Federal Reserve Bulletin, 1959-01

FEDERAL RESERVE B U LLETIN January BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM /(J\ 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 Consumer Durable Goods in Recovery Law Department 7 Current Events and Announcements 10 National Summary of Business Conditions 19 Financial and Business Statistics, U. S. (Contents on p. 21) 23 International Financial Statistics (Contents on p. 77) 78 Board of Governors and Staff 95 Open Market Committee and Staff; Federal Advisory Council 96 Federal Reserve Banks and Branches 96 Federal Reserve Board Publications 98 Index to Statistical Tables 100 Map of Federal Reserve System Inside back cover Volume 4£ * Number i i ~- — - —- 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

Consumer Durable Goods in Recovery LED BY expansion in consumer goods out- INDUSTRIAL M0DUCTI0M put, industrial activity was at an advanced 1953 57=100 stage of recovery at the end of 195 8. Output of consumer goods as a whole had declined less in recession, and turned up sooner, than output of either business equipment or in- 105 dustrial materials. Production and sales of consumer goods except automobiles were above previous peak levels in December, f / CONSUMER I / GOODS while total industrial production had not - 95 quite regained its pre-recession level. Automobile assemblies and sales did not begin to recover until late in the year, owing to special influences. Output of consumer durable goods other than automobiles 1 1 1 1 i ^ started to rise in the spring, soon after the upturn in production of consumer non- Noi i . --Seasonally adjusted indexes. December 1958 figures preliminary. durable goods. Recovery in housing activity also began early in the year and by Decem- personal income during the year. Income of ber the number of new housing units started farm operators also was higher in 1958 than had risen to the highest level in several years. in the preceding year, owing to higher Consumer outlays for services of all kinds average prices for farm products and larger continued their steady growth throughout marketings. the year. Total employment improved after April. Consumer income declined only slightly By December, the average workweek was during recession and turned up in March longer and wage rates were higher but wage a little before recovery developed in general and salary income from private activities had economic activity. By year-end, personal not yet regained earlier peaks. Unemployincome after taxes had risen 2 per cent ment was still relatively high, although beabove its pre-recession level. Increases in low earlier advanced levels. unemployment compensation and other Consumer prices at the end of 1958 were transfer payments limited the recession de- about the same as in the spring, and thus cline in income. Continued increases in larger consumer expenditures represented a employment and pay rates for employees of nearly equivalent expansion in real takings. The consumer price index had continued to State and local governments and a salary rise during the recession mainly because of increase at midyear for Federal employees higher prices for fresh foods and for services. contributed to the high level of total 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1959 SELECTED CONSUMER INDEXES 1953 55.100 90 1956 1957 19SS 1956 1957 195< 1956 1957 195< NOTE.—Seasonally adjusted series, except for prices, computed partly estimated by Federal Reserve. Bureau of Labor Statison 1953-55 base by Federal Reserve. Department of Commerce tics indexes for prices. December 1958 figures partly estimated. data for sales of retail stores and income after taxes, with latter While prices of services advanced further layed the supply of 1959 models. Recovery through the summer and autumn and prices in output and in deliveries to final purchasers of autos and some other goods increased, did not start until late October, when 1959 food prices declined as supplies improved. models began to be available in volume. By year-end, with automobile sales con- After October, production expanded rapsiderably expanded, total extensions of con- idly. Despite further work-stoppages at sumer instalment credit had returned to the some plants, production of autos in Decemadvanced level reached in 1957. Personal ber was at a seasonally adjusted annual rate loans and credit extended on purchases of of 6 million units. consumer durable goods other than auto- Situation before recovery. In the first 10 mobiles were at new highs, and credit ex- months of 1958, the number of domestically tended on automobiles had recovered appre- produced autos sold at retail was 30 per ciably from the lows reached earlier in the cent below the level in the corresponding year. period of the preceding year. This sharp contraction in demand reflected uncertain AUTOMOBILES income and employment prospects in the Changes in consumer expenditures in both early part of the year, as well as the large recession and recovery were largely domi- number of serviceable automobiles already nated by the automobile situation. The in the hands of consumers. decline in purchases of new autos was the There also appeared to be growing remost severe during the postwar period and sistance to higher prices and more than usual was the main factor reducing auto output in concern about the size, style, and design of 1958. At 4.2 million cars, output was the available models. "Compact" cars of dosmallest in a decade. mestic manufacture accounted for an in- Large dealer stocks at the beginning of creased proportion, about 3 per cent, of last year also contributed to the smaller vol- total sales in 1958. The over-all decline in ume of production, and extended work-stop- sales of domestic autos was also accompages at assembly plants in the autumn de- panied by further expansion in sales of im- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER DURABLE GOODS IN RECOVERY ported autos. These rose from 207,000 in 1957 to about 375,000 in 1958, or from AUTO PRICES 195316= 100 3 per cent to 8 per cent of total sales. Demand for used cars was well maintained in 1958. With supplies from trade- I ins on purchases of new cars greatly reduced, \ i dealer stocks dropped until November to \ NEW CARS the lowest levels in several years and there " *l - 100 was a steady rise in used-car prices over most of the year. The number of used cars sold / USED CARS declined about 10 per cent from 1957. - Output of autos declined more than sales in the first 10 months of 1958. The differ- 1 1 1 ence reflected liquidation of unusually large dealer stocks carried over from 1957 and a NOTE.—Bureau of Labor Statistics data for consumer prices, further drop in production for export. At the shifted to 1953-55 base by Federal Reserve. Latest data shown, November. end of 1957, as the chart below shows, dealer stocks approximated 825,000, after had risen in the corresponding period of allowance for seasonal influences. Liqui- 1957 when sales prospects were better. dation continued during the first three The drop in exports of about 30,000 autos quarters of the year and reduced stocks in 1958 marked the third successive year of 325,000, about the same amount that they decline; in 1957, exports were already at the lowest level in a decade and below imports for the first time on record. The continuing NEW AUTO SUPPLIES AND SALES decline has reflected in part the expansion of Millions output abroad. - 8 List prices of automobiles have advanced at a higher rate over the postwar period as a whole than have prices of most other consumer goods, and there has been a further increase of 4 per cent for 1959 models. Part of the increase in recent years has reflected changes in automobiles themselves— in terms of size, power, styling, and other features. Greater consumer interest in special equipment, such as automatic transmission, power steering, and power brakes, has added to the over-all outlay required for most auto purchases. Large discounts from list prices have been 1954 )*S6 l?5t frequent in recent years, as suggested by the NOTE.—Seasonally adjusted series based on data from Ward's seasonal declines in prices of new cars Automotive Reports for domestically produced autos. Output and sales (excluding exports) at annual rates; dealer stocks shown in the chart. The final outlay by as of end of quarter. Latest data shown, December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1959 many consumers has also been influenced one-fifth of all spending units with incomes by the advance in used-car prices since early of at least $5,000 had more than one car. 1956 which has tended to raise trade-in HOUSEHOLD DURABLE GOODS allowances. Recent recovery. Marked expansion in The downward adjustment in output of auto sales in the last two months of 1958 household durable goods in the autumn of was associated with recovery in factory out- 1957 and early 1958 was largely to liquidate put of 1959 models after extended major inventories held by manufacturers and work-stoppages and model changeovers. As wholesalers. Retail stocks of these goods supplies became more readily available, had changed little through most of 1957, as dealer deliveries of domestic autos advanced the chart shows, and when production sharply to an annual rate of 5.8 million turned down they were much smaller relain December, about the same as in the pre- tive to sales than they had been at the bevious two years. Inventories also rose, but ginning of the recession in 1953. at year-end they were still well below the Retail sales of furniture and other major year-earlier level and dealers were continu- household durable goods dropped in late ing to add to their stocks. 1957 from advanced levels, and did not rise appreciably until mid-195 8. The expansion Some deliveries late in 1958 were against over the last half of the year brought the orders that in a more normal supply situation average level of these sales close to the would have been filled earlier. At the same record for 1956 and 1957. In addition, intime, however, selective shortages for some makes continued, owing partly to further work-stoppages. HAJOR HOUSEHOLD 600BS AT RETAIl With actual and prospective consumer in- 1953-55-100 130 come higher and instalment debt reduced, the possibility of increased replacement de- 120 mand appeared to favor a continued large no N y volume of sales. The number of autos moving into older age brackets has been 100 rising. Also, the 4.7 million domestic and 90 imported autos sold in 1958 exceeded apparent scrappage only moderately, and the 80 net addition to consumer stocks was the PRICES - 110 smallest for any year in the postwar period. —• ^>^ FURNITURE The potential market for smaller cars from 100 both foreign and domestic sources was also 90 growing. An important consideration in this APPLIANCES AND TELEVISION respect has been the strong trend toward i 80 multi-car ownership. According to the 1954 1956 195S Survey of Consumer Finances, 10 per cent NOTE.—Seasonally adjusted monthly indexes for value of of all spending units owned more than sales and stocks based on department store data and Department of Commerce sales for household goods stores. Bureau of Labor statistics price data for last month of quarter, shifted one car in early 1958, compared with 8 per to 1953-55 base by Federal Reserve. End-of-November figures for stocks estimated; December figures for sales and prices cent in 1955 and 3 per cent in 1949. About partly estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER DURABLE GOODS IN RECOVERY ventory requirements have increased with placement demand have been growing. A the expansion in retail sales, and contractors' limiting factor in sales of household goods demand for appliances to equip new houses in recent years has been the decline in has grown with the rapid rise in number the marriage rate resulting from the low of housing units started. birth rate during the depression of the Output of major household durable goods thirties. By the mid-sixties the marriage rate had passed its pre-recession peak by late will begin to reflect the high birth rate of the 1958, as the chart shows, and was more than war and postwar years. a third above the April low. All major Retail prices of major household goods groups advanced substantially, but increases have been relatively stable or declining over for appliances were most marked. most of the period since the general ad- Expanded demand for household durable vances following the outbreak of hostilities goods exceeded production through the in Korea. Prices of furniture and appliances autumn, and in late 1958 retail stocks were changed little in 1958. By contrast, the averstill below their pre-recession level. Stocks age price of all consumer goods (including autos) and services rose 2 per cent further. of these goods held by manufacturers and The relative weakness of retail prices of wholesale distributors were considerably household durable goods as a group in relower in relation to earlier levels than were cent years has reflected in part increased stocks held by retailers. Inventories held by competition among discount houses, departappliance and television manufacturers were ment stores, and other outlets. at their lowest levels in more than four years. Consumer outlays for household durable INSTALMENT CREDIT goods have declined relative to total con- Consumer instalment credit outstanding sumer outlays even though incomes and redeclined through most of 1958, falling relative to income for the first time since 1951. A large part of all consumer durable goods MANUFACTURIRS' SUPPLY OF MAJOR HOUSEHOLD GOODS sales involves some reliance on consumer in- 19J3-55*100 stalment credit, but automobile sales account for the largest single portion of total instal- STOCKS ,'"* i i - 120 ment credit. The decline in this sector until i / November more than offset increases in per- A A sonal loans and other types of instalment V \ credit. r \ V•/,• Credit available for auto purchases in re- OUTPUT \ cent years has been ample, but its role has 1 \ $ i been much less expansive than it was in 1954-55. At that time the abrupt lengthening of maturities of automobile paper tended I9S4 to encourage the purchase of both larger cars and extra accessories by reducing the NOTE.—Seasonally adjusted indexes. Stocks index based on trade association and Department of Commerce physical quan- impact of higher prices and other costs on tity and deflated value data for manufacturers and wholesale distributors. Latest data shown, November (end of month for monthly payments. stocks). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1959 The proportion of contracts written with auto credit outstanding increased slightly. maximum maturities has increased since For the year as a whole, the number of con- 1955, but lenders have resisted attempts to tracts on which payments had been comlengthen maturities beyond the 36-month pleted reached an estimated new high of 3.9 maximum already in effect. Despite longer million, compared with 3.5 million in 1957 average maturities and a shift to relatively and 2.7 million in 1956. less expensive models since 1955, payments Buyers of household durable goods were on instalment contracts have remained high, disposed to use instalment credit in 1958, averaging more than $80 per month. and opportunities to do so increased as com- Consumers reduced their total debt for petition among sellers grew stronger. Exautos over the first 10 months of 1958. tensions increased somewhat more than re- Credit sales of new cars dropped almost as payments. The rise in instalment credit much as cash sales and, with repayments on outstanding for these goods, although modearlier purchases still high, auto credit outstanding declined $1.4 billion. In the last erate, was in sharp contrast with the decline two months of the year, seasonally adjusted in auto credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Designation of Federal Reserve District for Guam AMENDMENT TO REGULATION I The Board of Governors, effective January 1, Effective January 3, 1959, Regulation I is 1959, designated Guam as being in or of the amended by eliminating from Footnote 1 thereof Twelfth Federal Reserve District for the collection, the words "in Alaska or". under Regulation G, of noncash items payable in AMENDMENT TO REGULATION J such area, and for the collection, under Regulation J, of checks drawn on nonmember par-remit- Effective January 3, 1959, Regulation J is ting banks located therein. There are set forth amended by eliminating from Footnote 1 thereof below texts of the designations. the word "Alaska,". AMENDMENT TO REGULATION U FOR PURPOSES OF REGULATION G Effective January 3, 1959, Regulation U is Pursuant to Footnote 1 of Regulation G, the amended by changing "48" to "49" in subsection Board of Governors has taken the following ac- (i) of Section 2 thereof. tion: For purposes of Regulation G, Guam shall be Loans of "Federal Funds" between Banks deemed to be in or of the Twelfth Federal Reserve in Same Holding Company System District, effective on and after January 1, 1959. The question has been asked whether "sales" of Federal funds, at current rates of interest, be- FOR PURPOSES OF REGULATION J tween bank subsidiaries of a holding company Pursuant to Footnote 1 of Regulation J, the would constitute loans or extensions of credit Board of Governors has taken the following ac- within the purview of Section 6(a)(4) of the tion: Bank Holding Company Act, which forbids a For purposes of Regulation J, Guam shall be bank "to make any loan, discount or extension deemed to be in or of the Twelfth Federal Reserve of credit to a bank holding company of which District, effective on and after January 1, 1959. it is a subsidiary or to any other subsidiary of such bank holding company." Regulations Amended to Reflect Statehood For many years the Federal Reserve System of Alaska and other bank supervisory authorities have re- The Board of Governors of the Federal Reserve garded such inter-bank transfers of Federal Re- System, effective January 3, 1959, amended Regu- serve credit as loans (see 1930 Federal Reserve lations G, H, I, J and U, since the admission of BULLETIN 81), and the Board finds no reason to Alaska to statehood made certain language in infer that these transactions have a different status such regulations inappropriate. The texts of the under the Holding Company Act. Accordingly, amendments are as follows: in the Board's opinion, a sale of Federal funds would constitute a prohibited "loan" or "extension AMENDMENT TO REGULATION G of credit" under Section 6(a)(4). It is also the Board's view that sales of Federal Effective January 3, 1959, Regulation G is funds are not exempted from the prohibitions of amended by eliminating from Footnote 1 thereof Section 6(a) by the following provision of the the word "Alaska,". last paragraph of that subsection: AMENDMENT TO REGULATION H "Noninterest-bearing deposits to the credit of a bank shall not be deemed to be a loan or advance to the Effective January 3, 1959, Regulation H is bank of deposit. ..." amended by eliminating from Footnote 1 thereof The 1930 ruling, cited above, clearly indicates the words "in Alaska or". that funds so transferred are not deposits in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1959 "purchasing" bank. Accordingly, the quoted ex- By order of the Board of Governors. ception would not exempt Federal-funds transac- Voting for this action: Chairman Martin, Vice Chairtions even if such transactions were on a non- man Balderston, and Governors Szymczak, Mills and interest-bearing basis. Robertson. Absent and not voting: Governor Shepard- Order under Section 3 of Bank Holding (Signed) MERRITT SHERMAN Company Act Secretary. (SEAL) The Board of Governors of the Federal Reserve System on January 7, 1959, issued the following Order and Statement with respect to an applica- STATEMENT tion by a bank holding company for approval The First Virginia Corporation, Arlington, Virof the acquisition of voting shares of a bank: ginia, a bank holding company, has applied, pursuant to Section 3(a) (2) of the Bank Holding THE FIRST VIRGINIA CORPORATION Company Act of 1956 ("the Act"), for this In the Matter of the Application of The First Board's prior approval of the acquisition of from Virginia Corporation for prior approval of acqui- 51 to 92 per cent of the 40,500 outstanding votsition of voting shares of Old Dominion Bank. ing shares of Old Dominion Bank, Arlington, Virginia, a bank organized under the laws of Vir- ORDER APPROVING APPLICATION ginia. There having come before the Board of Gov- As required by Section 3(b) of the Act, the ernors pursuant to Section 3(a) (2) of the Bank Commissioner of Banking for the State of Vir- Holding Company Act of 1956 (12 USC 1843) ginia was asked for his views and recommendaand Section 4(a)(2) of the Board's Regulation Y tions with respect to the application. The Com- (12 CFR 222.4(a)(2)), an application on behalf missioner interposed no objection to the applicaof The First Virginia Corporation, whose princi- tion. pal office is in Arlington, Virginia, for the Board's Statutory factors. Section 3(c) of the Act reprior approval of the acquisition of from 51 to 92 quires the Board to take into consideration the per cent of the 40,500 outstanding voting shares following five factors: (1) the financial history of Old Dominion Bank, Arlington, Virginia; a and condition of the holding company and bank Notice of Tentative Decision referring to a Tenta- concerned; (2) their prospects; (3) the character tive Statement on said application having been of their management; (4) the convenience, needs, published in the Federal Register on December 9, and welfare of the communities and the area con- 1958; the said Notice having provided interested cerned; and (5) whether or not the effect of the persons an opportunity, before issuance of the acquisition would be to expand the size or extent Board's final order, to file objections or com- of the bank holding company system involved ments upon the facts stated and the reasons indi- beyond limits consistent with adequate and sound cated in the Tentative Statement; and the time banking, the public interest, and the preservation for filing such objections and comments having of competition in the field of banking. expired and no such objections or comments hav- Discussion. The applicant, The First Virginia ing been filed; Corporation, is a part of a holding company sys- IT IS HEREBY ORDERED, for the reasons set forth tem that includes three banks in northeastern Virin the Board's Statement of this date, that the ginia, near the District of Columbia: Old Dominion said application be and hereby is granted, and the Bank, Arlington, Virginia, with deposits of $37 acquisition by The First Virginia Corporation of million on June 23, 1958; Bank of Annandale, from 51 to 92 per cent of the 40,500 outstanding Annandale, Virginia, with deposits of $4 million; voting shares of Old Dominion Bank, Arlington, and The National Bank of Manassas, Manassas, Virginia, is hereby approved, provided that such Virginia, with deposits of $5 million. acquisition is completed within three months from At the present time, Old Dominion Bank is a the date hereof. bank holding company by virtue of its owner- Dated at Washington, D. C, this 7th day of ship of all of the stock of The First Virginia Cor- January, 1959. poration, which owns a majority of the stock of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the Annandale and Manassas banks. The voting Old Dominion Bank was included among its subshares of Old Dominion Bank are publicly owned sidiaries. (with the exception of 5 per cent of Old Dominion The financial history and condition of First stock presently owned by First Virginia). Virginia are satisfactory, and the proposed trans- First Virginia proposes to acquire up to 92 per action would enhance that corporation's financial cent of Old Dominion's outstanding voting shares strength. The financial history and condition of by offering to exchange 30 shares of a new issue Old Dominion also are satisfactory. As stated of First Virginia stock for each outstanding share above, its rapid growth calls for a substantial inof Old Dominion stock. If the proposal were crease in its capital structure, and such an increase fully consummated the stock of First Virginia is contemplated by the general plan of which the would become publicly owned, and First Virginia pending application is a part. Both First Virginia would become the owner of 97 per cent of the and Old Dominion appear to be under good manvoting stock of Old Dominion and would con- agement. tinue to hold a majority of the stock of the An- Inasmuch as the proposed acquisition involves, nandale and Manassas banks. Old Dominion essentially, a rearrangement of the corporate units Bank would cease to be a bank holding company, in the holding company system and involves no change in the number or character of banking since it would no longer own or control 25 per facilities, the convenience, needs, and welfare of cent of the voting shares of First Virginia. the communities and the area concerned will not The rapid growth of Old Dominion Bank and be materially affected. Likewise, the proposed Bank of Annandale calls for substantial increases acquisition will not modify the existing competiin their capital structures, and continued growth tive situation among the banks of the area or of all three banks in the group may, in the future, otherwise significantly affect competition in the call for further increases in their capital structures field of banking. The contemplated strengthenthrough sale of additional stock. Since First ing of the capital structures of two of the banks Virginia owns a majority of the stock of the in the group would contribute to the soundness of Annandale and Manassas banks, that holding combanking in the area and thereby to the public pany would be the natural purchaser of the greater interest. part of any such additional issues of stock. Under Conclusion. The above views were incorpothe existing intercorporate arrangement of the rated in the Tentative Statement issued in consystem, however, with a commercial bank (Old nection with the Notice of Tentative Decision Dominion Bank) as the top holding company and published in the Federal Register on December an intermediate holding company (First Virginia) 9, 1958 (23 FR 9522), affording interested perthat holds only the stock of two relatively small sons an opportunity to submit comments on or banks, First Virginia might find it somewhat objections to the Board's proposed action. No awkward and costly to raise funds with which such comments or objections were received within to purchase additional shares of its subsidiary the 15-day period specified for their submission. banks. Financing of capital increases for all three It is the judgment of the Board, in the light banks probably would be facilitated if, as now of the factors enumerated in Section 3(c) of the proposed, First Virginia became the only holding Act and the general purposes of the Act, that the company in the group and the relatively large application should be approved. IT IS SO ORDERED. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS, DEPUTY CHAIRMEN, AND DIRECTORS The Board of Governors of the Federal Reserve System announced the following designations of Chairmen and Federal Reserve Agents and appointments of Deputy Chairmen and directors at the Federal Reserve Banks and branches, effective January 1, 1959. Names in CAPITALS indicate new appointments; all others are reappointments. Brief biographical data on newly appointed directors follow the list of appointments. CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1959 Federal Reserve Bank Boston Robert C. Sprague, North Adams, Massachusetts New York John E. Bierwirth, New York, New York Philadelphia Henderson Supplee, Jr., Philadelphia, Pennsylvania Cleveland Arthur B. Van Buskirk, Pittsburgh, Pennsylvania Richmond ALONZO G. DECKER, JR., Towson, Maryland Atlanta Walter M. Mitchell, Atlanta, Georgia Chicago Bert R. Prall, Winnetka, Illinois St. Louis Pierre B. McBride, Louisville, Kentucky Minneapolis Leslie N. Perrin, Minneapolis, Minnesota Kansas City Raymond W. Hall, Kansas City, Missouri Dallas Robert J. Smith, Dallas, Texas San Francisco A. H. Brawner, San Francisco, California DEPUTY CHAIRMEN FOR YEAR 1959 Federal Reserve Bank Boston NILS Y. WESSELL, Medford, Massachusetts New York Forrest F. Hill, New York, New York Philadelphia Lester V. Chandler, Princeton, New Jersey Cleveland Joseph H. Thompson, Cleveland, Ohio Richmond D. W. COLVARD, Raleigh, North Carolina Atlanta Harllee Branch, Jr., Atlanta, Georgia Chicago J. Stuart Russell, Des Moines, Iowa St. Louis J. H. Longwell, Columbia, Missouri Minneapolis O. B. Jesness, St. Paul, Minnesota Kansas City Joe W. Seacrest, Lincoln, Nebraska Dallas Hal Bogle, Dexter, New Mexico San Francisco Y. Frank Freeman, Hollywood, California 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 11 FEDERAL RESERVE BANK DIRECTORS J (Three-year terms) Federal Reserve Bank Boston ERWIN D. CANHAM, Boston, Massachusetts Philadelphia Henderson Supplee, Jr., Philadelphia, Pennsylvania Cleveland Arthur B. Van Buskirk, Pittsburgh, Pennsylvania Richmond EDWIN HYDE, Richmond, Virginia Atlanta Walter M. Mitchell, Atlanta, Georgia Chicago Robert P. Briggs, Jackson, Michigan St. Louis J. H. Longwell, Columbia, Missouri Minneapolis John H. Warden, Houghton, Michigan Kansas City Raymond W. Hall, Kansas City, Missouri Dallas Lamar Fleming, Jr., Houston, Texas San Francisco Y. Frank Freeman, Hollywood, California FEDERAL RESERVE BANK BRANCH DIRECTORS 2 (Three-year terms unless otherwise indicated) Federal Reserve Bank and Branch New York Buffalo WHITWORTH FERGUSON, Buffalo, New York Cleveland Cincinnati Ivan Jett, Georgetown, Kentucky Pittsburgh WILLIAM A. STEELE, Wheeling, West Virginia Richmond Baltimore J. T. MENZIES, JR., Baltimore, Maryland Charlotte C. P. STREET, Charlotte, North Carolina Atlanta Birmingham John E. Urquhart, Woodward, Alabama Jacksonville JOHN M. FOX, Orlando, Florida Jacksonville CLAUDE J. YATES, Jacksonville, Florida (for unexpired portion of term ending December 31, 1959) Nashville V. S. Johnson, Jr., Nashville, Tennessee New Orleans G. H. King, Jr., Canton, Mississippi Chicago Detroit C. V. Patterson, Kalamazoo, Michigan 2Each Federal Reserve Bank has a Board of 2 Federal Reserve Bank branches have either five or Directors consisting of nine members, divided into seven directors, of whom a majority are appointed three classes, designated as Classes A, B, and C. The by the Board of Directors of the parent Federal Resix A and B directors are elected by the member serve Bank, and the others are appointed by the banks, and the three C directors are appointed by the Board of Governors of the Federal Reserve System. Board of Governors. The terms of two of the elected One of the directors appointed by the Board of directors and one of the appointed directors expire at Governors at each branch is designated annually as the end of each year. Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN • JANUARY 1959 FEDERAL RESERVE BANK BRANCH DIRECTORS (continued) St. Louis Little Rock Waldo E. Tiller, Little Rock, Arkansas Louisville J. D. Monin, Jr., Oakland, Kentucky Memphis Frank Lee Wesson, Victoria, Arkansas Minneapolis (two-year term) Helena JOHN D. STEPHENSON, Great Falls, Montana Kansas City (two-year terms) Denver Ray Reynolds, Longmont, Colorado Oklahoma City DON H. DENNIS, Grady, Oklahoma Omaha HOMER A. SCOTT, Sheridan, Wyoming Dallas El Paso DYSART E. HOLCOMB, El Paso, Texas Houston Tyrus R. Timm, College Station, Texas San Antonio Harold Vagtborg, San Antonio, Texas San Francisco (two-year terms) Los Angeles JOHN D. FREDERICKS, Los Angeles, California Portland RAYMOND R. RETER, Medford, Oregon Salt Lake City THOMAS B. ROWLAND, Pocatello, Idaho Seattle Lyman J. Bunting, Yakima, Washington Federal Reserve Bank of Boston 1959. Mr. Ferguson is President of the Ferguson Electric Construction Company, Buffalo. He suc- NILS Y. WESSELL, Medford, Massachusetts, ceeds Mr. Ralph F. Peo, Chairman and President, who has been serving as a Board-appointed di- Houdaille Industries, Inc., Buffalo, whose term rector of the Federal Reserve Bank of Boston expired December 31, 1958. since December 1957, was appointed Deputy Chairman for the year 1959. He is President of Federal Reserve Bank of Cleveland Tufts University, Medford. As Deputy Chairman, WILLIAM A. STEELE, Wheeling, West Virhe succeeds Mr. Harvey P. Hood, President, H. ginia, was appointed a director of the Pittsburgh P. Hood & Sons, Inc., Boston, whose terms as Branch of the Federal Reserve Bank of Cleveland Deputy Chairman and as a director expired for a three-year term beginning January 1, 1959. December 31, 1958. Mr. Steele is President of Wheeling Steel Corpora- ERWIN D. CANHAM, Boston, Massachusetts, tion. He succeeds Mr. Douglas M. Moorhead, was appointed a director of the Federal Reserve farmer, North East, Pennsylvania, whose term Bank of Boston for a three-year term beginning expired December 31, 1958. January 1, 1959. Mr. Canham is Editor of The Christian Science Monitor, Boston. He succeeds Federal Reserve Bank of Richmond Mr. Harvey P. Hood, President, H. P. Hood & ALONZO G. DECKER, JR., Towson, Mary- Sons, Inc., Boston, whose term expired December land, was designated Chairman and Federal Re- 31, 1958. serve Agent at the Federal Reserve Bank of Richmond for the year 1959. Mr. Decker has served Federal Reserve Bank of New York as a Board-appointed director of the Federal WHITWORTH FERGUSON, Buffalo, New Reserve Bank of Richmond since January 1954 York, was appointed a director of the Buffalo and as Deputy Chairman since 1955. During Branch of the Federal Reserve Bank of New 1952-1953, he served as a Board appointee at the York for a three-year term beginning January 1, Baltimore Branch. Mr. Decker is Executive Vice Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 13 President of The Black & Decker Manufacturing Federal Reserve Bank of Atlanta Company, Towson. As Chairman and Federal JOHN M. FOX, Orlando, Florida, was ap- Reserve Agent, he succeeds Mr. John B. Woodpointed a director of the Jacksonville Branch of ward, Jr., Chairman of the Board, Newport News the Federal Reserve Bank of Atlanta for a three- Shipbuilding & Dry Dock Company, Newport year term beginning January 1, 1959. Mr. Fox News, Virginia, whose term expired December 31, is President of the Minute Maid Corporation, 1958. Orlando. He succeeds Mr. Harry M. Smith, President and Manager, Winter Garden Ornamental D. W. COLVARD, Raleigh, North Carolina, Nursery, Inc., Winter Garden, Florida, whose term who has been serving as a Board-appointed direcexpired December 31, 1958. tor of the Federal Reserve Bank of Richmond since January 1955, was appointed Deputy Chair- CLAUDE J. YATES, Jacksonville, Florida, man of the Bank for the year 1959. Dr. Colvard was appointed a director of the Jacksonville is Dean of Agriculture, North Carolina State Branch of the Federal Reserve Bank of Atlanta College of Agriculture and Engineering, Raleigh. for the unexpired portion of a term ending De- As Deputy Chairman, he succeeds Mr. Alonzo G. cember 31, 1959. Mr. Yates is Vice President Decker, Jr., Executive Vice President, The Black and General Manager, Southern Bell Telephone & Decker Manufacturing Company, Towson, & Telegraph Company, Jacksonville. He succeeds Maryland, who was designated Chairman and Mr. McGregor Smith, Chairman of the Board, Federal Reserve Agent. Florida Power and Light Company, Miami, who was elected a Class B director of the Atlanta Bank. EDWIN HYDE, Richmond, Virginia, was The Federal Reserve Bank of Minneapolis appointed a director of the Federal Reserve Bank JOHN D. STEPHENSON, Great Falls, Monof Richmond for a three-year term beginning tana, was appointed a director of the Helena January 1, 1959. Mr. Hyde is President of Miller Branch of the Federal Reserve Bank of Min- & Rhoads, Richmond. He succeeds Mr. John B. neapolis for a two-year term beginning January Woodward, Jr., Chairman of the Board, New- 1, 1959. Mr. Stephenson is senior partner in port News Shipbuilding & Dry Dock Company, the law firm of Jardine, Stephenson, Blewett, and Newport News, Virginia, whose term expired Weaver, in Great Falls. He succeeds Dr. Carl December 31, 1958. McFarland, Missoula, Montana, whose term expired December 31, 1958. J. T. MENZIES, JR., Baltimore, Maryland, was appointed a director of the Baltimore Branch of Federal Reserve Bank of Kansas City the Federal Reserve Bank of Richmond for a DON H. DENNIS, Grady, Oklahoma, was three-year term beginning January 1, 1959. Mr. appointed a director of the Oklahoma City Menzies is President of The Crosse & Blackwell Branch of the Federal Reserve Bank of Kansas Company, Baltimore. He succeeds Mr. Wm. Pur- City for a two-year term beginning January 1, nell Hall, President, Maryland Shipbuilding and 1959. Mr. Dennis is a rancher. He succeeds Drydock Company, Baltimore, whose term ex- Mr. Phil H. Lowery, Lowery Hereford Ranch, pired December 31, 1958. Loco, Oklahoma, whose term expired December 31, 1958. C. P. STREET, Charlotte, North Carolina, was HOMER A. SCOTT, Sheridan, Wyoming, was appointed a director of the Charlotte Branch of appointed a director of the Omaha Branch of the the Federal Reserve Bank of Richmond for a Federal Reserve Bank of Kansas City for a twothree-year term beginning January 1, 1959. Mr. year term beginning January 1, 1959. Mr. Scott Street is Secretary and General Manager, McDevitt is Vice President and District Manager of the & Street Company, Charlotte. He succeeds Mr. T. Sheridan, Wyoming District of Peter Kiewit Sons' Henry Wilson, President and Treasurer, Henredon Company. He succeeds Mr. Manville Kendrick, Furniture Industries, Inc., Morganton, North Caro- rancher, of Sheridan, whose term expired Decemlina, whose term expired December 31, 1958. ber 31, 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN • JANUARY 1959 Federal Reserve Bank of Dallas pany of California, Los Angeles, whose term expired December 31, 1958. DYSART E. HOLCOMB, El Paso, Texas, was apopinted a director of the El Paso Branch of RAYMOND R. RETER, Medford, Oregon, the Federal Reserve Bank of Dallas for a three- was appointed a director of the Portland Branch year term beginning January 1, 1959. Mr. of the Federal Reserve Bank of San Francisco for Holcomb is Director of Research, El Paso Natural a two-year term beginning January 1, 1959. Mr. Gas Company. He succeeds Mr. E. J. Workman, Reter is owner of the Reter Fruit Company, Med- President, New Mexico Institute of Mining and ford. He succeeds Mr. William H. Steiwer, Sr., Technology, Socorro, New Mexico, whose term of Fossil, Oregon, who engages in raising liveexpired December 31, 1958. stock and farming, and whose term expired December 31, 1958. Federal Reserve Bank of San Francisco THOMAS B. ROWLAND, Pocatello, Idaho, JOHN D. FREDERICKS, Los Angeles, Cali- was appointed a director of the Salt Lake City fornia, was appointed a director of the Los Branch of the Federal Reserve Bank of San Angeles Branch of the Federal Reserve Bank of Francisco for a two-year term beginning January San Francisco for a two-year term beginning 1, 1959. Mr. Rowland is co-owner and Manager January 1, 1959. Mr. Fredericks is President and of Rowland Brothers Dairy, near Pocatello. He Chief Executive Officer, Pacific Clay Products, succeeds Mr. Geo. W. Watkins, President, Snake Los Angeles. He succeeds Mr. Leonard K. Fire- River Equipment Company, Idaho Falls, whose stone, President, Firestone Tire and Rubber Com- term expired December 31, 1958. FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS1 The Federal Reserve Banks have announced the following appointments of branch directors. The appointments have been made for terms of three years beginning January 1, 1959, except where otherwise indicated. Federal Reserve Bank and Branch New York Buffalo JOHN W. REMINGTON, President, Lincoln Rochester Trust Company, Rochester, New York. (Reappointed) DENTON A. FULLER, President, The Citizens National Bank of Wellsville, Wellsville, New York. Mr. Fuller succeeds Leland B. Bryan, President, First National Bank and Trust Company, Corning, New York. Cleveland Cincinnati FRANK J. VAN LAHR, President, Provident Savings Bank & Trust Company, Cincinnati, Ohio. Mr. Van Lahr succeeds William A. Mitchell, President, The Central Trust Company, Cincinnati, Ohio. Pittsburgh A. BRUCE BOWDEN, Vice President, Mellon National Bank and Trust Company, Pittsburgh, Pennsylvania. Mr. Bowden succeeds Sumner E. Nichols, President, Security- Peoples Trust Company, Erie, Pennsylvania. lFor statement concerning appointment of branch directors, see page 11. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 15 Richmond Baltimore JOHN W. STOUT, President, The Parkersburg National Bank, Parkersburg, West Virginia. (Reappointed) HARVEY E. EMMART, Senior Vice President and Cashier, Fidelity-Baltimore National Bank, Baltimore, Maryland. Mr. Emmart succeeds Stanley B. Trott, President, Maryland Trust Company, Baltimore, Maryland. Charlotte I. W. STEWART, Chairman of the Board, American Commercial Bank, Charlotte, North Carolina. (Reappointed) G. G. WATTS, President, The Merchants & Planters National Bank, Gaffney, South Carolina. (Reappointed) Atlanta Birmingham GEORGE W. HULME, Senior Vice President, First National Bank, Alexander City, Alabama. Mr. Hulme succeeds Robert M. Cleckler, President, First National Bank of Childersburg, Childersburg, Alabama. MARSHALL DUGGER, Vice President and Cashier, First National Bank, Tuscumbia, Alabama. Mr. Dugger succeeds E. W. McLeod, Chairman, First National Bank of Decatur, Decatur, Alabama. Jacksonville ROGER L. MAIN, Chairman and President, Florida National Bank of Jacksonville, Jacksonville, Florida. Mr. Main succeeds Linton E. Allen, Chairman, The First National Bank at Orlando, Orlando, Florida. J. N. GREENING, Vice Chairman, The First National Bank of Bradenton, Bradenton, Florida. Mr. Greening succeeds W. E. Ellis, Chairman and President, The Commercial Bank and Trust Company, Ocala, Florida. Nashville C. A. WHELCHEL, President, First Farmers & Merchants National Bank of Columbia, Columbia, Tennessee. Mr. Whelchel succeeds Stewart Campbell, President, The Harpeth National Bank of Franklin, Franklin, Tennessee. W. E. NEWELL, President, The First National Bank, Kingsport, Tennessee. Mr. Newell succeeds C. L. Wilson, Chairman and President, The Cleveland National Bank, Cleveland, Tennessee. New Orleans W. P. MCMULLAN, President, Deposit Guaranty Bank & Trust Company, Jackson, Mississippi. Mr. McMullan succeeds H. A. Pharr, President, The First National Bank of Mobile, Mobile, Alabama. WALLACE M. DAVIS, President, The Hibernia National Bank in New Orleans, New Orleans, Louisiana. Mr. Davis succeeds William J. Fischer, Chairman, Progressive Bank & Trust Company, New Orleans, Louisiana, who died recently. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN • JANUARY 1959 Chicago Detroit DONALD F. VALLEY, Chairman of the Board, National Bank of Detroit, Detroit, Michigan. Mr. Valley succeeds Raymond T. Perring, President, The Detroit Bank and Trust Company, Detroit, Michigan. St. Louis Little Rock J. V. SATTERFIELD, JR., Chairman of the Board, The First National Bank in Little Rock, Little Rock, Arkansas. (Reappointed) Louisville JOHN R. STROUD, Executive Vice President, The First National Bank of Mitchell, Mitchell, Indiana. Mr. Stroud succeeds Magnus J. Kreisle, President, The Tell City National Bank, Tell City, Indiana. Memphis J. H. HARRIS, President, The First National Bank of Wynne, Wynne, Arkansas. (Reappointed) Minneapolis Helena (two-year terms) ROY G. MONROE, President, First State Bank of Malta, Malta, Montana. Mr. Monroe succeeds J. Willard Johnson, Financial Vice President and Treasurer, Western Life Insurance Company, Helena, Montana. HARALD E. OLSSON, President, Ronan State Bank, Ronan, Montana. Mr. Olsson succeeds Geo. N. Lund, Chairman of the Board and President, The First National Bank of Reserve, Reserve, Montana. Kansas City (two-year terms) Denver J. H. BLOEDORN, President, The Farmers State Bank, Fort Morgan, Colorado. Mr. Bloedorn succeeds Ralph S. Newcomer, Executive Vice President, First National Bank in Boulder, Boulder, Colorado. CALE W. CARSON, President, First National Bank in Albuquerque, Albuquerque, New Mexico. Mr. Carson succeeds Arthur Johnson, President, First National Bank in Raton, Raton, New Mexico. Oklahoma City R. OTIS MCCLINTOCK, Chairman of the Board, The First National Bank and Trust Company of Tulsa, Tulsa, Oklahoma. (Reappointed) C. L. PRIDDY, President, The National Bank of McAlester, McAlester, Oklahoma. (Reappointed) Omaha JOHN F. DAVIS, President, First National Bank, Omaha, Nebraska. Mr. Davis succeeds William N. Mitten, Chairman of the Board, First National Bank of Fremont, Fremont, Nebraska. Dallas El Paso JOSEPH F. IRVIN, President, Southwest National Bank of El Paso, El Paso, Texas. Mr. Irvin succeeds Thomas C. Patterson, Vice President, El Paso National Bank, El Paso, Texas. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 17 Houston HARRIS MCASHAN, President, Texas National Bank of Houston, Houston, Texas. Mr. McAshan succeeds S. Marcus Greer, Vice Chairman of the Board, First City National Bank of Houston, Houston, Texas. San Antonio BURTON DUNN, Chairman of the Executive Committee, Corpus Christi State National Bank, Corpus Christi, Texas. (Reappointed) San Francisco (two-year terms) Los Angeles ROBERT S. BEASLEY, President, The Beverly Hills National Bank & Trust Company, Beverly Hills, California. Mr. Beasley succeeds Anderson Borthwick, President, The First National Trust and Savings Bank of San Diego, San Diego, California. ROY A. BRITT, President, Citizens National Trust & Savings Bank of Los Angeles, Los Angeles, California. Mr. Britt succeeds James E. Shelton, Chairman, Security-First National Bank of Los Angeles, Los Angeles, California. Portland D. S. BAKER, President, The Baker-Boyer National Bank, Walla Walla, Washington. Mr. Baker succeeds John B. Rogers, President. The First National Bank of Baker, Baker, Oregon. J. H. MCNALLY, President, The First National Bank of Bonners Ferry, Bonners Ferry, Idaho. (Reappointed) Salt Lake City RUSSELL S. HANSON, Executive Vice President, The First National Bank of Logan, Logan, Utah. (Reappointed) REED E. HOLT, President, Walker Bank & Trust Company, Salt Lake City, Utah. Mr. Holt succeeds George S. Eccles, President, First Security Bank of Utah, National Association, Salt Lake City, Utah. Seattle S. B. LAFROMBOISE, President, The First National Bank of Enumclaw, Enumclaw, Washington. (Reappointed) JAMES BRENNAN, President, First National Bank in Spokane, Spokane, Washington. (Reappointed) RESIGNATION OF BRANCH DIRECTOR January 3, 1959, the Board of Governors added Mr. Daniel M. Dalrymple, Partner and Manager, the State of Alaska to the Twelfth Federal Reserve Pomona Fruit Farms, Appleton, New York, who District effective as of that date. Within that had served as a director of the Buffalo Branch of district the State of Alaska has been included in the Federal Reserve Bank of New York since the branch territory of the Seattle Branch of the January 1, 1958, resigned effective January 9, Federal Reserve Bank of San Francisco. The effect 1959. of this change on various regulations of the Board INCLUSION OF ALASKA IN TWELFTH DISTRICT of Governors is indicated in the Law Department, With the admission of Alaska to Statehood on beginning on page 7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN • JANUARY 1959 EARNINGS AND EXPENSES OF THE FEDERAL Division from August 10, 1955 until he became RESERVE BANKS IN 1958 AND 1957 Associate Director on July 1, 1958. A condensed comparative statement of earnings Also effective January 1, John N. Kiley, Jr., and expenses of the Federal Reserve Banks in was appointed Assistant Director of the Division 1958 and 1957 is shown below. A detailed state- of Bank Operations. Mr. Kiley became a member ment of earnings and expenses of each Federal of the staff in 1934, and has been in the Division Reserve Bank in 1958 will appear in the February of Bank Operations since 1951. He served there Federal Reserve BULLETIN. first as Technical Assistant, and then as Chief of the Reserve Bank Operations Section. Thousands of dollars ERRATUM—THE HISTORICAL CHART BOOK Item The scale caption for the chart "Gross National 1958 1957 Product in Constant Dollars," which appears on Current earnings 742,068 763,348 page 78 of the September 1958 issue of the His- Current expenses 137,722 131,814 torical Supplement to the Federal Reserve Current net earnings 604,346 631,534 Monthly Chart Book, should be "billions of 1954 Additions to current net earnings1 454 1,580 dollars" instead of "billions of 1947 dollars." Deductions from current net earnings 330 2 8,721 Net additions, or deductions (—) 124 -7,141 ADMISSION OF STATE BANK TO MEMBERSHIP IN THE Net earnings before payments to U. S. Treasury. 