164 1,006 Sept 7,208 504 188 44 175 8,119 2,093 1,815 2,267 912 549 483 265 160 Oct 2,769 365 180 21 112 3,446 1,225 162 374 954 386 344 n.a. n.a. n.a. I Budget expenditures 8 Major national security Agri- Vet- culture Period Total Total 9 D D e e fe p n t. s , e s M ec u u tu ri a ty l , A en t e o r m gy ic f a i I n f a f n a n a t n d i l r c . s e In e t s e t r- ic e b s e r e e s a r n n v a e s - n - ' d w L a a e n l b f d o ar r e t a c a u g u n 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 nmilitary program fits resources 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 71,897 44,968 39,015 3,052 2,275 1,234 7,694 5,026 3,381 4,620 1,543 2,085 1,353 Semiannually: 1956—July-Dec.. 33,801 21,145 18,547 1,464 930 382 3,587 2,291 1,421 2,183 736 879 ,181 1957—Jan.-June. 35,632 23,269 19,893 2,031 1,060 450 3,721 2,502 1,545 2,399 560 574 608 July-Dec.. 36,060 22,164 19,370 1,471 1,080 776 3,912 2,400 1,636 2,651 850 1,003 661 1958—Jan.- June? 35,837 22,804 19,645 1,581 1,195 458 3,782 2,626 1,745 1,969 693 1,082 692 Monthly: 1957—Sept 5,667 3,589 3,148 226 169 53 638 362 239 386 138 269 104 Oct 6,501 3,700 240 190 360 647 421 358 529 158 222 115 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 3,730 272 200 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 June3*.... 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 Sept 6,633 3,934 3,489 222 189 87 586 410 345 769 165 212 123 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 4 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

1428 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable Total Total E m n o d n t o h f d g e ro b s t* s d d g i e r r o b e s c t s 2 t Total Total Bills c C i e n a d e t d e r n e t s e i b f s o i t s - - f Notes B el a ig n i k B - ond B s r a e n - k b v C o i e b o n r l n t d e i - - s Totals b S i o n a n g v d s - s s i T a n a n a g v d x s - S i p ss e u c e ia s l ble* stricted notes 1941 Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945_Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952 Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953 Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954 Dec . . . 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956 Dec 276.7 276 6 228.6 160.4 25.2 19.0 35 3 80 9 10 8 57 4 56 3 45 6 1957 NQV 274.9 274 7 227 1 163.4 26 7 34.7 20 6 81 5 9 6 54 1 53 2 46 0 Dec . . .. 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958 Jan 274.7 274.6 227.3 164.6 27.3 34.6 20.7 82.1 9.5 53.2 52.3 45.5 Feb 274.8 274.7 227.0 164.5 26.1 31.5 20.5 86 4 9.3 53 2 52 3 46 0 Mar 272.7 272.6 225.1 162.9 23.0 31.5 20.7 87.7 9.1 53.1 52.3 45.8 Apr 275.2 275.1 228.0 166.0 22.4 31.1 24.7 87.7 9.0 53.0 52.2 45.4 May 275.7 275.7 227.9 166.0 22.4 31.1 24.8 87.7 9 0 53.0 52.1 46.1 June 276.4 276.3 228.5 166.7 22.4 32.9 20.4 90.9 8.9 52.9 52.0 46.2 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 AUR 278.6 278.5 230.6 169.2 22.4 38.5 20.7 87.7 8.6 52.8 51.9 46.3 Sect 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 Nov 283.2 283.1 236.3 175.4 29.1 38.5 21.9 85.8 8.4 52.6 51.7 45.1 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 Nov. 30, 1958) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which <> Less than $50 million. aggregated $9,690 million on Oct. 31, 1958. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and m En o d n t o h f in ( 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 ) d i- 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 m k g s s p c a o n m ie - s r c a o t r io p n o 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 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.t 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 May 275.7 46.1 9.7 220.0 24.2 63.3 7.5 11.7 14.7 17.0 48.1 18.3 15.4 276.4 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 15.0 278.6 46.3 9.7 222.6 25.3 66.1 7.5 11.9 14.2 17.0 47.9 17.8 14.9 Sept 276.8 46.0 9.6 221.2 25.0 65.2 7.4 11.9 13.8 17.0 47.9 17.7 15.3 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 1429 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, NOVEMBER 30, 19581 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills 2 ertificates Treasure notes—Cont. Treasury bonds—Cont. D D D D e e e e c c c c . . . . 2 1 1 6 4 1 8 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 8 8 8 8 . . . . . . . . 1 1 1 1 , , , , 8 8 8 8 0 0 0 0 0 0 0 0 D F M M e e a a b c y r . . . 2 1 1 4 4 5 1 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 8 9 9 9 * 3 2 1 V l % % f 4 t 9 9 3 1 , , , , 7 8 5 8 7 6 1 3 0 7 7 3 O N F A e c o p b t v r , . . . 1 1 1 5 5 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 3 3 2 2 3 2 V l l y f f 8 4 t t 3 1 , ,1 9 5 5 4 7 3 9 3 1 3 0 F A M M e u a a b g r r . . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 5 6 6 5 - - 7 7 1 0 . . . . . . 2 2 2 % f f t 3 t 6 2 4 1 , , , , 9 4 7 8 8 4 0 9 4 9 1 6 J J a a n n . . 2 8 , , 1 1 9 9 5 5 9 9 . . . . 1 1 , , 8 8 0 0 1 0 Aug. 1,1959 1% 13,500 Oct. 1,1963 li/2 43 J S u e n p e t. 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . . . . . . 2 2 f f t t 2 1 , ,8 7 4 1 2 6 Jan. 15,1959.. 1,803 Treasury notes Treasury bonds Dec. 15, 1967-72... 2ft 3,720 Jan. 22, 1959.. 1,800 Feb. 15, 1959 1 5,102 Dec. 15, 1958 2ft 2,368 Oct. 1,1969 4 657 Jan. 29, 1959.. 1,803 Apr. 1,1959 1 119 June 15, 1959-62... 214 5,267 Nov. 15, 1974 3% 654 Feb. 5,1959.. 1,802 Oct. 1,1959 1 99 Dec. 15, 1959-62... 214 3,456 June 15, 1978-83... 3 VA 1,604 F F e e b b . . 1 1 9 3 , , 1 1 9 9 5 5 9 9 . . . . 1 1 , , 8 8 0 0 1 3 N A o p v r. . 15 1 , , 1 1 9 9 6 5 0 9 V 3' 1,1 1 8 9 4 8 N D o ec v . . 1 1 5 5 , , 1 1 9 9 6 6 0 0 -653.. 2 2% i/8 3 1, , 4 8 8 0 5 6 M Fe a b y . 1 15 5 , , 1 1 9 9 9 8 0 5 3 3 V ft 4 1 1 , , 1 7 3 2 5 7 Feb. 26, 1959.. 1,803 May 15, 1960 3* 2,406 Sept. 15, 1961 234 2,239 Feb. 15, 1995 3 2,741 May 15,1959.. 2,735 Oct. 1,1960 1- 278 Nov. 15, 1961 2ft 11,177 June 22, 1959* 2,997 Apr. 1,1961 1 144 Aug. 15, 1963 2ft 6,755 Panama Canal Loan.... 3 50 Aug. 1,1961 2,609 June 15, 1962-67... 2ft 2,112 Oct. 1,1961 \Yi 332 Dec. 15, 1963-68... 2ft 2,820 Convertible bonds Feb. 15,1962 3% 647 Feb. 15, 1964 3 3,854 Investment Series B A A u p g r. . 15 1 , , 1 1 9 9 6 6 2 2 lft 4 2,0 5 0 5 0 1 J D u e n c e . 1 15 5 , , 1 1 9 9 6 6 4 4 - -6 6 9 9 . . . . . . 2 2 V ft i 3 3 , , 8 7 1 4 9 5 Apr. 1,1975-80... 2*/4 8,364 * Tax anticipation series. 1 Direct public issues. 3 Partially tax-exempt. 2 Sold on discount basis. See tables on Money Market Rates, p. 1421. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b r d k le s e 2 t- v b C e o r o t n i n d b - s le Total W 1 i y th ea in r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 411 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 Aug 31 177,851 22,401 38,487 20,665 87,68i 8,618 169,233 70 477 48 074 15 833 34 850 Sept 30 176,249 22,699 38,487 20,749 85,793 8,521 167,728 68,896 48,158 15,832 34,841 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 Aug. 31 9,477 124 640 1,174 4,739 2,801 6,676 840 1,647 869 3,319 Sept. 30 9,447 150 596 1,174 4,739 2,788 6,658 819 1,652 867 3,320 Federal Reserve Banks: 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1,014 1,415 1957 June 30 23 035 287 11,367 8 579 2,802 23 035 20 246 681 750 1 358 Dec. 31 24,238 1,220 20,104 87 2,827 24 238 21 427 1 397 57 1 358 1958—June 30 25,438 2,703 19,946 2,789 25 438 23 010 1,014 57 1 358 Aug 31 25,346 1,345 21,507 10 2,484 25,346 22,852 1,024 84 1,386 Sept. 30 24,986 985 21,507 10 2,484 24,986 22,493 1,024 84 1,386 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 Aug 31 . 58,750 3,261 6,896 11,714 36,750 129 58,622 14,408 29,388 9,708 5,117 Sept 30 57,616 3,509 6,650 11,579 35,749 129 57,487 13,465 29,209 9,737 5,076 Mutual sayings banks: 1956 June 30 7,735 107 37 356 6,074 1,161 6,574 247 540 1,319 4,468 I957 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 Aug 31 7,142 153 119 482 5,467 921 6,221 342 1,258 538 4,083 Sept 30 7,115 176 115 502 5,410 912 6,203 335 1,280 524 4,064 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 Aug 31 10,832 481 143 625 7,435 2,148 8,684 880 1,961 686 5,158 Sept 30 . 10,828 560 164 632 7,353 2,118 8,710 928 1,937 695 5,150 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 Aug. 31 66,304 17,036 9,182 6,660 30,806 2,619 63,684 31,154 12,796 3,948 15,786 Sept 30 66,256 17,320 9,453 6,852 30,058 2,573 63,682 30,858 13,056 3,925 15,844 1 Direct public issues. panies included in the survey account 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

1430 SECURITY ISSUES NEW SECURITY ISSUES i [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 4 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 r b l n e y - d d s p v l P a a t r c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey 7 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 , s m r t i e i o t r e 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 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,WJ 11,784 663 214 1957—Sept.. 3,975 2,262 215 437 37 1,023 907 587 320 19 97 1,007 973 952 21 34 Oct.. 2,705 894 683 15 1,113 944 608 336 68 101 1,099 1,090 1,060 30 9 Nov.. 3,022 1,374 100 639 65 844 671 485 186 24 150 828 789 764 25 39 Dec.. 2,681 925 640 2 1,114 761 185 576 11 343 1,097 1,076 1,023 53 21 1958—Jan.. 3,473 511 1,163 782 201 816 744 505 239 28 44 805 723 711 11 82 Feb.. 2,487 407 251 899 55 875 607 398 209 85 182 856 851 832 19 5 Mar., 3,959 1,802 524 9 1,623 1,494 1,165 330 69 61 1,608 1,561 1,525 35 47 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. '3,049 1,411 554 122 963 866 370 497 58 38 948 881 709 172 67 July. '2,423 418 164 631 '13 '1,196 '907 735 '172 70 r219 rl, 174 '1, 102 rl,026 '76 '72 A Se u p g t . . , , '1 2 , , 3 2 4 1 0 6 3 3 6 5 9 2 6 3 6 8 6 9 2 r 3 9 1, ' 1 5 7 7 5 3 1, ' 0 4 9 9 8 2 2 8 0 5 9 1 ' 2 2 4 8 6 3 1 2 2 3 n 5 o 5 1, ' 1 5 5 6 9 3 1, ' 1 5 4 3 4 8 1, ' 0 5 3 1 8 8 1 '2 0 0 6 '2 1 5 5 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public 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 i° secu- capital 10 secu- capital io securities rities rities rities rities rities 1950 1,026 149 474 63 610 196 1,927 682 314 81 639 100 1951 2,846 221 462 56 437 53 2,326 85 600 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1957_Sept. 320 38 8 80 417 8 65 53 30 Oct.. 129 51 49 333 369 159 Nov. 220 38 8 54 287 92 98 30 Dec. 572 60 138 173 9 41 92 1958—Jan.. 147 7 28 82 24 321 34 50 109 Feb. 171 3 26 48 366 35 205 Mar. 196 41 47 63 409 797 49 Apr., 620 12 62 86 293 22 40 37 40 May 163 26 24 23 303 37 11 30 74 June 267 49 29 106 390 16 12 78 July. '519 24 '55 '49 '348 46 101 '31 Aug. '122 '16 '47 '26 '281 '13 '49 Sept. 485 12 389 44 186 13 28 ' Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues maturing in more than one year sold for cash of flotation, i.e., compensation to underwriters, agents, etc., and expenses. in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debt are included under the uses for which the bank * Issues not guaranteed. debt was incurred. 3 Represents foreign governments, International Bank for Reconstruc- 9 Less than $500,000. tion and Development, and domestic eleemosynary and other nonprofit io Represents all issues other than those for retirement of securities. organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 1431 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1957 1958 1952 1953 1954 1955 1956 1957 1 2 3 4 1 2 3 Manufacturing Total (200 corps.): Sales 54,51763,34358,11069,876 71,925 76,032 19,78619,43818,056 18,752 16,718 '16,831 16,240 Profits before taxes 7,308 8,375 7,24410,250 9,290 9,559 2,752 2,575 2 042 2 190 1 622 rl 625 1 644 Profits after taxes 3,192 3,649 3,825 5,231 4,880 5,109 1,432 1,339 1,107 1,232 852 '872 890 Nond D u i r v a i b de le n d g s oods industries (94 corps.):1. . 2 073 2,154 2 384 2,827 2,980 3,113 750 757 757 849 755 747 741 Sales 19,26620,69420,62023,106 24,784 26,278 6,636 6,524 6,558 6,560 6,133 6,203 6.548 2,853 3,028 2 753 3,413 3,457 3,438 947 873 841 111 648 r619 773 Profits after taxes 1,392 1,526 1,581 1,918 1,979 2,019 551 503 491 474 377 »-362 445 Dura D bl i e v i g d o en o d d s s industries (106 corps.):2 946 972 1,064 1,202 1,248 1,323 314 318 319 371 326 325 322 Sales. 35,25142,64937,49046,770 47,141 49,754 13,15012,91411,498 12,192 10,585 10,628 9.693 Profits before taxes. 4,455 5,346 4,491 6,836 5,833 6,120 1,804 1,702 1,201 1,413 974 rl,006 870 1,800 2,123 2,244 3,313 2,901 3,090 881 836 616 758 475 r510 445 Dividends 1,127 1,182 1,320 1,625 1,731 1,791 436 439 438 478 429 422 419 Selected industries: Foods and kindred products (28 corps.): Sales 5,042 5,411 5,476 5,833 6,299 6,620 1,618 1,642 1,669 1,691 1,616 1,663 1.708 Profits before taxes 453 465 462 499 557 600 135 154 158 153 140 151 166 Profits after taxes 203 212 224 244 273 295 65 75 77 79 67 74 80 Dividends 154 154 156 160 166 174 39 40 41 54 41 41 44 Chemicals and allied products (26 corps.): Sales 5,965 6,373 6,182 7,222 7,729 8,203 2,045 2,047 2,065 2,047 1,858 1,903 1 992 Profits before taxes 1,259 1,308 1,153 1,535 1,488 1,556 395 394 397 369 281 '281 315 486 520 593 782 769 798 197 202 201 197 144 r147 162 Dividends 396 417 499 597 602 639 150 152 150 187 156 154 153 Petroleum refining (14 corps.): Sales 5,411 5,883 6,015 6,556 7,185 7,814 2,048 1,941 1,920 1,906 1,801 1,774 1.915 Profits before taxes 728 841 751 854 917 867 299 219 193 156 146 9-111 198 524 603 567 624 689 711 230 172 164 144 125 103 157 Dividends 283 290 294 317 346 374 91 91 95 97 95 95 92 Primary metals and products (39 corps.): Sales 11,56413,75011,52214,952 16,062 16,073 4,272 4,270 3,856 3,675 3,047 ^3,161 3 207 Profits before taxes 1 147 1,817 1 357 2,377 2,370 2,313 676 652 512 473 302 r371 386 564 790 705 1,195 1,232 1,193 342 327 264 260 157 r191 199 Dividends . . .. 369 377 407 522 606 651 157 157 158 179 147 146 145 Machinery (27 corps.): Sales . . 7,077 8,005 7,745 8,477 9,798 10,914 2,624 2,750 2,669 2,871 2,454 r2,629 2.543 Profits before taxes 971 1.011 914 912 942 1,175 293 305 270 306 227 r263 300 Profits after taxes 375 402 465 465 458 577 141 148 135 152 111 r132 155 Dividends 199 237 263 281 321 329 79 81 82 86 83 81 81 Automobiles and equipment (15 corps.): Sales 13 03816,61114,13718,826 16,336 17,480 4,993 4,522 3,689 4,277 3 853 r3 542 2 599 1,982 2,078 1,789 3,023 1,984 2,110 711 603 291 506 346 271 53 Profits after taxes 709 758 863 1,394 942 1,059 336 292 151 279 161 137 24 Dividends 469 469 536 693 656 670 166 166 164 173 164 160 159 Public Utility Railroad: Operating revenue 10,58110,664 9 37110,106 10,551 10,491 2,574 2,660 2 675 2 582 2 239 2 294 2 460 1,438 1,436 908 1,341 1,268 1,056 247 264 286 259 ' 59 135 255 Profits after taxes 825 903 682 927 876 734 161 183 191 199 31 93 178 Dividends 338 412 379 448 462 435 122 110 82 121 96 79 77 Electric power: Operating revenue 6,549 7,136 7,588 8,360 9,049 9,644 2,540 2,312 2,335 2,457 2,707 r2 412 2 454 Profits before taxes 1,740 1,895 2,049 2,304 2,462 2,557 731 596 600 630 768 615 650 Profits after taxes 947 1,030 1,134 1,244 1,326 1,403 393 327 326 357 421 349 357 725 780 868 942 1,022 1,077 269 270 265 273 281 287 276 Telephone: Operating revenue 4 137 4,525 4,902 5,425 5,966 6,467 1,560 1,611 1,623 1,673 1,672 1 715 1 745 787 925 1,050 1,282 1,430 1,562 387 388 387 400 402 454 494 384 452 525 638 715 788 195 195 195 203 200 226 244 Dividends 355 412 448 496 552 613 148 150 155 160 164 166 171 r Revised. estimated by the Federal Reserve to include affiliated nonelectric opera- 1 Includes 26 companies in groups not shown separately, as follows: tions. textile mill products (10); paper and allied products (15); miscellaneous (1). Telephone. Revenues and profits are for telephone operations of the 2 Includes 25 companies in groups not shown separately, as follows: Bell System Consolidated (including the 20 operating subsidiaries and building materials (12); transportation equipment other than automobile the Long Lines and General departments of American Telephone and (6); and miscellaneous (7). Telegraph Company) and for two affiliated telephone companies, which NOTE.—Manufacturing corporations. Sales data are obtained from together represent about 85 per cent of all telephone operations. Divithe Securities and Exchange Commission; other data from published dends are for the 20 operating subsidiaries and the two affiliates. Data company reports. 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

1432 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t e r a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s d - Y qu e a a r r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1950 40.6 17.9 22.8 9.2 13.6 1951 42.2 22.4 19.7 9.0 10.7 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952 36.7 19.5 17.2 9.0 8.3 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 667 2,700 1953 38.3 20.2 18.1 9.2 8.9 1952 . . .. 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954 34.1 17.2 16.8 9.8 7.0 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 44.9 21.8 23.0 11.2 11.8 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956 45.5 22.4 23.1 12.0 11.0 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957 43.4 21.6 21.8 12.4 9.4 1956 13,033 4,968 8,065 7,934 3,181 4,752 5,099 1,787 3,313 1957 14,289 3,159 11,129 9,691 2,236 7,455 4,598 923 3,675 1956—2 44.8 22.1 22.7 12.0 10.7 3 44.3 21.8 22.4 12.2 10.2 1957—2 3,739 867 2,873 2,367 626 1,741 1,373 241 1,132 4 46.7 23.0 23.7 11.8 11.9 3 3,474 802 2,672 2,554 554 2,000 920 248 672 4 3,409 708 2,701 2,393 503 1,890 1,016 205 811 1957—1 46.1 23.0 23.1 12.5 10.6 2 43.5 21.7 21.8 12.6 9.2 1958—1 3,566 784 2,782 2,799 537 2,262 767 247 520 3 44.2 22.0 22 A 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 i Reflects cash transactions only. As contrasted with data shown on p. 1430, new issues 2 32.0 16.3 15.7 12.4 3.3 exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements NOTE.—Quarterly data are at seasonally adjusted include the same types of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 1430. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS * [Securities and Exchanges Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U ec o . u S v r . t i- Not r e e s c e a i n v d ab a l c e ets. I t n o v ri e e n s - Other Total Note p s a a y n a d bl e accts. F in e c t l d a i o a e x m - ra e l Other ties G U o . v S t . 2 Other G U o . v S t . . 2 Other bilities 1950 81.6 161.5 28.1 19.7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951.... . .. 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103 0 224.5 34.6 23.0 2.3 87.1 72.8 4.7 121.5 2.3 73.5 19.3 26.5 1956 109.1 235.9 35.1 18.2 2.6 94.5 80.4 5.1 126.8 2.4 78.0 17.9 28.6 1957—2 112.1 234.9 33.0 15.4 2.5 96.1 82.4 5.4 122.8 2.6 77.3 13.1 29.7 3 112.9 239.5 33.7 15.7 2.4 98.7 83.2 5.7 126.6 2.6 78.3 14.8 31.0 4 113.5 239.9 35.0 16.5 2.8 97.5 82.2 5.9 126.5 2.3 77.6 16.0 30.6 1958—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 * Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n u g u r- - M in i g n- R ro a a i d l- Other P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other* 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 U ers 1950 20.6 7.5 .7 1.1 1-2 3.3 1.1 5.7 1957—3 9 4 4 3 g J 7 2 5 1951 25.6 10.9 .9 1.5 5 3.7 1.3 5.9 4 9 7 4 6 8 L 8 2 6 1952 26.5 11.6 1.0 1.4 3.9 1.5 5.6 1953 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 1958 1 7 3 3 1 7 1[ 2 2 3 1954 26.8 11.0 1.0 .9 4.2 1.7 6.5 2 7.8 3 2 6 5 2 5 1955 28.7 11.4 1.0 .9 6 4.3 2.0 7.5 3' 7 4 2 9 5 6 2 4 1956 35.1 15.0 1.2 1.2 L.7 4.9 2.7 8.4 44'.... 8.0 3.2 .6 7 2.5 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 19584r 30.5 11.5 .9 .8 I 5 6.1 9. 1959—1« 6.9 2.6 .5 1.3 2.4 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. * Includes trade, service, finance, and construction. • Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1433 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and E o n r d q o u f a r y t e e a r r h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - S F e a e c l g e d i e e c e h n s t r e o - a d l l de v o r I i a t s d n h n u d e d a i r - l s s h A e o r l l s d l - T 1 o - ta to l 4- t F f u a i i n c m t n i i s o a a i t l l i n n y - s - ho O h u e o s th r l e s d e s - r c T o o m ta m l erc t F u i i a i n c t n l i i s o a a t p l i n n - r s - ope O h r e t o t i r h l e s d e s - r 1 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 - h O ol t d h e e r r s* 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. *> 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 June33 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.p 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 P Preliminary. Federal agencies represent HOLC, FNMA, and VA (the bulk of the 1 Derived figures, which include negligible amount of farm loans held amounts through 1948 held by HOLC, since then by FNMA). Other by savings and loan associations. Federal agencies (amounts small and separate data not readily available 2 Derived figures, which include debt held by Federal land banks and currently) are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS* fin millions of dollars] Commercial bank holdings2 Mutual savings bank holdings 3 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1950 13,664 10,431 2,264 968 8,261 7,054 1 164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 i,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 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 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 1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957—Mar 22,670 16,880 4,770 3,810 8,300 4,440 1,350 20,105 18,035 4,455 7,330 6,250 2,010 60 June 22,760 16,890 4,730 3,720 8,440 4,500 1,370 20,475 18,384 4,500 7,520 6,364 2,033 58 Seot. . ... 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 Mar 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 Junep 23,960 17,460 4,970 3,405 9,085 5,060 1,440 22,165 19,926 5,046 8,160 6,720 2,181 58 Sept.? 24,690 18,055 5,205 3,355 9,495 5,155 1,480 22,740 20,465 5,313 8,378 6,774 2,218 57 * Preliminary. based on Federal Reserve preliminary tabulation of a revised series cf 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