604,470 624,393 FEDERAL RESERVE SYSTEM Paid U. S. Treasury (interest on F. R. notes).. 524,059 542,708 Dividends paid 21,197 20,081 The following State bank was admitted to mem- Transferred to surplus 59,214 61,604 bership in the Federal Reserve System during the period November 16, 1958 to December 15, 1958: 1 Includes net profits of $157,000 in 1958 and $167,000 in 1957 on sales of U. S. Government securities. Oklahoma 2 Includes a payment of $8,335,000 to Federal Reserve retirement system representing adjustment for revised benefits. Idabel. First State Bank of Idabel CHANGES IN THE BOARD'S STAFF TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY Effective January 1, 1959, Robert F. Leonard retired from his duties as Director of the Division Latest BULLETIN Reference of Bank Operations. He will continue on the staff Semiannually Issue Page Banking offices: for a few months, however, in the capacity of Analysis of changes in number of.... Aug. 1958 988 On, and not on, Federal Reserve Par Special Adviser to the Board in order to undertake List, number of Aug. 1958 989 a foreign assignment. Mr. Leonard was appointed Annually to the Board's staff in 1921. He became Assist- Earnings and expenses: Federal Reserve Banks Feb. 1958 200-01 ant Director of the Division of Examinations in Member banks: 1935; Director of the Division of Personnel Ad- C Fi a r l s e t n h d a a l r f y o e f a y r ear J N u o n v e . 1 1 9 9 5 5 8 8 710 1 - 34 1 6 8 ministration in 1942; and Director of the Division Ba I n n k s s u r a e n d d c b o r m an m ch er e c s i , a n l u b m an b k er s of, by class June 1958 719 of Examinations in 1946. He has been Director and State Apr. 1958 492-93 Operating ratios, member banks June 1958 720-22 of the Division of Bank Operations since January Stock Exchange firms, detailed debit and credit balances Nov. 1958 1347 1, 1949. Banking and monetary statistics, 1957.. {g£ }g§ 204-10 Effective January 1, 1959, John R. Farrell has Summary flow-of-funds accounts, 1954-56 Oct. 1957 1190-94 been appointed Director of the Division of Bank Bank holding companies, Dec. 31, 1957: Operations. A member of the Board's staff since B Li a s n t k o in f g offices and deposits of group Feb. 1958 211 1927, he served as an Assistant Director of the banks Oct. 1958 1224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication January 15 Industrial production continued to recover in cent. Production of nonferrous metals apparently December and construction activity and retail increased further in December and output of consales rose to new highs. Total nonfarm employ- struction materials changed little. Output of ment declined slightly, however, and unemploy- household durable goods was maintained at adment increased more than seasonally. From mid- vanced levels and auto assemblies rose slightly, December to mid-January, wholesale commodity to a seasonally adjusted rate of 143 per cent of prices changed little. Common stock prices the 1947-49 average. advanced further to new highs, with trading volume heavy. CONSTRUCTION The value of new construction put in place INDUSTRIAL PRODUCTION during December rose further to a record season- The Board's seasonally adjusted index of in- ally adjusted annual rate of nearly $53.7 billion, dustrial production rose one point in December 7 per cent above a year ago. As in November, to 142 per cent of the 1947-49 average—seven the increase was sparked by gains in private points above the reduced year-ago level and three residential and public highway construction. points below the pre-recession level of August Private commercial building activity also con- 1957. Following substantial increases in output tinued to increase and public utility rose slightly, of autos, other major consumer durable goods, but private industrial construction declined a and a variety of materials and parts in November, little. changes in output in December were generally EMPLOYMENT small. Production of nondurable goods rose Seasonally adjusted nonfarm employment deslightly and output of durable goods and minerals clined slightly in December and, at 50.7 million, was unchanged. For the year 1958 industrial was 700,000 above the April low but 800,000 production averaged 134 per cent of the 1947-49 below the level of a year earlier. In December, average, compared with 143 per cent in 1957. further gains were reported in durable goods in- Steel mill operations declined about seasonally dustries, but construction employment declined. in December, to 122 per cent of the 1947-49 Average weekly earnings advanced to a new high average, and rose in early January to 131 per of more than $88—reflecting a seasonal rise in the factory workweek and a further increase in hourly INDUSTRIAL PRODUCTION 1947-49-100 earnings—and were 6 per cent above December 1957. Unemployment increased 300,000 to 4.1 million, as outdoor activities were curtailed more than usually because of severe winter weather. The seasonally adjusted rate of unemployment was 6.1 per cent of the civilian labor force, compared with 5.0 per cent a year ago. DISTRIBUTION Seasonally adjusted retail sales in December rose 3 per cent from the October-November level and were 3 per cent above the earlier high reached in the summer of 1957. The December advance reflected increased deliveries of new autos, as sup- 1954 1956 1958 1954 1956 1958 plies of 1959 models continued to improve, and Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown, are for December. substantial gains in holiday business at apparel and 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN • JANUARY 1959 general merchandise stores. Department store Member bank borrowings from the Federal Resales rose 6 per cent, to 145 per cent of the 1947- serve averaged $640 million and excess reserves 49 average, and were 5 per cent above December $590 million over the four weeks ending January 1957. 7. Borrowings were about $170 million greater than in the previous four weeks while excess re- COMMODITY PRICES serves were $135 million greater. In the latter Wholesale commodity prices were generally part of December reserves were absorbed through stable from mid-December to mid-January. While currency outflow and an increase in required reprices of a few basic industrial materials advanced serves and were supplied through Federal Reserve and increases for some fabricated products became purchases of U. S. Government securities, mainly effective after the first of the year, the average under repurchase agreements, and an increase in level of industrial commodity prices changed little float. In early January, funds provided by the from the record high reached in mid-December. post-Christmas currency inflow were absorbed Prices of farm and food products, which had dethrough reductions in System holdings of U. S. clined steadily from the high of recent years Government securities and a decline in float. reached last spring, also changed little after mid- December. SECURITY MARKETS BANK CREDIT AND RESERVES Yields on Treasury and State and local government bonds generally increased from mid-Decem- Total loans and investments at city banks inber to mid-January, while those on corporate creased about $1.3 billion during December. Growth in loans, principally to businesses and bonds changed little. Yields on short-term Treassecurity dealers, was offset in part by reductions ury issues declined moderately from the advanced in holdings of U. S. Government securities. In mid-December levels. In early January the Treasearly January, bank credit declined reflecting sea- ury offered for cash $750 million of a 21-year sonal repayments of loans and further declines in bond to yield 4.07 per cent and %2Vi billion of U. S. Government security holdings. a 16-month note to yield 3.45 per cent. LOANS AND INVESTMENTS — MEMBER BANKS IN LEADING CITIES INTEREST RATES Billions oF dollars' Per cer 1954 1955 1956 1957 1958 Federal Reserve data. Loans to banks are excluded. Secu- Weekly average market yields for long-term U. S. Governrities other than U. S. Government are included in the total ment 2Vi per cent bonds and for longest Treasury bills; latest but not shown separately. Weekly figures, latest shown are for shown are for week ending January 7. January 7. 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 23 Reserve Bank discount rates; reserve requirements; margin requirements. 26 Federal Reserve Banks 27 Bank debits; currency in circulation 30 All banks: consolidated statement of monetary system; deposits and currency. 32 All banks, by classes 33 Commercial banks, by classes. . . 36 Weekly reporting member banks. . 38 Commercial loans; commercial paper and bankers' acceptances. . 40 Interest rates 41 Security prices; stock market credit. . 42 Savings institutions 43 Federal business-type activities. 44 Federal finance. . 46 Security issues. . . . 50 Business finance. . . 51 Real estate credit . . 53 Short- and intermediate-term consumer credit. . 56 Selected indexes on business activity. . 60 Production 61 Employment and earnings. 68 Department stores . 70 Foreign trade .... 71 Wholesale and consumer prices 72 National product and income series 74 Federal Reserve Bank discount rates, 1941-58 76 Tables published in BULLETIN, annually or semiannually—list, with references 18 Index to statistical tables . . 100 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. 21 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 REQUIRED RESERVES EXCESS RESERVES CURRENCY IN CIRCULATION ^^ RESERVE BANK CREDIT GOLD STOCK TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS FEDERAL RESERVE CREDIT U. S. GOVERNMENT SECURITIES DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT ^^^jJft^MJ**^ 1952 1953 1954 1955 1956 1957 1958 Latest averages shown are for week ending December 31. See p. 23. 22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank e W nd e i e n k g T U o . ta S l . G B o r o o i v g u u t h t . g - t h s t ecu r a u c H e r g n h p i r e t d a u e i l s e e d e r e s 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 s r o c t u e r i a u u n e r n n r y t a g c - - d s y - - r c C t e c u i i n u o i 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 y it s h - r F es F . e e o i R r r g v . - n e B s, a O nk th s er c O F o . a t u c h R - n e t . r s Total r q e u s R i e r e r e - v d e 2 s c E e x s - s2 ment Averages of daily figures 1957 23,441 23,256 185 824 94325,225 22,707 5,135 31,115 792 461 367 313 1,056 8,963 18,509 454 13 .. 2.3,498 23,332 166 911 99725,424 22,731 5,136 31,287 795 505 329 407 1,057 8,911 18,354 557 20 23,288 23,282 6 752 ,43025,489 22,757 5,137 31,336 801 503 315 386 1,054 8,987 18,459 528 27 23,318 23,167 151 777 ,20925,325 22,762 5,139 31,431 794 469 301 294 1,030 8,907 18,461 446 Dec. 4 23,732 23,480 252 626 ,00525,387 22,763 5,141 31,668 770 305 291 191 1,041 9,023 18,580 443 11 23,886 23,574 312 676 ,02025,617 22,766 5,142 31,827 769 318 318 186 1,080 9,027 18,600 427 18 23,907 23,600 307 751 ,52526,218 22,770 5,143 31,973 768 339 334 183 1,050 19,483 18,873 610 25 ... .23,950 23,617 333 786 I',894 26,68722,770 5,145 32,089 764 483 359 179 1,061 19,666 19,014 652 1958 Jan. 1 24,344 23,735 609 661 1,55026,623 22,11A 5,147 31,962 773 458 397 201 1,045 .9,707 19,042 665 8 24,011 23,645 366 707 1,32826,100 22,781 5,146 31,553 768 529 337 186 996 9,658 18,982 676 15 23,720 23,581 139 580 1,03925,390 22,781 5,147 31,207 771 503 306 190 994 9,348 18,769 579 22 23,315 23,266 49 359 1,23024,949 22,782 5,149 30,878 781 511 275 227 992 9,216 18,624 592 29 . ..2.3,372 23,335 37 295 91924,632 22,783 5,151 30,625 789 521 275 275 992 19,089 18,509 580 Feb. 5 23,364 23,321 4: 189 80324,397 22,783 5,157 30,581 777 378 265 294 1,046 18,997 18,498 499 12 23,422 23,292 130 286 79324,543 22,784 5,159 30,675 734 296 284 325 1,118 19,054 18,483 571 19 23,373 23,285 88 361 1,05424,830 22,785 5,161 30,642 685 501 337 293 1,195 19,122 18,427 695 26 23,380 23,380 153 95224,527 22,714 5,165 30,542 695 508 284 276 1,193 18,909 18,426 483 Mar. 5 23,256 23,251 118 89224,309 22,686 5,169 30,563 701 486 270 320 1,151 18,674 18,084 590 12 23,466 23,432 131 816 24,456 22,615 5,174 30,641 712 479 273 293 1,148 18,699 18,096 603 19 23,500 23,480 126 97324,638 22,541 5,178 30,592 804 257 257 368 1,150 18,930 18,332 598 26 23,552 23,518 167 98324,742 22,498 5,180 30,524 790 580 258 400 1,143 18,725 18,037 688 Apr. 2 23,625 23,625 144 776 24,586 22,394 5,184 30,637 724 523 277 368 1,109 18,526 17,830 696 9 23,628 23,628 90 87924,638 22,294 5,187 30,744 729 479 269 493 1,106 18,300 17,673 627 16 23,633 23,611 199 82924,701 22,199 5,192 30,733 731 457 319 381 1J104 18,369 17,754 615 23 23,712 23,704 11 99024,854 22,081 5,193 30,617 721 417 242 376 1,10"218,654 18,055 599 30 23,626 23,612 125 77724,566 22,024 5,194 30,520 73 601 235 397 1,051 18,249 17,654 595 May 7 23,799 23,799 118 80824,763 21,967 5,19' 30,659 738 533 287 386 1,049 18,276 17,647 629 14 23,931 23,931 123 76024,854 21,886 5,199 30,812 741 470 294 386 1,046 18,190 17,528 662 21 23,876 23,876 104 994 25,016 21,779 5,200 30,822 73: 459 309 381 1,043 18,248 17,545 703 28 24,053 24,053 119 78024,994 21,661 5,201 30,813 722 437 276 391 1,023 18,194 17,513 681 June 4 24,194 24,194 135 86925,240 21,594 5,201 30,989 709 411 238 484 1,05718,147 17,574 573 11 24,397 24,391 184 81525,440 21,594 5,203 31,052 709 424 267 370 1,139 18,274 17,687 587 18 24,682 24,581 101 175 1,03625,939 21,540 5,204 31,070 698 459 331 359 1,146 18,619 17,984 635 25 25,002 24,891 111 99 1,024 2"6,170 21,374 5,204 30,975 698 440 280 229 M44 18,983 18,314 669 July 2 25,422 25,419 97 81526,380 21,349 5,203 31,163 68 446 268 405 1,105 18,859 18,204 655 25,456 25,456 14: 94' 26,589 21,306 5,20: 31,385 67 489 265 37' 1,097 18,809 18,051 758 16 25,262 25,26: 11: 97<26,398 21,300 5,20: 31,375 686 497 358 371 1,095 18,518 17,949 569 23 25,157 25,157 85 1,04526,328 21,280 5,203 31,217 69: 465 293 340 1,091 18,7ir 17,924 788 30 25,035 25,035 108 82326,005 21,25" 5,206 31,086 69' 543 300 333 1,041 18,46: 17,824 638 Aug. 6 25,240 25,240 112 82826,21: 21,195 5,207 31,171 696 662 291 350 1,148 18,296 17,738 558 13 25,646 25,626 20 229 77- 26,685 21,154 5,210 31,291 699 504 300 329 1,166 18,760 18,073 687 20 25,406 25,406 216 1,00826,665 21,086 5,210 31,295 696 528 259 301 1,233 18,648 18,027 621 27 25,257 25,257 271 85^ 26,4r 21,086 5,211 31,249 688 486 234 320 i,2r 18,526 17,953 573 Sept. 3 25,353 25,353 461 79226,638 21,011 5,211 31,381 691 539 305 324 1,175 18,446 17,899 547 10 25,233 25,233 514 88326,661 21,012 5,213 31,433 694 478 330 319 1,153 18,479 17,873 606 17 25,001 25,001 563 1,04926,644 20,939 5,215 31,393 694 304 397 282 1,156 18,572 17,935 637 24 24,893 24,89: 433 1,20326,558 20,895 5,216 31,285 683 508 308 320 1,162 18,404 17,811 593 Oct. 1 24,940 24,940 401 904 26,275 20,866 5,219 31,217 690 448 261 387 1,123 18,23- 17,77- 460 8 25,143 25,143 434 91 26,519 20,830 5,219 31,352 691 447 299 343 1,119 18,318 17,753 565 15 25,498 25,353 145 47: 92226,925 20,764 5,220 31,498 689 386 327 412 1,121 18,475 17,989 486 22 25,242 25,242 369 1,40 27,046 20,724 5,220 31,435 681 464 308 33: 1,117 18,652 18,086 566 29 25,300 25,300 456 97726,767 20,690 5,221 31,299 681 512 270 321 1,080 18,515 17,993 522 Nov. 5 25,459 25,380 79 403 79- 26,694 20,679 5,222 31,422 681 325 283 391 1,078 18,416 18,008 408 12 25,660 25,614 46 470 93427,100 20,652 5,225 31,660 687 371 297 375 1,078 18,510 17,891 619 19 25,411 25,392 19 453 1,18827,087 20,680 5,225 31,75 692 475 316 341 1,074 18,340 17,900 440 26 25,734 25,578 156 430 1,19927,399 20,616 5,225 31,825 686 455 243 337 1,063 18,631 18,225 406 Dec. 3 26,143 26,033 110 580 ,08 27,844 20,609 5,228 32,05' 693 465 222 401 1,103 18,740 18,232 508 10 26,282 26,250 32 415 ,11227,847 20,593 5,229 32,218 696 376 232 328 1,19118,629 18,160 469 17 26,315 26,223 92 519 43r 2288,331111 20,576 5,229 32,394 693 428 263 335 1,161 18,844*>18,366 24 26,272 26,188 84 631 i944 28,889 20,536 5,231 32,533 684 540 239 328 1,172.19,160^18,523 31 26,437 26,241 196 808 ,61828,910 20,526 5,232 32,456 694 521 332 333 1,165 19,167^18,486 P Preliminary. 'For other notes see following page. 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . t S al . G B r o o o i v g u u t h g t . - t h s t ecu r a u c H e r g h n i p t r e a d i e u l e s e d e r s e r - - v c a D o a a n n u d i c s d n - - e t s s Float Total 1 s G to o c ld k T r s c o r e t u i e a u n n u r a n g r c y t s - - d y - - r c C t e c u i i n u i o n l r c a n r - - y - T h c i u o n r a e r l g s y d a h s s - - T u r w e ry a it s h - r F e . s F e e i R o r g r v . n - e B s, a O nk th s er c O F o a . t u c h n R - e t . r s Total q re u s R i e r r e e v - d e 2 s c E es x s - 2 ment Averages of daily figures 1957 Dec 23,982 23,615 367 716 1,44376,186 001769 5,144 31 93? 768 385 345 186 1,063 19,420 18843 577 1958 Jan 23,608 23,458 150 454 1,118OS,009 00 78? 5,148 31 059 111 512 297 224 99319,296 187^3 573 Feb 23,378 23,313 65 242 907 ?4 568 759 5 161 30 608 111 421 294 299 1,150 19,000 18,434 566 Mar 23 486 23,465 21 139 04 22 548 ,177 30 589 750 457 265 350 1 14218 730 18097 633 23,649 23,638 11 130 864 ,68? 22 166 5 191 30 6S4 728 494 267 410 1,092 18,394 17,77? 622 May 23,939 23,939 119 84124,939 21,801 5,200 30798 731 466 286 401 1,036 18,223 17,557 666 June 24,749 24,698 51 142 916OS,851 o\ 490 5,?03 31039 701 442 281 350 1,132 18,600 17974 626 July 25 218 25 218 109 940 310 o\ 5 31 687 498 302 358 1 08118 609 17953 656 A rig 25 410 25,406 4 252 858 06 554 o\ t11? 5 210 31 268 694 541 274 324 1,194 18,580 17946 634 Sent 25 051 25 051 476 990 548 940 5'215 31 34? 691 445 325 325 1 15118 425 17854 571 Oct 25,296 25,260 36 425 1 035 76789 70750 5 770 31 390 685 449 299 352 1 10818,476 17,955 521 Nov 25,650 25,562 88 488 1 03977,711 ?0,648 5 31 73? 688 410 276 369 1,068 18,540 18034 506 Dec 26 312 26 216 96 564 1 496 4\o 00 563 5 ?30 370 692 470 262 337 1 17418 899 Midyear or year-end 1929—June 216 148 68 1,037 so 1,400 4,037 ,019 4,459 204 36 6 21 374 2,356 0 333 23 1933—June 1,998 1,998 164 4 2,220 4,031 2,286 5434 264 35 15 151 346 2,292 1,817 475 1939 Dec 2 484 2,484 7 91 593 17,644 ,963 7,598 2,409 634 397 256 251 11,653 6444 5 209 1941 Dec 2 254 2 254 3 94 0 361 oi 737 3947 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 2,287 977 862 446 495 15,915 14,457 1,458 1947—Dec 22 559 22,559 85 ?3,181 ??,754 4,56? ?8,868 1,336 870 392 569 563 17,899 16400 1 499 1950—Dec 20,778 20,725 53 67 1,368 ,716 ??,706 4,636 741 1,293 668 895 565 71417,681 16,509 1,172 1954 Dec 24 932 24 888 44 143 808OS 885 713 4,985 30 509 796 563 490 441 90718 876 18 618 258 1955—Dec 24,785 24,391 394 108 1,585?6,507 21'690 S,008 31, 158 767 394 402 554 92519,005 18,903 102 1956—June 23,758 23,712 46 232 ,21025,219 21;799 5,032 30,715 768 522 297 313 992 18,443 18,449 -6 Dec 24 915 24,610 305 50 1,66506 699 ?i t 949 S,066 31,790 775 441 322 426 901 19,059 19089 -30 End of month 1957 Dec 24,238 23,719 519 55 1474 75,784 781 sJ46 31,834 761 481 356 246 99819,034 19 091 -57 1958 Jan 23,331 23,331 217 76324,352 22,784 5,158 30,576 771 469 249 279 990 18,958 18543 415 Feb 23,240 23,240 122 92424,330 22,686 5,169 30,554 695 516 265 336 ,151 18,667 18 186 481 Mar 23,628 23,628 137 76524,570 22,394 5,183 30,666 722 474 266 378 ,108 18,532 17857 675 Apr 23,681 23,681 156 79724,672 21,996 5,196 30,565 734 594 257 411 ,050 18,254 17686 568 May 24,162 24,162 144 96525,313 21,594 5,201 30,994 703 382 234 624 994 18,176 17543 633 June 25,438 25,438 41 75826,283 21,356 5,203 31,172 692 410 269 420 ,096 18,784 18 158 626 July 24,480 24,480 94 86825,477 21,210 5,207 31,171 685 617 288 329 ,039 17,764 17801 -37 Aug 25,346 25,346 555 80526,739 21,011 5,211 31,371 684 540 313 332 ,184 18,538 17860 678 Sept 24,986 24,986 255 86026,130 20,874 5,219 31,245 684 371 258 395 ,122 18,147 17785 362 Oct 25,443 25,373 70 407 78826,675 7.0690 5 31 386 674 363 288 335 ,079 18,462 18009 453 Nov 26,229 26,069 160 717 1 076 78006 70 609 5 778 37 036 694 424 226 430 03818,994 18 717 111 Dec 26,347 26,252 95 64 1,796?7,755^70,534PS,734 179 P697 358 272 391 ,17? 18,504 549 P—45 Wednesday 1958 Oct 1 . . .. 25 047 25 047 199 90476,180 ?0,8?3 S,719 31, 691 441 275 398 1 12018,054 17 840 214 8 25,222 25,222 383 79376431 s 31,409 693 353 325 349 1,170 18,226 17 497 15 25,507 25,379 128 245 1 061 76 845 70 775 s 770 486 683 340 324 339 1 11918,550 18 000 550 22 25,225 25,225 759 ,01927,035 20,690 5,221 31,333 684 525 297 317 1,116 18,675 18038 637 29 25,373 25,373 378 776?6 561 70,690 s 31,793 684 542 280 326 1,079 18,267 18010 257 Nov 5 25,519 25,423 96 502 441 76,498 70,66S s ??? 31,514 687 194 299 332 107718,281 18 000 281 12 25,445 25,443 2 375 657 76 51? 70 676 sJ??4 31,751 688 496 288 320 107617,792 17 875 -83 19 25 448 25 401 47 560 1,771?7,31? ?0,658 s 31,714 689 391 317 351 1,074 18,659 17 986 673 26 25,795 25,662 133 1,049 980 77,858 70,609 s'225 3?,015 684 476 215 336 1,035 18,929 18,770 659 Dec 3 26 133 26,120 13 329 1,03577 53? 609 s,779 3?, 11? 698 469 233 344 1,191 18,323 18,755 68 10 26,255 26,247 8 455 99477740 70 593 s 779 37,303 698 437 230 327 1 19118,376 18 196 180 17 26,272 26,194 78 568 1,7977.8675 70 574 5 779 37 416 683 503 252 336 1 17119,117 534 24 26 307 26,197 110 830 1,64378 875 570 5,731 37,601 693 485 237 312 1,171 19,078p18 479 p599 31 26,347 26,252 95 64 1,29627,755P20,534 ,234 179 *>697 358 272 391 1,122 18,504 549 '-AS P Preliminary. 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 25 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. 1 In millions of dollars] Central reserve Centralreserve All city banks Re- Coun- All city banks Re- Coun- Item and period mem- serve try Item and period mem- serve try ber city banks ber city banks banks New Chi- banks banks New Chi- banks York cago York cago Total reserves held: Excess reserves:2 1957—Nov 18,958 4,162 1,101 7,849 5,847 1957_Nov 512 16 1 63 432 Dec 19,420 4,336 1,136 8,042 5,906 Dec 577 34 8 86 449 1958—Jan 19,296 4,251 ,125 8,007 5,914 1958—Jan 573 34 4 78 456 Feb 19,000 4,204 ,114 7,871 5,811 Feb 567 22 5 98 442 Mar 18,730 4,272 ,098 7,701 5,659 Mar 633 44 11 98 479 18,394 4,122 ,052 7,651 5,569 Apr 623 15 3 79 526 MPay";; '.'.I'.'.'.'. 18,223 4,030 ,054 7,614 5,525 May 666 53 8 131 474 June 18,600 4,214 ,113 7,721 5,552 June 626 28 14 102 481 July 18,609 4,132 ,088 7,772 5,617 July 656 32 5 104 515 Aug 18,580 4,014 ,097 7,820 5,651 Aug 635 26 3 89 516 Sept 18,425 3,951 ,064 7,731 5,679 Sept 571 27 5 65 474 Oct 18,476 3,935 ,061 7,755 5,724 Oct 521 27 6 55 433 Nov 18,540 3,883 ,054 7,819 5,784 Nov 506 17 69 420 Week ending: Week ending: 1958—Nov. 19 18,340 3,801 ,035 7,749 5,754 1958—Nov. 19 440 -2 -1 41 402 26 18,631 3,918 ,075 7,883 5,755 26 406 8 4 41 353 Dec. 3 18,740 3,978 ,078 7,861 5,822 Dec. 3 508 31 4 58 414 10 18,629 3,927 ,062 7,826 5,814 10 469 10 45 414 17 18,844 4,032 ,065 7,928 5,819 17 *478 1 4 54 24 19,160 4,072 ,077 8,028 5,983 24 P637 16 3 57 *>561 31 19,167 4,194 ,096 8,101 5,778 31 *681 132 16 158 Required reserves:2 Borrowings at Federal Reserve Banks: 1957_Nov 18,447 4,147 ,100 7,786 5,414 Dec 18,843 4,303 ,127 7,956 5,457 1957—Nov 804 96 123 405 181 Dec 710 139 85 314 172 1958—Jan 18,723 4,216 ,121 7,928 5,458 Feb 18,434 4,182 ,109 7,773 5,369 1958—Jan 451 80 29 222 119 Mar 18,097 4,228 ,087 7,603 5,179 Feb 242 46 11 96 89 Apr 17,772 4,107 ,049 7,572 5,043 Mar 138 2 29 36 71 May 17,557 3,977 ,046 7,482 5,051 Apr 130 18 9 35 67 June 17,974 4,186 ,099 7,619 5,070 May 119 2 1 42 74 July 17,953 4,101 ,084 7,667 5,101 June 142 21 2 45 74 Aug 17,946 3,987 ,094 7,731 5,134 July 109 16 1 49 44 Sept 17,854 3,923 ,058 7,667 5,205 Aug 252 48 3 111 90 Oct 17,955 3,909 ,055 7,700 5,291 Sept 476 106 8 266 96 Nov 18,034 3,866 ,055 7,750 5,364 Oct 425 35 9 253 128 Nov 486 60 16 258 152 Week ending: Week ending: 1958—Nov. 19 17,900 3,803 ,037 7,708 5,352 26 18,225 3,910 ,071 7,842 5,402 1958—Nov. 19 451 48 13 275 115 26 428 58 23 210 137 Dec. 3 18,232 3,947 ,074 7,803 5,408 10 18,160 3,917 ,061 7,781 5,401 Dec. 3 579 31 25 360 163 17 *>18,366 4,031 ,061 7,875 ^5,399 10 414 8 19 242 145 24 *>18,523 4,056 ,074 7,971 *>5,422 17 516 69 22 239 186 31 *>18,486 4,061 ,080 7,943 5402 24 625 189 50 208 178 31 790 186 71 372 161 November 1957 Free reserves:2 4 Deposits: 1957—Nov -293 -80 -123 -342 251 Dec -133 -105 -77 -228 277 Gross demand deposits: Total 116,048 23,032 5,933 45,206 41,877 1958—Jan 122 -46 -25 -144 337 Interbank 13,001 4,205 1,182 6,228 1,387 Feb 324 -25 -6 1 353 Other 103,047 18,828 4,752 38,978 40,490 Mar 495 42 -18 62 408 Net demand deposits3. .. 98,943 19,816 5,168 38,105 35,853 493 -3 -7 44 459 Time deposits 45,770 3,666 1,330 18,533 22,241 M^y!'.'.'.'.'.'.'.'.'.'. 547 51 7 89 399 Demand balances due June 484 7 12 57 408 from domestic banks. . 6,441 67 100 1,947 4,327 July 546 16 4 56 471 Aug 383 —22 —22 426 Sept 95 -79 -3 -201 378 November 1958 Oct 96 -8 -3 -198 305 Nov 20 -43 -16 -189 268 Gross demand deposits: Week ending: Total 121,800 23,341 6,284 48,350 43,826 Interbank 13,706 4,126 1,240 6,885 1,454 1958—Nov. 19 -11 -50 -14 -234 287 Other 108,094 19,214 5,043 41,465 42,372 26 -22 -50 -19 -169 216 Net demand deposits3... 103,463 20,073 5,461 40,536 37,392 Time deposits 52,732 5,066 1,432 21,227 25,008 Dec. 3 -71 — 21 — 302 251 Demand balances due 10 55 2 -19 -197 269 from domestic banks.. 6,899 88 102 2,078 4,630 17 v -38 -68 -18 -185 *233 24 v\2 -173 -47 -151 31 *-109 -54 -55 -214 P Preliminary. banks and of country banks are estimates. 1 Averages of daily closing figures for reserves and borrowings and of 3 Demand deposits subject to reserve requirements, i.e., gross demand daily opening figures for other items, inasmuch as reserves required are deposits minus cash items reported as in process of collection and demand based on deposits at opening of business. balances due from domestic banks. 2 Weekly figures of required, excess, and free reserves of all member * Free reserves are excess reserves less borrowings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 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 Dec. 31 beginning— rate Dec. 31 beginning— rate Dec. 31 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. 31,1958 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 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances! under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES 1 MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Range F. R. Range F. R. Date (or level)— Bank Date (or level)— Bank Net demand deposits * Time deposits 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 Coun- 1955 1957 reserve city try and try Apr. .4. Nov. 15. 3 -3 city banks banks reserve banks Dec. 2. banks city May 2. A. banks Aug. 4. 1958 12! 2 2 4 Jan. 2 2 2 4. . 2 2 3 3 4 4 - - 3 3 i3 1917—June 21 13 10 7 Sept-,!: 2 2* 1 4 4 Mar. 1 7 3 . . 2 2* 1 4 4 - - 2 3 34 1936—Aug. 16 19Vi 15 ¥ f A N A u p o g r v . 1 . . 9 2 2 3 5 2 1 1 3 6 0 1 8 4 3 . . . . . . 2 2 2 2 3 V V ? 3 L 4 4 4 A A O S N M e c u p o a p t g r v y . . t . . . 2 1 1 1 2 7 4 9 8 5 1 2 . . ! . . . . 2 l 1 1 3 * * 4 2 2 1 4 4 - - 1 1 % - - 2 2 / 4 2 2 2 * % 4 2 2 *L 2 2 i 1 1 * V 1 * \ 3 4 4 4 4 4 1 1 1 19 9 9 9 4 3 3 4 2 8 7 1 — — — _N S O M A A M e o c u p a p a v t g r y r . t . . . . . 2 1 1 3 1 0 1 4 1 6 2 2 2 2 2 2 2 2 2 6 4 2 6 0 3 3 4 4 8 20 * 1 1 4 2 6 6 1957 Aug. 9. In effect 1948_Feb. 27 22 23. Dec. 31. June 11 24 Sept. 16,24*.... 26 22 16 1949—May 1,5* 24 21 15 2 1 R U e n p d u e r r c h S a e s e e s . r a 1 t 3 e a o n n d U 1 . 3 S a . , a G s o d v e t. s c se ri c b u e r d it i i e n s . t ab T le h is a b r o a v te e . was the same as J A u u n g e . 30 1 , , 1 Ju 1 l * y 1*. IVA 2 § 0 * 1 1 4 3 5 6 6 t t h h e e f d o i l s lo c w ou in n g t r p a e t r e i o a d t s t ( h ra e t e F s e i d n e p ra e l r c R en es ta e g rv e e s ): B 1 a 9 n 5 k 5 — of M N a e y w 4 - Y 6, o r 1 k .6 5 e ; x c A e u p g t . i 4 n , A A u u g g . . 2 1 5 6, 18* g* IS" 12 5 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, Sept. 1 2.75; and 1957—Aug. 22, 3.50. 1951—Jan. 11,16*..,. 23 19 13 6 6 OTE.—Data for 1941-58 are shown on p. 76. 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 * 8* \p Mar. 20, Apr. 1* Jan. 16, Aug. 5, Effec- Apr. 17 ii* Prescribed in accordance with 1958- 1958- tive Apr. 24 Securities Exchange Act of 1934 Aug. 4, Oct. 15, Oct. 16, 1958 1958 1958 In effect Jan. 1, 1959... 18 16^ 11 5 5 Regulation T: Present legal require- For extensions of credit by brokers and ments : 50 70 90 Minimum 13 10 7 3 3 50 70 90 Maximum 26 20 14 6 6 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 1 Regulations T and U limit the amount of credit that may be extended process of collection and demand balances due from domestic banks (also on a security by prescribing a maximum loan value, which is a specified minus war loan and Series E bond accounts during the period Apr. 13. percentage of its market value at the time of extension; margin require- 1943-Jnne 30, 1947). P ' ments are the difference between the market value (100%) and the maxi- • First-of-month or midmonth dates are changes at country banks, and mum loan value. other dates (usually Thurs.) are at central reserve or reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 27 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1958 1958 1957 Dec. 31 Dec. 24 Dec. 17 Dec. 10 Dec. 3 Dec. Nov. Dec. Assets Gold certificate account 19,012,89319,007,89519,075,89319,080,89319,098,894 19,012,89319,108,892 21,215,392 Redemption fund for F. R. notes 937,919 927,919 916,606 918,659 918,549 937,919 910,478 869,249 Total gold certificate reserves 19,950,81219,935,81419,992,49919,999,552 20,017,44319,950,812 20,019,370 22,084,641 F. R. notes of other Banks 476,993 332,956 341,150 321,551 296,963 476,993 280,006 443,288 Other cash 336,474 280,518 302,527 302,402 323,598 336,474 335,856 338,622 Discounts and advances: For member banks 46,063 811,356 561,956 453,570 327,703 46,063 715,316 50,364 For nonmember banks, etc 17,900 18,300 6,300 1,300 1,300 17,900 1,300 5,000 Industrial loans 336 336 336 337 337 336 337 482 Acceptances—Bought outright 43,290 39,737 37,197 36,199 35,199 43,290 33,906 42,337 Held under repurchase agreement 5,799 5,250 5,799 23,351 U. S. Government securities Bought outright: Bills 2,250,450 2,195,850 2,193,250 2,245,550 2,119,350 2,250,450 2,067,750 983,573 Certificates—Special Other 18,649.726 18,649,726 18,649, 18,649 18,649,72618,649,726 21 507,29119,! Notes 2,867! 867,565 2,867; 2,867; 2,867,565 867,565 10,000 Bonds 2,483! 483,771 2,483; 2,483; 2,483,771 483,771 483,771 2,801,750 Total bought outright , 26,251 512 26,196,912 26,194, 312 26,246 612 26 120,412 26,251,512 26 068,812 23,718,935 Held under repurchase agreement. 95 000 110,000 77;900 8 000 12,400 95,000 160,000 519,350 Total U. S. Government securities. 26,346,512 26,306,912 26,272,212 26,254,61226,132,812 26,346,512 26,228,812 24,238,285 Total loans and securities 26,459,900 27,181,89126,878,00126,746,01826,497,35126,459,900 26,979,67124,359,819 Due from foreign banks. 15 15 15 15 15 15 15 Uncollected cash items.. 5,630 1,036,064 6,931,623 4,919,920 5,248,444 ,630,684 ,280,248 ,494,735 Bank premises 93; 94,357 93,845 93,662 93,471 93,636 93,356 83,763 Other assets 146; 137,512 125,336 133,860 122,613 146,641 265,016 223,584 Total assets. 53,095,15553,999,127 54,664,996 52,516,980 52,599,898 53,095,155 53,253,538 53,028,467 Liabilities Federal Reserve notes 27,872,02328,092,377 27,931,104 27,802,134 27,610,322 27,872,023 27,529,11127,534,791 Deposits: Member bank reserves 18,503,99119,077,82519,116,73718,376,26918322,93218,503,99118,994,41219,033,795 U. S. Treasurer—general account. 358,364 484,763 503,448 437,369 469,438 358,364 424,020 480,810 Foreign 272,485 236,553 251,924 230,328 233,218 272,485 225,908 356,342 Other 390,851 312,305 336,409 326,821 343,698 390,851 429,716 246,284 Total deposits. 19,525,69120,111,446 20,208,518 19,370,787 19,369,286 19,525,69120,074,056 20,117,231 Deferred availability cash items 4,335,126 4,392,815 5,134,983 3,926,010 4,213,520 4,335,126 4,254,045 ,070,844 Other liabilities and accrued dividends 1. 21,683 34,128 33,852 34,117 33,614 21,683 28,015 14,948 Total liabilities 51,754,52352,630,766 53,308,45751,133,048 51,226,742 51,754,52351,885,22751,737,814 Capital Accounts Capital paid in. 363,098 362,518 360,421 359,632 358,713 363,098 358,136 345,106 Surplus 868,410 809,195 809,195 809,195 809,195 868,410 809,195 2836,741 Other capital accounts. 109,124 196,648 186,923 215,105 205,248 109,124 200,980 108,806 Total liabilities and capital accounts. 53,095,15553,999,127 54,664,996 52,516,980 52,599,89853,095,15553,253,538 53,028,467 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 42.1 41.4 41.5 42.4 42.6 42.1 42.1 46.3 Contingent liability on acceptances purchased for foreign correspondents 67,799 70,583 72,282 74,001 73,84: 67,799 74,798 76,114 Industrial loan commitments 975 985 995 995 995 975 1,015 1,109 Maturity Distribution of Loans and U. S. Government SecuntieS3 63,963 829,656 568,256 454,870 329,003 63,963 716,616 55 364 Within 15 days 43,595 809,520 554,603 445,077 322,054 43,595 706,095 46,700 16 days to 90 days 20,368 20,136 13,653 9,793 6,949 20,368 10,521 8,664 Industrial loans—total . .. .. 336 336 336 337 337 336 337 482 Within 15 days 213 203 203 204 204 213 204 69 16 days to 90 days 18 28 28 20 20 18 20 20 91 days to 1 year . 43 43 43 46 46 43 46 260 Over 1 year to 5 years 62 62 62 67 67 62 67 133 49,089 44,987 37,197 36,199 35,199 49,089 33,906 65,688 Within 15 days, 15,869 14,864 8,550 5,194 3,838 15,869 4,438 34 371 16 days to 90 days 33,220 30,123 28,647 31,005 31,361 33,220 29,468 31,317 U S Government securities—total ^6,346,512?6,306,912?6,272,212?6,254,612?6,132,812?6,346,512?6,228,812^4 238 285 Within 15 days 742,200 642,500 185,200 52,500 120,060 742,200 8,084,925 674,850 16 days to 90 days 7,093,743 7,170,343 7,592,943 7,708,043 7,518,683 7,093,743 7,507,383 6,335,066 91 davs to 1 vear 13,159,233 13,142,733 ,142,733 13,142,733 13,142,733 13,159,233 8,142,733 14,439 112 Over 1 year to 5 years 3,881,179 3,881,179 3,881,179 ,881,179 3,881,179 3,881,179 1,023,614 1,374,400 206,495 206,495 206,495 83,910 83,910 206,495 83,910 56,610 1,263,662 1,263,662 1,263,662 1,386,247 1,386,247 1,263,662 1,386,247 1,358,247 1 No accrued dividends at end-of-December dates. 3 Holdings under repurchase agreements are classified as maturing with- 2 Includes, prior to Sept. 2, 1958, Section 13b surplus of $27,543,000. in 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1958 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n n- Gold certificate account 888,156 5,277,367 1,037,8471,443,5931,033,459 864,742 3,326,227 753,490 458,383 748,339 721,519 2,459,771 Redemption fund for F. R. notes 55,671 198,412 60,195 87,750 85,803 57,037 167,634 44,661 22,463 43,533 29,845 84,915 Total gold certificate reserves. 943,827 5,475,779 1,098,0421,531,3431,119,262 921,7793,493,861 798,151 480,846 791,872 751,364 2,544,686 F. R. notes of other Banks... 41,061 83,865 47,991 29,107 57,452 53,143 40,267 23,287 17,588 11,317 28,333 43,582 Other cash 19,758 60,901 16,950 28,071 22,112 26,560 58,734 26,513 8,664 14,662 14,687 38,862 Discounts and advances: Secured by U. S. Govt. securities 200 6,520 5,485 2,775 1,575 4,765 3,885 1,600 18,408 750 Other 1,020 5,048 1,235 1,593 913 805 2,560 662 430 798 931 2,005 Industrial loans 327 9 Acceptances: Bought outright 43,290 Held under repurchase agreement 5,799 U. S. Govt. securities: Bought outright 1,429,342 6,619,791 1,509,042 2,323,915 ,708,7641,335,756 4,585,6141,070,904 552,2531,120,493 ,028,298 2,967,340 Held under repurchase agreement 95,000 Total loans and securities.... 1,430,889 6,775,4481,515,762 2,328,2831,711,252 ,341,326 4,592,0591,073,166 552,6921,139,6991,029,979 2,969,345 Due from foreign banks 1 14 1 1 1 1 2 1 () 1 7 Uncollected cash items.... 405,506 1,215,353 332,939 543,121 433,573 453,214 902,999 232,399 145,320 254,995 242,741 468,518 Bank premises 4,705 10,313 4,245 9,432 6,654 9,294 11,824 6,862 5,193 4,799 7,786 12,529 Other assets 7,884 36,477 8,181 12,768 9,479 8,470 24,838 5,917 3,076 7,130 5,917 16,504 Total assets. 2,853,631 13,658,140 3,024,1114,482,126 3,359,785 2,813,787 9,124,584 2,166,2961,213,3792,224,475 2,080,814 6,094,027 Liabilities F. R. notes 1,630,425 6,512,632 1,751,3912,571,638 2,135,757 1,476,020 5,302,6811,238,269 598,2791,101,081 798,6132,755,237 Deposits: Member bank reserves 771,057 5,570,787 863,4171,344,045 776644,,558800 846,398 2,809,518 669,057 419,895 817,730 969,769 2,657,738 U. S. Treasurer—general account 21,009 35,306 22,996 4,656 29,422 32,479 48,619 19,283 24,459 38,271 30,630 51,234 Foreign 13,395 3103,755 16,215 20,915 11,985 10,575 33,605 8,695 5,640 9,165 12,220 26,320 Other 2,202 307,036 4,013 5,054 4,635 2,347 8,404 3,141 3,279 2,778 47,001 961 Total deposits 807,663 6,016,884 906,641 1,374,670 810,622 891,799 2,900,146 700,176 450,955 868,4451,015,397 2,782,293 Deferred availability cash items 338,324 755,659 275,287 413,145 343,293 380,576 721,508 174,787 129,777 200,590 196,451 405,729 Other liabilities , 1,069 5,376 1,253 1,853 1,130 1,080 3,967 792 933 848 710 2,672 Total liabilities 2,777,48113,290,5512,934,572 4,361,306 3,290,802 2,749,4758,928,3022,114,024 179,944 2,170,9642,011,1715,945,931 Capital Accounts Capital paid in 18,121 105,850 21,894 34,246 16,439 18,371 49,665 12,348 8,387 14,848 20,684 42,245 Surplus 50,116 238,902 59,607 76,643 44,846 39,474 132,159 33,746 20,785 32,935 43,436 95,761 Other capital accounts. 7,913 22,837 8,038 9,931 7,698 6,467 14,458 6,178 4,263 5,728 5,523 10,090 Total liabilities and capital accounts 2,853,63113,658,140 3,024,1114,482,126 3,359,7852,813,787 9,124,5842,166,296 1,213,3792,224,475 2,080,814 6,094,027 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 38.7 43.7 41.3 38.8 38.0 38.9 42.6 41.2 45.8 40.2 41.4 46.0 Contingent liability on acceptances purchased for foreign correspondents 3,864 419,119 4,678 6,034 3,458 3,051 9,695 2,509 1,627 2,644 3,526 7,594 Industrial loan commitments 35 940 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $48,680,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $168,730,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 29 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month item 1958 1958 1957 ]Dec. 31 Dec. 24 Dec. 17 Dec. 10 Dec. 3 Dec Nov. | Dec F. R. notes outstanding (issued to Bank) 29,057,57329,014,60728,954,95128,814,32028,610,86829,057, 573 ">8,586 15628,643,286 Collateral held against notes outstanding: | Gold certificate account 11073 00011073 00011,273 00011.W ,000110^ 0001107^ 000 U 000'12 000 Eligible paper 25,393 148,074 71 431 80,264 74,079 25,393 150266; 12,299 U. S. Government securities 18,615,00018,565,00018,365,00018,285,000 18,120,00018,615,000J18,070 000 17,165,000 Total collateral 29,713,39329,786,07429,709,43129,658,26429,427,07929,713, oq,453 266129,450, 299 I EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1958 Item Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- R m i o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an ity sa - s Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 1,703,455 6 827,9351,815,156 2,645,549 21,223,4391,556,710 5,474,313 1,296,838 614,3381,137,662 849,075 2,913,103 Collateral held: Gold certificate acct.. 650,000 2 920,000 640,000 920,000 725,000 475,000 2,200,000 430,000 200,000 300,000J 313,0001,300,000 E U l . i g S i . b G le o p v a t. p e s r ecurities. 1,150,000 4,000,0001,200 5 , , 0 2 0 85 0 >,000 1 ',000 3 6;666 935 1 , , ~ 6 0~ 0 0 0 ~0 4:25',666 85 1 0 8 , , 0 5 0 0 0 8 575,000 1,700,000 Total collateral.... 1,800,000 6,920,000 ,845,2852,670,000 2,255,000 ,575,000 5,600,0001,366,600 625,0001,168,508 888,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n a o d r n t o o h f r N b u A e m r p a - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r A e o o t o t p v m e n u - e d - o n d i t t) ( s a t L a m o o n u o a d t u n i - n n s t g ) 2 ( C s a t m o m a o m n e u o d n m u t i - t n n s i g t t - ) o ( i s n a p P f ta m g t a a o f u n t r i u o i n t i d t o n i i t u a i o c - n s n n n i n t s g - c i t s - ) - 3 y E m e n a o 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 L t st o a a n n d s g P in u o t g a e rt e r i a d o n n - a o u a A b n u v n o a t d t a d m e s m r d i e e t r l i r e a a o o t n a n b i w u g o g t l d n s e u e n r i t e a r n a t s e r g l o - - 1952.... 3.753 766,492 1,638 3,921 3,210 3,289 1952 ,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 Nov 3,786 840,814 581 1,130 1,126 Nov 1,500 2,906 394 298 127 Dec 3,786 841,290 524 1,109 1,122 Dec 1,503 2,912 395 300 135 1958 1958 Jan 3,786 841,691 535 1,058 1,087 Jan 1,506 2,923 380 290 156 Feb 3,786 842,232 506 1,063 1,063 Feb 1,511 2,935 372 286 164 Mar 3,786 842,472 502 1,001 965 Mar 1,512 2,936 367 282 139 Apr 3,786 842,723 503 998 964 Apr 1,514 2,937 343 265 157 May.... 3,786 843,078 489 991 944 May 1,516 2,952 326 252 168 June.... 3,787 843,321 75 343 991 799 June 1,522 3,029 330 254 177 July.... 3,787 843,321 75 342 986 798 July 1,523 3,033 306 235 194 Aug.... 3,787 843,321 340 1,037 817 Aug 1,528 3,069 299 229 199 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 Nov 3,787 843,321 337 1,015 807 Nov 1,540 3,090 303 231 182 1 Includes applications approved conditionally by the Federal Reserve i Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by Federal Reserve Bank commitment to purchase or NOTE.—The difference between guaranteed loans authorized and sum discount. of loans outstanding and additional amounts available to borrowers NOTE.—The difference between amount of applications approved and under guarantee agreements outstanding represents amounts repaid, the sum of the following four columns represents repayments of advances, guarantees authorized but not completed, and authorizations expired or and applications for loans and commitments withdrawn or expired. withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 BANK DEBITS MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [Per cent per annum] [In effect Dec. 31] F 1 e 9 b 3 . 5 1 - , J 1 a 9 n 3 . 6 1 - , E J f a fe n c . t i 1 v , e Fees In P s a t y it a u b t l i e o n to o G n u G ar u a a n r t a e n e t i e n e g d A P g o e r n ti c o y n b o y f F L i o n a a n ncing Type of deposit Dec. 31, Dec. 31, 1957 1935 1956 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 k 75 15 15 In 90 days to 6 months 80 .. . 20 20 In less than 90 days 21^ 85 25 25 90 30 30 95 35 35 NOTE.—Maximum rates that may be paid by member banks as estab- Over 95 40-50 40-50 lished by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies Maximum Rates Financing Institution May Charge Borrower on like deposits under the laws of the State in which the member bank is [Per cent per annum] located. Maximum rates that may be paid by insured nonmember banks as established by the F.D.I.C., effective Feb. 1, 1936, are the same as those in effect for member banks. Interest rate Commitment rate. 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 seasonal adjustment 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 * centers2 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1 642 853 597 815 349,904 695,133 34.4 24.1 18.4 1953 1 759 069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2 043 548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2 200 643 815 856 462 859 921,928 45.8 28.8 21.8 I957 2 356,768 888,455 489,311 979,002 49.5 30.4 23.0 1957 Sent 189,294 70,953 39,095 79,245 52.2 31.4 24.1 50.9 31.7 23.7 Oct 204,168 77,431 41,761 84,976 49.9 29.6 22.7 51.4 30.5 22.7 Nov 189,246 71,667 39,012 78,567 51.2 30.5 23.5 51.7 30.0 22.3 Dec 220,376 88,584 43,692 88,100 58.9 32.2 24.7 52.1 30.8 23.4 1958 Jan 212,908 84,355 41,992 86,561 54.6 30.0 23.3 54.3 30.6 23.1 Feb 181 729 72,803 36,188 72,738 55.4 30.1 22.8 56.8 30 9 22.9 Mar 203,870 84,409 40,363 79,098 56.2 31.3 22.2 54.8 28.6 22.3 Apr 204 126 85,510 39,354 79,262 56.6 30.2 22.1 57.5 29 3 22 8 May 195,116 77,315 38,645 79,156 51.2 28.2 22.0 52.5 28.6 22 4 June 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 Nov 183,092 64,804 38,224 80,064 47.4 30.0 23.8 47.9 29.6 22.6 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. Angeles. 2 Prior 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 31 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 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1952 30,433 21,450 1,750 ,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 ,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 ,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 ,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957—Nov. 31,661 22,582 2,099 ,356 78 2,146 6,726 10,177 9,079 2,725 5,677 279 386 3 Dec. 31,834 22,626 2,110 ,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958—Jan.. 30,576 21,527 2,061 ,293 78 2,044 6,331 9,721 9,049 2,711 5,668 277 381 3 9 Feb.. 30,554 21,544 2,057 ,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 ,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 ,305 81 2,035 6,319 9,750 9,000 2,682 5,651 275 379 3 9 May 30,994 21,977 2,090 ,349 81 2,081 6,465 9,910 9,018 2,690 5,662 275 378 3 8 June 31,172 22,138 ,101 ,368 81 2,081 6,489 10,019 9,033 2,701 5,669 275 377 3 9 July. 31,171 22,134 ,108 ,376 81 2,064 6,450 10,056 9,037 2,705 5,671 274 376 3 Aug. 31,371 22,296 2,117 ,398 80 2,082 6,502 10,117 9,075 2,711 5,703 274 376 3 Sept. 31,245 22,154 2,127 ,417 80 2,072 6,433 10,025 9,091 2,704 5,726 274 376 3 Oct.. 31,386 22,264 2,142 ,426 80 2,091 6,477 10,048 9,122 2,707 5,759 273 371 3 Nov. 32,036 22,832 2,163 1,457 80 2,154 6,683 10,294 9,205 2,739 5,808 273 373 4 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately). 2 Paper currency only; $1 siillvver 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 Held by Total out- F. R. Kind of currency N sta o 1 n v 9 d . 5 i 8 3 n 0 g , 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 a B g a a e n n n d k t s s No 1 v 9 . 5 8 30, Oc 1 t 9 . 5 3 8 1, No 1 v 9 . 5 7 30, certificates agents Gold 20,609 20,051 2558 Gold certificates 20 051 17,204 2,816 31 31 32 Federal Reserve notes 28 586 76 1,337 27,173 26,569 26,887 Treasury currency—total . . . . ... 5,228 *2,412 61 336 4,832 4,785 4,742 Standard silver dollars . 488 169 34 9 275 274 260 Silver bullion 2,243 2,243 Silver certificates and Treasury notes of 1890.... 12,412 235 2,i77 2,154 2,135 Subsidiary silver coin 1 459 17*' 55 1,387 1,371 1,353 Minor coin 516 5 10 500 496 486 United States notes 347 4 26 317 315 320 Federal Reserve Bank notes 117 1 1 116 117 127 National Bank notes 59 (4) (4) 59 59 61 Nov. 30, 1958 (5) 22,463 694 17,204 4,488 32,036 Oct. 31,1958 (5) 22,558 674 17,290 4,580 31,386 Nov 30 1957 (5) 24,510 761 19,267 4,392 31,661 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. 24. 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

32 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM' [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o r n c m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d n si c t y s c m o n a u i c e s n - t c ts . , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42.029 6,436 1939_Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1954—Dec. 31. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—Dec. 31. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 ,723 20,461 250,757 230,510 20,246 1957_june 6. 22,620 5,106 221,454 110,938 89,114 64,548 23,016 ,550 21,402 249,180 227,576 21,605 1957—Nov. 27. 22,800 5,100 224,800 113,000 89,400 64,500 23,600 ,400 22,400 252,700 231,000 21,700 Dec. 31. 22,781 5,146 229,470 115,157 91,370 65,792 24,238 ,340 22,943 257,397 236,372 21,023 1958—Jan. 29. 22,800 5,200 225,600 112,500 89,900 65,200 23,400 ,300 23,100 253,500 231,800 21,800 Feb. 26. 22,700 5,200 226,700 112,700 90,500 65,800 23,400 ,300 23,500 254,600 232,500 22,100 Mar. 26. 22,500 5,200 230,000 113,900 91,900 67,100 23,500 ,300 24,300 257,700 235,500 22,200 Apr. 30. 22,000 5,200 234,400 114,400 95,300 70,300 23,700 ,300 24,800 261,600 239,200 22,500 May 28. 21,600 5,200 234,900 114,000 95,900 70,600 24,100 ,300 25,000 261,700 238,900 22,800 June 23. 21,356 5,204 240,451 116,842 97,849 71,611 25,000 ,238 25,760 267,011 244,131 22,880 July 30? 21,200 5,200 238,600 115,400 97,800 71,600 24,900 ,300 25,500 265,100 241,900 23,200 Aug. 21P 21,100 5,200 241,100 115,300 100,000 73,500 25,200 ,300 25,800 267,400 243,400 24,100 Sept. 24P 20,900 5,200 240,400 115,900 98,200 72,100 24,900 1,200 26,300 266,500 242,600 23,900 Oct. 29P 20,700 5,200 243,100 116,900 99,900 73,300 25,400 1,200 26,200 269,000 244,900 24,100 Nov. 26P 20,600 5,200 245,700 118,100 101,600 74,600 25,800 1,200 26,000 271,500 247,700 23,800 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o n d a i s g e e n i - 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 sa b c e v a a o A r i n n c m n t d k i g a - s s l B F a . A n R t ks . total Total m T b C e i a o r m n c m k e ia s - l dep s b M a o a v u n s i i t k n t u s g s a 2 s 3 l S S P a y o v s s i t n t e a g m l s p m o D d a s e e i n - - t d s4 b r C o e s a i n u n n d c t r k e - - y s c a d d u d e T e r j a p m o r u n o e s t a d s n a t n i e l c t d d s y j p m u D o d a s a s d e e t n i - e - - t d d s b r C o e s 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., ' 682 336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 200 25,900 1950—Dec. 30.. 518 ;293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 800 24,500 1954—Dec. 31.. 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136106,550 27,852 129,700 800 26,900 1955—Dec. 31., 767 4,038 394 216,577 78,378 48,359 28,129 ,890109,914 28,285 133,200 800 27,400 1956—Dec. 31., 775 4,038 441 221,950 82,224 50,577 30,000 ,647111,391 28,335 134,400 700 27,700 1957—June 6., 3,247 792 3,625 473 219,439 85,715 53,605 30,647 ,463105,706 28,018 (5) (5) 1957_Nov. 27., 3,200 800 3,300 400 223,300 87,600 55,000 31,300 ,300107,200 28,500 134,000 105.900 28,100 Dec. 31., 3,270 761 4,179 481 227,681 89,126 56,139 31,662 ,325110,254 28,301 133,200 105,100 28,100 1958—Jan. 29., 3,300 800 2,400 500 224,800 89,800 56,600 31,900 300 107,600 27,300 132,200 104,700 27,500 Feb. 26., 3,700 700 3,800 400 223,900 90,900 57,600 32,100 ,300105,600 27,400 133,100 105,500 27,600 Mar. 26. 3; 900 700 5,800 600 224,500 92,500 58,800 32,400 ,300104,600 27,400 134,000 106,400 27,600 Apr. 30., 4,000 700 5,400 600 228,400 93,600 59,900 32,500 ,200107,200 27,600 135,000 107,200 27,800 May 28., 4,000 700 5,700 400 228,100 94,600 60,700 32,700 ,200105,800 27,800 135,500 107,600 27,900 J J N A S O u u e o u c l n p y t g v e . t . . . 2 2 2 2 3 2 4 6 0 3 9 7 P P ^ . ? p 4 3 3 3 3 3 , , , , , , 0 7 9 9 8 8 0 5 0 0 0 0 0 3 0 0 0 0 7 7 7 7 7 7 0 0 0 0 0 0 0 0 0 0 0 0 4 4 5 9 5 3 , , , , , , 3 5 9 4 8 7 0 0 0 7 0 0 0 0 0 1 0 0 6 5 5 5 5 5 0 0 0 0 0 2 0 0 0 0 0 4 2 2 2 2 2 2 3 2 3 3 3 3 9 7 2 3 2 6 , , , , , , 4 5 1 0 4 2 8 0 0 0 0 0 3 0 0 0 0 0 9 9 9 9 9 9 5 6 6 7 7 7 , , , , , , 5 5 7 0 2 4 2 0 0 0 0 0 4 0 0 0 0 0 6 6 6 6 6 6 2 1 2 2 2 2 , , , , , , 4 1 3 7 7 9 7 0 0 0 0 0 3 0 0 0 0 0 3 3 3 3 3 3 2 3 2 3 3 3 , , , , , , 8 9 1 5 3 4 3 0 0 0 0 0 7 0 0 0 0 0 , , , , 2 2 2 2 1 2 0 0 1 0 0 0 0 0 4 0 0 0 1 1 1 1 1 1 0 0 0 1 1 0 7 8 6 1 0 8 , , , , , , 1 5 1 6 8 1 6 0 0 0 0 0 9 0 0 0 0 0 2 2 2 2 2 2 7 7 8 7 8 8 , , , , , , 7 9 0 9 0 8 9 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 3 3 3 3 3 ( 8 7 7 6 7 5 , , , , , ) 6 3 7 5 9 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 1 1 0 0 9 0 0 9 8 , , , , , 5 0 3 2 9 0 0 0 0 0 0 3 3 0 0 2 2 2 2 2 7 8 8 8 7 ( , , , , , 5 1 1 8 2 9 ) 0 0 0 0 0 0 0 0 0 0 P Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957, pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 33 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 b o l . i v g S t a . . - O s ri e t t c h ie u e s - r i C ss a e s t h s2 c b T a i a l l o p i i n a t t i d i - a t e a l s l Total 2 b In a t n e k r - 2 Dema O nd ther c c T a o a o p u c t i n - t a t a l s l b N a b u o n e m f k r s tions ac- Time counts 3 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 2,809101,936 56,513 13,837 14,650 1956—Dec. 31. . 197,063110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736125,308 80,908 19,249 14,167 1957—June 6. . 197,465 111,515 64,548 21,402 40,834 242,647 216,986 14,423 3,320114,659 84,584 19,879 14,144 Nov.27. . 200,910 114,060 64,460 22,390 43,600 249,150 222,380 14,550 3,040118,190 86,600 20,540 14,102 Dec. 31.. 203,849 115,115 65,792 22,943 49,318 257,864 233,020 17,022 3,903123,993 88,102 20,428 14,090 1958—Apr. 30.. 210,2-"9"0 11"5,220 70,310 24,760 43,730 259,000 232,360 16,320 5,180118,190 92,670 20,910 14,071 May 28. . 210,440 114,890 70,570 24,980 42,000 257,240 230,280 15,980 5,420115,260 93,620 21,040 14,065 June 23.. 215,179 117,808 71,611 25,760 44,423 264,525 237,204 16,287 9,209117,113 94,596 21,359 14,055 July 213,100 116,020 71,560 25,520 42,730 260,800 233,880 16,680 4,000117,620 95,580 21,390 14,040 Aug. 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*. 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 3,410120,880 96,590 21,710 14,028 Nov.26?. 219,750 119,130 74,610 26,010 45,130 269,720 240,610 15,950 5,570123,230 95,860 21,820 14,033 All commercial banks: 1939—Dec. 30... 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. .. 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. . . 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 314. . 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. .. 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. . . 90,302 58,552 16,269 48,720 217,460 197,515 17,593 3,733125,282 50,908 16,302 13,640 1957—June 6... 91,028 56,642 16,845 39,995 208,393 186,308 14,421 3,318114,633 53,937 16,837 13,619 Nov. 27... 92,940 56,910 17,420 42,800 214,220 191,050 14,550 3,040118,160 55,300 17,440 13,578 Dec. 31.. . 93,899 58,239 17,930 48,428 222,696 201,326 17,021 3,898123,967 56,440 17,368 13,568 1958—Apr. 30. .. 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... 92,900 63,140 19,400 41,120 220,840 197,590 15,980 5,420 115,230 60,960 17,920 13,545 June 23... 95,571 64,194 20,140 43,507 227,847 204,335 16,285 9,205117,086 61,759 18,178 13,535 July 30*>. . 93,610 64,130 19,860 41,880 223,970 200,920 16,680 4,000117,590 62,650 18,190 13,521 Aug. 27». . 93,760 66,060 20,170 41,270 225,620 201,840 16,530 5,490 116,800 63,020 18,310 13,517 Sept. 24?. . 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*. . 94,930 65.980 20,530 42,160 227,900 203,760 16,340 3,410120,850 63,160 18,470 13,509 Nov. 26^. . 95,960 67,320 20,310 44,310 232,240 207,110 15,950 5,570123,200 62,390 18,550 13,514 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 Nov. 27 139;88 80,097 45,823 13,962 37,862 181,440 161,536 13,841 2,681100,648 44,366 14,584 6,406 Dec. 31 142353 80,950 47,079 14,324 42,746 188,828 170,637 16,328 3,472105,547 45,290 14,554 6,393 1958—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^ 149280 80,179 53,028 16,073 36,864 190,132 170,425 15,921 3,662266 10000,262 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. 24 150;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 N Oc o t v . . 2 26 9 P P 1 15 5 3 2 , 1 8 0 5 2 4 8 82 1 , , 2 3 2 7 5 5 5 55 4 , , 3 1 2 6 8 6 1 16 6 , , 3 5 0 6 1 1 3 39 7 , , 1 0 4 2 0 0 1 19 9 6 2 , , 8 9 5 4 1 5 1 1 7 7 2 5 , , 3 2 0 6 1 0 1 1 5 5 , , 5 1 5 5 8 6 5 3 , , 0 0 0 2 3 31 10 0 4 2 , , 7 7 7 6 7 4 5 5 0 0 , , 9 3 5 2 6 4 1 1 5 5 , , 4 4 3 9 7 8 6 6 , , 3 3 2 2 8 4 All mutual savings banks: 1939_Dec. 30 10,216 4,927 3,101 2,188 818 11,85 10,524 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947—Dec. 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 2,34f 79 22,385 20,031 20,009 2,247 529 1956—Dec. 31 31,940 19,777 7,971 4,19: 920 33,311 30,032 30,001 2,947 527 1957—June 6 32,950 20,487 7,906 4,557 839 34,254 30,678 30,647 3,042 525 Nov. 27 33,640 21,120 7,550 4,970 800 34,930 31,330 31,300 3,100 524 Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 31,662 3,059 522 1958—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 30P 35,500 22,410 7,430 5,660 850 36,830 32,960 32,930 3,200 519 Aug. 27? 35,750 22,630 7,450 5,670 840 37,080 33,100 33,070 3,230 519 Sept. 24P 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 5,700 860 37,360 33,460 33,430 3,240 519 Nov. 26? 36,160 23,170 7,290 5,700 820 37,480 33,500 33,470 3,270 519 P Preliminary. available. Comparability of figures for classes of banks is affected some- 1 All banks in t he United States. All banks comprise all commercial what by changes in Federal Reserve membership, insurance status, and banks and all mut ual savings banks. All commercial banks comprise all the reserve classifications of cities and individual banks, and by mergers, nonmember com mercial 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, 195 4, and May 31, 1957, respectively, and (2) a noninsured non- Dec. 31, 1942, aggregated $513 million at all member banks and $525 deposit trust company, but excluding three mutual savings banks that million at all insured commercial banks. became members in 1941). Stock savings banks and nondeposit trust 3 Includes other assets and liabilities not shown separately. companies are in eluded 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

34 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i n S v g s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c b T a i a l a l p o i i n c a t i t d i - t - a e a l s l Total 2 b In a t n e k r - 2 Deman O d ther Time c c T a o a p o u c i t n - t a a t l s l b N a b u o n e m f k r s counts 3 U.S. Govt. Other Central reserve city member banks: New York City: 1939 Dec. 30 9,339 3,296 4 772 1 272 6,703 16 413 14,507 4 238 74 9,459 736 1,592 36 1941 Dec 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945 Dec. 31 26,143 7,334 17 574 1 235 6,439 32 887 30 PI 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 ->9149 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 Nov 27 23,054 15,887 5,423 1,744 7,700 31,921 26,935 5,148 443 18,591 2,753 3,133 18 Dec. 31 23,828 16,102 5 880 1,846 8,984 33 975 ?9 371 5 781 737 19,959 2 893 3,136 18 1958 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 ?8 796 062 1128 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 ?,946 18,898 3,506 3,214 18 July 30p 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 ?8 386 5 880 1 203 17,801 3 502 3,250 18 Sept. 24 25,230 15,464 7,350 2,416 6,309 32,782 ^7,608 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 Nov. 26*> 25,552 15,666 7,694 2,192 7,763 34,501 28,958 5,682 945 18,956 3,375 3,276 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 ,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2 890 397 1,739 6 866 640? 217 72 4 201 913 426 14 1950 Dec 30 5,569 2,083 2,911 576 2,034 7,649 7,109 ,229 174 4,604 1,103 490 13 1956—Dec 31 6,473 3,772 2,113 588 2,171 8,695 7,943 ,372 184 5,069 1,319 660 14 1957 N T o U v n e 27 6 . .. 6 6, , 2 2 7 6 5 6 3 3, , 7 7 8 8 1 9 1 1, , 9 8 2 8 7 4 5 56 9 7 3 1 1 , , 8 9 2 3 1 8 8 8 , , 1 2 4 8 7 5 7 7 , , 2 3 8 2 4 0 , , 1 1 8 4 4 5 1 9 5 7 1 4 4 , , 6 7 9 0 1 8 1 1, , 3 3 1 1 6 2 6 68 6 5 5 1 1 4 4 Dec. 31 6,446 3,852 2,032 562 2,083 8 595 7 792 347 195 4 904 1 345 689 14 1958 Apr 30 6,647 3,592 2,434 621 1,873 8,600 7,665 ,320 302 4,671 1,372 705 14 May 28 6,484 3,417 2,434 633 1,985 8,553 7,692 ,317 292 4,708 1,375 709 14 June 23 6,942 3,594 2,694 654 1,914 8,929 8,0->9 288 705 4,626 1,403 708 14 July 30P 6,576 3,329 2,611 636 1,938 8,589 7,759 ,384 229 4,751 1,395 714 14 Aug. 27P 6,701 3,329 2,719 653 1,961 8 738 7,8?8 346 337 4,744 1,401 718 14 Sept 24 6,577 3,405 2,537 636 1,869 8,522 7,628 ,340 247 4,642 1,399 714 14 Oct. 29P 6,614 3,426 2,547 641 1,887 8 583 7 693 279 192 4,826 1,396 720 14 Nov. 26p 6,727 3,418 2,687 622 2,067 8,874 7,862 1,200 402 4,859 1,401 724 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 24 430 313 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 4019,085 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 j467 5649 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 ,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 6 228 051 36,874 17 642 5,182 282 Nov 27 54,201 32,510 16,669 5,022 15,500 71,106 63,556 6,203 ,017 38,159 18,177 5,338 280 Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67483 7,542 ,358 39,960 18 623 5,370 278 1958—Apr. 30 57,243 32,012 19,627 5,604 15,356 74 086 66 642 6 794 886 38,028 19 934 5,506 278 May 28 ... 57,687 32,042 19,869 5,776 15,030 74,174 66,492 6,759 ,884 37,465 20,384 5,573 281 June 23 59,273 32,851 20,436 5,986 15,443 76 155 68 672 813 150 38,003 20 706 5,617 280 July 30^ 58,639 32,336 20 367 5,936 15,207 75 340 67 887 7 054 349 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 ,968 38,264 21,066 5,663 278 Sept. 24 59,327 32,830 20,455 6,041 15,247 75 976 67 918 7 177 492 38,243 21 005 5,675 277 Oct 29# 59,471 32,984 20 508 5,979 15,448 76 383 68 474 7 031 074 39 370 20 999 5 714 277 Nov 26^ 60,181 33,393 20,891 5,897 16,276 77,940 69,723 6,854 ,944 40,184 20,741 5,729 275 Coun 1 tr 9 y 3 9 m — em D b e e c r . b 3 a 0 nks: 10,224 4,768 3,159 2,297 4,848 15 666 n 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 ,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 ,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 ,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 64 289 618 160 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 ,290 ,097 38,211 21,594 5,304 6,131 Nov 27 56,352 27,919 21,804 6,629 12,724 70,128 63 725 ,345 ,070 39,190 22,120 5,428 6,094 Dec. 31 56,820 28,191 21,815 6,814 14,139 72 062 65 991 658 181 40 724 22 429 5 359 6 083 1958—Apr 30 57,704 28,459 22,192 7,053 12,632 71,441 65 124 ,404 ,093 38,840 23,787 5,507 6,062 May 28 57,561 28,421 22,044 7,096 12,172 70,797 64 387 ,264 ,587 37,608 23,928 5,517 6,051 June 23 58,225 28,937 22,000 7,288 12,860 72 255 65741 320 857 38 286 24 277 5 641 6 045 July 30^ . .. 58,262 28,964 22,145 7,153 12,534 71,963 65 599 ;339 ,109 38,495 24,656 5,614 6,035 Aug. 27^ 59,123 29,038 22,821 7,264 12,672 72,927 66,370 ,391 ,484 38,603 24,892 5,668 6,031 Sept. 24 59,550 29,099 22,943 7,507 12,765 73 505 66 877 413 197 39 326 24 941 5 747 6 030 Oct 29^ . . 60,573 29,361 23,693 7,519 12,835 74,514 67747 ,433 ,173 40,050 25,091 5,744 6,019 Nov. 26p 61,394 29,748 24,056 7,590 13,034 75,536 68 717 ,420 ,712 40,778 24,807 5,769 6,017 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- from noninsured mutual savings to nonmember commercial banks. nounced in November 1947 by the Federal bank supervisory agencies. 5 Less than $5 million. Because preliminary data are rounded to the At that time a net of 115 noninsured nonmember commercial banks nearest $10 million no amount is shown except on call dates. with total loans and investments of about $110 million was added, and For other notes see preceding and opposite pages. 8 banks with total loans and investments of $34 million were transferred Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 35 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—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 o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i i n a t i t d i t a - e a l s l Total 2 b In a t n e k r- 2 Dema O nd ther c c T a o a o p u c i t n - t a a t l s l b N a b u o n e m f k r s ac- Time counts 3 U. S. Other Govt. All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34,882 9,734 13,398 1956—Dec. 31 163,601 89,831 57,837 15,933 48,352 215,514 195,953 17,282 3,717 124,346 50,608 15,988 13,195 1957—June 6 163,025 90,571 55,973 16,481 39,713 206,567 184,860 14,095 3,310 113,812 53,643 16,525 13,189 Dec. 31 168,595 93,430 57,580 17,585 48,127 220,865 199,876 16,753 3,859 123,127 56,137 17,051 13,142 1958—June 23 178,330 95,105 63,489 19,735 43,243 225,945 202,819 15,921 9,162 116,308 61,429 17,857 13,121 National member banks : 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945_Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1956—Dec. 31 88,477 48,109 31,568 8,800 27,006 117,345 107,161 9,844 2,074 67,434 27,810 8,450 4,651 1957—June 6 87,910 48,415 30,345 9,150 22,525 112,460 100,989 7,963 1,782 61,737 29,506 8,722 4,647 Dec. 31 91,201 50,350 31,234 9,617 26,786 120,153 109,091 9,475 2,166 66,546 30,904 9,070 4,620 1958—June 23 95,898 50,744 34,498 10,656 23,964 122,100 110,065 8,674 4,751 62,886 33,754 9,451 4,599 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 1,918 1956—Dec. 31 50,291 29,924 16,007 4,359 15,900 67,530 60,744 7,012 1,218 39,416 13,098 5,205 1,811 1957—June 6 49,898 30.034 15,483 4,381 12,745 64,047 56,605 5,773 1,150 35,874 13,807 5,337 1,798 Dec. 31 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,853 1,306 39,001 14,386 5,483 1,773 1958—June 23 55,691 31,403 18,667 5,621 14,525 71,904 63,839 6,866 3,907 36,926 16,140 5,730 1,758 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6,478 1956—Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 427 425 17,497 9,724 2,336 6,737 1957—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 82 294 312 429 Dec. 31 1,473 468 660 345 301 1,831 1,449 268 39 840 303 317 425 1958—June 23 1,575 466 704 405 264 1,902 1,516 364 44 778 330 321 413 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1956—Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 737 440 18,433 10,024 2,649 7,181 1957—June 6 26,733 12,591 10,825 3,317 4,728 31,913 28,740 685 385 17,021 10,649 2,781 7,177 Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 692 427 18,420 11,176 2,817 7,178 1958—June 23 28,343 13,438 11,040 3,865 5,020 33,873 30,458 745 548 17,274 11,892 3,000 7,181 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 12,192 1,252 194 1956—Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 22,857 2,130 223 1957—June 6 25,185 16,228 5,505 3,452 672 26,241 23,578 23,549 2,240 234 Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 24,991 2,308 239 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. 314 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

36 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Com- p L u o rc a h ns a s f i o n r g U. S. Government obligations Obli- Cla c s a s l a l o n d f d a b te ank i m T l n o a v o e n a e n t n d a s t s t l s - Total2 c o m m c p p i k l i p i n u n a e a e e a e g d - r r - r t l n - , - - A c tu u a g r l l r - - i- d o k b a T s e e r e n r e r a o o r d s c c l s - - a u r r r i y t o i T e i t e r n h o s s g - l R o t e a a e s t n a - e l s O l u v o i d t t a i a n o h i d l n - - e s - s r O lo t a h n e s r Total Total Bills C o d c n e e a f e r e d i t b t s e n i - t s f D s - - i- ire N c o t tes Bonds G t a e u n e a d - r- S p s t d s a i i i g t o u c i o o o a n v a l b a f n t n i d - i e - l t s - s - s O s ri e t t h c ie e u s r - All commercial banks:3 1947—Dec. 31.... 116,28438,05718,1671,660 830 ,220 9,393 5,723 1,063 78,22669,2212,193 7,789 6,034 53,191 5,276 3,729 1956—Dec. 31.... 165,12390,30238,720-.,,1612,589 ,69122,509 18,850 3 343 74,82158,5525,924 1,997 11,823 38,796 12,9013,368 1957—Dec. 31.... 170,06893,89940,526 4,066 22,601 620 23J10 20,217 3 533 76,16958,2395,405 4,813 10,608 37,406 '",915 44,014 1958—June 23.... 179,90595,57138, 552 3,699 925 23;693 20;091 4,562 84,33464,194 4,502 3,88312,348 43,456 6 15,716 4,424 Sept. 24e...179,51094,23038,700 4J660 1^30 770 24,290 20,120 4,630 85,28064,720 4,040 7,170 12,500 41,000 10 16,450 4,110 All insured commercial banks: 1941—Dec. 31.... 49,29021,259 9,2141,450 614 662 4,773 4,.545 28,03121,046 988 3,15912,797 4,102 3,6513,333 1945—Dec. 31.... 121,80925,765 9,461 1,314 3,1643,606 4,677 2,3611,18196,04388,9122,45519,07116,045 5"1,321 22 3,,'8"73" 33,258 1947—Dec. 31.... 114,27487,58318,0121,610 8~2"31,190 9,266 5,6541,0"2"8" 76,69167,9412,124 7,552 5,918 52,334 14 5,1293,621 1956—Dec. 31.... 163,60189,83138,5714,1012,5651,669 222,39418,7-6"5 3i325 73,77057,837 55,763 1,98111,72238,358 1312,6753,258 1957—Dec. 31.... 168,59593,43040,380 ,0152,5691,,660011 23,003 20 ,16457,5805,290 4,75810,49337,031 713,688 3",897 1958—June 23.... 178,33095,10538,750 4^99 3^6771,907 23,58519,9814,54183,224631,4,"89 4,416 3,84112,213 43",013 515,457 4,278 Member banks, total: 1941—Dec. 31.... 43,52118,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 ,832 3,090 2,,871 1945—Dec. 31.... 107,18322,775 8,949 8553,1333,378 3,455 1,900 1,104 84,40878,3382,27516,98514,27144,792 16 3,,2254 2,815 1947—Dec. 31.... 97,84682,62816,962 1_, 046 8._1_1',065 7,130 4,662 ,21857,914 1,987 5,816 4,815 4"5,286 10 4,199 3,105 1956—Dec. 31.... 138,76878,03436,296 2,478 2,447 ,47317,81115,7653,147 60,73447, ,383 1,469 9, ,218 1210,494 2,665 1957—Dec. 31.... 142,35380,95037,868 2,472 2,448 ,40918,23116,7753,316 61,40347,079 3,948 3,534 8,560 31,031 11,235 3,089 1958—June 23.... 151,58982,14636,1252,774 3,574 ,70618,71216,544 4"; 336 69,44353,1653,574 2,90510,480 36,201 12,786 3,492 Sept. 24....150,68480,79835,9412,885 1', 8"0"7 ,54919,30216,567 4,40169,88553,2853,082 6,14810,568 33,482 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 1945—Dec. 31.... 26,143 7,334 3,044 2,453 ,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947_Dec. 31..., 20,393 7,179 5,361 545 267 111 564 330 13,21411,9721,002 640 558 9,771 638 604 1956—Dec. 31..., 23,80915,98711,266 1,409 402 617 1,5581,049 7,822 6,057 724 194 976 4,160 1,406 358 1957—Dec. 31.... 23,82816,10211,651 1,280 387 565 1,5131,053 7,726 5,880 648 214 1,093 3,924 1,435 411 1958—June 23.... 27,14916,76410,978 2,164 420 557 1,4371,566 10,385 8,0351,023 286 1,729 4,996 1,748 602 Sept. 24....25,23015,46410,648 1,085 361 579 1,4501,701 9,766 7,350 431 1,149 1,570 4,200 1,965 450 Chicago:* 1941—Dec. 31.... 2,760 954 732 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.... 5,931 1,333 760 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947_Dec. 31.... 5,088 1,801 1,418 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1956—Dec. 31.... 6,473 3,772 2,781 203 97 134 439 178 2,701 2,113 112 42 316 1,643 440 148 1957—Dec. 31..., 6,446 3,852 2,903 200 97 143 425 180 2,594 2,032 65 126 313 1,528 408 154 1958—June 23.... 6,942 3,594 2,618 178 100 143 336 318 3,348 2,694 268 145 490 1,791 495 159 Sept. 24..., 6,577 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 1,512 243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 4271,503 1,459 855 404 3i;59429,5521,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31... 36,04013,449 7,088 225 170 484 3,147 1,969 ,59120,196 373 2,358 1,90115,560 3 1,3421,053 1956—Dec. 31... 53,91531,78315,170 489 501 712 7,654 6,5121,289 22,13217,3681,185 441 3,74211,995 4 3,820 944 1957_Dec. 31.... 55,25932,80515,702 494 603 673 7,667 6,8931,370 22,45417,3521,009 1,285 3,29711,760 2 4,0271,075 1958—June 23..., 59,27332,85114,789 611 881 904 7,841 6,741 ' 706 26,42220,436 874 1,009 4,410 1144,142 2 4,7671,218 Sept. 24«... 59,32732,83015,069 677 435 811 8,080 6,708 687 26,49720,455 656 2,391 4,51712,889 2 4,9021,139 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 36329,40726,999 630 5,102 4,544 166,713 9 1,342 1,067 1947_Dec. 31... 36,32410,199 3,096 818 23 227 3,827 1,979 229 2266,12522,857 480 2,583 2,10817,681 6 2,0061,262 1956—Dec. 31... 54,57126,491 7,080 ,972 334 261 9,407 7,256 63128,08022,0372,362 792 4,45814,420 4 4,827 1,215 1957_Dec. 31... 56,82028,191 7,613 ,970 365 252 9,856 7,944 71328,62921,8152,226 1,909 3,85713,819 4 5,3651,449 1958—June 23... 58,22528,937 7,7392,154 351 28210,172 8,030 746 2299,28822,0001,409 1,465 3,85215,272 3 5,7751,513 Sept. 24... 59,55029,099 7, 6"4"0 2,199 174 28210,497 8,076 778 30,45022,9431,825 2,202 4,02814,885 3 6,0381,469 Nonmember commercial banks:3 1947_Dec. 31... 18,454 5,43: 1,205 614 20 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 1,078 625 1956—Dec. 31... 26,38112,279 2,424 1,683 143 218 4,708 3,085 19614,10210,9891,541 528 2,330 6,588 2,409 704 1957—Dec. 31... 27,74112,961 2,6571,594 153 211 4,891 3,442 21 14,78011,172',457 1,279 2,049 6,385 2,682 926 1958—June 23... 28,34313,438 2,761 1,778 125 219 4,994 3,547 22514,90511,040 927 978 1,868 7,266 2,932 933 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 37 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits i\.e- Bal- De- Cla c s a s l a l o n d f d a b te ank F B s s w e e R e a r d r i n v e t e v - k h e r e s s al v C a i a n u s l h t b m a a w d n e n o i c s t k - e t h i s s c 5 j p u m o s a d a t s d e e n i - - d t d s 6 m D e I s n o d t - t e i e c p r 5 o b s a i n t F e s k i o g r n - G U o . v S t . . p v s S o i u a l s t i b a n i t o t d i d e c n i s a - s l c C c h o f e a e e i e f t n e f r c r c d i d t . s - k i ' - s, p a v n a s p i t I d h d i r n o o t u i d r n p c n a a i e o s s - l - , s r r - , - I b n a t n e k r- G P U S i a o n o . a n g s v v d S t s - t a . . l v S p s i a i u s t o c a n i b l a o t d i d e l t n - i s s - p a v n s a p I t i h d i d r n o o t i u d r n p c n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n - l i t - s All commercial banks:3 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 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 12,342 110,266 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 57,372 1,136 18,178 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 58,760 1,560 18,410 AH insured commercial banks: 1941_Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 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 57,110 1,125 17,857 Member banks, total: 1941_Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 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 5714,554 1958—June 23.... 18,570 2,277 6,913 89,186 11,676 1,597 8,658 8,628 3,482 87,703 2,266 259 3,296 46,339 1,078 15,181 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 47,468 1,514 15,375 New York City:* 1941—Dec. 31 5,105 93 141 10 761 3 595 607 866 319 450 11 282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1956—Dec. 31.... 4,375 161 99 15,974 3,622 1,400 747 286 1,172 18,482 965 36 44 2,395 2 2,873 1957—Dec. 31.... 4,564 158 110 15,849 3,480 1,389 737 299 1,284 18,377 912 24 56 2,813 2 3,136 1958—June 23.... 4,418 145 76 15,305 3,084 1,261 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 1,118 847 297 737 16,518 1,710 22 111 3,308 385 3,240 Chicago:* 1941—Dec. 31 1,021 43 298 2 215 1 027 8 127 233 34 2 152 476 288 1945—Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947_Dec. 31 1,070 30 175 3 737 I 196 21 72 285 63 3 853 2 9 902 426 1956—Dec. 31.... 1,158 37 174 4,272 1,318 46 184 294 85 4!, 690 7 5 12 1,302 4 660 1957—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.... 1,183 31 128 4,089 1,211 38 705 456 75 4,095 39 4 10 1,389 80 708 Sept. 24.... 1,060 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.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1956—Dec. 31.... 7,649 787 2,656 34,046 7,298 286 1,201 3,092 1,036 36,519 294 114 935 15,748 21 5,076 1957—Dec. 31 7,763 790 2,585 33,583 6,962 279 1,358 3,111 943 35,906 301 113 1,175 17,335 21 5,370 1958—June 23.... 7,576 707 2,277 33,145 6,115 282 3,150 3,065 818 34,119 416 92 1,705 18,910 350 5,617 Sept. 24.... 7,540 744 2,077 33,392 6,502 293 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.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1956—Dec. 31.... 5,526 1,502 5,194 39,028 1,580 16 1,160 4,538 1,183 35,473 22 146 847 19,324 21 5,046 1957—Dec. 31.... 5,576 1,549 4,964 38,676 1,621 18 1,181 4,669 1,027 35,029 18 135 928 21,366 30 5,359 1958—June 23.... 5,392 1,395 4,432 36,648 1,267 15 1,857 4,769 943 32,573 38 135 1,331 22,811 164 5,641 Sept. 24 5,535 1,456 4,387 37,942 1,355 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 27 2,649 1957—Dec. 31 799 4'536 18075 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

38 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans i U. S. Government obligations For purchasing or carrying securities Month or date i m T l n o a v o e n a e n t n d a s t s t l s - j i L m u n a s o a v e n t d a e n e d - n s d t t s s - i j L us a o t d a e - n d s l C i m t n a c r o d n i i e a m a d u r l l - s - - A t c u u g r l r a - i l - G a T U l o i n o o g . b d S v a - b . - t d . r e o O a c k s l u t e e e h r r - r i e s s - rG l U T o i o g . b o S v a - . - t o . t O h c e u th r n s e - r e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C n t e f a e i e e f d t b i s i e r - n - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s tions ties Total— Leading Cities 1957 Dec 89,316 88,060 54,25431,609 435 2,015 1,114 8,77111,390 25,9531,411 1,726 4,823 17,993 7,853 1,256 1958 Nov 95,713 94,161 53,31629,946 614 1,803 1,230 9,452 11,450 31,6421,885 3,981 6,685 19,091 9,203 ,552 97,136 95,705 54,52830,429 614 2,214 1,249 9,56511,648 31,9412,253 4,134 6,898 18,656 9,236 ,431 Dec 1958 95,604 93,942 53,04129,836 608 1,742 1,232 9,38511,415 31,5221,706 3,979 6,729 19,108 9,379 ,662 Nov. 5 95,699 93,710 53,28829,985 617 1,782 1,233 9,42911,42131,2881,529 3,971 6,698 19,090 9,134 ,989 12 95,141 93,777 53,37429,992 616 1,776 1,226 9,47611,46631,2681,539 3,963 6,683 19,083 9,135 ,364 19 96,408 95,215 53,56229,971 615 1,915 1,228 9,51611,499 32,490 '2,764 4,012 6,630 19,084 9,163 ,193 26 Dec. 3 96,596 94,930 53,64330,069 606 1,856 1,234 9,50511,556 32,149 2,410 4,160 6,899 18,680 9,138 ,666 10 96,959 95,133 53,99530,185 608 2,030 1,240 9,54611,56831,877 2,132 4,158 6,911 18,676 9,261 ,826 17 97,577 95,982 54,81930,567 614 2,378 1,246 9,580 1111,61931,9012,209 4,132 6,919 18,641 9,262 ,595 24 97,210 95,905 54,79030,528 622 2,300 1,257 9,59611,67131,886 2",236 4,111 6,894 18,645 9,229 ,305 97,338 96,574 55,39330,797 621 2,504 1,270 9,60111,82531,894 2,280 4,111 6,866 18,637 9,287 764 31 New York City 1957 23,634 22,976 15,58311,713 377 807 27 347 554 2,084 5,591 474 227 ,063 3,827 1,802 658 Dec 1958 25,199 24,397 14,90110,699 1671,031 346 622 2,373 7,302 592 1,034 ,515 4,161 2,194 802 Nov 25,880 25,103 15,42110,887 3411,149 350 630 2,398 7,414 630 1,115 ,589 4,080 2,268 777 Dec 1958 25,050 24,376 14,79010,667 139 993 340 611 2,374 7,275 577 ,030 ,519 4,149 2,311 674 25,180 24,166 14,89610,727 1711,011 349 618 2,358 7,135 463 ,021 ,503 4,148 2,135 1,014 Nov. 5 25,092 24,271 14,90610,697 169',033 347 622 2,376 7,220 534 ,019 ,514 4,153 2,145 821 12 25,477 24,775 15,01210,703 190 1,088 346 637 2,385 7,577 795 ,068 ,522 4,192 2,186 702 19 26 25,624 24,691 15,03710,738 198 ,066 346 621 2,407 7,484 693 ,128 ,589 4,074 2,170 933 Dec. 3 25,892 24,888 15,21810,776 288 ,118 347 631 2,396 7,396 583 ,124 ,603 4,086 2,274 1,004 10 26,132 25,357 15,63811,006 399 ,204 350 641 2,373 7,414 593 ,124 ,612 4,085 2,305 775 17 25,838 25,160 15,46710,926 357 1,149 355 632 2,382 7,410 647 ,093 ,587 4,083 2,283 678 24 25,917 25,423 15,74710,991 461 1,207 352 626 2,436 7,366 631 ,107 ,555 4,073 2,310 494 31 Outside New York City 1957 Dec 65,682 65,084 38,67119,896 434 831 740 8,217 9,306 20,362 937 1,499 3,760 14,166 6,051 598 1958 Nov 70,514 69,764 38,41519,247 613 605 858 8,830 9,077 24,340cl,293 2,947 5,170 14,930 7,009 750 71,256 70,602 39,10719,542 612 724 869 8,935 9,250 24,5271,623 3,019 5,309 14,576 6,968 654 Dec 1958 70,554 69,566 38,25119,169 607 610 863 8,774 9,04124,2471,129 2,949 5,210 14,959 7,068 988 Nov. 5 70,519 69,544 38,39219,258 616 600 859 8,811 9;,"063 24,153 ,066 2,950 5,195 14,942 6,999 975 12 70,049 69,506 38,46819,295 615 574 854 8,854 9,090 24,048 ,005 2,944 5,169 14,930 6,990 543 19 70,931 70,440 38,55019,268 614 637 856 8,879 9,114 24,913 ,969 2,944 5,108 14,892 6,977 491 26 Dec. 3 70,972 70,239 38,60619,331 605 592 863 8,884 9,149 24,665 ,717 3,032 5,310 14,606 6,968 733 10 71,067 70,245 38,77719,409 606 624 866 8,915 9,172 24,481 ,549 3,034 5,308 14,590 6,98^ 822 17 71,445 70,625 39,18119,561 612 775 867 8,939 9,246 24,487 ,616 3,008 5,307 14,556 6,95 820 24 71,372 70,745 39,32319,602 620 794 872 8,964 9,289 24,476 ,589 3,018 5,307 14,562 6,946 627 31 71,421 71,151 39,64619,806 619 836 877 8,975 9,389 24,528 ,649 3,004 5,311 14,564 6,977 270 c Corrected. 2 Includes guaranteed obligations. * Exclusive of loans to banks and after deduction of valuation reserves; See also NOTE on opposite page. ndividual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 39 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 - h e k . s s v C a i a n u s l h t b m a w B a d n e n o a i c s t l k - e h t - i s s c j p m u D o s a d a t s d e e e n i - - - d t d s ^ s p I p u n c v h a n o a a o e i n i d r d r l p r r d a s i t - - - 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 c C h c o a f e e e e i f t n e c f r c r i d t d s k . - i ' s - , G U o .S v . t. s p I p u n c v a h n o a a o e n i i d r d r l p 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 S v v d t s a . - t. l m D t D e i o c s - e - man F d or- 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 Dec 13,693 1,126 2,617 56,36159,925 4,013 2,304 2,276 21,692 1,133 16711,093 1,662 1,214 510 662 9,608 1958 Nov 12,909 1,023 2,485 56,86860,693 4,147 2,034 2,165 24,395 ,517 17011,248 1,465 2,060 498 1,274 10,133 13,152 1,084 2,660 58,63562,440 4,211 2,437 2,344 24,491 ,500 17511,494 1,529 2,100 350 96610,156 Dec 1958 12,777 960 2,465 56,494 60,190 4,364 2,063 1,847 24,548 ,540 17011,676 1,438 2,062 394 1,24110,129 Nov. 5 12,253 ,095 2,605 56,874 61,199 4,051 1,942 ' ~ " " 24,403 ,529 17211,568 1,457 2,052 259 1,66110,128 12 13,159 ,024 2,447 56,846 60,437 3,980 1,976 24,306 ,508 17111,152 1,495 2,067 479 1,19710,126 19 13,446 ,013 2,422 57,256 60,944 4,194 2,155 3,528 24,322 ,491 17110,598 1,470 2,059 858 99610,148 26 Dec. 3 12,804 ,038 2,399 57,214 60,209 4,185 2,242 2,780 24,331 ,476 17011,060 1,458 2,073 250 1,476 10,159 10 12,834 ,142 2,382 58,96861,873 4,129 2,080 1,359 24,401 ,489 17211,100 1,503 2,084 326 1,3-6" 910,148 17 13,456 ,152 2,709 59,450 6633,191 4,167 2,667 2,032 24,438 ,465 17411,661 1,549 2,101 454 1,08710,136 24 13,485 ,024 2,57158,50162,498 4,168 2,334 2,712 24,547 ,530 17911,129 1,556 2,133 694 89310,155 13,182 ,061 3,24059,04564,427 4,410 2,865 2,838 24,740 ,538 18312,519 1,578 2,112 23 210,180 31 New York City 1957 4,396 180 6015,60517,467 264 1,165 718 2,674 69 24 3,000 1,360 903 118 366 3,101 Dec , 1958 3,892 163 15,41317,158 434 931 579 3,176 149 2,949 1,144 1,652 632 3,249 Nov 4,050 178 16,10017,980 323 1,218 708 3,258 121 3,035 1,207 1,692 437 3,242 Dec 1958 4,022 162 15,34817,074 544 1,039 543 3,202 158 3,019 1,129 1,649 625 3,249 3,536 173 15,19516,985 440 837 325 3,158 153 3,038 1,136 1,641 730 3,250 Nov. 5 3,888 151 15,51117,044 395 789 506 3,155 144 2,882 1,165 1,662 617 3,251 12 4,120 164 15,59917,529 356 1,062 943 3,190 139 2,858 1,144 1,655 186 557 3,247 19 26 3,789 166 15,65417,151 360 1,118 819 3,191 140 2,852 1,137 1,666 2 606 3,238 Dec. 3 3,941 199 16,44517,978 323 948 352 3,235 138 2,847 1,189 1,677 2 636 3,236 10 4,009 198 16,41818,140 316 1,375 541 3,258 107 3,029 1,227 1,698 70 495 3,237 17 4,080 161 15,83117,765 303 1,117 853 3,283 112 2,919 1,232 1,717 198 449 3,242 24 4,430 163 16,15618,866 317 1,532 3,325 112 3,525 1,251 1,700 3,256 31 Outside New York City 1957 Dec 9,297 946 2,557 40,756 42,458 3,749 1,139 1,55819,018 1,064 143 8,093 302 311 392 296 6,507 1958 Nov 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 9,102 906 2,596 42,535 44,460 3,8"" 1,219 1,636 21,233 1,379 151 8,459 322 408 295 529 6,914 Dec 1958 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 Nov. 5 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 12 9,271 873 2,387 41,335 43,393 3,585 1,187 1,535 21,151 1,364 150 8,270 330 405 479 580 6,875 19 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 26 Dec. 3 9,015 872 2,339 41560 43,058 3,825 1,124 1,96121,140 1,336 149 8,208 321 407 248 870 6,921 10 8,893 943 2,: 523 43,895 3,806 1,132 1,007 2211,166 1,351 151 8,253 314 407 324 733 6,912 17 9,447 954 2,647 43!032 45,051 3,851 1,292 1,49121,180 1,358 153 8,632 322 403 384 592 6,899 24 9,405 863 2,500 42!670 44,733 3,865 1,217 1,859 2"1,264 1,418 153 8,210 324 416 496 444 6,913 31 8,752 898 3,166 42;889!45,561 4,093 1,333 1,863 21,415 1,426 152 8,994| 327 412 23 6,924 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