1434 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952.... 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956. 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4.823 653 831 3,339 407 35,236 32,652 6,751 7,721 18.180 2,584 1957 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 2,585 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 Aug 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 Oct 516 485 141 9 335 31 36,648 33,955 7,282 7,527 19,146 2,693 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDING OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total By type of lender (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i o r e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r th or Se a a a l d s ly o - n- W se a a i d t s j h o u o n s u t a - t l in S lo g a s a v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed i ment2 assns. panies banks banks 1941 . 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941. . 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 117 1950 . 5,237 1,767 2,246 13,657 848 2,973 9,836 1951 5,250 1,657 2,357 15,564 866 3,133 11,565 1950 .. 16,179 5,060 1,618 3,365 1,064 1952 5,617 2 105 2,955 18,396 904 3,394 14,098 1951 16,405 5,295 1,615 3,370 1,013 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952 18,018 6,452 1,420 3,600 1,137 1954 }$,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 1 .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 4,727 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 ,858 1957 10.402 3,562 4,708 r40,007 1,643 '7,011 '31,353 1956 27,088 9,532 1,799 5,458 1,824 1957 24,244 9,217 1,472 4,264 429 1957 1957 Sept . ... 891 292 423 '39 058 1,573 '6 930 '30,555 Oct 980 341 443 '39,475 '1,602 '6,974 '30,899 Sept 2,013 2,026 796 124 354 121 Nov 768 250 358'39,753 '1,624 '6,995 '31,134 Oct 2,003 2,226 855 132 395 131 Dec 734 248 324''40,007 1,643 '7,011 '31,353 Nov 1,995 1,877 686 117 333 117 Dec 1,954 1,851 666 125 325 113 1958 1958 Jan 723 245 308 '40,243 '1.662 '7,011 '31,570 Feb 704 233 289 '40,490 ,686 '7,011 '31,793 Jan.. 1,976 1,782 628 111 322 98 Mar 819 281 318'40,825 ,715 '7,004 '32,106 Feb 1,959 1,701 638 101 304 87 Apr 920 316 354'41,223 1,748 '6,984 '32,491 Mar 1,971 1,866 705 108 345 94 May 1,019 346 406 '41,751 1,789 '6,981 '32,981 Apr. . . . 1,993 2,022 787 106 385 103 June 1,107 379 461 '42,333 1,833 '6,995 '33,505 May 2,087 2,151 845 113 418 120 July 1,180 374 511 '42,866 r1,901 7,012 '33,953 June 2,192 2,275 910 110 429 140 Au£5 I 180 373 538 '43 423 r 940 '7,034 '34,449 July 2,291 2,543 986 125 491 165 Sept 1,215 401 537 43,997 2,007 7,031 34,959 Aug 2,413 2,535 995 130 476 169 Sept 2,596 1,022 136 493 170 ' Revised. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Beginning 1958 includes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Source.—Federal Home Loan Bank Board Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1435 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 g i e e s E r e r t t o i s x i n e p - g s - g m P t a y r g o o p e r j e s t - - i p l P m o r e i r o a m r e o t n v n y p - e s t - 2 - Total 3 p e N r r m t o e i w e p o H s - r o tg m a p g i e e s E r r e t t o i s x i n e p - g s - q y E e u n a a d r r t o o e f r r Total G un o d v e F e r r H w nm A rit - 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_Oct 422 87 145 79 111 280 229 50 1957 107.6 47.2 16.5 30.7 60.4 Nov 329 86 145 33 65 213 182 30 Dec 332 97 152 12 71 176 155 20 1956—Sept 96.6 42.5 15.2 27.3 54.1 Dec 99.0 43.9 15.5 28.4 55.1 1958 Jan 418 120 186 56 55 160 142 18 Feb 386 115 164 43 64 142 129 13 1957—Mar 101.0 45.1 15.7 29.4 55.9 Mar 435 127 192 62 53 123 110 13 June 103.4 45.9 15.9 30,0 57.5 Apr 423 119 186 57 61 85 72 13 Sept 105.7 46.5 16.1 30.4 59.2 May 431 110 201 55 65 73 57 15 Dee 107.6 47.2 16.5 30.7 60.4 June 551 126 217 128 81 97 71 27 A Ju U l K y 6 5 9 2 9 4 1 1 3 2 2 8 2 2 3 4 6 3 1 9 7 8 0 5 5 8 8 1 1 2 5 7 6 9 8 1 3 4 6 3 4 1958— J M un a e r * .* 3. . . . . . . . 1 1 1 0 1 9 . . 7 3 4 4 7 8 . . 7 3 1 1 7 7 . . 7 1 3 3 0 0 . . 6 6 6 6 1 3 . . 6 4 Sept 756 160 320 146 130 189 107 82 Sept.*3 114.8 49.2 18.6 30.6 65.5 Oct 641 174 327 58 83 239 140 99 v Preliminary. 1 Monthly figures do not reflect mortgage amendments included in annual totals. NOTE.—For total debt outstanding figures for first 2 These loans are not ordinarily secured by mortgages. three quarters of year are Federal Reserve estimates. 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-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a t y s or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt i - L te o r n m g 2 - 1945 278 213 195 176 19 1950 1,347 169 1,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 1,714 411 62 76 1955 1 251 702 1,417 991 426 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 1957 3,974 1,237 2,737 1,119 2 764 1957 1,116 1,079 1,265 731 534 1957 Oct 3,849 1.170 2,679 79 726 1957_Oct 83 70 1,131 686 445 Nov 3 909 1,197 2,712 75 717 Nov 74 62 1,143 689 454 Dec 3,974 1,237 2,737 80 764 Dec 196 74 1.265 731 534 1958 Jan 4,038 1,283 2,755 77 786 1958—Jan 58 417 906 527 379 Feb 4,071 1,319 2,752 56 9 761 Feb. 41 158 790 451 339 Mar 4,073 1,346 2,726 45 29 745 Mar 53 146 696 394 302 Apr 4,019 1,345 2,674 38 75 842 Apr 212 93 815 304 511 May 3,928 34? 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 Oct 3,729 1,353 2,376 59 1 1,669 Oct 126 52 1,083 545 538 i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities or more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1436 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e o i r l - e i co p g O n a o s t p o h u e d e m r r s i 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 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950 21,395 14,703 6,074 4 799 1 016 2 814 6,692 1 821 3 291 1 580 1951 22,617 15,294 5,972 4,880 1,085 3,357 7,323 1,934 3,605 1,784 1952 27,401 19,403 7,733 6,174 1,385 4,111 7,998 2,120 4,011 1,867 1953 31,243 23,005 9,835 6,779 1,610 4 781 8,238 2,187 4 124 1 927 1954 32,292 23,568 9,809 6,751 1,616 5,392 8,724 2,408 4,308 2,008 1955 38,670 28,958 13,472 7 634 1 689 6 163 9,712 3 002 4 579 2 131 1956 42,097 31,827 14,459 8,510 1,895 6,963 10,270 3,253 4,735 2,282 1957 44,774 34,095 15,409 8,692 2,091 7,903 10,679 3,365 4,829 2,485 1957 Oct 43,162 33,484 15,505 8,229 2,078 7,672 9,678 3,275 4,044 2,359 Nov 43,438 33,566 15,459 8,289 2,095 7,723 9,872 3,325 4,147 2,400 Dec 44,774 34,095 15,409 8,692 2,091 7,903 10,679 3,365 4,829 2,485 1958 Jan 43,904 33,713 15,235 8,495 2,069 7,914 10,191 3,386 4,290 2,515 Feb 43,017 33,278 15,030 8,277 2,041 7,930 9,739 3,404 3,754 2,581 Mar 42,500 32,940 14,793 8,179 2,019 7,949 9,560 3,397 3,579 2,584 Apr 42,617 32,888 14,691 8,124 2,017 8,056 9,729 3,352 3,772 2,605 May 42,985 32,910 14,613 8,158 2,038 8,101 10,075 3,476 4,010 2,589 June 43,079 33,008 14,590 8,190 2,048 8,180 10,071 3,482 4,012 2,577 JUly 42,923 33,074 14,567 8,197 2,061 8,249 9,849 3,373 3,927 2,549 Aug 43,128 33,165 14,514 8,254 2,091 8,306 9,963 3,453 3,956 2,554 Sept 43,144 33,079 14,332 8,312 2,107 8,328 10,065 3,495 4,033 2,537 Oct 43,164 33,052 14,164 8,411 2,128 8,349 10,112 3,414 4,191 2,507 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 1948-57, in the BULLETINS individuals of automobiles or other consumer goods that may be used for October 1956, pp. 1035-42, December 1957, pp. 1420-22, and Novemin part for business. ber 1958, pp. 1344-45. A detailed description of the methods used to 2 Represents repair and modernization loans held by financial institu- derive the estimates may be obtained from Division of Research and tions; holdings of retail outlets are included in other consumer goods Statistics. paper. 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 panies1 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 [,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 1,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1,511 [,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 1957 34,095 29,427 12,753 9,573 2,429 3,333 1,339 4,668 1,393 1,210 361 478 1,226 1957 Oct 33,484 29,282 12,773 9,585 2,387 3,229 1,308 4,202 1,134 1,131 355 489 1,093 Nov 33,566 29,281 12,749 9,564 2,402 3,246 1,320 4,285 1,199 1,148 354 484 1,100 Dec 34,095 29,427 12,753 9,573 2,429 3,333 1,339 4,668 1,393 1,210 361 478 I 226 1958 Jan 33,713 29,171 12,647 9,464 2,402 3,321 1,337 4,542 1,381 1,170 354 All [ 166 Feb 33,278 28,907 12,451 9,405 2,404 3,307 1,340 4,371 1,326 1,140 351 464 1,090 Mar 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 32 888 28,724 12,444 9,200 2,452 3,292 1,336 4,164 1,241 1,091 342 450 I 040 May 32,910 28,703 12,467 9,129 2,478 3,277 1,352 4,207 1,278 1,092 341 446 1,050 June 33,008 28,774 12,520 9,105 2,510 3,283 1,356 4,234 1,310 1,093 339 444 1,048 July 33,074 28,917 12,606 9,121 2,545 3,292 1,353 4,157 1,241 1,093 338 443 [ 042 Aug 33,165 28,983 12,655 9,083 2,578 3,294 1,373 4,182 1,251 1,110 340 440 1,041 Sept 33,079 28,758 12,607 8,891 2,591 3,280 1,389 4,321 1,393 1,110 344 433 1,041 Oct 33,052 28,666 12,612 8,777 2,613 3,274 1,390 4,386 I 426 1,126 346 427 [ 061 1 Consumer finance companies included with "other" financial institu- 3 Represents automobile paper only; other instalment credit held by tions until September 1950. automobile dealers is included with "other" retail outlets. 2 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1437 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 o o f n y t e h ar i c T m n r s o e e t t d n a a i l t l t - ch P A a u 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 a n p o o i n z d a d n a i s - r - s l P o o a e n r n a - s l E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m i R z lo o a a e a d n p ti n e a d o r s i n r n- s l P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1950 3,711 2,956 532 61 162 1950 5,798 1,177 1,294 1,456 834 1,037 1951 3,654 2,863 452 63 276 1951 5,771 1,135 1,311 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8 998 2 215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 ,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 ,227 23 567 1956 11 707 3 651 2,075 2 394 1,469 2,118 1957 9,573 7,470 ,413 20 670 1957, 12,753 4,130 2,225 2,467 1,580 2,351 1957_Oct.. 9,585 7,537 ,390 23 635 1957 Oct 12,773 4,140 2,243 2,495 [,576 2,319 Nov. 9,564 7,510 ,388 21 645 Nov 12 749 4 132 2,233 2,477 1,586 2,321 Dec. 9,573 7,470 ,413 20 670 Dec.., 12,753 4,130 2,225 2,467 1,580 2,351 1958—Jan.. 9,464 7,363 ,404 20 677 1958—Jan 12,647 4,089 2,220 2,410 1,561 2,367 Feb.. 9,405 7,237 ,464 20 684 Feb 12,451 4,038 2,202 2,304 1,537 2,370 Man 9,284 7,080 ,492 19 693 Mar 12 333 3 974 2,195 2,259 1,520 2,385 Apr., 9,200 6,968 ,515 20 697 Apr 12,444 3,961 2,210 2,306 [,518 2,449 May, 9,129 6,888 ,520 20 701 May 12,467 3,954 2,214 2,289 1,531 2,479 June, 9,105 6,844 ,532 20 709 June 12 520 3 957 2 223 2,281 1,540 2,519 July. 9,121 6,795 ,592 21 713 July 12,606 3,967 2,228 2,300 1,551 2,560 Aug. 9,083 6,730 ,612 23 718 AUK 12,655 3,977 2,221 2,304 1,570 2,583 Sept. 8,891 6,601 ,551 20 719 Sept 12 607 3,948 2 198 2,274 1,583 2,604 Oct.. 8,777 6,477 1,560 19 721 Oct 12,612 3,925 2,178 2,287 1,603 2,619 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m R iz l o o a e a n d a p ti n d e a o r s i n r n- s l P o o e a n r n a - s l E o n r d m o o f n y t e h ar c T m n r o e o e t d n n a i - t l t C m c m ( o i s e a m i e r l n - n - g t l e lo -p O 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 th ) er S c e r r e v d i i c t e banks stores1 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 3,087 693 152 275 1,370 597 1 19 9 5 5 1 0 2 2 , , 2 6 9 9 6 9 3 3 7 6 3 0 2 2 0 3 0 3 1 1 2 3 1 4 1 1 , , 6 9 1 5 5 9 1945 3,203 674 72 290 1,322 845 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 1 1 9 95 5 5 4 4 5 , 5 4 1 0 0 6 7 5 6 3 1 9 5 3 3 7 7 5 2 3 8 2 2 6 3 3 , , 3 7 1 8 4 2 1 1 9 95 5 3 2 7 8 , , 9 2 9 3 8 8 1 1, , 8 8 9 4 9 4 2 2 7 8 6 8 7 7 2 7 8 2 3 3 , , 2 3 8 5 3 2 1 1 , , 8 9 6 2 7 7 1956 6,277 948 648 403 4,278 1954 8,724 2,096 312 793 3,515 2,008 1957 7,101 1,106 622 491 4,882 1955 9,712 2 635 367 862 3,717 2,131 1956 10,270 2,843 410 893 3,842 2,282 1957 Oct 6,924 J OQfi 631 479 4,718 1957 10,679 2,937 428 876 3,953 2,485 Nov 6,968 1,100 623 488 4,757 Dec . 7,101 1,106 622 491 4,882 1957 Oct. 9,678 2,881 394 612 3,432 2,359 Nov 9,872 2,877 448 658 3,489 2,400 1958 Jan 7,060 1,092 610 488 4,870 Dec 10,679 2,937 428 876 3,953 2,485 Feb 7,051 1,089 602 484 4,876 Mar 7,029 1,089 589 480 4,871 1958 Jan 10,191 2,902 484 725 3,565 2,515 Apr . . .. 7,080 1,102 589 479 4,910 Feb. . . . 9,739 2,893 511 601 3,153 2,581 May 7,107 1,111 588 487 4,921 Mar 9,560 2,881 516 573 3,006 2,584 7,149 1,122 587 488 4,952 Apr 9,729 2,896 456 580 3,192 2,605 July ... 7,190 1U 591 489 4,976 May 10,075 2,933 543 584 3,426 2,589 Aug 7,245 i|l46 596 498 5,005 June 10,071 2,998 484 575 3,437 2,577 Sept 7,260 1,152 599 504 5,005 July 9,849 2,968 405 533 3,394 2,549 Oct 7,277 1,157 605 506 5,009 AUK 9,963 2,980 473 546 3,410 2,554 Sept 10,065 2,965 530 600 3,433 2,537 Oct 10,112 2,977 437 623 3,568 2,507 NOTE.—Institutions represented are consumer finace companies, credit unions, industrial loan companies, mututal savings banks, savings and loan associations, and other lending institutions holding consumer i Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1438 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti o a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1950 21,558 8,530 7,150 835 5,043 1951 23,576 8,956 7,485 841 6,294 1952 29,514 11,764 9,186 ,217 7,347 1953 31,558 12,981 9,227 ,344 8,006 1954 31,051 11,807 9,117 ,261 8,866 1955 39,039 16,745 10,634 ,388 10,272 1956 40,063 15,563 11,590 ,568 11,342 1957 42,426 16,545 11,626 ,662 12,593 1957—Oct.. 3,533 3,547 1,424 1,393 913 978 139 155 1,057 1,021 Nov.. 3,553 3,428 1,384 ,231 958 1,014 134 138 1,077 1,045 Dec. 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 July. . 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 Oct.. 3,450 3,475 1,205 ,173 998 1,075 143 159 1,104 1,068 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—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 ,285 1,277 941 966 124 123 989 983 June 3,393 3,379 ,279 1,280 962 941 138 136 1,014 1,022 July 3,367 3,417 ,278 1,304 948 949 132 133 1,009 1,031 Aug 3,404 3,294 ,277 1,246 948 919 124 121 1,055 1,008 Sept 3,377 3,383 ,247 1,287 950 935 139 142 1,041 1,019 Oct 3,419 3,502 1,282 1,341 964 976 134 138 1,039 1,047 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—Oct.. + 164 +91 + 112 + 17 -45 +9 + 17 +29 +80 +36 Nov.. + 160 +82 + 103 -46 -22 +60 + 16 + 17 +63 + 51 Dec. + 139 +529 +48 -50 0 +403 +3 A +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 -98 -22 +21 + 19 Apr.. -131 -52 -177 -102 -55 2 +53 + 107 May. -96 +22 -185 -78 1 +34 +21 + 34 +45 June. -134 +98 -178 -23 +32 + 10 +48 +79 A J S O u e u c l p y g t t . . . . . . . . + - -3 5 7 1 3 1 + + - - 2 8 6 9 7 6 6 1 - - - 1 1 1 -7 1 2 5 7 9 9 9 - - 1 1 - - 5 2 8 6 2 8 3 3 + + + + 4 6 3 1 9 5 4 3 + + + + 9 5 5 7 9 7 8 +9 + + + + 2 3 1 1 1 0 6 3 + + + + 6 6 5 5 5 6 7 4 + + + + 6 5 2 2 9 7 1 2 + 31 1 Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of records of retail outlets and financial institutions and often include charges the BULLETIN for October 1956; for 1955-57, in the BULLETINS for Decem- incurred under the instalment contract. Renewals and refinancing of ber 1957, pp. 1420-22, and November 1958, pp. 1344-45. loans, repurchases and resales of instalment paper, and certain other A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit a description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1439 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 1957 42,426 15,234 10,200 10,497 6,495 1957—Oct. i. 3,533 3,547 1,320 ,306 856 860 876 855 481 526 Nov.. 3,553 3,428 1,260 ,153 835 779 894 878 564 618 Dec.. 3,635 4,088 1,262 ,236 872 865 906 1,075 595 912 1958—Jan. i. 3,481 3,088 1,244 ,171 828 720 868 787 541 410 Feb.i 3,221 2,742 1,149 ,009 769 642 813 725 490 366 Mar.i 3,184 3,156 1,110 ,133 742 724 802 825 530 474 Apr. J 3,262 3,335 1,204 ,285 769 759 836 866 453 425 May. 3,243 3,371 1,153 ,227 715 743 818 827 557 574 June. 3,259 3,477 1,171 ,278 688 776 839 872 561 551 July. . 3,330 3,483 1,260 ,320 757 851 853 875 460 437 Aug.. 3,415 3,385 1,252 ,235 716 756 888 858 559 536 Sept. i 3,324 3,297 1,209 ,209 636 656 871 831 608 601 Oct.. . 3,450 3,475 1,275 ,261 735 738 885 864 555 612 Repayments 1950 18,445 6,776 4,331 3,404 3,934 1951 22,985 8,385 5,524 4,385 4,691 1952 25,405 9,370 5,925 5,012 5,098 1953 27,956 10,625 6,344 5,683 5,304 1954 30,488 11,469 7,043 6,511 5,465 1955 33,649 12,304 7,901 7,553 5,891 1956 37,194 13,320 8,943 8,603 6,328 1957 40,158 14,259 9,727 9,673 6,499 1957—Oct. i. 3,369 3,456 ,203 1,229 819 873 812 819 535 535 Nov.. 3,393 3,346 ,202 1,177 796 800 847 834 548 535 Dec. 3,496 3,559 ,233 1,232 848 856 845 942 570 529 1958—Jan. i. 3,415 3,470 ,215 1,237 844 829 835 828 521 576 Feb.1 3,389 3,177 ,233 1,148 820 758 796 734 540 537 Mar.i 3,384 3,494 ,212 1,233 813 845 820 847 539 569 Apr.* 3,393 3,387 ,203 1,214 862 843 816 815 512 515 May. 3,339 3,349 ,198 1,204 830 814 801 800 510 531 June. 3,393 3,379 ,220 1,225 802 800 823 830 548 524 July. . 3,367 3,417 ,204 1,234 828 835 821 834 514 514 Aug.. 3,404 3,294 ,220 1,186 807 794 844 803 533 511 Sept. i 3,377 3,383 ,197 1,215 806 825 837 816 537 527 Oct.. , 3,419 3,502 ,231 1,256 801 852 839 847 548 547 Change in outstanding credit2 1950. + 3,113 + 1,359 +767 +422 +565 1951 +591 -27 -57 +403 +272 1952 +4,109 + 1,753 + 1,057 +647 +652 1953 +3,602 + 1,474 + 1,216 +692 +220 1954 +563 -202 +217 +472 +76 1955 +5,390 + 1,805 +2,299 +896 +390 1956 +2,869 + 1,106 +657 + 871 1957 +2,268 + 1,046 +473 +824 1957—Oct. i. + 164 +91 + 134 + 37 -13 +64 +36 -71 -26 Nov.. + 160 + 82 +58 +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 A F M M e p a a b r r y . . . i . i i . . . - - -1 2 1 -9 3 0 6 6 1 0 8 - - 3 4 + -5 3 3 2 2 8 5 2 - - 1 1 + -4 4 2 4 5 1 0 1 + - -1 1 + 1 1 9 2 1 8 6 3 1 -1 - - + 7 9 1 1 3 5 6 -1 - - - 5 7 8 2 9 1 4 1 + + + -1 2 1 1 8 0 7 7 + + -2 2 5 2 7 1 g + - - + 5 9 4 0 9 9 7 - - 1 1 + -7 7 3 4 7 1 0 3 J J S O A u u e c u l p n t y g t . e . . . . . . i . . , . -1 + - - 3 5 3 1 7 4 3 1 + + + - - 2 8 9 6 9 7 6 1 6 8 + + + - - 4 3 4 5 3 9 0 4 6 2 + + + - + 4 4 8 5 8 9 6 3 5 - - 1 1 - - - 7 9 6 1 9 1 1 6 4 3 - -1 + 1 - -3 2 1 9 1 8 4 4 2 6 + + + + + 4 4 3 3 1 6 4 4 2 6 + + + + + 4 5 4 1 1 1 5 2 5 7 + ± + 1 2 3 1 6 6 1 + + + + - 1 7 6 2 2 3 7 5 7 5 9 + 31 +7 1 Data on extensions and repayments have been adjusted to avoid A discussion of the composition and characteristics of the data and duplications resulting from large transfers of other consumer goods paper. a description of the methods used to derive the estimates are shown As a result, the differences between extensions and repayments for some in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment types of holders do not equal the changes in outstanding credit. credit extended and repaid are based on information from accounting Obtained by subtracting instalment credit repaid from instalment records of retail outlets and financial institutions and often include charges credit extended, except as indicated in note 1. incurred under the instalment contract. Renewals and refinancing of NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit b th e e r B 1 U 95 L 7 L , E T p I p N . f 1 o 4 r 2 O 0- c 2 t 2 o , b e a r n d 1 9 N 5 o 6 v ; e fo m r b 1 er 9 5 1 5 9 - 5 5 8 7 , , p in p . t h 1 e 3 B 4 U 4- L 4 L 5 E . TINS for Decem- repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1440 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49-= 100, unless otherwise noted. The terms 'adjusted" and unadjusted refer to adjustment of monthly figures for seasonal variation] Construction Industrial production contracts Employment and payrolls2 (physical volume)* awarded (value) i Depart- Wholeor Y m e o ar nth Total Tot M al an r u D a f b a u l c - e ture N r s a d o b u n l - e - M era in ls - Total R d t e e ia n s l i - - o A th l e l r p N m t a c e u l g o m u o e r r l a n n y i - - l - - t - pr E o M m d m u a p e n c l n t u 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 - F i l c n o re a g a i r d s g - * - ht v ( s m s r a a t e l l o e t e u n a r s e e i t * ) l p s C r u i o m c n e e - s r 2 m p c s r o o a ic 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 g 20 53 4 42 6 14 8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53 6 47 2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61 3 58 8 23 5 69 29 58 7 52.0 1936 .. . 56 55 49 61 63 30 22 35 65 8 63 9 27 2 81 32 59 3 52.5 1937 61 60 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66 1 59 6 25 3 67 32 60 3 51.1 1939 58 57 49 66 68 39 37 40 69 3 66 2 29 9 76 35 59 4 50.1 1940 67 66 63 69 76 44 43 44 73 3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82 8 87 9 49.3 98 44 62 9 56.8 1942 106 110 126 93 84 89 49 116 90 9 103 9 72 2 104 49 69 7 64 2 1943 . . .. 127 133 162 103 87 37 24 45 96 3 121 4 99 0 104 56 74 0 67.0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 91 5 104 0 87 8 102 70 76 9 68 8 1946 90 90 86 95 91 82 87 79 94 4 97 9 81 2 100 90 83 4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95 5 96.4 1948 . . 104 103 104 102 106 102 98 105 101 6 102 8 105 1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 99 101.8 99.2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 107 102.8 103.1 1951 120 121 128 114 115 171 170 172 108.2 106 4 129.8 101 112 111 0 114.8 1952 . . . 124 125 136 114 114 183 183 183 110 4 106 3 136 6 95 114 113 5 111 6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 118 114 4 110.1 1954 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 118 114.8 110.3 1955 139 140 155 126 122 261 280 248 114 4 105 6 152 9 95 128 114 5 110 7 1956 143 144 159 129 129 199 199 199 118 3 106 7 161 4 97 135 116 2 114.3 1957 143 145 160 130 128 101 101 101 119 2 104 4 162 7 90 136 120 2 117 6 1957 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 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 70 140 123.9 119.2 136 136 138 144 133 120 130 134 128 115.6 93.2 94 1 150 0 79 147 123 7 119.1 Sept 137 '140 139 145 133 122 121 135 111 116.1 94.8 '96.5 155.7 80 135 123.7 119.1 Oct 138 14: 140 145 134 122 125 148 109 115.6 93.4 94.8 152.2 83 135 123.7 119.0 Nov 2141 2143 2135 2123 2116.1 295.3 296.12157.2 83 «136 119.2 ' Estimated. 2 Preliminary. r Revised. including seasonal adjustments, may be obtained from the Division of * Average per working day. Research and Statistics. 2 The indexes of employment and payrolls, wholesale commodity prices, 1 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 Rocky nel in the armed forces. The consumer price index is the revised series, Mountains, 1947-49= 100; the data for 1956 on this basis were: Total, reflecting, beginning January 1953, the inclusion of some new series and 268; Residential, 271; and all other, 266. A description of the old index, revised weights; prior to January 1953, indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1441 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 9 p 4 ro 7 - ^9 a A v n e n ra u g a e l 1957 1958 Industry portion 1956 1957 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL 100.00 143 143 142 139 135 133 130 128 126 128 132 134 136 137 138 MANUFACTURES—TOTAL 90.02 144 145 143 141 137 135 131 129 128 130 134 136 138 139 140 Durable manufactures—Total 45.17 159 160 156 154 146 142 137 135 131 134 139 141 144 145 145 Primary metals 6 70 138 131 128 121 107 100 95 91 86 91 103 102 109 113 123 Metal fabricating 28.52 172 176 172 170 163 159 153 150 146 148 151 154 156 '155 155 Fabricated metal products 5.73 135 139 137 141 135 129 124 122 118 120 125 129 132 135 132 Machinery 13.68 171 168 164 163 156 151 144 141 137 137 141 144 147 148 146 Nonelectrical machinery 9.04 153 150 148 143 137 130 127 126 122 122 125 125 126 129 130 Electrical machinery 4.64 207 204 197 203 194 192 177 170 166 167 171 181 188 186 177 Transportation equipment 7.54 199 213 208 203 194 191 185 183 178 182 185 185 186 178 182 Autos, trucks, and parts 4.80 125 128 126 125 113 107 99 93 86 93 95 96 96 82 91 Other transportation equipment 2.74 310 344 334 322 315 318 313 316 316 314 320 318 321 '322 319 Instruments and related products 1.29 166 172 170 170 168 166 163 160 159 158 160 162 162 166 169 Clay, glass, and lumber products 5.91 140 133 131 128 124 125 120 120 120 124 129 134 r135 136 133 Stone, clay, and glass products 2.82 158 155 155 151 148 142 134 133 135 139 145 152 150 157 149 Lumber and products 3.09 123 114 109 107 103 110 108 109 105 110 114 118 120 118 118 Furniture and misc. manufactures 4.04 755 132 132 129 125 123 120 121 121 122 126 129 130 752 134 Furniture and fixtures 1.64 122 120 120 118 116 114 111 111 110 113 116 119 123 126 127 Miscellaneous manufactures 2.40 144 140 140 136 131 129 127 128 129 129 132 135 134 137 138 Nondurable Manufactures—Total.. . 44.85 129 130 130 128 127 127 125 124 125 126 129 132 133 133 134 Textiles and apparel 11.87 108 105 104 lOi 97 97 97 95 98 99 102 107 108 109 111 Textile mill products 6.32 104 99 98 95 91 92 91 91 92 92 95 101 103 103 104 Apparel and allied products 5.55 112 111 110 107 104 103 103 99 106 106 110 115 114 116 119 Rubber and leather products 3.20 117 118 117 116 108 108 105 106 102 104 111 114 116 119 Rubber products 1.47 133 135 135 131 117 116 114 116 112 113 125 125 132 136 Leather and products 1.73 104 104 103 103 100 100 98 98 94 97 100 104 103 104 Paper and printing 8.93 145 148 149 149 146 146 144 142 143 143 146 148 150 150 755 Paper and allied products 3.46 159 158 161 162 152 155 153 149 152 153 157 163 166 167 170 Printing and publishing 5.47 136 141 142 141 142 140 139 138 137 137 138 138 140 140 142 Newsprint consumption 1.85 132 131 130 129 131 126 124 124 123 124 125 126 128 127 131 Job printing and periodicals 3.62 138 146 148 148 148 147 146 145 145 144 145 145 147 146 148 Chemical and petroleum products 9.34 167 172 173 171 169 168 164 163 164 165 168 171 174 174 174 Chemicals and allied products 6.84 177 184 185 184 181 182 177 176 178 178 181 184 186 187 188 Industrial chemicals 2.54 196 203 206 201 196 195 187 184 182 182 187 193 196 r204 Petroleum and coal products 2.50 141 141 139 135 137 131 129 127 127 129 131 136 139 135 ^37* Foods, beverages, and tobacco 11.51 112 112 111 110 113 114 114 113 113 114 116 116 116 775 Food and beverage manufactures 10.73 113 112 112 110 114 114 114 113 113 114 116 116 '116 115 114 Food manufactures 8.49 113 112 111 110 113 113 112 112 115 114 116 116 '116 •"116 114 To B b e a v c e c r o a g m es anufactures 2. . 2 7 4 8 1 10 1 7 2 1 1 1 1 1 3 1 11 1 0 2 1 1 1 0 0 7 1 1 1 0 8 6 1 1 1 1 7 2 1 1 1 2 2 0 1 1 1 1 2 4 1 1 1 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 1 12 1 1 4 no MINERALS—TOTAL 9.98 129 128 127 123 123 121 118 112 109 109 112 116 120 122 122 Mineral fuels 8.35 129 128 128 123 122 120 118 HI 108 109 112 116 121 123 Coal 2.68 85 83 80 77 71 69 70 70 63 62 66 65 68 70 69 Anthracite .36 55 49 45 43 40 43 43 41 40 41 45 38 41 44 39 Bituminous coal 2.32 90 88 85 82 76 73 74 74 67 65 69 69 73 74 73 Crude oil and natural gas 5.67 150 150 150 145 146 144 141 130 130 131 135 141 146 148 147 Crude oil 4.12 137 138 136 132 131 130 128 116 117 118 122 128 137 140 136 Natural gas and gas liquids .70 190 198 199 198 193 191 194 196 »196 *198 *>195 J>199 Metal, stone, and earth minerals 1.63 127 129 125 120 125 127 119 119 113 107 112 113 113 r119 121 Metal mining .82 114 116 107 100 110 110 106 100 88 73 80 80 83 90 *94 Stone and earth minerals .81 141 142 143 140 141 144 133 138 139 142 145 146 144 149 148 Preliminary. f Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1442 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 100.00 143 143 146 142 134 132 131 129 127 127 132 126 136 140 143 MANUFACTURES—TOTAL 90.02 144 145 148 144 135 134 133 131 129 129 133 127 138 141 145 Durable Manufactures—Total 45.17 159 160 159 156 147 143 139 138 133 133 139 132 140 146 149 Primary metals 6.70 138 131 129 121 106 102 99 95 89 93 106 90 102 124 Ferrous metals 5.03 135 130 126 118 102 95 91 89 81 87 100 85 98 106 119 Pig iron and steel 3.51 142 140 135 126 108 99 94 92 83 91 105 92 105 114 129 Pig iron .37 131 137 132 121 107 98 91 90 80 83 93 87 97 106 119 Steel 3.05 143 139 134 126 107 99 93 91 82 91 105 92 105 114 129 Carbon steel 2.62 139 138 132 125 107 96 92 90 83 91 108 94 106 113 126 Alloy steel .43 167 143 143 132 108 111 100 95 77 86 91 81 101 118 Ferrous castings and forgings 1.52 119 108 106 99 87 85 85 83 78 78 87 70 87 96 Iron and steel castings 1.29 117 107 105 99 87 84 83 83 79 79 88 72 81 88 99 Steel forgings .23 126 113 107 98 88 92 92 86 74 70 81 58 75 80 85 Nonferrous metals 1.67 144 136 138 129 117 121 122 114 112 112 124 102 115 125 140 Primary nonferrous metals .38 164 164 156 159 161 160 157 149 146 141 133 126 128 138 148 Copper smelting .09 133 129 126 125 128 134 128 122 124 112 105 90 95 111 138 Copper refining .06 132 135 128 131 134 134 140 128 122 114 110 108 99 r110 111 Lead .04 115 114 115 112 112 106 116 96 94 105 102 86 88 99 101 Zinc .10 1& 123 113 114 120 114 106 101 101 99 95 90 86 91 *>90 Aluminum .09 280 275 263 274 275 275 273 271 261 256 241 240 254 261 278 Secondary nonferrous metals .13 118 111 117 112 99 98 93 94 83 88 74 90 P92 Nonferrous shapes and castings 1.16 140 129 134 121 104 110 113 106 102 105 125 97 114 ni4 142 Copper mill shapes .63 115 104 110 98 80 88 92 83 77 84 110 74 96 102 129 Aluminum mill shapes .20 215 198 199 167 159 167 174 170 189 187 212 198 190 207 219 Nonferrous castings .33 146 136 140 138 118 120 117 111 99 98 101 83 103 116 Metal Fabricating 28.52 172 176 173 174 166 161 156 154 148 146 149 144 150 156 157 Fabricated metal products 5.73 135 139 142 139 133 111 124 111 118 119 125 123 133 141 134 Structural metal parts 2.68 141 152 156 156 154 146 138 135 131 132 138 137 143 148 141 Stampings and misc. metal products 2.12 125 124 124 125 120 111 105 103 99 98 101 100 104 115 114 Tin cans .30 151 146 146 112 110 116 126 139 120 137 160 171 232 208 160 Furnaces, gas ranges, and heaters .63 110 99 115 99 76 80 94 97 97 96 110 87 115 132 134 Machinery 13.68 171 168 170 165 157 153 148 146 139 135 138 133 142 151 149 Nonelectrical machinery 9.04 153 150 145 140 138 133 131 132 126 124 125 120 119 128 127 Farm and industrial machinery 8.13 147 146 140 136 135 130 126 124 121 118 117 114 114 119 119 Farm machinery 1.02 86 84 82 78 80 80 81 83 84 81 80 80 77 '80 83 Industrial and commercial machinery. 7.11 156 155 148 144 143 137 132 130 126 123 123 119 119 '124 124 Machine tools and presses .68 197 182 164 154 153 144 133 128 119 115 114 112 109 114 115 Laundry and refrigeration appliances. .. .69 168 151 149 138 120 120 144 158 131 137 159 131 123 170 163 Electrical machinery 4.64 207 204 220 215 194 192 181 174 165 159 162 158 186 195 191 Electrical apparatus and parts 3.23 198 201 196 198 197 190 183 179 172 168 168 166 170 178 172 Radio and television sets .74 224 205 282 260 176 187 159 139 125 112 123 115 214 '223 220 Transportation equipment 7.54 199 213 198 213 203 196 191 189 182 181 183 175 173 170 183 Autos, trucks, and parts 4.80 125 128 110 139 124 113 108 101 92 94 94 84 77 69 92 Autos 1.50 138 146 88 171 151 132 122 106 89 99 100 87 53 37 71 Trucks .66 112 104 93 99 95 91 92 95 90 96 91 76 78 67 89 Light trucks .22 92 100 95 118 99 83 85 83 79 78 79 68 61 49 75 Medium trucks .19 58 50 46 47 40 26 29 26 26 26 29 23 16 12 12 Heavy trucks .14 218 194 161 157 183 216 210 226 213 239 210 164 189 155 221 Truck trailers .07 167 137 122 116 101 95 102 104 103 111 113 106 120 131 132 Auto and truck parts 2.58 121 123 127 131 116 108 104 100 Other transportation equipment 2.74 310 344 334 322 322 322 316 320 316 311 317 312 r317 319 Aircraft and parts 1.30 548 608 592 569 571 570 562 566 561 553 568 561 573 583 579 Shipbuilding and repair .81 118 129 124 121 125 125 124 128 127 131 131 129 ••127 126 127 Railroad equipment .53 63 77 74 71 61 64 56 58 51 39 32 28 30 '30 20 Railroad cars .35 54 80 76 72 59 66 56 59 49 34 24 19 22 20 15 Instruments and related products 1.29 166 172 172 172 170 166 163 161 160 157 159 157 160 168 171 Clay, Glass and Lumber Products.... 5.91 140 133 139 128 117 117 117 118 120 125 134 128 r142 143 141 Stone, clay, and glass products 2.82 135 141 148 155 Glass and pottery products 1.09 158 155 161 152 145 136 130 131 118 118 148 123 155 160 121 Flat glass and vitreous products .60 140 141 144 140 135 130 128 124 130 126 123 133 131 136 122 Flat and other glass .47 164 161 165 165 161 150 143 137 129 127 130 135 141 154 118 Glass containers .26 165 164 170 170 166 153 144 137 126 133 132 139 146 160 145 Home glassware and pottery .23 132 136 143 128 117 128 132 134 77 78 144 82 147 142 91 87 92 92 90 86 79 85 82 81 84 84 Cement .32 157 148 177 152 132 109 92 105 146 172 183 175 186 192 193 Structural clay products .35 137 128 134 126 117 105 99 102 112 116 121 123 126 132 Brick .12 134 114 126 113 95 84 77 87 115 121 123 124 126 134 Clay firebrick, pipe, and tile .20 142 140 143 138 133 121 115 114 111 114 121 125 129 134 133 Concrete and plaster products .48 194 188 193 182 172 165 155 163 170 183 195 200 209 •"209 207 Misc. stone and earth manufactures.... .58 173 174 173 166 165 157 151 151 147 147 153 150 157 163 169 * Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1443 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 123 114 119 106 92 100 105 106 105 111 121 109 130 127 129 Lumber 2.05 107 96 98 89 75 81 87 89 88 93 100 88 107 105 105 Millwork and plywood. .60 189 187 207 178 155 181 189 182 183 190 209 195 '235 r220 227 Millwork .39 121 112 124 100 80 76 95 95 91 99 120 101 133 134 Softwood plywood.. .12 301 312 344 307 280 358 346 328 Wood containers .29 91 84 82 78 77 74 69 73 73 77 79 77 77 81 Furniture and Misc. Manufacturing. 4.04 135 132 139 134 128 120 121 121 118 118 123 121 131 138 141 Furniture and fixtures 1.64 122 120 125 111 120 113 111 111 108 108 113 113 124 130 133 Household furniture 1.10 121 120 127 123 122 114 113 113 108 108 113 115 127 134 138 Fixtures and office furniture. .54 120 116 116 111 109 109 106 108 112 108 119 121 122 122 123 Miscellaneous manufactures 2.40 140 143 134 125 127 127 125 125 130 126 135 146 144 148 143 Nondurable Manufactures—Total. 44.85 130 131 123 125 126 125 125 124 128 123 135 141 129 137 137 Textiles and Apparel 11.87 105 102 92 99 103 101 100 99 100 92 110 115 108 108 108 Textile mill products 6.32 99 98 89 93 95 94 94 93 94 86 103 109 Cotton and synthetic fabrics. 3.72 104 105 103 107 97 102 103 103 96 98 99 86 107 103 112 Cotton consumption 2.30 108 95 106 97 84 94 94 93 86 89 88 72 94 111 98 Synthetic fabrics .97 102 119 97 121 116 110 107 109 104 99 105 107 117 96 125 Fabric finishing .45 118 94 122 97 90 82 102 102 89 104 104 75 104 125 101 W W W oo o o l o o te l l x f a t a p i b l p e r a s ic r s e l yarns. , . . .7 9 1 5 7 6 9 8 8 8 8 6 8 6 7 7 7 5 8 5 8 7 7 6 6 1 4 6 6 6 6 6 5 5 5 6 5 5 1 4 5 5 5 5 9 5 6 6 6 1 9 0 7 6 6 1 4 3 6 6 6 7 8 7 7 7 7 1 7 0 8 8 8 1 2 3 7 6 6 1 7 7 7 7 8 6 6 1 1 7 7 7 0 5 8 5 9 76 Knit goods 1.15 108 104 109 104 92 94 98 98 98 101 103 98 114 113 116 Hosiery .65 100 93 98 93 78 90 94 91 90 91 86 80 99 97 102 Full-fashioned hosiery. .45 102 89 88 88 74 87 91 88 87 87 79 72 89 86 89 Seamless hosiery .20 96 102 121 107 86 99 103 99 98 100 103 97 123 123 132 Knit garments .50 119 118 125 118 111 99 104 107 107 115 125 122 134 r135 134 Floor coverings1. .48 Woven carpets. .31 83 71 59 59 61 62 70 69 62 48 50 36 61 70 P79 Apparel and allied products... 5.55 112 111 112 107 96 106 113 109 108 105 106 99 117 113 121 Men's outerwear 1.78 110 102 99 98 90 94 100 104 95 104 101 77 110 106 109 Men's suits and coats .73 95 86 72 73 72 69 74 71 74 83 81 52 91 78 81 Men's suits .50 93 87 73 77 76 73 78 73 72 77 73 47 82 72 76 Men's outercoats .13 78 61 53 41 40 35 41 45 64 89 91 59 104 86 82 Shirts and work clothing. .99 118 112 116 113 100 110 116 125 107 117 113 91 122 123 128 Women's outerwear 1.85 112 112 108 102 80 105 129 114 117 106 109 107 120 112 120 Women's suits and coats. .76 128 128 134 123 85 122 156 137 96 94 123 138 153 139 150 Misc. apparel and allied mfrs.... 1.92 113 117 123 121 117 112 114 113 106 106 112 112 121 r126 130 Rubber and Leather Products. 3.20 117 118 123 116 104 112 113 112 104 101 110 97 117 120 p125 Rubber products 1.47 133 135 145 135 114 123 120 118 115 111 111 103 127 137 Tires and tubes .70 121 123 129 119 106 106 112 108 103 102 117 96 110 117 Auto tires .40 123 134 139 124 113 111 118 115 112 113 131 105 118 122 Truck and bus tires .30 119 107 117 112 97 99 104 98 91 88 99 85 99 109 Miscellaneous rubber products. .77 144 147 160 150 122 140 127 128 125 121 127 108 142 156 Leather and products... 1.73 104 104 104 99 94 101 108 107 95 92 99 92 108 105 Leather .44 91 89 90 88 80 83 88 82 79 81 84 68 '85 83 Cattlehide leathers. .29 99 98 101 98 89 92 97 89 85 88 90 72 94 92 Skin leathers .15 76 72 71 68 63 67 72 69 65 68 70 61 65 65 Shoes and slippers1 .90 Miscellaneous leather products. .39 97 94 98 98 95 87 92 90 82 82 90 92 100 100 Paper and Printing. 8.93 145 148 156 152 141 143 145 146 146 144 146 137 148 152 160 Paper and allied products 3.46 159 158 170 163 140 153 158 155 156 153 159 145 168 169 180 Pulp and paper 1.76 157 154 163 156 137 151 156 152 152 147 153 137 159 159 170 Wood pulp .51 179 176 187 183 153 177 177 173 171 166 171 156 179 r180 199 Paper and board 1.25 148 145 154 145 131 141 147 144 145 139 146 129 151 150 158 Printing paper .22 140 133 135 132 123 132 135 131 137 134 138 121 136 131 136 Fine paper .14 145 139 143 138 131 135 145 148 145 138 146 116 143 145 150 Coarse paper .20 136 127 135 129 114 123 126 123 124 113 120 109 129 129 140 Miscellaneous paper .18 170 179 185 172 167 181 183 176 184 170 175 158 176 174 191 Paperboard .41 155 153 166 157 134 145 155 151 146 145 154 136 163 164 171 Building paper and board. .10 131 124 141 120 101 114 120 115 126 131 133 130 141 145 144 Converted paper products. 1.70 162 163 177 171 142 155 160 158 160 159 165 154 177 179 190 Shipping containers .51 159 157 168 167 132 143 149 148 146 151 156 146 173 175 184 Sanitary paper products. .11 170 179 204 182 171 190 192 185 201 183 191 176 185 188 206 ' Revised. P Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1444 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 9 p p 4 r o 7 o r - - - 49 a A v n e n ra u g a e l 1957 1958 tion 1956 1957 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.; Oct. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 136 141 146 145 142 136 137 140 140 139 137 132 136 142 147 Newsprint consumption 1.85 132 131 140 140 129 116 121 129 131 132 125 110 115 128 141 Job printing and periodicals. 3.62 138 146 150 148 149 146 145 147 145 143 143 143 147 149 150 Chemical and Petroleum Products. 9.34 167 172 176 173 171 170 167 165 165 164 165 163 170 174 178 Chemicals and allied products 6.84 177 184 190 187 183 183 180 179 180 177 177 VIA 182 187 193 Industrial chemicals 2.54 196 203 208 203 198 197 190 188 186 184 184 183 190 '202 Basic inorganic chemicals .57 189 202 209 205 198 203 199 202 202 193 185 179 182 196 Industrial organic chemicals 1.97 197 204 207 203 198 195 188 183 181 181 183 184 193 '204 207 Plastics materials .24 256 272 299 276 259 270 269 263 262 261 266 244 '276 316 Synthetic rubber .11 236 245 274 282 268 265 233 216 196 197 197 199 225 242 260* Synthetic fibers .59 181 199 206 201 194 184 172 164 159 160 164 173 '178 189 190 Miscellaneous organic chemicals. 1.03 189 186 179 178 179 176 174 173 174 172 174 175 178 183 185 Vegetable and animal oils. .64 132 130 150 149 136 141 136 126 124 117 110 108 117 117 162 Vegetable oils .48 124 121 148 147 132 136 130 122 118 110 99 98 107 108 161 Grease and tallow .16 158 154 159 156 147 156 154 135 139 138 145 138 148 146 164 Soap and allied products. .71 111 112 126 110 105 111 107 108 101 97 106 122 126 120 Paints .66 124 121 119 115 114 113 111 111 111 112 118 119 120 119 118 Fertilizers. .23 129 132 122 115 115 124 126 161 189 174 118 102 106 118 125 Petroleum and coal products. 2.50 141 141 139 136 138 134 130 125 124 127 131 133 140 138 137 Petroleum refining 1.97 150 150 145 147 153 148 144 137 134 136 141 146 149 148 •146 Gasoline 1.04 159 162 162 160 165 159 155 149 148 152 162 167 170 166 Automotive gasoline.. .98 153 157 157 156 161 156 151 145 144 149 157 162 163 159 Aviation gasoline.... .06 254 249 242 233 236 212 223 212 223 202 237 255 293 297 Fuel oil .56 147 147 137 139 150 146 140 132 125 128 126 131 133 138 139 Distillate fuel oil. .30 193 194 181 184 200 195 182 175 166 173 171 175 181 189 Residual fuel oil. .26 95 93 86 87 93 89 91 83 78 75 75 80 79 80 Kerosene .10 111 98 87 106 117 118 125 110 89 74 76 74 87 93 Lubricating oil. .17 119 113 107 109 105 100 101 95 100 103 104 105 109 102 Coke .26 102 105 103 95 85 79 75 72 66 65 68 66 72 78 Asphalt roofing and siding. .15 104 94 121 81 54 59 57 77 107 137 115 165 130 132 Foods, Beverages, and Tobacco. 11.51 112 112 124 113 106 104 104 104 106 119 118 127 r130 128 110 Food and beverage manufactures. 10.73 113 112 125 113 107 104 104 104 106 119 119 126 131 128 Food manufactures 8.49 113 112 126 116 109 106 103 102 104 110 114 116 127 134 129 Meat products 1.48 133 128 140 133 131 134 121 120 123 106 121 115 120 130 138 Beef. .46 151 148 156 140 136 149 134 129 131 115 144 141 141 147 150 Pork .83 119 110 124 122 122 118 107 109 111 133 102 94 101 113 123 99 Dairy products .69 110 111 91 85 88 92 97 106 119 137 146 133 121 103 93 Butter .14 107 109 88 87 97 104 112 121 120 135 138 111 91 79 80 Natural cheese .07 117 119 100 92 98 101 105 117 133 157 162 138 119 109 104 Concentrated milk. .19 101 102 77 73 80 84 87 99 116 143 142 117 95 84 77 Ice cream .28 112 111 96 84 82 84 89 96 111 122 142 149 149 122 104 Canned and frozen foods. 1.13 133 126 158 109 99 87 85 82 91 98 122 163 236 '242 169 Grain-mill products 1.16 101 100 105 98 97 100 101 101 98 99 106 105 109 110 109 Wheat flour .46 84 87 92 89 86 90 92 93 84 84 87 85 92 93 97 Cereals and feeds .70 113 108 114 104 104 106 107 107 106 109 118 118 120 121 118 Bakery products. 1.64 98 100 101 101 101 98 98 98 98 100 103 104 102 102 102 Sugar .27 122 122 262 279 233 129 65 54 68 83 82 74 72 103 Cane sugar.... .11 116 112 108 97 93 100 104 106 114 112 125 126 136 125 Beet sugar.... .13 121 125 390 431 350 149 26 3 23 53 41 23 11 79 Confectionery .71 107 112 147 132 99 113 124 109 104 92 95 86 103 154 Miscellaneous food preparations. 1.41 105 108 112 110 108 107 109 108 108 114 119 119 120 119 118 Beverages 2.24 112 113 121 105 99 93 104 110 110 122 138 128 122 119 Bottled soft drinks.. .54 Alcoholic beverages. 1.70 105 103 117 100 89 99 106 101 112 125 107 104 108 Beer and ale 1.02 101 101 88 73 81 89 94 102 102 116 136 127 107 99 Liquor distilling.. .17 78 83 140 99 88 85 95 94 85 74 58 33 47 116 Liquor bottling... .37 119 111 158 151 101 83 105 113 99 114 124 91 116 118 Tobacco manufactures. .78 107 111 119 110 87 112 112 112 112 118 125 109 130 125 130 Cigarettes .46 111 116 122 111 90 118 116 117 119 126 134 119 138 129 132 Cigars .17 104 106 121 116 86 105 111 109 104 109 113 92 122 124 137 Preliminary. f Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1445 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 129 128 129 123 122 120 118 111 109 110 115 110 120 123 123 MINERALS—TOTAL 8.35 129 128 127 124 125 123 121 112 109 109 114 108 119 122 121 Mineral Fuels 2.68 85 87 80 74 73 70 67 60 61 72 46 70 73 75 Coal .36 55 49 46 42 48 44 36 36 37 47 30 42 47 43 Anthracite 2.32 90 93 86 79 77 74 71 64 65 75 48 75 77 80 Bituminous coal Cr O O ud i i N C l l e a a r a o N N u n n t i u d d d l a a e r t t a a g g u u n o l a a r r d i a a s s g l l l a n e w s g g a x e a a t t a l u r s s l n a r d a l d c i l r t q i i g o u l g l a n i a i s d n s s g liquids 4 4 5 . . . . . . . 6 8 1 8 3 7 3 7 2 2 5 4 0 6 1 1 1 1 1 1 1 5 4 9 3 9 8 8 0 5 9 7 0 0 2 2 1 1 1 1 1 1 1 5 4 3 9 8 7 2 0 6 8 8 4 1 1 2 1 1 1 1 1 4 0 3 4 9 7 8 6 3 1 0 3 7 2 1 2 2 1 1 1 1 0 2 4 4 3 8 6 4 1 4 1 1 9 0 2 2 1 1 1 1 1 0 2 4 7 4 8 3 6 8 9 7 3 6 3 2 1 2 1 1 1 1 3 0 4 4 3 7 8 3 8 7 3 2 2 4 2 2 1 1 1 1 1 3 1 4 4 5 3 8 7 0 5 2 9 0 3 2 2 1 1 1 1 1 3 0 3 3 2 8 4 0 4 4 2 0 0 3 1 1 1 1 1 3 7 2 3 3 2 3 1 1 6 1 1 1 1 1 3 6 2 1 4 1 8 9 9 0 1 1 1 1 1 3 5 3 6 2 4 0 1 7 2 *1 1 1 1 1 1 8 3 2 7 5 3 3 7 3 1 6 4 1 1 1 1 1 4 7 4 3 4 2 8 9 3 1 1 1 1 1 1 4 4 3 7 5 5 4 6 9 0 1 1 1 1 4 4 5 3 3 1 4 2 Metal, Stone, and Earth Minerals. 1.63 127 129 138 117 110 106 103 103 108 115 125 121 124 132 133 Metal mining .82 114 116 124 92 82 83 85 79 81 86 100 91 96 107 Iron ore .33 104 114 143 65 42 43 43 39 39 69 108 109 110 118 Nonferrous metal mining .49 120 117 110 110 109 111 113 106 109 98 94 78 86 101 iO7 Copper mining .24 136 133 125 131 131 129 131 129 125 112 105 88 100 123 131 Lead mining .09 88 85 83 71 70 76 78 56 78 71 72 62 59 '59 63 Zinc mining .06 87 84 74 68 67 72 71 69 77 67 67 54 57 60 Stone and earth minerals .81 141 142 152 143 138 130 121 128 136 144 150 151 153 158 157 P Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, 1 Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-71. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953 group in addition to the groups shown. Certain types of combat materiel pp. 1247-93 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o- -49 a A v n e n ra u g a e l 1957 1958 Industry portion 1956 1957 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. ELECTRICITY AND GAS—TOTAL . . 100.00 218 233 237 238 237 238 239 238 235 236 240 ,241 *246 ,249 .250 Residential . . ... 41.34 241 261 269 273 273 275 279 282 278 277 281 Nonresidential 58 66 201 213 214 214 212 212 211 208 205 208 212 76.18 218 233 234 236 235 236 238 238 235 237 242 243 248 251 *W Residential • 27.48 250 273 277 282 282 285 290 295 291 290 296 294 303 307 23.68 206 213 213 210 207 205 202 196 197 199 203 208 210 216 General industrial 23.49 186 193 194 191 188 186 183 177 178 180 184 189 192 197 .19 2697 2676 2610 2580 2580 2590 2590 2610 2590 2590 2580 2570 2550 2550 Commercial and other 25.02 194 208 208 209 209 212 215 214 209 214 220 220 224 224 Gas 23.82 218 232 245 246 246 244 242 240 237 235 235 ^236 ^240 P243 13.86 223 236 254 255 255 256 257 256 253 251 251 Industrial .. . .. 6.16 218 230 239 240 238 230 224 221 220 220 221 Commercial and other 3.80 197 218 224 224 223 221 218 214 206 202 201 » 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