40 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Public and Period 2 t l o F i b q a o n a u o c d o d c r , o , T a l p e e a p a x n t a t h i d r l e e e r l s , , M p m u a r c e e o n t t t s d d a a l 3 - l s ch P l e c e a e m o u n t a r m d i o l c , , - al, Other ( r T 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 t ( t t r o i i i a l n o r i n c n t t i a s l ) e . - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n f l e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch r w e a i e p i n n a n e o d l g g k l r ' e l l t — y rubber banks4 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 5 -658 84 146 -140 157 -165 -283 -853 -177 56 69 1,765 -1,945 July-Dec. 5 522 -232 -454 -14 -121 86 410 294 234 50 362 1,138 941 1958—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 Dec 23 -43 107 48 -12 -156 23 486 174 1 131 781 826 Week ending: Oct. 1 59 -13 -95 -57 -17 15 13 -12 95 6 41 37 23 8 38 -20 -46 16 -1 19 37 -38 -19 -6 -20 -41 -67 2 1 2 5 7 4 3 2 - - 1 4 4 6 - - 2 7 5 -1 2 1 3 -16 H 6 1 1 5 2 3 0 9 -4 2 7 7 -8 5 -2 1 28 ^ - 2 8 2 3 8 -1 2 4 1 2 5 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 2 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 Dec. 3 35 -17 6 -8 -2 18 14 47 4 -6 16 108 98 10 45 -9 -24 2 -12 53 46 6 7 115 116 17 51 10 62 2 15 6 1 143 61 -4 37 381 382 24 -28 -10 22 7 -13 -86 -10 21 39 -13 7 -63 -39 31 -79 -26 26 71 -12 -96 29 221 24 18 64 241 269 1 Data for a sample of about 210 banks reporting changes in thsir 3 Includes machinery and transportation equipmsnt. 1 arger 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 January-June includes 25 weeks; July-Dscembsr, 27 weeks. 2 Figures for periods other than weekly are based on weekly changes. 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 exdealers 1 ( p f a in p a e n r c ) e 2 T ta o l - O bi w lls n 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_Nov. 2,944 560 2,384 1,224 221 151 70 20 67 916 268 459 64 222 211 Dec. 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958—Jan.. 3,345 654 2,691 1,422 416 307 109 41 127 838 273 461 65 386 237 Feb., 3,628 776 2,852 1,523 497 372 125 43 139 843 261 447 110 480 224 Mar. 3,485 862 2,623 1,529 422 318 104 39 132 936 263 432 139 471 224 Apr. 3,658 919 2,739 1,479 459 350 109 37 131 852 278 416 131 416 239 May 3,709 946 2,763 1,441 474 372 102 42 119 806 296 396 130 371 247 June 3,373 965 2,408 1,352 396 292 104 45 113 798 282 375 121 325 248 July. 3,627 966 2,661 1,353 426 328 98 34 108 785 269 380 141 313 251 Aug. 3,371 981 2,390 1,363 416 340 75 33 91 824 256 385 131 337 254 Sept. 3,146 958 2,188 1,281 385 319 65 28 75 792 236 355 136 319 235 Oct.. 3,294 961 2,333 1,255 347 273 73 36 71 802 246 354 117 296 242 Nov. 3,192 940 2,252 1,209 290 234 55 34 75 810 251 348 94 265 251 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 41 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 e h r k , , or m m 4 p P c - o a e r o t n r p i m o m c t e e i h r - a e - , s l 1 3 p d n p c p - i l a a o r a l a t y n p e m c o n , c e c e e y - t r e d - - a a P b d c n e a r a c 9 r i c n e y m 0 s e p k s ' s 1 e t - , - M 3 k -m a et r o - n s t e o h c R n u b r a n i i t l t e l e i w s es 9 ( i m t - s a s t o x u o n a e t 1 b s h 2 3 l - e)2 3 is y - s t e u o a e r 5 s4 - Annua A l r a ea v e a r n ag 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: 1956 4.2 5.2 4.8 4.4 4.0 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 1958 4.3 5.5 5.0 4.6 4.1 1957 average 3.81 3.55 3.45 3.23 3.267 3.53 3.62 1958 average 2.46 2.12 2.04 1.78 1.839 2.09 2.90 Quarterly:1 19 large cities: 1957—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 Dec 4.50 5.49 5.06 4.68 4.33 Mar 2.33 1.86 1.80 1.30 1.354 1.77 2.50 New York City: 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 4.72 4.13 3.74 June 1.54 1.38 1.13 .83 .881 .98 2.25 Sept 4.00 4.74 4.28 3.87 July 1.50 1.31 1.13 .91 .962 1.34 2.54 Dec 4.29 5.38 4.94 4.52 4.18 1.96 1.52 1.65 1.69 1.686 2.14 3.11 7 Northern & Eastern Sept 2.93 2.47 2.39 2.44 2.484 2.84 3.57 cities: 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 Dec 3.33 2.94 2.75 2.77 2.814 3.24 3.65 Sept 4.21 5.48 4.90 4.42 4.03 Dec 4.50 5.53 5.05 4.66 4.36 Week ending: 11 Southern & Western Dec. 6.... 3.20 2.75 2.75 2.79 2.806 3.30 3.63 cities: 13.... 3.38 2.98 2.75 2.82 2.805 3.30 3.61 1958—Mar 4.77 5.60 5.17 4.87 4.49 20.... 3.38 3.00 2.75 2.82 2.904 3.27 3.65 June 4.58 5.56 4.99 4.57 4.31 27.... 3.38 3.00 2.75 2.71 2.739 3.18 3.68 Sept 4.54 5.55 4.99 4.63 4.23 1959—Jan. 3.... 3.31 3.00 2.75 2.67 2.690 3.04 3.70 Dec 4.79 5.53 5.12 4.79 4.59 1 Average of daily prevailing rates. 2 Except for new bill issues, yields are 1 Based on figures for first 15 days of month. averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 3 Consists of certificates of indebtedness and selected note and bond issues. pp. 228-37. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS1 [Per cent per annum] Corporate bonds3 Stocks 3 G U o .S vt . . S g ta o t v e t . a b nd o n l d o s c 3 al By selected By Dividends/ Earnings/ Year, month, or week bonds ratings groups price ratio price ratio (longterm)2 TotaH Indus- Rail- Public Pre- Com- Comotal« Aaa Aaa Baa trial road utility ferred mon mon Number of issues 4-7 20 5 120 30 30 40 40 40 14 500 500 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 1958 average.... 3.43 3.36 2.92 3.95 4.16 3.79 4.73 3.98 4.39 4.10 4.45 3.97 1957—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 8.2i 1958—Jan 3.24 3.17 2.75 3.81 4.06 3.60 4.83 3.91 4.30 3.99 4.36 4.48 Feb 3.26 3.15 2.72 3.79 4.01 3.59 4.66 3.86 4.29 3.87 4.38 4.47 Mar 3.25 3.23 2.79 3.88 4.04 3.63 4.68 3.86 4.30 3.95 4.42 4.37 7.34 Apr 3.12 3.16 2.70 3.78 4.02 3.60 4.67 3.83 4.32 3.90 4.37 4.33 May 3.14 3.12 2.69 3.71 4.00 3.57 4.62 3.80 4.30 3.89 4.31 4.19 June 3.19 3.15 2.74 3.78 3.98 3.57 4.55 3.77 4.28 3.88 4.28 4.08 6.37 July 3.36 3.23 2.79 3.83 4.02 3.67 4.53 3.81 4.30 3.94 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 Dec 3.80 3.57 3.12 4.10 4.38 4.08 4.85 4.24 4.52 4.39 4.63 3.33 Week ending: Dec. 6... 3.73 3.57 3.14 4.10 4.38 4.06 4.85 4.23 4.53 4.38 4.64 3.42 13... 3.77 3.57 3.13 4.10 4.38 4.06 4.84 4.23 4.52 4.38 4.67 3.36 20... 3.83 3.56 3.11 4.10 4.38 4.07 4.85 4.23 4.52 4.38 4.62 3.31 22... 3.84 3.56 3.12 4.10 4.39 4.09 4.86 4.24 4.53 4.40 4.62 3.30 1959—Jan. 3... 3.83 3.57 3.12 4.10 4.40 4.10 4.87 4.25 4.54 4.40 4.62 3.24 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

42 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Vol- Sta ( n in d d a e rd x , a 1 n 9 d 4 P 1- o 4 o 3 r = 's 1 s 0 e ) ries Securities an ( d in E de x x ch , a 1 n 9 g 3 e 9 = C o 1 m 00 m ) ission series t u r o m a f d e - Ye o ar r , w m e o ek nth, t ( G U e lo r o . n m S v g . t ^ - . g n ( r h M ic a i i d g u p e h - a ) - l 3 g ( C r h r p a a i o o d g t r - e e h - ) - 3Total d t I r u n ia s - - l R ro a a i d l- P u i l u t t i i y b c l- - Total To M tal anu r D a fa b u c l - t e urin N ra d g o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y b c l- - T n s a a r e i f n c a n r i e v d - d c - e e , , M in i g n- s s t h i h a n ( a o n o i r g n f d u e 4 s s - ) Number of issues. 15 17 500 425 25 50 265 170 98 72 21 29 31 14 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 1958 average. 94.02 106.4 102.9 46.24 49.36 27.05 37.22 341 426 385 458 270 173 314 314 2,965 1957—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. 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 98.23 110.0 105.3 42.34 45.09 23.20 35.54 312 387 340 426 233 166 286 287 2,395 May.' 97.94 111.1 105.6 43.70 46.51 24.74 36.57 323 401 353 438 249 169 301 300 2,580 June. 97.17 110.8 105.5 44.75 47.62 25.54 37.31 331 412 362 450 259 171 305 319 2,696 July.. 94.78 108.0 104.2 45.98 48.96 26.86 37.82 339 424 376 459 269 173 312 331 3,159 Aug.. 91.51 103.7 102.0 47.70 51.00 28.43 37.50 352 442 399 473 283 174 325 341 2,970 Sept.. 89.51 100.6 98.9 48.96 52.40 29.51 37.97 360 453 413 481 292 178 337 341 3,427 Oct.. 89.36 100.9 98.6 50.95 54.55 31.23 39.15 376 474 437 499 311 183 346 344 4,134 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 Dec. 88.90 102.3 98.7 53.49 57.09 33.70 42.05 393 490 451 516 330 199 375 339 3,615 Week ending: Dec 6. 89.80 102.6 99.1 52.54 56.06 33.54 41.21 386 484 442 512 328 190 368 336 3,513 13. 89.20 102.5 98.9 53.07 56.64 33.52 41.77 391 489 450 516 328 193 372 338 3,819 20. 88.50 102.4 98.7 53.83 57.48 33.66 42.24 397 493 455 518 329 206 381 340 3,731 27., 88.29 101.9 98.4 53.75 57.33 33.76 42.52 398 493 458 516 333 206 379 341 2,981 1959_jan. 3. 88.48 101.9 98.4 55.08 58.82 34.40 43.20 407 506 472 528 341 209 383 345 3,760 * 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 W En e d d n o e f s m da o y n o th f o m r o l n a t s h t o s t T e h c o e u r t r a i t t h i l e - a s n N N ew et Y d o e r b k i f t S i b r t m o a c l s a k 1 n E ce x s c h w a i n th ge ch b B a ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e ry a o l i e n th r g s e ) s r e s fo c ( r u t h r p i a t u i n e r- s2 Money borrowed Cus n t e o t mer U. S. Govt. free o ( b c c l o i o g l l . a . t 3 5 io + ) 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 1,665 780 88 1,074 713 1954—Dec. 3,436 41 2,388 65 1,048 69 1,529 1,019 1955—Dec. 4,030 34 2,791 32 1,239 51 2,246 894 1956—Dec. 3,984 33 2,823 41 1,161 46 2,132 880 1957—Nov. 3,577 42 2,517 33 1,060 56 ,641 876 Dec 3,576 68 2,482 60 1,094 125 ,706 896 1958—Jan. 3,554 126 2,487 58 1,067 188 ,552 937 Feb. 3,679 102 2,580 79 1,099 199 ,647 939 Mar. 3,863 111 2,665 86 1,198 206 ,784 954 Apr. 3,980 134 2,735 70 1,245 230 ,822 985 May 4,069 141 2,856 75 1,213 244 ,808 979 June 4,218 248 2,921 84 1,297 468 ,930 1,047 July. 4,252 149 3,021 113 1,231 306 ,903 1,080 Aug. 4,199 140 3,013 48 1,186 251 ,751 1,103 Sept. 4,308 122 3,109 51 1,199 210 ,865 1,119 Oct.. 4,369 123 3,188 59 1,181 193 ,832 1,140 Nov. 4,423 124 3,245 50 1,178 210 ,923 1,148 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 43 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign 2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y Other (U. S.) End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1950 64,020 16,118 13,459 1,152 ,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 ,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,525 1,153 ,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 ,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 ,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 , 90,432 11,829 8,576 2,038 ,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 , 101,309 10,690 7,029 2,376 ,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 End of month:* 1955—Dec.... 90,267 11,757 8,545 1,998 ,214 38,851 35,930 2,921 29,425 2,557 3,294 4,383 1956—Dec.... 95,844 10,989 7,519 2,234 ,236 40,976 38,067 2,909 32,994 2,829 3,505 4,551 1957—Oct.... 100,446 10,937 7,301 2,357 ,279 43,266 40,233 3,033 34,902 3,072 3,807 4,462 Nov..., 100,840 10,871 7,209 2,367 ,295 43,474 40,432 3,042 35,034 3,098 3,839 4,524 Dec.... 101,309 10,691 7,028 2,377 ,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958—Jan.... 101,961 10,924 7,199 2,428 ,297 43,974 40,961 3,013 35,462 3,143 3,905 4,553 Feb..., 102,310 10,961 7,214 2,438 ,309 44,084 41,061 3,023 35,587 3,168 3,938 4,572 Mar..., 102,711 10,866 7,095 2,461 ,310 44,386 41,288 3,098 35,727 3,191 3,975 4,566 Apr..., 103,058 10,910 7,106 2,474 ,330 44,602 41,497 3,105 35,840 3,222 4,011 4,473 May.., 103,508 10,889 7,036 2,502 ,351 44,774 41,656 3,118 35,956 3,241 4,038 4,610 June.., 104,008 10,976 7,083 2,537 ,356 44,987 41,828 3,159 36,060 3,280 4,067 4,638 July... 104,578 11,163 7,258 2,561 ,344 45,198 42,039 3,159 36,183 3,303 4,091 4,640 Aug.... 105,054 11,244 7,300 2,597 ,347 45,351 42,200 3,151 36,323 3,355 4,114 4,667 Sept..., 105,493 11,268 7,307 2,616 ,345 45,561 42,370 3,191 36,462 3,368 4,138 4,696 Oct.. .. 106,053 11,299 7,319 2,641 ,339 45,876 42,689 3,187 36,648 3,388 4,162 4,680 1 Figures are for all life insurance companies in the United States. * 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 1 [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Borrowings Reserves End of year or month U.S. and Total* g M ag o e r s t- 3 o G t b io l o i n v g s t a . - Cash Other* S c a a v p i i n ta g l s FHLB Other un p d r i o v f i i d ts ed advances 1941 6,049 4,578 107 344 775 4,878 218 38 475 1945 8,747 5,376 2,420 450 356 7,386 190 146 644 1950 16,893 13,657 1,487 924 733 13,992 810 90 1,280 1951 19,222 15,564 1,603 1,066 899 16,107 801 93 1,453 1952 22,660 18,396 1,787 1,289 1,108 19,195 860 84 1,658 1953 26,733 21,962 1,920 1,479 1,297 22,846 947 80 1,901 1954 31 736 26,194 2,021 1,980 1,471 27,334 864 96 2,191 1955 37,719 31,461 2,342 2,067 1,791 32,192 1,412 146 2,557 1956 42,875 35,729 2,782 2,119 2,199 37,148 1,225 122 2,950 1957 48,138 40,007 3,173 2,146 2,770 41,912 1,263 116 3,363 1957 Oct 47,077 39,475 3,215 1,629 2,715 40,611 1,129 115 Nov 47 524 39,753 3,238 1,715 2,775 40,989 1,141 113 Dec 48,138 40,007 3,173 2,146 2,770 41,912 1,263 116 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 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 AUK 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 Oct 53,590 44,602 3,734 2,187 3,067 46,376 1,082 113 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 1958 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 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 6,752 7,261 6,827 6,466 6,681 7,605 Banks for cooperatives 425 424 311 367 375 457 423 384 430 454 428 Federal intermediate credit banks... 633 673 590 638 689 734 3845 997 997 935 1,040 Farmers Home Administration 539 596 648 701 681 724 823 866 880 832 906 Rural Electrification Administration. 1,742 1,920 2,096 2,226 2,348 2,488 2,544 2,586 2,634 2,688 2,732 Commodity Credit Corporation 782 1,426 3,076 2,981 2,621 2,349 2,626 1,994 1,525 1,778 2,499 Other agencies 40 31 23 18 (4) (4) (4) (4) (4) (4) To aid home owners, total 2,142 2,603 2,930 2,907 3,205 3,680 4,076 4,381 4,680 4,769 4,917 Federal National Mortgage Association. 1,850 2,242 2,462 2,461 2,641 3,072 3,433 3,629 3,807 3,998 4,096 O V t e h te e r r a a n g s e A nc d i m es inistration [ 292 362 ' [ 3 1 0 6 0 8 38 6 3 3 48 8 0 4 4 1 6 45 4 4 1 8 5 8 5 5 1 2 2 1 3 6 1 9 8 1 2 770 1 820 1 To industry, total 589 598 588 431 678 619 629 640 652 674 645 Treasury Department... 174 353 306 209 209 211 254 251 224 C O o th m e m r a e g rc e e n c D ie e s partment. 589 598 f 413 79 ' 261 2 1 1 9 9 1 2 1 2 9 8 2 2 2 1 1 9 0 2 1 1 8 6 2 2 2 1 0 7 6 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 Department5 3,750 3,667 3,620 3,570 3,519 3,470 3,470 3,470 3,470 3,470 3,470 International Cooperation Administration. 61,515 1,537 1,624 1,767 1,995 2,035 2,084 2,139 2,195 2,338 Other Agencies 64 58 53 1 57 54 52 51 49 46 All other purposes, total 55 75 119 166 256 213 240 338 306 344 393 Housing and Home Finance Agency. (4) 5 29 121 209 156 184 275 246 283 331 Other agencies 34 69 90 39 47 57 56 60 60 62 62 Less: Reserves for losses -173 -140 -203 -228 -268 -309 -327 -695 -501 -367 -354 Total loans receivable (net). 14,422 17,826 19,883 19,348 20,238 20,657 21,353 20,980 21,320 22,395 23,147 Investments: U. S. Government securities, total 2,226 2,421 2,602 2,967 3,236 3,739 3,923 3,881 3,762 3,704 4,523 Federal home loan banks 249 311 387 641 745 1,018 1,095 1,017 881 896 1,456 Federal Savings and Loan Insurance Corp.. 200 208 217 228 241 256 265 274 264 274 283 Federal Housing Administration 285 316 319 327 381 458 479 482 504 471 533 Federal Deposit Insurance Corporation... . 1,353 1,437 1,526 1,624 1,720 1,825 1,898 1,914 1,917 1,937 2,013 Other agencies 140 148 152 147 149 181 186 194 195 226 238 Investment in international institutions 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities7 257 223 219 197 179 284 344 340 340 333 368 Inventories, total 1,461 1,280 2,515 3,852 4,356 21,375 21,303 21,450 21,514 21,628 21,206 Commodity Credit Corporation.. 1,174 978 2,087 3,302 3,747 3,651 3,362 3,153 3,090 3,025 2,636 Defense Department 11,004 11,094 11,105 11,157 11,136 10,866 O G t e h n e e r r a a l g e S n e c rv ie i s ces Administration. 288 303 428 550 609 / 1 6 ,5 2 1 0 7 1 6,6 1 5 93 4 7,0 1 2 7 2 1 7,0 1 9 7 2 5 7,2 1 8 8 2 5 7,5 1 2 7 8 5 Land, structures, and equipment, total 3,358 3,213 8,062 8,046 7,822 9,985 9,875 9,979 9,974 9,962 10,020 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,470 4,506 4,520 4,535 4,568 Panama Canal Company 298 415 363 421 421 398 396 401 599 398 396 Tennessee Valley Authority 1,048 1,251 1,475 1,739 1,829 1,762 1,751 1,803 1,791 1,801 1,789 Housing and Home Finance Agency 1,284 1,202 1,040 728 450 236 144 114 106 88 77 Nat. Advisory Committee for Aeronautics 276 277 281 281 283 274 Bonneville Power Administration 311 317 327 328 342 345 General Services Administration 1,298 1,226 1,332 1,341 1,308 1,327 Post Office Department 590 590 599 599 599 599 Other agencies 728 345 350 360 300 613 704 616 408 608 644 Bonds, notes, & debentures payable (not guar.), total.. 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 bais 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 45 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Liabilities, other than Assets, other thar1 interagency items 1 interagency items 1 Date, and fund or activity Loan In- I m nv e e n s t t s - L st a r n u d c- , B tu a o r n e n d s d s d p , e a n b y o e a t n b e - l s e , Other G U in o . t v S e t . r o v in w P a t t r n e e i e r l - y - d Total Cash c a e b i l v e - t v o e ri n e - s P s r d i e u t e c b i b e u l t s i - c O s ri e t t c i h e u e s - r e m a q n e u d n ip t Other G a U n u b t . e y a S e r . d - Other li i a ti b e i s l- est All activities 1954—Dec. 31 41 403 1 37119 348 3,852 2,967 3,432 8,046 2 387 3 1,068 4,18335,610 508 1955—Dec. 31 45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900 44 2,379 2,70339,583 596 1956—Dec. 31* 69,653 4,99620,65721,375 3,739 3,669 9,985 5,232 67 2,711 3,65962,516 699 1957—Mar. 31 69 895 4 44121 35321 303 3,923 3,729 9,875 5 272 68 2,975 3 71362,364 775 June 30* 69 059 3,98120 98021,450 3,881 3,725 9,979 5,063 57 3,497 3,32561,144 1,037 Sept. 30 70,175 4,69221,32021,514 3,762 3,725 9,974 5,186 60 3,647 2,63462,778 1,056 Dec. 31 71 139 4 29122 39521,628 3,804 3,718 9,962 5 340 49 4,662 2,91662,391 1,121 1958—Mar. 31 72,242 4,15823,14721,206 4,523 3,75310,020 5,436 49 4,749 3,47262,789 1,183 Classification by type of fund and activity, March 31, 1958 Public Enterprise Funds—Total 20,228 1,119 9,634 3,756 861 143 3,284 1,432 49 1,600 1,516 17,064 Farm Credit Administration: Federal Farm Mortgage Corporation (4) (4) 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 85 125 Housing and Home Finance Agency: 54 37 16 50 P F u ed b e li r c a l H H ou o s u i s n i g n g A A d d m m in in is i t s r t a ra ti t o io n n 8 1 5 8 5 7 2 5 \ 9 106 w 533 16 300 6 48 1 3 3 6 8 6 1 6 5 9 1 Federal National Mortgage Association 2,395 2,377 15 1,600 51 744 Office of the Administrator.... . . 826 141 406 59 220 820 Federal Savings and Loan Insurance Corporation... 296 1 283 12 16 281 Small Business Administration. 325 112 207 6 323 Export-Import Bank 3 139 1 3 111 f4) 1 26 53 3,086 Tennessee Valley Authority . 2,070 91 46 1,789 145 35 2,036 Panama Canal Company 464 35 8 396 25 18 447 Veterans Administration 842 112 678 4 45 830 General Services Administration 1,293 64 1,036 (4) 127 65 24 1,268 Treasury Department 226 6 214 c (4) 226 Post Office Department—postal fund 873 233 13 599 27 213 660 Interior Department 263 60 11 6 138 48 14 249 All other.... 182 43 21 112 m 18 163 Intragovernmental Funds—Total 13,053 1,693 10,994 CO 222 144 51212,542 Defense Department: Army 8,483 978 7 343 105 58 135 8,348 Navy 3 375 419 2 918 38 230 3 145 Air Force 858 209 605 44 94 764 All other 337 87 128 (4) 117 4 52 285 Certain Other Activities—Total.... 31 006 1,066 9 683 6,455 7 3,563 6,514 3,719 22030,785 General Services Administration 8 317 418 81 6 442 (4) 1 189 187 16 8 301 Agriculture Department: Farmers Home Administration . 812 119 669 2 23 17 795 Rural Electrification Administration 2 908 49 2 724 135 2 2,907 Interior Department 445 42 7 366 31 6 439 International Cooperation Administration 2,395 39 2,338 18 2,395 Treasury Department 0,174 3,479 3,563 83,131 0,174 Commerce Department—maritime activities 5,114 "245 249 ""3 •(4)" 4*; 568 48 " ' i42 4,971 National Advisory Committee for Aeronautics 452 88 274 87 11 442 All other 389 65 144 (4)2 6 115 58 27 362 Certain Deposit Funds Total 4,781 62 1,122 (4) 3,512 47 39 692 1,148 2,103 838 Banks for cooperatives 493 15 425 43 10 224 3 223 42 Federal Deposit Insurance Corporation 2 036 3 f4) (4) 2 013 19 156 1,880 Federal home loan banks 2,252 44 696 1,456 47 9 468 988 796 Certain Trust Revolving Funds—Total . . 3,174 219 2,708 144 (4) 103 2,457 76 296 9345 F F e e d d e e r r a a l l N in a te ti r o m n e a d l ia M te o r c t r g e a d g it e b A a s n s k o s ciation 1 1, 1 7 6 0 8 6 5 1 5 0 1 1 , , 0 64 4 1 0 w (4 1 ) 00 1 1 8 0 1,4 9 6 9 6 2 4 1 6 9 1 1 4 5 0 6 9 9 1 3 7 8 Office of Alien Property 214 149 65 1 9213 All other 86 5 44 (4) 10 10 977 Latest data for agencies not reporting quarterly Atomic Energy Commission (June 30 1957) 8,622 1,324 1,749 5,130 419 206 8,417 Veterans Administration (June 30, 1957) 1,902 355 ioi 2 1,340 98 137 1,765 Agriculture—other activity (June 30 1957). .. 1,418 448 6 879 86 21 1,397 Health, Education & Welfare Dept. (June 30, 1957). 1,055 790 2 1 260 3 157 898 Interior Department (June 30 1957). . . 3 752 287 4 8 2 891 562 376 3,375 Treasury Department (June 30 1957) . 3,197 278 44 765 2,110 774 2,423 All other (June 30 1957) 1,684 428 206 (4)85 549 416 21 1,663 • Figure represents total trust interest. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 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 t t s re T P f c u r l e u n u i s d p s : t ts t I G L r n a e o t n s r v s s a t : . - . l E p T r f u q e r t b o u o h c a l 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 p t T q o u a o u b y t a t l h t a l i s e l s c . : t p p o f u a r t o h o ( y b r m e - t li s ) c . , & ( c ( o c - d r d r r I e ) e i e a n r a , a d g b e - s s i e c e t e n e - n t , .)t a i r n G g . N v e o f n . e u v . t b n t. L & y d e s ss: O d n c e a t o h b s n t e h - 4 r b E r i o e n q c ( N r p g u a ) r a e s a o y h o t l w s t 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 3,203 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 69,117 16,329 3,493 81,893 71,936 16,069 4,592 83,413 -1,520 6,216 657 -200 5,760 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 39,792 9,162 2,083 46,836 35,876 8,936 3,338 41,475 5,362 660 777 -166 49 Monthly: 1957_Nov 4,827 1,438 186 6,075 5,806 964 550 6,219 -144 655 -13 665 Dec 5,956 1,184 703 6,433 5,809 1,402 92 7,119 -686 337 -87 40 383 1958—Jan 4,786 820 227 5,374 6,011 1,651 1,286 6,377 -1,003 -137 -119 18 -36 Feb 6,299 1,684 217 7,759 5,528 1,317 105 6,740 1,020 145 305 -52 -107 Mar 9,501 1,127 135 10,485 5,749 1,564 803 6,509 3,976 -2,168 14 -67 -2,114 Apr 3,496 1,331 194 4,626 6,122 1,479 786 6,814 -2,188 2,380 -181 -125 2,686 May 4,925 2,131 144 6,908 5,846 1,363 187 7,021 -114 591 618 68 -96 June 10,785 2,069 1,167 11,685 6,621 1,562 169 8,015 3,670 -150 140 -6 -285 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 2,769 1,025 196 3,595 7,144 1,597 714 8,027 -4,432 3,640 -571 183 4,027 Nov.* 4,962 1,486 205 6,240 6,237 1,310 338 7,209 -969 2,867 -276 141 3,002 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) s B d u u N e 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 n u i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h o n a n - s. i m s o ( a G s g + b N a u e o l r ) a i e n k v g o n t c e a t c f y . t - e i i n & s a n G e g v N c e o . F t . n e r v e u ( c t b 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 a s l 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 u cc r r e e o a r u ' s s n - t Balance ( B F a D a a . v b n e a l R p k e il . o s - sits T T a L in r u x o e — r a a y a n s n - d O as n t s h e e t e ts r tions 5 funds 5 debt funds) Accts. Fiscal year—1955. . -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 1,471 1956.. 1,626 2,250 309 173 -2,617 -1,623 -213 331 6,546 522 4,633 1,391 1957.. 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 1,010 1958.. -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 1,121 Semiannually: 1956—July-Dec. -5,732 866 -481 -5 -697 3,877 -55 -2,119 4,427 441 2,924 1,062 1957—Jan.-June. 7,328 543 -36 1,090 -1,603 -6,101 60 1,163 5,590 498 4,082 1,010 July-Dec.. -6,735 34 159 1,007 21 4,371 -160 -984 4,606 481 3,084 1,041 1958—Jan.-June. 3,916 228 511 -440 -218 1,445 300 5,143 9,749 410 8,218 1,121 Monthly: 1957—Nov -979 474 382 -23 679 -33 558 4,865 243 3,583 1,039 Dec 147 -218 -644 186 80 151 -40 -259 4,606 481 3,084 1,041 1958—Jan , -1,225 -831 600 225 541 -343 68 1,101 3,505 469 1,767 1,269 Feb 771 367 -314 142 -171 124 30 888 4,394 516 2,837 1,041 Mar 3,753 -437 444 101 64 -2,055 187 1,682 6,076 474 4,596 1,006 Apr -2,626 -147 711 -144 279 2,433 94 412 6,487 594 4,558 1,335 May -920 768 -17 -34 -597 595 152 -357 6,130 395 4,730 1,005 June 4,164 508 -914 -729 -332 691 -231 3,619 9,749 410 8,218 1,121 July -3,667 -675 225 -31 330 -877 -65 -4,630 5,119 617 3,262 1,240 Aug -1,361 543 -195 10 -470 3,009 288 1,249 6,368 540 4,769 1,059 Sept 575 -511 -284 -3 314 -1,810 -450 -1,269 5,099 371 3,535 1,193 Oct -4,376 -572 511 -32 519 3,546 161 -565 4,534 363 2,916 1,255 Nov 1,274 177 111 -37 212 2,848 46 1,991 6,525 424 4,879 1,222 v Preliminary. n.a. Not available. Budget expenditures, and payroll deductions for Federal employees re- 1 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 47 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 i d e p e - g t t e s t Old T - rans H fe ig rs h - to— R. R. fu R o n e f d - s B c T u e r o i d e p t - g a t e s l t Individual Corpo- t c E a i x x s e e - s t p m a E l x m e o e n y - s t - 7 O ce r t i e h p - e ts r Liquor b T a o c - co a t M a n i d l f e r r r s e s .' - ' f t u r a n u g d s e t * t f w r u u a n s y d t m t r ir e e e - n - t ce r i e p - ts W he it ld h- Other ration acct. Fiscal year—1955 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,177 1956 68,165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 1957... 71,029 6,634 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7.581 4,895 2.973 1,674 4,098 1958... 69,117 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 Semiannually: 1956—July-Dec 28,069 2,559 643 312 463 32,045 13,020 3,004 5,553 5,325 2,876 2,267 1,648 817 1,876 1957—Jan.-June 42,960 4,075 836 304 3,454 51,630 13,708 9,298 15,978 5,313 4,705 2,628 1,325 857 2,222 July-Dec... 29,325 3,135 1,151 305 655 34,571 13,760 2,874 6,273 5,595 3,445 2,625 1,574 848 2,226 1958—Jan.-June 39,792 4,598 965 270 3,778 49,403 13,281 8,654 14,260 5,219 5,199 2,789 1,372 886 2,090 Monthly: 1957_Nov 4,827 671 203 69 76 5,845 3,415 97 367 840 740 386 285 133 n.a. Dec 5,956 382 165 49 59 6,611 2,125 352 2,277 824 432 601 221 106 n.a. 1958—Jan 4,786 313 151 19 -25 5,243 981 2,053 486 892 385 446 197 154 Feb 6,299 955 190 78 235 7,756 3,953 788 406 864 1,302 443 201 130 1,129 Mar 9,501 632 150 43 855 11,182 2,000 658 6,538 860 680 446 225 137 Apr 3,496 703 145 17 1,678 6,039 792 2,792 476 785 722 472 218 147 May 4,925 1,221 168 70 950 7,334 3,614 640 449 922 1,293 416 256 157 961 June 10,785 774 161 43 86 11,849 1,941 1,724 5,906 895 818 565 275 161 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 1,225 162 374 954 386 344 328 171 n.a. Nov 4,962 747 198 68 4 5,979 3,641 94 319 811 816 298 n.a. n.a. n.a. Budget expenditures 8 Major national security Agri- Vet- culture Period a I ff n a t i l r . s Inter- e s r e a r n v s - * T J-aoor a a g n r d i- N ur a a t- l m Co er m ce - G e e r n a - l ioiai Total* D D e e fe p n t s ., e s M ec u u t r u i a ty l , Atomic fin a a n n d ce est ic b e e s n a e n - d w U e .11 l V f 4 are t c u u r l a - l so r u e r - ces ho a u n s d ing g m ov e e n r t nmilitary program gy 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 3495 1,990 832 7,308 4,793 2,966 4,582 1,296 1,453 1,789 1958*. 71,897 44,968 39,015 3 052 2,275 1,234 7,694 5,026 3,381 4,620 1,543 2,085 1,353 Semiannually: 1956—July-Dec.. 33,801 21,145 18,547 1464 930 382 3,587 2,291 1,421 2,183 736 879 1,181 1957—Jan.-June. 35,632 23,269 19,893 2 031 1,060 450 3,721 2,502 1,545 2,399 560 574 608 July-Dec.. 36,060 22,164 19,370 1,471 1,080 776 3,912 2,400 1,636 2,651 850 1,003 661 1958—Jan.-June* 35,837 22,804 19,645 1581 1,195 458 3,782 2,626 1,745 1,969 693 1,082 692 Monthly: 1957_Oct 6,501 3,700 3,222 240 190 360 647 421 358 529 158 222 115 Nov 5,806 3,506 3,035 254 183 104 646 432 226 404 147 196 119 Dec 5,809 3,752 3,312 225 178 86 681 426 224 453 117 -33 103 1958_jan 6,011 3,765 3,146 298 211 91 697 433 360 223 112 229 100 Feb 5,528 3,590 3,183 163 173 98 612 429 222 249 100 133 99 Mar 5,749 3,672 3,061 342 195 96 624 432 235 347 90 149 102 6,122 3,730 3,216 272 200 16 619 465 317 427 108 298 135 M*ay!'.'..". 5,846 3,712 3,195 271 201 68 603 436 291 235 121 252 132 June*.... 6,581 4,335 3,844 235 215 89 627 431 320 488 162 21 124 July 6,613 3,819 3,196 361 222 155 648 431 356 630 122 298 148 Aug 6,198 3,675 3,205 192 215 163 578 404 368 495 151 233 127 Sept 6,633 3,934 3,489 222 189 87 586 410 345 769 165 212 123 Oct 7,144 4,309 3,802 252 221 136 608 454 436 673 166 233 135 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

48 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketiible E m n o d n o th f d T g e r o o b t s a t s i l d T d g i e r o r o b e t s t a c s 2 l t Total Total Bills c i C e n a d e t d e n r e t s e i b f s o i t s - - f Notes B e b l a l ig e n i k 4 - Bon s d t B s r r i a c e n - te k d b C v i o b e o n r l n d e i- - s Totals b S i o n a n g v d s - s n i T s a o n a n a t g v e d x s - s S is p s e u c e ia s l 1941 Dec 64 3 57 9 50 5 41 6 2 0 6 0 33 6 8 9 6 1 2 5 7 0 1945 Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29 0 1951 Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952 Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953 Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954 Dec 278.8 278 8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955 Dec 280 8 280 8 233 9 163 3 22 3 15 7 43 3 81 9 11 4 59 2 57 9 (6) 43 9 1956 Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 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 o O 52 8 51 9 45 9 Aug 278.6 278.5 230.6 169.2 22.4 38.5 20.7 87.7 8.6 52.8 51.9 46.3 Sept 276.8 276.7 229.0 167.7 22.7 38.5 20.7 85.8 8.5 52.8 51.8 46.0 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 Dec 283.0 282.9 236.0 175.6 29.7 36.4 26 A 83.4 8.3 52.1 51.2 44.8 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $424 million on Dec. 31, 1958) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $9,651 million on Nov. 30, 1958. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in ( a s i g n e n ti c c t e g e u l s u u e r ) d i a d - r - - S is p s t e u r c u e i s a s t l fun P i d s u s s b u * l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r k m ci s a - 2 l M s b a a v u n i t n u k g a s s l p I c n a a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n c a v d a t t e ' l s S b a o v n i I n d n g d s s ivid se u O c a u t l h s ri e ti r es i M t n o v r i e s s c s 3 - . 1941 Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1951 Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953 Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.5 12.7 49.4 15.5 13.2 1954 Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.2 14.4 50.0 13.7 13.9 1955—Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 23.0 15.1 50.2 15.6 15.6 1956 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 Oct 274.2 46.1 9.4 218.7 23.3 58.1 7.8 12.2 15.9 17.2 48.4 19.4 16.3 Nov 274.9 46.0 9.3 219.5 23.7 58.2 7.6 12.1 16.5 17.3 48.3 19.3 16.5 Dec 275.0 45.8 9.4 219.8 24.2 59.1 7.6 12.0 16.5 17.0 48.2 18.6 16.5 1958—Jan 274.7 45.5 9.6 219.6 23.3 '58.6 7.6 12.0 17.3 17.3 48.2 '18.9 16.2 Feb 274.8 46.0 9.4 219.4 23.2 '59.4 7.6 11.9 17.2 17.3 48.2 '18.6 15.9 Mar 272.7 45.8 9.5 217.4 23.6 '59.4 7.6 11.8 15.4 17.3 48.1 '18.7 15.4 Apr 275.2 45.4 9.7 220.0 23.7 '63.2 7.6 11.8 14.6 17.1 48.1 '18.3 15.7 May 275.7 46.1 9.7 220.0 24.2 '63.6 7.5 11.7 14.7 17.0 48.1 '18.1 15.4 June 276.4 46.2 9.7 220.5 25.4 '64.9 7.4 11.7 13.3 16.9 48.0 '17.7 15.2 July 275.6 45.9 9.7 220.0 24.5 '65.0 7.4 11.8 '13.9 17.0 47.9 '17.4 15.0 Aug 278.6 46.3 9.7 222.6 25.3 '66.4 7.5 11.9 '14.6 17.0 47.9 '17.0 14.9 Sept 276.8 46.0 9.6 221.2 25.0 '65.2 7.4 11.9 '14.3 17.0 47.9 '16.9 15.3 Oct 280.3 45.4 9.7 225.3 25.4 66.7 7.4 12.1 15.9 17.2 47.8 17.1 15.8 ' Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $284 million on Dec. 31, 1957. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 49 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, DECEMBER 31, 19581 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Certificates Treasury notes—Cont. Treasury bonds—Cont. J J J J a a a a n n n n . . . . 2 1 2 8 2 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 9 9 9 9 1 1 1 1 , , , , 8 8 8 8 0 0 0 0 1 0 3 0 A F M M e u a a b g y r . . . 2 1 1 4 1 4 5 . , , , 1 1 1 1 9 9 9 9 5 5 5 5 9 9 9 9 * 1 2 i \ y % y y 2 A 2 1 9 3 1 3 , , , , 7 5 8 5 6 1 7 0 7 7 0 0 A N O Fe u o c b t g v . . . . 1 1 1 5 1 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 2 2 3 2 3 2 li 3 % / 4 4 2 2 3 1 , , , 0 9 1 5 0 7 4 9 0 1 3 0 A F 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 1 % % / 3 2 4 2 6 1 , , , , 9 7 8 4 4 9 8 0 8 4 0 6 Jan. 29,1959 1,803 Nov. 15, 1959 3% 7,711 Apr. 1,1963 li/z 533 June 15, 1967-72... 2% 1,840 F F e e b b . . 1 5 3 , , 1 1 9 9 5 5 9 9 1 1 , , 8 8 0 0 2 1 Treasury notes Oct. 1,1963 11/2 87 D Se e p c. t . 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . . . . . . 2 21 i / / 2 2 2 3 , , 7 71 1 5 6 Feb. 19, 1959 1,803 Feb. 15, 1959 1% 5,102 Treasury Bonds Oct. 1,1969 4 657 J J F M M M M M u u e a n a a n a a b y r r r r e e . . . . . 2 2 1 1 1 1 1 5 6 6 9 2 5 8 1 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 9 9 9 9 9 9 9 9 2 1 1 1 1 1 , , , , , , 7 6 8 8 6 6 4 4 3 0 0 0 0 0 0 0 5 1 0 3 0 0 0 0 A N O A O A M M p c c o p p a a t t r v r r y y . . . . . . 1 1 1 1 5 1 1 1 1 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 6 5 6 6 5 6 6 9 1 9 0 0 9 0 1 3 1 l 3 3 H l i 1 1 i i y % i / / / / / / 2 2 2 2 2 2 2 4 2 1 , , , 2 4 0 1 1 1 1 9 7 0 7 1 8 9 4 9 8 9 8 6 4 4 8 J D D N J S N A u u e e e o u o n n p c c g v v e e . . t . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 6 6 6 6 6 5 5 6 1 3 0 1 0 9 9 2 - - - - 6 6 6 6 5 2 2 7 3 . . . . . . . . . . . 2 2 2 2 2 2 2 2 1 1 1 1 1 V Y 3 / / / 4 4 2 4 2 4 2 s 1 5 2 2 6 3 3 1 1 , , , , , , , , 2 2 1 7 4 4 8 1 3 6 1 8 5 5 0 7 9 2 7 5 5 7 6 6 Pa N J F F M n u e e a o a n b b m v y e . . . a 1 1 1 1 1 C 5 5 5 5 5 a , , , , , n 1 1 1 1 1 a 9 9 9 9 9 l 9 9 8 7 7 L 5 0 5 4 8 o -8 a 3 n . . .. . 3 3 3 . i . 1 % i y / 3 4 3 A 2 2 1 1 1 , , , , 7 6 1 6 7 4 5 3 5 0 2 1 4 0 5 4 7 June 22,1959* 2,997 Aug. 1,1961 4 2,609 Dec. 15, 1963-68... 21/2 2,820 Convertible bonds June 25,1959 400 Oct. 1, 1961 li/2 332 Feb. 15, 1964 3 3,854 Investment Series B Feb. 15, 1962 3% 647 June 15, 1964-69... 21/2 3,745 Apr. 1, 1975-80...234 8,309 Apr. 1,1962 U/2 551 Dec. 15, 1964-69... 2 i/i 3,819 * Tax anticipation series. 1 Direct public issues. 3 Partially tax-exempt. 2 Sold on discount basis. See tables on Money Market Rates, p. 41. 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 Market- Con- Total Bills Certifi- Notes able vertible Total Within 1-5 5-10 Over 10 cates bonds2 bonds 1 year years years years All holders: 1956 June 30 166,050 20,808 16,303 35,952 81,890 11,098 154,953 58,714 31,997 31,312 32,930 1957 June 30 165,985 23,420 20,473 30,973 80,839 10 280 155 705 71 033 39 184 14 732 30 756 Dec 31 173,718 26,857 34,554 20,664 82,117 9,527 164,191 74,368 46,513 11,272 32,038 1958—June 30 175,573 22,406 32,920 20,416 90,932 8,898 166,675 67,782 41,071 22,961 34,860 Sept. 30 176,249 22,699 38,487 20,749 85,793 8,521 167 728 68 896 48 158 15 832 34 841 Oct 31 180,540 25,942 38,487 21,938 85,786 8,387 172,153 72,117 49,369 15,833 34,835 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 Sept. 30 9,447 150 596 1,174 4,739 2,788 6 658 819 1 652 867 3 320 Oct 31 9,506 137 545 1,283 4,759 2,781 6,724 761 1,761 881 3,321 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 23010 1014 57 1 358 Sept 30 24,986 985 21,507 io 2,484 24,986 22,493 1,024 84 1,386 Oct. 31 25,443 1,401 21,538 2,484 25 443 22 949 1 024 84 1 386 20 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 Sept 30 57,616 3,509 6,650 11,579 35,749 129 57'487 13 465 29 209 9 737 5 076 Oct. 31 58,564 4,496 6,417 11,832 35,689 129 58 434 14,162 29 420 9 775 5 077 Mutual savings banks: 1956—June 30 7,735 107 37 356 6,074 1,161 6 574 247 540 1 319 4 468 1957 June 30 7,397 163 114 367 5,655 1,098 6 299 576 I 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 Sept 30 7,115 176 115 502 5,410 912 6 203 335 I 280 524 4 064 Oct 31 7,037 119 104 527 5,394 893 6 144 262 1,315 516 4 051 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 77S 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 Sept 30 10,828 560 164 632 7,353 2,118 8 710 928 1 937 695 5 150 Oct 31 10,979 674 174 701 7,357 2,072 8 907 1,061 2,027 672 5 148 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 Sept. 30 66,256 17,320 9,453 6,852 30,058 2,573 63 682 30,858 13,056 3,925 15,844 Oct 31 69,011 19,115 9,708 7,575 30,102 2,511 66,501 32,922 13,822 3,906 15,851 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. byy these institutions. Data are compplete for U. S. Govt. agencies and NOTE.—Commercial banks, mutual savings banks, and insurance com- fd d F dl R Bk trust funds and Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Proposed uses of net proceeds, Gross proceeds, all issuers2 all corporate issuers6 Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . .3 a F e c g e r y e a d n 4 l - - S n m a p t i n a c a u d t i l - 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' l p M p a c o o u e n u i s l r s e s e - - - - s m e b t d R i t o a e e r c e e f n b n . - - 8 k t t , m s r t i e i o t r e c i e f e n u - s t - 1950. 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 6,261 4,990 4,006 364 620 1,271 1951. 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,607 7,120 6,531 226 363 486 1952. 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 9,380 8,716 8,180 537 664 1953. 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,755 8,495 7,960 535 260 1954. 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955. 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956. 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957. 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1957—Oct... 2,705 894 683 15 1,113 944 608 336 68 101 1,099 1,090 1,060 30 9 Nov.. 3,022 1,374 100 639 65 844 671 485 186 24 150 828 789 764 25 39 Dec. 2,681 925 640 2 1,114 761 185 576 11 343 1,097 1,076 1,023 53 21 1958—Jan... 3,473 511 1,163 782 201 816 744 505 239 28 44 805 723 711 11 82 Feb.. 2,487 407 251 899 55 875 607 398 209 85 182 856 851 832 19 5 Mar.. 3,959 1,802 524 9 1,623 1,494 1,165 330 69 61 1,608 1,561 1,525 35 47 Apr.. 6,963 4,269 523 798 141 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.. 2,423 418 631 13 1,196 907 735 172 70 219 1,174 1,102 1,026 76 72 Aug.., 1,340 369 389 9 573 492 209 283 12 70 563 538 518 20 25 Sept.. r2,197 352 r647 23 1,175 1,098 851 246 23 55 1,159 1,144 1,038 106 15 Oct.. . 3,034 1,461 220 439 64 849 613 287 326 67 168 832 815 699 116 17 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 10 secu- capital1 secu- capital10 secu- capital10 secu- capital10 secu- capital10 securities rities rities rities rities rities 1950 1,026 149 474 63 609 196 1,927 682 314 81 639 100 1951 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1957_Oct., 129 51 8 49 333 369 159 Nov. 220 38 54 287 92 98 30 Dec. 572 60 138 173 41 92 1958—Jan.. 147 7 28 8 82 24 321 34 50 109 Feb. 171 3 26 48 366 35 205 Mar. 196 41 47 63 "5' 409 797 49 Apr. 620 12 62 86 293 22 40 37 40 May, 163 26 24 23 303 37 11 30 74 June, 267 49 29 106 390 16 12 78 July. 519 24 55 49 348 46 101 31 Aug. 122 16 47 26 6 281 13 49 Sept. 485 12 389 44 186 13 28 Oct.. 238 17 35 74 *(9)' 300 44 124 r Revised. 1 Estimates of new issues maturing in more than one year sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or num- u rvepreseius pruceeus lor me reuremeni 01 mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debt are included under the uses for which the bank 4 Issues not guaranteed. debt was incurred. 5 Represents foreign governments. International Bank for Reconstruc- 9 Less than $500,000. tion and Development, and domestic eleemosynary and other nonprofit 1 ° 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 51 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1957 1958 1952 1953 1954 1955 1956 1957 Manufacturing Total (200 corps.): Sales 54,517 63,343 58,110 69,876 71,925 76,032 19,786 19,43818,056 18,752 16,718 16,831 16,240 Profits before taxes 7,308 8,375 7,244 10,250 9,290 9,559 2,752 2,575 2,042 2,190 1,622 1,625 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 Dividends 2,073 2,154 2,384 2,827 2,980 3,113 750 757 757 849 755 747 741 Nondurable goods industries (94 corps.):1 Sales 19,266 20,694 20,620 23,106 24,784 26,278 6,636 6,524 6,558 6,560 6,133 6,203 6,548 Profits before taxes 2,853 3,028 2,753 3,413 3,457 3,438 947 873 841 111 648 619 773 Profits after taxes 1,392 1,526 1,581 1,918 1,979 2,019 551 503 491 474 377 362 445 Dividends 946 972 1,064 1,202 1,248 1,323 314 318 319 371 326 325 322 Durable goods industries (106 corps.):2 Sales 25142,64937,490 46,770 47,141 49,754 13,150 12,91411,498 12,192 10,585 10,628 9,693 Profits before taxes 455 5,346 4,491 6,836 5,833 6,120 1,804 1,702 1,201 1,413 974 1,006 870 Profits after taxes 800 2,123 2,244 3,313 2,901 3,090 881 836 616 758 475 510 445 Dividends 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 ,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 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 1,308 1,153 1,535 1,488 1,556 395 394 397 369 281 281 315 Profits after taxes 520 593 782 769 798 197 202 201 197 144 147 162 Dividends 417 499 597 602 639 150 152 150 187 156 154 153 Petroleum refining (14 corps.): Sales 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 728 841 751 854 917 867 299 219 193 156 146 111 198 Profits after taxes 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 ,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 ,147 1,817 1,357 2,377 2,370 2,313 676 652 512 473 302 371 386 Profits after taxes 564 790 705 1,195 1,232 1,193 342 327 264 260 157 191 199 Dividends 369 377 407 522 606 651 157 157 158 179 147 146 145 Machinery (27 corps.): Sales r,077 8,005 7,745 8,477 9,798 10,914 2,624 2,750 2,669 2,871 2,454 2,629 2,543 Profits before taxes 971 1,011 914 912 942 1,175 293 305 270 306 227 263 300 Profits after taxes 375 402 465 465 458 577 141 148 135 152 111 132 155 Dividends 199 237 263 281 321 329 79 81 82 86 83 81 81 Automobiles and equipment (15 corps.): Sales 1,03816,61114,13718,826 16,336 17,480 4,993 4,522 3,689 4,277 3,853 3,542 2,599 Profits before taxes ,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 9,371 10,106 10,551 10,491 2,574 2,660 2,675 2,582 2,239 2,294 2,460 Profits before taxes 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 2,412 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 Dividends 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 Profits before taxes 787 925 1,050 1,282 1,430 1,562 387 388 387 400 402 454 494 Profits after taxes 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 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. Railroads. Figures are for Class I line-haul railroads (which account All series. Profits before taxes refer to income after all charges and for 95 per cent of all railroad operations) and are obtained from reports before Federal income taxes and dividends. For detailed description of of the Interstate Commerce Commission. series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 Electric power. Figures are for Class A and B electric utilities (which (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public account for about 95 per cent of all electric power operations) and are utilities); and p. 908 of the BULLETIN for September 1944 (electric power). obtained from reports of the Federal Power Commission, except that Revised data annually beginning with 1939 and quarterly beginning with quarterly figures on operating revenue and profits before taxes are partly 1946 are available from the Division of Reserach and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES1 [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 ar r te o r r P b t r e a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e t s s d - Y qu e a a r r te o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1950 40.6 17.9 22.8 9.2 13.6 1951 42.2 22.4 19.7 9.0 10.7 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952 36.7 19.5 17.2 9.0 8.3 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 667 2,700 1953 . 38.3 20.2 18.1 9.2 8.9 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954 34.1 17.2 16.8 9.8 7.0 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 44.9 21.8 23.0 11.2 11.8 1954 . . . 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956 45.5 22.4 23.1 12.0 11.0 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957 43.4 21.6 21.8 12.4 9.4 1956 13,033 4,968 8,065 7,934 3,181 4,752 5,099 1,787 3,313 1957 14,289 3,159 11,129 9,691 2,236 7,455 4,598 923 3,675 1956—3 44.3 21.8 22.4 12.2 10.2 4 46.7 23.0 23.7 11.8 11.9 1957—3 3,474 802 2,672 2,554 554 2,000 920 248 672 4 3,409 708 2,701 2,393 503 1,890 1,016 205 811 1957—1 46.1 23.0 23.1 12.5 10.6 2 43.5 21.7 21.8 12.6 9.2 1958—1 3,566 784 2,782 2,799 537 2,262 767 247 520 3 . . 44.2 22.0 22.1 12.7 9.4 2 4,041 1,509 2,532 2,453 1,258 1,195 1,588 251 1,337 4 39.9 19.9 20.0 12.0 8.0 3 3,530 1,301 2,229 2,294 953 1,341 1,236 348 888 1958—1 31.7 16.1 15.5 12.5 3.0 2 32.0 16.3 15.7 12.4 3.3 * Reflects cash transactions only. As contrasted with data shown on p. 50, new issues 3 . 37.9 19.3 18.6 12.5 6.1 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. 50. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U ec o . u S v r . t i . - Not r e e s c e a i n v d ab a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n ab d l e accts. F in e c t d a o e x m ra e l Other ties G U o . v S t . . 2 Other G U o . v S t . .2 Other bi l l i i a ti - es 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 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 3 118.8 236.0 35.5 14.3 2.7 99.9 77.3 6.3 117.2 1.8 73.1 11.7 30.6 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Year Total f M a i c a n t n u g u r- - M in i g n- T R ra a n il s - port O at th io e n r P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i c n n i t n u g d - r- T p t o r i a r o n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l r 3 road ing 1950 20.6 7.5 .7 1.1 1.2 3.3 1.1 5.7 1957—3 9.4 4.3 .8 1 7 2 5 1951 25.6 10.9 .9 1.5 1.5 3.7 1.3 5.9 4 9.7 4.6 .8 8 2 6 1952 26.5 11.6 1.0 1.4 1.5 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 2 3 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 2 7.8 3.2 .6 *> 2.5 1955 28 7 11.4 1.0 .9 1.6 4.3 2.0 7.5 3 7.4 2 9 .5 6 2 4 1956 35.1 15.0 1.2 1.2 1.7 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 19584 30.5 11.5 .9 .8 1.5 6.1 9 7 1959—H 6.9 2.6 .5 1.3 2.4 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 53 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties ]^onfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial properties1 or quarter h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - S F e a e c l g e d i e e c e n s t r e - a d l v o I i a t d n h n u d e d a i r - l s s h A o er l l s d l - Total t F u i i n c t n i i s o a a t l i n n - s - O h e o th r l s d e - r Total t F u i i n c t n i i s o a a t l i n n - s - O ho e th r l s d e - r h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - ho O l t d h e e r r s2 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1950 72 8 51.7 1.4 19.8 66.7 45.2 35.4 9.8 21.6 14.0 7.6 6.1 2.3 3.7 1951 82.3 59.5 2.0 20.8 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.7 2.6 4.1 1952 91.4 66.9 2.4 22.1 84.2 58.5 46.8 11.7 25.7 17.2 8.4 7.3 2.8 4.4 1953 101.3 75.1 2.8 23.5 93.6 66.1 53.6 12.5 27.5 18.5 9.0 7.8 3.0 4.8 1954 113.8 85.8 2.8 25.2 105.5 75.7 62.5 13.2 29.8 20.0 9.8 8.3 3.3 5.0 1955 . . 130.0 99.4 3.1 27.5 120.9 88.2 73.8 14.4 32.7 21.9 10.8 9.1 3.6 5.4 1956 144.5 111.2 3.6 29.7 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957 156.6 119.7 4.7 32.1 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1956—Dec 144.5 111.2 3.6 29.7 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957 Mar 147.3 113.0 4.0 30.3 137.2 101.1 84.8 16.2 36.2 24.3 11.9 10.1 3.9 6.2 June .. 150 4 115.3 4.2 30.9 140.1 103.4 86.6 16.7 36.7 24.6 12.1 10 3 4 0 6 4 Sent 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 June23 . . 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.2* 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 i [In millions of dollars] Commercial bank holdings 2 Mutual savings bank holdings3 End of year Residential Residential or quarter Other Other Total non- Farm Total non- Farm FHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- Total in- guar- vensured 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 1 726 4 303 1 274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1 444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11 334 3 489 3 053 4 792 1 556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 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 Sept 23,105 17,070 4,750 3,660 8,660 4,660 1,375 20,812 18,687 4,575 7,660 6,452 2,068 57 Dec 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19 010 4 669 7 790 6 551 3 102 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 Juried 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 p 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 p Preliminary. based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member Sources.—All-bank series prepared by Federal Deposit Insurance Bank Call Report and from weekly reporting member banks. Corporation from data supplied by Federal and State bank supervisory 3 Figures for 1941 and 1945, except for the grand total, are estimates agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total FHA- VA- Farm Total FHA- VA- Farm Total guar- Other Total guar- Other insured anteed insured anteed 1941 6,442 5,529 815 4 714 913 1945 976 6,636 5,860 1,394 4,466 776 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1^705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 , 5,230 4.823 653 831 3,339 407 35,236 32,652 6,751 7,721 18.180 2,584 1957 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 2,640 368 341 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 2,664 437 406 109 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 Nov 429 397 121 8 268 32 36,794 34,093 7,347 7,492 19,254 2,701 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDING OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total By type of lender (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g V n u t A a e r e - - d ti C v o e n o n n a - l - 2 Y m e o a n r t o h r Se a a a l d s l o y - n- W se a a d it s j h o u o n s u t a - t l in S lo g a a s v n & - I c n a o n s m u ce r - - C m c o i e a m r l - - M i s u n a t g v u s - al justed i ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1950 t5,237 1,767 2,246 13,657 848 2,973 9,836 1951 t>,250 1,657 2,357 15,564 866 3,133 11,565 1950 16,179 5,060 J.61R 3,365 J.064 1952 <>,617 2,105 2,955 18,396 904 3,394 14,098 1951 16,405 5,295 1,615 3,370 1,013 1953 L767 2,475 3,488 21,962 1,048 3,979 16,935 1952 18,018 6,452 1,420 3,600 1,137 1954 5,969 3,076 3,846 26,194 1,172 4J21 20,301 1953 19,747 7,365 1,480 3,680 1,327 1955 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1954 22,974 8,312 1,768 4,239 1,501 1956 If),545 3,771 4,727 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 1C),402 3,562 4,708 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1957 24,244 9,217 .472 4,264 42Q 1957 1957 Oct 980 341 443 39,475 11,602 6,974 30,899 Nov . . 768 250 358 39,753 11,624 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 1,686 7,011 31,793 Jan 1,976 1,782 628 111 322 98 Mar 819 281 318 40,825 1,715 7,004 32,106 Feb 1,959 1,701 638 101 304 87 920 316 354 41,223 L,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 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 1,901 7,012 33,953 2,192 2,275 910 110 429 140 1,180 373 538 43,423 1,940 7,034 34,449 July 2,291 2,543 986 125 491 165 Sept 401 537 43,997 ? 007 7,031 34,959 Aug 2,413 2,535 995 130 476 169 Oct 1,290 428 570 44,602 Z,084 7,053 35,465 Sent 2,488 2,596 1,022 136 493 170 Oct 2,857 1,086 150 558 175 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 1 Three-month moving average, seasonally adjusted by Federal Ro- 2 Beginning 1958 includes shares pledged against mortgage loans. serve. Source.—Federal Home Loan Bank Board. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 55 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month mortgages Proj- P e r r o ty p- mortgages G un o d v e e r r w nm rit e t n e t n im- End of Con- Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y o g p r e e t s - 1 p l m o r a o e n v n s e t 2 - Total 3 p e N r r t o e i w e p s - p e is E r r t t o x i i n e p - g s - y q e u a a r r t o er r Total FHA- VA- ti v o e 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 .2 143 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 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 25.4 108 14^6 33 1 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1953 66 1 28 1 12o 16.1 38o 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1954 75^7 32 1 128 19^3 43 6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88 0 38 9 143 24.6 49 3 1956 99!<> 43'9 155 55 1 1957 Nov 329 86 145 33 65 213 182 30 1957 107 6 47.2 165 30.7 60 4 Dec 332 97 152 12 71 176 155 20 1956—Sept 96 6 42.5 152 27.3 54 1 1958—Jan 418 120 186 56 55 160 142 18 Dec 99 0 43.9 155 28.4 55 1 Feb 386 115 164 43 64 142 129 13 Mar 435 127 192 62 53 123 110 13 1957—Mar 101 0 45.1 157 29.4 55.9 Apr 423 119 186 57 61 85 72 13 June 103 4 45.9 159 30.0 57.5 May 431 110 201 55 65 73 57 15 Sept 105 7 46.5 16 1 30.4 59.2 June 551 126 217 128 81 97 71 27 Dec 107 6 47.2 165 30.7 60.4 July 524 132 236 98 58 127 83 43 Aug . . .. 699 128 243 170 58 156 91 64 1958—Mar.p.... 109 3 47.7 17 1 30.6 61.6 Sept 756 160 320 146 130 189 107 82 June?.... 111.7 48.3 177 30.6 63.4 Oct 641 174 327 58 83 239 140 99 Sept.*.... 114 8 49.2 186 30.6 65.5 Nov 559 165 292 31 71 216 135 81 2> 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 ACTIVITYi FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) (during mit- Ad- Repay- End of year period) ments Year or month vances ments or month Total F su H in r A e - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt 1 - L t o e n r g m - 2 1945 278 213 195 176 19 1950 1,347 169 1,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955 . 2,615 901 1,714 411 62 76 1955 1,251 702 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—Nov 3,909 1.197 2,712 75 111 1957_Nov. 74 62 1,143 689 454 Dec 3,974 1,237 2,737 80 764 Dec. 196 74 1,265 731 534 1958—Jan 4,038 1,283 2,755 77 786 1958—Jan.. 58 417 906 527 379 Feb 4,071 1,319 2,752 56 9 761 Feb.. 41 158 790 451 339 Mar 4,073 1,346 2,726 45 29 745 Mar. 53 146 696 394 302 Apr 4,019 1,345 2,674 38 75 842 Apr., 212 93 815 304 511 May 3,928 1,342 2,586 33 109 1,001 May, 56 68 803 288 515 June 3,753 1,309 2,444 22 176 1,142 June, 178 50 929 372 557 July 3,703 1.300 2,403 17 51 1,308 July. 108 137 901 392 509 Aug 3 683 1,298 2,385 22 23 1,543 Aug. 100 62 939 427 512 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 Nov 3,766 1,353 2,376 82 1 1,640 Nov. 86 47 1,123 576 547 1 Secured or unsecured loans maturing in one year or less. chart—, 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, anu management anu iiqu 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

56 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e i co p g O n a o s 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 a z p m n a 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 e s 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 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 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 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 Nov 43,464 33,126 14,066 8,528 2,146 8,386 10,338 3,499 4,297 2,542 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 E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n c m k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i a c C n u n o a m o i m n n e e c s - - 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 u o r r r n e e i s - H a s h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1950 14,703 11,805 5,798 3,711 590 1 286 420 2,898 746 827 267 287 771 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1.107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 1,124 2 137 in 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 1,044 365 487 1,101 1956 31,827 27,084 11,707 9,100 2,014 3 056 I 207 4 743 I 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 J.210 361 478 1,226 1957 Nov 33,566 29,281 12,749 9,564 2,402 3,246 ,320 4,285 1,199 ,148 354 484 1,100 Dec 34,095 29,427 12,753 9,573 2,429 3,333 ,339 4,668 1,393 ,210 361 478 1,226 1958 Jan 33,713 29,171 12,647 9,464 2,402 3,321 ,337 4,542 1,381 ,170 354 471 1,166 Feb 33,278 28,907 12,451 9,405 2,404 3,307 340 4 371 I 326 ,140 351 464 1,090 M!ar 32,940 28,646 12,333 9,284 2,410 3,287 ,332 4,294 [,343 ,103 347 455 1,046 Apr 32,888 28,724 12,444 9,200 2,452 3,292 ,336 4,164 1,241 ,091 342 450 1,040 May 32,910 28,703 12,467 9,129 2,478 3,277 1,352 4,207 I 278 ,092 341 446 1,050 June 33,008 28,774 12,520 9,105 2,510 3,283 ,356 4,234 1,310 ,093 339 444 1,048 July 33,074 28,917 12,606 9,121 2,545 3,292 ,353 4,157 1,241 ,093 338 443 1,042 Aug 33,165 28,983 12,655 9,083 2,578 3 294 373 4 182 I 251 ,110 340 440 1,041 Sect 33,079 28,758 12,607 8,891 2,591 3,280 IRQ 4,321 1,393 ,110 344 433 1,041 Oct 33,052 28,666 12,612 8 777 2 613 3 274 1 390 4 386 I 426 12fi 346 427 [ 061 Nov . ... 33,126 28,648 12,617 8,708 2,628 3,281 1,414 4,478 I 474 1,149 351 424 I 080 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 57 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r s o e e t t d a n 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 t o m o p h n d e e e - r r s r R e m l r t a o e n i n o p a o iz d n d a n a s i - r - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar 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 p o h n d e e e - r r s r m i R z lo o a e a n a d p ti n d e a o s r i n r n- s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1950 3,711 2,956 532 61 162 1950 5,798 1,177 1,294 1,456 834 1,037 1951 3,654 2,863 452 63 276 1951 5,771 1,135 1,311 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 ,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 ,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 ,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 ,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,707 3,651 2,075 2,394 ,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,753 4,130 2,225 2,467 ,580 2,351 1957_Nov. 9,564 7,510 1,388 21 645 1957_Nov. 12,749 4,132 2,233 2,477 ,586 2,321 Dec. 9,573 7,470 1,413 20 670 Dec. 12,753 4,130 2,225 2,467 ,580 2,351 1958—Jan.. 9,464 7,363 1,404 20 677 1958—Jan.. 12,647 4,089 2,220 2,410 ,561 2,367 Feb. 9,405 7,237 1,464 20 684 Feb.. 12,451 4,038 2,202 2,304 ,537 2,370 Mar. 9,284 7,080 1,492 19 693 Mar. 12,333 3,974 2,195 2,259 ,520 2,385 Apr. 9,200 6,968 1,515 20 697 Apr.. 12,444 3,961 2,210 2,306 ,518 2,449 May 9,129 6,888 1,520 20 701 May. 12,467 3,954 2,214 2,289 ,531 2,479 June 9,105 6,844 1,532 20 709 June, 12,520 3,957 2,223 2,281 ,540 2,519 July. 9,121 6,795 1,592 21 713 July. 12,606 3,967 2,228 2,300 ,551 2,560 Aug. 9,083 6,730 1,612 23 718 Aug. 12,655 3,977 2,221 2,304 ,570 2,583 Sept. 8,891 6,601 1,551 20 719 Sept. 12,607 3,948 2,198 2,274 ,583 2,604 Oct.. 8,777 6,477 1,560 19 721 Oct.. 12,612 3,925 2,178 2,287 ,603 2,619 Nov. 8,708 6,395 1,571 19 723 Nov. 12,617 3,917 2,169 2,296 .614 2,621 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [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 a n a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m p o h n e d e e - r r s r m i R z l o o a e a d n a p ti e n d a o r s i n n r - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar c T m n r o o e e t d n n a i - t l t C m c m ( o i s e a m i e r n l - n - g t le lo - O p a a n t y h s - ) er m p D a e a e r n c ( - t- c t c h o a u r n g O t e s t ) her S c e r r e v d i i c t e 1939 789 81 24 15 669 banks stores i 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1950 2,296 360 200 121 1,615 1941 3,087 693 152 275 1,370 597 1951 2,699 373 233 134 1,959 1945 3,203 674 72 290 1,322 845 1952 3,346 452 310 188 2,396 1953 4,038 538 370 247 2,883 1950 6,692 1,576 245 650 2,641 1,580 1954 4,510 539 375 282 3.314 1951 7,323 1,684 250 698 2,907 1,784 1955 5,406 761 537 326 3,782 1952 7,998 1,844 276 728 3,283 1,867 1956 6,277 948 648 403 4,278 1953 8,238 1,899 288 772 3,352 1,927 1957 7,101 1,106 622 491 4,882 1954 8,724 2,096 312 793 3,515 2,008 1955 9,712 2,635 367 862 3,717 2,131 1957—Nov. 6,968 ,100 623 488 4,757 1956 10,270 2,843 410 893 3,842 2,282 Dec. 7,101 ,106 622 491 4,882 1957 10,679 2,937 428 876 3,953 2,485 1958—Jan.. 7,060 ,092 610 488 4,870 1957 Nov 9,872 2,877 448 658 3,489 2,400 Feb.. 051 ,089 602 484 4,876 Dec 10,679 2,937 428 876 3,953 2,485 Mar. 029 ,089 589 480 4,871 Apr., 080 ,102 589 479 4,910 1958—Jan 10,191 2,902 484 725 3,565 2,515 May 107 ,111 588 487 4,921 Feb 9,739 2,893 511 601 3,153 2,581 June, 149 ,122 587 488 4,952 Mar 9,560 2,881 516 573 3,006 2,584 July. 190 ,134 591 489 4,976 Apr 9,729 2,896 456 580 3,192 2,605 Aug. 245 ,146 596 498 5,005 May . ... 10,075 2,933 543 584 3,426 2,589 Sept. 260 ,152 599 504 5,005 June 10,071 2,998 484 575 3,437 2,577 Oct.. 277 ,157 605 506 5,009 July 9,849 2,968 405 533 3,394 2,549 Nov. 7,323 1,161 607 513 5,042 Aug 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 finance companies, credit Nov 10,338 2,998 501 669 3,628 2,542 unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. 1 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 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] Other consumer Repair and Total Automobile paper goods paper modernization 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 1 1 9 9 5 5 1 0 # # 2 2 1 3 , , 5 5 5 7 8 6 8 8 , , 5 9 3 5 0 6 7 7 , ,4 1 8 5 5 0 8 8 4 3 1 5 6 5 , ,0 2 4 9 3 4 1 1 9 9 5 5 2 3 ...... # 9 . 2 3 9 1 , ,5 5 5 1 8 4 1 1 1 2 , , 7 9 6 8 4 1 9 9 , , 1 2 8 2 6 7 , , 2 3 1 4 7 4 7 8 , , 3 0 4 0 7 6 1954 31,051 11,807 9,117 ,261 8,866 1 1 9 9 5 5 5 6 m # 4 3 0 9 , , 0 0 6 3 3 9 1 1 6 5 , , 7 5 4 6 5 3 1 1 0 1 , , 6 5 3 9 4 0 , , 3 5 8 6 8 8 1 1 0 1 , , 2 3 7 4 2 2 1957 42,426 16,545 11,626 ,662 12,593 1957—Nov.. 3,553 3,428 ,384 ,231 958 1,014 134 138 ,077 1,045 Dec.. 3,635 4,088 ,407 ,292 980 1,351 134 127 ,114 1,318 1958—Jan.., 3,481 3,088 ,331 ,176 933 794 137 107 ,080 1,011 Feb.. 3,221 2,742 ,171 ,014 896 714 122 95 ,032 919 Mar.. 3,184 3,156 ,067 ,094 978 901 122 111 ,017 1,050 3,262 3,335 ,151 ,211 916 876 132 131 ,063 1,117 May! 3,243 3,371 ,100 ,199 986 1,000 134 144 ,023 1,028 June. 3,259 3,477 ,101 ,257 961 973 135 146 ,062 1,101 July.. 3,330 3,483 ,159 ,281 961 956 135 146 ,075 1,100 Aug.. 3,415 3,385 ,148 ,193 1,013 976 142 151 ,112 1,065 Sept.. 3,324 3,297 ,088 ,105 999 993 142 158 ,095 1,041 Oct.. 3,450 3,475 ,205 ,173 998 1,075 143 159 1,104 1,068 Nov.. 3,591 3,338 ,282 ,091 1,034 1,054 142 141 1,133 1,052 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—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 ,282 1,341 964 976 134 138 1,039 1,047 Nov. 3,449 3,264 ,244 1,189 1,002 937 124 123 1,079 1,015 Change in outstanding credit1 1950 +3,113 +1,519 + 1,093 + 118 +383 1951 +591 -102 +81 +69 +543 1952 +4,109 + 1,761 + 1,294 +300 +754 1953 +3,602 +2,102 +605 +225 +670 1954 +563 -26 -28 +6 +611 1955 +5,390 +3,663 +883 +73 +771 1956 +2,869 +987 +876 +206 +800 1957 +2,268 +950 + 182 + 196 +940 1957—Nov.. + 160 +82 +103 -46 -22 +60 + 16 +63 +51 Dec. + 139 +529 +48 -50 0 +403 +3 +88 + 180 1958—Jan.. +66 -382 -26 -174 -197 + 11 -22 +77 + 11 Feb.. -168 -435 -141 -205 -218 -8 -28 +45 + 16 Mar.. -200 -338 -227 -237 + 14 -98 -8 -22 +21 + 19 Apr.. -131 -52 -177 -102 -55 -3 -2 +53 + 107 May. -96 +22 -185 -78 +34 + 10 +21 +34 +45 J Ju u l n y e . . -1 -3 3 7 4 + + 6 9 6 8 - - 1 1 7 1 8 9 - -2 2 3 3 + 13 +33 +3 + + 1 1 3 0 + + 6 4 6 8 + + 6 7 9 9 Aug.. + 11 +91 -129 -53 +65 + 18 +30 +57 +57 Sept.. -53 -86 -159 -182 +49 +57 +3 + 16 +54 +22 Oct.. +31 -27 -77 -168 +34 +58 +9 +21 +65 +21 Nov.. + 142 +74 +38 -98 +32 +99 + 18 + 18 +54 +37 + 117 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 59 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_Nov.. 3,553 3,428 ,260 ,153 835 779 894 878 564 618 Dec... 3,635 4,088 ,262 872 865 906 1,075 595 912 1958—Jan. i. 3,481 3,088 ,244 ,171 828 720 868 787 541 410 Feb.i. 3,221 2,742 ,149 ,009 769 642 813 725 490 366 Mar.i 3,184 3,156 ,110 ,133 742 724 802 825 530 474 Apr.i. 3,262 3,335 ,204 ,285 769 759 836 866 453 425 May., 3,243 3,371 ,153 ,227 715 743 818 827 557 574 June., 3,259 3,477 ,171 ,278 688 776 839 872 561 551 July. . 3,330 3,483 ,260 ,320 757 851 853 875 460 437 Aug.. 3,415 3,385 ,252 ,235 716 756 888 858 559 536 Sept.i 3,324 3,297 ,209 ,209 636 656 871 831 608 601 Oct.. . 3,450 3,475 1,275 ,261 735 738 885 864 555 612 Nov.. 3,591 3,338 1,324 ,160 763 687 907 857 597 634 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—Nov.. 3,393 3,346 ,202 ,177 796 800 847 834 548 535 Dec... 3,496 3,559 ,233 ,232 848 856 845 942 570 529 1958—Jan. 1. 3,415 3,470 ,215 ,237 844 829 835 828 521 576 Feb.i, 3,389 3,177 ,233 ,148 820 758 796 734 540 537 Mar.i 3,384 3,494 ,212 ,233 813 845 820 847 539 569 Apr.i. 3,393 3,387 ,203 ,214 862 843 816 815 512 515 May., 3,339 3,349 ,198 ,204 830 814 801 800 510 531 June.. 3,393 3,379 ,220 ,225 802 800 823 830 548 524 July. . 3,367 3,417 ,204 ,234 828 835 821 834 514 514 Aug.. 3,404 3,294 ,220 ,186 807 794 844 803 533 511 Sept.* 3,377 3,383 ,197 ,215 806 825 837 816 537 527 Oct.. . 3,419 3,502 ,231 ,256 801 852 839 847 548 547 Nov.., 3,449 3,264 ,229 ,155 785 756 855 811 580 542 Change in outstanding credit2 1950 +3,113 + 1,359 +767 +422 +565 1951 +591 -27 -57 +403 +272 1952 +4,109 + 1,753 + 1,057 +647 +652 1953 + 3,602 + 1,474 + 1,216 +692 +220 1954 +563 -202 +217 +472 +76 1955 + 5,390 + 1,805 +2,299 +896 +390 1 1 9 9 5 5 6 7 + + 2 2 , , 8 2 6 6 9 8 + + 1 1 , , 1 0 0 4 6 6 + + 6 4 5 7 7 3 + + 8 8 7 2 1 4 +2£ 1957_Nov... + 160 +82 +58 -24 +39 -21 +47 +44 + 16 +83 Dec... + 139 +529 +29 +4 +24 +9 +61 + 133 +25 +383 1958—Jan. i. +66 -382 -11 -106 -16 -109 +33 -41 +60 -126 Feb.i. -168 -435 -141 -196 +6 -59 + 17 -9 -50 -171 Mar.i. -200 -338 -120 -118 -71 -121 -18 -22 +9 -77 Apr.i. -131 -52 +41 + 111 -93 -84 +20 +51 -99 -130 May.. -96 +22 -45 +23 -115 -71 + 17 +27 +47 +43 J J u u l n y e . . . . -1 -3 3 7 4 + + 6 9 6 8 + -4 5 9 6 + + 8 5 6 3 -1 -7 1 1 4 + -2 1 4 6 + + 3 1 2 6 + + 4 4 1 2 + -5 1 4 3 tv, Aug... + 11 +91 +32 +49 -91 -38 +44 +55 +26 N S O e c o p t v t . . . . . i . . . + + - 1 5 3 4 3 1 2 + - - 2 8 7 7 6 4 + + -3 4 9 0 4 5 - + + 48 5 5 -1 - - 6 2 9 6 2 3 - - 1 1 -6 1 9 9 4 2 + + + 4 5 3 6 2 4 + + + 4 1 1 6 7 5 + + 1 + 1 3 7 7 6 + + + 1 2 6 3 5 5 9 +92 i 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 transthe BULLETIN for October 1956; for 1955-57, in the BULLETINS for Decem- actions may increase the amount of both credit extended and credit ber 1957, pp. 1420-22, and November 1958, pp. 1344-45. repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 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] Industrial production Co c n o s n t t r r u a c c t t i s on Employment and payrolls 2 (physical volume)* awarded (value) i Departor Y m e o ar nth Total Tot M al an r u D a f b a u c l - e ture N r s a d o b u n l - e - v e r ra :n ls Total R d t e i e a n s l i - - ot A h ll er N p m t a c e u l g o m u o e r r l n n a y i - - - - l t - pr E o M m d m a u p e n c n l u t o t i f y o a - n c tu w r o i r n P r k g o a e l y r ls s - F i l c n r o e a g a i r d s g - * - ht ( v s m s r a a t e l o l e t e u a r n s e e i t * l ) p s C r u i m o c n e e - s r 2 m p W c s r o o a i h c d l m o e e i s t l s - y e 2 - Ad- Unad- Ad- Ad- Ad- Ad- Unad- Unad- Unad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61 3 68.7 31.1 90 27 74 0 1920 41 39 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85.7 1921 . . 31 30 24 34 42 30 27 32 55 2 52 8 24 0 83 30 76 4 1922 39 39 37 40 45 43 41 43 58 5 58.4 25.7 92 30 71 6 1923 47 45 47 44 62 45 49 42 64.3 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63 5 62.1 30.4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75 0 1926 51 50 52 48 63 69 73 67 67 5 65 5 33 0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67 9 64 1 32 4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 67 9 64.2 32.8 112 37 73 3 62.9 1929 59 58 60 56 68 63 52 70 71 0 68 3 35 0 115 38 73 3 61 9 1930 49 48 45 51 59 49 30 62 66 6 59 5 28 3 99 35 71 4 56 1 1931 40 39 31 48 51 34 22 41 60 3 50.2 21.5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53 4 42 6 14 8 59 24 58 4 4° 1 1933 . . 37 36 24 48 48 14 7 18 53 6 47.2 15 9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61 3 58 8 23 5 69 29 58 7 52 0 1936 . . . 56 55 49 61 63 30 22 35 65 8 63 9 27 2 81 32 59 3 52 5 1937 61 60 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66 1 59 6 25 3 67 32 60 3 51 1 1939 58 57 49 66 68 39 37 40 69 3 66.2 29.9 76 35 59 4 50.1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 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 1958 *134 P142 *130 *>115 5 ^94.2 78 1957 Dec 135 134 137 146 127 123 75 70 78 117.8 100.3 100.6 157.3 83 138 121.6 118.5 1958 Jan 133 132 135 142 127 121 78 72 82 117.1 98.0 97.2 149.9 82 130 122.3 118.9 Feb 130 131 131 137 125 118 74 67 78 115.6 95.5 95.1 144.9 77 124 122.5 119.0 Mar 128 129 129 135 124 112 102 99 105 114.8 93.5 93.3 143.6 75 131 123.3 119.7 Apr 126 127 128 131 125 109 109 115 104 114.4 92.5 91.4 139.6 72 130 123.5 119.3 May 128 127 130 134 126 108 128 124 130 114.6 92.3 90.9 140.9 73 134 123.6 119.5 June 132 131 134 139 129 112 144 126 156 115.0 92 8 92.3 144.9 77 133 123.7 119.2 July 134 125 136 141 132 116 136 144 130 115.2 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 137 140 139 145 133 123 121 135 111 116.1 94 8 96.5 155.7 80 135 123.7 119.1 Oct 138 143 140 146 134 122 125 148 109 115.6 93.4 94.8 152.5 83 135 123.7 119.0 Nov 141 144 144 152 135 123 98 112 88 116 2 95 9 96.7 158.1 83 119 2 Dec P142 P140 P144 H52 H23 ^95.9 *>96.3 82 145 123.9 • Estimated. p Preliminary. r Revised. 2 The indexes of employment and payrolls, wholesale commodity prices, • Average per working day. and consumer prices are compiled by the Bureau of Labor Statistics. 1 Indexes beginning 1956 are based on data for 48 States from F. W. Nonagricultural employment covers employees only and excludes person- Dodge Corporation, 1956-57= 100. Figures for earlier years are three- nel in the armed forces. The consumer price index is the revised series, month moving averages, based on data for 37 States east of the Rocky reflecting, beginning January 1953, the inclusion of some new series and Mountains, 1947-49= 100; the data for 1956 on this basis were: Total, revised weights; prior to January 1953, indexes are based on the "interim 268; Residential, 271; and all other, 266. A description of the old index, adjusted" and "old" indexes converted to the base 1947-49= 100. including seasonal adjustments, may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 61 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL 100.00 143 143 139 135 133 130 128 126 128 132 134 136 137 138 141 MANUFACTURES—TOTAL 90.02 144 145 141 137 135 131 129 128 130 134 136 138 139 140 144 Durable Manufactures—Total 45.17 159 160 154 146 142 137 135 131 134 139 141 144 145 146 152 Primary metals 6.70 138 131 121 107 100 95 91 86 91 103 102 109 113 122 123 Metal fabricating 28.52 172 176 170 163 159 153 150 146 148 151 154 156 155 "156 164 Fabricated metal products 5.73 135 139 141 135 129 124 122 118 120 125 129 132 135 133 136 Machinery 13.68 171 168 163 156 151 144 141 137 137 141 144 147 148 147 150 Nonelectrical machinery 9.04 153 150 143 137 130 127 126 122 122 125 125 126 129 130 133 Electrical machinery 4.64 207 204 203 194 192 177 170 166 167 171 181 188 186 180 182 Transportation equipment 7.54 199 213 203 194 191 185 183 178 182 185 185 186 178 183 205 Autos, trucks, and parts 4.80 125 128 125 113 107 99 93 86 93 95 96 96 82 91 122 Other transportation equipment 2.74 310 344 322 315 318 313 316 316 314 320 318 321 322 r321 326 Instruments and related products 1.29 166 172 170 168 166 163 160 159 158 160 162 162 166 169 172 Clay, glass, and lumber products 5.91 140 133 128 124 125 120 120 '727 H23 r128 r132 135 136 133 138 Stone, clay, and glass products 2.82 158 155 151 148 142 134 133 135 139 145 152 150 157 149 154 Lumber and products 3.09 123 114 107 103 110 108 109 '107 '109 113 r114 120 118 118 125 Furniture and misc. manufactures 4.04 135 132 129 125 123 120 121 121 122 126 129 130 132 134 134 Furniture and fixtures 1.64 122 120 118 116 114 111 111 110 113 116 119 123 126 127 129 Miscellaneous manufactures 2.40 144 140 136 131 129 127 128 129 129 132 135 134 137 138 137 Nondurable Manufactures—Total... 44.85 129 130 128 127 127 125 124 125 126 129 132 133 133 134 135 Textiles and apparel 11.87 108 105 101 97 97 97 95 98 99 102 107 108 109 r110 112 Textile mill products 6.32 104 99 95 91 '93 91 '92 92 92 95 101 103 103 104 105 Apparel and allied products 5.55 112 111 107 104 103 103 99 106 106 110 115 114 116 118 119 Rubber and leather products 3.20 117 118 116 108 108 105 106 102 104 HI 114 116 119 119 725 Rubber products 1.47 133 135 131 117 116 114 116 112 113 125 125 132 136 133 141 Leather and products 1.73 104 104 103 100 100 98 98 94 97 100 104 103 104 108 Paper and printing. 8.93 145 148 149 146 146 144 142 143 143 146 148 750 150 755 752 Paper and allied products 3.46 159 158 162 152 155 153 149 152 153 157 163 166 167 171 168 Printing and publishing 5.47 136 141 141 142 140 139 138 137 137 138 138 140 140 142 142 Newsprint consumption 1.85 132 131 129 131 126 124 124 123 124 125 126 128 127 131 130 Job printing and periodicals 3.62 138 146 148 148 147 146 145 145 144 145 145 147 146 148 149 Chemical and petroleum products 9.34 167 172 171 169 168 164 163 164 165 168 171 174 174 r175 176 Chemicals and allied products 6.84 177 184 184 181 182 177 176 178 178 181 184 186 187 189 190 Industrial chemicals 2.54 196 203 201 196 195 187 184 182 182 187 193 196 204 207 Petroleum and coal products 2.50 141 141 135 137 131 129 127 127 129 131 136 139 135 137 Foods, beverages, and tobacco 11.31 112 112 110 113 114 114 113 113 114 116 116 116 116 r116 775 Food and beverage manufactures 10.73 113 112 110 114 114 114 113 113 114 116 116 116 115 115 115 Food manufactures 8.49 113 112 110 113 113 112 112 115 114 116 116 116 116 115 115 Beverages 2.24 112 113 110 118 117 120 114 108 114 116 114 115 114 115 Tobacco manufactures .78 107 HI 107 106 112 112 112 117 115 116 121 121 121 120 MINERALS—TOTAL 9.98 129 128 123 123 121 118 112 109 '108 112 116 120 123 122 123 Mineral fuels 8.35 129 128 123 122 120 118 HI 108 r108 112 116 121 123 Coal 2.68 85 83 77 71 69 70 70 63 62 66 65 68 70 69 71 Anthracite .36 55 49 43 40 43 43 41 40 41 45 38 41 44 39 37 Bituminous coal 2.32 90 88 82 76 73 74 74 67 65 69 69 73 74 '74 76 Crude oil and natural gas 5.67 150 150 145 146 144 141 130 '129 '130 134 141 146 r149 148 147 Crude oil 4.12 137 138 132 131 130 128 116 117 118 122 128 137 140 138 135 Natural gas and gas liquids .70 190 198 198 193 191 194 196 193 192 191 200 198 198 ^200 Metal, stone, and earth minerals 1.63 127 129 120 125 127 119 119 113 107 112 113 113 '720 725 Metal mining .82 114 116 100 110 110 106 100 88 73 80 80 83 90 92 Stone and earth minerals .81 141 142 140 141 144 133 138 139 142 145 146 144 149 148 149 Preliminary. ' Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Industry [9 p p 4 r o o 7 r - - - 49 A av n e n ra u g a e l 1957 1958 tion 1956 1957 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL. [00.00 143 143 142 134 132 131 129 127 127 125 136 140 143 144 MANUFACTURES—TOTAL 90.02 144 145 144 135 134 133 131 129 129 133 127 138 141 145 146 Durable Manufactures—Total 45.17 159 160 156 147 143 139 138 133 133 138 132 140 146 149 155 Primary metals 6.70 138 131 121 106 102 99 95 89 93 106 90 102 111 123 123 Ferrous metals 5.03 135 130 118 102 95 91 89 81 87 100 85 98 106 117 119 Pig iron and steel. 3.51 142 140 126 108 99 94 92 83 91 105 92 105 114 129 129 Pig iron .37 131 137 121 107 98 91 90 80 83 93 87 97 106 119 124 Steel 3.05 143 139 126 107 99 93 91 82 91 105 92 105 114 129 128 Carbon steel.. 2.62 139 138 125 107 96 92 90 83 91 108 94 106 113 126 127 Alloy steel.... .43 167 143 132 108 111 100 95 77 86 91 81 101 118 144 138 Ferrous castings and forgings. 1.52 119 108 99 87 85 85 83 78 78 87 70 80 87 "90 Iron and steel castings 1.29 117 107 99 87 84 83 83 79 79 88 72 81 88 '91 Steel forgings .23 126 113 98 92 92 86 74 70 81 58 75 80 85 88 Nonferrous metals 1.67 144 136 129 117 121 122 114 112 112 124 102 115 125 140 136 Primary nonferrous metals. .38 164 164 159 161 160 157 149 146 141 133 126 128 138 150 156 Copper smelting .09 133 129 125 128 134 128 122 124 112 105 90 95 111 138 141 Copper refining .06 132 135 131 134 134 140 128 122 114 110 108 99 110 111 130 Lead .04 115 114 112 112 106 116 96 94 105 102 86 88 99 101 93 Zinc. .10 123 123 114 120 114 106 101 101 99 95 90 86 91 90 *>93 Aluminum .09 280 275 274 275 275 273 271 261 256 241 240 254 261 •-283 295 Secondary nonferrous metals... .13 118 111 112 99 98 93 94 83 74 90 94 Nonferrous shapes and castings. 1.16 140 129 121 104 110 113 106 102 105 125 97 114 124 141 131 Copper mill shapes .63 115 104 98 80 88 92 83 77 84 110 74 96 102 128 114 Aluminum mill shapes .20 215 198 167 159 167 174 170 189 187 212 198 190 207 219 202 Nonferrous castings .33 146 136 138 118 120 117 111 99 98 101 83 103 116 118 Metal Fabricating. 28.52 172 176 174 166 161 156 154 148 146 149 144 150 156 158 168 Fabricated metal products 5.73 135 139 139 133 127 124 111 118 119 125 123 133 141 136 136 Structural metal parts 2.68 141 152 156 154 146 138 135 131 132 138 137 143 148 '144 144 Stampings and misc. metal products. 2.12 125 124 125 120 111 105 103 99 98 101 100 104 115 115 118 Tin cans .30 151 146 112 110 116 126 139 120 137 160 171 232 208 161 130 Furnaces, gas ranges, and heaters... .63 110 99 99 76 80 94 97 97 96 110 87 115 132 '133 128 Machinery. 13.68 171 168 165 157 153 148 146 139 135 138 133 142 151 150 153 Nonelectrical machinery 9.04 153 150 140 138 133 131 132 126 124 125 120 119 128 127 131 Farm and industrial machinery 8.13 147 146 136 135 130 126 124 121 118 117 114 114 119 r118 121 Farm machinery 1.02 86 84 78 80 80 81 83 84 81 80 80 77 80 83 65 Industrial and commercial machinery. 7.11 156 155 144 143 137 132 130 126 123 123 119 119 124 124 129 Machine tools and presses .68 197 182 154 153 144 133 128 119 115 114 112 109 114 115 112 Laundry and refrigeration appliances. .. .69 168 151 138 120 120 144 158 131 137 159 131 123 170 163 179 Electrical machinery 4.64 207 204 215 194 192 181 174 165 159 162 158 186 195 '194 196 Electrical apparatus and parts. 3.23 198 201 198 197 190 183 179 172 168 168 166 170 178 '177 182 Radio and television sets .74 224 205 260 176 187 159 139 125 112 123 115 214 223 '221 212 Transportation equipment.. 7.54 199 213 213 203 196 191 189 181 181 183 175 173 170 184 214 Autos, trucks, and parts. 4.80 125 128 139 124 113 108 101 92 94 94 84 77 69 92 136 Autos 1.50 138 146 171 151 132 122 106 89 99 100 87 53 37 71 160 Trucks .66 112 104 99 95 91 92 95 90 96 91 76 78 67 89 107 Light trucks .22 92 100 118 99 83 85 83 79 78 79 68 61 49 75 119 Medium trucks .19 58 50 47 40 26 29 26 26 26 29 23 16 12 12 32 Heavy trucks .14 218 194 157 183 216 210 226 213 239 210 164 189 155 221 200 Truck trailers .07 167 137 116 101 95 102 104 103 111 113 106 120 131 132 Auto and truck parts.. 2.58 121 123 131 116 108 104 100 Other transportation equipment. 2.74 310 344 322 322 322 316 320 316 311 '316 312 317 322 '321 326 Aircraft and parts 1.30 548 608 569 571 570 562 566 561 553 568 561 573 583 '582 590 Shipbuilding and repair .81 118 129 121 125 125 124 128 127 131 '130 128 127 126 "128 131 Railroad equipment .53 63 77 71 61 64 56 58 51 39 32 28 30 30 20 29 Railroad cars 34 24 .35 54 80 72 59 66 56 59 49 19 22 20 15 19 Instruments and related products 157 159 1.29 166 172 172 170 166 163 161 160 157 160 168 171 174 Clay, Glass and Lumber Products.... 125 133 5.91 140 133 128 117 117 117 118 r121 126 142 143 141 139 Stone, clay, and glass products 155 130 131 135 141 148 148 155 Glass and pottery products 21..8029 115480 141 152 145 136 128 124 118 118 123 123 155 160 155 131 Flat glass and vitreous products. .60 164 161 140 135 130 143 137 131 126 130 133 131 136 r122 149 Flat and other glass .47 165 164 165 161 150 144 137 129 127 132 135 141 154 '123 150 Glass containers .26 132 136 170 166 153 132 134 126 133 144 139 146 160 '120 130 Home glassware and pottery .23 87 92 128 117 128 '84 '81 '78 78 81 82 147 142 145 86 90 86 79 84 84 91 Cement .32 157 148 152 132 109 92 105 146 172 183 175 186 192 193 170 Structural clay products .35 137 128 126 117 105 99 102 112 116 121 122 126 132 133 Brick .12 134 114 113 95 84 77 87 115 121 123 122 126 134 136 Clay firebrick, pipe, and tile. .20 142 140 138 133 121 115 114 111 114 121 125 129 134 133 133 Concrete and plaster products .48 194 188 182 172 165 155 163 170 183 195 200 209 209 207 201 Misc. stone and earth manufactures. .58 173 174 166 165 157 151 151 147 147 153 150 157 163 169 169 » Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 63 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 123 114 106 92 100 105 106 107 110 120 106 130 127 129 123 Lumber 2.05 107 96 89 75 81 87 89 88 93 100 88 107 105 105 101 Millwork and plywood. .60 189 187 178 155 181 189 182 192 186 '201 176 235 220 227 222 Millwork .39 121 112 100 80 76 95 95 91 99 120 101 141 133 134 133 Softwood plywood.., .12 301 312 307 280 358 346 328 360 330 334 301 390 364 Wood containers .29 91 84 78 77 74 69 73 73 77 79 77 77 '80 78 Furniture and Misc. Manufacturing. 4.04 135 132 134 128 120 121 121 118 118 123 121 131 138 141 139 Furniture and fixtures 1.64 111 120 111 120 113 111 111 108 108 113 113 124 130 132 132 Household furniture 1.10 121 120 123 122 114 113 113 108 108 113 115 127 134 138 137 Fixtures and office furniture. 122 120 116 116 111 109 109 106 108 112 108 119 123 120 120 .54 Miscellaneous manufactures 144 140 143 134 125 127 127 125 125 130 126 135 143 147 144 2.40 Nondurable Manufactures—Total. 129 130 131 123 125 126 125 125 124 128 123 135 137 141 138 44.85 Textiles and Apparel 108 105 102 92 99 103 101 100 99 100 92 110 707 114 113 11.87 Textile mill products 104 99 98 89 r94 95 94 94 93 94 86 103 103 109 109 Cotton and synthetic fabrics. 6.32 108 105 107 97 102 103 103 96 98 r100 86 107 111 111 116 Cotton consumption 3.72 102 95 97 84 94 94 93 86 89 88 72 94 96 98 99 Synthetic fabrics 2.30 118 119 121 116 110 107 109 104 99 105 107 117 '124 122 132 Fabric finishing .97 98 94 97 90 '85 102 '88 r106 107 75 104 109 101 115 .45 Wool textiles .97 86 75 65 55 55 61 64 67 71 82 67 76 75 75 71 Wool apparel yarns. .16 88 78 66 61 59 69 71 68 77 81 71 81 78 73 72 Wool fabrics .75 86 75 65 54 55 60 63 67 70 83 67 76 75 76 71 Knit goods 1.15 108 104 104 92 94 98 98 98 101 103 98 114 113 116 116 Hosiery .65 100 93 93 78 90 94 91 90 91 86 80 99 97 102 102 Full-fashioned hosiery. .45 102 89 88 74 87 91 88 87 87 79 72 89 86 89 92 Seamless hosiery .20 96 102 107 86 99 103 99 98 100 103 97 123 123 132 127 Knit garments .50 119 118 118 111 99 104 107 107 115 125 122 134 135 134 133 Floor coverings1. .48 Woven carpets. .31 83 71 59 61 62 70 69 62 48 50 36 61 70 79 2*75 Apparel and allied products... 5.55 112 111 107 96 106 113 109 108 105 106 99 117 113 121 119 Men's outerwear 1.78 110 102 98 90 94 100 104 95 104 101 77 110 106 108 104 Men's suits and coats.... .73 95 86 73 72 69 74 71 74 83 81 52 91 78 '79 82 Men's suits .50 93 87 77 76 73 78 73 72 77 73 47 82 72 76 82 Men's outercoats .13 78 61 41 40 35 41 45 64 89 91 59 104 86 '73 62 Shirts and work clothing. .99 118 112 113 100 110 116 125 107 117 113 91 122 123 128 118 Women's outerwear 1.85 112 112 102 80 105 129 114 117 106 109 107 120 112 120 113 Women's suits and coats. .76 128 128 123 156 137 96 94 123 138 153 139 150 138 85 122 Misc. apparel and allied mfrs.... 1.92 113 117 121 114 113 106 106 112 112 121 126 129 129 117 112 Rubber and Leather Products. 3.20 117 118 116 113 112 104 101 110 97 117 120 125 124 104 112 Rubber products 1.47 133 135 135 114 123 120 118 115 111 111 103 111 137 143 145 Tires and tubes .70 121 123 119 106 106 112 108 103 102 117 96 110 117 129 128 Auto tires .40 123 134 124 113 111 118 115 112 113 131 105 118 122 131 131 Truck and bus tires .30 119 107 112 97 99 104 98 91 88 99 85 99 109 125 124 Miscellaneous rubber products. .77 144 147 150 122 140 127 128 125 121 127 108 142 156 156 160 Leather and products... 1.73 104 104 99 94 101 108 107 95 92 99 92 108 105 109 Leather .44 91 89 88 80 83 88 82 79 81 84 68 85 83 91 Cattlehide leathers. .29 99 98 98 89 92 97 89 85 88 90 72 94 92 101 Skin leathers .15 76 72 68 63 67 72 69 65 68 70 61 65 65 72 Shoes and slippers* .90 Miscellaneous leather products. .39 97 94 98 95 87 92 90 82 82 90 92 100 100 105 Paper and Printing. 8.93 145 148 152 141 143 145 146 146 144 146 137 148 152 160 155 Paper and allied products 3.46 159 158 163 140 153 158 155 156 153 159 145 168 169 181 170 Pulp and paper 1.76 157 154 156 137 151 156 152 152 147 153 137 159 159 171 164 Wood pulp .51 179 176 183 153 177 177 173 171 166 171 156 179 180 199 188 Paper and board 1.25 148 145 145 131 141 147 144 145 139 146 129 151 150 160 154 Printing paper .22 140 133 132 123 132 135 131 137 134 138 121 136 131 138 133 Fine paper .14 145 139 138 131 135 145 148 145 138 146 116 143 145 151 152 Coarse paper .20 136 127 129 114 123 126 123 124 113 120 109 129 129 142 140 Miscellaneous paper .18 170 179 172 167 181 183 176 184 170 175 158 176 174 195 186 Paperboard .41 155 153 157 134 145 155 151 146 145 154 136 163 164 173 166 Building paper and board. .10 131 124 120 101 114 120 115 126 131 133 130 141 145 145 Converted paper products. 1.70 162 163 171 142 155 160 158 160 159 165 154 177 179 192 176 Shipping containers .51 159 157 167 132 143 149 148 146 151 156 146 173 175 184 168 Sanitary paper products. .11 170 179 182 171 190 192 185 201 183 191 176 185 188 '213 199 ' Revised. *> Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average^ 100] Industry 19 p p 4 r o o 7 r - - - ^9 A av n e n ra u g a e l 1957 1958 tion 1956 1957 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. I Nov. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 136 141 145 142 136 137 140 140 139 137 132 136 142 147 146 Newsprint consumption.... 1.85 132 131 140 129 116 121 129 131 132 125 110 115 128 141 142 Job printing and periodicals 3.62 138 146 148 149 146 145 147 145 143 143 143 147 149 149 149 Chemical and Petroleum Products. 9.34 167 172 173 171 170 167 165 165 164 165 163 170 174 r179 179 Chemicals and allied products 6.84 177 184 187 183 183 180 179 180 177 177 VIA 182 187 194 194 Industrial chemicals 2.54 196 203 203 198 197 190 188 186 184 184 183 190 202 209 Basic inorganic chemicals .57 189 202 205 198 203 199 202 202 193 185 179 182 196 209 Industrial organic chemicals 1.97 197 204 203 198 195 188 183 181 181 183 184 193 204 '209 211 Plastics materials .24 256 272 276 259 270 269 263 262 261 266 244 276 316 336 Synthetic rubber .11 236 245 282 268 265 233 216 196 197 197 199 225 242 260 273* Synthetic fibers .59 181 199 201 194 184 172 164 159 160 164 174 178 189 191 187 Miscellaneous organic chemicals. 1.03 189 186 178 179 176 174 173 174 172 174 175 178 183 185 189 Vegetable and animal oils. .64 132 130 149 136 141 136 126 124 117 110 108 117 117 162 159 Vegetable oils .48 124 121 147 132 136 130 122 118 110 99 98 107 108 161 155 Grease and tallow .16 158 154 156 147 156 154 135 139 138 145 138 148 146 164 171 Soap and allied products. .71 111 112 110 105 111 107 108 101 97 106 88 122 126 120 114 Paints .66 124 121 115 114 113 111 111 111 112 118 119 120 119 117 118 Fertilizers .23 129 132 115 115 124 126 161 189 174 118 102 106 118 126 114 Petroleum and coal products. 2.50 141 141 136 138 134 130 125 124 127 131 133 140 138 137 Petroleum refining 1.97 150 150 147 153 148 144 137 134 136 141 146 149 148 147 150 Gasoline 1.04 159 162 160 165 159 155 149 148 152 162 167 170 166 160 P166 Automotive gasoline.. .98 153 157 156 161 156 151 145 144 149 157 162 163 159 154 Aviation gasoline.... .06 254 249 233 236 212 223 212 223 202 237 255 293 297 275 Fuel oil .56 147 147 139 150 146 140 132 125 128 126 131 133 138 140 140 Distillate fuel oil. .30 193 194 184 200 195 182 175 166 173 171 175 181 189 193 Residual fuel oil. .26 95 93 87 93 89 91 83 78 75 75 80 79 80 79 Kerosene .10 111 98 106 117 118 125 110 89 74 76 74 87 93 103 Lubricating oil. .17 119 113 109 105 100 101 95 100 103 104 105 109 102 108 Coke .26 102 105 95 85 79 75 72 66 65 68 66 72 78 85 90 Asphalt roofing and siding. .15 104 94 81 54 59 57 77 107 137 115 165 130 121 92 132 Foods, Beverages, and Tobacco. 11. SI 112 112 113 106 104 104 104 106 119 118 127 130 119 110 Pood and beverage manufactures. 10.73 113 112 113 107 104 104 104 106 119 119 126 131 129 118 Food manufactures 8.49 113 112 116 109 106 103 102 104 110 114 116 127 134 130 121 Meat products 1.48 133 128 133 131 134 121 120 123 106 121 115 120 130 138 134 Beef. .46 151 148 140 136 149 134 129 131 115 144 141 141 147 150 134 Pork .83 119 110 122 122 118 107 109 111 133 102 94 101 113 123 126 99 Dairy products .69 110 111 85 88 92 97 106 137 146 133 121 103 93 Butter .14 107 109 87 97 '103 112 '120 118 '134 137 111 91 79 80 Natural cheese .07 117 119 92 98 101 '108 119 135 157 165 138 119 109 104 98 Concentrated milk. .19 101 102 73 80 84 87 99 116 143 142 117 95 84 77 70 Ice cream .28 112 111 84 82 84 89 96 111 122 142 149 149 122 104 94 Canned and frozen foods. 1.13 133 126 109 99 87 85 82 91 98 122 163 236 242 175 123 Grain-mill products 1.16 101 100 98 97 100 101 101 98 99 106 105 109 110 109 104 Wheat flour .46 84 87 89 86 90 92 93 84 84 87 85 92 93 97 97 Cereals and feeds .70 113 108 104 104 106 107 107 106 109 118 118 120 121 117 108 Bakery products. 1.64 98 100 101 101 98 98 98 98 100 103 104 102 102 103 102 Sugar .27 122 122 279 233 129 65 54 68 83 82 74 72 103 293 Cane sugar.... .11 116 112 97 93 100 104 106 114 112 125 126 136 125 117 Beet sugar .13 121 125 431 350 149 26 23 53 41 23 79 439 Confectionery .71 107 112 132 99 113 124 109 104 92 95 86 103 154 140 134 Miscellaneous food preparations. 1.41 105 108 110 108 107 109 108 108 114 119 119 120 119 118 118 Beverages 2.24 112 113 105 99 93 104 110 110 122 138 128 122 119 124 Bottled soft drinks.. .54 Alcoholic beverages. 1.70 105 103 100 89 99 106 101 112 125 107 104 108 124 Beer and ale 1.02 101 101 73 81 89 94 102 102 116 136 127 107 99 90 Liquor distilling.. .17 78 83 99 88 85 95 94 85 74 58 33 47 116 172 Liquor bottling... .37 119 111 151 101 83 105 113 99 114 124 91 116 118 166 Tobacco manufactures. .78 107 111 110 87 112 112 112 112 118 125 109 130 125 130 Cigarettes .46 111 116 111 90 118 116 117 119 126 134 119 138 129 132 Cigars .17 104 106 116 86 105 111 109 104 109 113 92 122 124 137 9 Preliminary. 'Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 65 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 ro 7 - -^9 a A v n e n ra u g a e l 1957 1958 Industry portion 1956 1957 Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 129 128 123 122 120 118 111 109 109 115 110 120 123 124 123 MINERALS—TOTAL 8.35 129 128 124 125 123 121 112 109 108 r113 108 119 122 r122 123 Mineral Fuels 2.68 85 80 74 73 70 67 60 61 72 46 70 73 75 1A Co A al nthracite 2. . 3 3 2 6 9 5 0 5 4 8 6 6 4 7 2 9 4 7 8 7 4 7 4 4 7 3 1 6 6 3 4 6 6 3 5 7 4 7 7 5 4 3 8 0 4 7 2 5 4 7 7 7 4 8 3 0 4 7 0 9 Bituminous coal Cr O ud i C N l e a r a o u n t i u d d l e r a a g n o l a d i s g l a n e s a x t t a u r n a r d a c l t i g o g a n a s s liquids 4 5 4 . . . . 6 1 8 7 7 2 2 0 1 1 1 1 5 3 4 9 0 7 5 0 1 1 1 1 5 3 4 9 0 8 6 8 2 1 1 1 0 4 3 4 4 4 1 1 2 1 1 1 0 4 3 4 6 9 3 3 2 1 1 1 0 4 3 4 8 7 2 3 2 1 1 1 1 4 3 4 0 5 0 2 2 1 1 1 0 3 2 3 4 4 0 2 1 1 1 1 3 2 9 3 2 1 3 1 1 1 1 1 3 2 1 8 0 9 9 2 ' 1 1 1 1 3 3 2 8 3 0 2 2 1 1 1 1 3 3 2 8 7 4 6 4 1 1 1 1 4 4 8 3 2 1 6 3 1 1 1 1 4 4 9 3 5 4 0 6 P 1 1 1 1 4 3 4 9 4 3 4 4 1 1 1 4 4 3 7 5 4 Natural gas .34 199 212 221 228 233 237 230 213 197 198 197 195 201 Natural gas liquids .36 182 184 189 186 184 183 180 173 168 167 173 178 179 181 Oil and gas well drilling .85 180 171 160 177 172 159 143 136 140 150 151 149 150 154 159 Metal, Stone, and Earth Minerals., 1.63 127 129 117 110 106 103 103 108 115 125 121 124 132 r131 123 Metal mining .82 114 116 92 82 83 85 79 81 86 100 91 96 107 107 Iron ore .33 104 114 65 42 43 43 39 39 69 108 109 110 118 107 Nonferrous metal mining .49 120 117 110 109 111 113 106 109 98 94 78 86 101 107 Copper mining .24 136 133 131 131 129 131 129 125 112 105 88 100 123 132 145 Lead mining .09 88 85 71 70 76 78 56 78 71 72 62 59 59 63 Zinc mining .06 87 84 68 67 72 71 77 67 67 54 57 59 60 Stone and earth minerals .81 141 142 143 138 130 121 128 136 144 150 151 153 158 156 152 * Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, 1 Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-71. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953 group in addition to the groups shown. Certain types of combat materiel pp. 1247-93 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average- 100] 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1957 1958 Industry portion 1956 1957 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. ELECTRICITY AND GAS—TOTAL 100.00 218 233 238 237 238 239 238 235 236 '241 242 247 251 *250 *>252 Residential 41 34 241 261 273 273 275 279 282 278 277 281 282 290 295 Nonrosidciitisil . • • • 58 66 201 213 214 212 212 211 208 205 208 212 214 217 220 Electricity 76.18 218 233 236 235 236 238 238 235 237 242 243 248 251 249 ?252 Residential 27.48 250 273 282 282 285 290 295 291 290 296 294 303 307 301 Industrial, T .. T 23.68 206 213 210 207 205 202 196 197 199 203 208 210 216 217 23.49 186 193 191 188 186 183 177 178 180 184 189 192 197 198 .19 2697 2676 2580 2580 2590 2590 2610 2590 2590 2580 2570 2550 2550 2560 Commercial and other . .. .. . 25.02 194 208 209 209 212 215 214 209 214 220 220 224 224 224 Gas 23.82 218 232 246 246 244 242 240 237 235 r236 240 244 249 *>250 ^252 Residential 13.86 223 236 255 255 256 257 256 253 '250 '252 258 264 270 Industrial . 6 16 218 230 240 238 230 224 221 220 220 221 225 229 233 Commercial and other 3.80 197 218 224 223 221 218 214 206 '203 199 198 197 196 » Preliminary. r Revised. Indexes without seasonal adjustment may be obtained from the Division NOTB.—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