1446 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] Annual 1947^9 average 1957 1958 pro- Product portion 1956 1957 Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 131 130 129 128 119 113 110 104 97 105 111 114 115 103 107 Major Durables 69.72 140 138 137 136 125 117 111 103 94 104 111 116 116 99 104 Autos 32.10 138 146 143 142 127 117 107 92 81 96 99 99 95 56 67 Major household goods 36.13 144 132 134 134 124 118 117 114 107 113 123 133 137 138 139 Furniture and floor coverings. 15.32 117 114 111 112 112 110 106 106 104 106 109 116 117 120 124 Household furniture 11.31 121 120 120 120 119 116 113 113 111 114 116 121 126 129 130 Floor coverings1 4.01 Appliances and heaters. 15.60 143 127 129 132 115 106 115 115 102 112 125 129 132 137 144 Majo 11.88 151 133 138 141 119 110 117 118 101 113 128 133 139 144 151 nges. 2.60 103 89 85 92 87 86 81 80 82 79 79 81 77 84 96 Refrigeration appliances. 4.98 150 140 141 148 125 111 129 122 106 121 140 145 152 155 164 Laundry appliances 2.51 216 180 203 196 152 142 142 159 116 140 157 174 185 202 203 Heating apparatus 3.72 118 104 101 104 103 93 110 107 105 110 116 115 112 113 121 Radio and television sets 5.21 224 205 212 203 188 181 151 133 131 138 155 191 207 197 166 Radio sets 3.42 70 75 80 78 66 66 55 44 46 42 51 64 75 86 64 Television sets 1.79 519 453 465 441 419 401 335 302 293 320 355 435 459 408 359 Other Consumer Durables 30.28 111 111 112 110 107 105 107 108 106 105 111 111 112 113 113 Auto parts and tires 14.00 105 110 Misc. home and personal goods. 16.28 116 114 113 112 109 105 104 105 103 104 106 111 110 114 114' WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 131 130 119 141 124 117 116 111 101 103 109 100 100 103 115 Major Durables 69.72 140 138 119 153 132 123 120 114 100 103 109 97 94 96 113 Autos 32.10 138 146 88 171 151 132 122 106 89 99 100 87 53 37 71 Major household goods 36.13 144 132 148 138 118 117 121 122 110 108 119 108 130 150 151 Furniture and floor coverings. 15.32 117 114 118 115 114 108 108 108 104 101 105 105 118 126 131 Household furniture 11.31 121 120 127 123 122 114 113 113 108 108 113 115 127 134 138 Floor coverings1 01 Appliances and heaters 15.60 143 127 133 121 102 103 121 131 112 115 132 109 114 150 148* Major appliances 11.88 151 133 136 126 109 111 128 140 116 118 135 111 110 150 148 Ranges 2.60 103 89 90 89 79 86 91 93 86 75 84 62 68 92 102 Refrigeration appliances. 4.98 150 140 119 112 106 113 137 152 135 139 165 134 111 149 138 Laundry appliances 2.51 216 180 229 206 156 140 161 175 120 133 141 124 155 228 230 Heating apparatus 3.72 118 104 121 104 80 78 99 103 101 106 123 102 128 149 145 Radio and television sets 5.21 224 205 282 259 176 187 159 139 125 112 122 114 214 222 230 Radio sets 3.42 70 75 101 108 76 66 56 47 44 41 39 40 64 80 81 Television sets 1.79 519 453 627 547 365 417 355 314 279 246 281 257 500 493 485 Other Consumer Durables 30.28 111 111 120 114 106 102 105 105 103 102 108 107 115 119 121 Auto parts and tires 14.00 105 118 Misc. home and personal goods. 16.28 116 114 122 120 110 101 104 104 100 100 103 103 112 118 123 1 Publication suspended pending revision. Individual indexes without seasonal adjustment for woven carpets, r Revised. appliances, heating apparatus, radio sets, and television sets may be NOTE.—For a description of these indexes, see BULLETIN for May 1954, obtained from the Division of Research and Statistics. pp. 438-47. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] ]Private Public Business Other Year or month Total Total d R en e t s i i a - l Indus- Com- Public n d re o e s n n i- - - Total M ta i r l y i- H w ig a h y - s C e ti r o o v n n a - - o A th l e l r Total trial mercial utility tial 1950 29 955 22 954 14 100 5 680 1 062 1 288 3 330 3 174 7,001 177 2,272 942 3 610 1951 32,739 23 320 12 529 7,217 2,177 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 1957r 48,115 33,988 17,019 12,745 3,557 3,564 5,624 4,224 14,127 1,322 4,971 971 6,863 1957 Nov.r 4,102 2,902 1,472 1,071 281 305 485 359 1,200 104 422 85 589 Dec r 4,175 2,882 1,461 1,059 272 304 483 362 1,293 110 514 74 595 1958 Jan.r 4,068 2,830 1,445 1,026 269 288 469 359 1,238 107 451 79 601 Feb r 4,004 2,796 1,435 999 252 281 466 362 1,208 96 458 77 577 Mar.r 3,966 2,757 1,397 999 240 288 471 361 1,209 95 443 79 592 Apr.r 3 881 2 699 1 351 984 222 294 468 364 1,182 88 414 83 597 May r 3,879 2,696 1,348 978 210 302 466 370 1,183 90 410 81 602 June r 3,929 2,725 1,386 965 195 311 459 374 1,204 86 426 85 607 July7" 3,981 2,760 1,434 948 187 308 453 378 1,221 94 424 84 619 Aug.r 4,041 2,799 1,496 926 179 294 453 377 1,242 102 432 88 620 Sept.** 4 119 2 847 1 540 923 172 291 460 384 1,272 112 436 86 638 Oct p 4,261 2,934 1,613 932 172 296 464 389 1,327 118 470 87 652 Nov p 4,346 2,983 1,650 941 175 302 464 392 1,363 120 505 87 651 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1447 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 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—Oct.. 2,614 787 1,827 1,165 167 248 265 230 538 Nov. 2,371 867 1,504 930 147 264 244 223 562 Dec. 1,982 734 1,249 759 137 204 190 167 525 1958—Jan.. 2,066 758 1,308 111 107 247 214 191 530 Feb., 1,953 769 1,185 727 102 205 224 220 475 Mar. 2,721 ,027 1,694 1,071 131 285 268 283 684 Apr. 2,885 ,053 1,832 1,244 129 293 235 300 683 May 3,399 ,463 1,936 1,343 146 265 286 427 932 June 3,820 ,720 2,100 1,364 80 235 264 397 1,479 July. 3,607 ,550 2,058 1,557 150 282 264 381 974 Aug. 3,467 ,233 2,234 1,451 142 356 280 301 937 Sept. 3,216 ,049 2,167 1,460 113 303 240 237 863 Oct.. 3,309 (071 2,238 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 t - s Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco 1957_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 Oct 2,614 136 307 103 201 204 266 356 102 89 128 148 574 1958—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 Oct 3,309 142 406 210 265 222 337 473 129 141 227 198 561 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 u a o v o l s t n a a t r e t a l a e d l t l e y ) Total p M a o r e l e i t t a r a s o 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 enl 1950 1 396 1,022 374 1.352 1,151 42 159 44 686 486 200 1951 1 091 111 315 I 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 I 202 1 077 34 90 19 583 276 307 1955 1 329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1 118 780 338 094 981 31 82 24 463 192 271 1957 . 1 042 700 342 993 840 33 120 49 313 185 128 1957—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 '20 '16 4 Feb 915 66 44 22 61 49 2 10 5 '16 '13 3 Mar 918 81 55 27 77 62 3 12 4 r22 '19 3 Apr . 983 99 67 32 94 77 4 14 5 '31 '26 5 May 1,039 109 74 35 101 84 4 17 7 '35 '29 6 June 1 057 113 77 36 101 85 3 14 12 '41 '32 8 July. . 1 174 113 81 32 109 88 3 17 4 42 32 11 Aug 1,228 124 83 41 115 96 4 15 9 '46 '33 13 Sent p\ 220 ^118 83 35 ?108 n.a. n.a. n.a. P10 48 34 14 Oct ... . .. n 260 ^111 78 33 ^109 n.a. n.a. n.a. P2 53 38 15 Nov »l,33O *>102 72 30 *>100 n.a. n.a. n.a. vi 40 29 11 » Preliminary. r Revised. n.a. Not available. figures are based on filed office reports of first compliance inspections; 1 Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1448 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Year or month i T ns o t t i a tu l t n io o n n a - l T la o b t o a r l Employed1 Not in the population force Total Unem- labor force Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 1956 118,734 70.387 67,530 64,979 58,394 6,585 2,551 48 348 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 1957 Nov 121,109 70,790 68,061 64,873 59,057 5,817 3,188 50,318 Dec . . 121,221 70,458 67,770 64,396 59,012 5,385 3,374 50,763 195g—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 48 889 122,092 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 Nov 122,486 71,112 68,485 64,653 58,958 5,695 3,833 51,374 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is * Beginning 1957 persons waiting to start new wage and salary jobs and obtained through interviews of households on a sample basis. Monthly those on temporary layoff, previously considered as employed (with a job data relate to the calendar week that contains the 12th day; annual but not at work), are classified as unemployed, and a small group in school data are averages of monthly figures. and waiting to start new jobs (previously included as employed) are classi- 6ed 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 io t n ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1950 44,738 14,967 889 2,333 3 977 9 645 1,824 5 077 6 026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2,634 4 185 10 281 1,967 5 411 6 609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15,995 777 2,593 4,009 10 520 2,122 5 664 6 751 1955 50,056 16,563 777 2,759 4,062 10,846 2,219 5,916 6,914 1956 51,766 16,903 807 2,929 4,161 11 221 2,308 6,160 7,277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 SEASONALLY ADJUSTED 1957 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 11J16 2,360 6,330 7,788 Apr 50,054 15,243 723 2,624 3,890 11,050 2,356 6,352 7,816 May 50,147 15,202 718 2,698 3 877 11 087 2,370 6 360 7 835 June . . . . 50,315 15,275 713 2,698 3,888 11,105 2,367 6,392 7,877 July 50,411 15,312 709 2,693 3,877 11,121 2,363 6,433 7,903 50,570 15,330 701 2,711 3,867 11 175 2,377 6 420 7 989 Sept 50,780 15,529 707 2,698 3,858 11,151 2,392 6,440 8,005 Oct 50,586 15,369 707 2,700 3,882 11,160 2,389 6,403 7,976 Nov 50,773 15,599 704 2,680 3,872 11,133 2,383 6,424 7,978 WITHOUT SEASONAL ADJUSTMENT 1957_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 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 Sent 51,237 15,755 711 2,927 3,886 11,151 2,392 6,472 7,943 Oct 51,135 15,542 707 2,889 3,892 11,231 2,377 6,467 8,030 Nov 51,325 15,697 708 2,774 3,882 11,397 2,371 6,424 8,072 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 October and November 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 1449 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 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Total 12,590 11,725 11,557 11 787 12 694 11,940 11 728 11 887 Durable goodg 7,276 6,568 6,394 6,627 7,322 6,579 6,431 6,671 70 68 67 72 70 68 67 72 562 570 576 566 570 590 593 574 Furniture and fixtures 306 308 307 305 314 310 313 313 449 432 415 425 453 438 421 429 1,030 897 900 922 1 030 897 900 922 Fabricated metal oroducts 886 822 790 812 895 822 794 820 1,191 1,033 1,028 1.025 1.179 1,007 1,007 1,015 838 762 739 763 851 762 746 774 Transportation equipment 1,337 1,100 997 1,166 1,337 1,100 997 1,166 222 205 206 209 223 205 207 210 Nfiscellaneous manufacturing industries......... 385 371 369 362 400 380 386 376 5,314 5,157 5,163 5,160 5,372 5,361 5,297 5,216 Food and kindred products 1,044 1,019 1,020 1,014 1,068 1,178 1,109 1,037 81 80 78 75 88 96 93 82 Textile-mill products 886 864 864 856 895 860 864 865 Apparel and other finished textiles 1,061 1,034 1,038 1,045 1.066 1,055 1,054 1,050 453 440 442 443 458 447 446 447 Printing publishing and allied industries 553 548 546 542 559 548 551 547 534 508 513 515 537 511 518 518 167 156 154 154 166 158 154 153 Rubber products 206 187 191 191 209 188 193 194 329 321 317 325 327 321 315 323 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 October and November 1958 HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1957 1958 1957 1958 1957 1958 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Total 82.92 85.39 84.96 86.58 39.3 39.9 39.7 39.9 2.11 2.14 2.14 2.17 Durable goods 88.93 92.46 91.60 94.13 39.7 40.2 40.0 40.4 2.24 2.30 2.29 2.33 Ordnance and accessories 96.00 103.00 102.75 100.35 40.0 41.2 41.1 40.3 2.40 2.50 2.50 2.49 Lumber and wood products 71.94 80.12 79.32 76.76 39.1 41.3 41.1 40.4 1.84 1.94 1.93 1.90 Furniture and fixtures 69.87 73.80 73.57 73.62 39.7 41.0 41.1 40.9 1.76 1.80 1.79 1.80 Stone, clay, and glass products 84.61 88.78 86.51 87.74 40.1 41.1 41.0 41.0 2.11 2.16 2.11 2.14 Primary metal industries , 97.03 106.74 106.59 107.41 38.2 39.1 38.9 39.2 2.54 2.73 2.74 2.74 Fabricated metal products ! 90.32 93.89 93.02 93.20 40.5 41.0 40.8 40.7 2.23 2.29 2.28 2.29 Machinery except electrical 92.50 95.60 95.28 96.40 39.7 40.0 39.7 40.0 2.33 2.39 2.40 2.41 Electrical machinery 82.95 87.26 85.79 87.85 39.5 40.4 39.9 40.3 2.10 2.16 2.15 2.18 Transportation equipment 101.50 100.98 100.47 108.50 40.6 39.6 39.4 41.1 2.50 2.55 2.55 2.64 Instruments and related products 85.20 89.47 89.28 89.28 40.0 40.3 40.4 40.4 2.13 2.22 2.21 2.21 Miscellaneous manufacturing industries.. 72.25 74.19 74.37 74.77 39.7 40.1 40.2 40.2 1.82 1.85 1.85 1.86 Nondurable goods 74.11 77.03 76.64 77.03 38.8 39.5 39.3 39.3 1.91 1.95 1.95 1.96 Food and kindred products 79.18 82.78 81.81 83.64 40.4 41.6 40.7 40.8 1.96 1.99 2.01 2.05 Tobacco manufactures 57.60 60.15 59.82 62.16 37.4 40.1 39.1 37.9 1.54 1.50 1.53 1.64 Textile-mill products 52.29 59.95 60.80 61.10 38.6 39.7 40.0 40.2 1.51 1.51 1.52 1.52 Apparel and other finished textiles 53.10 55.23 55.08 54.26 35.4 36.1 36.0 35.7 1.50 1.53 1.53 1.52 Paper and allied products 87.15 91.38 91.16 91.38 41.9 42.7 42.6 42.5 2.08 2.14 2.14 2.15 Printing, publishing and allied industries.. 95.76 99.56 99.04 99.04 38.0 38.0 37.8 37.8 2.52 2.62 2.62 2.62 Chemicals and allied products 92.66 95.94 95.94 96.59 41.0 41.0 41.0 41.1 2.26 2.34 2.34 2.35 Products of petroleum and coal 111.11 112.33 109.87 111.91 40.7 40.7 40.1 40.4 2.73 2.76 2.74 2.77 Rubber products 93.20 97.51 97.51 97.92 40.0 40.8 40.8 40.8 2.33 2.39 2.39 2.40 Leather and leather products > 57.31 57.99 58.46 58.99 36.5 36.7 37.0 37.1 1.57 1.58 1.58 1.59 NOTE.—Data are for production and related workers. Figures for October and November 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

1450 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 1950 107 105 102 107 107 107 111 105 106 107 112 115 106 1951 ill 109 107 111 114 115 117 110 111 107 117 120 111 1952 114 110 104 113 115 122 127 109 116 109 111 129 120 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_Oct 129 116 119 129 111 141 156 121 126 119 136 152 135 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 124 111 115 114 117 134 147 115 125 121 135 143 135 131 114 127 126 119 138 158 124 134 132 144 153 137 Apr 130 114 121 135 121 147 155 118 130 120 136 151 142 M[ay 134 117 124 129 124 146 164 124 136 126 148 161 142 Jun# . 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 Aug 147 137 137 143 140 163 183 136 151 137 158 172 148 Sept 135 119 125 129 129 145 167 124 144 126 147 162 140 Oct 125 128 140 126 151 122 ^131 122 ^143 159 141 WITHOUT SEASONAL ADJUSTMENT 1957__Oct 134 117 127 132 125 148 164 127 138 138 142 158 135 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 123 109 114 125 113 136 153 111 123 111 131 143 130 May 130 117 120 128 120 144 158 111 137 121 145 159 135 June 126 115 120 111 115 135 153 117 124 119 136 147 135 July 111 93 97 103 107 123 144 103 114 103 130 144 124 Aug 129 107 105 115 124 139 165 121 136 130 152 160 144 Sept 137 127 129 135 129 151 160 129 143 135 149 156 140 Oct 127 135 143 129 158 ^173 129 P144 141 P149 165 142 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 Oct 155 138 138 156 139 174 208 147 151 148 162 176 164 154 137 138 158 138 175 206 141 151 150 165 179 162 Dec 150 136 138 154 134 171 207 140 141 143 158 169 152 1958 Jan 147 133 137 154 133 167 202 135 143 138 153 170 152 Feb 146 134 135 151 130 166 199 135 142 138 151 163 151 Mar 142 129 133 149 126 163 193 131 140 132 148 160 149 Apr 143 131 134 149 124 167 190 131 141 129 145 163 151 May 144 133 133 152 128 169 191 133 140 133 146 164 152 June 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 Aug 148 137 135 153 128 172 192 144 143 137 152 163 152 Sept 150 141 137 155 132 175 198 145 136 142 155 164 158 Oct ^152 142 142 158 131 176 203 146 136 141 H10 WITHOUT SEASONAL ADJUSTMENT 1957—Oct 173 156 156 180 154 198 227 161 169 164 177 193 184 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 Aue 144 133 132 147 123 167 188 138 141 134 151 163 153 Sept 157 147 144 163 137 181 206 151 143 148 159 174 164 Oct 161 160 182 147 201 221 160 153 156 P173 P187 P178 v Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginning i Figures for sales are the average per trading day, while those for stocks 1947, see BULLETIN for December 1957, pp. 1323-52. Figures prior to are as of the end of the month or averages of monthly data. 1947 may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 1451 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t o a f o l o n e t r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i o ( s e r O t n d i a n d u n e g t r d - o s - 1 f m c ( e t o R F i o p n o e t t t a r - s h l 2 ) o ( r N t if d o ro e » e t r w r a rs l 3 Stocks o s O t r i a d n u n e g t d r - s - S st p o t i a o n l u n u c g t d s k - - s ce R i e p - ts month) month) orders Annual average: 1949 361 925 373 358 358 2.7 1.1 3.8 1.0 1950 376 1,012 495 391 401 2.8 1.4 4.2 .1 1951 , 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 397 1,097 435 397 401 2.9 1.2 4.1 .0 1953 , 406 1,163 421 408 401 3.0 L.I 4.1 1.0 1954 , 409 1,140 388 410 412 3.0 1.0 4.0 .0 1955 437 1,195 446 444 449 2.9 1.1 4.0 1.0 1956 , 454 1,286 470 459 458 3.0 1.1 4.1 1.0 1957 , 458 1,338 460 460 457 3.1 LI 4.2 .0 Month: 1957—Oct.., '482 [,523 '531 r603 '564 3.2 l.l 4.3 r .3 Nov., 554 1,562 427 598 496 2.8 i).8 3.6 .1 Dec.. 839 1,229 307 506 386 1.5 ).4 1.8 ).6 1958—Jan.., 366 1,203 383 340 416 3.3 1.0 4.3 ).9 Feb.. 309 1,259 398 365 380 4.1 1.3 5.4 .2 Mar.. 416 1,299 350 456 408 3.1 0.8 4.0 .1 Apr.. 416 1,344 310 461 421 3.2 0.7 4.0 .1 May. 441 1,308 319 405 414 3.0 0.7 3.7 ().9 June. 402 1,230 481 324 486 3.1 1.2 4.3 ).8 July., 366 1,216 563 352 434 3.3 1.5 4.9 .0 Aug.. 420 1,276 '534 480 r451 3.0 1.3 4.3 .1 Sept.. 451 1,394 553 569 588 3.1 1.2 4.3 .3 Oct.* 502 1,517 543 625 615 3.0 .1 4.1 :.2 v Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1957, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see 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 i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1956 1957 1958 1956 1957 1958 1956 1957 1958 Jan 1.284 1.680 1.511 1 202 1.583 1.402 1.073 1,115 1,095 Feb 1,363 1,611 1,345 1,273 1,490 1,245 1,051 993 962 Mar 1,583 J, 151 1,557 1,479 2,021 1,442 1,102 1,133 1,072 Apr 1,512 1,864 1,531 1 400 I 780 I 409 991 1,119 1 057 May 1,717 1,813 1,638 1,522 1,711 1,507 1,095 1,106 1,063 1,697 1,786 1,408 I 492 652 1,309 ,034 984 1,037 Julv 1,640 1,692 1,419 1,289 1,505 1,290 ,052 1,146 1,050 1,536 1,677 ,396 1,378 ,536 ,283 .055 1,043 953 Sept 1,534 ,540 1,362 1,427 1,437 ,240 '995 ,009 1,116 Oct 1,671 ,674 .599 1,561 ,600 .418 1,121 ,148 Nov .545 ,683 3 I 425 1,596 987 ,043 Dec 2'(X)7 619 885 541 1 059 .141 Jan -Oct 15,537 17,488 14,765 14,023 16,315 13,545 10,569 10,796 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

1452 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 p r o a 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_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 123.6 121.6 127.8 137.5 116.5 131.6 104.0 130.9 106.7 138.7 143.7 128.5 116.6 127.2 123.7 121.6 127.8 137.7 116.9 131.7 104.1 131.1 106.7 138.9 143.9 128.6 116.7 127.2 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 Sent.. . 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 Oct 123.7 119.7 127.9 138.3 118.1 135.6 103.4 132.4 107.3 142.7 146.7 128.8 116.6 127.2 NOTE.—Revised index, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d - d e s - l - l H s p e u k a a r i c n i o t d n h t d d e s s e - s , r ,p l t F o i m e a i g u w n r n h a i e g d e a - t l r - l , 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 - - L p w u a b r u o c n o e m o t d d r s d - - p p P a u a a l r u l c n o p i l t e d d p e s d r - , , M m p u a r e e c n o t t t d d a a s l - l s p c M u m a t e r h i c n o r v o i a y t d n d e - s - - - h F d o h t b o a u u t u o l n u h r r e r l d s e n a e d s e r - i- -e s N r t t m m t a a u r o l l i r I u e l n s n a i - c — c - l - - b b e m •« b a T o a r e a n f t c o t r v g d c l - s e - e o . d s n c M e e o l i l s u a - - s 1950 103. 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. 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 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. 89.6 1957 Oct 117.8 91.5 105.5 125.8 95.1 100.1 115.8 110.4 146.2 117.3 130.9 150.8 147.7 122.6 135.3 127.7 87.7 Nov 118.1 91.9 106.5 125.9 95.0 100.0 115.7 110.3 144.7 116.9 130.9 150.4 149.2 122.7 135.4 127.8 86.8 Dec 118.5 92.6 107.4 126.1 94.9 99.5 116.2 110.6 145.7 116.3 131.0 150.5 149.4 123.5 135.7 128.0 87.2 1958 Jan 118.9 93.7 109 126.1 94.6 99.5 116. 110.8 145.1 116.3 130.8 150.0 149.4 123.8 136.4 128.1 88.3 Feb 119.0 96.1 109 125.7 94.1 99.6 113.6 110.6 144.6 115.8 130.8 150. 149.3 123.6 136.5 128.1 89.3 Mar 119.7 100.5 110 125.7 94.0 99.5 112.4 110.7 144.6 115.5 130.5 149.8 149.2 123.5 135.3 128.0 94.3 119.3 97.7 111 125.5 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 98.5 112 125.3 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 95.6 113 125.3 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 95.0 112 125.6 93.3 100.3 111.9 110.4 144.7 116.8 131.0 148.8 149.5 123.2 135.3 128.0 97.2 Aug 119.1 93.2 111 126.1 93.3 100.5 113.7 110.0 144.4 118.6 131.0 150.8 149.5 123.0 135.2 128.0 95.6 Sept 119.1 93.1 nn 126.2 93.3 r100.2 114.1 109.9 r145.2 120.4 131.7 r151.3 149.4 r123.0 r136.7 128.0 192.5 Oct 119.0 92.3 126.4 93.2 101.2 113.0 110.3 146.0 120.8 131.9 152.2 150.0 123.1 136.8 128.6 91.2 109 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1453 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1957 1958 1957 1958 Subgroup Subgroup Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm Products: Pulp, Paper, and Allied Products (Cont.): 107.7 96.9 97.6 102.6 80.6 77.3 76.1 76.8 Paperboard 136.6 136.0 136.5 136.2 Livestock and poultry 78.4 94.0 91.5 88.4 Converted paper and paperboard 127.0 127.8 127.9 127.9 Plant and animal fibers 103.3 101.8 101.1 100.7 Building paper and board 141.7 143.4 143.4 143.4 Fluid milk 98.8 93.5 r95.8 96.2 Eggs. . 103.5 81.5 98.6 91.1 Metals and Metal Products * 77.3 75.9 72.2 73.3 Other farm products ... 141.5 139.5 137.3 138.8 Iron and steel 167.8 171.3 '171.8 171.7 129.9 126.1 '127.3 130.8 Processed Foods: Metal containers 153.1 155.7 r156.1 156.4 Hardware 167 4 172 0 172 0 172 0 Cereal and bakery products 117.3 116.9 mi.8 118.2 128.5 M19.9 M23.7 124.7 Meats poultry and fish 91.6 108.2 107.1 103.5 Heating equipment 122.3 121.2 121.5 121.4 Dairy products and ice cream 113.7 112.4 113.9 113.6 Fabricated structural metal products. 134.6 133.3 M33.1 133.6 Canned, frozen fruits, and vegetables. 103.6 111.8 Mil.8 112.6 Fabricated nonstructural metal Sugar and confectionery 113.8 r116.0 116.5 116.7 products 145.7 Packaged beverage materials 172.9 161.2 161.2 161.2 Other processed foods 96.0 96.5 96.7 96.4 Machinery and Motive Products: 147.1 rl45A 145.4 Textile Products and Apparel: Agricultural machinery and equipment 139 2 89.9 87.7 87.9 87.9 Construction machinery and equip- Wool products 108.3 100.4 99.6 98.4 ment 113664 92 116358 46 r'116368 08 166 7 Synthetic textiles 82.3 80.0 79.7 79.6 170.6 169.3 r169 3 169 5 Silk products 120.0 116.3 115.8 107.1 General purpose machinery and 99.6 99.3 99.3 99.3 equipment 159.5 160 1 r159 7 160 5 Other textile products 77.2 75.9 75.3 76.3 147.5 147.6 '147.4 147.5 Electrical machinery and equip- Hides, Skins, and Leather Products: 151.0 152.8 152.5 152.6 Motor vehicles 135.5 139.0 139 0 140 2 56.8 60.4 59.0 62.0 Leather 91.2 r9l.5 91.3 92.8 Furniture and Other Household Dura- Footwear 121.8 r121.8 '121.9 122.8 bles- 98.4 96.8 '96.7 96.5 Household furniture... 122.6 122.6 122.8 123.0 Fuel, Power, and Lighting Materials: Commercial furniture 153.6 155.0 155.0 155.0 132.5 127.1 126 6 126 6 Coal 125.6 121.9 '122.7 123.8 Household appliances 105.4 104.7 r104 3 104 5 Coke 161.9 161.9 161.9 161.9 Television, radios, phonographs .... 95.6 94.9 94 9 94 9 Gas fuels (Jan 1958— 100) . ... 102.0 104.1 106.3 Other household durable goods 148.8 154.7 154.9 155.0 Electric nower (Jan 1958= 100) 100.8 100.8 100.9 Petroleum and products 124.6 119.2 119.7 117.5 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.7 135.3 '135.0 135.0 136.9 139.1 139 1 139 1 Industrial chemicals 123.6 122.8 122.7 123.6 Concrete products 126 5 128 3 r128 0 128 3 128.1 128.2 128.2 128.2 Structural clay products 155.1 155.6 158 2 158 2 Paint materials 102.2 103.3 102.9 102.8 Gypsum products 127.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics... 93.4 94.4 94.4 93.9 Prepared asphalt roofing 124.6 MO3.3 rl20.2 120.2 Fats and oils inedible 64.8 62.5 61.7 62.6 Other nonmetallic minerals . 128 5 131 2 131 2 131 2 Mixed fertilizers 112.1 '109.8 r109.3 109.2 107.6 104.4 104.3 106.3 Tobacco Manufactures and Bottled Other chemicals and products 106.8 106.4 106.8 106.8 Beverages: Rubber and products: Cigarettes 134.8 134.8 134.8 134,8'. 105.1 rl06.6 r106 6 106 6 Crude rubber 138.1 134.3 135.7 140.1 Other tobacco products 144.3 139.7 139.7 139.7 Tires and tubes • • • 153.5 152 8 152 8 152 8 Alcoholic beverages 119 6 120 3 120 3 121 6 142.5 140.9 M42.1 142.2 Nonalcoholic beverages 149.3 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: 117.5 119.0 121.0 120.8 Toys, sporting goods, small arms.... 117.9 119.3 r118.6 118 6 Millwork 128.3 r126.8 r127.6 130.5 63.2 76.8 71 4 69 0 Plywood •• • 96.9 100.2 102.0 102.7 Notions and accessories 97.4 97.5 97.5 97.5 Jewelry, watches, photo equipment... 107.6 107.7 107.7 107.7 Pulp, Paper, and Allied Products: Other miscellaneous 130.7 132.4 132.4 132.5 121.2 121.2 121.2 121.2 88.5 87.0 106.4 111.3 Paper 143.2 141.8 141.8 142.0 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1454 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 1041 iQcrj 1 Q^A 1Q*\/£ 1Q*C7 3 4 1 2 3 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 Less: Capital consumption allowances 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 payments .6 .7 ,5 .8 1.4 1.3 1.5 1.5 1.6 1.6 1.6 1.6 1.6 1.6 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 government enterprises -.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 1©4.7 241.9 305.6 301.8 330.2 349.4 364.0 368.7 361.5 350.6 352.4 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 Excess of wage accruals over disbursements.. .0 .0 .0 .0 -.1 .0 .0 .0 .0 .0 .0 .8 .8 -1.5 Plus: Government transfer payments .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 Business transfer payments .6 .7 .5 .8 1.4 1.3 1.5 1.5 1.6 1.6 1.6 1.6 1.6 1.6 Equals: Personal income 85.8 47.2 96.3 228.5 288.3 289.8 310.2 330.5 347.9 351.8 349.7 347.3 349.8 357.5 Less: Personal tax and related payments 2.6 1.5 3.3 20.8 55.5 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 32.4 29.2 31.5 35.2 37.4 37.7 37.5 36.6 36.5 37.6 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 State and local 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 Equals: Disposable personal income 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 Less: Personal consumption expenditures.... 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 Equals: Personal saving 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 salaries' 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. 164.2 161.9 174.9 189.3 198.0 199.9 197.4 192.7 191.8 195.0 Military .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 5 2.7 7. 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 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 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. 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 I Q "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 i 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 1455 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 1 2 3 GrO8B 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 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 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 17.7 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 1.8 -1.4 4.0 6.0 1.1 -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 Federal 81..35 28..00 2 1 4 6. . 9 8 4221..18 5894..54 7486..96 4 7 6 7 . . 8 1 4870..13 5807..81 5807..90 5808..53 5809..95 5910..99 5933..43 National security j 13.8 18.5 51.5 43.0 41.3 42.5 46.5 46.9 46.0 45.6 46.0 46.6 Other ) 1.3 2.0 1 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 7.2 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 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 month1 in s P c o e o n r m a - ] 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 u v r s i e s b - - S in e tr r d i v e u i s s c - e G m er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r c e a i o n e n m t t d o a e l r * s' i i n n s p a t c o e e n o n r r d m a e - l s e t m T p r f e a e a n r y n - t - s s - 4 b c i s a u o n o n f t n s o c i c u o t i r e r a r n s i - l - s i a n g N t c u r o o i r c m n a u l - e l * - 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77 7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2 1 2 43 & 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—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 Aug 356.1 238.5 97.7 63.6 33.8 43.4 9.1 56.6 31.9 26 8 6 8 339 2 Sept 357.8 239.4 98.4 63.6 33.9 43.5 9.2 57.0 31.9 27 0 6 8 340 9 Oct 357.5 239.0 97.7 63.7 33.9 43.7 9.2 57.3 31.9 26 9 6 8 340 7 Nov» 360.0 241.5 99.8 64.0 34.1 43.6 9.3 57.4 31.9 26.7 6.8 343.2 » Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. * Represents personal income exclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 1458 Net gold purchases and gold stock of the United States. . 1466 Estimated foreign gold reserves and dollar holdings. . 1467 Reported gold reserves of central banks and governments. . 1468 Gold production. 1469 International Bank and Monetary Fund. . 1470 United States balance of payments. 1471 Money rates in foreign countries. 1471 Foreign exchange rates 1473 Index 1487 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. 1457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1458 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 1,373 579 640 3,030 5,621 ,536 1,906 1,821 265 1955—Dec. 31 13,601 1,881 11,720 6,953 1,454 785 550 3,357 6,147 ,032 2,000 2,181 360 1956—Dec. 31 14,939 1,452 13,487 8,045 1,835 930 1,012 3,089 6,865 ,516 2,346 2,415 346 1957__Oct. 31 15,270 1,517 13,753 7,934 1,573 1,056 1,161 3,203 6,993 ,739 2,672 1,979 370 Nov. 30 15,147 1,538 13,608 7,817 1,567 1,021 1,199 3,192 6,979 ,735 2,593 1,946 356 Dec. 31 15,154 1,517 13,637 7,913 1,557 1,079 1,275 3,231 7,142 ,623 2,575 1,946 351 1958—Jan. 31 15,338 1,619 13,719 8,017 1,515 1,084 1,330 3,314 7,243 ,597 2,536 1,962 382 Feb. 28 15,310 1,471 13,840 8,118 1,494 1,078 1,244 3,480 7,297 ,662 2,515 2,011 355 Mar. 31 15,182 1,377 13,805 8,016 1,508 ,066 1,260 3,504 7,338 ,626 2,474 2,002 365 Apr. 30 15,059 1,373 13,685 7,951 1,549 1,129 1,021 3,426 7,125 ,662 2,552 2,004 343 May 31 15,214 1,522 13,692 7,945 1,596 1,121 1,056 3,277 7,049 ,789 2,497 2,044 312 June 30 15,270 1,454 13,816 7,927 1,465 1,071 1,060 3,361 6,957 >,001 2,499 2,072 288 July 31, 15,386 1,463 13,923 8,101 1,588 1,054 1,098 3,399 7,139 :,962 2,403 2,134 285 Aug. 31? 15,668 1,432 14,236 8,397 1,673 1,093 1,006 3,654 7,427 1,051 2,387 2,105 266 Sept. 30^ 15,621 1,478 14,144 8,379 1,730 1,087 1,076 3,659 7,552 ,944 2,290 2,084 273 Oct. 31? 15,945 1,436 14,509 8,660 1,759 1,152 945 3,792 7,647 >,060 2,395 2,119 289 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 other4 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 53 626 177 134 67 137 43 217 836 20 17 282 1957__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 18 349 11 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, 3,399 377 101 127 51 314 116 285 101 161 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. 30P 3,659 418 106 162 63 405 112 337 101 157 33 292 804 10 11 648 Oct 31^ 3,792 425 108 162 71 469 117 330 108 165 28 281 803 16 9 701 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 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 74 129 278 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. 30P .. , .. 2,290 131 21 133 84 137 277 48 49 370 72 143 72 25 82 514 136 Oct. 31*> 2,395 134 22 130 74 170 278 42 45 383 76 143 70 26 83 582 136 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BVPL CAPITAL TRANSACTIONS OF THE U. S. 1459 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 l u 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 t A ra u l s i - a C g B o i e n a l n g - o Egypt5 A U S f n o o r i u i f o c t a n h Other of 1954—Dec. 31 1,821 61 87 100 31 41 721 96 257 34 123 270 265 48 44 47 33 94 1955—Dec. 31 2,181 55 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956—Dec. 31 2,415 66 76 186 20 45 1.017 99 272 61 148 425 346 84 44 50 53 114 1957—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 Oct. 31*\... 2,119 64 76 99 35 45 918 129 159 96 136 361 289 77 31 20 30 131 Table Id. Supplementary Areas and Countries6 End of year End of year Area or country Area or country 1954 1955 1956 1957 1954 1955 1956 1957 Other Europe: Other Asia (Cont.): Albania 2 4 3 1 British dependencies . . 9 8 9 8 8 8 8 0 British dependencies . .. ... .6 .4 .4 .3 Burma 29.7 19.1 7.0 n.a. Bulgaria .6 .7 .2 n.a. .2 13.1 17.2 20.0 Czechoslovakia 7 .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 10.0 14.7 16.9 19.6 Hungary 1.0 1 0 .8 .7 Jordan 8 1 2 2 0 1 6 Iceland 8.9 4.8 3.1 2.9 Kuwait 10.7 3.5 5.3 5.9 Ireland Republic of • . . . 14.3 13.7 9.1 n.a. Laos 1 23 1 37 3 n a Latvia 1.0 1.0 .6 .5 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 1.8 2.0 2.7 3.1 Monaco 5.3 5 6 4 3 5.4 Rvukyu Islands 26 9 34 0 30 6 n a Poland7 2.1 2.5 3.3 3.2 61.5 79.5 97.4 n a. 7.8 8.1 .9 .8 Syria5 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 18.0 23.7 24.2 35 1 Costa Rica 15.3 17.6 14.6 16.4 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: .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. 5 Part of the United Arab Republic since February 1958. 1 Short-term liabilities reported in these statistics represent principally 6 Except where noted, these data are based on reports by banks in deposits and U. S. Government obligations maturing in not more than the Second (New York) Federal Reserve District. They represent a one year from their date of issue; small amounts of bankers' acceptances partial breakdown of the amounts shown in the "other" categories in and commercial paper and of liabilities payable in foreign currencies tables la-lc. are also included. Banking liabilities to foreigners maturing in more 7 Based on reports by banks in all Federal Reserve districts. than one year (excluded from these statistics) amounted to $3 million NOTE.—Statistics on international capital transactions of the United on Oct. 31, 1958. States are based on reports by U. S. banks, bankers, brokers, and dealers, 2 Includes International Bank for Reconstruction and Development, by branches or agencies of foreign banks, by certain domestic institutions International Monetary Fund, and United Nations and other inter- not classified as banks that maintain deposit or custody accounts for national organizations. foreigners, and by the U. S. Treasury. The term "foreigner" is used to 3 Represents liabilities to foreign central banks and foreign central designate foreign governments, central banks, and other official institugovernments and their agencies (including official purchasing missions, tions as well as banks, organizations, and individuals domiciled abroad trade and shipping missions, diplomatic and consular establishments, etc.) and the foreign subsidiaries and offices of U. S. banks and commercial 4 Includes Bank for International Settlements. firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1460 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 Date, or area Total foreign and country currencies U.S. U.S. Total Deposits T bi r l e ls a s a u n ry d Other Total Deposits T bi r l e ls a s a u n r d y Other certificates certificates Total amounts outstanding 1954 Dec 31 12,919 11,070 5,479 4,955 637 1,805 1,520 251 34 43 1955 Dec. 31 13,601 11,777 5,451 5,670 656 1,783 1,543 184 56 40 1956 Dec 31 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957 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 1,229 2,267 1,794 263 210 57 Dec 31 15,154 12,843 5,871 5,840 1,132 2,252 1,766 278 209 59 1958 Jan 31 15,338 13,074 5,793 6,003 J.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 Mar 31 15,182 12,909 6,641 5,058 ,210 2,203 1,800 212 190 71 Apr. 30 15,059 12,777 6,792 4 822 1,164 2,194 1,812 215 167 87 May 31 15,214 12,964 6,905 4,936 ,123 2,163 1,824 182 156 87 June 30 15,270 12,960 7,092 4,732 ,135 2,234 1,919 183 132 77 July 31 15,386 13,127 7,110 4,905 ,112 2,190 1,932 135 122 69 Aug 31p 15,668 13,366 7,084 5,204 ,078 2,230 1,889 216 124 72 Sept. 30p 15 621 13,278 6,696 5 500 .082 2,265 1,893 236 136 79 Oct. 31P 15,945 13,576 6,715 5,763 1,097 2,293 1,897 242 154 77 Area and country detail, July 3 , 1958 Europe: Austria . ... 377 374 365 9 2 2 Belgium 101 56 43 1 12 44 37 1 6 C1) 127 112 75 22 15 15 14 1 1 (l) Finland 51 49 39 6 4 2 2 France 314 251 191 41 19 62 55 4 4 1 Germany, Fed. Rep. of.... 1,588 1,555 289 1,010 256 14 13 (0 2 18 Italy 1,0 1 5 1 4 6 1,0 1 1 0 1 5 1 1 6 0 6 4 567 278 4 1 2 1 2 1 9 1 (l) 8 6 (i) Netherlands 285 261 94 158 10 24 20 3 (l) (l) Norway . • 101 55 54 0) 45 41 3 0) 161 124 124 37 36 0) (1) Spain 28 11 10 0) 17 17 0) 0) Switzerland 2 8 6 1 8 2 6 2 8 5 5 8 42 7 4 5 1 1 4 2 3 7 1 5 1 6 7 12 1 5 0 10 1 5 0 (1 6 ) 15 (1) Turkey 11 8 8 C1) 3 3 0) United Kingdom 1 098 756 392 342 22 309 200 72 38 33 9 8 8 C1) S Other Europe 639 609 201 275 133 2 2 0) Total Europe 7,139 6,290 2,664 2,692 934 794 620 98 76 55 Canada 1,962 1,731 1 148 567 16 221 197 17 7 10 Latin America: Argentina 147 93 93 (|) 54 53 0) 1 0) Bolivia 21 6 6 15 15 Brazil 126 44 33 (i) 82 79 (1) (i) Chile 74 16 16 0) 58 56 C1) 1 0) Colombia 129 73 71 55 55 0) 1 0) Cuba 278 153 110 40 3 124 119 4 Dominican Republic 54 33 33 0) 21 21 0) Guatemala 59 42 24 13 17 17 0) IVIexico . 322 206 199 5 2 116 114 0) 1 Neth. W. Indies and Surinam 67 43 28 6 9 25 17 6 2 (J) Panama Rep of .. 138 24 24 0) 114 98 5 C1) Peru 74 27 27 47 44 3 0) El Salvador 30 15 8 i 15 14 Uruguay 79 39 36 0) 3 40 31 3 6 0) Venezuela 664 515 514 1 149 146 2 0) C1) Other Latin America 142 75 61 7 7 67 64 2 0) Total Latin America.. 2,403 1,404 1,282 72 50 998 943 20 35 1 Preliminary. i 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. 1461 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners A c r o e u a n t a r n y d Total in P a f y o a re b i l g e n U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n ry d Other Total Deposits T bi r l e ls a s a u n ry d Other certificates certificates Area and country detail, July 31, 1958—Continued Asia: Hong Kong 68 38 36 2 30 29 0) 1 0) India 80 65 63 1 14 14 1 Indonesia 89 87 75 11 1 2 2 Iran .. 55 52 52 C1) 3 3 51 48 36 6" 3 3 0) 0) 858 840 599 209 32 18 18 0) C1) Korea, Rep. of 119 118 116 1 1 Philippines 168 147 131 1 15 21 21 0) 0) 0) Taiwan 91 84 84 0) 7 6 0) Thailand 145 140 51 22 4 4 (!) Other Asia 411 374 321 68 14 37 37 0) C1) 38 Total Asia 2,134 1,992 1,565 333 94 140 139 1 1 1 All other: Australia 86 82 46 33 3 4 3 0) 0) Belgian Congo 35 34 18 10 7 1 1 Egypt2 16 16 15 0) 1 1 Union of South Africa 22 19 15 4 0) 3 3 I1)" 1 Other 126 96 88 9 29 26 0) Total other countries.. 285 247 182 47 18 37 34 0) 2 1 International • • • 1,463 1,463 270 1,193 Grand total 15,386 13,127 7,110 4,905 1,112 2,190 1,932 136 122 69 i Less than $500,000. 2 Part of the 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_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 31 2,520 86 117 47 31 111 278 669 271 1,041 463 76 Aug 31p 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 Oct 31*> 2,607 93 103 40 38 124 326 724 278 1,082 442 81 * 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

1462 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES1—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Other Aus- Bel- Den- Fin- Neth- Nor- Por- Swe- Tur- Yugo- All Date Europe tria gium mark land Greece er- way tugal Spain den key slavia other lands 1954—Dec. 31., 109 20 10 16 2 4 4 41 5 1955—Dec. 31. 158 16 13 11 9 5 7 78 7 1956-Dec. 31. 216 28 12 21 23 8 13 7 1957—Oct. 31. 207 24 9 26 16 10 9 81 13 Nov. 30. 213 25 9 29 19 10 11 77 11 Dec. 31. 223 33 11 29 23 11 10 76 10 1958—Jan. 31. 240 36 9 33 23 22 11 77 9 Feb. 28. 238 35 9 32 25 26 11 71 8 Mar. 31. 269 33 8 39 27 39 13 75 11 Apr. 30., 285 33 6 42 29 45 17 81 10 May 31. 288 35 7 46 24 49 18 81 9 June 30. 273 24 8 41 26 47 16 78 9 July 31. 278 26 7 44 25 47 16 79 11 Aug. 31*>, 325 75 6 42 25 60 14 67 13 Sept. 30^, 325 71 8 44 22 61 13 72 10 Oct. 31^ 326 72 10 49 20 58 13 72 11 Table 3b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p D i R c l u i a i o e c n b 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 - e s 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 g U u r a u y - V zu e e n l e a - A O L i m t a c h t a i e e n r rnam 1954 Dec 31 728 6 3 273 14 107 71 3 4 116 1 9 16 10 7 63 27 1 1 9 9 5 5 5 6 — D D e e c c . . 3 3 1 1 7 8 0 40 6 1 7 5 4 4 7 6 2 9 1 1 6 4 1 1 4 4 5 3 9 9 0 2 7 5 7 5 2 1 1 5 3 4 5 3 1 1 2 7 2 3 9 5 1 8 1 1 1 5 8 1 1 4 0 4 5 4 3 9 4 1957_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 A M p a r y . 3 3 0 1 1 1 , , 0 0 2 5 6 7 2 22 3 3 3 2 1 0 8 2 4 4 50 2 8 83 5 1 12 1 3 4 1 11 0 9 9 2 2 4 57 5 33 2 21 3 3 38 7 6 6 4 37 3 1 1 5 44 2 4 5 8 0 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 3 23 30 7 42 138 55 Aug 31 P 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 Oct 31^ 1,082 35 3 164 47 57 151 19 9 291 4 23 31 10 54 135 49 Table 3c. Asia and All Other Asia All other Date Total H K o o n n g g India Iran Israel Japan ip P p h in il e - s T w a a i n - T la h n a d i- Other Total t A ra u l s i - a C g B o i e a n l n g - o Egypt* U S n o o u i f o t n h Other Africa 1954—Dec. 31 143 3 5 16 11 50 7 5 6 39 37 14 6 1 6 10 1955 Dec 31 233 3 5 18 10 103 19 6 8 60 43 11 5 1 8 17 1956—Dec. 31 337 4 6 20 16 170 16 6 9 91 43 11 6 2 8 17 1957 Oct 31 407 7 8 24 26 174 51 6 11 100 48 11 4 1 12 20 Nov. 30 387 8 7 24 25 150 56 6 12 100 49 10 5 1 14 19 Dec. 31 386 7 6 22 24 146 53 6 14 110 50 13 5 1 12 19 1958—-Jan. 31 400 8 7 23 22 152 54 6 13 115 45 13 5 1 9 17 Feb 28 406 7 7 26 21 148 58 6 13 122 44 13 6 1 7 16 Mar. 31 383 8 7 28 21 139 53 6 12 108 44 13 6 1 12 12 Apr 30 460 8 8 40 19 214 42 6 12 112 48 13 6 2 14 14 May 31 466 7 6 29 19 224 45 5 16 114 71 13 6 2 36 14 June 30 450 8 6 29 18 229 32 6 17 106 77 14 7 1 38 17 July 31 463 6 5 31 18 225 38 6 16 119 76 12 7 2 39 16 Aug. 31^ 463 6 5 29 19 223 39 6 14 122 78 12 5 3 41 17 Sept. 30» 450 5 6 27 21 209 41 6 14 121 79 13 5 3 41 17 Oct. 31? 442 5 8 29 22 196 39 6 14 123 81 14 4 4 37 23 P Preliminary. 2 Less than $500,000. i 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. 1463 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 r t m al — i Loans to: Total Collections 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—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. 1,239 2,520 2,339 797 372 430 740 181 166 15 Aug. 31 P 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 Oct. 31P 1,303 2,607 2,376 880 401 428 666 232 214 18 Area and country detail, July 31, 1958 Europe: Austria... 13 Belgium.. 15 26 25 Denmark. 2 7 7 4 Finland. . 3 4 4 3 () France... 17 86 84 71 Germany, Fed. Rep. of.. 11 117 95 9 18 67 22 22 Greece 1 8 8 3 5 (2) Italy 14 47 46 18 10 16 Netherlands 29 44 44 4 23 11 6 Norway 122 25 25 1 4 3 17 Portugal 2 2 () 1 () () Spain 6 47 46 36 1 Sweden 21 16 16 () 2 5 (2) (2) Switzerland. 2 31 24 9 10 4 Turkey 79 79 75 4 (2) (2) United Kingdom.. 100 111 39 12 72 66 Y O u th g e o r s l E a u vi r a ope "ii' 1 1 1 1 1 0 4 1 Total Europe. 370 669 563 182 66 97 218 106 100 Canada 84 271 205 32 108 7 58 66 63 Latin America: Argentina 49 49 33 Bolivia () 3 3 () () 3 Brazil 213 216 216 68 16 26 106 (2) Chile 7 49 49 21 7 11 11 Colombia 33 61 61 16 6 21 18 Cuba 79 105 104 53 22 14 16 Dominican Republic 12 11 3 Guatemala 1 8 1 6 Mexico 117 241 239 52 24 Netherlands W. Indies and Surinam 3 Panama, Rep. of 34 23 23 18 3 Peru 11 30 30 5 16 El Salvador (2) 7 7 () (2) 3 3 Uruguay 42 42 18 3 17 Venezuela 48 138 137 17 31 53 36 Other Latin America 49 55 55 4 16 25 11 Total Latin America. 609 ,041 1,037 278 188 221 350 p 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

1464 INTL 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 i Total 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,July 31, 1958—Continued Asia: Hong Kong 1 6 6 3 1 2 8 3 5 5 4 1 (2) (2) Indonesia ... (2) (2) Iran 4 31 30 2 (2) 29 f2) 1 Israel 22 18 18 3 1 1 13 12 225 223 108 4 24 88 1 (2) 1 Korea Rep of . . 2 2 2 T Ph ai il w ip a p n ines 19 3 6 8 3 6 8 3 5 6 (2) (2 1 ) (2) (2) (2) Thailand 14 16 16 11 2 2 Other Asia 29 117 117 102 1 12 (2) (2) (2) Total Asia 103 463 461 271 6 77 106 2 (2) 2 All other: Australia 7 12 11 (2) 4 7 1 1 E B g el y g p ia t3 n Congo 2 7 2 6 2 1 1 6 (2} Union of South Africa 19 39 39 32 (2) 7 Other 45 16 15 1 10 (2) 1 Total other countries.. 74 76 73 35 4 27 8 2 1 1 International Grand total . 1,239 2,520 2,339 797 372 430 740 181 166 15 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 ,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—Sept.. 16 10 6 92 103 -11 49 80 -31 41 46 -6 Oct... 35 19 17 107 143 -36 123 106 18 44 43 1 Nov.. 38 30 7 111 94 17 38 97 -58 36 28 8 Dec... 73 42 31 101 101 ) 38 60 -22 30 26 4 1958—Jan... 114 113 1 93 104 -11 39 179 -140 28 51 -23 Feb... 246 133 113 98 100 -2 54 143 -89 122 202 -80 Mar.. 65 52 13 129 128 1 39 87 -48 22 40 -18 Apr... 79 95 -16 104 126 -21 52 rll5 r-58 25 34 -9 May. 43 92 -48 115 118 o 79 365 -286 24 48 -23 June.. 269 323 -53 136 153 -17 149 188 -39 25 42 -17 July.. 162 147 16 168 163 5 69 149 -80 26 47 -22 Aug.p 52 61 -9 137 149 -12 39 89 -50 27 43 -16 Sept.*3 38 36 3 154 152 2 42 39 3 49 80 -32 r Revised. » Preliminary 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international institutions. 3 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. 1465 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, (-). In millions of dollars] Type of security Country Year or month Total 2 Neth- Switz- United Stocks Bonds Belgium France er- er- King- lands land dom 1955 156 128 29 14 9 -21 142 30 1956 291 256 35 23 23 -7 147 87 1957 194 143 51 14 8 35 101 77 1957 Sept -11 -15 4 (3) 2 -2 -5 Oct -36 -38 2 -2 -12 -10 Nov ... 17 3 14 (3) (3) 10 2 Dec -5 4 (3) 1 1958—Jan -11 -8 -3 -4 (3) -2 4 Feb -2 -8 6 -5 -2 Mar 1 -14 15 2 2 Apr -21 -14 -7 -1 -1 -8 May • -3 -3 -8 1 1 June -17 2 1 July 5 Aus ^ -12 -1164 4 -4 Sept.23 2 -6 8 5 OC OCOL E O u t r h o e p r e E T u o ro ta p l e Canada A L m at e in r- o A th l e l r ica 10 183 -80 27 26 7 280 -53 38 27 20 255 -99 23 15 2 -3 -8 -1 3 -21 -15 2 11 (2 3 -5 2 1 -1 -10 (3) 10 3 3 1 8 -11 4 1 -13 -10 1 p\ 1 2 3 Q -1 1 -2 -3 -10 -5 1 3 -9 -3 8 1 2 4 -6 -1 5 -6 2 p Preliminary. 2 Includes transactions of international institutions. i 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 n t a I u i n n t t i i t s o e o t n i r n - - a s l f c o T t o r r o e i u t e i n a g s l - n Europe C a a d n a - A L i m a c t a e in r- Asia o A th l e l r Date Deposits U. S A . G ss o e v ts t . in cus M to i d sc y elsecurities 2 laneous3 1955 -27 -4 -46 74 24 -49 -7 1956 — 33 -478 8 -447 17 -40 -16 1956—Dec. 31 322 3,856 139 1957 -384 -338 231 -552 15 -45 13 1957_Nov. 30 283 3,787 344 1957—Sept... 2 -39 -9 -30 2 -1 Dec. 31 356 3,729 353 Oct -77 96 86 13 1 -4 0) Nov.... -53 2 9 1 A 5 0) 1958—Jan. 31 249 3,755 405 Dec.... C1) -18 6 -14 -3 -7 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 2 -3 2 May 31 234 3,037 405 Mar.... -4 -63 -23 -36 C1) -3 (i) June 30 269 2,974 491 Apr.... r— 17 -55 7 -49 4 -3 —13 July 31 288 3,167 541 May... -156 -154 1 -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 -84 -26 -55 1 -4 0) Oct. 31 288 3,777 481 Aug.**.. -15 -51 -11 -30 -8 — 1 -1 Nov. 30 226 3,822 487 Sept.*.. 31 -32 11 -10 2 -2 -33 1 Excludes assets held for international institutions, and earmarked & Preliminary. r Revised. 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 ti f f 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 a o c t c e 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