66 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 ro 7 - ^9 A av n e n ra u g a e l 1957 1958 Product portion 1956 1957 Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 131 130 128 119 113 110 104 97 105 111 114 115 103 108 134 Major Durables 69.72 140 138 136 125 117 111 103 94 104 111 116 116 99 105 143 Autos 32.10 138 146 142 127 117 107 92 81 96 99 99 95 56 67 139 Major household goods 36.13 144 132 134 124 118 117 114 107 113 123 133 137 138 141 150 Furniture and floor coverings. 15.32 117 114 112 112 110 106 106 104 106 109 116 117 120 124 127 Household furniture 11.31 121 120 120 119 116 113 113 111 114 116 121 126 129 130 133 Floor coverings1 01 Appliances and heaters 15.60 143 127 132 115 106 115 115 102 112 125 129 132 137 148 164 Major appliances 11.88 151 133 141 119 110 117 118 101 113 128 133 139 144 157 174 Ranges 2.60 103 89 92 87 86 81 80 82 79 79 81 77 84 '98 114 Refrigeration appliances. . 4.98 150 140 148 125 111 129 122 106 121 140 145 152 155 173 195 Laundry appliances 2.51 216 180 196 152 142 142 159 116 140 157 174 185 202 '208 223 Heating apparatus 3.72 118 104 104 103 93 110 107 105 110 116 115 112 113 123 131 Radio and television sets 5.21 224 205 203 188 181 151 133 131 138 155 191 207 197 166 174 Radio sets 3.42 70 75 78 66 66 55 44 46 42 51 64 75 86 '65 75 Television sets 1.79 519 453 441 419 401 335 302 293 320 355 435 459 408 359 363 Other Consumer Durables 30.28 111 111 110 107 105 107 108 106 105 111 111 112 113 114 114 Auto parts and tires 14.00 105 Misc. home and personal goods. 16.28 116 114 112 109 105 104 105 103 104 106 111 110 114 114 114 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 131 130 141 124 117 116 111 101 103 109 100 100 103 116 143 Major Durables 69.72 140 138 153 132 123 120 114 100 103 109 97 94 96 113 155 Autos 32.10 138 146 171 151 132 122 106 89 99 100 87 53 37 71 160 Major household goods 36.13 144 132 138 118 117 121 122 110 108 119 108 130 150 151 153 Furniture and floor coverings. 15.32 117 114 115 114 108 108 108 104 101 105 105 118 126 131 130 Household furniture 11.31 121 120 123 122 114 113 113 108 108 113 115 127 134 138 137 Floor coverings i 4.01 Appliances and heaters 15.60 143 127 121 102 103 121 131 112 115 132 109 114 150 147 156 Major appliances 11.88 151 133 126 109 111 128 140 116 118 135 111 110 150 148 162 Ranges 2.60 103 89 89 79 86 91 93 86 75 84 62 68 92 102 114 Refrigeration appliances. 4.98 150 140 112 106 113 137 152 135 139 165 134 111 149 138 156 Laundry appliances 2.51 216 180 206 156 140 161 175 120 133 141 124 155 228 229 241 Heating apparatus 3.72 118 104 104 80 78 99 103 101 106 123 102 128 149 145 137 Radio and television sets 5.21 224 205 259 176 187 159 139 125 112 122 114 214 222 C221 212 Radio sets 3.42 70 75 108 76 66 56 47 44 41 39 40 64 80 '82 99 Television sets 1.79 519 453 547 365 417 355 314 279 246 281 257 500 493 485 429 Other Consumer Durables 30.28 111 111 114 106 102 105 105 103 102 108 107 115 119 123 118 Auto parts and tires 14.00 105 Mise. home and personal goods. 16.28 116 114 120 110 101 104 104 100 100 103 103 112 118 123 122 e Corrected. r Revised, Individual indexes without seasonal adjustment for woven carpets, l Publication suspended pending revision. appliances, heating apparatus, radio sets, and television sets may be NOTE.—For a description of these indexes, see BULLETIN for May 1954, " ' ' 1 from the Division of Research and Statistics. pp. 438-47. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Indu B s u - sine C s o s m- Public O n d re o t e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r 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 n,677 11,828 3,084 3,631 5,113 3,782 13,005 1,395 4,655 826 6,129 1957 48,115 33,988 n,019 12,745 3,557 3,564 5,624 4,224 14,127 1,322 4,971 971 6,863 1958? 48,980 33,947 n,884 11,558 2,443 3,561 5,554 4,505 15,033 1,235 5,350 1,004 7,444 1957—Dec... 4,175 2,882 i,461 1,059 272 304 483 362 1,293 110 514 74 595 1958—Jan... 4,068 2,830 ,445 1,026 269 288 469 359 1,238 107 451 79 601 Feb... 4,004 2,796 ,435 999 252 281 466 362 1,208 96 458 77 577 Mar.. 3,966 2,757 ,397 999 240 288 471 361 1,209 95 443 79 592 Apr.., 3,881 2,699 ,351 984 222 294 468 364 1,182 88 414 83 597 May. , 3,879 2,696 ,348 978 210 302 466 370 1,183 90 410 81 602 June. 3,929 2,725 ,386 965 195 311 459 374 1,204 86 426 85 607 July.. 3,981 2,760 1,434 948 187 308 453 378 1,221 94 424 84 619 Aug.. 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. 4,279 2,944 ,623 932 172 296 464 389 1,335 118 470 88 659 Nov.? 4,378 3,015 1,682 941 175 302 464 392 1,363 120 505 87 651 4,473 3,049 1,715 945 173 305 467 389 1,424 125 538 82 679 » Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 67 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- Other public tories mercial tional utilities 1956 31,612 10,666 20,946 12,862 2,381 3,140 2,883 2,804 7,542 1957 32,173 11,238 20.935 13,039 2,168 3,267 2,936 2,922 7,841 1957 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 in 107 247 214 191 530 Feb .... 1,953 7fiQ 1,185 797 102 205 224 220 475 Mar . . 2,721 1,027 1,694 1,071 131 285 268 283 684 Apr 2,885 1,053 1,832 1,244 129 293 235 300 683 May 3,399 1,463 9^fi ,343 146 265 286 427 932 3,820 1,720 2,100 1,364 80 235 264 397 1,479 July . . 3,607 L,55O 2,058 1,557 150 282 264 381 974 Aug. 3,467 1,233 2,234 1,451 142 356 280 301 937 Sept 3 216 1,049 2,167 1,460 113 303 240 237 863 Oct 3,309 071 2,238 1,595 135 288 248 284 759 Nov 2,594 1,206 96 238 198 243 613 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 c S i r s a a c n n o - 1957_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 Nov 2,371 105 383 83 226 183 209 339 84 67 132 133 426 1958—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 Nov 2,594 113 386 104 220 179 258 351 150 99 161 144 429 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 o a v o l s t a n 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 o s n - p m N a o r e l o e i t t r n a a o s - n - Total fam 1- il P y rivat f e am 2- ily f M am ul i t l i y - Public G T o o v t e a r l nmen F t- H u A nderwri V tte A n * 1951 . .. 1 0Q1 111 315 1 020 892 40 88 71 412 264 149 1952 L 127 795 332 1,069 939 46 84 59 421 280 141 1953 L 104 804 300 1 068 933 42 94 36 409 252 157 1954 . . . I 220 897 324 1 202 1 077 34 90 19 583 276 307 1955 976 353 1,310 1,190 33 87 19 670 277 393 1956 1*118 780 338 1,094 981 31 82 24 463 192 271 1957 04.9 700 342 993 840 33 120 49 313 185 128 1958 824 374 ^1,131 430 327 102 1957—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 22 19 3 Apr 983 99 67 32 94 77 4 14 5 31 26 5 I 039 109 74 35 101 84 4 17 7 35 29 6 June I 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 . t 228 124 83 41 115 96 4 15 9 46 33 13 Sept 1,255 121 85 36 111 93 3 14 10 48 34 14 Oct VI 260 78 33 n.a. n.a. n.a. 53 38 15 Nov VI 330 ^102 72 30 piQQ n.a. n.a. n.a. 2>2 39 28 11 Dec V1,430 64 27 n.a. n.a. n.a. *2 37 28 9 * Preliminary. n.a. Not available. figures are based on filed office reports of first compliance inspections; 1 Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Year or month i p T n o s o t p t i a t u u l l t a n i t o o io n n n a - l T l f a o o b r t c o a e r l Employed * Unem- l N ab o o t r i n f o t r h c e e Total In nonagricul- In ployed Total tural industries agriculture 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 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 1957 Dec . .. 121,221 70,458 67,770 64,396 59,012 5,385 3,374 50,763 1958 Jan 121,325 69,379 66,732 62,238 57,240 4,998 4,494 51,947 Feb 121,432 69,804 67,160 61,988 57,158 4,830 5,173 51,627 Mar 121,555 70,158 67,510 62,311 57,239 5,072 5,198 51,397 Apr 121,656 70,681 68,027 62,907 57,349 5,558 5,120 50,975 May 121,776 71,603 68,965 64,061 57,789 6,272 4,904 50,173 June 121,900 73,049 70,418 64,981 58,081 6,900 5,437 48,851 July 121,993 73,104 70,473 65,179 58,461 6,718 5,294 48,889 Aug 122,092 72,703 70,067 65,367 58,746 6,621 4,699 49,389 Sept 122,219 71,375 68,740 64,629 58,438 6,191 4,111 50,844 Oct 122,361 71,743 69,111 65,306 58,902 6,404 3,805 50,618 Nov 122,486 71,112 68,485 64,653 58,958 5,695 3,833 51,374 Dec 122,609 70,701 68,081 63,973 59,102 4,871 4,108 51,909 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Beginning 1957 persons waiting to start new wage and salary jobs and obtained through interviews of households on a sample basis. Monthly those on temporary layoff, previously considered as employed (with a job data relate to the calendar week that contains the 12th day; annual data but not at work), are classified as unemployed, and a small group in school are averages of monthly figures. and waiting to start new jobs (previously included as employed) are classified as not in the labor force. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total M t a u n ri u n f g ac- Mining co C n o st n ru tr 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 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 1958 50,530 15,462 721 2,649 3,905 11,136 2,375 6,394 7,889 SEASONALLY ADJUSTED 1957—Dec 51,516 16,252 784 2,679 4,070 11,237 2,365 6,382 7,747 1958—Jan 51,223 15,965 766 2,652 4,045 11,305 2,368 6,368 7,754 Feb 50,575 15,648 747 2,455 3,990 11,235 2,367 6,367 7,766 Mar 50,219 15,389 733 2,573 3,930 11,116 2,360 6,330 7,788 Apr 50,054 15,243 723 2,624 3,890 11,050 2,356 6,352 7,816 May 50,147 15,202 718 2,698 3,877 11,087 2,370 6,360 7,835 June 50,315 15,275 713 2,698 3,888 11,105 2,367 6,392 7,877 July 50,411 15,312 709 2,693 3,877 11,121 2,363 6,433 7,903 Aug 50,570 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 50,582 15,358 708 2,698 3,887 11,154 2,392 6,399 7,986 Nov 50,825 15,664 708 2,692 3,876 11,110 2,389 6,424 7,962 Dec 50,736 15,667 708 2,550 3,864 11,100 2,384 6,446 8,017 WITHOUT SEASONAL ADJUSTMENT 1957—Dec 52,610 16,302 788 2,612 4,094 12,076 2,353 6,318 8,067 1958—Jan 50,477 15,865 766 2,387 3,985 11,140 2,344 6,241 7,749 Feb 49,777 15,593 747 2,173 3,944 10,948 2,343 6,240 7,789 Mar 49,690 15,355 733 2,316 3,910 10,939 2,348 6,267 7,822 Apr 49,726 15,104 716 2,493 3,883 10,940 2,356 6,384 7,850 May 49,949 15,023 711 2,685 3,874 10,961 2,370 6,455 7,870 June 50,413 15,206 717 2,806 3,904 11,035 2,391 6,488 7,866 July 50,178 15,161 705 2,882 3,907 10,984 2,410 6,465 7,664 Aug 50,576 15,462 708 2,955 3,897 11,011 2,413 6,452 7,678 Sept 51,237 15,755 711 2,927 3,886 11,151 2,392 6,472 7,943 Oct 51,136 15,536 708 2,887 3,897 11,225 2,380 6,463 8,040 Nov 51,378 15,765 712 2,786 3,886 11,373 2,377 6,424 8,055 Dec 51,825 15,715 712 2,486 3,886 11,929 2,372 6,382 8,343 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 November and December and annual averages for 1958 are prelimmonth. Proprietors, self-employed persons, domestic servants, unpaid inary. Back data may be obtained from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 69 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment ndustry group 1957 1958 1957 1958 Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Total 12,400 11,551 11,858 11,857 12,449 11,721 11,960 11,908 Durable goods 7,117 6,385 6,673 6,696 7,153 6,421 6,721 6,728 Ordnance and accessories 69 67 73 73 69 67 73 73 Lumber and wood products 560 577 569 571 549 594 578 560 Furniture and fixtures 303 307 304 301 309 313 312 307 Stone, clay, and glass products 440 416 427 431 440 422 431 431 Primary metal industries 1,001 899 927 938 1,006 899 927 943 Fabricated metal products 866 787 817 815 875 791 825 823 Machinery except electrical 1,153 1,026 1,034 1,027 1,159 1,005 1,024 1,032 Electrical machinery 809 739 775 772 825 746 787 787 Transportation equipment 1,330 992 1,176 1,197 1,330 992 1,176 1,197 Instruments and related products 218 206 207 209 220 207 208 211 Miscellaneous manufacturing industries 368 369 364 362 372 386 379 366 Nondurable goods 5,283 5,166 5,185 5,161 5,296 5,300 5,239 5,180 Food and kindred products 1,061 1,026 1,025 1,019 1,027 1,115 1,048 989 Tobacco manufactures 84 78 77 77 89 94 84 82 Textile-mill products 872 863 859 848 885 863 868 861 Apparel and other finished textiles 1,039 1,035 1,048 1,041 1,055 1,051 1,053 1,057 Paper and allied products 453 443 442 441 455 447 446 443 Printing, publishing and allied industries 549 546 544 545 557 551 549 553 Chemicals and allied products 530 512 513 513 533 517 516 516 Products of petroleum and coal 165 153 158 158 163 153 157 156 Rubber products 204 193 193 193 208 195 196 197 Leather and leather products 326 317 326 326 326 315 324 326 NOTE.—Data covering production and related workers only (full- and 1958 are preliminary. Back data may be obtained from the Bureau of part-time) who worked during, or received pay for, the pay period ending Labor Statistics. nearest the 15th of the month. Figures for November and December 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 Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Total. 82.74 85.17 86.58 88.04 39.4 39.8 39.9 40.2 2.10 2.14 2.17 2.19 Durable goods 88.93 91.83 93.90 95.65 39.7 40.1 40.3 40.7 2.24 2.29 2.33 2.35 Ordnance and accessories 98.74 103.00 103.66 106.77 40.8 41 2 41.3 42.2 2.42 2.50 2.51 2.53 Lumber and wood products 71.37 80.15 77.38 76.00 39.0 41.1 40.3 40.0 1.83 1.95 1.92 1.90 Furniture and fixtures 70.62 73.39 72.85 73.03 39.9 41.0 40.7 40.8 1.77 1.79 1.79 1.79 Stone, clay, and glass products 83.58 86.51 87.94 87.48 39.8 41.0 40.9 40.5 2.10 2.11 2.15 2.16 Primary metal industries 97.16 106.59 108.08 110.00 38.1 38.9 39.3 40.0 2.55 2.74 2.75 2.75 Fabricated metal products 89.24 93.02 94.25 96.23 40.2 40.8 40.8 41.3 2.22 2.28 2.31 2.33 Machinery except electrical 94.30 94.41 96.32 99.31 40.3 39.5 39.8 40.7 2.34 2.39 2.42 2.44 Electrical machinery 83.56 85.79 88.29 88.48 39.6 39.9 40.5 40.4 2.11 2.15 2.18 2.19 Transportation equipment 99.70 102.00 106.52 110.39 40.2 40.0 40.5 41.5 2.48 2.55 2.63 2.66 Instruments and related products 85.17 89.28 90.35 90.98 39.8 40.4 40.7 40.8 2.14 2.21 2.22 2.23 Miscellaneous manufacturing industries .. 72.47 74.56 75.36 75.55 39.6 40.3 40.3 40.4 1.83 1.85 1.87 1.87 Nondurable goods 74.88 76.83 77.22 78.01 39.0 39.4 39.4 39.6 1.92 1.95 1.96 1.97 Food and kindred products 80.18 81.80 83.64 84.25 40.7 40.9 41.0 40.9 1.97 2.00 2.04 2.06 Tobacco manufactures 60.21 60.19 62.63 65.01 39.1 39.6 38.9 39.4 1.54 1.52 1.61 1.65 Textile-mill products 58.35 60.95 61.41 61.41 38.9 40.1 40.4 40.4 1.50 1.52 1.52 1.52 Apparel and other finished textiles 52.80 55.08 54.57 54.87 35.2 36.0 35.9 36.1 1.50 1.53 1.52 1.52 Paper and allied products 87.15 91.38 91.38 91.80 41.9 42.7 42.5 42.5 2.08 2.14 2.15 2.16 Printing, publishing and allied industries.. 98.04 99.68 99.68 101.76 38.6 37.9 37.9 38.4 2.54 2.63 2.63 2.65 Chemicals and allied products 93.34 95.94 96.82 97.00 41.3 41.0 41.2 41.1 2.26 2.34 2.35 2.36 Products of petroleum and coal 111.38 110.15 112.19 111.63 40.8 40.2 40.5 40.3 2.73 2.74 2.77 2.77 Rubber products 92.40 97.27 98.33 100.36 40.0 40.7 40.8 41.3 2.31 2.39 2.41 2.43 Leather and leather products 58.34 58.46 59.78 62.56 37.4 37.0 37.6 39.1 1.56 1.58 1.59 1.60 NOTE.—Data are for production and related workers. Figures for November and December 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