1466 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 1otals Area and country 1957 1958 1950 1951 1952 1953 1954 1955 1956 1957 S Ju ep ly t. - O D c e t c .- . J M an a . r - . A Ju p n r e .- S Ju ep ly t. - Continental Western Europe: Belgium 1-58.0 1-18.3 1-5.8 1-94.8 3.4 3.4 -14.2 -143.6 -113.4 France -84.8 -20.0 -67.5 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Italy — i68 8— i23 8 Netherlands -79.8 -4.5 -100.0 -65.0 25 0 — 41 9 — 62.9 — 46 4 Portugal -15.0 -34.9 -5.0 -59.9 -54.9 -5.0 -20.0 Sweden -22.9 -32.0 -20.0 -15.0 * is]2 Switzerland — 38 0 — 15 0 22 5 — 65 0 — 15 5 — 8 0 5 0 135 1 —75 1 Bank for Int'l Settlements -65.3 -30.4 (2) -94.3 -20.0 -15.1 -74.4 -60.7 Other -16.4 -29.7 -17.3 -17.5 2.6 4.0 3.0 339.3 331 3 ^ — 18.5 -28.2 Total -380.2 -184.8 -115.6 -546.4 -328.3 -78.5 -20.2 67.7 31.3 -76.2 -623.2 -447.5 Sterling Area: United Kingdom -1 020.0 469.9 440.0 -480.0 -50.0 100.3 — 300 0 — 450 0 — 50 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 -50.0 Canada -100.0 -10.0 7.2 14.6 5.2 Latin America: Argentina -49.9 -20.0 -84.8 115.3 75.4 15.0 40.2 12.0 Colombia — 10 0 17 5 — 22 8 — 3 5 28 1 Mexico . .. — 118 2 — 60 2 87 7 -28 1 80 3 Uruguay -64.8 22.2 14.9 -15.0 -5.0 11.0 29. i 3.1 3 i Venezuela ...-.9 -30.0 -200.0 Other 21.0 -54.7 -2.4 -.3 17.2 3.0 -.7 2.4 3.3 -.1 4 -.3 Total -172.0 -126.0 57.5 -131.8 62.5 14.0 -28.3 80.9 15.0 46.6 -.4 11.7 Asia -38.9 -53.7 -6.7 -5.7 -9.9 -4.9 -.2 18.0 4.0 14.9 -.6 -.4 -2.7 All other -30.6 -76.0 (2) -.4 1.0 14.1 -.2 -.1 (2) e -.1 -.1 Total foreign countries... -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 80.2 171.6 18.9 92.8 -377.4 -1,074.1 -488.5 International institutions4 200.0 600.0 -7.1 Grand total -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 771.6 18.9 92.8 -377.4 -1,081.2 -488.5 r Revised. 3 Includes purchase of $31.5 million of gold from Spain. 1 Includes sales of gold to Belgian Congo as follows (in millions): 1950, 4 Figures represent purchase of gold from, or sale to ( —), International $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. Monetary Fund. 2 Less than $50,000. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( u r e G e r n a y o d s l - d o f s T t y o o e c a t k a r) l i I i n n s c g t r o o t e o l c a d t k a se l i e m g x N ( o o p - p e ) r l o o d t r r t t, g m c o c o r E l r ( a r e d e - r a a a : ) i k r s n s d - e e e - e d , - D p ti r c o t o i m o d g n o u e l c s d - - Month ( T e u r n G e r d a y o s l o - d f s m T to o o c n t k a th l i ) I i n n S g c t r o t o e o l c d a t k a s l e i e m g x ( N - o o p p e ) r l o o t d r r t t, g m c o c o r E l r ( a r e d e r - a a : a k i ) r s n d s - e e e - e d , - D p ti r c o t o i m o g d n o u e l c s d - - 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1957—Nov 22,763 22,837 2.4 34.3 -31.2 5.1 1946 . . 20,529 20,706 623.1 311.5 465.4 51.2 Dec 22,781 22,857 20.2 18.8 2.0 5.5 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1948 24 244 24 399 1 530.41,680.4 -159.2 70.9 1958—Jan 22,784 22,860 2.3 45.0 -37.3 4.4 1949 24 427 24,563 164.6 686.5 -495.7 67.3 Feb 22,686 22,736 -123.7 38.9 -167.6 4.4 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Mar 22,394 22,487 -248.7 6.0 -252.0 4.3 Apr 21,996 22,042 -445.1 26.0 -471.5 4.5 1951 22,695 22,873 52.7 -549.0 617.6 66.3 May 21,594 21,674 -367.8 17.9 -355.2 4.6 1952 23,187 23,252 379.8 684.1 -304.8 67.4 June 21,356 21,412 -262.4 3.4 -285.0 4.9 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 July 21,210 21,275 -136.5 18.0 -164.3 6.1 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 Aug 21,011 21,082 -193.1 3.7 -196.7 5.4 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 Sept 20,874 20,929 -153.2 71.2 -220.2 6.2 1956 21 94922 058 305.9 106.1 318.5 65.3 Oct 20,690 20,741 -188.4 5.4 -189.0 6.7 1957 22,781 22,857 798.8 104.3 600.1 63.0 Nov ^20,609^20,653 P-88.0 (3) 4-96.9 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 $8,458.3 million on Nov. 30, 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 1467 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3 , 1956 Sept. 30, 1957 Dec. 31, 1957 Mar. 31, 1958 June 30, 1958 Sept. 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 10 424 8 452 8 458 7 466 7 554 7 Belgium-Luxembourg (and Belgian Congo).. 1,227 12 1,165 8 1,182 8 1,259 7 1,393 7 1,471 6 Denmark. 96 6 133 6 143 6 162 6 145 6 193 6 Finland 88 5 97 5 99 5 96 5 82 5 98 5 France (and dependencies)1 1,505 7 1,004 9 946 9 911 10 890 26 1,011 21 Germany (Federal Republic of) 3,329 14 4,063 14 4,099 14 3,968 15 4,040 12 4,327 13 Greece 187 152 167 167 135 125 Italy 1,268 1,458 1,531 2 1,528 1,678 4 1,843 Netherlands (and Netherlands West Indies and Surinam) . . .. 1,071 9 971 12 1,044 14 1,260 14 1,289 13 1,389 13 Norway 117 87 139 81 138 105 150 95 151 89 144 97 Portugal (and dependencies) 628 636 651 658 678 694 Spain (and dependencies).... 176 156 3 126 3 130 132 3 134 3 Sweden 483 (2) 508 479 5 461 8 458 4 496 3 Switzerland 2,512 2,527 134 2,685 128 2,624 118 2,689 88 2,738 88 Turkey 164 2 156 162 157 156 154 Other3 917 12 873 12 851 12 966 6 '1,135 5 1,254 6 Total 14,135 298 14,462 294 14,755 319 14,955 296 rI5,517 269 16 625 269 Sterling Area: United Kingdom 2,812 203 2,507 180 2,875 205 3,460 241 3,810 220 3,851 216 United Kingdom dependencies 103 4 109 4 104 4 102 4 101 4 100 4 Australia 191 197 211 218 222 224 India 323 1 329 329 1 326 1 328 1 320 1 Union of South Africa . . 277 1 262 1 255 1 231 1 183 1 216 1 Other 228 14 227 30 224 34 230 37 230 '35 229 41 Total 3,934 223 3,631 216 3,998 245 4,567 284 4,874 '261 4,940 263 Canada 2,629 367 2,786 443 2,738 457 2,722 441 3,087 345 3,032 344 Latin America: Argentina 370 313 263 270 266 245 Brazil 549 1 457 456 1 440 1 450 1 458 1 Chile 137 1 117 1 115 1 117 1 126 1 124 I Colombia 210 244 215 200 192 207 Cuba 347 167 416 167 371 154 371 146 417 86 412 86 Guatemala 91 87 92 93 91 76 M^exico . 600 4 553 3 566 3 536 3 485 3 520 3 Panama Republic of. ... 109 129 1 136 1 144 2 134 1 143 1 Peru 119 96 88 82 93 92 Uruguay 259 243 235 1 266 1 257 262 2 Venezuela 1,058 3 1,615 2 1,554 2 1,428 2 1,460 2 1,233 2 Other 274 12 293 13 277 13 300 12 304 12 268 12 Total 4,123 190 4,563 189 4,368 176 4,247 168 4,275 108 4,040 108 Asia: Indonesia . . 231 220 190 128 127 129 Iran 158 187 193 1 190 1 202 181 n\ Japan 1,145 698 714 833 932 1 1,011 1 Philippines 294 6 235 6 181 196 175 5 189 5 Thailand. 260 1 275 1 269 1 269 260 252 1 Other 707 6 768 7 111 8 773 1 765 '7 723 7 7 Total 2,795 17 2,383 16 2,324 16 2,389 15 2,461 '14 2,485 14 All other: Egypt4 238 242 228 216 192 192 Other 129 8 166 7 162 7 170 8 152 7 136 7 Total 367 8 408 7 390 7 386 8 344 7 328 7 Total foreign countries5 27,983 1,103 28,233 1,165 28,573 1,220 29,266 1,212 '30,558 1,004 31,450 1,005 International institutions 3,144 391 2,679 222 2,697 222 2,563 356 2,696 446 2,784 462 Grand total5 31,127 1,494 30,912 1,387 31,270 1,442 31,829 1,568 '33,254 1,450 34,234 1,467 p Preliminary. r Revised 5 Excludes gold reserves of the U. S. S. R. and other Eastern European 1 Excludes gold holdings of French Exchange Stabilization Fund. countries. 2 Less than $500,000. NOTE.—Gold and short-term dollars include reported and estimated 3 Includes Yugoslavia, Bank for International Settlements (both for official gold reserves, and total dollar holdings as shown in Short-term its own and European Payments Union account), gold to be distributed Liabilities to Foreigners Reported by Banks in the United States, by by the Tripartite Commission for Restitution of Monetary Gold, and Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. unpublished gold reserves of certain Western European countries. bonds and notes represent estimated holdings of such securities with origi- 4Part of the United Arab Republic since February 1958. nal maturities of more than one year; these estimates are based on a survey of selected U. S. banks and on monthly reports of security transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1468 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- Bel- End of mated Mone- United mated Argen- Aus- Aus- gian Bel- Comonth total tary States rest of tina tralia tria Congo gium Brazil Canada Chile lombia world 1 Fund world 1952—Dec.. 36,000 ,692 23,252 11,055 287 112 52 80 706 '320 896 42 76 1953—Dec.. 36,435 ,702 22,091 12,640 372 117 52 101 776 321 996 42 86 1954_Dec.. 37,080 ,740 21,793 13,545 372 138 62 115 778 322 ,080 42 86 1955—Dec.. 37,740 ,808 21,753 14,180 372 144 71 116 929 323 ,141 44 86 1956—Dec.. 38,245 ,692 22,058 14,495 224 107 71 122 928 324 ,113 46 57 1957_Oct... ,177 22,835 127 119 83 82 876 324 ,136 40 60 Nov.. ,180 22,837 126 123 103 81 875 324 ,127 40 61 Dec. 38,970 ,180 22,857 14,935 126 126 103 81 913 324 ,115 40 62 1958—Jan... ,180 22,860 126 130 103 76 946 324 ,116 40 63 Feb.. ,182 22,736 126 133 103 78 967 324 ,086 40 64 Mar.. 39,135 ,186 22,487 15,460 126 136 103 86 998 324 ,096 40 65 Apr.. ,238 22,042 126 140 103 85 ,028 324 ,101 40 65 May. ,241 21,674 126 143 103 84 ,099 324 ,089 40 66 June. '39^395 ,242 21,412 16,740 147 103 83 ,143 325 ,086 40 67 July.. ,242 21,275 150 107 82 ,182 325 ,096 40 68 Aug.. ,247 21,082 125 82 ,213 325 ,088 40 69 Sept.. ,307 20,929 136 82 ,228 325 ,088 40 70 Oct... 20,741 144 ,251 325 ,085 40 Domin- Ger- E m n o d n t o h f Cuba m De a n rk - R i e c p a u n b- E d c o u r a- Egypt 2 l F a i n n d - France 3 R F m e e p d a u n e b r y a l , i l c Greece G m u a a l t a e- India I n n e d s o ia - Iran lic of 1952—Dec. 214 174 26 573 140 27 247 235 138 1953—Dec. 186 174 26 576 328 27 247 145 137 1954—Dec. 186 174 31 576 626 27 247 81 138 1955—Dec. 136 174 35 861 920 27 247 81 138 1956—Dec.. 136 188 35 861 1,494 27 247 45 138 1957—Oct.. 136 188 35 575 2,548 27 247 41 138 Nov.. 136 188 35 575 2,557 27 247 41 138 Dec. 136 188 35 575 2,542 27 247 39 138 1958—Jan... 136 188 35 575 2,501 27 247 39 138 Feb.. 136 188 35 575 2,489 27 247 39 138 Mar.. 136 174 35 575 2,460 27 247 39 138 Apr.. 136 174 35 575 2,492 27 247 38 138 May. 136 174 35 575 2,499 27 247 38 138 June. 136 174 35 575 2,575 27 247 38 138 July.. 136 174 35 589 2,581 27 247 38 138 Aug.. 136 174 35 589 2,587 27 247 38 138 Sept.. 135 174 35 589 2,597 27 247 38 138 Oct... 174 35 589 2,633 247 38 Ire- E m n o d n t o h f Iraq R l e a p n u d b , - Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - 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- E v l a d S o a r llic of 1952—Dec.. 346 31 144 544 50 38 46 9 286 29 1953—Dec. 346 35 158 737 52 38 36 9 361 29 1954—Dec. 346 63 62 796 45 38 35 9 429 29 1955—Dec. 352 74 142 865 45 48 35 16 428 28 1956-Dec. 338 77 167 844 50 49 35 22 448 28 1957—Oct... 443 84 182 700 45 49 28 20 464 31 Nov.. 453 84 181 700 46 49 28 20 469 31 Dec. 452 91 180 744 45 49 28 6 461 31 1958—Jan... 457 91 159 792 45 49 28 6 454 31 Feb.. 462 91 159 828 45 49 20 7 454 31 Mar.. 462 91 158 847 43 49 20 454 31 Apr.. 417 91 156 862 43 49 20 454 31 May. 491 91 154 881 43 49 20 474 31 June. 607 91 153 910 43 49 20 474 31 July.. 677 91 150 920 43 49 20 474 31 Aug.. 91 944 43 49 20 486 31 Sept.. 91 956 43 49 20 486 31 Oct.. 91 999 43 49 486 31 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 1469 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 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 i i m n 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 170 184 1.411 14 113 143 1,846 207 373 12 196 158 1953—Dec 176 218 ,459 14 113 143 2,518 227 373 13 193 153 1954—Dec. 199 265 ,513 17 113 144 2,762 227 403 14 196 153 1955—Dec 212 276 ,597 19 112 144 2,120 216 403 16 217 244 1956—Dec. . 224 266 ,676 19 112 144 2,133 186 603 17 179 268 1957—Oct. 215 226 ,733 19 112 144 2,093 183 719 13 130 Nov. . . . 218 227 ,718 24 112 144 2 185 183 719 12 143 Dec 217 219 ,718 24 112 144 2,273 180 719 13 165 254 1958_Jan 206 215 ,727 24 112 144 2,404 180 719 12 171 Feb 212 209 ,733 24 112 144 2,539 180 719 12 162 Mar. 193 203 ,720 24 112 144 2 770 180 719 14 182 126 Apr 179 203 ,770 24 112 144 2,914 180 719 14 212 Mav 161 203 ,836 24 112 144 3,039 180 720 14 254 June 159 204 .857 24 112 144 3 076 180 720 14 200 126 Julv 167 204 1,907 112 144 3,084 180 719 14 167 Aug. . .. 180 204 1,929 112 144 3,089 180 719 '15 171 Sept 188 204 1,934 144 3 120 180 719 15 187 Oct 201 204 1,935 144 3,174 719 15 198 p Preliminary. r Revised. 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 [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated world Year or production Africa ]•"forth and South America Other month (excl. U.S.S.R.) Total A So fr u ic th a R de h s o ia - Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - i Brazil Chile Co b l i o a m- Au li s a tra- India 1950 864.5 781.7 408.2 17.9 24.1 12.0 80.1 155.4 14.3 8.0 4.6 6.7 13.3 30.4 6.7 1951 840.0 763.1 403.1 17.0 22.9 12.3 66.3 153.7 13.8 8.8 4.8 6.1 15.1 31.3 7.9 1952 868.0 785.7 413.7 17.4 23.8 12.9 67.4 156.5 16.1 8.9 4.9 6.2 14 8 34 3 8.9 1953 864.5 780.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 9.1 4.0 4.6 15.3 37.7 7.8 913.5 830.4 462.4 18.8 27.5 12.8 65.1 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 '955.8 596.2 18.8 27.7 13.1 63.0 154.7 12.1 6.9 4.2 3.6 11.4 37.9 6.3 1957 Sept.... 81.0 50.3 1.6 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 79.9 49.8 1.6 2.4 1.0 5.1 13.1 .9 .6 .3 .2 1.1 3.2 5 Dec 78.7 49.0 1.6 2.4 .9 5.5 12.9 .7 .5 .3 .2 .9 3.3 .5 1958 Jan 49.6 1.5 2.5 1.4 4.4 13.2 1.0 .6 .4 1.5 3.2 .5 Feb .. 47 5 1 5 2 5 9 4 4 12 5 1 1 5 .3 1 0 2 9 5 Mar 50.1 1.6 2.5 .9 4.3 13.7 .5 .4 .9 3.0 5 Apr . 50.3 1.6 2.4 1.2 4.5 13.4 6 .3 1.0 2.9 .5 J M u a n y e.. r5 5 0 1 . . 6 6 1 1. . 6 6 2 2. . 5 4 1 1 . . 4 0 4 4. . 9 6 1 1 3 3 . . 3 4 . . 6 6 . . 4 3 1 1 . . 1 2 3 3 . . 2 3 . . 5 4 J A u u ly g r r 5 52 2 .6 4 1 5 2 2 .5 5 1. . 2 9 6 5 .4 1 1 1 3 2 .8 2 .7 7 . . 4 3 1 9 3 5 Sept 53 0 2.5 1.1 6.2 13.1 .6 .4 f Revised. Ghana, Belgian Congo and Brazil, data for which are from American * 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 Sources.—World production: estimates of U. S. Bureau of Mines. Bureau of Metal Statistics. Production reported monthly: reports from individual countries except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1470 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 Sept. Dec. Mar. June Sept. July Oct Jan. Apr. July Dollar deposits and U. S. securities 524 602 683 917 900 Gold 1,148 1,177 1,180 1,238 1,242 Other currencies and securities1 858 813 767 752 747 Investments^ 200 200 200 200 200 Effective Ioans2 2,549 2,606 2,795 2,829 2,999 Currencies: i Other assets3 76 75 90 93 91 United States 992 811 769 696 664 Other 5,777 5,948 5,992 6,060 6,119 IBRD bonds outstanding 1,141 1,269 1,405 1,658 1,687 Unpaid member subscriptions 818 874 874 898 873 Undisbursed loans 676 620 699 675 753 Other assets 6 8 Other liabilities 20 21 24 27 27 Reserves 303 319 335 350 366 Member subscriptions..., 8,941 9,016 9,016 9,088 9,088 Capital 1,867 1,867 1,872 1,881 1,904 Accumulated net income. -2 3 (10) Reserves and liabilities. . , 4 18 Loans by country, Oct. 31, 1958 Quota Cumulative net drawings on the Fund Outstanding Area and member country4 Prin- Dis- Re- Country Paid 1957 1958 cipal bursed paid Sold Total in Total to gold others5 Sept. Aug. Sept. Continental Western Europe, Argentina. 150 38 75 75 75 total 1,282 1,109 220 889 102 Bolivia 10 3 7 8 9 Austria 67 57 57 3 Brazil 150 38 38 113 113 Belgium and Luxembourg.. 173 143 17 126 32 Burma 15 1 15 15 15 Denmark 40 40 4 36 2 Chile 50 9 25 40 40 Finland 65 56 12 43 2 France 267 267 21 246 13 Colombia. 50 13 25 35 35 Italy 238 131 2 129 20 Cuba 50 13 25 Netherlands 236 236 150 87 29 Denmark. 68 6 34 9 9 Norway 75 60 1 58 1 France 525 108 263 394 394 Turkey 61 58 4 53 Haiti 8 2 1 2 Yugoslavia 61 61 53 India 400 28 200 200 200 Sterling area, total 1,361 987 112 875 117 Indonesia. 110 16 55 55 55 Australia 318 308 25 284 33 Iran 35 9 25 17 17 Ceylon 25 12 12 Israel.... 8 2 4 4 4 India 507 307 29 278 32 Japan.... 250 63 125 125 63 Pakistan 126 66 13 53 4 Union of S. Africa 160 160 33 127 22 Netherlands 275 69 69 64 30 United Kingdom 193 114 5 109 27 Paraguay 8 2 5 6 6 Other 32 19 7 12 Philippines 15 4 15 15 15 Sudan 10 5 Latin America, total 890 633 83 550 22 Turkey 43 22 43 43 Brazil 255 169 21 147 Union of South Chile 74 43 7 36 Africa 100 25 36 36 Colombia 111 97 22 74 Ecuador 46 9 c) 9 United Arab Re- El Salvador 24 23 22 public 60 10 30 30 30 Mexico 186 153 13 140 United Kingdom. 1,300 236 562 550 545 Nicaragua 23 19 5 14 United States 2,750 688 H-1,861 H-2,060 H-1,990 Peru 62 38 4 34 Yugoslavia 60 23 23 Uruguay 64 50 7 44 Other 45 33 3 30 1 Currencies include demand obligations held in lieu of deposits. Asia (excluding Sterling area), 2 Represents principal of authorized loans, less loans not yet effective, total 509 245 236 18 repayments, the net amount outstanding on loans sold or agreed to be Iran 75 75 75 5 sold to others, and exchange adjustment. Japan 244 120 117 10 3 Excludes uncalled portions of capital subscriptions. Lebanon 27 2 2 4 Loans to dependencies are included with member. Malaya 36 5 Includes also effective loans agreed to be sold but not yet disbursed. Philippines 21 6 6 Less than $500,000. Thailand 107 42 7 Includes $268 million in loans not yet effective. 8 Includes $239 million not guaranteed by the Bank. Africa (excluding Sterling 9 U. S. Treasury bills purchased with proceeds of sales of gold. area), total 63 10 i o Transferred to general reserve. Ethiopia 24 10 11 Represents sales of U. S. dollars by the Fund to member countries Sudan 39 for local currencies, less repurchases of such currencies with dollars. Total 74,105 2,984 426 2,558 8259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 1471 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 2,825 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 -All 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 v 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 Sw la i n tz d er- Month 3 T m re b o a il n s l u s th ry s * 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 r t h - s s ' T 3 r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n s a e i n r t s c s ' e D m a o d y n a - y e t y o 3 - T 3 r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 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 1.50 1956—Dec. 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 3.23 1.50 1957_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 2.50 Dec. 3.65 3.60 6.67 6.43 5.67 5.00 5.72 4.64 3.33 2.50 1958—Jan.. 3.54 3.34 6.51 6.27 5.56 5.00 5.17 4.43 3.50 2.50 Feb.. 2.99 3.05 6.17 6.02 5.57 5.00 5.25 3.88 3.26 2.50 Mar. 2.44 2.61 5.98 5.78 5.23 4.65 5.96 3.14 2.77 2.50 1.65 1.64 5.47 5.28 4.71 4.00 6.78 3.18 2.93 2.50 May 1.56 1.55 5.24 5.02 4.53 3.85 10.04 2.97 2.39 2.50 June 1.75 1.72 4.65 4.45 3.95 3.30 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 2.50 Aug. 1.29 .67 3.98 3.81 3.36 2.70 6.97 2.62 2.08 2.50 Sept. 2.02 .48 3.82 3.65 3.17 2.50 6.46 2.62 2.16 2.50 Oct.. 2.48 1.51 3.80 3.65 3.19 2.50 2.83 2.50 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

1472 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 Nov. 30, 1957 Rate Country 1957 1958 as of Nov. 30, Per Month 1958 cent effective Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Argentina ^ , ... 3.5 Oct. 1948 6.0 6.0 Austria 5.0 Nov. 1955 5.0 4.5 July 1957 4.25 4.0 3.75 3.5 3.5 Brazil2 6.0 May 1955 io!6 10.0 Burma 3.0 Feb. 1948 3.0 Canada3 3.83 Nov. 1957 3.87 3.50 3.11 2.52 1.62 1.79 1.97 1.12 1.74 2.52 3.08 3.13 3.13 Ceylon 2.5 June 1954 2.5 Chile* . ... 6.0 Feb. 1957 6.0 Colombia 2 4.0 July 1933 4.0 Costa Rica 2 3.0 Apr. 1939 3.0 Cuba 2 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 Egypt 3.0 Nov. 1952 3.0 El Salvador2 4.0 Apr. 1957 4.0 Finland2 6.5 Apr. 1956 6.5 France 5.0 Aug. 1957 4 5 4.5 Germany . .... 4.0 Sept. 1957 3.5 3.0 3.0 Greece 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 Indonesia 2 3.0 Apr. 1946 3.0 Iran 4.0 Aug. 1948 4.0 Ireland 6.0 Sept. 1957 5.5 5.0 4.5 4.25 4.25 Israel 6.0 Feb. 1955 6.0 Italy 4.0 Apr. 1950 3 5 3.5 Japan 2 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 3.0 3.0 New Zealand 7.0 Oct. 1955 7.0 Nicaragua 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 S witzerland 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 4.0 4.0 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 % 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 1473 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Year or month Prefer- (p t A o ra u u l s n i - a d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) (k m D r a e o r n n k - e) Basic ential Free 1952 20.000 13.333 7.163 222.63 1.9878 102.149 20.903 14.492 1953 20.000 13.333 7.198 224.12 8580 2.0009 101.650 21.046 1954 20.000 13.333 7.198 223.80 8580 1.9975 102.724 21.017 1955 20.000 13.333 7.183 222.41 8580 1.9905 101.401 20.894 1956 15.556 22.835 222.76 8580 2.0030 101.600 20.946 1957 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 1957—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 8536 1.9986 101.535 21.045 Feb., 5.556 2.656 224.36 8536 2.0024 101.934 21.078 Mar. 5.556 2.610 224.33 8536 2.0041 102.312 21.072 Apr. 5.556 2.444 224.47 8536 2.0047 103.011 21.088 May 5.556 2.377 224.36 8536 2.0050 103.396 21.085 June 5.556 2.376 223.99 8536 2.0050 103.960 21.066 July. 5.556 2.352 223.42 8536 2.0049 104.162 20.996 Aug. 5.556 2.221 223.51 8536 2.0050 103.645 21.020 Sept. 5.556 2.025 223.37 8536 2.0056 102.357 21.016 Oct.. 5.556 1.656 223.67 8536 2.0061 103.005 21.049 Nov. 5.556 1.386 223.55 3.8536 2.0056 103.253 21.039 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 r o el u a n n d d ) J ( a y p e a n n ) ( M do a s l i l a l a a y r - ) M (p e e x s i o c ) o 1952 .4354 .2856 23.838 20.922 279.68 32.601 11.588 1953 .4354 .2856 21.049 281.27 32.595 11.607 1954 .4354 .2856 23.838 21.020 280.87 32.641 9.052 1955 .4354 .2856 23.765 20.894 279.13 32.624 8.006 1956 .4354 .2855 23.786 20.934 279.57 .2779 32.582 8.006 1957 3.3995 4.2856 4.2376 23.798 20.910 279.32 .2779 32.527 8.006 1957—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 Aor.. .3118 .2858 .2376 23.808 21.101 281.71 .2779 32.830 8.006 May. .3118 .2858 .2376 23.858 21.092 281.57 .2779 32.821 8.006 June, .3118 5.2858 .2376 23.853 21.062 281.11 .2779 32.775 8.006 July. .3118 .2379 23.856 21.000 280.40 .2779 32.688 8.006 Aug. .3118 .2382 23.861 21.019 280.51 .2779 32.701 8.006 Sept. .3118 .2381 23.867 21.003 280.33 .2779 32.672 8.006 Oct.. .3118 .238! 23.892 21.029 280.70 .2779 32.744 8.006 Nov. .3118 .2381 23.897 21.026 280.55 .2779 32.828 8.006 Year or month ( e g N r u l i e a l t n d h d e - r s ) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r u a t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( S e fr r w a la n it n c - d ) ( U K p d n o i o n i u m t g n 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—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 3810 19.328 23.335 281.11 July. 26.391 277.62 14.008 49.695 3.4900 279.35 3810 19.328 23.335 280.40 Aug. 26.409 271.12, 14.008 49.695 3.4900 279.46 3810 19.328 23.335 280.51 Sept. 26.434 277.55 14.008 49.695 3.4900 279.28 3810 19.328 23.335 280.33 Oct.. 26.508 277.93 14.008 49.695 3.4900 279.66 3810 19.328 23.300 280.70 Nov. 26.508 277.78 14.008 49.695 3.4900 279.51 2.3810 19.328 23.300 280.55 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 J. L. ROBERTSON A. L. MILLS, 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. NO YES, 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 1475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1476 FEDERAL RESERVE BULLETIN • DECEMBER 1958 Federal Open Market Committee WM. MCC MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON HUGH LEACH J. L. ROBERTSON W. D. FULTON H. N. MANGELS CHAS. N. SHEPARDSON WATROUS H. IRONS A. L. MILLS, JR. M. S. SZYMCZAK WINFIELD W. RIEFLER, Secretary L. MERLE HOSTETLER, Associate Economist ELLIOTT THURSTON, Assistant Secretary ARTHUR W. MARGET, Associate Economist MERRITT SHERMAN, Assistant Secretary H. V. ROELSE, Associate Economist HOWARD H. HACKLEY, General Counsel CHARLS E. WALKER, Associate Economist FREDERIC SOLOMON, Assistant General Counsel O. P. WHEELER, Associate Economist WOODLIEF THOMAS, Economist RALPH A. YOUNG, Associate Economist J. DEWEY DAANE, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account Federal Advisory Council LLOYD D. BRACE, BOSTON HOMER J. LIVINGSTON, CHICAGO, ADRIAN M. MASSIE, NEW YORK Vice President CASIMIR A. SlENKIEWICZ, PHILADELPHIA WlLLIAM A. MCDONNELL, ST. LOUIS FRANK R. DENTON, CLEVELAND, GORDON MURRAY, MINNEAPOLIS President R. CROSBY KEMPER, KANSAS CITY JOHN S. ALFRIEND, RICHMOND WALTER B. JACOBS, DALLAS JOHN A. SIBLEY, ATLANTA FRANK L. KING, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches District 1—FEDERAL RESERVE BANK OF BOSTON BOARD OF DIRECTORS Robert C. Sprague, Chairman and Federal Reserve Agent Harvey P. Hood, Deputy Chairman Stanley M. Cooper Milton P. Higgins Harry E. Umphrey Oliver B. Ellsworth William D. Ireland Nils Y. Wessell Arthur F. Maxwell J. A. Erickson, President E. O. Latham, First Vice President Vice Presidents D. H. Angney Benjamin F. Groot Ansgar R. Berge Dana D. Sawyer George H. Ellis O. A. Schlaikjer District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS John E. Bierwirth, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman Charles W. Bitzer Cyrus M. Higley Howard C. Sheperd Clarence Francis Augustus C. Long Lansing P. Shield Franz Schneider Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1477 District 2—FEDERAL RESERVE BANK OF NEW YORK --c» tinued n 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. HurfT 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 Has well, 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

1478 FEDERAL RESERVE BULLETIN • DECEMBER 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. Sibtey (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, Chairn 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, Chairma 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 1479 District 6—FEDERAL RESERVE BANK OF ATLANTA-Continucd 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. OberwortmanE 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

1 4 8 0 F E D E R AL RESERVE BULLETIN - DECEMBER 1958 District 8—FEDERAL RESERVE BANK OF ST. 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

FEDERAL RESERVE BANKS AND BRANCHES 1481 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Conttnutd 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

1482 FEDERAL RESERVE BULLETIN • DECEMBER 1958 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick Leonard K. Firestone, Joe D. Paxton Robert J. Cannon Chairman James E. Shelton PORTLAND BRANCH—BOARD OF DIRECTORS Warren W. Braley John B. Rogers William H. Steiwer, Sr., Chairman J. H. McNally C. B. Stephenson SALT LAKE CITY BRANCH—BOARD OF DIRECTORS George S. Eccles Oscar Hiller Joseph Rosenblatt, Chairman Russell S. Hanson Geo. W. Watkins SEATTLE BRANCH—BOARD OF DIRECTORS Henry N. Anderson Lyman J. Bunting, Joshua Green, Jr. James Brennan Chairman S. B. Lafromboise Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System, 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. 1483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1484 FEDERAL RESERVE BULLETIN • DECEMBER 1958 PERIODIC RELEASES DEPARTMENT STORE CREDIT WEEKLY DEPARTMENT STORE MERCHANDISING DATA CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS FEDERAL RESERVE PAR LIST (Also annual list. Both available at Federal Reserve Banks only) BY INDUSTRY CHANGES IN STATE BANK MEMBERSHIP INTERDISTRICT SETTLEMENT FUND CONDITION OF WEEKLY REPORTING MEMBER INDEX NUMBERS OF WHOLESALE PRICES BANKS IN CENTRAL RESERVE CITIES CONDITION OF WEEKLY REPORTING MEMBER MONTHLY DEPARTMENT STORE SALES BANKS IN LEADING CITIES MONTHLY DEPARTMENT STORE SALES AND WEEKLY AVERAGES OF MEMBER BANK RESERVES, STOCKS, BY DEPARTMENTS RESERVE BANK CREDIT, AND RELATED ITEMS MONTHLY DEPARTMENT STORE STOCKS AND STATEMENT OF CONDITION OF THE FED- ERAL RESERVE BANKS MONTHLY FOREIGN EXCHANGE RATES WEEKLY DEPARTMENT STORE SALES NATIONAL SUMMARY OF BUSINESS CONDITIONS WEEKLY DEPARTMENT STORE SALES—SELECTED OPEN-MARKET MONEY RATES AND BOND PRICES CITIES AND AREAS RETAIL FURNITURE REPORT WEEKLY FOREIGN EXCHANGE RATES SALES FINANCE COMPANIES WEEKLY REVIEW OF PERIODICALS (Available only for domestic distribution) STATE MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM AND NONMEMBER BANKS THAT MAIN- WEEKLY U. S. GOVERNMENT SECURITY YIELDS TAIN CLEARING ACCOUNTS WITH FEDERAL RE- AND PRICES SERVE BANKS (Also annual list) SEMIMONTHLY U. S. GOVERNMENT SECURITY YIELDS AND PRICES DEPOSITS, RESERVES, AND BORROWINGS OF MEM- BER BANKS SEMIANNUAL-QUARTERLY SELECTED LIST OF ADDITIONS TO THE RESEARCH LIBRARY ALL BANKS IN THE UNITED STATES AND OTHER AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY MONTHLY STATE ASSETS AND LIABILITIES OF ALL BANKS IN THE BANK RATES ON SHORT-TERM BUSINESS LOANS UNITED STATES (Including Consolidated State- CREDIT EXTENDED BY BANKS TO REAL ESTATE ment for Banks and the Monetary System) MORTGAGE LENDERS ASSETS AND LIABILITIES OF ALL MEMBER BANKS, MEMBER BANK CALL REPORT BY DISTRICTS MEMBER BANK EARNINGS BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS MEMBER BANK LOANS BUSINESS INDEXES SALES, PROFITS, AND DIVIDENDS OF LARGE COR- PORATIONS CONSUMER CREDIT (Short- and Intermediate- Term and Consumer Instalment Credit Extended and Repaid) ANNUAL CONSUMER CREDIT AT CONSUMER FINANCE COM- BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS PANIES DEPARTMENT STORE TRADE CONSUMER INSTALMENT CREDIT AT COMMERCIAL BANKS BIENNIAL CONSUMER LOANS MADE UNDER EFFECTIVE STATE DISTRIBUTION OF BANK DEPOSITS BY COUNTIES SMALL LOAN LAWS AND STANDARD METROPOLITAN AREAS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1485 REPRINTS FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) * DETAILED DESCRIPTION OF SOURCES AND METH- ODS USED IN REVISION OF SHORT- AND INTER- THE HISTORY OF RESERVE REQUIREMENTS FOR MEDIATE-TERM CONSUMER CREDIT STATISTICS. BANKS IN THE UNITED STATES. November April 1953. 25 pages. 1938. 20 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RESERVE POLICY. April 1940. 11 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised Indexes). No- ADJUSTMENT FOR SEASONAL VARIATION. Descripvember 1953. 65 pages. tion of method used by Board in adjusting economic data for seasonal variation. June 1941. 11 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUS- TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS. March 1949. 10 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- METHODS OF THE SURVEY OF CONSUMER FI- STALMENT CREDIT. January 1954. 14 pages. NANCES. July 1950. 15 pages. NEW INDEXES OF OUTPUT OF CONSUMER DU- RABLE GOODS. May 1954. 15 pages. •THE TREASURY—CENTRAL BANK RELATIONSHIP IN FOREIGN COUNTRIES—PROCEDURES AND TECHNIQUES. November 1950. April 1951. 19 pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. September 1954. 10 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER USE OF MONETARY INSTRUMENTS SINCE MID- REGULATION X. June 1952. 18 pages. 1952. December 1954. 8 pages. REVISED SERIES ON DEPARTMENT STORE SALES, DIRECTLY PLACED FINANCE COMPANY PAPER. STOCKS, AND ORDERS. October 1952. 5 pages. December 1954. 8 pages. THE MONETARY SYSTEM OF THE UNITED STATES. SEASONAL ADJUSTMENT FACTORS FOR DEMAND February 1953. 16 pages. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 UNITED STATES BANKS AND FOREIGN TRADE FIpages. NANCING. April 1955. 11 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1486 FEDERAL RESERVE BULLETIN • DECEMBER 1958 BANKERS' ACCEPTANCE FINANCING IN THE UNITED BANKING AND MONETARY STATISTICS, 1957. Se- STATES. May 1955. 13 pages. lected series of banking and monetary statistics for 1957 only. February and May 1958. 12 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. SEASONAL FACTORS AFFECTING BANK RESERVES. February 1958. 12 pages. SURVEY OF BANK LOANS FOR COMMERCIAL AND INTERNATIONAL GOLD AND DOLLAR FLOWS. INDUSTRIAL PURPOSES. Business Loans of March 1958. 7 pages. Member Banks. April 1956. 14 pages. Credit Lines and Minimum Balance Requirements. June 1956. 7 pages. 1958 SURVEY OF CONSUMER FINANCES. March, July, and September 1958. 51 pages. (Similar Surveys are available for earlier years from FINANCING OF LARGE CORPORATIONS, 1951-55. 1952, 1953, 1955, 1956, and 1957 BULLETINS.) June 1956. 9 pages. MEMBER BANK LENDING TO SMALL BUSINESS, 1955-57. April 1958. 19 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also, similar reprint from April 1953 BULLETIN.) REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1958. 10 pages. INDEX OF ELECTRICITY AND GAS OUTPUT. October 1956. 15 pages. GROWTH AND STRUCTURE OF TIME DEPOSITS April 1958. 5 pages. AGRICULTURAL LOAN SURVEY. November 1956 and January, February, and March 1957 BUL- OWNERSHIP OF DEMAND DEPOSITS. May 1958. LETINS. 52 pages. 3 pages. UNITED STATES BANKING ORGANIZATION ABROAD. SURVEY OF COMMON TRUST FUNDS, 1957. May 1958. 5 pages. (Also, similar reprints from December 1956. 16 pages. August 1956 and June 1957 BULLETINS.) SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. MONEY AND CREDIT IN THE RECESSION. July 1958. April 1957. 20 pages. 7 pages. SURVEY OF FINANCE COMPANIES, MID-1955. INTEREST RATES IN LEADING COUNTRIES. Sep- April 1957. 17 pages. tember 1958. 8 pages. WINNING THE BATTLE AGAINST INFLATION. Au- THE 1957-58 RECESSION IN WORLD TRADE. Ocgust 1957. 12 pages. tober 1958. 8 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- OPEN MARKET OPERATIONS IN LONG-TERM SE- DEXES. December 1957. 30 pages. CURITIES. November 1958. 15 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 44 GUIDE TO PAGE NUMBERS Month of issue Pages Month of issue Pages Month of issue Pages January . . 1-112 May 525-640 September 1019-1152 February . . 113-240 June 641-752 October 1153-1252 March 241-386 July . . 753-886 November 1253-1378 April . 387-524 August 887-1018 December .... 1379-1507 Pages Pages Acceptances, bankers': Articles—Continued Open market rates 49, 165, 323, 457, 573, 675, Flexible monetary policy, statement of 823, 953, 1089, 1189, 1309, 1421 Chairman Martin on .134 Volume outstanding 48, 164, 322, 456, 572, Foreign investments, survey of 797 674, 822, 952, 1088, 1188, 1308, 1420 Interest rates in leading countries 1019 Adkins, Ray H., elected Class A director International gold and dollar flows 241 at Cleveland 1395 Member bank earnings 648, 1275 Agricultural loans: Member bank lending to small business, Commercial banks, by classes. . . .44, 160, 318, 452, 1955-57 393 568, 670, 818, 948, 1084, 1184, 1304, 1416 Money and credit in the recession 753 Weekly reporting member banks. . . .46, 162, 320, Mortgage credit and construction 887 454, 570, 672, 820, 950, 1086, 1186, 1306, 1418 Open market operations in long-term securities 1260 Agriculture: Ownership of demand deposits 532, 1066 Balance sheet of, 1958 893 Pattern of recovery . . .1253 Govt. agency loans 52, 168, 326, 460, 576, 678, 826, Price trends .387 956, 1092, 1192, 1312, 1424 Production and prices 1 National summary of business Recession in the labor market .... . . 525 conditions 801, 932, 1067 Recession in world trade, 1957-58 1153 Alaska Statehood Act: Reserve requirements, proposed revision of .427 Federal Reserve districts, readjustment to Seasonal factors affecting bank reserves . 122 include Alaska 798 Survey of common trust funds, 1957 .535 National banks, membership in Federal Survey of consumer finances, 1958: Reserve System 798 Financial position of consumers 1027 Alexander, Henry C, elected Class A director Preliminary findings .248 at New York 1394 Purchases of durable goods .760 Alexander, R. H., appointed director at Time deposits: Little Rock Branch 19, 20 Growth and structure . . .422 Anderson, Henry N., appointed director at Mid-1957 to mid-1958 1277 Seattle Branch . 19, 20 Assets and liabilities (See also Foreign liabilities and Annual Report, Board of Governors, 1957 .549 claims reported by banks): Argentina: Agriculture, balance sheet of, 1958 893 Central Bank of: Banks, by classes 41, 157, 315, 449, 565, 667, Condition 95, 223, 369, 507, 623, 733, 869, 815, 945, 1081, 1181, 1301, 1413 1001, 1135, 1235 Commercial banks, by classes 44, 160, 318, Discount rate 373, 511, 627, 737, 873, 452, 568, 670, 818, 948, 1005, 1139, 1239, 1364, 1472 1084, 1184, 1304, 1416 Gold reserves 92, 220, 366, 504, 620, 730, 866, Consolidated monetary statement. . . .40, 156, 314, 998, 1132, 1232, 1360, 1468 448, 564, 666, 814, 944, 1080, Foreign exchange rates 100, 228, 374, 512, 628, 738, 1180, 1300, 1412 874, 1006, 1140, 1240, 1365, 1473 Corporate, current 60, 176, 334, 468, 584, 686, Gold purchases by U. S. 91, 219, 365, 503, 619, 729, 834, 964, 1100, 1200, 1320, 1432 865, 997, 1131, 1231, 1358, 1466 Federal business-type activities, by fund Gold reserves and dollar holdings 93, 221, 367, 505, or activity. . .52, 168, 326, 460, 576, 678, 826, 621, 731, 867, 999, 1133, 1233, 1359, 1467 956, 1092, 1192, 1312, 1424 Articles: Federal Reserve Banks 35-36, 151-52, 309-10, Balance sheet of agriculture, 1958 . .893 443-44, 559-60, 661-62, 809-10, 939-40, Bank credit and money in 1957 .113 1075-76, 1175-76, 1295-96, 1407-08 Battle against recession, statement of Foreign central banks 94, 222, 368, 506, 622, Chairman Martin on 540 732, 868, 1000, 1134, 1234 Capital markets in 1958 1379 Table discontinued 1285 Census benchmark indexes of manufacturing Weekly reporting member banks. .. .46, 162, 320, production 1386 454, 570, 672, 820, 950, 1086, 1186, 1306, 1418 Credit extended by banks to real estate Aull, George H., appointed director at mortgage lenders 258, 1058 Charlotte Branch. . . . 18, 20 Department store sales index, weekly, Australia: revision of 412 Commonwealth Bank of, condition 95, 223, Economic policy considerations, statement 369, 507, 623, 733, 869, 1001, 1135, 1235 of Chairman Martin on 252 Foreign exchange rates 100, 228, 374, 512, Financing business investment 641 628, 738, 874, 1006, 1140, 1240, 1365, 1473 1487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1488 FEDERAL RESERVE BULLETIN • DECEMBER 1958 Pages Pages Australia—Continued Bank for International Settlements: Gold production 90, 218, 364, 502, 618, Condition 98, 226, 372, 510, 626, 736, 872, 728, 864, 996, 1130, 1230, 1361, 1469 1004, 1138, 1238 Gold reserves and dollar holdings . .93, 221, 367, Gold purchases by U. S 91, 219, 365, 503, 505, 621, 731, 867, 999, 1133, 1233, 1359 1467 619, 729, 865, 997, 1131, 1231, 1358, 1466 Austria: Gold reserves .... 92, 220, 366, 504, 620, 730, Austrian National Bank: 866, 998, 1132, 1232, 1361, 1469 Condition 96, 224, 370, 508, 624, 734, 870, Bank reserves, seasonal factors affecting, article 1002, 1336, 1236 on 122 Discount rate ... .99, 227, 373, 511, 627, 737, Bankers' balances (See also Foreign liabilities and 873, 1005, 1139, 1239, 1364, 1472 claims reported by banks): Gold reserves 730, 866, 998, 1132, 1232, Commercial banks, by classes . . 45, 161, 319, 453, 1360, 1468 569, 671, 819, 949, 1085, 1185, 1305, 1417 Foreign exchange rates . . . 100, 228, 374, 512, Weekly reporting member banks .... 47, 163, 321, 628, 738, 874, 1006, 1140, 1240, 1365, 1473 455, 571, 673, 821, 951, 1087, 1187, 1307, 1419 Gold reserves and dollar holdings . . 93, 221, 367, Banking and monetary statistics, 1957, special 505, 621, 731, 867, 999, 1133, 1233, 1359, 1467 tables . . .204-10, 608-11 Automobiles: Banking offices: Consumer durable goods output index .... 74, 190, Changes in number 202, 988 348, 482, 598, 700, 848, 978, 1114, On, and not on, Par List, number 203, 989 1214, 1334, 1446 Banks and branches, number, by class and State 492 Consumer instalment credit 64-67, 180-83, Banks and the monetary system, consolidated 338-41, 472-75, 588-91, 690-93, 838-41, statement 40, 156, 314, 448, 564, 666, 814, 968-71, 1104-07, 1204-07, 1324-27, 1436-39 944, 1080, 1180, 1300, 1412 Industrial production index . 70, 186, 344, 478, Bass, S. H., appointed Assistant Controller of 594, 696, 844, 974, 1110, 1210, 1330, 1442 Board of Governors . 299 Production, developments in 3 Battey, C. Wheaton, reappointed director at Purchases of, survey of consumer Omaha Branch . . . 23 finances 761, 770-72, 775 Battle against recession, statement of Chairman Martin on 540 Balance sheets (See Assets and liabilities) Baystate Corporation, Order under Bank Holding Company Act . . 13 BancOhio Corporation, Order under Bank Beauchamp, S. J., Jr., reelected Class B director Holding Company Act . . .1389 at St. Louis 1396 Bank credit and money, articles on 113, 753 Belgian Congo: Bank credit and reserves, national summary of Gold production 90, 218, 364, 502, 618, 728, business conditions 27, 144, 301, 436, 551, 864, 996, 1130, 1230, 1361, 1469 654, 801, 932, 1068, 1168, 1287, 1399 Gold reserves 1360, 1468 Bank debits (See Debits to deposit accounts) Belgium: Foreign exchange rates 100, 228, 374, 512, Bank Holding Company Act of 1956: 628, 738, 874, 1006, 1140, 1240, 1365, 1473 Banking offices and deposits of group banks, Gold purchases by U. S 91, 219, 365, 503, Dec. 31, 1957 1224 619, 729, 865, 997, 1131, 1231, 1358, 1466 Interpretations: Gold reserves and dollar holdings . . 93, 221, 367, Acquisition by bank holding company 505, 621, 731, 867, 999, 1133, 1233, 1359, 1467 and banking subsidiaries of stock in National Bank of: small-business investment company .1161 Condition. .96, 224, 370, 508, 624, 734, 870, Discounts of Commodity Credit Corpora- 1002, 1136, 1236 tion certificates .... . . 1279 Discount rate 99, 227, 373, 511, 627, 737, Participations between banks under 873, 1005, 1139, 1239, 1364, 1472 Section 6(a) 1059, 1161 Gold reserves. . .92, 220, 366, 504, 620, 730, Services under Section 4(c)(l) 431, 1280 866, 998, 1132, 1232, 1360, 1468 List of companies registered pursuant to Bellamy, J. W., Jr., appointed director at Little Section 5, Dec. 31, 1957 .211 Rock Branch 22 Orders issued under: Benton, E. C, reappointed director at Little BancOhio Corporation .1389 Rock Branch 22 Baystate Corporation ...13 Beretta, J. W., reappointed director at San Antonio Brenton Companies ... .9, 14 Branch 23 Financial Institutions, Inc. . . 1162 Bethea, Liston P., retirement as Director of First Bank Stock Corporation 8, 1061 Division of Administrative Services . 24 First New York Corporation et al. .902 Bierwirth, John E., designated Chairman and First Security Corporation 10 Federal Reserve Agent at New York 17 General Contract Corporation 260 Board of Governors: Marine Corporation . . . 1281 Annual Report, 1957 549 Marine Midland Corporation . . .8 Bank Holding Company Act, report to Congress New Hampshire Bankshares, Inc.. .432 under . . . 776 Northwest Bancorporation ... .9, 11 Members: Union Bond & Mortgage Com- Martin, Wm. McC, Jr.: pany 1390, 1392 Wisconsin Bankshares Corporation .10, 15 Battle against recession, statement Report to Congress under 776 on 540 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1489 INDEX TO VOLUME 44 Pages Pages Board of Governors—Continued Bolivia—Continued Members—Continued Gold reserves and Martin, Wm. McO, Jr.—Continued dollar holdings . . .93, 221, 367, 505, 621, 731 Economic policy considerations, Bonds {See also U. S. Govt. securities): statement on . . 252 Corporate, outstanding, net change in 60, 176, 334, Flexible monetary policy, statement 468, 584, 686, 834, 964, 1100, 1200, 1320, 1432 on 134 New issues 58, 174, 332, 466, 582, 684, 832, Reelected Chairman of Federal Open 962, 1098, 1198, 1318, 1430 Market Committee . 293 Prices 50, 166, 324, 458, 574, 676, 824, 954, Mills, Abbot L., Jr., reappointment of 298 1090, 1190, 1310, 1422 Vardaman, James K., Jr., resignation of 1596 U. S. Govt. bonds: New price index 549, 612 Members and officers . 1475 Yield series, change in 25, 84 Publications {See Publications) Yields 49, 165, 323, 457, 573, 675, 823 Regulations {See Regulations) 953, 1089, 1189, 1309, 1421 Reserve requirements of member banks, Bopp, Karl R., appointed President of Federal legislative proposal submitted by 427 Reserve Bank of Philadelphia . . .299 Staff: Bovaird, Davis D., reappointed director at Bass, S. H., appointed Assistant Oklahoma City Branch 19 Controller 299 Braley, Warren W., reappointed director at Bethea, Liston P., retirement as Director, Portland Branch . . 19 Division of Administrative Services 24 Branch banks, domestic: Burr, Susan S., title changed to Associate Number, by class and state . .493 Adviser, Division of Research and Branch banks, Federal Reserve System: Statistics . . . .. . . 24 Directors {See Directors, Federal Reserve Carpenter, S. R., resignation as Secretary branch banks) of Board . 930 Managing officers .1476 Cherry, Alfred K., retirement as Legis- Branch, Harllee, Jr., reappointed lative Counsel 24 Deputy Chairman at Atlanta . 17 Connell, J. J., appointed Controller 299 Brawner, A. H., designated Chairman and Federal Daniels, M. B., appointed Assistant Reserve Agent at San Francisco . 17 Director, Division of Bank Operations 299 Brazil: Dembitz, Lewis N., title changed to Re- Central bank discount rate 1364, 1472 search Associate, Division of Research Gold production 1130, 1230, 1361, 1469 and Statistics .24 Gold reserves .92, 220, 366, 504, 620, 730, 866, Farrell, John R., appointed Associate 998, 1132, 1232, 1360, 1468 Director, Division of Bank Operations 799 Gold reserves and dollar holdings 93, 221, 367, 505, Furth, J. Herbert, appointed Associate 621, 731, 867, 999, 1133, 1233, 1359, 1467 Adviser, Division of International Finance 24 Brenton Companies, Orders under Bank Harris, Innis D., appointed Coordinator Holding Company Act . .9, 14 of Defense Planning 1285 Brokers and dealers in securities, bank loans to: Hersey, A. B., appointed Associate Adviser, Commercial banks, by classes 44, 160, 318, 452, Division of International Finance . 24 568, 670, 818, 948, 1084, 1184, 1304, 1416 Horbett, J. E., retirement as Associate Weekly reporting member banks 46, 162, 320, 454, Director, Division of Bank Operations 298 570, 672, 820, 950, 1086, 1186, 1306, 1418 Kelleher, Joseph E., appointed Director, Brown, Aubrey J., appointed Class C director Division of Administrative Services 24 at Cleveland 18, 20 Koch, Albert R., title changed to Associate Brown, John E., reappointed director at Adviser, Division of Research and Memphis Branch 22 Statistics 24 Bryan, L. R., Jr., reappointed director at Lang, Arthur H., resignation as Chief Federal Houston Branch . 23 Reserve Examiner, to become General Aud- Burma, discount rate 99, 227, 373, 511, 627, 737, 873, itor of Federal Reserve Bank of Dallas 799 1005, 1139, 1239, 1364, 1472 Sammons, Robert L., appointed Associate Burr, Susan S., title changed to Associate Adviser, Adviser, Division of International Finance 24 Division of Research and Statistics 24 Schaeffer, Lloyd M., appointed Chief Federal Business conditions, national summary of 26, 143, 300, Reserve Examiner 799 435, 550, 653, 800, 931, 1067, 1167, 1286, 1398 Shay, Jerome W., appointed Legislative Business expenditures on new plant and equipment Counsel ... .24 60, 176, 334, 468, 584, 686, 834, Sherman, Merritt, appointed Secretary 964, 1100, 1200, 1320, 1432 of Board . . . 930, 1166 Business indexes 68, 184, 342, 476, 592, 694, 842, Smith, James C, appointed Assistant 972, 1108, 1208, 1328, 1440 Director, Division of Examinations 799 Business investment, article on financing of 641 Williams, Kenneth B., title changed to Business loans {See Commercial and industrial Associate Adviser, Division of Research loans) and Statistics 24 Butler, John P., reappointed director Bogle, Hal, reappointed Deputy Chairman at Dallas 17 at El Paso Branch Bolivia: Central Bank of, condition 96, 224, 370, 508, 624, Callan, W. B., reappointed director at Houston 734, 870, 1002, 1136, 1236 Branch Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1490 FEDERAL RESERVE BULLETIN • DECEMBER 1958 Pages Pages Canada: Charts—Continued Bank of: Commercial banks, selected assets .1384 Condition . . 95, 223, 369, 507, 623, 733, Consumer durable goods output 3 869, 1001, 1135, 1235 Consumer durable goods purchases . .763, 766 Discount rate . . 99, 227, 373, 511, 627, 737, Consumer expenditures .... 1257 873, 1005, 1139, 1239, 1364, 1472 Consumer prices .... 7, 389 Gold reserves 92, 220, 366, 504, 620, 730, Corporate new capital issues .646, 1379 866, 998, 1132, 1232, 1360, 1468 Corporate profits before taxes 644 Foreign exchange rates 100, 228, 374, 512, 628, Credit and capital expansion . . ...113 738, 874, 1006, 1140, 1240, 1365, 1473 Demand deposits, member banks . . 126 Gold production 90, 218, 364, 502, 618, 728, 864, Department store sales .417 996, 1130, 1230, 1361, 1469 Earnings in manufacturing, weekly 530 Gold purchases by U. S. 91, 219, 365, 503, 619, Employment ... 525, 529 729, 865, 997, 1131, 1231, 1358, 1466 Farm loans 899, 900, 901 Gold reserves and dollar holdings 93, 221, 367, 505, Farmland, change in dollar value of 896 621, 731, 867, 999, 1133, 1233, 1359, 1467 Financial position of Open market rates 99, 227, 373, 511, 627, 737, 873, consumers 1029-30, 1032-40, 1047 1005, 1139, 1239, 1363, 1471 Foreign gold and dollar holdings .241, 245 Cannon, Robert J., reappointed director at Gross national product . . .... 1253 Los Angeles Branch . . .19 Home mortgage credit 889, 891 Capital accounts: Industrial production 2, 4, 26, 143, Banks, by classes 41, 157, 315, 449, 565, 667, 815, 300, 435, 550, 653, 800, 945, 1081, 1181, 1301, 1413 931, 1021-24, 1067, 1157, 1167, 1286, 1398 Commercial banks, by classes 45, 161, 319, 453, Interest rates 121, 436, 654, 759, 1021, 1023-25, 569, 671, 819, 949, 1085, 1185, 1305, 1417 1068, 1168, 1287 Federal Reserve Banks .... 35-36, 151-52, 309-10, Livestock prices and meat production 390 443-44, 559-60, 661-62, 809-10, 939-40, Long-term financing 1381 1075-76, 1175-76, 1295-96, 1407-08 Member bank loans and investments . .551, 1287 Weekly reporting member banks 47, 163, 321, 455, Member bank reserves and borrowings 571, 673, 821, 951, 1087, 1187, 1307, 1419 27, 119, 124, 130, 301, 753 Capital markets in 1958, article on 1379 Member bank reserves, Reserve Bank Carloadings 68, 184, 342, 476, 592, 694, 842, 972, 1108, 1208, 1328, 1440 credit, and related items 30, 146, 304, 438, 554, Carpenter, S. R., resignation as Secretary of 656, 804, 934, 1070, 1170, 1290, 1402 Board of Governors .930 Mortgage and bond yields . . . 890 Carter, William C, reelected Class A Personal income 1258 director at Atlanta 1395 Prices .5, 7, 144, 301, 389, 392, Census benchmark indexes of manufacturing 551, 801, 932, 1168, 1399 production, article on 1386 Private construction . . 887 Central banks, foreign: Production and prices 1 Assets and liabilities 94, 222, 368, 506, 622, 732, Retail trade . 27, 144, 436, 654, 801, 932, 868, 1000, 1134, 1234 1068, 1399 Table discontinued 1285 Savings, selected types 117, 758, 1383 Discount rates 99, 227, 373, 511, 627, 737, 873, Trade of nonindustrial countries .1159 1005, 1139, 1239, 1364, 1472 Unemployment, aspects of . . 527 Gold reserves 92, 220, 366, 504, 620, 730, 866, U.S. balance of payments .1153 998, 1132, 1232, 1360, 1468 U.S. exports .1156 Ceylon: Yields on selected debt 1268 Central Bank of: Yields and prices on U. S. Govt. securi- Condition 96, 224, 370, 508, 624, 734, ties 1267-69, 1272, 1379 870, 1002, 1136, 1236 Cherry, Alfred K., retirement as Legislative Discount rate 99, 227, 373, 511, 627, 737, 873, Counsel of Board of Governors .24 1005, 1139, 1239, 1364, 1472 Childress, Floyd, reappointed director at El Paso Foreign exchange rates 100, 228, 374, 512, 628, 738, 874, 1006, 1140, 1240, 1365, 1473 Branch .23 Chairmen, Federal Reserve Banks: Chile: Designations for 1958 ... 17 Central Bank of: List of . . . 1476 Condition 96, 224, 370, 508, 624, 734, Meeting of . . . . . 1396 870, 1002, 1136, 1236 Chalkley, Henry G., Jr., reappointed Discount rate 99, 227, 373, 511, 627, Class C director at Atlanta . .18 737, 873, 1005, 1139, 1239, 1364, 1472 Chandler, Lester V., appointed Gold reserves .... 92, 220, 366, 504, 620, 730, 866, 998, 1132, 1232, 1360, 1468 Deputy Chairman at Philadelphia 17, 19 Gold production 90, 218, 364, 502, 618, Chart book on financial and business statistics 549, 1066 728, 864, 996, 1130, 1230, 1361, 1469 Charts: Bank loans and investments .551, 755, 1287 Gold reserves and dollar holdings 93, 221, Business indexes . . . , 1254 367, 505, 621, 731, 867, 999, Business investment . . . .641, 1255 1133, 1233, 1359, 1467 Business loans 115, 645, 756 Coins, circulation of 39, 155, 313, 477, 563, 665, 813, 943, 1079, 1179, 1299, 1411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 44 1491 Pages Pages Colombia: Construction—Continued Bank of Republic of: Value of new activity 74, 190, 348, 482, Condition 96, 224, 370, 508, 624, 734, 870, 598, 700, 848, 978, 1114, 1214, 1334, 1446 1002, 1136, 1236 Consumer credit: Discount rate 1364, 1472 Instalment credit: Gold reserves 92, 220, 366, 504, 620, Extensions and repayments . . . . 66, 182, 340, 730, 866, 998, 1132, 1232, 1360, 1468 474, 590, 692, 840, 970, 1106. 1206, Gold production 90, 218, 364, 502, 618, 728, 1326, 1438 864, 996, 1130, 1230, 1361, 1469 Outstanding, by holder 64-65, 180-81, Gold purchases by U. S 91, 219, 365, 503, 338-39, 472-73, 588-89, 690-91, 838-39, 619, 729, 865, 997, 1131, 1231, 1358, 1466 968-69, 1104-05, 1204-05, 1324-25, 1436-37 Gold reserves and dollar holdings .... 93, 221, Major parts 64, 180, 338, 472, 588, 690, 367, 505, 621, 731, 867, 999, 1133, 1233, 838, 968, 1104, 1204, 1324, 1436 1359, 1467 Noninstalment credit, by holder .... 65, 181, 339, Colvard, D. W., reappointed Class C director at 473, 589, 691, 839, 969, 1105, Richmond 18 1205, 1325, 1437 Comer, Donald, reelected Class B director at Revised estimates for 1957 1344 Atlanta 1395 Consumer durable goods: Commercial banks: Output indexes 74, 190, 348, 482, 598, Assets and liabilities, by classes . . 41-45, 157-61, 315-19, 449-53, 565-69, 667-71, 815-19, 700, 848, 978, 1114, 1214, 1334, 1446 945-49, 1081-85, 1181-85, 1301-05, 1413-17 Revised ... . . .495 Consumer loans held, by type .... 65, 181, 339, Production, developments in . 3 473, 589, 691, 839, 969, 1105, 1205, Purchases in 1957 760 1325, 1437 Consumer finances, survey of, 1958: Loans and investments, discussion 114, 116, Financial position of consumers . 1027 644, 755-56, 1385 Preliminary findings . . . 248 Number, by class .... 41, 157, 315, 449, 565, 667, Purchases of durable goods 760 815, 945, 1081, 1181, 1301, 1413 Consumer price indexes 80, 196, 354, 488, 604, 706, 854, Number, by class and State .... 492 984, 1120, 1220, 1340, 1452 Real estate mortgages held, by type . 61, 177, Consumer prices, developments in 6, 388 335, 469, 585, 687, 835, 965, 1101, 1201, 1321, 1433 Consumption expenditures 82-83, 198-99, 356-57, 490-91, Commercial and industrial loans: 606-07, 708-09, 856-57, 986-87, Commercial banks, by classes ... .44, 160, 318, 452, 1122-23, 1222-23, 1342-43, 1454-55 568, 670, 818, 948, 1084, 1184, 1304, 1416 Corporate profits, discussion .643 Member bank lending to small business, Corporate sales, profits, taxes, 1955-57, article on 393 and dividends 59-60, 175-76, 333-34, 467-68, 583-84, Weekly reporting member banks: 685-86, 833-34, 963-64, 1099-1100, Sample 48, 164, 322, 456, 572, 674, 822, 1199-1200, 1319-20, 1431-32 952, 1088, 1188, 1308, 1420 Corporate securities: Total leading cities . . .46, 162, 320, 454, 570, Capital markets in 1958 1382 672, 820, 950, 1086, 1186, 1306, 1418 New issues .58, 174, 332, 466, 582, 684, 832, Commercial paper: 962, 1098, 1198, 1318, 1430 Rates 49, 165, 323, 457, 573, 675, 823, New issues, early 1958, discussion 645 953, 1089, 1189, 1309, 1421 Outstanding, net changes in 60, 176, 334, 468, 584, Volume outstanding 48, 164, 322, 456, 572, 686, 834, 964, 1100, 1200, 1320, 1432 674, 822, 952, 1088, 1188, 1308, 1420 Prices 50, 166, 324, 458, 574, 676, 824, Commodity Credit Corporation: 954, 1090, 1190, 1310, 1422 Assets and liabilities 52, 168, 326, 460, 576, Purchases by foreigners 1285, 1357, 1465 678, 826, 956, 1092, 1192, 1312, 1424 Yields 49, 165, 323, 457, 573, 675, 823, Certificates of Interest, discounts of, interpreta- 953, 1089, 1189, 1309, 1421 tion of Bank Holding Company Act 1279 Cosgriff, Stewart, appointed director Common trust funds, survey of, 1957 .535 at Denver Branch .23 Comptroller of the Currency: Cost of living (See Consumer price indexes) Regulation regarding National Bank Loans Costa Rica, Central Bank of: Secured by Direct Obligations of the U. S. 547 Condition statements (See Assets and liabilities) Condition .96, 224, 370, 508, 624, 734, 870, Connell, J. J., appointed Controller of Board of 1002, 1136, 1236 Governors 299 Discount rate 99, 227, 373, 511, 627, 737, 873 Construction: 1005, 1139, 1239, 1364, 1472 Contracts awarded . . .75, 191, 349, 483, 599, Gold reserves . . 1360, 1468 701, 849, 979, 1115, 1215, 1335, 1447 Credit extended by banks to real estate mortgage Dwelling units started 75, 191, 349, 483, 599, lenders, surveys of . . .. 258, 1058 701, 849, 979, 1115, 1215, 1335, 1447 Credit and money in 1957, article on 113 Mortgage credit and construction, article on. . 887 Credit and money in the recession, article on 753 National summary of business conditions 26, 143, Credit policy (See Federal Reserve policy) 300, 435, 550, 653, 800, 931, 1067, Crocker, John H., elected 1167, 1286, 1398 Class A director at Chicago 1395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1492 FEDERAL RESERVE BULLETIN • DECEMBER 1958 Pages Pages Cuba: Denmark—Continued Gold purchases by U. S. 91, 219, 365, 503, 619, 729 National Bank of—Continued Gold reserves and dollar holdings 93, 221, 367, 505, Discount rate 99, 227, 373, 511, 627, 621, 731, 867, 999, 1133, 1233, 1359, 1467 737, 873, 1005, 1139, 1239, 1364, 1472 National Bank of: Gold reserves . . 92, 220, 366, 504, 620, Condition 96, 224, 370, 508, 624, 734, 870, 730, 866, 998, 1132, 1232, 1360, 1463 1002, 1136, 1236 Denton, Frank R., elected President of Federal Discount rate 373, 511, 627, 737, 873, 1005, Advisory Council .298 1139, 1239, 1364, 1472 Department stores: Gold reserves 92, 220, 366, 504, 620, 730, 866, Merchandising data 79, 195, 353, 487, 603, 998, 1132, 1232, 1360, 1468 705, 853, 983, 1119, 1219, 1339, 1451 Currency (See also specific types of currency): Sales and stocks 78, 194, 352, 486, 602, Consolidated monetary statement 40, 156, 314, 448, 704, 852, 982, 1118, 1218, 1338, 1450 564, 666, 814, 944, 1080, 1180, 1300, 1412 Weekly sales index, revision of .412 Currency in circulation, factor affecting Deposits (See also specific types of deposits): bank reserves 127, 133 Adjusted, and currency 40, 156, 314, 448, Outstanding and in circulation 39, 155, 313, 447, 564, 666, 814, 944, 1080, 1180, 1300, 1412 563, 665, 813, 943, 1079, 1179, 1299, 1411 Banks, by classes 41, 157, 315, 449, 565, Currency and deposits, discussion 117, 757 667, 815, 945, 1081, 1181, 1301, 1413 Customer credit, stock market: Commercial banks, by classes ... 45, 161, 319, Monthly table 50, 166, 324, 458, 574, 676, 824, 453, 569, 671, 819, 949, 1085, 1185, 1305, 1417 954, 1090, 1190, 1310, 1422 Factor affecting bank reserves 125, 132 St°ck Exchange firms detailed debit and credit Federal Reserve Banks: balances, June 1951-58 1347 Condition statement data 35-36, 151-52, 309-10, 443-44, 559-60, 661-62, 809-10, Dalrymple, Daniel M., appointed director at Buffalo 939-40, 1075-76, 1175-76, 1295-96, 1407-08 Branch . 1819 Held for foreign correspondents .... 90, 218, Daniels, M. B., appointed Assistant Director of 364, 502, 618, 728, 864, 996, 1130, 1230, Division of Bank Operations . 299 1357, 1465 Davidson, Philip, reappointed director at Growth and turnover of . . 117-18, 757, 1384 Louisville Branch . . . ... 19 Maximum rates, time deposits 1410 Davis, W. John, retirement as First Vice President Postal savings: Consolidated monetary statement ... . 40, of Federal Reserve Bank of Philadelphia 299 156, 314, 448, 564, 666, 814, Debits to deposit accounts 38, 154, 312, 446, 562, 664, 944, 1080, 1180, 1300, 1412 812, 942, 1078, 1178, 1298, 1410 Maximum rates 1410 Decker, Alonzo G., Jr., reappointed Turnover of 38, 154, 312, 446, 562, 664, Deputy Chairman at Richmond . .17 812, 942, 1078, 1178, 1298, 1410 Defense Production Act of 1950, amendments to 798 Weekly reporting member banks .... 47, 163, 321, Defense production loans: 455, 571, 673, 821, 951, 1087, 1187, 1307, 1419 Fees and rates 38, 154, 312, 446, 562, 664, 812, Deposits, reserves, and borrowings, by class of 942, 1078, 1178, 1298, 1410 member bank 33, 149, 307, 441, 557, 659, Guaranteed under Regulation V 37, 153, 311, 445, 807, 937, 1073, 1173, 1293, 1405 561, 663, 811, 941, 1077, 1177, 1297, 1409 Deputy Chairmen, Federal Reserve Banks: Demand deposits: Appointments for 1958 ... 17 Adjusted, banks and the monetary system List of . 1476 40, 156, 314, 448, 564, 666, 814, Directors, Federal Reserve Banks: 944, 1080, 1180, 1300, 1412 Adkins, Ray H., elected Class A at Cleveland. . 1395 Adjusted, commercial banks by classes Alexander, Henry C, elected Class A at 45, 161, 319, 453, 569, 671, 819, New York 1394 949, 1085, 1185, 1305, 1417 Beauchamp, S. J., Jr., reelected Class B at Adjusted, factor affecting bank reserves .125, 132 St. Louis 1396 Banks, by classes 41, 157, 315, 449, 565, 667, 815, Bierwirth, John E., designated Chairman and 945, 1081, 1181, 1301, 1413 Federal Reserve Agent at New York . 17 Ownership of, article on 532, 1066 Bogle, Hal, reappointed Deputy Chairman at Type of holder, at commercial banks Dallas 17 45, 161, 319, 453, 569, 671, 819, Branch, Harllee, Jr., reappointed Deputy Chair- 949, 1085, 1185, 1305, 1417 man at Atlanta . . 17 Weekly reporting member banks 47, 163, 321, 455, Brawner, A. H., designated Chairman and 571, 673, 821, 951, 1087, 1187, 1307, 1419 Federal Reserve Agent at San Francisco 17 Dembitz, Lewis N., title changed to Research Associate, Brown, Aubrey, J., appointed Class C at Division of Research and Statistics .24 Cleveland 18, 20 Denmark: Carter, William C, reelected Class A at Foreign exchange rates 100, 228, 374, 512, 628, Atlanta . . . 