70 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 a sc n n o - SALESi 1950 107 105 102 107 107 107 111 105 106 107 112 115 106 1951 112 109 107 112 114 115 117 110 111 107 117 120 112 1952. 114 110 104 113 115 122 127 109 116 109 121 129 120 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 136 122 124 132 129 148 169 128 138 128 142 160 141 SEASONALLY ADJUSTED 1957 Nov 133 118 124 128 129 142 165 125 135 125 139 160 139 Dec 138 128 128 133 133 148 174 130 141 132 142 156 139 1958 Jan.... 130 116 125 126 125 146 157 121 132 126 138 156 132 Feb 124 111 115 114 117 134 147 115 125 121 135 143 135 Mar 131 114 127 126 119 138 158 124 134 132 144 153 137 Apr 130 114 121 135 121 147 155 118 130 120 136 151 142 May 134 117 124 129 124 146 164 124 136 126 148 161 142 133 115 124 129 122 146 176 119 133 123 141 162 143 July 140 129 133 141 132 153 174 131 139 129 147 162 140 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 135 125 128 140 126 151 165 122 131 123 144 159 141 Nov 2137 122 125 135 125 149 2170 126 2133 129 2149 166 149 WITHOUT SEASONAL ADJUSTMENT 1957 Nov 162 144 159 171 159 178 191 153 163 145 161 183 162 Dec 241 232 226 236 233 272 301 221 238 220 246 270 247 1958 Jan 100 91 100 95 97 103 122 92 100 92 103 123 105 Feb 95 84 91 86 90 96 121 86 96 90 99 112 104 Mar 116 100 113 118 108 126 150 107 117 109 121 137 115 Apr 123 109 114 125 113 136 153 112 123 117 131 143 130 130 117 120 128 120 144 158 122 137 121 145 159 135 June 126 115 120 121 115 135 153 117 124 119 136 147 135 July 112 93 97 103 107 123 144 103 114 103 130 144 124 Aug 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 141 127 135 143 129 158 173 129 144 142 149 165 142 Nov 149 160 179 154 186 155 2161 149 2173 190 173 STOCKS1 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 Nov 154 137 138 158 138 175 206 141 151 150 165 180 162 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 M^ay . 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 152 142 142 157 131 176 ''202 146 136 141 159 170 159 Nov 142 140 160 130 180 2206 143 137 140 2165 2172 2160 WITHOUT SEASONAL ADJUSTMENT 1957 Nov . . . 174 161 159 182 156 198 235 161 169 170 183 198 183 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 149 136 139 160 130 175 200 139 149 132 153 169 154 146 135 136 155 131 170 193 137 140 132 148 163 151 June 140 126 127 146 120 160 182 134 134 128 146 156 150 July 139 126 122 137 121 156 179 136 135 129 142 155 150 144 133 132 147 123 167 188 138 141 134 151 163 153 Sept . . 157 147 144 163 137 181 206 151 143 148 159 174 164 Oct 170 161 160 181 147 201 221 160 153 156 173 187 178 2173 166 161 184 147 205 2233 163 153 159 2184 2190 * 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 71 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t a o f o 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 ( m s e r O t n o d i a n d u n e n g r t t d - s h o - ) i f m c ( e t o R f i o p o n e t - t r t a s h l 2 ) o m ( r N t o d f o o e n e t w r r t a h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S o st p o t r i a o d n l u n u c e g t d k s - rs - s ce R i e p - ts Annual average: 1949 361 925 373 358 358 2.7 3.8 1.0 1950 376 1,012 495 391 401 2.8 4.2 1.1 1951 391 1,202 460 390 379 3.2 4.4 1.0 1952 397 1,097 435 397 401 2.9 4.1 1.0 1953 406 1,163 421 408 401 3.0 4.1 1.0 1954 409 1,140 388 410 412 3.0 4.0 1.0 1955 437 1,195 446 444 449 2.9 4.0 1.0 1956 454 1,286 470 459 458 3.0 4.1 1.0 1957 458 1,338 460 460 457 3.1 4.2 1.0 Month: 1957—Nov. '559 '"1,568 '428 '604 '501 2.8 0.8 3.6 1.1 Dec. 839 1,229 307 506 386 1.5 0.4 1.8 0.6 1958—Jan.. 366 1,203 383 340 416 3.3 1.0 4.3 0.9 Feb. 309 1,259 398 365 380 4.1 1.3 5.4 1.2 Mar. 416 1,299 350 456 408 3.1 0.8 4.0 1.1 Apr. 416 1,344 310 461 421 3.2 0.7 4.0 1.1 May 441 1,308 319 405 414 3.0 0.7 3.7 0.9 June 402 1,230 481 324 486 3.1 1.2 4.3 0.8 July. 366 1,216 563 352 434 3.3 1.5 4.9 1.0 Aug. 420 1.276 534 480 451 3.0 1.3 4.3 1.1 Sept. 451 1,395 553 '570 '589 3.1 1.2 4.3 1.3 Oct.. 502 1,516 545 623 615 3.0 1.1 4.1 1.2 538 1,566 460 588 503 2.9 0.9 3.8 1.1 v Preliminary. ' Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1957, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdepartment store sales. LETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports1 Mer m ch il a it n a d ry is - e a i e d x p s o h r i t p s m ex e c n l t u s d 2 ing Merchandise imports 3 Period 1956 1957 1958 1956 1957 1958 1956 1957 1958 Jan 1,284 1,680 1,511 1,202 1,583 1,402 1,073 1,115 1,095 Feb 1,363 1,611 1,345 1,273 1,490 1,245 1,051 993 962 Mar [,583 2,151 1,557 1 479 2 021 I 442 1,102 1,133 1,072 Apr 1,512 1,864 1,531 1,400 1,780 1,409 991 1,119 1,057 May 1,717 1.813 1,638 1 522 1.711 1,507 1,095 1,106 1,063 June I 697 786 1 408 1 492 I 652 I 309 [ 034 984 037 July 1,640 ,692 1,419 1,289 1,505 .290 1,052 1,146 ,050 Au2 . . . . . 1,536 ,677 1 396 1 378 I 536 l'283 055 1,043 953 Sept 1,534 ,540 1,362 1,427 1,437 1,240 995 1,009 ' ,074 Oct . .. 1,671 ,674 1,599 1 561 I 600 1,418 1,121 1,148 .142 Nov 545 ,683 1,590 1,425 ,596 1,402 987 1,043 Dec 2,007 .639 1,885 .543 1,059 1,141 Jan -Nov 17,082 19,171 16,356 15,448 17,911 14,947 11,556 11,839 r Revised. 3 General imports including imports for immediate consumption plus 1 Exports of domestic and foreign merchandise. entries into bonded warehouses. 2 Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 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 [950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 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—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 123.9 121.7 127.7 137.8 117.0 132.3 104.0 131.2 106.7 140.3 144.6 128.9 116.6 127.2 123.7 120.7 127.9 138.1 117.5 133.6 103.3 132.1 106.6 141.0 145.0 128.9 116.7 127.1 SeDt 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 Nov 123.9 119.4 128.0 138.4 118.1 135.8 103.5 132.6 107.7 144.5 147.0 129.1 117.0 127.2 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 th or m c t A o o ie m d l 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 a k a r i n c i o t d n h t d d e s s e - s , r ,p l F t o m i 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 h l c r l c n o a e i t e d l m d 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 r b 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 n c o p i l e t d d e p 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 m u 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 u n h r r e r l d s e n a e d s e r - i - - e s N r t t m t m u a a r o l l i r u e l s n a n i - c — c - l - - b b e m o b a T r a t e a n f c t o r v g l d c - s e - e o . d s n c M e e o l i l s u a - - s 1950 103. 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6J 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. 113.6! 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110. 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108. 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. 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 Nov 118.1 91.9 106.5 125.9 95.0 100.0 115.7 110.3 144.7 116.9 130.9 150.4 149.2 122.7 135.4 127.8 86.8 Dec 118.5 92.6 107.4 126.1 94.9 99.5 116.2 110.6 145.7 116.3 131.0 150.5 149.4 123.5 135.7 128.0 87.2 1958 Jan 118.9 93.7 109.5 126.1 94.6 99.5 116.1 110.8 145.1 116.3 130.8 150.0 149.4 123.8 136.4 128.1 88.3 Feb 119.0 96.1 109.9 125.7 94.1 99.6 113.6 110.6 144.6 115.8 130.8 150.1 149.3 123.6 136.5 128.1 89.3 Mar 119.7 100.5 110.7 125.7 94.0 99.5 112.4 110.7 144.6 115.5 130.5 149.8 149.2 123.5 135.3 128.0 94.3 Apr 119.3 97.7 111.5 125.5 93.7 99.7 111.0 111.0 144.5 115.7 130.5 148.6 149.4 123.4 135.4 128.0 97.8 May 119.5 98.5 112.9 125.3 93.5 99.9 110.3 110.8 143.8 115.9 130.5 148.6 149.4 123.2 135.7 128.0 96.2 June 119.2 95.6 113.5 125.3 93.3 100.3 110.7 110.7 144.2 116.4 130.5 148.8 149.5 123.0 135.5 128.0 93.7 July 119.2 95.0 112.7 125.6 93.3 100.3 111.9 110.4 144.7 116.8 131.0 148.8 149.5 123.2 135.3 128.0 97.2 Aug 119.1 93.2 111.3 126.1 93.3 100.5 113.7 110.0 144.4 118.6 131.0 150.8 149.5 123.0 135.2 128.0 95.6 Sept 119.1 93. 111.1 126.2 93.3 100.2 114.1 109.9 145.2 120.4 131.71 151.3 149.4 123.0 136.7 128.0 192.5 Oct 119.0 92.3 r110.0 126.4 93.2 101.4 113.0 r110.2 146.1 120.8 131.9 152.2 '149.9 123.0 136.7 128.8 91.2 Nov 119.2 92.1 109.5 126.8 93.1 102.4 112.6 110.2 146.6 120.0 131.9 153.1 151.2 122.9 136.7 128.8 93.2 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 73 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1957 1958 1957 1958 Subgroup Subgroup Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce. 106.3 97.6 102.6 99.4 Grains 80.9 76.1 76.8 75.3 Paperboard 136.6 136.5 136.2 136.2 Livestock and poultry..., 79.3 91.5 88.4 90.1 Converted paper and paperboard... 127.0 127.9 127.9 127.9 Plant and animal fibers.. 104.7 101.1 100.7 100.6 Building paper and board 141.7 143.4 143.4 143.4 Fluid milk 99.4 95.8 96.2 96.5 100.1 98.6 91.1 86.5 Metals and Metal Products: Hay and seeds 77.6 72.2 73.3 74.1 Other farm products. 144.1 137.3 138.8 137.7 Iron and steel 166.5 171.8 171.7 172.2 Nonferrous metals 130.8 127.3 130.8 133.7 Processed Foods: Metal containers 153.1 156.1 156.5 156.5 Hardware 167.4 172.0 172.0 172.5 Cereal and bakery products , 117.6 117.8 118.2 118.0 Plumbing equipment 128.5 123.7 124.6 124.6 Meats, poultry, and fish , 93.6 107.1 103.5 102.6 Heating equipment 122.1 121.5 121.4 121.4 Dairy products and ice cream 114.5 113.9 113.6 113.6 Fabricated structural metal products. 134.6 133.1 133.6 133.8 Canned, frozen fruits, and vegetables, 103.8 111.4 112.1 112.5 Fabricated nonstructural metal Sugar and confectionery 114.4 116.5 116.7 116.3 products 147.0 145.4 145.7 145.4 Packaged beverage materials , 172.9 161.2 161.2 161.2 Other processed foods 96.6 96.7 '97.0 97.4 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 137.3 138.9 139.2 141.3 Cotton products 89.8 87.9 '87.8 88.0 Construction machinery and equip- Wool products 107.4 99.6 98.4 97.7 ment 165.2 166.0 166.8 167.9 Synthetic textiles 82.3 79.7 r79.7 79.3 Metal working machinery 171.3 169.3 170.0 170.2 Silk products 119.6 115.8 107.1 106.0 General purpose machinery and Apparel 99.6 99.3 99.3 99.3 equipment . , 160.8 159.7 160.5 161.5 Other textile products. 76.7 75.3 76.3 76.6 Miscellaneous machinery , 148.1 147.4 147.6 147.7 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 151.2 152.5 152.5 152.5 Motor vehicles 138.7 139.0 139.7 142.9 Hides and skins 53.8 59.0 62.0 65.1 Leather 91.2 91.3 92.8 94.7 Furniture and Other Household Dura- Footwear 122.0 121.9 122.8 123.1 bles: Other leather products. 98.7 '96.7 1-97.2 97.6 Household furniture , 122.8 122.8 123.0 123.6 Fuel, Power, and Lighting Materials: Commercial furniture 153.8 155.0 155.0 155.0 Floor covering 132.5 126.6 126.5 126.5 Coal 125.8 122.7 123.8 123.9 Household appliances 105.1 104.0 104.2 103.8 Coke 161.9 161.9 161.9 161.9 Television, radios, phonographs 95.6 94.9 94.9 94.1 Gas fuels (Jan. 1958= 100) 104.1 106.3 106.0 Other household durable goods 149.5 154.9 155.0 155.0 Electric power (Jan. 1958= 100)., 100.8 100.9 100.8 Petroleum and products 123.5 119.7 117.5 116.9 Nonmetalllc Minerals—Structural Chemicals and Allied Products: Flat glass 135.7 135.0 135.0 135.0 Concrete ingredients 136.9 139.1 139.1 139.1 Industrial chemicals 123.6 122.7 123.6 123.6 Concrete products 126.7 128.0 128.2 128.2 Prepared paint 128.1 128.2 128.2 128.2 Structural clay products 155.1 158.2 158.2 158.3 Paint materials 101.6 102.9 102.8 102.7 Gypsum products 127.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics.. 93.4 94.4 93.9 93.2 Prepared asphalt roofing 124.6 118.9 118.9 118.9 Fats and oils, inedible 65.2 61.7 62.6 64.8 Other nonmetallic minerals 128.5 131.2 131.2 131.2 Mixed fertilizers 112.3 r110.1 109.9 110.2 Fertilizer materials 107.7 104.3 106.3 105.2 Tobacco Manufactures and Bottled Other chemicals and products 106.6 106.8 106.6 106.6 Beverages: Rubber and products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 105.1 106.6 106.6 106.6 Crude rubber 131.6 135.7 140.1 142.6 Other tobacco products 144.3 139.7 139.7 139.7 Tires and tubes 153.5 152.8 152.8 152.8 Alcoholic beverages 119.8 120.3 121.9 121.9 Other rubber products. 142.3 141.8 142.4 142.3 Nonalcoholic beverages 149.3 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: Lumber.. 117.1 121.0 120.8 120.1 Toys, sporting goods, small arms 117.9 118.6 118.6 118.6 Millwork. 128.0 127.6 130.5 130.5 Manufactured animal feeds 61.4 71.4 69.0 72.6 Plywood.. 96.4 102.0 102.7 100.5 Notions and accessories 97.8 97.5 97.5 97.5 Jewelry, watches, photo equipment... 107.7 107.7 107.8 107.9 Pulp, Paper, and Allied Products: Other miscellaneous 130.9 132.4 132.5 132.5 Woodpulp.. 121.2 121.2 121.2 121.2 Wastepaper. 88.5 106.4 111.3 111.3 Paper 143.3 141.8 142.0 142.0 ' Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annualrates Annual totals by quarters Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 3 4 1 2 3 104.4 56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 445.6 438.9 425.8 429.0 439.0 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 6 .7 .8 1.4 1.3 1.5 1.5 1.6 1.6 1.6 1.6 1.6 1.6 Statistical discrepancy .3 .9 A — 7 1 3 9 1 0 _ 9 7 7 7 — 1 7 — 1 1 — 2 7 Plus: Subsidies less current surplus of gov- -.1 .0 .1 .2 -.4 -.2 .0 1.0 1.3 1.3 1.2 1.6 1.5 1.5 87.8 40.2 104.7 241.9 305.6 301.8 330.2 349.4 364.0 368.7 361.5 350.6 352.4 363.1 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 38.0 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 14.7 Excess of wage accruals over disburse- .0 .0 .0 .0 .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 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 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 Eanals* 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 35.8 32.9 35.7 40.1 42.7 43.1 43.0 42.3 42.3 43.5 Federal 1.3 .5 2.0 18.2 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 Equals: Disposable personal income. 83.1 45.7 93.0 207.7 252.5 256.9 274.4 290.5 305.1 308.7 306.8 305.0 307.5 314.0 Less: Personal consumption expenditures.... 79.0 46.4 81.9 195.0 232.6 238.0 256.9 269.4 284.4 288.3 287.2 286.2 288.3 291.5 4.2 -.6 11.1 12.6 19.8 18.9 17.5 21.1 20.7 20.4 19.6 18.8 19.2 22.5 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally b a y d j q u u s a te r d te r a s nnual rates Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 National income. 87.8 40.2 104.7 241.9 305.6 301.8 330.2 349.4 364.0 368.7 361.5 350.6 352.4 363.1 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 51.9 124.1 164.2 161.9 174.9 189.3 198.0 199.9 197.4 192.7 191.8 195.0 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. J .5 2.7 7.8 10.8 11.3 13.0 14.5 16.5 16.8 16.8 16.5 16.4 16.9 Proprietors' and rental income2 20.2 7.6 20.9 46.6 51.3 51.3 52.8 53.3 54.8 55.5 55.0 55.3 56.2 56.6 Business and professional... 8.8 3.2 10.9 23.5 27.4 27.8 30.4 30.8 31.4 31.7 31.3 30.6 30.7 31.1 Farm 6.0 2.4 6.5 14.0 13.3 12.7 11.8 11.6 11.6 11.8 11.5 12.6 13.4 13.3 Rental income of persons... 5.4 2.0 3.5 9.0 10.5 10.9 10.7 10.9 11.8 12.0 12.2 12.1 12.1 12.2 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 37.3 33.7 43.1 42.9 41.9 43.1 38.8 31.3 32.5 38.0 Corporate profits before tax 9.6 .2 77.0 40.6 38.3 34.1 44.9 45.5 43.4 44.2 39.9 31.7 32.0 37.9 Corporate profits tax liability 1.4 .5 7.6 17.9 20.2 17.2 21.8 22.4 21.6 22.0 19.9 16.1 16.3 19.3 Corporate profits after tax 8.3 9.4 22.8 18. 16.8 23.0 23.1 21.8 22.1 20.0 15.5 15.7 18.6 Inventory valuation adjustment .5 -2.5 -5.0 -1.0 -.3 -1.7 -2.6 -1.5 -1.1 -1.1 -.3 .5 .2 Net interest. 6.4 5.0 4.5 5.5 8.2 9.1 10.4 11.3 12.6 12.8 12.9 13.0 13.1 13.2 * 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 75 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 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 79.0 46.4 81.9 195.0 232.6 238.0 256.9 269.4 284.4 288.3 287.2 286.2 288.3 291.5 Durable goods 9.2 3.5 9.7 30.4 32.9 32.4 39.6 38.4 39.9 40.4 39.6 36.3 35.6 36.1 Nondurable goods 37.7 22.3 43.2 99.8 118.0 119.3 124.8 131.4 138.0 140.5 138.8 139.8 141.4 142.9 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 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 .8 .2 1.1 -2.2 -2.0 -.4 -.4 1.4 3.5 3.6 1.9 .5 .5 .5 Government purchases of goods and services 8.5 8.0 24.8 41.8 84.4 76.6 77.1 80.3 87.1 87.0 88.3 89.5 90.9 93.3 1.3 2 0 16.9 22.1 59.5 48.9 46.8 47.1 50.8 50.9 50.5 50.9 51.9 53.4 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 \} 1i -3i 2.0 I 3.2 3 9 8 4 6.2 5.9 5.0 4.8 4.5 5.0 5.7 7.2 Less: Government sales2 .0 .0 1 o .3 .4 .4 .4 .4 .5 .5 .5 .4 4 .4 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 i Includes expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Divi- Less Pro- dends personal Year or month1 in s P c o o e n r m a - l e Total p d m i C n r u o o g s o d t d m r i u i i n t e - c y - s - D in u i t s r d t i t i e u r v i s s e b - - S in e tr r d i v e u i s s c - e m G er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r c e a i o n e n m t t d o a e l r ^ s' i i n n s p a t o c e e n o n r r m d a e - l s e t m T p f r e e a 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 5 i - l - s i a n N g t c u r o o i r c m n a u - l e l- 6 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 1953 288.3 198.1 88.1 51.8 24.3 3.9 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 1958 353.4 237.1 97.3 63.3 33.6 42.8 9.1 56.4 31.7 25 9 6 7 336 6 1957—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 7.0 342.0 356.1 238.5 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 360.4 242.0 100.3 63.9 34.2 43.7 9.3 57.5 31.9 26 6 6 8 343 6 Decp 359.3 242.9 100.7 64.2 34.3 43.8 9.3 57.6 30.2 26.1 6.8 342.5 9 Preliminary. well as consumer bad debts and other business transfers. * Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of 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 toring-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

76 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES, 1941-581 [Per cent per annum] Range F. R. Range F. R. Range F. R. Date (or level)— Bank Date (or level)— Bank Date (or level)— Bank effective all F. R. of effective all F. R. of effective all F. R. of Banks N. Y.2 Banks N. Y.2 Banks N. Y.2 I 1 n 9 4 e 2 ff — ec A t p D r e . c 1 . 1 31, 1941... 1 1 -Wi 1 1 1954— A Fe p b r. . 1 1 5 4 5 W W A I- - W 2 A W W A A 1957— N A o u v g . . 2 1 9 3 5 3 3 3 -3 3 1 a /2 f Oct. 15 •Vi-l 1 16 WI-WA Dec. 2 30 *Vi *Vi May 21 WI 11/2 1958—Jan. 22 2%-3 3 1946—Apr. 25 1 1955_Apr. 14 WI-WA 24 2VA-3 2% 1948— M A Ja u a n g y . . 2 1 1 1 1 3 2 0 9 3 i W A W 1 - 1 W / A - 2 W I A W W 1 W W A A I i A M Se u a p g y t . . 1 1 1 4 2 9 5 2 3 2 2 V W W / A A L 2 W 1 - - - - - 2 2 / W A 2 2 4 V V V V A A A A A r k A A M M u p a a g r y r . . . 2 1 1 1 7 9 1 3 8 5 2 2 W W 1 1 A A , i W 4 - - t 2 2 - A A 3 VA 1 2 1 V % A 8 1 1 9 95 5 0 3 — — A Ja u n g . . 2 2 1 5 1 6 W WA I W - - W 2 A A 2 W W A A 1956— N A o p v r. . 2 1 1 3 8 3 2 21 1 / 4 2 2 1 - - 2 / 3 2 1/2 2 f 2 1 1 / / 2 2 * N O " o c " t v . • . * 2 ! 7 4 WA-2 2 2 2 1/2 23 2 20 234-3 In effect Dec. 31, 1958.. 21/2 21/2 Aug. 24 234-3 31 1 Under Sees. 13 and 13a, as described in the table on p. 26. * Preferential rate of Vi of 1 per cent for advances secured by Govern- 2 Repurchase rate on U. S. Govt. securities. This rate was the same as ment securities maturing in 1 year or less. The rate of 1 per cent was the discount rate at the Federal Reserve Bank of New York except in continued for discounts of and advances secured by eligible paper. the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, NOTE.—Data for years prior to 1942 are available in Banking and 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, Monetary Statistics, pp. 439-42. 2.75; and 1957—Aug. 22, 3.50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. . 8 Net gold purchases and gold stock of the United States. . 86 Estimated foreign gold reserves and dollar holdings. . 87 Reported gold reserves of central banks and governments. . 88 Gold production. . 89 International Bank and Monetary Fund. . 90 United States balance of payments. . 91 Money rates in foreign countries. . 91 Foreign exchange rates. 93 Index to statistical tables 100 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. 77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 INFL 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 tutions 2 Total Official of 1954—Dec. 31 12,919 1,770 11,149 6,770 ,373 579 640 3,030 5,621 1,536 1,906 1,821 265 1955—Dec. 31 13,601 1,881 11,720 6,953 ,454 785 550 3,357 6,147 1,032 2,000 2,181 360 1956—Dec. 31 14,939 1,452 13,487 8,045 1,835 930 1,012 3,089 6,865 1,516 2,346 2,415 346 1957—Nov. 30 15,147 1,538 13,608 7,817 1,567 1,021 ,199 3,192 6,979 1,735 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 1,623 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 1,597 2,536 1,962 382 Feb. 28 15,310 1,471 13,840 8,118 1,494 1,078 L,244 3,480 7,297 1,662 2,515 2,011 355 Mar. 31 15,182 1,377 13,805 8,016 1,508 1,066 1,260 3,504 7,338 1,626 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 1,662 2,552 2,004 343 May 31 15,214 1,522 13,692 7,944 1,596 1,121 1,056 3,277 7,049 1,789 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 2,001 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 1,962 2,403 2,134 285 Aug. 31 15,681 1,437 14,243 8,415 1,675 1,093 ,006 3,659 7,433 2,052 2,385 2,107 266 Sept. 30 15,638 1,483 14,155 8,398 1,730 1,087 1,076 3,667 7,560 1,944 2,288 2,085 277 Oct. 31? 15,945 1,436 14,509 8,660 1,759 1,152 945 3,792 7,647 •2,060 2,395 2,119 289 Nov. 30* 16,045 1,485 14,561 8,634 1,755 1,132 976 3,784 7,648 2,071 2,408 2,148 285 Table la. Other Europe Neth- Switz- Date Other Aus- Bel- Den- Fin- France Greece er- Nor- Por- Spain Swe- er- Tur- Yugo- All Europe tria gium mark land lands way tugal den land key slavia other * 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—Nov. 30 3,192 347 131 100 66 352 146 218 95 127 26 270 868 16 11 418 Dec. 31 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 11 349 1958—Jan. 31 3,314 355 130 126 64 334 154 239 117 137 22 265 945 16 7 404 Feb. 28 ,, , 3,480 353 133 124 65 316 157 350 122 144 24 266 923 12 7 486 Mar. 31 3,504 355 110 131 61 319 154 323 107 155 28 258 904 13 7 577 Apr. 30 3,426 353 118 142 59 322 142 295 108 157 27 257 875 12 5 553 May 31 3,277 354 114 143 50 249 131 292 104 153 34 251 827 15 9 552 June 30 3,361 363 109 114 47 298 122 293 108 154 31 254 832 12 6 620 July 31 3,399 377 101 127 51 314 116 285 101 161 28 268 812 11 9 639 Aug. 31 , 3,659 397 157 149 59 357 109 350 98 158 41 281 817 11 11 664 Sept. 30,,, 3,667 418 106 162 63 413 112 337 101 157 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 Nov. 30?.... 3,784 413 107 156 64 492 121 328 113 165 36 281 786 16 9 697 Table lb. Latin America Neth- Do- er- Pan- Latin Co- min- El lands ama, Other Date Amer- Argen- Bo- Brazil Chile lom- Cuba ican Sal- Guate- Mex- West Re- Peru Uru- Vene- Latin ica tina livia bia Re- vador mala ico Indies pub- guay zuela Amerpub- and lic of ica lic Surinam 1954_Dec. 31 1,906 160 29 120 70 222 237 60 30 35 329 49 74 83 90 194 124 1955—Dec. 31 2,000 138 26 143 95 131 253 65 24 45 414 47 86 92 65 265 112 1956—Dec. 31 2,346 146 29 225 91 153 211 68 25 64 433 69 109 84 73 455 111 1957—Nov. 30 2,593 151 24 149 76 175 235 58 22 62 360 72 133 62 55 835 124 Dec. 31 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958—Jan. 31 2,536 138 23 120 78 150 240 52 32 68 397 71 123 56 72 780 136 Feb. 28 2,515 137 25 118 72 146 239 49 33 69 382 69 141 66 85 749 135 Mar. 31 2,474 144 23 116 77 135 235 48 31 66 378 66 144 62 86 709 152 Apr. 30 2,552 139 22 120 78 125 266 50 37 62 379 66 137 62 81 770 155 May 31 2,497 137 22 139 77 120 271 49 36 64 361 67 135 74 76 712 156 June 30 2,499 140 23 125 86 125 281 53 33 64 332 62 134 73 77 740 150 July 31 2,403 147 21 126 74 129 278 54 30 59 322 67 138 74 79 664 142 Aug. 31 2,385 133 21 159 78 144 292 49 26 54 351 73 133 75 76 580 142 Sept. 30 2,288 131 21 133 84 137 274 48 25 48 370 72 143 72 82 514 136 Oct. 31* 2,395 134 22 130 74 170 278 42 26 45 383 76 143 70 83 582 136 Nov. 30* 2,408 141 21 132 73 176 280 41 23 43 413 81 145 73 84 542 140 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 79 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Ko- Date Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R 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 A tra 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—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 2,107 67 76 80 51 46 901 123 172 92 141 357 266 70 36 18 19 123 Sept. 30 2,085 65 73 91 43 40 882 128 177 93 140 353 277 74 31 18 28 126 Oct. 31 ^.... 2,119 64 76 99 35 45 918 129 159 96 136 361 289 77 31 20 30 131 Nov. 30*\ ... 2,148 63 75 105 38 53 924 133 158 99 133 367 285 76 31 20 30 127 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 .1 British dependencies 9.8 8.0 British dependencies .3 Burma 19.1 7.0 n.a. Bulgaria n.a. Cambodia 13.1 17.2 20.0 Czechoslovakia7 .7 .5 .7 Ceylon. 32.9 41.2 34.2 Eastern Germany 1.3 1.2 n.a. China Mainland7. 36.2 35.5 36.3 Estonia 1.9 1 1.9 1.7 Iraq 14.7 16.9 19.6 Hungary 1.0 1.0 .7 Jordain. 1.2 2.0 1.6 Iceland 8.9 4.8 3.1 2.9 Kuwait 3.5 5.3 5.9 Ireland, Republic of 14.3 13.7 9.1 n.a. Laos 23.1 37.3 n.a. Latvia 1.0 1.0 .6 .5 Lebanon 18.0 22.3 28.2 Lithuania .5 .3 .4 .5 Pakistan 5.7 20.2 12.8 Luxembourg 4.5 3.1 13.2 16.4 Portuguese dependencies 2.0 2.7 3.1 Monaco 5.3 5.6 4.3 5.4 Ryukyu Islands 34.0 30.6 n.a. Poland7 2.1 2.5 3.3 3.2 Saudi Arabia 79.5 97.4 n.a, Rumania7 7.8 8.1 .9 Syria 5 13.1 17.1 3.5 Trieste 2.2 1.4 1.4 1.2 Viet-Nam 62.3 50.1 n.a. U. S. S. R.7 1.8 .7 .7 All other: Other Latin America: British dependencies 1.4 2.4 3.8 2.3 British dependencies 19.0 16.6 24.1 24.0 Ethiopia and Eritrea 18.0 23.7 24.2 35.1 Costa Rica 15.3 17.6 14.6 16.4 French dependencies 8.7 8.0 10.5 10.7 Ecuador 21.2 14.9 18.0 22.7 Liberia 5.6 13.1 23.7 n.a. French West Indies and French Guiana. .4 .6 1.0 .8 Libya 1.7 9.9 3.7 6.7 Haiti 12.7 12.1 8.9 11.2 Morocco: Honduras 17.3 9.7 10.2 12.6 Morocco (excl. Tangier). 7.6 14.8 13.6 32.2 Nicaragua 10.3 12.8 11.8 12.7 Tangier 35.7 33.5 22.4 19.2 Paraguay 3.6 3.6 4.0 5.1 New Zealand 2.3 1.9 2.2 1.9 Portuguese dependencies... 8.3 5.3 2^8 4.4 Other Asia: Spanish dependencies .5 .7 .3 .7 Afghanistan 5.1 4.1 5.3 4.7 Sudan n.a. n.a. .4 n.a. Bahrein Islands .6 .5 1.7 n.a. Tunisia .4 .7 .5 n.a. P Preliminary. n.a. Not available. 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 Nov. 30, 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

80 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 Date, or area To banks and official institutions To all other foreigners Payable in and country Total foreign U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other Total Deposits T bi r l e ls a s a u n r d y Other certificates certificates 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 ,543 184 56 40 1956 Dec 31 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957 Nov 30 15,147 12,823 5,677 5,918 1,229 2,267 ,794 263 210 57 Dec. 31 15,154 12,843 5,871 5,840 1,132 2,252 ,766 278 209 59 1958 Jan. 31 15 338 13 074 5,793 6,003 1,277 2,215 ,735 264 216 49 Feb. 28 15,310 13,067 6,331 5,473 1,263 2,194 .736 247 211 49 Mar 31 15,182 12,909 6,641 5,058 1,210 2,203 212 190 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 1,123 2,163 1,824 182 156 87 June 30 15 270 12 960 7,092 4,732 1,135 2,234 1,919 183 132 77 July 31 15,386 13,127 7,110 4,905 1,112 2,190 1,932 135 122 69 Aug 31 15,681 13,389 7,092 5,209 1,088 2,219 1,889 210 120 72 Sept. 30 15,638 13,300 6,705 5,505 1,090 2,258 1,893 230 136 79 Oct 3\p . .. 15,945 13,576 6,715 5,763 1,097 2,293 1,897 242 154 77 Nov. 30p 16,045 13,619 6,735 5,769 1,114 2,360 1,929 258 173 66 Area and country detail, September 30, 1958 Europe: 418 413 398 15 4 4 0) Belgium 106 59 45 2 13 45 39 1 6 1 Denmark 162 148 80 52 16 14 12 1 (l) 63 62 49 10 3 1 France 413 349 170 150 30 62 55 4 4 2 Germany, Fed. Rep. of.... 1,730 1,696 290 1,176 230 15 13 1 20 Greece 112 101 90 12 11 11 Italy 1,087 1,055 120 652 283 32 23 8 1 (i) Netherlands . 337 312 145 157 9 25 21 4 (i) 1 101 62 60 1 1 38 35 1 2 1 Portueal 157 120 119 1 37 36 1 (i) Spain 33 14 14 (i) 18 18 (i) 0) (i) Sweden 292 281 70 i<58 43 11 10 (i) 0) (i) Switzerland 804 662 355 155 152 139 113 9 18 3 Turkey 10 8 7 C1) 2 2 0) United Kingdom 1,076 702 292 395 15 340 147 151 42 34 11 11 11 (i) Other Europe 648 620 163 331 127 29 23 3 3 0) Total Europe 7,560 6,676 2,476 3,260 940 824 564 182 79 61 Canada 1,944 1,680 1,101 569 11 253 211 26 16 11 Latin America: Argentina 131 77 74 3 54 53 O 0) (0 Bolivia 21 5 5 16 16 (1) Brazil 133 53 48 0) 5 79 74 (i) 5 (1) Chile 84 26 24 1 59 58 (i) 0) Colombia 137 81 81 1 55 55 1 (1) Cuba 274 149 105 40 4 125 120 (i) 5 Dominican Republic 48 27 27 0) 21 21 0) El Salvador ... . 25 12 10 i" 1 13 13 0) 48 31 20 6 5 17 17 (1) (1) M.exico 370 236 230 5 1 134 127 2 0) Neth. W. Indies and Surinam 72 47 30 9 8 25 19 2 4 Panama, Rep. of 143 27 27 (i) (i) 115 98 6 11 (1) Peru 72 28 28 (i 44 41 2 (1) Uruguay 82 42 39 (i) 3 40 33 1 5 (1) Venezuela 514 378 377 1 135 132 2 1 Other Latin America 136 60 50 6 4 72 68 3 1 4 Total Latin America.. 2,288 1,279 1,175 67 37 1,004 946 20 38 5 »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. 81 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars Area and Total To banks and official institutions To all other foreigners in P a f y o a r b ei l g e n country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other Total Deposits T bi r l e ls a s a u n ry d Other certificates certificates Area and country detail, September 30, 1958—Continued Asia: Hone Kon& 65 37 34 3 28 27 0) 0) India 73 59 58 1 13 13 Indonesia 91 88 47 41 3 3 Iran 43 40 40 3 3 Israel 40 37 28 6 3 3 3 Japan 882 865 592 243 31 17 17 (0 0) Korea Reo of 128 126 125 1 177 155 139 8 9 21 21 (i) C1) Taiwan 93 86 86 (i) (i) 7 7 (i) Thailand 140 136 50 67 19 4 4 Other Asia 353 313 252 45 16 40 39 C1) 1 Total Asia 2,085 1,944 1,452 410 82 141 138 1 2 1 All other: Australia 74 69 34 32 3 4 4 1 Belgian Congo 31 31 14 10 6 1 Egypt2 18 17 17 (i) 1 Union of South Africa.... 28 26 25 0) 2 2 1 Other 126 96 85 0) 10 29 27 C1) 1 Total other countries.. 277 239 175 44 20 36 34 (0 2 2 1,483 1,483 327 1,156 Grand total 15,638 13,300 6,705 5,505 1,090 2,258 1,893 230 136 79 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 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 31 2,563 84 111 43 33 126 312 709 265 1,049 462 78 Sept 30 2,570 90 109 43 36 134 325 737 256 1,048 450 79' Oct. 31P 2,607 93 103 40 38 124 326 724 278 1,082 442 81 Nov 30p 2,485 96 OOOO 35 35 120 301 675 232 1,062 438 79 9 Preliminary. foreigners; drafts drawn against foreigners that are being collected by i 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

82 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - Greece 1954—Dec. 31 . . .. 109 20 10 3 3 1955—Dec. 31 158 16 13 3 4 1956 Dec 31 216 7 28 12 4 4 1957_Nov. 30 213 6 25 9 5 6 Dec 31 223 6 33 11 4 6 1958 Jan 31 . 240 7 36 9 4 5 Feb. 28 238 9 35 9 3 6 Mar 31 269 9 33 8 6 7 Apr 30 285 8 33 6 5 7 May 31 288 5 35 7 5 7 June 30 273 8 24 8 4 7 July 31 278 8 26 7 4 R Aug 31 312 9 67 6 3 Sept. 30 325 9 71 8 3 Oct. 31*> 326 9 72 7 4 Nov 30p 301 8 68 10 5 00 00O Neth- Nor- Por- er- lands way tugal 16 2 w 11 9 21 23 2 29 19 1 29 23 33 23 32 25 39 27 42 29 46 24 41 26 44 25 43 25 44 22 49 20 8 53 21 ot otot 2 9 ot ot otot ot ot Swe- Tur- Yugo- All Spain den key slavia other 4 4 41 1 5 5 7 78 2 7 8 13 88 7 10 11 77 2 11 11 10 76 10 22 11 77 9 26 11 71 . 8 39 13 75 (2) 11 45 17 81 10 49 18 81 47 16 78 47 16 79 57 14 67 61 13 72 58 13 72 1 2 31 15 69 ON ON — 9 10 11 9 Table 3b. Latin America Neth- Date A L m i a c t e a in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba p m D i R c l u i i a o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- I l W S n a a e u d n n r e r i d d - s e i s - t s l a P p i R m c u a e n b o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L i a m t c h t a i e e n r r nam 1954—Dec. 31 728 6 3 273 14 107 71 3 10 4 116 1 9 16 7 63 27 1955—Dec. 31 706 7 4 69 14 143 92 5 8 5 154 3 17 29 18 105 34 1956—Dec. 31 840 15 4 72 16 145 90 7 11 7 213 5 12 35 15 144 49 1957_Nov. 30 959 28 4 96 40 119 106 18 9 9 221 3 17 35 40 159 54 Dec. 31 960 28 3 100 33 107 113 15 8 8 231 2 18 31 42 170 51 1958—Jan. 31 998 26 3 110 43 107 130 13 9 9 224 2 19 31 52 166 53 Feb. 28 994 27 3 141 41 91 126 12 7 9 223 2 20 30 53 158 52 Mar. 31 1,010 26 3 168 40 89 116 12 6 9 224 3 24 35 47 157 51 Apr. 30 1,026 23 3 184 42 85 114 10 6 9 245 3 23 37 43 152 48 May 31 1,057 22 3 202 50 83 123 11 6 9 257 3 21 38 37 144 50 June 30 1,031 37 3 189 54 78 105 7 7 8 253 3 25 33 39 136 54 July 31 1,041 49 3 216 49 61 105 11 7 8 241 3 23 30 42 138 55 Aug. 31 1,049 48 3 200 48 54 132 12 7 8 245 3 26 30 45 134 55 Sept. 30 1,048 48 3 183 47 56 127 14 10 9 276 2 24 28 50 125 49 Oct. 31* 1,082 35 3 164 47 57 151 19 10 9 291 4 23 31 54 135 49 Nov. 30P 1,062 34 3 138 47 51 155 19 11 10 294 6 23 31 54 137 49 Table 3c. Asia and All Other Asia Date Hong Total Kong 1954 Dec 31 143 3 1955 Dec 31 233 3 1956—Dec. 31 337 4 1957 Nov. 30 387 8 Dec. 31 386 7 1958—Jan. 31 400 8 Feb 28 406 7 Mar 31 383 8 Apr 30 460 8 May 31 466 7 June 30 450 8 July 31 463 Aug 31 . .. 462 Sept. 30 450 Oct 31*3 442 Nov 30? 438 NONOlfL India Iran Israel 5 16 11 5 18 10 6 20 16 7 24 25 6 22 24 7 23 22 7 26 21 7 28 21 8 40 6 29 6 29 5 31 5 29 6 27 5 8 29 6 8 27 ON ON 00 All other Japan ip P p h i i n l e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - 50 7 5 6 39 37 14 103 19 6 8 60 43 11 170 16 6 9 91 43 11 150 56 6 12 100 49 10 146 53 6 14 110 50 13 152 54 6 13 115 45 13 148 58 6 13 122 44 13 139 53 6 12 108 44 13 214 42 6 12 112 48 224 45 5 16 114 71 229 32 6 17 106 77 18 225 38 6 16 119 76 19 222 39 6 14 122 78 21 209 41 6 14 121 79 22 196 39 6 14 123 81 27 186 41 7 16 120 79 mmrj otot^ Bel- gian 1Egypt3 Congo 6 1 5 1 6 2 5 5 5 6 6 6 6 7 7 5 5 14 4 13 4 ot ot — Union So o u f th Other Africa 6 10 8 17 8 17 14 19 12 19 9 17 7 16 12 12 14 14 36 14 38 17 2 39 16 3 41 17 3 41 17 4 37 23 3 29 29 v Preliminary. 2 Less than $500,000. 1 See note 1 on preceding page. 3 Part of the United Arab Republic since February 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 83 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- Date, or area term— Loans to: and country total i Total Collec- Total Ba o n ff k ic s ia a l nd Others sta t o i n o u d n t i - s ng Other Total f D or e e w p ig i o t n h si e t r s s Other institutions 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 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 1,323 2,563 2,385 871 370 423 720 178 165 13 Sept. 30 1,293 2,570 2,354 883 384 406 680 217 204 13 Oct. 31» 1,303 2,607 2,376 880 401 428 666 232 214 18 Nov 3O-*7 1,373 2,485 2,296 807 415 420 654 189 174 16 Area and country detail, September 30, 1958 Europe: Austria . 26 9 9 2 1 5 Belgium 24 71 71 50 6 7 n\ n\ (2) Denmark 2 8 8 2 (2) 2 4 (2) (2) 3 3 3 (2) 1 2 (2) (2) France 17 90 87 2 8 76 3 3 (2) Germany, Fed. Rep. of.... 10 109 82 12 1 18 51 27 27 Greece 1 8 8 3 (2) 4 Italy 16 43 42 16 2 10 13 1 1 (2) Netherlands 29 44 44 4 24 10 6 1 1 (2) Norway ........ 126 22 22 4 4 3 12 Portugal 2 2 2 1 Spain 5 61 60 50 1 1 1 Sweden 20 13 12 1 4 7 (2) (2) (2) Switzerland 2 36 28 12 11 4 1 8 8 (2) 72 72 69 3 United Kingdom 98 134 49 27 4 13 5 85 81 4 Yugoslavia Other Europe 11 10 10 1 5 4 1 (2) (2) (2) Total Europe 392 737 610 252 66 94 198 127 123 5 Canada 90 256 177 27 111 7 32 79 76 3 Latin America: Argentina 4 48 48 4 1 9 34 Bolivia (2) 3 3 (2) (2) 2 (2) Brazil . 261 183 183 49 17 26 91 (2) (2) (2) Chile . . 7 47 47 22 8 9 8 (2) (2) Colombia 31 56 56 12 7 19 16 (2) (2) Cuba . 88 127 127 82 20 13 11 (2) P) Dominican Republic 9 14 14 3 8 3 1 Fl Salvador (2) 10 10 3 1 3 3 Guatem ala 1 9 9 (2) 1 6 2 (2) (2) M^exico 106 276 274 103 63 23 85 2 2 (2) Netherlands W. Indies and Surinam .... 1 2 2 1 1 Panama Rep of ... 28 24 24 19 3 2 Peru 12 28 28 3 4 16 5 (2) Uruguay 2 50 50 14 5 3 27 (2) (2) (2) Venezuela . ... 42 125 123 29 47 35 2 2 (2) Other Latin America 54 49 48 3 12 25 8 Total Latin America.. 646 1,048 1,043 310 196 209 328 5 4 1 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

84 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- A c r o e u a n t a r n y d t t e o rm ta — l1 Total Total Ba i o n n f s f k i t c s it i L a u a l - n o d ans t O o: thers s C ta t o o i n o u l d l n t e i - s n c- g Other Total f D or e e w p ig i o t n h si e t r s s Other tions Area and country detail, September 30, 1958—Continued Asia Hong Kong 5 5 2 2 (2) (2) India 3 6 6 1 3 1 (2) Indonesia Iran 5 27 26 I 26 (21 $ Israel . 15 21 21 2 1 2 16 Japan 14 209 208 90 3 22 93 1 (2) 1 Korea Rep. of 2 2 1 Philippines 17 41 41 37 (2)"' 1 3 (2) (2) (2) Taiwan 6 6 6 T O h th a e il r a n A d sia 2 1 4 3 11 1 9 4 11 1 9 4 10 1 7 0 1 2 0 C2) (2) (2) Total Asia 93 450 448 256 6 70 116 2 1 2 All other: Australia 16 13 11 1 5 5 1 Belgian Congo 2 5 5 5 Egypt3 3 2 2 1 Union of South Africa.... 9 41 41 32 2 7 (2) (2) Other 46 17 16 2 3 9 1 Total other countries.. 73 79 76 36 6 26 7 3 1 2 International Grand Total 1,293 2,570 2,354 883 384 406 680 217 204 13 1 Represents mainly loans with an original maturity of more than 2 Less than $500,000. one year. 3 Part of the United Arab Republic since February 1958. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPESi [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 ,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1957 666 718 -52 1,617 1,423 194 699 1,392 -693 593 622 -29 1957—Oct. 35 19 17 107 143 -36 123 106 18 44 43 Nov. 38 30 7 111 94 17 38 97 -58 36 28 Dec. 73 42 31 101 101 38 60 -22 30 26 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 52 115 -58 25 34 -9 May 43 92 -48 115 118 -3 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. 52 63 -11 138 149 -12 39 89 -50 27 43 -16 Sept. 38 36 3 154 153 1 43 39 4 49 81 -32 O 82 40 42 227 220 7 162 184 -21 44 75 -31 1 Includes transactions of international institutions. 3 Less than $500,000. 2 Includes small amounts of U. S. municipal securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTX CAPITAL TRANSACTIONS OF THE U. S. 85 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 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n o i i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- o A th l e l r 1955 156 128 29 14 9 -21 142 30 10 183 27 26 1956 291 256 35 23 23 -7 147 87 7 280 -53 38 27 1957 194 143 51 14 35 101 77 20 255 -99 23 15 1957_Oct -36 -38 2 -1 -2 -12 -10 3 -21 -15 1 Nov 17 3 14 (•') 0) 10 -2 2 11 Dec O -5 4 V) 1 3 -5 1958—Jan -11 -3 V) -4 () -2 4 1 -10 Feb -2 6 -5 -2 3 10 — 9 Mar 1 -14 15 2 1 2 3 -11 Apr -21 -14 -7 -1 -1 -8 -3 -13 -10 J S J O M A u u e u l n a p y g y e t - - 1 1 -3 7 2 5 - - 1 _ -3 7 1 2 6 3 4 -1 V 5 ) ( 0 ( ( 0 • • ' ' ) ) 3 ) ) ) 1 1 1 7 - ( 4 3 3 4 5 ) ) - - - 1 1 2 2 3 1 - P ( 9 3 ) 2 2 ) - - - 3 3 4 4 5 3 - - 1 - - - 7 3 6 9 0 - - 5 6 6 2 8 p Preliminary. 2 Includes transactions of international institutions. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS 1 [Net sales, (—). In millions of dollars] [In millions of dollars] Inter- Total Latin Assets in custody Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - Amer- Asia o A th l e l r Date Deposits tutions tries ica U. S. Govt. Miscelsecurities 2 laneous 3 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—Dec. 31 356 3,729 353 1957 _Oct -77 96 86 13 1 -4 0) Nov.... -53 2 9 1 -4 -5 0) 1958—Jan. 31 249 3.755 405 Dec.... 0) -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 0) -3 0) June 30 269 2.974 491 Apr.... -17 -55 7 -49 4 -3 -13 July 31 288 3.167 541 May... -156 -154 j -129 4 -4 -25 Aug. 31 in 3 344 523 June... -91 35 82 -40 2 -3 c Sept. 30 258 3,609 493 July.... -17 -84 -26 -55 1 -4 0) Oct. 31 288 3.777 481 S A e u p g t .... -15 3 - - 5 3 1 1 -11 12 - - 1 3 0 0 -8 2 - - 1 2 -3 -1 3 D N e o c v . . 3 3 1 0 2 2 7 2 2 6 3 3 , . 6 8 9 2 5 2 4 4 8 8 0 7 Oct.P.. . -11 -41 -29 -10 1 -3 1 Excludes assets held for international institutions, and earmarked p Preliminary. gold. See note 4 at bottom of page 1358 for total gold under earmark i Less than $500,000. at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and 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