1395 738, 874, 1006, 1140, 1240, 1365, 1473 Chairmen and Federal Reserve Agents, Gold reserves and dollar holdings 93, 221, 367, 505, designations for 1958 17 621, 731, 867, 999, 1133, 1233, 1359, 1467 Chalkley, Henry G., Jr., reappointed Class C National Bank of: at Atlanta 18 Condition 96, 224, 370, 508, 624, 734, Chandler, Lester V., appointed Deputy Chair- 870, 1002, 1136, 1236 man at Philadelphia .17, 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 44 1493 Pages Pages Directors, Federal Reserve Banks—Continued Directors, Federal Reserve Banks—Continued Class A and Class B, elections of ... 141, 1394 Reed, Philip D., elected Class B at New York .1394 Class C, appoinments of 18, 141, 930 Ringland, Joseph F., Class A at Minneapolis, Colvard, D. W., reappointed Class C at death of . .. 141 Richmond 18 Russell, J. Stuart, reappointed Deputy Comer, Donald, reelected Class B at Chairman at Chicago 17 Atlanta . 1395 Schoonover, John A., reelected Class A at Crocker, John H., elected Class A at San Francisco 1396 Chicago 1395 Seacrest, Joe W., reappointed Class C and Decker, Alonzo G., Jr., reappointed Deputy Deputy Chairman at Kansas City . . 17, 18 Chairman at Richmond 17 Smith, McGregor, elected Class B at Atlanta 1395 Deputy Chairmen, appointments for 1958 .17 Smith, Robert J., reappointed Class C, Dodds, E. M., reelected Class B at Kansas Chairman, and Federal Reserve Agent City 1396 at Dallas 17, 18 Fleming, Lamar, Jr., appointed Class C at Sprague, Robert C, reappointed Class C, Dallas 18, 20 Chairman, and Federal Reserve Agent at Flodin, F. Albee, Class C at Minneapolis, death Boston ... 17, 18 of 799 Supplee, Henderson, Jr., designated Chairman Freeman, Y. Frank, reappointed Deputy Chair- and Federal Reserve Agent at Philadelphia 17, 19 man at San Francisco 17 Thompson, Joseph H., reappointed Grede, William J., reelected Class B at Deputy Chairman at Cleveland 17 Chicago .1395 Van Buskirk, Arthur B., designated Chairman Hall, Raymond W., designated Chairman and and Federal Reserve Agent at Cleveland 17 Federal Reserve Agent at Kansas City . .17 Warden, John H., appointed Class C Hardwick, Charles Z., reelected Class B at at Minneapolis 930 Cleveland 1395 Welk, Philip I., reappointed Class C Harrison, Thomas G., reelected Class B at at San Francisco 18 Minneapolis 1396 Werre, Arthur, Jr., elected Class A Healy, Joseph E., Class A at Richmond, at St. Louis 1395 death of 1166 Wessell, Nils Y., appointed Class C at Boston 18, 19 Hershey, L. Vinton, reelected Class B at Whittemore, Eugene B., elected Class B Richmond . 1395 at Boston 1394 Hill, Forrest F., reappointed Class C and Woodward, John B., Jr., designated Chairman Deputy Chairman at New York 17, 18 and Federal Reserve Agent at Richmond . 17 Hoadley, Walter E., Jr., appointed Class C Wooten, Jesse D., appointed Class C at Philadelphia 141 at St. Louis 18, 20 Hood, Harvey P., appointed Deputy Chairman Zachry, H. B., elected Class B at Dallas 1396 at Boston 17, 19 Directors, Federal Reserve branch banks: Jesness, O. B., reappointed Class C and Deputy Alexander, R. H., appointed at Little Rock 19, 20 Chairman at Minneapolis 17, 18 Anderson, Henry N., appointed at Seattle 19, 20 Johnson, O. Albert, elected Class A at Appointments of 18, 21, 141, 930, 1166 Philadelphia 1394 Aull, George H., appointed at Charlotte . 18, 20 Johnson, Walter S., reelected Class B at Battey, C. Wheaton, reappointed at Omaha .23 San Francisco . 1396 Bellamy, J. W., Jr., appointed at Little Rock 22 Kennedy, W. S., reelected Class A at Kansas Benton, E. C, reappointed at Little Rock 22 City . 1396 Beretta, J. W., reappointed at San Antonio 23 List of 1476 Bovaird, Davis D., reappointed at Lockwood, William M., elected Class A at Oklahoma City . . . . . 19 Boston .... 1394 Braley, Warren W., reappointed at Portland 19 Longwell, J. H., appointed Deputy Chairman Brown, John E., reappointed at Memphis 22 at St. Louis 17, 20 Bryan, L. R., Jr., reappointed at Houston 23 Lykes, Joseph T., resignation as Class B Butler, John P., reappointed at El Paso 23 at Atlanta . . 1395 Callan, W. B., reappointed at Houston . . .23 McBride, Pierre B., designated Chairman and Cannon, Robert J., reappointed at Lcs Angeles 19 Federal Reserve Agent at St. Louis . 17 Childress, Floyd, reappointed at El Paso 23 McLaughlin, J. Edd, reelected Class A at Cosgriff, Stewart, appointed at Denver 23 Dallas .1396 Dalrymple, Daniel M., appointed at Buffalo 18, 19 Mitchell, Walter M., designated Chairman and Davidson, Philip, reappointed at Louisville 19 Federal Reserve Agent at Atlanta . 17 Downing, John R., Birmingham, death of 799 Moorhead, John A.: Drackett, Roger, reappointed at Cincinnati 21 Elected Class A at Minneapolis .141 Fischer, William J., New Orleans, death of 1066 Reelected Class A at Minneapolis 1396 Flanagan, John C, reappointed at Houston 19 Offutt, A. Scott, elected Class A at Forbes, George J., reappointed at Omaha .23 Richmond . 1395 Godchaux, Frank A., Ill, appointed at Palmer, Frank R., elected Class B at New Orleans 18, 20 Philadelphia .1394 Green, Joshua, Jr., appointed at Seattle .24 Perrin, Leslie N., designated Chairman and Hannah, John A., reappointed at Detroit 18 Federal Reserve Agent at Minneapolis 17 Hiller, Oscar, appointed at Salt Lake City 24 Prall, Bert R., reappointed Class C, Chairman, Hotchkiss, Lawrence O., appointed at Pittsburgh 21 and Federal Reserve Agent at Chicago 17, 18 Houston, P. D., Jr., appointed at Nashville 22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1494 FEDERAL RESERVE BULLETIN • DECEMBER 1958 Pages Pages Directors, Federal Reserve branch banks—Continued Dominican Republic: Irvine, W. Bay, reappointed at Cincinnati . . .18 Central Bank of: James, Donald D., appointed at San Antonio . . 23 Condition 96, 224, 370, 508, 624, 734, 870, Johnson, V. S., Jr., appointed at Nashville 141 1002, 1136, 1236 Jorgenson, O. M., appointed at Helena . . .22 Gold reserves . 1360, 1468 Kopald, S. L., Jr., appointed at Memphis .141 Gold reserves and Krauth, W. N., appointed at Nashville 141 dollar holdings . .93, 221, 367, 505, 621, 731 List of 1476 Downing, John R., director at Birmingham Maddox, D. U., reappointed at New Orleans . . .22 Branch, death of .799 Mathews, William R., appointed at El Paso .... 141 Drackett, Roger, reappointed director at Mayberry, William A., appointed at Detroit . . .22 Cincinnati Branch 21 Mclntosh, W. Scott, reappointed at Louisville .22 Dwelling units started 75, 191, 349, 483, 599, 701, 849, McLeod, C. B., appointed at Jacksonville 22 979, 1115, 1215, 1335, 1447 Moench, Ernest J., resignation at Nashville .... 141 Moreell, Ben, resignation at Pittsburgh 1065 Earnings and expenses: Murphy, R. J., appointed at Birmingham 930 Federal Reserve Banks .... .24, 200 Nielsen, Aksel, reappointed at Denver .... 19 Insured commercial banks 719 Otten, John M., appointed at Helena ... . 19, 20 Member banks 648, 710, 1275, 1346 Patton, Ernest, reappointed at Charlotte ... .21 Earnings and hours, manufacturing Paxton, James L., Jr., reappointed at Omaha . 19 industries . . 77, 193, 351, 485, 601, 703, 851, Paxton, Joe D., reappointed at Los Angeles .... 23 981, 1117, 1217, 1337, 1449 Persons, John C, appointed at Birmingham .21 Economic conditions: Potter, Ernest W., reappointed at Detroit ... .22 Battle against recession, statement of Reitz, J. Wayne, reappointed at Jacksonville . 18 Chairman Martin on .... 540 Rosenblatt, Joseph, reappointed at Economic policy considerations, statement Salt Lake City 19 of Chairman Martin on 252 Russell, John G., appointed at Louisville .22 Money and credit in the recession, article on .753 Russell, Simpson, appointed at Memphis . . .22 Pattern of recovery, article on . . . .1253 Ryan, John T., Jr., appointed at Pittsburgh .1166 Recession in labor market, article on 525 Sheffield, Selden, appointed at Birmingham .141 Recession in world trade, 1957-58, article on . 1153 Shumate, J. N., appointed at Baltimore .21 Ecuador, Central Bank of: Spink, E. Perry, appointed at Buffalo . . .21 Condition 96, 224, 370, 508, 624, 734, Stephenson, C. B., appointed at Portland .23 870, 1002, 1136, 1236 Stuart, C. P., appointed at Oklahoma City ... .23 Discount rate . 1364, 1472 Thomas, Alex R., reappointed at San Antonio .19 Gold reserves . 1360, 1468 Tiller, Waldo E., appointed at Little Rock . . 19, 20 Egypt: Warner, John C, reappointed at Pittsburgh .18 Gold reserves and dollar holdings 93, 221, 367, 505, Wilson, Irving W., reappointed at Pittsburgh .21 621, 731, 867, 999, 1133, 1233, 1359, 1467 Wolfe, T. M., appointed at Cincinnati 21 National Bank of: Zarfoss, Clarence R., reappointed at Baltimore . 18 Condition 96, 224, 370, 508, 624, 734, 870, Discount rates: 1002, 1136, 1236 Central banks, selected countries, 1956-58 .1026 Discount rate 1364, 1472 Federal Reserve Banks: Gold reserves 92, 220, 366, 504, 620, 730, 866, Changes in 141, 298, 434, 549, 930, 1065, 998, 1132, 1232, 1360, 1468 1166, 1285 El Salvador: Tables of 34, 150, 305, 442, 558, 660, 808, Central Reserve Bank of: 938, 1074, 1174, 1294, 1406 Condition .96, 224, 370, 508, 624, 734, Foreign central banks 99, 227, 373, 511, 627, 737, 870, 1002, 1136, 1236 873, 1005, 1139, 1239, 1364, 1472 Discount rate 99, 227, 373, 511, 627, 737, 873, Discounts and advances by Federal Reserve Banks: 1005, 1139, 1239, 1364, 1472 Condition statement data 35, 151, 309, 443, 559, Gold reserves 92, 220, 366, 504, 620, 730, 661, 809, 939, 1075, 1175, 1295, 1407 866, 998, 1132, 1232, 1361, 1469 Weekly and monthly data 31, 147, 305, 439, 555, Gold reserves and dollar 657, 805, 935, 1071, 1171, 1291, 1403 holdings .93, 221, 367, 505, 621, 731 Dividends: Employment: Corporate 59-60, 175-76, 333-34, 467-68, 583-84, 685-86, 833-34, 963-64, 1099-1100, Labor force .76, 192, 350, 484, 600, 702, 850, 1199-1200, 1319-20, 1431-32 980, 1116, 1216, 1336, 1448 Federal Reserve Banks . . . . .24, 200 Labor market, recession in, article on .525 Insured commercial banks 719 Manufacturing production Member banks 648, 650, 710, 1275-76, 1346 worker 77, 193, 351, 485, 601, 703, 851, Dodds, E. M., reelected Class B director at 981, 1117, 1217, 1337, 1449 Kansas City ... ... .1396 National summary of business Dollar assets, foreign: conditions . .26, 143, 300, 435, 550, 653, 800, Foreign countries and international 931, 1067, 1167, 1286, 1398 institutions 93, 221, 367, 505, 621, 731, Nonagricultural 76, 192, 350, 484, 600, 702, 850, 867, 999, 1133, 1233, 1359, 1467 980, 1116, 1216, 1336, 1448 Held at Federal Reserve Banks 90, 218, 364, 502, England (See United Kingdom) 618, 728, 864, 996, 1130, 1230, 1357, 1465 European Payments Union, gold reserves 1361, 1469 International gold and dollar flows, article on 241 Expenses (See Earnings and expenses) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 44 1495 Pages Pages Export-Import Bank, loans, etc. 52, 168, 326, 460, 576, Federal Reserve Act: 678, 826, 956, 1092, 1192, 1312, 1424 Section 2, amendment relating to readjustment Exports {See Foreign trade) of Federal Reserve districts to include Alaska 798 Farm mortgage loans: Section ll(k), interpretation relating to scope Bank holdings 61, 177, 335, 469, 585, 687, 835, of ninth ("general") trust power 430 965, 1101, 1201, 1321, 1433 Section 13b, repeal of, and return of surplus Govt. agency loans 52, 168, 326, 460, 576, to Treasury 1059 678, 826, 956, 1092, 1192, 1312, 1424 Section 14(b), amendment extending authority Life insurance company holdings . . . . 62, 178, 336, of Federal Reserve Banks to purchase and 470, 586, 688, 836, 966, 1102, 1202, 1322, 1434 sell Govt. obligations directly from or to Farrell, John R., appointed Associate Director of the U. S 798 Division of Bank Operations . .799 Section 19, proposed amendments relating to Federal Advisory Council: reserve requirements of member banks 427 Meetings 141, 298, 549, 1065, 1285 Section 24, amendment relating to national bank real estate loans participated in by Members and staff: Small Business Administration 902 Denton, Frank R., elected President 298 Korsvik, William J., appointed Assistant Federal Reserve Agents, designations for 1958 17 Secretary . .298 Federal Reserve Bank notes, outstanding and in List of . 1476 circulation 39, 155, 313, 447, 563, 665, 813, Livingston, Homer J., elected Vice 943, 1079, 1179, 1299, 1411 President . 298 Federal Reserve Bank of Dallas: Prochnow, Herbert V., appointed Sec- Lang, Arthur H., appointed General Auditor .799 retary 298 Federal Reserve Bank of Philadelphia: Federal business-type activities, assets and Bopp, Karl R., appointed President 299 liabilities, by fund or activity 52, 168, 326, Davis, W. John, retirement as First Vice 460, 576, 678, 826, 956, 1092, President 299 1192, 1312, 1424 Hilkert, Robert N., appointed First Vice Federal Deposit Insurance Corporation, assets President , 299 and liabilities .52, 168, 326, 460, 576, 678, Williams, Alfred H., retirement as President . .299 826, 956, 1092, 1192, 1312, 1424 Federal Reserve Banks: Authority to purchase and sell Govt. obliga- Federal finance: tions directly from or to the U. S., extension Bank investments and Treasury finance, of 798 discussion 116, 756 Branches {See Branch banks, Federal Reserve Capital markets in 1958 1380 Cash transactions 54, 170, 328, 462, 578, System) 680, 828, 958, 1094, 1194, 1314, 1426 Chairmen and Deputy Chairmen 17, 1476 Receipts and expenditures .... 55, 171, 329, 463, Condition statement 35-36, 151-52, 309-10, 579, 681, 829, 959, 1095, 1195, 1315, 1427 443-44, 559-60, 661-62, 809-10, 939-40, 1075-76, 1175-76, 1295-96, 1407-08 Treasurer's balance 54, 170, 328, 462, 578. Directors {See Directors, Federal 680, 828, 958, 1094, 1194, 1314, 1426 Reserve Banks) Federal home loan banks: Discount rates: Assets and liabilities 52, 168, 326, 460, 576, Changes in . . 141, 298, 434, 549, 930, 678, 826, 956, 1092, 1192, 1312, 1424 1065, 1166, 1285 Lending activity 63, 179, 337, 471, 587, Tables of 34, 150, 308, 442, 558, 660, 689, 837, 967, 1103, 1203, 1323, 1435 808, 938, 1074, 1174, 1294, 1406 Federal Housing Administration: Earnings and expenses 24, 200 Assets and liabilities 52, 168, 326, 460, 576, Officers 1476 678, 826, 956, 1092, 1192, 1312, 1424 Section 13b loan authority, repeal of, and Loans insured by 61-63, 177-79, 335-37, return of surplus to Treasury .... . 1059 469-71, 585-87, 687-89, 835-37, 965-67, Small Business Investment Act, provisions 1101-03, 1201-03, 1321-23, 1433-35 relating to . 1059 Federal National Mortgage Association: U. S. Govt. security holdings: Assets and liabilities 52, 168, 326, 460, 576, Condition statement data 678, 826, 956, 1092, 1192, 1312, 1424 35-36, 151-52, 309-10, 443-44, 559-60, Lending activity 63, 179, 337, 471, 587, 661-62, 809-10, 939-40, 1075-76, 689, 837, 967, 1103, 1203, 1323, 1435 1175-76, 1295-96, 1407-08 Federal Open Market Committee: Ownership data 56-57, 172-73, 330-31, 464-65, Meetings 24, 141, 298, 434, 549, 652, 799, 580-81, 682-83, 830-31, 960-61, 1096-97, 930, 1065, 1166, 1285, 1396 1196-97, 1316-17, 1428-29 Members: Weekly and monthly data 31, 147, 305, 439, Election of 298 555, 657, 805, 935, 1071, 1171, 1291, 1403 Hayes, Alfred, reelected Vice Chairman. .298 Federal Reserve Bulletin: Martin, Wm. McC, Jr., reelected Subscription rate for member banks .259 Chairman .298 Tables, changes in {See Tables, Federal Members and staff 1476 Reserve Bulletin) Open market operations in long-term securities, article on . 1260 Federal Reserve Chart Book 549, 1066 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1496 FEDERAL RESERVE BULLETIN • DECEMBER 1958 Pages Pages Federal Reserve credit: First Vice Presidents of Federal Reserve Banks: Condition statement data 35-36, 151-52, 309-10, Davis, W. John, retirement at Philadelphia .299 443-44, 559-60, 661-62, 809-10, 939-40, Hilkert, Robert N., appointed at Philadelphia . 299 1075-76, 1175-76, 1295-96, 1407-08 List of . 1476 Weekly and monthly data 31, 147, 305, 439, 555, Fischer, William J., director at New Orleans Branch, death of 1066 657, 805, 935, 1071, 1171, 1291, 1403 Flanagan, John C, reappointed director at Federal Reserve districts, readjustment to Houston Branch 19 include Alaska . . .... 798 Fleming, Lamar, Jr., appointed Class C Federal Reserve float, factor affecting director at Dallas .... ... 18, 20 Float, factor affecting bank reserves . . 128, 133 bank reserves 128, 133 Flodin, F. Albee, Class C director at Federal Reserve notes: Minneapolis, death of .799 Collateral for 37, 153, 311, 445, 561, 663, 811, Flow-of-funds tables 142 941, 1077, 1177, 1297, 1409 Forbes, George J., reappointed director at Condition statement data 35-36, 151-52, 309-10, Omaha Branch . . .23 443-44, 559-60, 661-62, 809-10, 939-40, Foreign central banks: 1075-76, 1175-76, 1295-96, 1407-08 Assets and liabilities 94, 222, 368, 506, 622, 732, Federal Reserve Agents' accounts 37, 153, 311, 445, 868, 1000, 1134, 1234 561, 663, 811, 941, 1077, 1177, 1297, 1409 Table discontinued 1285 Interest paid to Treasury . . 24, 200 Discount rates 99, 227, 373, 511, 627, 737, Outstanding and in circulation 39, 155, 313, 447, 873, 1005, 1139, 1239, 1364, 1472 563, 665, 813, 943, 1079, 1179, 1299, 1411 Gold reserves . 92, 220, 366, 504, 620, 730, Federal Reserve policy: 866, 998, 1132, 1232, 1360, 1468 Bank credit and money in 1957, article on 118 Foreign deposits in U. S. banks: Economic policy considerations, statement Banks and the monetary system 40, 156, 314, of Chairman Martin on 252 448, 564, 666, 814, 944, 1080, Flexible monetary policy, statement 1180, 1300, 1412 of Chairman Martin on 134 Commercial banks, by classes . . 45, 161, 319, Monetary policy and recession, statement 453, 569, 671, 819, 949, 1085, 1185, 1305, 1417 of Chairman Martin on . 542 Federal Reserve Banks: Money and credit in the recession, article on .753 Condition statement data . . 35-36, 151-52, Open market operations in long-term 309-10, 443-44, 559-60, 661-62, 809-10, securities, article on 1268 939-40, 1075-76, 1175-76, 1295-96, 1407-08 Principal policy actions, mid-October Held for foreign correspondents . . . 90, 218, 1957 to mid-April 1958 545, 546 364, 502, 618, 728, 864, 996, 1130, Federal Reserve System: 1230, 1357, 1465 Admissions of State banks to membership 25, 142 Weekly and monthly data 31, 147, 305, 549, 652, 799, 930, 1285, 1397 439, 555, 657, 805, 935, 1071, Small Business Investment Act, 1171, 1291, 1403 provisions relating to 1059 Weekly reporting member banks . . .47, 163, 321, Fiduciary powers of national banks, interpretation 455, 571, 673, 821, 951, 1087, relating to scope of ninth ("general") power 430 1187, 1307, 1419 Finance company paper: Foreign exchange rates . 100, 228, 374, 512, 628, Rates .49, 165, 323, 457, 573, 675, 823, 738, 874, 1006, 1140, 1240, 1365, 1473 953, 1089, 1189, 1309, 1421 Foreign financing corporations: Volume outstanding 48, 164, 322, 456, 572, 674, Titles of, amendment of Sections 3(b) and 822, 952, 1088, 1188, 1308, 1420 10(c)(2) of Regulation K 1389 Financial Institutions, Inc., Order under Bank Foreign investments, survey of 797 Holding Company Act 1162 Foreign liabilities and claims reported by banks . . 86-90, Financing business investment, article on 641 214-18, 360-64, 498-502, 614-18, 724-28, 860-64, Finland: 992-96, 1126-30, 1226-30, 1350-57, 1458-65 Bank of: Foreign trade: Condition 96, 224, 370, 508, 624, 734, 870, Merchandise exports and imports 79, 195, 1002, 1136, 1236 353, 487, 603, 705, 853, 983, 1119, Discount rate . 1364, 1472 1219, 1339, 1451 Gold reserves 92, 220, 366, 504, 620, 730, 866, Recession in world trade, 1957-58, article on .1153 998, 1132, 1232, 1360, 1468 France: Foreign exchange rates 100, 228, 374, 512, 628, Bank of: 738, 874, 1006, 1140, 1240, 1365, 1473 Condition 95, 223, 369, 507, 623, 733, Gold reserves and dollar 869, 1001, 1135, 1235 holdings 93, 221, 367, 505, 621, 731, 867, Discount rate . 99, 227, 373, 511, 627, 999, 1133, 1233, 1359, 1467 737, 873, 1005, 1139, 1239, 1364, 1472 Gold reserves 92, 220, 366, 504, 620, First Bank Stock Corporation, Orders under 730, 866, 998, 1132, 1232, 1360, 1468 Bank Holding Company Act 8, 1061 Foreign exchange rates 100, 228, 374, 512, First New York Corporation et al., Order 628, 738, 874, 1006, 1140, 1240, 1365, 1473 under Bank Holding Company Act . .902 Gold purchases by U. S 91, 219, 365, 503, First Security Corporation, Order under 619, 729, 865, 997, 1131, 1231, 1358, 1466 Bank Holding Company Act 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 44 1497 Pages Pages France—Continued Gold certificates—Continued Gold reserves and dollar holdings 93, 221, Federal Reserve Bank condition 367, 505, 621, 731, 867, 999, 1133, statement data .35-36, 151-52, 309-10, 433-44, 1233, 1359, 1467 559-60, 661-62, 809-10, 939-40, 1075-76, Open market rates 99, 227, 373, 511, 627, 1H5-76, 1295-96, 1407-08 Outstanding and in circulation 39, 155, 313, 447, 737, 873, 1005, 1139, 1239, 1363, 1471 563, 665, 813, 943, 1079, 1179, 1299, 1411 Freeman, Y. Frank, reappointed Deputy Chairman Govt. agencies, assets and liabilities (See Federal at San Francisco 17 business-type activities) Freight carloadings (See Carloadings) Govt. debt (See U. S. Govt. securities) Furth, J. Herbert, appointed Associate Adviser, Govt. securities (See U. S. Govt. securities) Division of International Finance .24 Grede, William J., reelected Class B director at Chicago . 1395 General Contract Corporation, Order under Bank Greece: Holding Company Act. 260 Bank of: Germany, Federal Republic of: Condition 97, 225, 371, 509, 625, 735, 871, Bank of German States: 1003, 1137, 1237 Discount rate . . .99, 227, 373, 511, 627, 737, Condition 97, 225, 371, 509, 625, 735, 873, 1005, 1139, 1239, 1364, 1472 871, 1003, 1137, 1237 Gold reserves 1360, 1468 Discount rate 99, 227, 373, 511, 627, Gold reserves and dollar holdings . 93, 221, 367, 737, 873, 1005, 1139, 1239, 1364, 1472 505, 621, 731, 867, 999, 1133, 1233, 1359, 1467 Foreign exchange rates 100, 228, 374, 512, Green, Joshua, Jr., appointed director at Seattle Branch 24 628, 738, 874, 1006, 1140, 1240, 1365, 1473 Gross national product 82-83, 198-99, 356-57, 490-91, Gold purchases by U. S 91, 219, 365, 503, 606-07, 708-09, 856-57, 986-87, 1122-23, 619, 729, 865, 997, 1131, 1231, 1358, 1466 1222-23, 1342-43, 1454-55 Gold reserves ... 92, 220, 366, 504, 620, 730, Guatemala: Bank of: 866, 998, 1132, 1232, 1360, 1468 Condition 97, 225, 371, 509, 625, 735, 871, Gold reserves and dollar holdings 93, 221, 367, 505, 621, 731, 867, 999, 1133, 1003, 1137, 1237 1233, 1359, 1467 Gold reserves . .92, 220, 366, 504, 620, 730, 866, 998, 1132, 1232, 1360, 1468 Ghana, gold production 90, 218, 364, 502, 618, Gold reserves and dollar 728, 864, 996, 1130, 1230, 1361, 1469 holdings .93, 221, 367, 505, 621, 731, 867, Godchaux, Frank A., Ill, appointed director at 999, 1133, 1233, 1359, 1467 New Orleans Branch . . . 18, 20 Hall, Raymond W., designated Chairman and Gold: Federal Reserve Agent at Kansas City. . . .17 Earmarked . . 91, 219, 365, 503, 619, 729, Hannah, John A., reappointed director at 865, 997, 1131, 1231, 1358, 1466 Detroit Branch 18 International gold and dollar flows, article on .241 Hardwick, Charles Z., reelected Class B Net purchases by U. S 91, 219, 365, 503, director at Cleveland 1395 Harris, Innis D., appointed Coordinator of Defense 619, 729, 865, 997, 1131, 1231, 1358, 1466 Planning of Board of Governors 1285 Outstanding, U. S. money 39, 155, 313, Harrison, Thomas G., reelected Class B 447, 563, 665, 813, 943, director at Minneapolis 1396 1079, 1179, 1299, 1411 Hayes, Alfred, reelected Vice Chairman of Production: Federal Open Market Committee .298 Domestic 91, 219, 365, 503, 619, 729, Healy, Joseph E., Class A director at 865, 997, 1131, 1231, 1358, 1466 Richmond, death of 1166 World . . 90, 218, 364, 502, 618, 728, Hersey, A. B., appointed Associate Adviser, Division of International Finance .24 864, 996, 1130, 1230, 1361, 1469 Hershey, L. Vinton, reelected Class B Reserves of central banks and governments . . 92, director at Richmond .... 1395 220, 366, 504, 620, 730, 866, 998, 1132, Hilkert, Robert N., appointed First Vice President 1232, 1360, 1468 of Federal Reserve Bank of Philadelphia . 299 Reserves of foreign countries and Hill, Forrest F., reappointed Class C director international inst 9 it 1 u , ti 2 o 1 n 9 s , 9 36 3 5 , , 2 5 2 0 1 3 , , 3 6 6 1 7 9 , , 5 7 0 2 5 9 , , 6 8 2 6 1 5 , , and Deputy Chairman at New York 17, 18 731, 867 9 , 9 9 7 9 , 9 , 1 1 11 3 3 1 3 , , 1 1 2 2 3 3 1 3 , , 1 1 3 3 5 5 8 9 , , 1 1 4 4 6 6 6 7 Hiller, Oscar, appointed director at StockC:onsolidated monetary statement . .40, 156, Salt Lake City Branch 24 Changes in 314, 448, 564, 666, 814, Hoadley, Walter E., Jr., appointed Class C director at Philadelphia 141 944, 1080, 1180, 1300, 1412 Home owners, Govt. agency loans 52, 168, 326, 460 Weekly and monthly data . 31, 147, 305, 439, 576, 678, 826, 956, 1092, 1192, 1312, 1424 555, 657, 805, 935, 1071, 1171, 1291, 1403 Honduras, central bank discount rate 1364, 1472 Gold certificates: Hood, Harvey P., appointed Deputy Collateral against Federal Reserve Chairman at Boston 17, 19 notes .37, 153, 311, 445, 561, 663, 811, Horbett, J. E., retirement as Associate Director 941, 1077, 1177, 1297, 1409 of Division of Bank Operations 298 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1498 FEDERAL RESERVE BULLETIN • DECEMBER 1958 Pages Pages Hotchkiss, Lawrence 0., appointed director Insurance companies—Continued at Pittsburgh Branch .21 U. S. Govt. security holdings 56-57, 172-73, 330-31, 464-65, 580-81, 682-83, 830-31, 960-61, Hours and earnings, manufacturing 1096-97, 1196-97, 1316-17, 1428-29 industries .77, 193, 351, 485, 601, 703, 851, Insured commercial banks: 981, 1117, 1217, 1337, 1449 Assets and liabilities 43-45, 159-61, 317-19, Housing: 451-53, 567-69, 669-71, 817-19, 947-49, Mortgage credit and construction, article on . . . 887 1083-85, 1183-85, 1303-05, 1415-17 Survey of consumer finances data 773-75 Banking offices, changes in number .202, 988 Houston, P. D., Jr., appointed director at Earnings and expenses 719 Number . 43, 159, 317, 451, 567, 669, 817, Nashville Branch . 22 947, 1083, 1183, 1303, 1415 Iceland, central bank discount rate. .1364, 1472 Number, by State . . 492 Imports {See Foreign trade) Interbank deposits: India: Banks, by classes 41, 157, 315, 449, 565, Foreign exchange rates 100, 228, 374, 512, 628, 667, 815, 945, 1081, 1181, 1301, 1413 738, 874, 1006, 1140, 1240, 1365, 1473 Commercial banks, by classes 45, 161, 319, Gold production. .90, 218, 364, 502, 618, 728, 864, 453, 569, 671, 819, 949, 1085, 996, 1130, 1230, 1361, 1469 1185, 1305, 1417 Gold reserves and dollar Factor affecting bank reserves . 127, 132 holdings .93, 221, 367, 505, 621, 731, 867, Weekly reporting member banks 47, 163, 999, 1133, 1233, 1359, 1467 321, 455, 571, 673, 821, 951, 1087, Reserve Bank of: 1187, 1307, 1419 Condition 97, 225, 371, 509, 625, 735, Interest rates: 871, 1003, 1137, 1237 Article on interest rates in leading countries .1019 Discount rate ... .99, 227, 373, 511, 627, 737, Bank reserve positions and, discussion . 1268 873, 1005, 1139, 1239, 1364, 1472 Bond yields: Gold reserves 92, 220, 366, 504, 620, Table .49, 165, 323, 457, 573, 675, 823, 730, 866, 998, 1132, 1232, 1360, 1468 953, 1089, 1189, 1309, 1421 Indonesia: U. S. Govt., change in series 25, 84 Bank Indonesia: Business loans by banks 49, 165, 323, 457, Condition .97, 225, 371, 509, 625, 735, 871, 573, 675, 823, 953, 1089, 1189, 1309, 1421 1003, 1137, 1237 Developments with respect to ... 120, 758, 1019 Discount rate 99, 227, 373, 511, 627, Discount rates, Federal Reserve Banks: 737, 873, 1005, 1139, 1239, 1364, 1472 Changes in 141, 298, 434, 549, 930, Gold reserves 92, 220, 366, 504, 620, 1065, 1166, 1285 730, 866, 998, 1132, 1232, 1360, 1468 Tables of 34, 150, 308, 442, 558, 660, Gold reserves and dollar holdings 93, 221, 808, 938, 1074, 1174, 1294, 1406 367, 505, 621, 731, 867, 999, 1133, Foreign countries: 1233, 1359, 1467 Discount rates 99, 227, 373, 511, 627, Industrial advances by Federal Reserve Banks: 737, 873, 1005, 1139, 1239, 1364, 1472 Condition statement data 35-36, 151-52, Open market rates 99, 227, 373, 511, 309-10, 443-44, 559-60, 661-62, 809-10, 627, 737, 873, 1005, 1139, 1239, 1363, 1471 939-40, 1075-76, 1175-76, 1295-96, 1407-08 Industrial loans of Federal Reserve Banks 38, Number and amount 37, 153, 311, 445, 561, 154, 312, 446, 562, 664, 812, 942, 663, 811, 941, 1077, 1177, 1297, 1409 1078, 1178, 1298 Rates 38, 154, 312, 446, 562, 664, 812, Table discontinued . 1397 942, 1078, 1178, 1298 Open market rates: Table discontinued .1397 Domestic 49, 165, 323, 457, 573, 675, Section 13b loan authority, repeal of 1059 823, 953, 1089, 1189, 1309, 1421 Industrial production: Foreign .99, 227, 373, 511, 627, 737, 873, Article on production and prices .... ... 1 1005, 1139, 1239, 1363, 1471 National summary of business conditions 26, Regulation V loans . .38, 154, 312, 446, 562, 664, 143, 300, 435, 550, 653, 800, 931, 1067, 812, 942, 1078, 1178, 1298, 1410 1167, 1286, 1398 Stock yields .49, 165, 323, 457, 573, 675, 823, Industrial production indexes 69, 185, 343, 477, 953, 1089, 1189, 1309, 1421 593, 695, 843, 973, 1109, 1209, 1329, 1441 Time deposits, maximum rates 1410 Revised . . 494 International Banking Corporation et al., Order Instalment loans 64-67, 180-83, 338-41, 472-75, under Bank Holding Company Act . .902 588-91, 690-93, 838-41, 968-71, 1104-07, International capital transactions 1204-07, 1324-27, 1436-39 of the U. S 86, 214, 360, 498, 614, 724, Revised estimates for 1957 .1344 860, 992, 1126, 1226, 1350, 1458 Insurance companies: International financial institutions: Mortgage activity of life insurance com- Condition . . .94, 222, 368, 506, 622, 732, 868, panies 62, 178, 336, 470, 586, 688, 1000, 1134, 1234, 1362, 1470 836, 966, 1102, 1202, 1322, 1434 Gold purchases or sales Principal assets of life insurance companies . .51, 167, 325, 459, 575, 677, 825, 955 byU. S 503,619,729,865,997,1131, 1091, 1191, 1311, 1423 1231, 1358, 1466 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 44 1499 Pages Pages International financial institutions—Continued James, Donald D., appointed director of San Gold reserves .92, 220, 366, 504, 620, 730, 866, Antonio Branch . . .23 998, 1132, 1232, 1360, 1468 Japan: Gold reserves and dollar Bank of: holdings .93, 221, 367, 505, 621, 731, 867, Condition .97, 225, 371, 509, 625, 735, 999, 1133, 1233, 1359, 1467 871, 1003, 1137, 1237 International gold and dollar flows, article on . . .241 Discount rate . .99, 227, 373, 511, 627, 737, International statistics, changes in tables .1285 873, 1005, 1139, 1239, 1364, 1472 Interpretations: Foreign exchange rates. . .100, 228, 374, 512, 628, Bank Holding Company Act (See Bank 738, 874, 1006, 1140, 1240, 1365, 1473 Holding Company Act of 1956) Gold reserves and dollar Regulations, Board of Governors (See holdings 93, 221, 367, 505, 621, 731, Regulations, Board of Governors) 867, 999, 1133, 1233, 1359, 1467 Inventories ... .83, 199, 357, 491, 607, 709, 857, Jesness, O. B., reappointed Class C director 987, 1123, 1223, 1343, 1455 and Deputy Chairman at Minneapolis 17, 18 Investments (See also specific types of investments): Johnson, O. Albert, elected Class A Banks, by classes. .41, 157, 315, 449, 565, 667, 815, director at Philadelphia . 1394 945, 1081, 1181, 1301, 1413 Johnson, V. S., Jr., appointed director at Commercial banks, by classes. . .44, 160, 318, 452, Nashville Branch .141 568, 670, 818, 948, 1084, 1184, 1304, 1416 Johnson, Walter S., reelected Class B Commercial banks, discussion. .116, 755, 756, 1385 director at San Francisco .1396 Federal Reserve Banks ...35-36, 151-52, 309-10, Jorgenson, O. M., appointed director at 443-44, 559-60, 661-62, 809-10, 939-40, Helena Branch .22 1075-76, 1175-76, 1295-96, 1407-08 Financing business investment, article on ...641 Kelleher, Joseph E., appointed Director of Division Foreign investments, survey of 797 of Administrative Services .24 Govt. agencies, etc 52, 168, 326, 460, 576, 678, Kennedy, W. S., reelected Class A director 826, 956, 1092, 1192, 1312, 1424 at Kansas City 1396 Life insurance companies. . .51, 167, 325, 459, 575, Koch, Albert R., title changed to Associate Adviser, 677, 825, 955, 1091, 1191, 1311, 1423 Division of Research and Statistics . . .24 Savings and loan associations. . .51, 167, 325, 459, Kopald, S. L., Jr., appointed director at 575, 677, 825, 955, 1091, 1191, 1311, 1423 Memphis Branch 141 Weekly reporting member banks. .46, 162, 320, 454, Korsvik, William J., appointed Assistant Secretary 570, 672, 820, 950, 1086, 1186, 1306, 1418 of Federal Advisory Council . . .298 Iran: Krauth, W. N., appointed director at Bank Melli Iran: Nashville Branch .141 Condition . .97, 225, 371, 509, 625, 735, 871, 1003, 1137, 1237 Labor force. .76, 192, 350, 484, 600, 702, 850, Discount rate 1364, 1472 980, 1116, 1216, 1336, 1448 Gold reserves ... .92, 220, 366, 504, 620, 730, Labor market, recession in, article on 525 866, 998, 1132, 1232, 1360, 1468 Lang, Arthur H., resignation as Chief Federal Gold reserves and dollar Reserve Examiner, to become General holdings .93, 221, 367, 505, 621, 731, 867, Auditor of Federal Reserve Bank of Dallas 799 999, 1133, 1233, 1359, 1467 Leading articles (See Articles) Iraq, gold reserves 1360, 1468 Lebanon, gold reserves . 1360, 1468 Ireland: Central Bank of: Legislation: Condition .97, 225, 371, 509, 625, 735, Bank Holding Company Act of 1956, 871, 1003, 1137, 1237 report to Congress under .... 776 Discount rate 1364, 1472 Defense Production Act of 1950, Gold reserves 1360, 1468 amendments to . . 798 Foreign exchange rates. . .100, 228, 374, 512, 628, Federal Reserve Act: 738, 874, 1006, 1140, 1240, 1365, 1473 Section 2, amendment relating to readjust- Irvine, W. Bay, reappointed director at ment of Federal Reserve districts to in- Cincinnati Branch .18 clude Alaska .798 Israel, Bank of: Section 13b, repeal of 1059 Condition. .97, 225, 371, 509, 625, 735, Section 14 (b), amendment extending au- 871, 1003, 1137, 1237 thority of Federal Reserve Banks to pur- Discount rate .. .1364, 1472 chase and sell Govt. obligations directly Italy: from or to the U. S 798 Bank of: Section 19, proposed amendments relating Condition .97, 225, 371, 509, 625, 735, to reserve requirements of member 871, 1003, 1137, 1237 banks . 427 Discount rate .99, 227, 373, 511, 627, 737, Section 24, amendment relating to na- 873, 1005, 1139, 1239, 1364, 1472 tional bank real estate loans partici- Gold reserves . .92, 220, 366, 504, 620, 730, pated in by Small Business Adminis- 866, 998, 1132, 1232, 1360, 1468 tration . . . . 902 Gold reserves and dollar Small Business Investment Act 1059, 1161 holdings 93, 221, 367, 505, 621, 731, Livingston, Homer J., elected Vice President of 867, 999, 1133, 1233, 1359, 1467 Federal Advisory Council .298 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1500 FEDERAL RESERVE BULLETIN • DECEMBER 1958 Pages Pages Loans {See also specific types of loans): Manufacturers, production indexes: Banks, by classes 41, 157, 315, 449, 565, 667, Consumer durable goods output 74, 190, 348, 815, 945, 1081, 1181, 1301, 1413 482, 598, 700, 848, 978, 1114, 1214, Commercial banks, by classes 44, 160, 318, 452, 1334, 1446 568, 670, 818, 948, 1084, 1184, 1304, 1416 Revised 495 Commercial banks, discussion. .114, 644, 755, 1385 Industrial . 69, 185, 343, 477, 593, 695, Credit extended by banks to real estate 843, 973, 1109, 1209, 1329, 1441 mortgage lenders, surveys of 258, 1058 Revised .494 Federal Reserve Banks: Manufacturing production, Census benchmark Condition statement data 35-36, 151-52, indexes of, article on .1386 309-10, 443-44, 559-60, 661-62, 809-10, Margin requirements: 939-40, 1075-76, 1175-76, Changes in ... 8, 24, 902, 930, 1166, 1279 1295-96, 1407-08 Loan to open-end investment company, Industrial advances. . .37, 153, 311, 445, 561, interpretation of Regulation U 1279 663, 811, 941, 1077, 1177, 1297, 1409 Table of 34, 150, 308, 442, 558, 660, 808, Member bank borrowings .33, 149, 307, 441, 938, 1074, 1174, 1294, 1406 557, 659, 807, 937, 1073, 1173, 1293, 1405 Marine Corporation, Order under Bank Holding Section 13b loan authority, repeal of ... 1059 Company Act . 1281 Weekly and monthly data 31, 147, 305, 439, Marine Midland Corporation, Order under Bank 555, 657, 805, 935, 1071, 1171, 1291, 1403 Holding Company Act . . .8 Govt. agencies, etc. .52, 168, 326, 460, 576, 678, Martin, Wm. McC, Jr.: 826, 956, 1092, 1192, 1312, 1424 Battle against recession, statement on . . 540 Life insurance companies: Economic policy considerations, statement on . 252 Assets .51, 167, 325, 459, 575, 677, 825, Flexible monetary policy, statement on . . .134 955, 1091, 1191, 1311, 1423 Reelected Chairman of Federal Open Market Mortgage activity. .62, 178, 336, 470, 586, 688, Committee ... .298 836, 966, 1102, 1202, 1322, 1434 Mathews, William R., appointed director at Member bank lending to small business, El Paso Branch 141 1955-57, article on 393 Mayberry, William A., appointed director at National bank loans secured by direct obliga- Detroit Branch . . .22 tions of the U. S., Regulation of Comptroller McBride, Pierre B., designated Chairman and of the Currency regarding. . 547 Federal Reserve Agent at St. Louis . .17 National bank real estate loans participated Mclntosh, W. Scott, reappointed director at in by Small Business Administration, amend- Louisville Branch .22 ment to Section 24 of Federal Reserve Act . 902 McLaughlin, J. Edd, reelected Class A director at Savings and loan associations: Dallas .1396 Assets . . . . 51, 167, 325, 459, 575, 677, McLeod, C. B., appointed director at Jacksonville 825, 955, 1091, 1191, 1311, 1423 Branch .22 Mortgage activity 62, 178, 336, 470, 586, 688, Meetings: 836, 966, 1102, 1202, 1322, 1434 Chairmen of Federal Reserve Banks 1396 Weekly reporting member banks .46, 162, 320, 454, Federal Advisory Council 141, 298, 549, 570, 672, 820, 950, 1086, 1186, 1306, 1418 1065, 1285 Loans insured or guaranteed: Federal Open Market Committee 24, 141, FHA-insured . . . 61-63, 177-79, 335-37, 469-71, 298, 434, 549, 652, 799, 930, 1065 585-87, 687-89, 835-37, 965-67, 1101-03, 1166, 1285, 1396 1201-03, 1321-23, 1433-35 Presidents of Federal Reserve Banks 141, Regulation V loans: 434, 652, 1065, 1396 Fees and rates . . 38, 154, 312, 446, 562, Member banks: 664, 812, 942, 1078, 1178, 129S. 1410 Assets and liabilities, by classes 45, 161, Loans guaranteed 37, 153, 311, 445, 561, 319, 453, 569, 671, 819, 949, 1085, 663, 811, 941, 1077, 1177, 1297, 1409 1185, 1305, 1417 VA-guaranteed . ... 61-63, 177-79, 335-37, Banking offices, changes in number. .202, 988 469-71, 585-87, 687-89, 835-37, 965-67, Borrowings at Federal Reserve Banks: 1101-03, 1201-03, 1321-23, 1433-35 By class of member bank . 33, 149, 307, 441, 557, 659, 807, 937, 1073, 1173, Lockwood, William M., elected Class A director 1293, 1405 at Boston . . . . .1394 Weekly and monthly data . 31, 147, 305, Longwell, J. H., appointed Deputy Chairman at 439, 555, 657, 805, 935, 1071, 1171, St. Louis ... 17, 20 1291, 1403 Luxembourg, gold reserves and dollar holdings . 93, Branches, number, by State .493 221, 367, 505, 621, 731, 867, 999, Business loans, survey of 393 1133, 1233, 1359, 1467 Credit extended by banks to real estate Lykes, Joseph T., resignation as Class B director mortgage lenders, surveys of .258, 1058 at Atlanta 1395 Deposits and reserves, by classes 33, 149, 307, 441, 557, 659, 807, 937, 1073, 1173, Maddox, D. U., reappointed director at New Orleans 1293, 1405 Branch 22 Earnings and expenses . 648, 710, 1275, 1346 Malaysia, foreign exchange rates 100, 228, 374, Loans secured by direct obligations of the 512, 628, 738, 874, 1006, 1140, 1240 U. S., Regulation of Comptroller of the 1365, 1473 Currency regarding . 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 44 1501 Pages Pages Member banks—Continued Mutual savings banks—Continued Number, by class 41, 157, 315, 449, 565, Number by State 492 667, 815, 945, 1081, 1181, 1301, 1413 Real estate loans held by 61, 177, 335, 469, 585, Number, by class and State .492 687, 835, 965, 1101, 1201, 1321, 1433 Operating ratios 720 u. S. Govt. security holdings 56-57, 172-73, Reserve positions and Federal Reserve policies, 330-31, 464-65, 580-81, 682-83, 830-31, discussion .118 960-61, 1096-97, 1196-97, 1316-17, 1428-29 Reserve requirements: By classes 34, 150, 308, 442, 558, 660, National bank notes, outstanding and in circulation. .39, 808, 938, 1074, 1174, 1294, 1406 155, 313, 447, 563, 665, 813, 943, 1079, 1179, Changes in 142, 260, 298, 430, 434, 547 99 1411 12 ? Legislative proposal for revision of .... 427 National banks* Reserves and related items 31 147 305 439 Alaskan banks, membership in Federal 555, 657, 805, 935 1071, 1171, 1291, 1403 Reserve System 798 Reserves, seasonal factors affecting, article on 122 liabilities . . 43, 159, 317, 451, 567, 669, Assets and Small business lending, 1955-57, article on ...393 317 947 jog \\%2> 1303 1415 3 Weekly reporting series 46 162,320,454 570, 672 Banking offices, changes in number ' .202, 988 . . _ , PO' 950' 1°86' 1186' 1306> 1418 Branches, number, by State .493 w u u Membership m Federal Reserve System: Earnings and expenses 710 Admissions of State banks. 25, 142 549 652 799 obligations ' of" the Loans secured by direct . , 1 • AI 1 ' ' IVo U. S., Regulation of Comptroller of the XT u National banks in Alaska .798 Currency regarding 547 Mexi£0:, Number 43, 159, 317, 451, 567, 669, f uanK 01: 817 94? 1O83 n83 13O3 1415 Condition .97, 225, 371, 509, 625, 735, , , ^ . ' ~ XT o ACk 871 1003 1137 1237 Number, by State 492 Discount rate . .99,227,373,511,627,737, Real estate loans. participated in by Small 873, 1005, 1139 1239 1364 1472 Business Administration, amendment to Sec- Gold reserves .'. . 92,' 220, 366, 504, 620, 730, tion 24 of Federal Reserve Act 902 866, 998, 1132, 1232, 1360, 1468 Trust powers, interpretation relating to scope Foreign exchange rates 100, 228, 374, 512, 628, 738, of ninth ("general") power 430 874, 1006, 1140, 1240, 1365, 1473 National income 82, 198, 356, 490, 606, 708, Gold production 90, 218, 364, 502, 618, 728, 856, 986, 1122, 1222, 1342, 1454 864, 996, 1130, 1230, 1361, 1469 National security expenditures: Gold purchases by U. S. 91, 219, 365, 503, 619, 729, National product series 83, 199, 357, 491, 607, 709, 865, 997, 1131, 1231, 1358, 1466 857, 987, 1123, 1223, 1343, 1455 Gold reserves and dollar Treasury statement basis 55, 171, 329, 463, 579, 681, Mineralhso, ldpirnogdsu ction index 9693,, 212815,, 336473,, 457075,, 569231,, 679351,, Netherlands: g29 959 1095, 1195, 1315, 1427 843 973 1109 1209 1329 1441 Foreign exchange rates 100, 228, 374, 512, 628, 738, Mitchell, Walter M., designated Chairman'and ' 874> 1006> 1140' 1240' 1365' 1473 Federal Reserve Agent at Atlanta 17 Gold purchases by U. S. 91, 219, 365, 503, Moench, Ernest J., resignation as director 619, 729, 865, 997, 1131, 1231, 1358, 1466 of Nashville Branch . 141 Gold reserves and dollar holdings . 93, 221, Monetary policy, statement of Chairman Martin on 134 367, 505, 621, 731, 867, 999, 1133, Monetary policy and recession, statement 1233, 1359, 1467 of Chairman Martin on ... ... . 542 Netherlands Bank: Money and bank credit in 1957, article on 113 Condition. .97, 225, 371, 509, 625, 735, Money and credit in the recession, article on 753 871> 10°3' 1137, 1237 Money rates (See Interest rates) Discount rate 99, 227, 373, 511, 627, Moorhead, John A.: 737, 873, 1005, 1139, 1239, 1364, 1472 Elected Class A director at Minneapolis . 141 Gold reserves 92, 220, 366, 504, 620 Reelected Class A director at Minneapolis 1396 730, 866, 998, 1132, 1232, 1360, 1468 627, Moreell, Ben, resignation as director at Open market rates 99, 227, 373, 511, 1471 Pittsburgh Branch . . .1065 737, 873, 1005, 1139, 1239, 1363, Mortgages (See Real estate loans) New Hampshire Bankshares, Inc., Order under Murphy, R. J., appointed director at Bank Holding Company Act 432 Birmingham Branch 930 New Zealand: Mutual savings banks: Foreign exchange rates 100, 228, 374, 512, Assets and liabilities 41, 157, 315, 449, 565, 667, 628, 738, 874, 1006, 1140, 1240, 1365, 1473 815, 945, 1081, 1181, 1301, 1413 Reserve Bank of: Banking offices, changes in number .... 202, 988 Condition 97, 225, 371, 509, 625, 735, Consolidated monetary statement 40, 156, 314, 448, 871, 1003, 1137, 1237 564, 666, 814, 944, 1080, 1180, 1300, 1412 Discount rate 99, 227, 373, 511, 627, Number ... 41, 157, 315, 449, 565, 667, 737, 873, 1005, 1139, 1239, 1364, 1472 815, 945, 1081, 1181, 1301, 1413 Gold reserves .1360, 1468 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1502 FEDERAL RESERVE BULLETIN • DECEMBER 1958 Pages Pages Nicaragua: Perrin, Leslie N., designated Chairman and Federal Central bank discount rate 1364, 1472 Reserve Agent at Minneapolis 17 Gold production 90, 218, 364, 502, 618, Personal income 83, 199, 357, 491, 607, 709, 728, 864, 996, 1130, 1230, 1361, 1469 857, 987, 1123, 1223, 1343, 1455 Nielsen, Aksel, reappointed director at Denver Persons, John C, appointed director at Birmingham Branch .... .19 Branch 21 Nonmember banks: Peru: Assets and liabilities 43-45, 159-61, 317-19, Central Reserve Bank of: 451-53, 567-69, 669-71, 817-19, 947-49, Condition . 98, 226, 372, 510, 626, 736, 1083-85, 1183-85, 1303-05, 1415-17 872, 1004, 1138, 1238 Banking offices, changes in number 202, 988 Discount rate ... .99, 227, 373, 511, 627, 737, Discounts and advances by Federal Reserve 873, 1005, 1139, 1239, 1364, 1472 Banks 35, 151, 309, 443, 559, 661, 809, Gold reserves ... .92, 220, 366, 504, 620, 730, 939, 1075, 1175, 1295, 1407 866, 998, 1132, 1232, 1360, 1468 Earnings and expenses 719 Gold reserves and dollar Number 43, 159, 317, 451, 567, 669, 817, holdings 93, 221, 367, 505, 621, 731, 947, 1083, 1183, 1303, 1415 867, 999, 1133, 1233, 1359, 1467 Number, by State 492 Philippine Republic: Northwest Bancorporation, Orders under Bank Central Bank of the Philippines: Holding Company Act .9, 11 Condition . .98, 226, 372, 510, 626, 736, Norway: 872, 1004, 1138, 1238 Bank of: Discount rate. . .99, 227, 373, 511, 627, 737, Condition 97, 225, 371, 509, 625, 735, 873, 1005, 1139, 1239, 1364, 1472 871, 1003, 1137, 1237 Gold reserves 1360, 1468 Discount rate 99, 227, 373, 511, 627, Foreign exchange rates 100, 228, 374, 512, 628, 738, 737, 873, 1005, 1139, 1239, 1364, 1472 874, 1006, 1140, 1240, 1365, 1473 Gold reserves 92, 220, 366, 504, 620, Gold reserves and dollar 730, 866, 998, 1132, 1232, 1360, 1468 holdings 93, 221, 367, 505, 621, 731, Foreign exchange rates 100, 228, 374, 512, 867, 999, 1133, 1233, 1359, 1467 628, 738, 874, 1006, 1140, 1240, Portugal: 1365, 1473 Bank of: Gold reserves and dollar holdings 93, 221, Condition .98, 226, 372, 510, 626, 736, 367, 505, 621, 731, 867, 999, 1133 872, 1004, 1138, 1238 1233, 1359, 1467 Discount rate .99, 227, 373, 511, 627, 737, 873, 1005, 1139, 1239, 1364, 1472 Offutt, A. Scott, elected Class A director at Gold reserves .92, 220, 366, 504, 620, 730, Richmond 1395 866, 998, 1132, 1232, 1360, 1468 Open-end investment companies, loans under Foreign exchange rates 100, 228, 374, 512, 628, 738, Regulation U, interpretation with respect to . .1279 874, 1006, 1140, 1240, 1365, 1473 Open market operations in long-term securities, Gold purchases by U. S. 91, 219, 365, 503, 619, 729, article on . 1260 865, 997, 1131, 1231, 1358, 1466 Operating ratios, member banks . 720 Gold reserves and dollar Otten, John M., appointed director at Helena holdings 93, 221, 367, 505, 621, 731, Branch .... 19, 20 867, 999, 1133, 1233, 1359, 1467 Postal Savings System: Pakistan, State Bank of: Consolidated monetary statement 40, 156, 314, 448, Condition 98, 226, 372, 510, 626, 736, 872, 564, 666, 814, 944, 1080, 1180, 1300, 1412 1004, 1138, 1238 Deposits, maximum rates .1410 Discount rate .... 99, 227, 373, 511, 627, 737, Potter, Ernest W., reappointed director at 873, 1005, 1139, 1239, 1364, 1472 Detroit Branch .22 Gold reserves 92, 220, 366, 504, 620, 730, Prall, Bert R., reappointed Class C director, 866, 998, 1132, 1232, 1360, 1468 Chairman, and Federal Reserve Agent at Palmer, Frank R., elected Class B director at Chicago 17, 18 Philadelphia 1394 Presidents of Federal Reserve Banks: Panama, Republic of, gold reserves and dollar Bopp, Karl R., appointed at Philadelphia . . 299 holdings . 93, 221, 367, 505, 621, 731, 867, List of 1476 999, 1133, 1233, 1359, 1467 Meetings of 141, 434, 652, 1065, 1396 Par List, banking offices on, and not on, Williams, Alfred H., retirement at Philadelphia 299 Prices: number . 203, 989 Article on production and prices ... 1 Paraguay, Central Bank of, condition 98, 226, Article on recent price trends .387 372, 510, 626, 736, 872, 1004, 1138, 1238 Commodity, national summary of business Patton, Ernest, reappointed director at Charlotte conditions 27, 144, 301, 436, 550, 654, Branch 21 801, 932, 1068, 1168, 1287, 1399 Paxton, James L., Jr., reappointed director at Consumer 80, 196, 354, 488, 604, 706, Omaha Branch 19 854, 984, 1120, 1220, 1340, 1452 Paxton, Joe D., reappointed director at Los Angeles Consumer, developments in 6, 388 Branch 23 Security 50, 166, 324, 458, 574, 676, Payrolls, manufacturing index 68, 184, 342, 476, 824, 954, 1090, 1190, 1310, 1422 592, 694, 842, 972, 1108, 1208, 1328, 1440 U. S. Govt. bonds, new price index .549, 612 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 44 1503 Pages Pages Prices—Continued Regulations, Board of Governors—Continued Wholesale commodity 80, 196, 354, 488, 604, 706, K, Corporations Doing Foreign Banking or 854, 984, 1120, 1220, 1340, 1452 other Foreign Financing under the Federal Prochnow, Herbert V., appointed Secretary of Reserve Act: Federal Advisory Council .298 Sections 3(b) and 10 (c)(2), amendment 1389 Production: T, Extension and Maintenance of Credit by Article on production and prices 1 Brokers, Dealers, and Members of National Securities Exchanges: Consumer durable goods output 74, 190, 348, 482, Margin requirements, 598, 700, 848, 978, 1114, 1214, 1334, 1446 changes in 8, 24, 902, 930, 1166, 1279 Revised indexes 495 Industrial 70, 186, 344, 478, 594, 696, U, Loans by Banks for the Purpose of Pur- 844, 974, 1110, 1210, 1330, 1442 chasing or Carrying Stocks Registered on a Revised indexes 494 National Securities Exchange: Manufacturing production, Census benchmark Loan to open-end investment company, indexes of, article on 1386 interpretation with respect to . 1279 Utility output ...73, 189, 347, 481, 597, 699, Margin requirements, 847, 977, 1113, 1213, 1333, 1445 changes in ... .8, 24, 902, 930, 1166, 1279 Revised indexes .495 V, Loan Guarantees for Defense Production: Profits: Fees and rates 38, 154, 312, 446, 562, 664, Corporate .59-60, 175-76, 333-34, 467-68, 583-84, 812, 942, 1078, 1178, 1298, 1410 685-86, 833-34, 963-64, 1099-1100, Loans guaranteed 37, 153, 311, 445, 561, 663, 1199-1200, 1319-20, 1431-32 811, 941, 1077, 1177, 1297, 1409 Insured commercial banks 719 Regulations, Comptroller of the Currency: Member banks . . .648, 650, 710, 1275, 1276, 1346 National Bank Loans Secured by Direct Publications, Board of Governors: Obligations of the U. S . 547 Annual report, 1957 549 Reitz, J. Wayne, reappointed director at Federal Reserve Bulletin, subscription rate Jacksonville Branch .18 for member banks 259 Reserve requirements, member banks: Federal Reserve Chart Book . .549, 1066 Changes in 142, 260, 298, 430, 434, 547 Flow-of-funds tables .142 Legislative proposal for revision of 427 List of . 1483 Table of 34, 150, 308, 442, 558, 660, 808, 938, 1074, 1174, 1294, 1406 Rates (See Foreign exchange rates; Interest rates) Reserves: Real estate loans: Commercial banks, by classes 45, 161, 319, 453, Commercial banks 61, 177, 335, 469, 585, 687, 569, 671, 819, 949, 1085, 1185, 1305, 1417 835, 965, 1101, 1201, 1321, 1433 Federal Reserve Banks 35-36, 151-52, 309-10, 443- Commercial banks, by classes 44, 160, 318, 452, 568, 44, 559-60, 661-62, 809-10, 939-40, 1075-76, 670, 818, 948, 1084, 1184, 1304, 1416 1175-76, 1295-96, 1407-08 Farm real estate, discussion 899 Foreign central banks and governments 92, 220, 366, Mortgage credit and construction, article on .887 504, 620, 730, 866, 998, 1132, 1232, 1360, 1468 Mortgage financing, discussion 1381 Foreign countries and international institutions 93, National bank loans participated in by Small 221, 367, 505, 621, 731, 867, 999, 1133, 1233, Business Administration, amendment to Sec- 1359, 1467 tion 24 of Federal Reserve Act 902 Member banks: Surveys of credit extended by banks to real Accounts with Federal Reserve Banks . . 35-36, estate mortgage lenders 258, 1058 151-52, 309-10, 443-44, 559-60, 661-62, Type of mortgage holder 61-63, 177-79, 335-37, 809-10, 939-40, 1075-76, 1175-76, 469-71, 585-87, 687-89, 835-37, 965-67 1295-96, 1407-08 1101-03, 1201-03, 1321-23, 1433-35 By class of member bank . . 33, 149, 307, 441, Type of property mortgaged 61-63, 177-79, 335-37, 469-71, 585-87, 687-89, 835-37, 965-67, 557, 659, 807, 937, 1073, 1173, 1293, 1405 1101-03, 1201-03, 1321-23, 1433-35 Commercial bank statement .... 45, 161, 319, Weekly reporting member banks 46, 162, 320, 454, 453, 569, 671, 819, 949, 1085, 1185, 570, 672, 820, 950, 1086, 1186, 1306, 1418 1305, 1417 Recession: Reserve positions and Federal Reserve policies, Battle against recession, statement of discussion 118 Chairman Martin on 540 Reserve positions and interest rates, discus- Monetary policy and recession, statement of sion 1268 Chairman Martin on 542 Reserve requirements: Money and credit in the recession, article on .753 Changes in . . 142, 260, 298, 430, 434, 547 Recession in the labor market, article on . . 525 Legislative proposal for revision of ... 427 Recession in world trade, 1957-58, article on .1153 Table of ... .34, 150, 308, 442, 558, 660, Recovery, article on pattern of . 1253 808, 938, 1074, 1174, 1294, 1406 Reed, Philip D., elected Class B director Reserves and related items . .31, 147, 305, 439, at New York . 1394 555, 657, 805, 935, 1071, 1171, 1291, 1403 Regulations, Board of Governors: Seasonal factors affecting, article on 122 D, Reserves of Member Banks: Weekly reporting banks 47, 163, 321, Reserve requirements, 455, 571, 673, 821, 951, 1087, 1187, changes in ... 142, 260, 298, 430, 434, 547 1307, 1419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1504 FEDERAL RESERVE BULLETIN • DECEMBER 1958 Pages Pages Reserves and bank credit, national summary of Small Business Administration: business conditions 27, 144, 301, 436, 551, Real estate loans participated in by, amendment 654, 801, 932, 1068, 1168, 1287, 1399 to Section 24 of Federal Reserve Act .902 Residential construction, developments in . 888, 1256 Small business financing study: Residential mortgage loans 61-63, 177-79, 335-37, Member bank lending to small business, 1955-57, 469-71, 585-87, 687-89, 835-37, 965-67, article on . ... 393 1101-03, 1201-03, 1321-23, 1433-35 Small Business Investment Act . . ... 1059, 1161 Rhodesia, gold production 90, 218, 364, 502, 618, Small-business investment companies, acquisition by 728,864,996, 1130, 1230, 1361, 1469 bank holding company and banking subsidiaries Ringland, Joseph F., Class A director at of stock in, interpretation with respect to 1161 Minneapolis, death of 14* Smith, James C, appointed Assistant Director of Rosenblatt, Joseph, reappointed director at Division of Examinations 799 Salt Lake City Branch 19 Smith, McGregor, elected Class B director at Russell, J. Stuart, reappointed Deputy Chairman Atlanta . . .1395 at Chicago . 17 Russell, John G., appointed director at Smith, Robert J., reappointed Class C director, Louisville Branch 22 Chairman, and Federal Reserve Agent at Dallas 17, 18 Russell, Simpson, appointed director at South Africa: Memphis Branch .22 Foreign exchange rates . . 100, 228, 374, 512, 628, Ryan, John T., appointed director at 738, 874, 1006, 1140, 1240, 1365, 1473 Pittsburgh Branch .1166 Gold production 90, 218, 364, 502, 618, 728, 864, 996, 1130, 1230, 1361, 1469 Sales finance companies, consumer loans of 64-65, Gold purchases by U. S. . 91, 219, 365, 503, 619, 180-81, 338-39, 472-73, 588-89, 690-91, 838-39, 729, 865, 997, 1131, 1231, 1358, 1466 968-69, 1104-05, 1204-05, 1324-25, 1436-37 Gold reserves and dollar holdings 93, 221, 367, Sammons, Robert L., appointed Associate Adviser, 505, 621, 731, 867, 999, 1133, 1233, 1359, 1467 Division of International Finance 24 South African Reserve Bank: Savings .82, 198, 356, 490, 606, 708, 856, 986, 1122, Condition 98, 226, 372, 510, 626, 736, 1222, 1342, 1454 872, 1004, 1138, 1238 Savings deposits {See Time deposits) Discount rate . . 99, 227, 373, 511, 627, 737, Savings institutions, principal assets 51, 167, 325, 873, 1005, 1139, 1239, 1364, 1472 459, 575, 677, 825, 955, 1091, 1191, 1311, 1423 Gold reserves . 92, 220, 366, 504, 620, 730, Savings and loan associations: 866, 998, 1132, 1232, 1361, 1469 Mortgage activity .62, 178, 336, 470, 586, 688, Spain: 836, 966, 1102, 1202, 1322, 1434 Principal assets . 51, 167, 325, 459, 575, 677, Bank of: 825, 955, 1091, 1191, 1311, 1423 Condition .98, 226, 372, 510, 626, 736, 872, Savings and personal income, discussion .1258, 1259, 1004, 1138, 1238 1383 Discount rate . . . .99, 227, 373, 511, 627, 737, Schaeffer, Lloyd M., appointed Chief 873, 1005, 1139, 1239, 1364, 1472 Federal Reserve Examiner 799 Gold reserves .92, 220, 366, 504, 620 Schoonover, John A., reelected Class A director Foreign exchange rates 228, 374, 512, 628, 738, at San Francisco 1396 874, 1006, 1140, 1240, 1365, 1473 Seacrest, Joe W., reappointed Class C director Gold reserves and dollar holdings ... 93, 221, 367, 505, 621, 731, 867, 999, 1133, 1233, 1359, 1467 and Deputy Chairman at Kansas City 17, 18 Special articles {See Articles) Securities, international transactions ...89-90, 217-18, Spink, E. Perry, appointed director at Buffalo Branch 21 363-64, 501-02, 617-18, 727-28, 863-64, 995-96, 1129-30, 1229-30, 1356-57, 1464-65 Sprague, Robert C, reappointed Class C director, Security issues: Chairman, and Federal Reserve Agent at Boston 17, 18 Corporate, early 1958, discussion 645 Staff of Board of Governors {See Board of Governors) Corporate, outstanding, net change in. . . 60, 176, State member banks: 334, 468, 584, 686, 834, 964, 1100, Admissions to membership in Federal Reserve 1200, 1320, 1432 System. .25, 142, 549, 652, 799, 930, 1285, 1397 New issues .58, 174, 332, 466, 582, 684, 832, Assets and liabilities 43, 159, 317, 451, 567, 962, 1098, 1198, 1318, 1430 669, 817, 947, 1083, 1183, 1303, 1415 Security markets, national summary of Banking offices, changes in number 202, 988 business conditions .27, 144, 301, 436, 551, 654, Branches, number, by State .493 801,932, 1068, 1168, 1287, 1399 Earnings and expenses 710 Shay, Jerome W., appointed Legislative Counsel of Number .43, 159, 317, 451, 567, 669, 817, 947, Board of Governors ... 24 1083, 1183, 1303, 1415 Sheffield, Selden, appointed director at Birmingham Number, by State ... . 492 Branch . . . .... 141 State and municipal securities: Sherman, Merritt, appointed Secretary of Board of Capital markets in 1958 1380 Governors ... 930, 1166 New issues .58, 174, 332, 466, 582, 684, 832, 962, 1098, 1198, 1318, 1430 Shumate, J. N., appointed director at Baltimore Prices .50, 166, 324, 458, 574, 676, 824, 954, Branch ... ... 21 1090, 1190, 1310, 1422 Silver coin and silver certificates, outstanding and in Yields .49, 165, 323, 457, 573, 675, 823, 953, circulation .39, 155, 313, 447, 563, 665, 813, 943, 1089, 1189, 1309, 1421 1079, 1179, 1299, 1411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 44 1505 Pages Pages States and political subdivisions: Switzerland—Continued Deposits: Swiss National Bank: Commercial banks, by classes . .45, 161, 319, Condition .98, 226, 372, 510, 626, 736, 453, 569, 671, 819, 949, 1085, 1185, 1305, 1417 872, 1004, 1138, 1238 Weekly reporting member banks 47, 163, 321, Discount rate . . 99, 227, 373, 511, 627, 737, 455, 571, 673, 821, 951, 1087, 1187, 1307, 1419 873, 1005, 1139, 1239, 1364, 1472 Holdings of U. S. Govt. securities 56, 172, 330, Gold reserves 92, 220, 366, 504, 620, 730, 464, 580, 682, 830, 960, 1096, 1196, 1316, 1428 866, 998, 1132, 1232, 1361, 1469 Ownership of obligations of: Syria, gold reserves 1361, 1469 Commercial bank holdings ... .44, 160, 318, 452, 568, 670, 818, 948, 1084, 1184, 1304, 1416 Tables, Federal Reserve Bulletin: Life insurance company holdings . . .51, 167, Annual and semiannual, with latest Bulletin 325, 459, 575, 677, 825, 955, 1091, 1191, reference . 1397 1311, 1423 Central banks, assets and liabilities, Stephenson, C. B., appointed director at Portland discontinuance of. . . 1285 Branch . . .. .23 Federal Reserve Bank rates on industrial loans, Stock market credit: discontinuance of 1397 Monthly table .50, 166, 324, 458, 574, 676, 824, Flow-of-funds tables . . . . 142 954, 1090, 1190, 1310, 1422 International statistics, changes in . . 1285 Stock Exchange firms, detailed debit and credit U. S. balance of payments, addition of 1285 balances, June 1951-58 .1347 U. S. Govt. bonds: Stocks: New price index . . 549, 612 Corporate, outstanding, net change in ... .60, 176, Yield series, change in 25, 84 334, 468, 584, 686, 834, 964, 1100, 1200, 1320, 1432 Tax receipts, Federal ... .55, 171, 329, 463, 579, 681, New issues . .58, 174, 332, 466, 582, 684, 832, 829, 959, 1095, 1195, 1315, 1427 962, 1098, 1198, 1318, 1430 Thailand: Prices 50, 166, 324, 458, 574, 676, 824, 954, Discount rate .99, 227, 373, 511, 627, 737, 873, 1090, 1190, 1310, 1422 1005, 1139, 1239, 1364, 1472 Yields .49, 165, 323, 457, 573, 675, 823, 953, Gold reserves .92, 220, 366, 504, 620, 730, 866, 1089, 1189, 1309, 1421 998, 1132, 1232, 1361, 1469 Stuart, C. P., appointed director at Oklahoma City Gold reserves and dollar holdings 93, 221, 367, Branch ... 23 505, 621, 731, 867, 999, 1133, 1233. 1359, 1467 Supplee, Henderson, Jr., designated Chairman and Thomas, Alex R., reappointed director at San Antonio Federal Reserve Agent at Philadelphia 17, 19 Branch . 19 Surveys: Thompson, Joseph H., reappointed Deputy Chairman Business loans of member banks 393 at Cleveland . . . 17 Common trust funds, 1957 535 Tiller, Waldo E., appointed director at Little Rock Consumer finances, 1958: Branch . 19, 20 Financial position of consumers . 1027 Time deposits: Preliminary findings . . .248 Adjusted, banks and the monetary system . 40, 156, Purchases of durable goods . . 760 314, 448, 564, 666, 814, 944, 1080, 1180, Credit extended by banks to real estate mort- 1300, 1412 gage lenders . ... .258, 1058 Banks, by classes . . .41, 157, 315, 449, 565, 667, Demand deposit ownership 532, 1066 815,945, 1081, 1181, 1301, 1413 Foreign investments .797 Commercial banks, by classes 45, 161, 319, Sweden: 453,569,671,819,949, 1085, Bank of: 1185, 1305, 1417 Condition 98, 226, 372, 510, 626, 736, 872, Factor affecting bank reserves. 127, 132 1004, 1138, 1238 Growth and structure of, article on 422 Discount rate 99, 227, 373, 511, 627, 737, Maximum rates . . 1410 873, 1005, 1139, 1239, 1364, 1472 Member banks, by classes ... 33, 149, 307, 441, Gold reserves . .92, 220, 366, 504, 620, 730, 557, 659, 807, 937, 1073, 1173, 1293, 1405 866, 998, 1132, 1232, 1361, 1469 Member banks, mid-1957 to mid-1958, Foreign exchange rates 100. 228, 374, 512, 628. article on . . 1277 738, 874, 1006, 1140, 1240, 1365. 1473 Weekly reporting member banks . . . 47, 163, 321, Gold purchases by U. S. 91, 219, 365, 503, 619, 455, 571, 673, 821, 951, 1087, 1187, 729, 865, 997, 1131, 1231, 1358, 1466 1307, 1419 Gold reserves and dollar holdings 93, 221, 367, Treasurer's account balance ... .54, 170, 328, 462, 578, 505, 621, 731, 867, 999, 1133, 1233, 1359, 1467 680, 828, 958, 1094, 1194, 1314, 1426 Open market rates 99, 227, 373, 511, 627, 737. Treasury cash: 873, 1005, 1139, 1239, 1363, 1471 Consolidated monetary statement . . . 40, 156, 314, Switzerland: 448, 564, 666, 814, 944, 1080, 1180, Foreign exchange rates 100, 228, 374. 512, 628, 1300, 1412 738, 874, 1006, 1140, 1240. 1365. 1473 Weekly and monthly data ... .31, 147, 305, 439, Gold purchases by U. S. 91, 219, 365, 503, 619, 555,657,805,935, 1071, 1171, 729, 865, 997, 1131, 1231, 1358. 1466 1291, 1403 Gold reserves and dollar holdings 93, 221, 367, Treasury currency: 505, 621, 731, 867, 999, 1133. 1233, 1359, 1467 Consolidated monetary statement ... .40, 156, 314, Open market rates 99. 227, 373, 511, 627, 737, 448, 564, 666, 814, 944, 1080, 1180 873, 1005, 1139, 1239, 1363, 1471 1300, 1412 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1506 FEDERAL RESERVE BULLETIN • DECEMBER 1958 Pages Pages Treasury currency—Continued U. S. Govt. balances—Continued Outstanding and in circulation 39, 155, 313, Treasury deposits—Continued 447, 563, 665, 813, 943, 1079, 1179, Weekly and monthly data 31, 147, 305, 1299, 1411 439, 555, 657, 805, 935, 1071, 1171, Weekly and monthly data 31, 147, 305, 439, 1291, 1403 555, 657, 805, 935, 1071, 1171, 1291, 1403 Weekly reporting member banks ... .47, 163, 321, Treasury deposits at Federal Reserve Banks: 455, 571, 673, 821, 951, 1087, 1187, Condition statement data . . . .35-36, 151-52, 309-10, 1307, 1419 443.44, 559-60, 661-62, 809-10, 939-40, U. S. Govt. securities: 1075-76, 1175-76, 1295-96, 1407-08 Authority of Federal Reserve Banks to purchase Factor affecting bank reserves 129 and sell directly from or to the U. S., exten- Treasury statement basis 54, 170, 328, 462, sion of 798 578, 680, 828, 958, 1094, 1194, 1314, 1426 Bank holdings: Weekly and monthly data ... 31, 147, 305, 439, By class of bank ... .41, 157, 315, 449, 565, 555, 657, 805, 935, 1071, 1171, 1291, 1403 667, 815, 945, 1081, 1181, 1301, 1413 Treasury finance (See Federal finance) Consolidated monetary statement ... .40, 156, Trust funds, common, survey of, 1957 535 314, 448, 564, 666, 814, 944, 1080, 1180, Trust powers of national banks, interpretation 1300, 1412 relating to scope of ninth ("general") power. .430 Ownership data 56-57, 172-73, 330-31, Turkey: 464-65, 580-81, 682-83, 830-31, 960-61, Central Bank of the Republic of: 1096-97, 1196-97, 1316-17, 1428-29 Condition .98, 226, 372, 510, 626, 736, Capital markets in 1958 1380 872, 1004, 1138, 1238 Commercial bank holdings ... .44, 160, 318, 452, Discount rate ... .99, 227, 373, 511, 627, 737, 568, 670, 818, 948, 1084, 1184, 1304, 1416 873, 1005, 1139, 1239, 1364, 1472 Federal Reserve Bank holdings: Gold Reserves ... .92, 220, 366, 504, 620, 730, Condition statement data 35-36, 151-52, 866, 998, 1132, 1232, 1361, 1469 309-10, 443-44, 559-60, 661-62, 809-10, Gold reserves and dollar holdings 93, 221, 939-40, 1075-76, 1175-76, 1295-96, 1407-08 367, 505, 621, 731, 867, 999, 1133, 1233, Ownership data 56-57, 172-73, 330-31, 1359, 1467 464-65, 580-81, 682-83, 830-31, 960-61, 1096-97, 1196-97, 1316-17, 1428-29 Unemployment. 76, 192, 350, 484, 600, 702, 850, Weekly and monthly data 31, 147, 305, 980, 1116, 1216, 1336, 1448 439, 555, 657, 805, 935, 1071, 1171, Unemployment, discussion . 526 1291, 1403 Union Bond & Mortgage Company, Orders Foreign and international holdings 93, 221, under Bank Holding Company Act . 1390, 1392 367, 505, 621, 731, 867, 999, 1133, 1233, Union of South Africa (See South Africa) 1359, 1467 United Kingdom: International transactions 89, 217, 363, 501, 617, 727, 863, 995, 1129, 1229, 1356, 1464 Bank of England: New issues, gross proceeds . . . .58, 174, 332, 466, Condition .94, 222, 368, 506, 622, 732, 582, 684, 832, 962, 1098, 1198, 1318, 1430 868, 1000, 1134, 1234 Open market operations in long-term securities, Discount rate ... .99, 227, 373, 511, 627, 737, article on 1260 873, 1005, 1139, 1239, 1364, 1472 Outstanding, by type of security ... 56-57, 172-73, Gold reserves .... 92, 220, 366, 504, 620, 730, 330-31, 464-65, 580-81, 682-83, 830-31, 960-61, 866, 998, 1132, 1232, 1361, 1469 1096-97, 1196-97, 1316-17, 1428-29 Foreign exchange rates 100, 228, 374, 512, 628, Ownership of 56-57, 172-73, 330-31, 464-65, 738, 874, 1006, 1140, 1240, 1365, 1473 580-81, 682-83, 830-31, 960-61, 1096-97, Gold purchases by U. S 91, 219, 365, 503, 619, 1196-97, 1316-17, 1428-29 729, 865, 997, 1131, 1231, 1358, 1466 Prices .50, 166, 324, 458, 574, 676, 824, 954, Gold reserves and dollar holdings ... .93, 221, 367, 1090, 1190, 1310, 1422 505, 621, 731, 867, 999, 1133, 1233, 1359, 1467 New price index 549, 612 Open market rates ... .99, 227, 373, 511, 627, 737, Weekly reporting member bank holdings . .46, 162, 873, 1005, 1139, 1239, 1363, 1471 320, 454, 570, 672, 820, 950, 1086, 1186, U. S. balance of payments: 1306, 1418 Monthly table 1285, 1363, 1471 Yields .49, 165, 323, 457, 573, 675, 823, 953, Recession in world trade, 1957-58 1154 1089, 1189, 1309, 1421 U. S. Govt. balances: Change in series for 25, 84 Commercial bank holdings, by classes ... .45, 161, United States notes, outstanding and in circulation .39, 319, 453, 569, 671, 819, 949, 1085, 1185, 155, 313, 447, 563, 665, 813, 943, 1079, 1305, 1417 1179, 1299, 1411 Consolidated monetary statement. . . .40, 156, 314, Uruguay: 448, 564, 666, 814, 944, 1080, 1180, 1300, 1412 Bank of the Republic of: Treasury deposits at Federal Reserve Banks: Condition 98, 226, 372, 510, 626, 736, Condition statement data ...35-36, 151-52, 872, 1004, 1138, 1238 309-10, 443-44, 559-60, 661-62, 809-10, Gold reserves 92, 220, 366, 504, 620, 730, 939-40, 1075-76, 1175-76, 1295-96, 1407-08 866, 998, 1132, 1232, 1361, 1469 Treasury statement basis ... .54, 170, 328, 462, Gold purchases by U. S 91, 219, 365, 503, 619, 578, 680, 828, 958, 1094, 1314, 1426 729, 865, 997, 1131, 1231, 1358, 1466 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 44 1507 Pages Pages Uruguay—Continued Warner, John C, reappointed director at Gold reserves and dollar holdings ... .93, 221, 367, Pittsburgh Branch 18 505, 621, 731, 867, 999, 1133, 1233, Welk, Philip I., reappointed Class C director at 1359, 1467 San Francisco .18 Utility output index 73, 189, 347, 481, 597, 699, Werre, Arthur, Jr., elected Class A director at 847, 977, 1113, 1213, 1333, 1445 St. Louis 1395 Revised ... 495 Wessell, Nils Y., appointed Class C director at Boston 18, 19 V-loans {See Defense production loans) Whittemore, Eugene B., elected Class B director at Van Buskirk, Arthur B., designated Chairman Boston 1394 and Federal Reserve Agent at Cleveland 17 Williams, Alfred H., retirement as President of Vardaman, James K., Jr., resignation as member Federal Reserve Bank of Philadelphia 299 of Board of Governors. .1396 Williams, Kenneth B., title changed to Associate Venezuela: Adviser, Division of Research and Statistics .24 Central Bank of: Wilson, Irving W., reappointed director at Condition .98, 226, 372, 510, 626, 736, Pittsburgh Branch . . . . .21 872, 1004, 1138, 1238 Wisconsin Bankshares Corporation, Orders under Discount rate ... .99, 227, 373, 511, 627, 737, Bank Holding Company Act 10, 15 873, 1005, 1139, 1239, 1364, 1472 Wolfe, T. M., appointed director at Cincinnati Gold reserves. . . .92, 220, 366, 504, 620, 730, Branch 21 866, 998, 1132, 1232, 1361, 1469 Woodward, John B., Jr., designated Chairman and Gold purchases by U. S 91, 219, 365, 503, Federal \ Reserve Agent at Richmond ... .17 619, 729, 865, 997, 1131, 1231, 1358, 1466 Wooten, J®sse D., appointed Class C director at Gold reserves and dollar holdings . . . .93, 221, 367, St. Louis 18, 20 505, 621, 731, 867, 999, 1133, 1233, 1359, 1467 Yields {See Interest rates) Veterans Administration: Yugoslavia: Assets and liabilities 52, 168, 326, 460, 576, Gold reserves 1361, 1469 678, 826, 956, 1092, 1192, 1312, 1424 National Bank of Federal People's Republic of, Loans guaranteed by 61-63, 177-79, 335-37, condition .98, 226, 372, 510, 626, 736, 872, 469-71, 585-87, 687-89, 835-37, 965-67, 1004, 1138, 1238 1101-03, 1201-03, 1321-23, 1433-35 Zachry, H. B., elected Class B director at Dallas. . 1396 Warden, John H., appointed Class C director at Zarfoss, Clarence R., reappointed director at Minneapolis 930 Baltimore Branch . . .18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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