86 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals Area and country 1957 1958 1950 1951 1952 1953 1954 1955 1956 1957 S Ju ep ly t. - O De c c t . , J M a a n 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 . . -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 ••-i-.o -20.0 Sweden -22.9 -32.0 -20.0 -15!o 15.2 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 -94.3 -20.0 -15.1 -74.4 -60.7 Other -16.4 -29.7 -17.3 -17.5 2.6 •"•4:6 *""3.'6 •-339:3 ••••••• -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 -.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 29.1 3.1 3 1 Venezuela q -30.0 -200.0 Other 21.0 -54.7 -2.4 -.3 17.2 3.0 -.7 2.4 3.3 -.1 -.4 2 Total . . -172.0 -126.0 57.5 -131.8 62.5 14.0 -28.3 80.9 15.0 46.6 -.1 -.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 -.4 1.0 14.1 -.2 -.1 -.5 -.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 institutions 4 200.0 600.0 — 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 1 Includes sales of gold to Belgian Congo as follows (in millions): 1950, 3 Includes purchase of $31.5 million of gold from Spain. $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. 4 Figures represent purchase of gold from, or sale to (—), International 2 Less than $50,000. Monetary Fund. 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 1 I i n n s g c 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 r l a r e d e r a a a : i k r s n s - e d e e - d e , - D p ti r c o t o i m g o d o n 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 1 ) I i n n S g c t r o t o o e l c d a t k a s l e i e m g x N o o p p e r l t o o d r r t t, g m c o c o r E r l r a e d e a r a r a i : k - n s s e e d e - d , e- D p ti r c o t o i m g o d o n u e l c s d - - 1945 . . 20,065 20,083 547.8 106.3 -356.7 32.0 1957—Dec 22,781 22,857 20.2 18.8 2.0 5.5 1946 20 529 20,706 623.1 311.5 465.4 51.2 1947 22 754 22 868 22 162 11 866 3 210 0 75 8 1958 Jan . 22 784 22 860 2 3 45 0 — 37 3 4 4 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 Feb 22,686 22,736 -123.7 38.9 -167.6 4.4 1949 24 427 24,563 164.6 686.5 -495.7 67.3 Mar 22 394 22 487 — 248.7 6 0 — 252 0 4 3 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Apr 21,996 22,042 -445.1 26.0 -471.5 4.5 May 21,594 21,674 -367.8 17.9 -355.2 4.6 1951 22,695 22,873 52.7 -549.0 617.6 66.3 June 21,356 21,412 -262.4 3 4 -285 0 4 9 1952 . .. 23,187 23,252 379.8 684.1 -304.8 67.4 July 21,210 21,275 -136.5 18.0 -164.3 6.1 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 Aug 21 011 21 082 -193 1 3 7 -196 7 5 4 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 Sept 20,874 20,929 -153.2 71.2 -220.2 6.2 1955 21 690 21,753 -40.9 97.3 -132.4 65.7 Oct 20 690 20 741 — 188 4 5 4 — 189 0 6 7 1956 21,949 22,058 305.9 106.1 318.5 65.3 Nov 20 609 20 653 -88.0 11 7 — 96 9 5 5 1957 22,781 22,857 798.8 104.3 600.1 63.0 Dec ^20,534^20,582 P-70.9 4-79.3 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 $8,537.6 million on Dec. 31,1958. "United States Money, Outstanding and in Circulation, by Kinds." Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 87 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3I, 1956 Sept. 30, 1957 Dec. 3I, 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 & notesdollars & notes dollars & notes Continental Western Europe: 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 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 1,505 7 1,004 9 946 9 911 10 890 26 1 019 H 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 2 1,678 4 1,875 j 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 97 628 636 651 658 678 694 Spain (and dependencies) 176 3 156 126 130 3 132 3 134 3 Sweden . ... 483 508 479 5 461 8 458 4 496 3 Switzerland 2,512 131 2,527 134 2,685 128 2,624 118 2,689 88 2 738 no Turkey 164 S 156 (2) 162 157 156 154 (2) Others 917 873 12 851 12 966 6 1,135 5 1,222 6 Total 14,135 298 14,462 294 14,755 319 14,955 296 15,517 269 16,633 259 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 4 191 197 (2) 211 (2) 218 (2) 222 (2) 224 (2) India 323 1 329 1 329 326 328 320 1 Union of South Africa 277 1 262 255 1 231 1 183 1 216 Other 228 14 227 30 224 34 230 37 230 35 233 40 Total 3,934 223 3,631 216 3,998 245 4,567 284 4,874 261 4 944 262 Canada 2,629 367 2,786 443 2,738 457 2,722 441 3,087 345 3 032 346 Latin America: Argentina ... 370 313 263 270 '265 244 Brazil 549 1 457 456 1 440 450 1 458 Chile 137 1 117 1 115 1 117 1 126 124 Colombia 210 244 215 200 192 207 n\ Cuba 347 167 416 371 154 371 146 417 86 409 86 Guatemala 91 87 92 93 91 75 600 4 553 566 3 536 3 485 3 518 3 Panama Republic of 109 1 129 1 136 1 144 2 134 1 143 1 Peru 119 96 (2) 88 82 (2) 93 (2) 92 (2) Uruguay 259 243 1 235 1 266 257 262 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 12 271 12 Total .. . 4,123 190 4,563 189 4,368 176 4,247 168 '4,274 108 4,036 108 Asia: I I n ra d n o . n esi . a 2 1 3 5 1 8 2 1 2 8 0 7 1 1 9 9 0 3 (2) 1 1 2 9 8 0 1 (2) 2 1 0 2 2 7 (2) 1 1 2 8 9 1 (2) Japan 1,145 4 698 714 2 833 932 1,011 1 Philippines 294 6 235 6 181 5 196 175 5 191 3 Thailand 260 1 275 269 269 1 260 1 252 Other 707 6 768 7 777 8 773 7 765 7 723 7 Total 2,795 17 2,383 16 2,324 16 2,389 15 2,461 14 2,487 12 All other: Egypt4 238 242 228 216 192 192 Other 129 8 166 7 162 7 170 8 152 7 136 (9 Total 367 8 408 7 390 7 386 8 344 7 328 9 Total foreign countries5 27,983 1,103 28,233 1,165 28,573 1,220 29,266 1,212 '30,557 1,004 31,460 996 International institutions 3,144 391 2,679 222 2,697 222 2,563 356 2,696 446 2,790 462 Grand total5 31,127 1,494 30,912 1,387 31,270 1,442 31,829 1,568 '33,253 1,450 34,250 1,458 ' Revised. 1 Excludes gold holdings of French Exchange Stabilization Fund. NOTE.—Gold and short-term dollars include reported and estimated 2 Less than $500,000. official gold reserves, and total dollar holdings as shown in Short-term 3 Includes Yugoslavia, Bank for International Settlements (both for Liabilities to Foreigners Reported by Banks in the United States, by its own and European Payments Union account), gold to be distributed Countriesr Tables 1 and la-Id of the preceding section). U. S. Govt. by the Tripartite Commission for Restitution of Monetary Gold, and bonds and notes represent estimated holdings with original maturities unpublished gold reserves of certain Western European countries. of more than one year; these estimates are based on a survey of selected 4 Part of the United Arab Republic since February 1958. U. S. banks and on monthly reports of security transactions. 5 Excludes gold reserves of the U. S. S. R. and other Eastern European countries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] E m n o d n t o h f w m E t o o a s r t t t a l e i d - l d l M F I ta n u o r t n n y ' d l e- U S n ta i t t e e s d r m w e E s a o s t t r t e i l o - d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- C g B o i n e a l n g - o g B iu el m - Brazil Canada Chile lo C m o b - ia 1952—Dec 36,000 ,692 23,252 11,055 287 112 52 80 706 320 896 42 16 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 1,080 42 86 1955 Dec 37,740 ,808 21,753 14,180 372 144 71 116 929 323 1,141 44 86 1956 Dec 38,245 ,692 22,058 14,495 224 107 71 122 928 324 1,113 46 57 1957 Nov ,180 22,837 126 123 103 81 875 324 1,127 40 61 Dec 38,970 ,180 22,857 14,935 126 126 103 81 913 324 1,115 40 62 1958 Jan ,180 22,860 126 130 103 76 946 324 1,116 40 63 Feb ,182 22,736 126 133 103 78 967 324 1,086 40 64 Mar 39,135 ,186 22,487 15,460 126 136 103 86 998 324 1,096 40 65 Apr 238 22,042 126 140 103 85 1.028 324 1,101 40 65 May ,241 21,674 126 143 103 84 ,099 324 1,089 40 66 June 39,395 ,242 21,412 'i6,'74O' 125 147 103 83 ,143 325 1,086 40 67 July ,242 2t,275 125 150 107 82 1,182 325 1,096 40 68 Aug 247 21 082 125 125 82 1,213 325 1 088 40 69 Sept ^39,540 ,307 20,929 ^7,305 136 82 1,228 325 1,088 40 70 Oct 107 20,741 144 83 1,251 325 1,085 40 70 Nov 20,653 155 .270 325 .089 40 Ger- Domin- many, E m n o d n t o h f Cuba m De a n rk - Re ic p a u n b- E d c o u r a- Egypt 2 E v l a d S o al r - l F a i n n d - France3 R F e e p d u e b ra li l c Greece G m a a u l t a e- India I n n e d s o ia lic of 1952—Dec 214 31 12 23 174 29 26 573 140 10 27 247 235 1953 Dec . . 186 31 12 23 174 29 26 576 328 11 27 247 145 1954—Dec 186 31 12 23 174 29 31 576 626 11 27 247 81 1955—Dec 136 31 12 23 174 28 35 861 920 11 27 247 81 1956—Dec 136 31 11 22 188 28 35 861 1,494 10 27 247 45 1957_Nov 136 31 11 22 188 31 35 575 2,557 13 27 247 41 Dec 136 31 11 22 188 31 35 575 2,542 13 27 247 39 1958—Jan 136 31 11 22 188 31 35 575 2,501 13 27 247 39 Feb 136 31 11 22 188 31 35 575 2,489 13 27 247 39 Mar 136 31 11 22 174 31 35 575 2,460 13 27 247 39 Apr 136 31 11 22 174 31 35 575 2 492 27 247 38 May 136 31 11 22 174 31 35 575 2,499 27 247 38 June 136 31 11 22 174 31 35 575 2 575 27 247 38 julv 136 31 11 22 174 31 35 589 2,581 27 247 38 Aug 136 31 11 22 174 31 35 589 2,587 27 247 38 Sept 135 31 11 22 174 31 35 589 2,597 27 247 38 Oct 135 31 22 174 31 35 589 2 633 27 247 38 Nov 120 31 11 22 174 31 35 589 2,639 27 247 38 Ire- E m n o d n t o h f Iran 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 ulic of 1952—Dec 138 18 346 31 144 544 33 50 38 46 9 286 1953—Dec 137 18 346 35 158 737 33 52 38 36 9 361 1954—Dec 138 18 346 63 62 796 33 45 38 35 9 429 1955 Dec ... . 138 8 18 352 74 142 865 33 45 48 35 16 428 1956—Dec 138 14 18 338 77 167 844 33 50 49 35 22 448 1957 Nov . 138 20 18 453 84 181 700 33 46 49 28 20 469 Dec 138 20 18 452 91 180 744 33 45 49 28 6 461 1958—Jan 138 25 18 457 91 159 792 33 45 49 28 6 454 Feb 138 25 18 462 91 159 828 33 45 49 20 7 454 Mar 138 25 18 462 91 158 847 33 43 49 20 8 454 Apr 138 25 18 417 91 156 862 33 43 49 20 8 454 May 138 25 18 491 91 154 881 33 43 49 20 10 474 June 138 25 18 607 91 153 910 33 43 49 20 11 474 July 138 25 18 677 91 150 920 33 43 49 20 12 474 Aug 138 25 18 754 91 148 944 33 43 49 20 13 486 Sept 138 25 18 91 956 33 43 49 20 14 486 Oct 141 18 91 999 33 43 49 19 15 486 Nov 141 18 91 1,026 43 49 19 486 P Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 89 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 i t c h a Sweden Sw la it n z d er- Syria 2 T la h n a d i- Turkey U K d n o i i n m t g e 4 d - U gu ru a - y V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l ' e l - 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 1,459 14 113 143 2,518 227 373 13 193 153 1954 Dec 199 265 1,513 17 113 144 2,762 227 403 14 196 153 1955_Dec 212 276 1,597 19 112 144 2,120 216 403 16 217 244 1956 Dec 224 266 1,676 19 112 144 2,133 186 603 17 179 268 1957 Nov . 218 227 1,718 24 112 144 2,185 183 719 12 143 Dec 217 219 1,718 24 112 144 2,273 180 719 13 165 254 1958 Jan 206 215 1,727 24 112 144 2,404 180 719 12 171 Feb 212 209 1,733 24 112 144 2,539 180 719 12 162 Mar 193 203 1,720 24 112 144 2,770 180 719 14 182 126 Apr 179 203 1,770 24 112 144 2,914 180 719 14 212 Mav . .. 161 203 1,836 24 112 144 3,039 180 720 14 254 June 159 204 1,857 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 1,934 112 144 3,120 180 719 15 187 126 Oct . .. 201 204 Q3S 112 144 3 174 180 719 15 198 Nov 210 204 1*924 144 3,215 17 238 P Preliminary. 3 Represents holdings of Bank of France (holdings of French Exchange 1 Excludes U.S.S.R. and other Eastern European countries. Stabilization Fund are not included). Represents reported gold holdings of central banks and governments 4 Exchange Equalization Account holdings of gold and of United and international institutions, unpublished holdings of various central States and Canadian dollars, as reported by British Government. (Gold banks and governments, estimated holdings of British Exchange Equaliza- reserves of Bank of England have remained unchanged at $1 million tion Account based on figures shown for United Kingdom, and esti- since 1939, when Bank's holdings were transferred to Exchange Equalizamated official holdings of countries from which no reports are received. tion Account.) 2 Part of the United Arab Republic since February 1958. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated world Year or production Africa ]Vorth and SouthAmerica Other rnonth (excl. U.S.S.R.) Total A So fr u ic th a R de h s o i - a Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 1 Brazil Chile Co b l i o a m- t A ra u l s ia - 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 i: .3 30.4 6.7 1951 840.0 763.1 403.1 17.0 22.9 12.3 66.3 153.7 138 8 8 4.8 6 1 if 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 864.5 780 417.9 17 5 25.4 13 0 69 0 142.4 16 9 9 1 4.0 4 6 3 37 7 7 8 1954 913.5 830 4 462.4 18.8 27.5 12.8 65.1 152.8 13 5 8 ~> 4.2 4 4 13.2 39.1 8 4 1955. 959.0 877.7 510.7 18.4 23.8 13.0 65.7 159.1 134 8 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 P 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 1? 1 6 9 4.2 3 6 4 37.9 6 3 1957 Ort 83 5 50.9 1 6 2.4 1 l 6.5 13 9 1 -> 6 .3 4 8 3.1 Nov 79 9 49 8 6 2 4 1 0 5 1 13 1 9 6 3 1 3 2 Dec 78.7 49.0 .6 2.4 .9 5.5 12.9 7 .5 .3 2 .9 3.3 .5 1958- Jan 49.6 .5 2.5 1.4 4.4 13.2 1 0 .6 .4 .5 3.2 .5 Feb.. . . 47.5 2.5 .9 4.4 12.5 .3 0 2.9 5 Mar 50.1 .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 .0 2.9 .5 May 51 6 6 2.4 1 0 4 6 13 3 6 .4 1 3.2 4 June.... 50.6 .6 2.5 1.4 4.9 13.4 .6 .3 2 3.3 .5 July . 52.4 2.5 .9 6.1 13.2 7 .4 '3 Aug 52.6 1.6 2.5 1.2 5.4 12.8 .7 .3 9 .5 Sept 53 0 7 2 5 1 i 6 2 13 1 4 Oct 54.0 .9 6.7 14'.0 .6 .3 1 Gold exports, representing about 90 per cent of total production. Ghana, Belgian Congo and Brazil, data for which are from American Bureau of Metal Statistics. For the United States, annual figures are Sources.—World production: estimates of U. S. Bureau of Mines. from the U. S. Bureau of the Mint and monthly figures are from American Production reported monthly: reports from individual countries except Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 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. Oct. Jan. Apr. July Oct Dollar deposits and U. S. securities 524 602 683 917 900 Gold 1,177 1,180 1,238 1,242 1,307 Other currencies and securities 1 858 813 767 752 747 Investments9 200 200 200 200 200 Effective Ioans2 2,549 2,606 2,795 2,829 2,999 Currencies: * Other assets3 76 75 90 93 91 United States 811 769 696 664 717 Other 5,948 5,992 6,060 6,119 6,025 IBRD bonds outstanding 1,141 1,269 1,405 1,658 1,687 Unpaid member subscriptions 874 874 898 873 958 Undisbursed loans 676 620 699 675 753 Other assets 8 9 Other liabilities 20 21 24 27 27 Reserves 303 319 335 350 366 Member subscriptions.... 9,016 9,016 9,088 9,081 9,193 Capital3 1,867 1,867 1,872 1,881 1,904 Accumulated net income. 3 (10) <"o Reserves and liabilities. . . (10) 23 Loans by country, Nov. 30, 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 m Total to gold others5 Oct. Oct. Continental Western Europe, Argentina 150 38 75 total 1,282 1,120 224 896 101 Bolivia 10 3 9 Austria 67 57 57 3 Brazil 150 38 113 Belgium and Luxembourg.. 173 143 17 127 32 Burma 15 15 Denmark 40 40 4 36 2 Chile 50 9 40 Finland 65 56 15 41 2 France 267 267 23 244 12 Colombia 50 13 35 Italy 238 141 2 139 20 Cuba 50 13 25 Netherlands 236 236 150 87 30 Denmark 68 6 34 9 Norway 75 60 58 1 France 525 108 263 394 Turkey 61 58 53 Haiti 8 2 1 3 Yugoslavia 61 61 53 India 400 28 200 200 Sterling area, total 1,361 1,012 116 897 118 Indonesia 110 16 55 55 Australia 318 311 25 287 35 Iran 35 9 25 17 Ceylon 25 12 12 1 Israel 8 2 4 4 India 507 324 295 31 Japan 250 63 125 63 Pakistan 126 68 55 4 Union of S. Africa 160 160 124 21 Netherlands 275 69 69 30 United Kingdom 193 117 111 26 Paraguay 8 2 6 6 Other 32 19 12 Philippines 15 4 15 15 Sudan 10 (6) 5 Latin America, total 890 637 550 21 Turkey 43 11 22 43 Brazil 255 169 147 Union of South Chile 74 44 36 Africa 100 25 36 Colombia 111 97 72 Ecuador 46 9 9 United Arab Re- El Salvador 24 23 22 public 60 10 30 30 Mexico 186 154 142 United Kingdom. 1,300 236 562 545 Nicaragua 23 19 14 United States.... 2,750 688 H-1,901 n-l,991 Peru 62 38 34 Yugoslavia 60 8 23 Uruguay 64 51 44 Other 45 33 31 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 509 252 243 20 repayments, the net amount outstanding on loans sold or agreed to be Iran 75 75 75 5 sold to others, and exchange adjustment. Japan 244 127 123 12 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 Less than $500,000. Thailand 107 7 Includes $237 million in loans not yet effective. 8 Includes $240 million not guaranteed by the Bank. Africa (excluding Sterling 9 U. S. Treasury bills purchased with proceeds of sales of gold. area), total I ° Transferred to general reserve. Ethiopia I1 Represents sales of U. S. dollars by the Fund to member countries Sudan for local currencies, less repurchases of such currencies with dollars. Total 74,105 3,032 438 2,594 8261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 91 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... 4,856 5,462 5,347 5,952 5,698 6,521 6,698 6,944 6,252 6,582 5,577 5,917 5,533 Merchandise 3,398 3,851 3,954 4,412 4,096 4,859 5,096 5,143 4,447 4,641 4,053 4,186 3,795 Services2 1,458 1,611 1,393 1,540 1,602 1,662 1,602 1,801 1,805 1,941 1,524 1,731 1,738 Imports of goods and services, total... 4,643 4,652 4,855 5,043 5,069 4,843 5,027 5,289 5,299 5,092 4,850 5,211 5,300 Merchandise 2,825 3,119 3,254 3,172 3,154 3,211 3,298 3,342 3,266 3,385 3,143 3,170 3,158 Services 1,126 838 859 1,041 1,262 947 880 1,071 1,340 1,005 878 1,137 1,385 Military expenditures 692 695 742 830 653 685 849 876 693 702 829 904 757 Balance on goods and services1 213 810 492 909 629 1,678 1,671 1,655 953 1,490 727 706 233 Unilateral transfers (net)3 -514 -590 -567 -616 -517 -632 -561 -665 -506 -575 -547 -596 -548 Private remittances and pensions... -141 -154 -151 -157 -158 -171 -170 -173 -172 -179 -168 -170 -181 Government nonmilitary grants -373 -436 -416 -459 -359 -461 -391 -492 -334 -396 -379 -426 -367 U. S. long- and short-term capital (net) - -244 -567 -550 -891 -985 -1,180 -1,095 -1,557 -551 -971 -927 -1,248 -779 Private, total -195 -549 -417 -683 -801 -1,079 -840 -1,363 -410 -598 -684 -1,030 -441 Direct investment -136 -272 -288 -342 -512 -697 -402 -993 -339 -338 -159 -419 -164 Portfolio and short-term investment -59 -277 -129 -341 -289 -382 -438 -370 -71 -260 -525 -611 -277 Government -49 -18 -133 -208 -184 -101 -255 -194 -141 -243 -218 -338 -373 Foreign capital and gold (net) 507 218 621 445 661 -189 -377 305 -256 577 1,065 877 Increase in foreign short-term assets 164 and Government securities 416 168 508 391 678 -275 -195 503 -247 188 -5 394 Increase in other foreign assets 106 58 125 157 147 113 166 127 18 212 19 -5 Gold sales by United States -15 -8 -12 -103 -164 -27 -348 -325 -27 50 370 1,075 483 -98 Errors and omissions 38 129 153 21: 323 362 262 360 -108 170 73 217 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 Switzerland Month 3 T m re b o a il s n l u s th ry s1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o k c e e n e p r s t t s h - * 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 - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m o p o a n t n o t s hs d P is r r c i 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 .62 414-6^ 1.50 1956 Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 3.23 4^-634 1.50 1957—Nov 3.66 3.52 6.78 6.54 5.63 5.00 4.87 4.66 3.35 554-8 2.50 Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 4.64 3.33 534-8 2.50 1958 Jan 3.54 3.34 6.51 6.27 5.56 5.00 5.17 4.43 3.50 534-8 2.50 Feb 2.99 3.05 6.17 6.02 5.57 5.00 5.25 3.88 3.26 534-8 2.50 Mar 2.44 2.61 5 98 5.78 5.23 4.65 5.96 3.14 2.77 534-8 2.50 Apr 1.65 1.64 5.47 5.28 4.71 4.00 6.78 3.18 2.93 534-8 2.50 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 5$-7Vi 2.50 Aug .. 1.29 .67 3.98 3.81 3.36 2.70 6.97 2.62 2.08 5\k—7V& 2.50 Sept 2.02 .48 3.82 3.65 3.17 2.50 6.46 2.62 2.16 5i4-7Vi 2.50 Oct 2.48 1.51 3.80 3.65 3.19 2.50 5.50 2.83 2.50 514-71/2 2.50 Nov 3.00 2.10 3.67 3.46 2.97 2.32 2.40 1.79 514-71/2 2.50 1 Based on average yield of weekly tenders during the month. 3 Beginning January 1957, rate shown is on private securities. Previous 2 Based on weekly averages of daily closing rates. figures are averages of rates on government and private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Rate as of Changes during the last 12 months Dec. 31, 1957 Rate as of Country 1958 Dec. 31, 1958 Per Month cent effective Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Arsentina2 6.0 Dec. 1957 6.0 Austria . • 5.0 Nov. 1955 5.0 Beleium 4.5 July 1957 4 25 4 0 3 75 3 5 3.5 Brazil2 6.0 May 1955 10 0 10.0 Burma 3.0 Feb. 1948 3.0 Canada3 3.87 Dec. 1957 3.50 3.11 2.52 1.62 1.79 1.97 1.12 1.74 2.52 3.08 3.13 3.74 3.74 Ceylon 2.5 June 1954 2.5 Chile2 6.0 Feb. 1957 6.0 Colombia2 4.0 July 1933 4.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 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 Germany 4.0 Sept. 1957 3.5 3.0 4 'J5 \ 3.0 Greece 10.0 May 1956 10.0 Honduras 4 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 7.0 India5 4.0 May 1957 4.0 Indonesia2 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 Japan2 8.4 May 1957 7.67 7.3 7.3 M^exico 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 Nicarasua 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 Philippine Republic 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 Switzerland 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 I 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 YA 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 93 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- Year or month Prefer- (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r l k an k d a) Basic ential Free 1953 20.000 13.333 7.198 224.12 8580 2.0009 101.650 21.046 .4354 1954 20.000 13.333 7.198 223.80 8580 1.9975 102.724 21.017 .4354 1955 20.000 13.333 7.183 222.41 8580 1.9905 101.401 20.894 .4354 1956 15.556 22.835 222.16 8580 2.0030 101.600 20.946 .4354 1957 5.556 2.506 222.57 8539 1.9906 104.291 20.913 4.3995 1958 35.556 32.207 223.88 3.8536 2.0044 103.025 21.049 .3118 1957—Dec. 5.556 2.707 223.57 3.8536 1.9991 102.304 20.969 .3118 1958—Jan.. 5.556 2.696 224.16 3.8536 1.9986 101.535 21.045 .3118 Feb.. 5.556 2.656 224.36 3.8536 2.0024 101.934 21.078 .3118 Mar. .556 2.610 224.33 8536 2.0041 102.312 21.072 .3118 Aor.. .556 2.444 224.47 8536 2.0047 103.011 21.088 .3118 May. .556 2.377 224.36 8536 2.0050 103.396 21.085 .3118 June. .556 2.376 223.99 8536 2.0050 103.960 21.066 .3118 July. .556 2.352 223.42 8536 2.0049 104.162 20.996 .3118 Aug. .556 2.221 223.51 8536 2.0050 103.645 21.020 .3118 Sept. .556 2.025 223.37 8536 2.0056 102.357 21.016 .3118 Oct.. .556 1.656 223.67 8536 2.0061 103.005 21.049 .3118 Nov. 5.556 1.386 223.55 8536 2.0056 103.253 21.039 .3118 Dec. 35.556 31.518 223.41 3.8536 2.0057 103.660 21.032 .3118 Year or month F ( r f a ra n n c c e ) 5 ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) J ( a y p e a n n ) ( M do a s l i l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e a il t n d h d e - s r) 1953. .2856 21.049 281.27 32.595 11.607 26.340 1954. .2856 23.838 21.020 280.87 32.641 9.052 26.381 1955. .2856 23.765 20.894 279.13 32.624 8.006 26.230 1956. .2855 23.786 20.934 279.57 .2779 32.582 8.006 26.113 1957. .2856 .2376 23.798 20.910 279.32 .2779 32.527 8.006 26.170 1958. 6.2858 5.2374 23.848 21.048 280.98 .2779 32.767 8.006 26.418 1957—Dec. .2858 .2376 23.799 20.975 280.58 .2779 32.644 8.006 26.367 1958—Jan... .2858 .2376 23.795 21.050 281.32 .2779 32.769 8.006 26.373 Feb... .2858 .2375 23.795 21.099 281.57 .2779 32.818 8.006 26.367 Mar.. .2858 .2376 23.793 21.086 281.54 .2779 32.811 8.006 26.378 Apr... .2858 .2376 23.808 21.101 281.71 .2779 32.830 8.006 26.388 May.. .2858 .2376 23.858 21.092 281.57 .2779 32.821 8.006 26.388 June.. 6.2858 .2376 23.853 21.062 281.11 .2779 32.775 8.006 26.380 July.. .2379 23.856 21.000 280.40 .2779 32.688 8.006 26.391 Aug.. .2382 23.861 21.019 280.51 .2779 32.701 8.006 26.409 Sept.. .2381 23.867 21.003 280.33 .2779 32.672 8.006 26.434 Oct... .2381 23.892 21.029 280.70 .2779 32.744 8.006 26.508 Nov.. .2381 23.897 21.026 280.55 .2779 32.828 8.006 26.508 Dec... 5.2330 23.907 21.015 280.38 .2779 32.768 8.006 26.506 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r a u t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u i n m t n g e d d - ) 1953 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 276.80 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1957 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958 278.19 14.008 49.695 3.4900 279.93 72.3810 19.328 23.328 280.98 1957—Dec 277.80 14.008 49.695 3.4900 279.53 19.328 23.335 280.58 1958—Jan 278.54 14.008 49.695 3.4900 280.27 72.3810 19.328 23.334 281.32 Feb 278.78 14.008 49.695 3.4900 280.52 .3810 19.328 23.335 281.57 Mar 278.75 14.008 49.695 3.4900 280.49 .3810 19.328 23.335 281.54 Aor 278.92 14.008 49.695 3.4900 280.65 .3810 19.328 23.335 281.71 May 278.78 14.008 49.695 3.4900 280.52 .3810 19.328 23.335 281.57 June 278.33 14.008 49.695 3.4900 280.06 .3810 19.328 23.335 281.11 July 277.62 14.008 49.695 3.4900 279.35 .3810 19.328 23.335 280.40 Aug 211.11 14.008 49.695 3.4900 279.46 2.3810 19.328 23.335 280.51 Sept 277.55 14.008 49.695 3.4900 279.28 2.3810 19.328 23.335 280.33 Oct 277.93 14.008 49.695 3.4900 279.66 2.3810 19.328 23.300 280.70 Nov 211.IS 14.008 49.695 3.4900 279.51 2.3810 19.328 23.300 280.55 Dec 277.60 14.009 49.695 3.4900 279.33 2.3810 19.329 23.317 280.38 1 Official rate. The basic and preferential rates were discontinued and of 420 francs per U. S. dollar applicable to most foreign exchange transacthe new official rate of 18 pesos per U. S. dollar became effective Oct. tions. The official rate of 350 francs per U. S. dollar was changed to 28, 1955. 420 francs on June 23, 1958. Effective Dec. 29, 1958, the French franc 2 New free market rate became effective Oct. 28, 1955. was devalued from 420 to 493.706 francs per U. S. dollar. 3 Based on quotations through Dec. 29, 1958. 6 Based on quotations through June 20, 1958. 4 Effective Sept. 16, 1957, the Finnish markka was devalued from 230 7 Based on quotations beginning Jan. 2, 1958. to 320 markkaa per U. S. dollar. 5 On Aug. 12, 1957, the French authorities established an effective rate 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 LLOYD M. SCHAEFFER, Chief Federal Reserve DAVID B. HEXTER, Assistant General Counsel Examiner G. HOWLAND CHASE, Assistant General Counsel THOMAS J. O'CONNELL, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser GUY E. NOYES, Adviser ROLAND I. ROBINSON, Adviser DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Associate Adviser ALBERT R. KOCH, Associate Adviser JOSEPH E. KELLEHER, Director KENNETH B. WILLIAMS, Associate Adviser LEWIS N. DEMBITZ, Research Associate OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director J. HERBERT FURTH, Associate Adviser 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 JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director M. B. DANIELS, Assistant Director OFFICE OF DEFENSE PLANNING JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 FEDERAL RESERVE BULLETIN - JANUARY 1959 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 JOHN J. MCCLOY, NEW YORK WILLIAM A. MCDONNELL, ST. LOUIS CASIMIR A. SlENKIEWICZ, PHILADELPHIA GORDON MURRAY, MINNEAPOLIS REUBEN B. HAYS, CLEVELAND KANSAS CITY } JOHN S. ALFRIEND, RICHMOND WALTER B. JACOBS, DALLAS JOHN A. SIBLEY, ATLANTA CHARLES F. FRANKLAND, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches Chairmen and Deputy Chairmen of Boards of Directors FEDERAL RESERVE CHAIRMAN AND _^ _ BANK OF- FEDERAL RESERVE AGENT DEPUTY CHAIRMAN BOSTON ROBERT C. SPRAGUE NILS Y. WESSELL NEW YORK JOHN E. BIERWIRTH FORREST F. HILL PHILADELPHIA HENDERSON SUPPLEE, JR. LESTER V. CHANDLER CLEVELAND ARTHUR B. VAN BUSKIRK JOSEPH H. THOMPSON RICHMOND ALONZO G. DECKER, JR. D. W. COLVARD ATLANTA WALTER M. MITCHELL HARLLEE BRANCH, JR. CHICAGO BERT R. PRALL J. STUART RUSSELL ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL MINNEAPOLIS LESLIE N. PERRIN O. B. JESNESS KANSAS CITY RAYMOND W. HALL JOE W. SEACREST DALLAS ROBERT J. SMITH HAL BOGLE SAN FRANCISCO A. H. BRAWNER Y. FRANK FREEMAN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 97 Presidents and Vice Presidents Federal Vice Presidents Reserve President (Vice Presidents in charge of branches are Bank of First Vice President listed in lower section of this page) Boston J. A. Erickson D. Harry Angney George H. Ellis Dana D. Sawyer E. O. Latham Ansgar R. Berge Benjamin F. Groot O. A. Schlaikjer New York Alfred Hayes Harold A. Bilby Harold V. Roelse Todd G. Tiebout William F. Treiber John Exter Robert V. Roosa Valentine Willis Marcus A. Harris Robert G. Rouse R. B. Wiltse Herbert H. Kimball Walter H. Rozell, Jr. Philadelphia... Karl R. Bopp Joseph R. Campbell Murdoch K. Goodwin James V. Vergari Robert N. Hilkert Wallace M. Catanach Philip M. Poorman Richard G. Wilgus David P. Eastburn Cleveland W. D. Fulton Dwight L. Allen Clyde Harrell Martin Morrison Donald S. Thompson Roger R. Clouse L. Merle Hostetler Paul C. Stetzelberger Hugh Leach N. L. Armistead Upton S. Martin Thomas I. Storrs Richmond Edward A. Wayne J. Dewey Daane Joseph M. Nowlan C. B. Strathy Aubrey N. Heflin James M. Slay Malcolm Bryan J. E. Denmark Harold T. Patterson Earle L. Rauber Atlanta Lewis M. Clark John L. Liles, Jr. L. B. Raisty S. P. Schuessler J. E. McCorvey Chicago Carl E. Alien Ernest T. Baughman Hugh J. Helmer George W. Mitchell E. C. Harris Neil B. Dawes Paul C. Hodge H. J. Newman W. R. Diercks Robert C. Holland A. L. Olson A. M. Gustavson C. T. Laibly St. Louis Delos C. Johns Homer Jones Dale M. Lewis Joseph C. Wotawa Guy S. Freutel George E. Kroner Howard H. Weigel Minneapolis... Frederick L. Deming C. W. Groth A. W. Johnson M. H. Strothman, Jr. A. W. Mills M. B. Holmgren H. G. McConnell Kansas City... H. G. Leedy John T. Boysen Joseph S. Handford Clarence W. Tow Henry O. Koppang George H. Clay E. U. Sherman D. W. Woolley Dallas Watrous H. Irons Thomas A. Hardin L. G. Pondrom Harry A. Shuford W. D. Gentry G. R. Murff Morgan H. Rice Charls E. Walker Thomas W. Plant San Francisco. H. N. Mangels J. L. Barbonchielli E. R. Millard John A. O'Kane Eliot J. Swan H. E. Hemmings R. H. Morrill O. P. Wheeler A. B. Merritt Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis Helena Kyle K. Fossum Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City Denver Cecil Puckett Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha P. A. Debus Charlotte R. L. Cherry Atlanta Birmingham H. C. Frazer Dallas El Paso Howard Carrithers Jacksonville T. A. Lanford Houston J. L. Cook Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City E. R. Barglebaugh Memphis Darryl R. Francis Seattle J. M. Leisner Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 1483-1486 of the December 1958 Bulletin. THE FEDERAL RESERVE SYSTEM—PURPOSES AND Reserve Bulletin, single copies 60 cents each or FUNCTIONS. April 1954. 208 pages. in quantities of 10 or more for single shipment 50 cents each; elsewhere 70 cents each. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. THE FEDERAL RESERVE ACT, as amended through December 31, 1956, with an Appendix con- FEDERAL RESERVE BULLETIN. Monthly. Sub- taining provisions of certain other statutes afscription price in the United States and its pos- fecting the Federal Reserve System. 385 pages. sessions, Bolivia, Canada, Chile, Colombia, $1.00. Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, FLOW OF FUNDS IN THE UNITED STATES, 1939-53. Mexico, Nicaragua, Panama, Paraguay, Peru, A new accounting record designed to picture El Salvador, Uruguay, and Venezuela is $6.00 the flow of funds through the major sectors of per annum or 60 cents per copy; elsewhere the national economy. December 1955. 390 $7.00 per annum or 70 cents per copy. Group pages. $2.75. subscriptions in the United States for 10 or more copies to one address, 50 cents per copy A STATISTICAL STUDY OF REGULATION V LOANS. per month, or $5.00 for 12 months. September 1950. 74 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. FEDERAL RESERVE CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS. Monthly. Annual BANKING AND MONETARY STATISTICS. Statistics of subscription includes one issue of Historical banking, monetary, and other financial develop- Supplement. Subscription price in the United ments. November 1943. 979 pages. $1.50. States and the countries listed above is $6.00 per annum, 60 cents per copy, or 50 cents each RULES OF ORGANIZATION AND RULES OF PROCEin quantities of 10 or more of a particular DURE—Board of Governors of the Federal Reissue for single shipment; elsewhere $7.00 per serve System. 1946. 31 pages. annum or 70 cents each. REGULATIONS OF THE BOARD OF GOVERNORS OF HISTORICAL SUPPLEMENT TO FEDERAL RESERVE THE FEDERAL RESERVE SYSTEM. CHART BOOK. Issued annually in September. Annual subscription to monthly chart book in- ADMINISTRATIVE INTERPRETATIONS OF REGULAcludes one issue of Supplement. In the United TION F—SECTION 17—COMMON TRUST FUNDS. States and countries listed above under Federal 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President, are being distributed through the Superintendent of Documents. Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00 Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60 Part III—Views on Regulation, $1.00 Part IV—Financing New Car Purchases, $.60 Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C. 98 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 99 REPRINTS UNITED STATES BANKING ORGANIZATION ABROAD. (From Federal Reserve Bulletin unless preceded December 1956. 16 pages. by an asterisk) SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. THE MONETARY SYSTEM OF THE UNITED STATES. April 1957. 20 pages. February 1953. 16 pages. SURVEY OF FINANCE COMPANIES, MID-1955. INFLUENCE OF CREDIT AND MONETARY MEASURES April 1957. 17 pages. ON ECONOMIC STABILITY. March 1953. 16 WINNING THE BATTLE AGAINST INFLATION. Aupages. gust 1957. 12 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC REVISION OF MONTHLY DEPARTMENT STORE IN- STABILITY. May 1953. 7 pages. DEXES. December 1957. 30 pages. -^DETAILED DESCRIPTION OF SOURCES AND METH- BANKING AND MONETARY STATISTICS, 1957. Se- ODS USED IN REVISION OF SHORT- AND INTERlected series of banking and monetary statistics MEDIATE-TERM CONSUMER CREDIT STATISTICS. for 1957 only. February and May 1958, 12 April 1953. 25 pages. pages. DEPARTMENT STORE SALES AND STOCKS, BY SEASONAL FACTORS AFFECTING BANK RESERVES. MAJOR DEPARTMENTS (Revised Indexes). No- February 1958. 12 pages. vember 1953. 65 pages. INTERNATIONAL GOLD AND DOLLAR FLOWS. FEDERAL RESERVE MONTHLY INDEX OF INDUS- March 1958. 7 pages. TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. 1958 SURVEY OF CONSUMER FINANCES. March, July, and September 1958. 51 pages. (Similar NEW INDEXES OF OUTPUT OF CONSUMER DUR- Surveys are available for earlier years from ABLE GOODS. May 1954. 15 pages. 1952, 1953, 1955, 1956, and 1957 BULLETINS.) SEASONAL ADJUSTMENT FACTORS FOR DEMAND MEMBER BANK LENDING TO SMALL BUSINESS, DEPOSITS ADJUSTED AND CURRENCY OUTSIDE 1955-57. April 1958. 19 pages. BANKS. March 1955. 4 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- SALES. April 1958. 10 pages. COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. GROWTH AND STRUCTURE OF TIME DEPOSITS. April 1958. 5 pages. SURVEY OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of OWNERSHIP OF DEMAND DEPOSITS. May 1958. 3 Member Banks. April 1956. 14 pages. Credit pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. SURVEY OF COMMON TRUST FUNDS, 1957. May 1958. 5 pages. (Also, similar reprints from FINANCING OF LARGE CORPORATIONS, 1951-55. August 1956 and June 1957 BULLETINS.) June 1956. 9 pages. MONEY AND CREDIT IN THE RECESSION. July 1958. REVISION OF CONSUMER CREDIT STATISTICS. Oc- 7 pages. tober 1956. 24 pages. (Also, similar reprint from April 1953 BULLETIN.) INTEREST RATES IN LEADING COUNTRIES. September 1958. 8 pages. INDEX OF ELECTRICITY AND GAS OUTPUT. October 1956. 15 pages. THE 1957-58 RECESSION IN WORLD TRADE. October 1958. 8 pages. AGRICULTURAL LOAN SURVEY. November 1956 and January, February, and March 1957 BUL- OPEN MARKET OPERATIONS IN LONG-TERM SE- LETINS. 52 pages. CURITIES. November 1958. 15 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers' .40, 41 Department stores: Agricultural loans of commercial banks. .36, 38 Merchandising data . ....71 Agriculture, Govt. agency loans 44, 45 Sales and stocks 60, 70 Assets and liabilities {See also Foreign liabilities Deposits (See also specific types of deposits): and claims reported by banks): Adjusted, and currency ... .32 Banks and the monetary system, Banks, by classes . . 33,37, 39 consolidated . . .... .32 Federal Reserve Banks .27, 28, 85 Corporate, current 52 Postal savings 30, 32 Domestic banks, by classes 33, 36, 38 Turnover of . . ..30 Federal business-type activities, by Deposits, reserves, and borrowings, by class fund or activity 44, 45 of member bank... .... ....25 Federal Reserve Banks . 27, 28 Discount rates . . 26, 76, 92 Automobiles: Discounts and advances by Federal Reserve Consumer instalment credit . 56, 57, 58 Banks 23, 27 Production index . .... 62, 66 Dividends, corporate 51, 52 Dollar assets, foreign 85, 87 Bankers' balances 37,39 Dwelling units started .67 {See also Foreign liabilities and claims reported by banks) Earnings and hours, manufacturing Banks and the monetary system, consolidated industries .... 60, 69 statement .32 Employment .60, 68, 69 Bonds (See also U. S. Govt. securities): Export-Import Bank, loans, etc. . . 44, 45 New issues . 50, 52 Prices and yields .41, 42 Farm mortgage loans 44,53, 54 Brokers and dealers in securities, bank Federal business-type activities, assets and loans to .36, 38 liabilities, by fund or activity .44, 45 Business expenditures on new plant and Federal Deposit Insurance Corporation, equipment .52 assets, etc. .44, 45 Business indexes 60 Federal finance: Business loans (See Commercial and industrial Cash transactions . . . .46 loans) Receipts and expenditures .47 Treasurer's balance 46 Capital accounts: Federal home loan banks, loans, etc .44, Banks, by classes . .33, 37, 39 Federal Housing Administration, 45, 55 Federal Reserve Banks . . . 27, 28 loans, etc 44, 45, 53, Carloadings .... .... 60 Federal National Mortgage Association, 54, 55 Central banks, foreign .88, 92 loans, etc 44, Coins, circulation of . . .31 Federal Reserve Banks: 45, 55 Commercial banks: Condition statement . . Assets and liabilities . .33, 36 U. S. Govt. securities 27, 28 Consumer loans held, by type 57 held by .23, 27, 28, Number, by classes 33 Federal Reserve credit 23, 48, 49 Real estate mortgages held, by type. .53 Federal Reserve notes . .27, 28, 27, 28 Commercial and industrial loans: Finance company paper 29, 31 Commercial banks 36 Foreign central banks . . 40, 41 Weekly reporting member banks 38, 40 Foreign deposits in U. S. 88, 92 Commercial paper 40, 41 banks .23, 27, 28, 32, 37, 39 Commodity Credit Corporation, loans, etc. . .44, 45 Foreign exchange rates . . .... 93 Condition statements (See Assets and liabilities) Foreign liabilities and claims reported Construction ... 60, 66, 67 by banks . 78, 80, 83, 85 Consumer credit: Foreign trade 71 Instalment credit . 56, 57, 58, 59 Major parts .56, 58 Gold: Noninstalment credit, by holder ....57 Earmarked . .86 Consumer durable goods output indexes ....66 Net purchases by U. S. . 86 Consumer price indexes .60, 72 Production . 86, 89 Consumption expenditures .74, 75 Reserves of central banks and Corporate sales, profits, taxes, and governments 88 dividends . .51, 52 Reserves of foreign countries Corporate security issues . 50, 52 and international institutions 87 Corporate security prices and yields 41, 42 Stock 23, 32, 86 Cost of living (See Consumer price indexes) Gold certificates 27, 28, 29, 31 Currency in circulation 23, 31 Govt. debt (See U. S. Govt. securities) Customer credit, stock market . . . .42 Gross national product . . . 74, 75 Debits to deposit accounts 30 Home owners, Govt. agency loans . 44, 45 Demand deposits: Hours and earnings, manufacturing Adjusted, banks and the monetary system 32 industries ... . . 60, 69 Adjusted, commercial banks, by classes 37 Banks, by classes 33, 39 Industrial advances by Federal Type of holder, at commercial banks 37 Reserve Banks .27, 28, 29 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 101 Industrial production indexes . . . .60, 61, 66 Real estate loans—Continued Instalment loans . . 56, 57, 58, 59 Type of mortgage holder . . .53, 54, 55 Insurance companies . .. 43, 48, 49, 54 Type of property mortgaged 53, 54, 55 Insured commercial banks . . .35, 36 Regulation V, loan guarantees . . . . 29, 30 Interbank deposits ..33, 37, 39 Reserve requirements, member banks .26 Interest rates: Reserves: Bond yields ..41 Commercial banks . . 37 Business loans by banks ....41 Federal Reserve Banks . . . . 27, 28 Federal Reserve rates .26, 76 Foreign central banks and governments .88 Foreign countries .91, 92 Foreign countries and international institu- Open market . .41, 91 tions 87 Regulation V loans ...30 Member banks .. .23, 25, 27, 28, 37, 39 Stock yields .41 Residential mortgage loans 53, 54, 55 Time deposits, maximum rates . .30 International capital transactions Sales finance companies, consumer loans of 56, 57, 59 of the U. S 78 Savings 74 International financial institutions 86, 87, 88, 90 Savings deposits (See Time deposits) Inventories . . . .. .75 Savings institutions, principal assets 43 Investments (See also specific types of Savings and loan associations . . 43, 54 investments): Securities, international transactions 84, 85 Banks, by classes .33, 36, 38 Security issues . . . 50, 52 Federal Reserve Banks .27, 28 Silver coin and silver certificates 31 Govt. agencies, etc. .44, 45 State member banks ... 35 Life insurance companies ..43 State and municipal securities: Savings and loan associations ..43 New issues 50 Prices and yields 41, 42 Labor force . . . .. .68 States and political subdivisions: Loans (See also specific types of loans) Deposits of 37, 39 Banks, by classes 33, 36, 38 Holdings of U. S. Govt. securities 48 Federal Reserve Banks .23, 25, 27, 28, 29 Ownership of obligations of 36, 43 Govt. agencies, etc. .44, 45 Stock market credit .42 Insurance companies . .43, 54 Stocks: Savings and loan associations 43, 54 New issues . 50 Loans insured or guaranteed 29, 53, 54, 55 Prices and yields 41, 42 Manufacturers, production indexes .60, 61, 66 Tax receipts, Federal . . .47 Margin requirements .26 Time deposits .... .25, 30, 32, 33, 37. 39 Member banks: Treasurer's account balance 46 Assets and liabilities, by classes . .33, 36 Treasury cash . 23, 32 Borrowings at Federal Reserve Banks .23, 25 Treasury currency 23, 31, 32 Deposits and reserves, by classes .25 Treasury deposits 23, 27, 28, 46 Number, by classes .33 Reserve requirements, by classes. .26 Unemployment . .. 68 Reserves and related items 23 U. S. balance of payments 91 Weekly reporting series ....38 U. S. Govt. balances: Minerals, production indexes . . .60, 61 Commercial bank holdings, by classes 37, 39 Money rates (See Interest rates) Consolidated monetary statement 32 Mortgages (See Real estate loans) Treasury deposits at Federal Reserve Mutual savings banks .32, 33, 35, 48, 49, 53 Banks 23, 27, 28. 46 National banks .35 U. S. Govt. securities: National income 74 Bank holdings . 32, 33, 36, 38, 48, 49 National security expenditures . .47, 75 Federal Reserve Bank holdings 23, 27, 28 48, 49 Nonmember banks .27, 35, 36 Foreign and international holdings 87 International transactions . 84, 85 Payrolls, manufacturing, index 60 New issues, gross proceeds . . 50 Personal income . . . ... .75 Outstanding, by type of security 48, 49 Postal Savings System . .30, 32 Ownership of . 48, 49 Prices: Prices and yields . . 41, 42 Consumer ..60, 72 United States notes, outstanding and in circula- Security . .... ....42 tion 31 Wholesale commodity 60, 72 Utility output index 65 Production 60, 61, 65, 66 Profits, corporate ...51, 52 Veterans Administration, loans, etc. 44, 45, 53, 54, 55 Real estate loans: Commercial banks .36, 38, 53 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(£> THE FEDERAL RESERVE SYSTEM g) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Brancli Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Alaska was added to the Twelfth Federal Reserve District as of January 3, 1959, and became part of the Seattle Branch Territory of that District. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis