Federal Reserve Bulletin, 1959-02

FEDERAL RESERVE V JI ML^J V^jJLmJ ML A ll February BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Elliott Thurston Woodlief Thomas Winfield W. Riefler Ralph A. Young Susan S. Burr The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Money and Credit in 1958 103 A Year of Recession and Recovery 110 Directors of Federal Reserve Banks and Branches 120 Law Department 134 Current Events and Announcements 149 National Summary of Business Conditions 150 Financial and Business Statistics, U. S. (Contents on p. 153) 155 International Financial Statistics (Contents on p. 219) 220 1 Board of Governors and Staff 237 Open Market Committee and Staff; Federal Advisory Council 238 | Federal Reserve Banks and Branches 238 I Federal Reserve Board Publications 240 j ] Index to Statistical Tables 242 1 | Map of Federal Reserve System Insideback cover j ji Volume 4£ * Number 2 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

GROWTH of money and bank credit in 1958 was affected by sharp changes in eco- IOANS AND INVESTMENTS All COMMItCIAl IANKS nomic activity, and by Federal Reserve Billiom of dollon actions to adapt monetary and credit conditions to the changing economic environment. Bank credit increased substantially in the first part of the year, when there is usually a seasonal contraction, but in the latter part of the year it expanded at little more than the usual seasonal rate. In the first seven months of the year, when business and consumer demands for bank credit were relatively slack, commercial banks purchased securities at an ex- ,v-> U. S. GOVT. SECURITIES ,^,ceptionally high rate, thus adding to the supply of funds available for investment and I 1 1 1 I consumption. The larger part of the bank OTHER SECURITIES credit expansion in this period reflected ex- .". 1 " 1 1 1 1 pansion in time deposits, but growth of sea- 1954 sonally adjusted demand deposits was also NOTE.—Last-Wednesday-of-month figures partly estimated at an unusually rapid rate. except for June and December, which are call report data. Interbank loans excluded. Figures for last half of 1958 Federal Reserve actions to provide the preliminary. reserve base for credit and deposit growth, commodated a modest revival in loan deand also to offset the drain on reserves remand, but made only limited additions to sulting from gold outflow, included open their security holdings. As a consequence, market purchases of United States Governdemand deposits increased at a much slower ment securities and three reductions in pace after July. The growth of time deposits member bank reserve requirements. These at commercial banks also slackened abactions were accompanied by a three-step ruptly after July, as market rates on alterreduction in Reserve Bank discount rates. native investments rose. In the last five months of the year, as Member banks obtained an increasing economic recovery gained momentum, the volume of the reserves needed to support rate of monetary and bank credit expansion bank credit expansion in the last five months slowed in response to Federal Reserve ac- of the year by borrowing at the Reserve tion to reduce availability of reserve funds, Banks. During most of December 1958 and reinforced by increases in discount rates. January 1959, member bank borrowings In this period of rapid recovery, banks ac- exceeded excess reserves. 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 The over-all result of forces influencing and local government securities were greater commercial bank credit expansion in 1958 in 1958 than in any earlier postwar year. was the largest increase in such credit of any Bank investments and Treasury finance. postwar year. The active money supply- Commercial banks added $8 billion of demand deposits and currency outside banks United States Government securities to their —rose during the year by nearly 3Vi per portfolios in 1958, at a time when falling cent. At the year-end, the money supply revenues and rising expenditures were restood about 2Vi per cent above the prere- quiring substantial Treasury borrowing of cession level. new cash. The Federal cash deficit for the Early in 1959 the underlying strength calendar year 1958 was $7.5 billion, comof the recovery movement appeared clear pared with a surplus of $1.2 billion for the although considerable unused plant capac- previous year. Treasury cash borrowing to ity and unemployment remained in some cover the deficit and to provide for cash sectors. Prices generally had shown stability redemption of maturing issues was $19.0 for several months, with slight downward billion. This included $7.8 billion in new movements in some areas offsetting in- bills, the bulk of which was added after creases in others. On the other hand, finan- September. cial markets revealed strongly optimistic ex- Commercial bank allotments of new pectations, and there was concern in some Treasury cash issues other than bills quarters about prospects for price stability. amounted to $9.4 billion in 1958. Banks subsequently sold portions of these securi- BANK LOANS AND INVESTMENTS ties, particularly in the last five months of Commercial bank credit rose by the record the year, thus aiding in their distribution to amount of $14.6 billion in 1958, thus dem- nonbank investors. Banks increased their onstrating in the third postwar recession, as holdings of bills by about $1.0 billion in the previous two, that banks will ex- during the year. pand assets sharply in periods of slack eco- Three-fourths of the increase in bank nomic activity if reserve funds are readily holdings of United States Government secuavailable. Total credit growth last year far rities during 1958 occurred in the first seven exceeded the record for any previous post- months of the year. City banks acquired war year and compared with increases of most of these securities, which included sub- $5.9 billion and $10.2 billion in the reces- stantial amounts of intermediate- and longsion years of 1949 and 1954, respectively. term issues, as the Treasury moved both In contrast with the normal seasonal pattern, through cash borrowings and refundings to the major portion of the 1958 increase oc- lengthen the pattern of debt maturity. Some curred during the first seven months of the of these securities were acquired by banks year, confirming the influence of reserve on subscription to Treasury offerings, but availability in shaping bank loan and invest- substantial amounts also were purchased ment activities. from nonbank holders who transferred Owing to limited loan demand, the prime funds to other uses. factor in credit growth was bank purchase Treasury financing after midyear was conof securities. Net acquisitions by banks of fined to shorter term securities, in recogniboth United States Government and State tion of the low market receptivity to bonds Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN 1958 105 and the increasing availability of corporate falling far short of increases in 1955 and internal funds that were being generated by 1956. Real estate loans accounted for more economic recovery and seeking liquid in- than half of the growth in 1958, although vestment. Nearly $900 million of 21-year farm loans also rose substantially. bonds, however, were marketed in January Business loans declined $200 million in of 1959. 1958, compared with an increase of $1.8 Commercial banks took large amounts billion in 1957 and much larger increases of each Treasury offering in the last five in 1955 and 1956. The decline at city banks months of 1958, particularly the $3.6 bil- was $1.0 billion, about one-half of which lion issue of tax certificates on August 6 and represented reduced borrowing by sales fithe $2.7 billion issue of special bills on Oc- nance companies. At banks outside leading tober 8, but subsequently disposed of large cities, loans to business rose about $800 amounts of these and other issues to non- million. bank buyers. Growth in bank holdings of The 1958 decline in business loans was United States Government securities after moderate in view of the rapid inventory liq- July, amounting to $2.1 billion, was en- uidation that continued through the first tirely at banks outside leading cities; hold- three quarters of the year. Meanwhile, deings at city banks declined slightly. spite a reduced rate of investment in new State and local government security mar- plant and equipment, business borrowing kets were active throughout 1958. An ample through the capital markets continued large. supply of securities, together with ready Business loans at banks fell $2.6 billion availability of reserves, resulted in record in the first seven months of the year, a period acquisitions by commercial banks. Growth of substantial seasonal loan liquidation in in bank portfolios of these issues was espe- some lines, then increased $2.4 billion over cially rapid in the first three quarters. the remainder of the year. Expansion dur- Loans. Loan growth at commercial banks ing the final three months of 1958 approxiamounted to $4 billion in 1958, slightly ex- mated $1.6 billion and was roughly in line ceeding the growth of the previous year, but with seasonal expectations. For the same BUSINESS LOANS— CUMULATIVE CHANGE FROM DECEMBER Billions of dollars ALL MANUFACTURERS SALES FINANCE FOOD PROCESSORS 1.5 COMPANIES _ and 1.5 COMMODITY DEALERS 1.0 ,J 1957 v»_i- 1.0 r .5 ,95 V^i 8 .5 .5 1.0 1.0 , i , i 1 , i 1 i i NOTE.—Monthly changes in large loans at a sample of more All changes cumulative from last Wednesday of December in than 200 large banks in weekly reporting member bank series. preceding year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 period in 1957 these loans had shown vir- decline in automobile credit having offset tually no change. According to reports from increases in other categories. Security loans a sample of large banks, growth in the last rose only moderately over the year, as most quarter of 1958 reflected both a higher level of the increases in June and December, asof new lending and a lower level of repay- sociated in part with Treasury financing, ments than a year earlier. were offset by declines at other times. Borrowing at commercial banks by sales finance companies declined more than $500 DEPOSITS AND CURRENCY million in 1958, in contrast with an increase The active money supply—demand deposits in 1957. The decline reflected both a readjusted and currency outside banks—induction in automobile credit held by these creased $4.5 billion during 1958, in concompanies and some shift in financing from trast with a decline of $1.2 billion in 1957. bank loans to the open market in response The 1958 increase, amounting to about 2>Vi to lower market rates during the first half per cent, was the largest since 1952. of the year. By far the greater portion of the increase Loans to industries having pronounced occurred during the first seven months of seasonal swings—the food, commodity, and the year. During this period, in response trade groups—declined about as usual in to a Federal Reserve policy of active monethe first half of the year but rose less than tary ease, the money supply grew at an anseasonally in the last half. Other changes nual rate of 5Vi per cent on a seasonally in business loans by industry groups readjusted basis. In contrast, growth during flected basic economic developments during the last five months was at an annual rate of the year. Producers of metals and metal less than 1 Vi per cent. products and petroleum and chemicals re- In the first half of 1958, reflecting the duced their borrowings, while demand for rapid growth in the money supply and the loans from construction firms was strong. reduced level of over-all economic activity, Borrowing by public utilities was much turnover of demand deposits at banks outless extensive than in any of the preceding side New York City was at a rate somewhat three years. below the 1957 high. In New York City, The 1958 increase in real estate loans at however, turnover continued to rise until commercial banks was about $2.2 billion, midyear. In the last half of the year, the compared with $600 million during the preturnover rate declined in New York City, vious year. The 1958 increase was close to but changed little at other reporting centers. that of 1955, and larger than in any other Time deposits at commercial banks inyear since 1947. Credit availability, lower creased $6.8 billion, or 12 per cent, in 1958, interest rates, and easing of credit terms all exceeding the rapid growth in 1957 and contributed to the strong upswing in home setting a new record for the postwar years. construction that began in the spring and All but $600 million of the increase came continued throughout the year. Private housbefore August, as the chart shows. Aling starts reached a seasonally adjusted anthough financial savings in general increased nual rate of 1.4 million units in December, greatly during this period, much of the the highest in four years. growth at banks consisted of funds of busi- Consumer loans changed little in 1958, a nesses, governments, and other large holders Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN 1958 107 and extended by a number of actions in the DEPOSITS first half of 1958. COMMItCIAl tANKS Billions o? ccHors Open market operations early in the year absorbed a smaller portion than usual of the DEMAND SEASONA1LT ADJUSTED . reserves released by the seasonal return flow of currency and decline in demand deposits. Further easing of member bank reserve po- > sitions in the spring and early summer was 1 i i 1 brought about by Federal Reserve open market purchases beginning in March and accelerating in May and June. Complementary action to ease member IIMt - bank reserve positions was taken in late February, when the Federal Reserve reduced y ^ reserve requirements. This reduction freed ^^ about $500 million in reserves, and was followed by further reductions of similar mag- ... 1 1 1 1 1956 1951 nitude in March and April. Meanwhile the Federal Reserve lowered the cost of member NOTE.—Last-Wednesday-of-month figures partly estimated by bank borrowing by a three-step reduction Federal Reserve, except for time deposits in June and December, which are call report data. Demand deposits in discount rates in January, March, and exclude collection items, and both series exclude interbank and U. S. Government deposits. Demand deposits are (or all banks April, bringing the rate at all Reserve Banks in the United States. Figures for last half of 1958 preliminary. to 1% per cent. of liquid assets attracted by interest rates The effect of these Federal Reserve achigher than those available on alternative tions was that, in spite of the large increase investments. in bank deposits and considerable loss of Beginning in August, following the sharp reserves through gold outflow, member bank rise in market rates of interest, there was a excess reserves grew steadily while member marked slowdown in the rate of time de- banks reduced their borrowings at the Reposit growth at commercial banks. De- serve Banks. From March through July the posits at mutual savings banks and shares margin of excess reserves over borrowings of savings and loan associations continued averaged about $500 million, as the chart to grow fairly rapidly throughout the year. on the following page shows. When it became apparent shortly after FEDERAL RESERVE POLICY midyear that the recession's low point had In response to the course of economic re- been passed and that a vigorous recovery cession and revival in 1958, the Federal was under way, the Federal Reserve began Reserve System employed all the principal to temper the availability of reserve funds. instruments of monetary policy—open mar- Seasonal demands for credit were allowed to ket operations, discount rate adjustments, tighten member bank reserve positions beand changes in member bank reserve re- ginning in August. quirements. The policy of credit ease In these circumstances, discount rates adopted in the fall of 1957 was continued were increased in August-September from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 form of gold. Gold outflow, which was RESERVES AND BORROWINGS heaviest from March through October, Billions of dollars amounted to $2.2 billion for the year, or about one-tenth of United States holdings at the beginning of the year. On balance, reserves were made available BORROWINGS AT F. R. BANKS to member banks in 1958 by Federal Re- 1 AAA. — serve purchases of United States Government securities in the amount of $2.1 billion, K^ and by reductions in reserve requirements V V / ' EXCESS • i" H of $1.5 billion. Drains on reserves consisted i RESERVES mainly of a $2.2 billion gold outflow, a $500 1 i i million increase in currency in circulation, 1954 1956 195t and a $1.0 billion increase in required re- NOTE.—Monthly averages of daily figures for member banks. serves associated with deposit growth. Latest figures shown, January 1959 (excess reserves preliminary). The Federal Reserve made three changes during 1958 in the margin required for the 1% to 2 per cent. A further increase to purchase of stock market securities. In Jan- 2Vi per cent followed in late October and uary, in response to reduced use of stock early November. Member bank reserve pomarket credit following the decline in stock sitions continued to tighten moderately. prices in the early fall of 1957, the required In the final three months of the year, Fedmargin was reduced from 70 to 50 per cent. eral Reserve open market purchases aided banks in accommodating seasonal demand Following a rapid rise in the amount of stock for credit and currency. In addition, mem- market credit in spring and early summer, ber banks increased their borrowings at Re- which was accompanied by substantial inserve Banks. Such borrowings averaged creases in stock prices and the volume of about $500 million in December, or $50 trading, margin requirements were restored million higher than excess reserves. The re- to 70 per cent in early August. The volume serve status of member banks changed little of credit continued to rise, however, and in in January 1959, as Federal Reserve open mid-October the margin requirement was market sales about offset the usual seasonal further increased to 90 per cent. influences that tend to increase the availability of reserve funds. INTEREST RATES Drains on member bank reserves through international payments were large in 1958. The general decline in market rates of inter- The surplus of United States exports over est that began in the fall of 1957 conimports was much smaller than in 1957, tinued through the early months of 1958. and the outflow of capital for loans and in- The decline in long-term rates slowed after vestments abroad was large. As a result, January, however, reflecting continuing subforeign countries experienced growing bal- stantial demands for funds in all capital ance-of-payments surpluses in the United markets. States, a part of which they withdrew in the After reaching low points in May, inter- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN 1958 109 est rates moved up rapidly with economic recovery. The Treasury bill rate, which in INTEREST RATES May had fallen to a level near the 1954 Per cent low, rose rapidly in the July-September period. Thereafter it increased more moderately, averaging 2.77 per cent in December and 2.82 in January of 1959. Yields on both intermediate- and longterm United States Government issues rose sharply after mid-195 8. Rapid increases jjv through September were followed by some ..'••. \.. 'TREASURY BILLS declines in October and November, after which rates again firmed. Rates moved up faster on intermediate- than on long-term issues, and by December the spread between the two had been greatly reduced. Early in 1959, average yields on both medium- and long-term issues were close to 4 per cent, the highest level in more than 25 years. Market rates for corporate bonds and for \ J COMMERCIAL PAPER OPEN MARKET State and local government issues followed 1956 1958 59 the same general pattern after mid-195 8 as did yields on United States Government NOTE.—Market yields, weekly averages of daily figures. securities. The rise in corporate bond yields Treasury bills, market yields on 90-day bills. Long-term U. S. Government, yields on bonds maturing or callable in 10 years or more. Commercial paper, rate on prime 4- to 6-month was somewhat less rapid than the increases open market paper. Yields on corporate and State and local government bonds, from Moody's Investors Service. Latest in the other two categories. figures shown, week ending February 7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A Year of Recession and Recovery WHEN I TESTIFIED before your Com- Farmers continued to foresee favorable mittee last year, on behalf of the Federal output and price conditions in agriculture Reserve Board, economic activity in this and were bidding up further the prices of country was receding. Contraction in out- farm land. Bankers, with slackened cusput and employment was general. Unem- tomer demand for credit and with strengthployment was rising at a disturbing pace. ened reserve positions, were bidding more No one could be sure how far downward aggressively for assets. By February, adjustment would go, or how long it would bankers were accelerating expansion of the last. assets and deposits of their institutions, thus We pointed out then that, with the ex- increasing more rapidly the economy's stock ception of the catastrophic recession of the of cash balances and raising its over-all thirties, every moderate cyclical decline liquidity. since World War I had been checked in Within a matter of weeks following last the course of a year. It was further em- year's hearings, personal income and conphasized that many forces were present in sumer spending had ceased to decline and, the economy that were favorable to eventual in fact, showed modest recovery. Producrecovery. But at that time we did not know, tion and employment soon after resumed nor did we then expect, that vigorous re- an upward trend. Whether these developcovery would so soon be in full swing, and ments, though encouraging, foreshadowed that contraction from 1957 levels of activity wide revival in activity was not known at the would be shorter in duration than most pre- time; not until the June-July period did the ceding economic recessions. current flow of information and reports pro- Even while the Committee's Hearings vide substantial confirmation that general were going on, some were beginning to view economic recovery was actually under way. the outlook more optimistically. In Janu- From that stage on, currently available ary, corporations, taking advantage of data, reflecting trends in markets, produceasier conditions and lower interest costs in tion, and employment, showed that recovery financial markets, were offering an increas- was both broadly based and vigorous. ing volume of new issues in anticipation of Pickup in employment, however, lagged befuture needs for funds, and to refund hind that of output as is usual in early shorter term debt. State and local govern- phases of cyclical upswing. At the yearments were bringing to market bond issues end, eight months after recovery set in, the that were deferred earlier, and were stepping level of total output in the economy approxiup the pace of bond offerings to provide mated that prevailing at the output peak of for public works. 1957. Recovery has been so rapid and wide- NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal spread as to indicate that the revival phase Reserve System, before the Joint Economic Comof the economic cycle has by this time mittee, Feb. 6, 1959. 110 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A YEAR OF RECESSION AND RECOVERY 111 probably run its course. The economy has The total amount of reserve funds supreattained its prerecession level and now plied by the System to commercial banks appears to be entering a phase of resumed over the nine months, November 1957economic growth. July 1958, was enough to enable member banks to reduce their discounts at the Re- FEDERAL RESERVE ACTION TO COMBAT serve Banks from $800 million to about RECESSION $100 million, to offset sales of gold to This brief review of changing levels of foreign countries amounting to about $1.5 economic activity during 1958 provides a billion, and to finance a commercial bank backdrop for specific comments about credit expansion of almost $8 billion. Federal Reserve policy and action over the Monetary expansion from February through past 16-month period of recession and July stimulated by this Federal Reserve recovery. action was at an exceptionally rapid rate— As reported to you last year, Federal at an annual rate of 13 per cent for all Reserve policy began to shift in a counter- deposits, including time and demand derecession direction in late October and early posits. For the active money supply, that November of 1957. About that time, the is, demand deposits and currency seasonally System directed its open market operations adjusted, the rise was at an annual rate of to supplying reserves more liberally to the 8 per cent. After the shift in Federal Rebanking system. It also reduced the dis- serve policy in the summer, expansion in count rates on member bank borrowings the active money supply slackened, and for from the Reserve Banks. As the stream of the year as a whole it amounted to about factual information verified the emergence 3Vi per cent. of recessionary trends, Federal Reserve actions and policies became more aggressive BROADER EFFECTS OF MONETARY ACTION and discount rate, open market, and reserve Although the immediate impact of Federal requirement instruments were actively ap- Reserve policy was on commercial banks, plied in complementary fashion to foster it clearly had broader effects upon the ease in credit markets and encourage bank economy generally. For one thing, since credit and monetary expansion. commercial banks are direct participants From late fall 1957 through April 1958, in some degree in all important credit there were four reductions in Federal Re- markets, expansion in bank lending and inserve Bank discount rates, from 3Vi per vesting activities intensified competition cent to 13A per cent. Through continuing among all lenders for the acquisition of the open market operations from late fall of available supply of creditworthy loans and 1957 to early last summer, the Reserve Sys- securities. This worked to reduce the cost tem supplied the commercial banks with of financing to borrowers generally—busisome $2 billion of reserve funds. Through nesses, farmers, consumers and home buyers, three successive reserve requirement reduc- and all levels of government. It also tions in late winter and early spring of last widened access of all potential borrowers year, the System released for the use of mem- to credit funds. ber banks about $1.5 billion of their required Another effect of the credit ease was a reserves. greater willingness on the part of banks and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 other lenders to make new loans to business conditions permitted lenders to be more customers and to renew outstanding credits. liberal in granting renewals and extensions This facilitated the orderly run-off of excess of time for repayment of outstanding credit. business inventories accumulated in the pre- Thus, the volume of repossessions and ceding boom. It also furthered the com- credit losses was less than would otherwise pletion of business programs of plant and have been the case, with benefits to both equipment expansion begun in that period. borrowers and lenders. With a $6 billion reduction in business in- Increased availability of funds also had ventory holdings and a significant cutback an important impact on State and local in fixed investment programs since recession government financing and spending. In began, it is perhaps remarkable that busi- many cases, the lower cost of financing enness loans outstanding declined only $1.5 couraged States and municipalities to borbillion in the year ending September 1958. row in order to finance capital projects. In The ability of businesses to maintain their a few cases, lower market rates enabled bank borrowing and also to borrow more local governments that had a legal ceiling readily in capital markets not only cushioned on permissible interest rates to return to the downward pressures on investment spendmarket. The increase in spending by State ing but helped many companies to minimize and local governments from the summer of cutbacks in their working force and pay- 1957 to the summer of 1958 was a billion rolls, to maintain dividends, and to dollars more than in the corresponding strengthen liquidity positions. period of the preceding year. In housing markets, the easier conditions These observable effects of easier monebroadened the availability of mortgage tary conditions which developed from efforts funds. Discounts were reduced on FHA to combat recession were, of course, imand VA mortgages subject to ceiling interest portant and salutary. They are not to be rates, and interest rates on new conventional overly stressed, however, for monetary mortgages also fell. As bank credit expan- action is always only one element in Govsion gained in momentum, banks partici- ernment counter-recession policy. In turn, pated in mortgage investment more actively Government policy is always only one elethan at any time since the boom housing ment in the total economic scene. Busiyear of 1955. The increased availability nesses, individuals, and State and local of mortgage funds at lower cost, together governments, in the light of their own with the maintenance of personal income, circumstances, were taking actions to adwas promptly reflected in a step-up of just and adapt their situations and to rebuilder activity in constructing new houses. direct their energies. Their actions un- In the consumer instalment credit area, doubtedly shaped the recovery and gave the increased availability of funds made it it momentum. possible for lenders to meet sound demands for credit more readily, thus bolstering CHANGING EXPECTATIONS lagging demands for consumer durable Achievement of monetary ease to combat goods. On some transactions, terms were recession so promptly and amply was not eased and, in addition, new credit plans without its problems. One of the most were developed and extended. Easier credit acute was the build-up of prices in the bond Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A YEAR OF RECESSION AND RECOVERY 113 market as speculators counted on continu- ary threats. On July 18, the Federal Open ing business recession, credit ease, and still Market Committee concluded that the higher bond prices. Psychological reactions market situation had become disorderly and and expectations always play a role in decided to intervene temporarily in the swings in economic and financial develop- medium- and long-term sectors of the Govments, but were of particular importance in ernment securities market. This action was financial markets last summer as the eco- within the framework of the Committee's nomic outlook changed from one of a con- established operating rules. From July 18 tinuing recession to one of early, vigorous to July 23 the System purchased $1.2 billion recovery. of securities involved in a Treasury refinanc- At that time, the improved economic out- ing and a small amount of other notes and look led to a sharp change in expectations bonds. in regard to renewed inflationary pressures Thereafter, as market conditions became and a turnabout in the trend of interest more orderly, no further Federal Reserve rates. A much larger Federal deficit loomed open market transactions were effected outup than had been estimated, as well as the side the usual area of short-term Governcrisis and threat of military action in the ment securities. During late July and early Middle East. Concern about the drain of August, sales of Treasury bills by the System gold from the nation's monetary reserves together with other factors that absorb rethrough sales of gold to the industrial serves more than offset the large volume of nations of Europe was a further cause of reserves supplied to the market by Federal uncertainty. The fact that the Canadian Reserve intervention in the Government Government announced a major refunding bond market. operation at sharply higher interest rates was also a complicating factor. SHIFT IN FEDERAL RESERVE POLICY In these circumstances, heavy market By this time, there was clear evidence in sales by holders of United States Govern- current statistics that recovery in economic ment securities in anticipation of higher activity and production, though not yet in interest rates sharply depressed bond prices. employment, had gained considerable mo- Initially, this selling stemmed from tem- mentum and was likely to go forward withporary holders who had bought in anticipa- out serious setback. Moreover, in view of tion of a continued rise in Government the strength of consumer demand, further security prices. Some of these holdings had decline in business inventory holdings and been acquired with funds borrowed on thin capital outlays was no longer likely. Monemargins in connection with the Treasury's tary policy was now reinforcing the existing June financing operations. In many cases, foundation of productive activity and preselling was forced because the margins paring the economy for a new advance. vanished as security prices declined. About this time, inflationary expectations Prices of Government securities continued began to spread. The abrupt upward shift to decline under pressure of steady liquida- of interest levels in central money markets, tion and the reluctance of investors to pur- while precipitated by liquidation of specuchase market offerings in view of changed lative positions in Government securities, prospects for credit demands and inflation- reflected investor demand for an interest Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 premium to cover the risk of a depreciating late summer from 1% per cent to 2 per purchasing power of invested funds. It was cent, and at mid-fall when they were again accompanied by a significant shift in in- raised to a level of 2Vi per cent. vestor allocation of newly available funds Since last summer, bank credit and the to common stocks instead of fixed interest money supply have continued to expand but obligations, with hedging against inflation at a rate much reduced from earlier in the a frequent explanation of the change in in- year. Some seasonal expansion in business vestor policy. Large current and prospec- loans was supplemented by a rapid growth tive demands for credit by the Federal Gov- of real estate loans. On the other hand, ernment, State and local governments, and bank holdings of short-term United States home purchasers, also influenced the rising Government securities rose only moderately cost of borrowed funds. In the stock market, despite a substantial increase in their supply the volume of trading was expanding rapidly to finance the Treasury's deficit. With and the rise in stock prices carried the yields business sales and liquidity showing rapid on common stocks below the yields on bonds rise, the higher interest rates that developed of the same companies. in the market helped to attract a substan- Developments in our financial markets, tial volume of funds of nonbank investors, as well as the very large deficit which the especially business corporations, into the Federal Government was facing, were purchase of the new short-term Treasury occasioning concern, abroad as well as at issues. As a consequence, the Treasury was home, about the future of the dollar. The able to finance most of its deficit outside extent of concern among foreign financial the banking system, and at the same time leaders was clearly evident last fall at the banks were able to meet private credit deannual meeting of the International Bank mands accompanying economic recovery, and Monetary Fund at New Delhi, India. with only a moderate further growth in total In the light of the rapidly changing bank credit and money. economic situation, in many ways highly encouraging but with inflationary and specu- REGULATION OF MARGIN REQUIREMENTS lative psychology spreading, the Federal In addition to its broader monetary re- Reserve, during the summer, began to sponsibilities, the Federal Reserve is directed moderate the policy of credit ease with a by law to prescribe margin requirements to view to tempering the rate of bank credit guard against excessive use of credit for and monetary expansion. purchasing or carrying stock market secu- System open market operations after rities. By providing a means of dealing midsummer supplied only a portion of the directly with this volatile type of credit, reserves needed to meet rising credit de- margin requirements serve as a specialmands and to offset the reserve drain of a purpose supplement to the general instrucontinued gold outflow. As a result, mem- ments of Federal Reserve action. Since the ber banks were obliged to draw down their flow of credit into the stock market fluctuexcess reserves and to increase their borrow- ates with general business conditions, ings from the Federal Reserve Banks. Such changes in margin requirements are usually borrowing was made more costly when Re- correlated with policy actions that affect serve Bank discount rates were raised in the general credit availability. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A YEAR OF RECESSION AND RECOVERY 115 Following the stock market decline in the rapidly in accordance with budgetary early fall of 1957, total credit to customers authorizations adopted earlier. for purchasing and carrying stock market In financial markets moderate curtailsecurities declined by about 5 per cent and ment of credit availability and higher inwas back to about the level outstanding in terest rates served to dampen speculative mid-1955. With this indication of abatement excesses then developing, to restrain and of credit use in the stock market, the Board spread out the volume of new corporate and of Governors, early in January 1958, re- municipal security financing, and to faciliduced the required margin from 70 to 50 tate the financing of the large Federal deficit outside the banking system. The restraint per cent. of corporate and municipal security financ- With the increasing activity and rise in ing followed some anticipatory borrowing stock prices accompanying economic reby these issuers earlier in the year when longcovery, stock market credit rose sharply, term interest rates were lower. At the turn reaching by July a level about 20 per cent of the year, business capital financing was above the volume at the beginning of the again rising, and there was a large calendar year. In view of the rapid rise in credit to of authorized but unissued State and local finance trading in or temporary ownership government securities. of stocks and the emerging investment Total economic activity, measured in real psychology favoring purchase of stocks as terms, has regained its earlier peak. The an inflation hedge, the Board, early last active money supply has increased by about August, restored the required margin to 70 2lA per cent above the prerecession level, per cent. As outstanding stock market and holdings of other liquid assets, including credit continued to rise following this action, time deposits, are up sharply. The financial the Board, in mid-October, raised the rebasis for further growth is established. quired margin to 90 per cent. While economic prospects are generally favorable, there are several areas—unem- THE CURRENT SITUATION ployment, exports, prices, and Federal The shift in monetary policy during the fall finance—that are matters for continuing aligned monetary expansion more closely concern. with the developing potential of the econ- Despite the rapid recovery in production omy. Consumer spending on durable goods and sales, unemployment remains disquietand housing continued to expand and was ingly high. The lag in employment is in reflected in high levels of output of housepart the result of a marked increase in hold durables, in a pick-up in production of productivity. The present availability of 1959 autos, and in a rise in new housing capital and manpower resources represents starts to one of the highest levels in recent a potential for near-term growth of the years. Business inventory policies were economy without inflation. As output of switching from liquidation towards accumu- goods and services expands in response to lation, and there was a widespread, though growing demands, opportunities for employsmall, upturn in capital expenditures. At ment should increase as they have in past the same time, Federal, as well as State and periods of economic expansion. local government spending, was expanding In exports, which declined sharply until Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 early last year, recovery has not yet set in. as demand-pull, cost-push, or both—is not The export decline was largely in materials compatible with an efficient market system. and fuels and was due in part to the ending If it were to be continued, it would pose of boom conditions abroad; resumption of a serious threat to the otherwise favorable economic expansion is now beginning in prospects for healthy growth in consumption industrial countries abroad and eventually and production. there should be some improvement in Now as to Federal finances, it is essential foreign demand for our exports. It is sig- at this stage of the economic cycle that the nificant, however, that the European coun- Government should attain a balanced budget tries which announced a broader converti- and then achieve some surplus as economic bility for their currencies at the end of 1958 advance continues. Whatever the desirable —and other countries too—are giving our level of expenditures, deficits, while justified exports of manufactures stiff competition in time of recession, should be avoided when in price and quality, and these countries are the economy is at a high level of activity. now able to devote a larger share of their It is also of vital importance to have a resources to their own exports than they healthy, broad-based Government securities could in earlier postwar years. While this market that enables the Treasury to lodge reflects progress towards international bal- its debt outside the banking system. In ance, our producers need to adjust to these other words, the Treasury must be able to competitive forces abroad if they are to compete effectively and flexibly with other share in growing world markets. borrowers for the available supply of Prospects for our international payments savings. position thus merge with the third problem; Appropriate debt management policies, that is, our price system. A market economy while contributing to financial stability, are such as ours depends upon the price mech- in turn dependent on such stability. Inanism to allocate resources by reflecting the vestors cannot be induced to purchase fixed interplay of demand and supply. The price income securities if they fear a steady mechanism cannot do its job of efficient erosion of the purchasing power of the resource allocation in accordance with the dollar. changing demands of consumers unless The banking system has an important role there is some flexibility in individual prices. to play in aiding the Treasury's financing. This does not mean that wide swings in the This role involves assistance in the broad general price level are desirable. The price distribution of securities and, in accordance paid by Smith represents the income of with the volume of reserves made available Jones. But there is cause for concern when, and the meeting of essential private credit in spite of a decline in the demand for his demands, the retention by banks of that product, Jones raises his price, and an op- portion of the Government debt that is conportunity to stimulate both output and em- sistent with stability of the dollar. Resort ployment is thwarted. This is particularly to financing Government deficits through disturbing when it comes on top of a price the banking system entails the creation of rise that Jones made when the demand for new supplies of money rather than the use his product increased. Such a one-way of existing funds. In a period of high ecomovement of prices—whether it is explained nomic activity, this is a high road to mone- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A YEAR OF RECESSION AND RECOVERY 117 tary inflation. There can be no effective In our economy, consumption takes the control of inflation if the banking system form mainly of consumer purchases of the is made the major source of funds to finance goods and services supplied in free markets government deficits. by private producers and merchants. Our living standards also encompass services GOVERNMENT POLICIES AND ECONOMIC provided by the various levels of govern- GROWTH ment. Fundamentally, economic growth at As the United States economy emerges from a more rapid rate than population increase the recession of 1957-58, it seems likely, if is the response of men to their ever increaspast experience is a guide, that we are on ing wants. the threshold of a new period of economic Among the other reasons for seeking ecogrowth. This is an opportune occasion, nomic growth is the importance of demtherefore, to consider the question of appro- onstrating to the world that free economies priate public and private policies to foster under democratic political systems can outsteady expansion of the economy. perform regimented economies under dicta- Economic growth is a principal objective torial political systems in providing high of governmental policy in every country of and rising living standards for all of the the world. The rate of growth is widely people. accepted as an indicator of the performance Economic progress, however, cannot be of an economy. A word of caution is in measured merely by percentage increases in order, however, regarding the very difficult the quantity of output. Also at stake is the task of measuring growth. Growth measure- opportunity to live as free men, the responments, particularly when they cover long siveness of the productive system to the periods of time and comparisons of one desires and tastes of consumers, the quality country with another, are necessarily ap- of goods and services, the degree of leisure proximations. They vary with a host of and opportunities for using it in a satisfying factors, including the scope of activities way, and our willingness to aid other nations covered, both public and private; the char- seeking similar advantages. These aspects acter of such activities; quality as contrasted of our economic performance will have a to quantity of output; and many others. great influence on how the rest of the world Nevertheless, regardless of these measure- judges the merits of free versus regimented ment difficulties, growth estimates, properly economies. constructed and interpreted, can be useful aids in appraising economic performance. ECONOMIC GROWTH WITHOUT INFLATION Desirable economic growth goes beyond When we consider the influence of governincreases in line with a growing population mental policies on economic growth, it is and labor force. It involves a rate that useful to distinguish between two related makes possible rising living standards aspects of the process. First, growth inthrough increasing consumption per capita volves expanding capacity to produce goods for present and future generations. This re- and services. Second, it involves expanding quires increasing output per worker; that demands for goods and services at a rate is, higher productivity through advancing sufficient to utilize the expanded capacity. technology. The first aspect of growth—an expanding Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 output potential—depends upon such basic expansion of money holdings, through sound factors as additions to the labor force, ad- credit expansion, consistent with the growvancing technology, and a flow of savings ing capacity of the economy to produce combined with a desire and ability on the without inflation. part of producers to use them in the creation On the supply side, basic growth factors of a growing stock of modern plant and are the labor force, technology, and investequipment. The other aspect of growth de- ment of savings. Growth of the labor force pends upon a balanced expansion in de- is to some extent influenced by over-all demands for final product by the major sec- mands, but more generally by population tors of the economy—households, busi- growth, age distribution, and social customs. nesses, governments at the State and local Technological progress and the desire to as well as the Federal level, and demands save and invest savings productively are infrom abroad. fluenced by the monetary environment. An For growth to be sustainable, an equilib- atmosphere of price and financial stability rium between these two sides of growth in general is necessary both to the incentive must be maintained. If total demands do to save and to rapid technological advance. not keep up with the output potential, over- Thus, through continuous efforts to safeall growth will slacken, for the inducement guard the value of the dollar and to create to business to add to productive capacity a climate of financial stability in which will lessen. If total demands tend to run savers can have confidence in the future ahead of the output potential, the general value of their investments, monetary policy price level will begin to rise and this, in makes a contribution to economic growth turn, will have an adverse impact both on quite apart from its influence on demands growth of demands and on means of financ- for goods and services. ing increased and improved capacity. It It is for these reasons that price and will also have adverse effects on the effi- financial stability is essential to the achieveciency with which resources are utilized; ment of maximum economic growth. We likewise, the equity or fairness with which have had a fairly good growth record over final products are distributed in markets our history, but we have had too much inamong consumers, businesses, and savers. stability in our levels of employment and What then is the function of monetary prices. A major problem is to moderate policy in relation to these two aspects of this instability so that the losses in employgrowth? In general, it is to attempt to pro- ment and output of recession periods will vide credit and monetary resources and an not depress our longer term rate of growth. atmosphere in financial markets conducive Currently there is widespread concern about to the basic growth factors. At the same the danger of renewal of inflationary trends. time, aggregate demand for goods and serv- The Federal Reserve shares that concern. ices should expand in close relation to the To point to dangers in this situation is not capacity to produce. to forecast inflation. Public and private On the demand side, growth basically de- actions appropriate to present circumstances pends on spending out of incomes earned can prevent these dangers from materializing. in the production of goods and supplying Among potential inflationary factors first, of services. Monetary policy facilitates the perhaps foremost, is the budgetary position Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A YEAR OF RECESSION AND RECOVERY 119 of the Federal Government. As the economy ary expectations in financial markets. To moves up toward more intensive utilization the extent that such attitudes come to be of its productive resources, it is essential reflected in decisions on wages, prices, conthat deficits give way to surpluses. There sumption, and investment, they help to bring is no mystery about this source of danger. about their own realization. If the will exists, the way will be found. These are the major reasons for concern It clearly lies in adaptation of Federal ex- about the possible development of inflationpenditure and tax policies in order to pro- ary pressures. To be fully aware of a danger, duce a budgetary surplus in prosperous and to face up to it, is not to despair or to times. capitulate, nor does it mean being blind to Second, there are the problems arising other national needs, including sustained from the so-called cost-push inflation which economic growth. is part of a spiral process stimulated by de- The Federal Reserve System will continue mand pressures. In the period ahead there to the best of its ability to contribute, so is a strong prospect that demands will con- far as it can, to continuing prosperity and tinue to expand. In these circumstances, we economic growth, without inflation. Such must recognize the dangers both of wage decisions as it must make within its particuincreases in excess of productivity growth lar province manifestly are not enough to and of price increases beyond what the traffic assure attainment of the national objectives will bear. Business and labor leaders have to which we all subscribe. What this Cona paramount responsibility to the general gress decides, what management, labor, public as they make wage and price de- agriculture and, indeed, the public generally cisions over the coming year. decide to do will win or lose the battle Then there is the easy acceptance of the against debasement of the currency with all idea that a little inflation is not seriously of its perils to free institutions. harmful. The experience in the Govern- The state of the nation tomorrow—its ment bond market, to which I alluded, is progress and prosperity—rests with the a vivid example of the influence of inflation- decisions of today. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Following is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve District are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. District 1—FEDERAL RESERVE BANK OF BOSTON Term Expires Class A: Dec. 31 President, Second Bank-State Street Trust Company, Boston, WILLIAM D. IRELAND Mass. 1959 President, The First National Bank of Biddeford, Biddeford, ARTHUR F. MAXWELL Maine I960 President, Howard National Bank and Trust Company, Bur- WILLIAM M. LOCKWOOD lington, Vt. 1961 Class B: MILTON P. HIGGINS President, Norton Company, Worcester, Mass. 1959 STANLEY M. COOPER Chairman of the Board, The Fafnir Bearing Company, New Britain, Conn. I960 EUGENE B. WHITTEMORE President and Treasurer, The Morley Company, Portsmouth, N. H. 1961 Class C: NILS Y. WESSELL 2 President, Tufts University, Medford, Mass. 1959 ROBERT C. SPRAGUE X Chairman and Treasurer, Sprague Electric Company, North Adams, Mass. I960 ERWIN D. CANHAM Editor, The Christian Science Monitor, Boston, Mass. 1961 1 Chairman. 2 Deputy Chairman. 120 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 121 District 2—FEDERAL RESERVE BANK OF NEW YORK Term Expires Class A: Dec. 31 CHARLES W. BITZER Chairman, City Trust Company, Bridgeport, Conn. 1959 CYRUS M. HIGLEY President and Trust Officer, The Chenango County National Bank and Trust Company of Norwich, Norwich, N. Y. 1960 HENRY C. ALEXANDER Chairman, J. P. Morgan & Co. Incorporated, New York, N. Y. 1961 Class B: LANSING P. SHIELD President, The Grand Union Company, East Paterson, N. J. 1959 AUGUSTUS C. LONG Chairman of the Board, The Texas Company, New York, N. Y. 1960 PHILIP D. REED Chairman of the Finance Committee, General Electric Company, New York, N. Y. 1961 Class C.- JOHN E. BIERWIRTH x Chairman, National Distillers and Chemical Corporation, New York, N. Y. 1959 FORREST F. HILL2 Vice President, The Ford Foundation, New York, N. Y. 1960 JAMES DECAMP WISE Chairman of the Board, Bigelow-Sanford Carpet Company, Inc., New York, N. Y. 1961 BUFFALO BRANCH Appointed by Federal Reserve Bank: VERNON ALEXANDER President, The National Bank of Geneva, Geneva, N. Y. 1959 E. PERRY SPINK President, Liberty Bank of Buffalo, Buffalo, N. Y. 1960 JOHN W. REMINGTON President, Lincoln Rochester Trust Company, Rochester, N. Y. 1961 DENTON A. FULLER President, The Citizens National Bank of Wellsville, Wellsville, N. Y. 1961 Appointed by Board of Governors: RAYMOND E. OLSON1 President, Taylor Instrument Companies, Rochester, N. Y. 1959 CAMERON G. GARMAN Fruit grower, Burt, Niagara County, N. Y. 1960 WHITWORTH FERGUSON President, Ferguson Electric Construction Co., Inc., Buffalo, N. Y. 1961 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: GEOFFREY S. SMITH President, Girard Trust Corn Exchange Bank, Philadelphia, Pa. 1959 WILLIAM B. BROSIUS President, National Bank of Chester County and Trust Company, West Chester, Pa. 1960 O. ALBERT JOHNSON President, The First National Bank of Eldred, Eldred, Pa. 1961 Class B: R. RUSSELL PIPPIN Treasurer, E. I. du Pont de Nemours & Company, Wilmington, Del. 1959 BAYARD L. ENGLAND President, Atlantic City Electric Company, Atlantic City, N. J. 1960 FRANK R. PALMER President, The Carpenter Steel Company, Reading, Pa. 1961 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 District 3—FEDERAL RESERVE BANK OF PHIL ADELPHIA -Continued Term Expires Class C: Dec. 31 LESTER V. CHANDLER 2 Professor of Economics, Princeton University, Princeton, N. J. 1959 WALTER E. HOADLEY, JR. Treasurer, Armstrong Cork Company, Lancaster, Pa. 1960 HENDERSON SUPPLEE, JR. X President, The Atlantic Refining Company, Philadelphia, Pa. 1961 District 4—FEDERAL RESERVE BANK OF CLEVELAND Class A: JOHN A. BYERLY President, Fidelity Trust Company, Pittsburgh, Pa. 1959 PAUL A. WARNER President, The Oberlin Savings Bank Company, Oberlin, Ohio 1960 RAY H. ADKINS President, The National Bank of Dover, Dover, Ohio 1961 Class B: GEORGE P. MACNICHOL, JR. President, LibbeyOwens*Ford Glass Company, Toledo, Ohio 1959 JOSEPH B. HALL President, The Kroger Co., Cincinnati, Ohio 1960 CHARLES Z. HARDWICK Executive Vice President, The Ohio Oil Company, Findlay, Ohio 1961 Class C.- JOSEPH H. THOMPSON 2 President, The M. A. Hanna Company, Cleveland, Ohio 1959 AUBREY J. BROWN Professor of Agricultural Marketing and Head of Department of Agricultural Economics, University of Kentucky, Lexington, Ky. 1960 ARTHUR B. VAN BUSKIRK 1 Vice President and Governor, T. Mellon and Sons, Pittsburgh, Pa. 1961 CINCINNATI BRANCH Appointed by Federal Reserve Bank: FRANKLIN A. MCCRACKEN Executive Vice President and Trust Officer, The Newport National Bank, Newport, Ky. 1959 ROGER DRACKETT President, The Drackett Company, Cincinnati, Ohio 1960 THOMAS M. WOLFE President, The Athens National Bank, Athens, Ohio 1960 FRANK J. VAN LAHR President, The Provident Savings Bank and Trust Company, Cincinnati, Ohio 1961 Appointed by Board of Governors: ANTHONY HASWELL 1 President, The Dayton Malleable Iron Company, Dayton, Ohio 1959 W. BAY IRVINE President, Marietta College, Marietta, Ohio 1960 IVAN JETT Farmer, Georgetown, Ky. 1961 PITTSBURGH BRANCH Appointed by Federal Reserve Bank: FRANK C. IRVINE President, First National Bank in Tarentum, Tarentum, Pa. 1959 LAWRENCE O. HOTCHKISS President, The First National Bank of Mercer, Mercer, Pa. 1960 IRVING W. WILSON Chairman of the Board, Aluminum Company of America, Pittsburgh, Pa. 1960 A. B. BOWDEN Vice President, Mellon National Bank and Trust Company, Pittsburgh, Pa. 1961 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 123 PITTSBURGH BRANCH - Continued Term Expires Appointed by Board of Governors: Dec. 31 JOHN T. RYAN, JR. President, Mine Safety Appliances Company, Pittsburgh, Pa. 1959 JOHN C. WARNER X President, Carnegie Institute of Technology, Pittsburgh, Pa. 1960 WILLIAM A. STEELE President, Wheeling Steel Corporation, Wheeling, W. Va. 1961 District 5—FEDERAL RESERVE BANK OF RICHMOND Class A: ROBERT GAGE President, The Commercial Bank, Chester, S. C. 1959 DENVER L. MORGAN Executive Vice President, The Charleston National Bank, Charleston, W. Va. 1960 A. SCOTT OFFUTT President, Anacostia National Bank of Washington, Washington, D. C. 1961 Class B: WM. A. L. SIBLEY Vice President and Treasurer, Monarch Mills, Union, S. C. 1959 ROBERT O. HUFFMANN President, Drexel Furniture Company, Drexel, N. C. 1960 L. VINTON HERSHEY President, Hagerstown Shoe Company, Hagerstown, Md. 1961 Class C: ALONZO G. DECKER, JR.1 Executive Vice President, The Black & Decker Manufacturing Company, Towson, Md. 1959 D. W. COLVARD 2 Dean of Agriculture, North Carolina State College of Agriculture and Engineering, Raleigh, N. C. 1960 EDWIN HYDE President, Miller & Rhoads, Inc., Richmond, Va. 1961 BALTIMORE BRANCH Appointed by Federal Reserve Bank: JAMES W. MCELROY President, First National Bank of Baltimore, Baltimore, Md. 1959 J. N. SHUMATE President, The Farmers National Bank of Annapolis, Annapolis, Md. 1960 HARVEY E. EMMART Senior Vice President and Cashier, Fidelity-Baltimore National Bank, Baltimore, Md. 1961 JOHN W. STOUT President, The Parkersburg National Bank, Parkersburg, W. Va. 1961 Appointed by Board of Governors: GORDON M. CAIRNS Dean of Agriculture, University of Maryland, College Park, Md. 1959 CLARENCE R. ZARFOSS 1 Vice President, Western Maryland Railway Company, Baltimore, Md. 1960 J. T. MENZIES, JR. President, The Crosse & Blackwell Company, Baltimore, Md. 1961 CHARLOTTE BRANCH Appointed by Federal Reserve Bank: CHARLES D. PARKER Vice Chairman of the Board and First Executive Vice President, First Union National Bank of North Carolina, Charlotte, N. C. 1959 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 CHARLOTTE BRANCH -Continued Term Expires Appointed by Federal Reserve Bank: —Continued Dec. 31 ERNEST PATTON Chairman of the Board, The Peoples National Bank of Greenville, Greenville, S. C. 1960 I. W. STEWART Chairman of the Board, American Commercial Bank, Charlotte, N. C. 1961 G. G. WATTS President, The Merchants & Planters National Bank, Gaffney, S. C. 1961 Appointed by Board of Governors: WILLIAM H. GRIER 1 Executive Vice President, Rock Hill Printing & Finishing Company, Rock Hill, S. C. 1959 GEORGE H. AULL Agricultural Economist, Clemson College, Clemson, S. C. 1960 CLARENCE P. STREET Secretary and General Manager, McDevitt & Street Company, Charlotte, N. C. 1961 District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: ROLAND L. ADAMS President, Bank of York, York, Ala. 1959 W. C. BOWMAN Chairman of the Board, The First National Bank of Montgomery, Montgomery, Ala. 1960 WILLIAM C. CARTER Chairman and President, Gulf National Bank, Gulfport, Miss. 1961 Class B: MCGREGOR SMITH Chairman of the Board, Florida Power & Light Company, Miami, Fla. 1959 POLLARD TURMAN President, J. M. Tull Metal & Supply Company, Inc., Atlanta, Ga. 1960 DONALD COMER Chairman of the Board, Avondale Mills, Birmingham, Ala. 1961 Class C: HARLLEE BRANCH, JR.2 President, The Southern Company, Atlanta, Ga. 1959 HENRY G. CHALKLEY, JR. President, The Sweet Lake Land & Oil Company, Lake Charles, La. 1960 WALTER M. MITCHELL X Vice President, The Draper Corporation, Atlanta, Ga. 1961 BIRMINGHAM BRANCH Appointed by Federal Reserve Bank: R. J. MURPHY Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Ala. 1959 JOHN C. PERSONS Chairman of the Board, The First National Bank of Birmingham, Birmingham, Ala. 1960 GEORGE W. HULME Senior Vice President, First National Bank, Alexander City, Ala. 1961 MARSHALL DUGGER Vice President and Cashier, First National Bank, Tuscumbia, Ala. 1961 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 125 BIRMINGHAM BRANCH-continued Term Expires Appointed by Board of Governors: Dec. 31 ADOLPH WEIL, SR.1 President, Weil Brothers-Cotton, Inc., Montgomery, Ala. 1959 SELDEN SHEFFIELD Cattleman, Greensboro, Ala. 1960 JOHN E. URQUHART Chairman, Woodward Iron Company, Woodward, Ala. 1961 JACKSONVILLE BRANCH Appointed by Federal Reserve Bank: JAMES G. GARNER President and Chairman, Little River Bank and Trust Company, Miami, Fla. 1959 C. B. MCLEOD President, Bank of Crestview, Crestview, Fla. 1960 ROGER L. MAIN Chairman and President, Florida National Bank of Jacksonville, Jacksonville, Fla. 1961 J. N. GREENING Vice Chairman, The First National Bank of Bradenton, Bradenton, Fla. 1961 Appointed by Board of Governors: CLAUDE J. YATES X Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Jacksonville, Fla. 1959 J. WAYNE REITZ President, University of Florida, Gainesville, Fla. 1960 JOHN M. FOX President, Minute Maid Corporation, Orlando, Fla. 1961 NASHVILLE BRANCH Appointed by Federal Reserve Bank: Jo H. ANDERSON President, Park National Bank of Knoxville, Knoxville, Tenn. 1959 P. D. HOUSTON, JR. President, First American National Bank, Nashville, Tenn. 1960 C. A. WHELCHEL President, First Farmers and Merchants National Bank of Columbia, Columbia, Tenn. 1961 W. E. NEWELL President, The First National Bank, Kingsport, Tenn. 1961 Appointed by Board of Governors: FRANK B. WARD Dean, College of Business Administration, University of Tennessee, Knoxville, Tenn. 1959 W. N. KRAUTH President and General Manager, Colonial Baking Company of Nashville, Nashville, Tenn. 1960 V. S. JOHNSON, JR.1 Chairman of the Board and President, Aladdin Industries, Inc., Nashville, Tenn. 1961 NEW ORLEANS BRANCH Appointed by Federal Reserve Bank: J. SPENCER JONES President, The Citizens National Bank in Hammond, Hammond, La. 1959 D. U. MADDOX President, The Commercial National Bank and Trust Company of Laurel, Laurel, Miss. 1960 W. P. MCMULLAN Chairman of the Board, Deposit Guaranty Bank and Trust Company, Jackson, Miss. 1961 1 Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 NEW ORLEANS BRANCH-continued Term Expires Appointed by Federal Reserve Bank: —Continued Dec. 31 WALLACE M. DAVIS President, The Hibernia National Bank in New Orleans, New Orleans, La. 1961 Appointed by Board of Governors: E. E. WILD Rice grower, Midland, La. 1959 FRANK A. GODCHAUX, IIIx Vice President, Louisiana State Rice Milling Company, Inc., Abbeville, La. 1960 G. H. KING, JR. President, King Lumber Industries, Canton, Miss. 1961 District 7—FEDERAL RESERVE BANK OF CHICAGO Class A: VIVIAN W. JOHNSON President, First National Bank, Cedar Falls, Iowa 1959 WALTER J. CUMMINGS Chairman of the Executive Committee, Continental Illinois National Bank and Trust Company of Chicago, Chicago, 111. 1960 JOHN H. CROCKER Chairman of the Board and President, The Citizens National Bank of Decatur, Decatur, 111. 1961 Class B: WILLIAM A. HANLEY Director, Eli Lilly and Company, Indianapolis, Ind. 1959 G. F. LANGENOHL Treasurer and Assistant Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wis. 1960 WILLIAM J. GREDE President, Grede Foundries, Inc., Milwaukee, Wis. 1961 Class C: J. STUART RUSSELL 2 Farm Editor, The Des Moines Register & Tribune, Des Moines, Iowa 1959 BERT R. PRALL X Winnetka, 111. 1960 ROBERT P. BRIGGS Executive Vice President, Consumers Power Company, Jackson, Mich. 1961 DETROIT BRANCH Appointed by Federal Reserve Bank: IRA A. MOORE General Vice President, Old Kent Bank and Trust Company, Grand Rapids, Mich. 1959 WILLIAM A. MAYBERRY President, Manufacturers National Bank of Detroit, Detroit, Mich. 1960 ERNEST W. POTTER President, Citizens Commercial & Savings Bank, Flint, Mich. 1960 DONALD F. VALLEY Chairman of the Board, National Bank of Detroit, Detroit, Mich. 1961 Appointed by Board of Governors: J. THOMAS SMITH President, Detroit Harvester Company, Detroit, Mich. 1959 JOHN A. HANNAH1 President, Michigan State University, East Lansing, Mich. 1960 C. V. PATTERSON Executive Vice President, The Upjohn Company, Kalamazoo, Mich. 1961 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 127 District 8—FEDERAL RESERVE BANK OF ST. LOUIS Term Expires Class A: Dec, 31 KENTON R. CRAVENS President, Mercantile Trust Company, St. Louis, Mo. 1959 H. LEE COOPER President, Ohio Valley National Bank of Henderson, Henderson, Ky. 1960 ARTHUR WERRE, JR. Executive Vice President, First National Bank of Steeleville, Steeleville, 111. 1961 Class B.- HAROLD O. MCCUTCHAN Executive Vice President, Mead Johnson & Company, Evansville, Ind. 1959 LEO J. WIECK Vice President and Treasurer, The May Department Stores Co., St. Louis, Mo. 1960 S. J. BEAUCHAMP, JR. President, Terminal Warehouse Co., Little Rock, Ark. 1961 Class C: PIERRE B. MCBRIDE X President, Porcelain Metals Corporation, Louisville, Ky. 1959 JESSE D. WOOTEN Executive Vice President, Mid-South Chemical Corporation, Memphis, Tenn. 1960 J. H. LONGWELL 2 Director, Division of Agricultural Sciences, University of Missouri, Columbia, Mo. 1961 LITTLE ROCK BRANCH Appointed by Federal Reserve Bank: DONALD BARGER President, Peoples Exchange Bank, Russellville, Ark. 1959 J. W. BELLAMY, JR. President, National Bank of Commerce of Pine Bluff, Pine Bluff, Ark. 1960 E. C. BENTON President, Fordyce Bank and Trust Company, Fordyce, Ark. 1960 J. V. SATTERFIELD, JR. Chairman of the Board, The First National Bank in Little Rock, Little Rock, Ark. 1961 Appointed by Board of Governors: T. WINFRED BELL1 President, Bush-Caldwell Company, Little Rock, Ark. 1959 ROBERT H. ALEXANDER Owner-operator, Land's End Plantation, Scott, Ark. 1960 WALDO E. TILLER President, Tiller Tie and Lumber Company, Inc., Little Rock, Ark. 1961 LOUISVILLE BRANCH Appointed by Federal Reserve Bank: MERLE E. ROBERTSON Chairman of the Board and President, Liberty National Bank and Trust Company of Louisville, Louisville, Ky. 1959 W. SCOTT MCINTOSH President, State Bank of Hardinsburg, Hardinsburg, Ind. 1960 JOHN G. RUSSELL President, The Peoples First National Bank & Trust Company of Paducah, Paducah, Ky. I960 JOHN R. STROUD Executive Vice President, The First National Bank of Mitchell, Mitchell, Ind. 1961 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 LOUISVILLE BRANCH-Continued Term Expires Appointed by Board of Governors: Dec. 31 DAVID F. COCKS 1 Vice President and Treasurer, Standard Oil Company (Kentucky), Louisville, Ky. 1959 PHILIP DAVIDSON President, University of Louisville, Louisville, Ky. 1960 J. D. MONIN, JR. Farmer, Oakland, Ky. 1961 MEMPHIS BRANCH Appointed by Federal Reserve Bank: JOHN K. WILSON President, The First National Bank of West Point, West Point, Miss. 1959 JOHN E. BROWN President, Union Planters National Bank of Memphis, Memphis, Tenn. 1960 SIMPSON RUSSELL President, The National Bank of Commerce of Jackson, Jackson, Tenn. 1960 J. H. HARRIS President, The First National Bank of Wynne, Wynne, Ark. 1961 Appointed by Board of Governors: JOHN D. WILLIAMS X Chancellor, The University of Mississippi, University, Miss. 1959 S. L. KOPALD, JR. Executive Vice President, HumKo Division, National Dairy Products Corporation, Memphis, Tenn. 1960 FRANK LEE WESSON President, Wesson Farms, Inc., Victoria, Ark. 1961 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Class A: HAROLD N. THOMSON Vice President, Farmers & Merchants Bank, Presho, S. D. 1959 HAROLD C. REFLING Cashier, First National Bank in Bottineau, Bottineau, N. D. 1960 JOHN A. MOORHEAD President, Northwestern National Bank of Minneapolis, Minneapolis, Minn. 1961 Class B: J. E. CORETTE President and General Manager, Montana Power Company, Butte, Mont. 1959 RAY C. LANGE President, Chippewa Canning Company, Inc., Chippewa Falls, Wis. 1960 T. G. HARRISON Chairman of the Board, Super Valu Stores, Inc., Hopkins, Minn. 1961 Class C: LESLIE N. PERRIN 1 Director, General Mills, Inc., Minneapolis, Minn. 1959 O. B. JESNESS 2 Agricultural Economist, St. Paul, Minn. 1960 JOHN H. WARDEN President, Upper Peninsula Power Company, Houghton, Mich. 1961 HELENA BRANCH Appointed by Federal Reserve Bank: O. M. JORGENSON Chairman, Security Trust and Savings Bank, Billings, Mont. 1959 ROY G. MONROE President, The First State Bank of Malta, Malta, Mont. 1960 HARALD E. OLSSON President, Ronan State Bank, Ronan, Mont. 1960 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 129 HELENA BRANCH-continued Term Expires Appointed by Board of Governors: Dec. 31 JOHN M. OTTEN 1 Farmer and rancher, Lewistown, Mont. 1959 JOHN D. STEPHENSON Partner, Jardine, Stephenson, Blewett, & Weaver, Attorneys, Great Falls, Mont. 1960 District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A: W. L. BUNTEN President, Goodland State Bank, Goodland, Kans. 1959 HAROLD KOUNTZE Chairman of the Board, The Colorado National Bank of Denver, Denver, Colo. 1960 W. S. KENNEDY President and Chairman of the Board, The First National Bank of Junction City, Junction City, Kans. 1961 Class B: K. S. ADAMS Chairman of the Board, Phillips Petroleum Company, Bartlesville, Okla. 1959 MAX A. MILLER Livestock rancher, Omaha, Neb. 1960 E. M. DODDS Chairman of the Board, United States Cold Storage Corporation, Kansas City, Mo. 1961 Class C.- OLIVER S. WILLHAM President, Oklahoma State University, Stillwater, Okla. 1959 JOE W. SEACREST2 President, State Journal Company, Lincoln, Neb. 1960 RAYMOND W. HALL X Counsel, Gage, Hillix, Moore & Park, Attorneys, Kansas City, Mo. 1961 DENVER BRANCH Appointed by Federal Reserve Bank: STEWART COSGRIFF Chairman of the Board, Denver United States National Bank, Denver, Colo. 1959 J. H. BLOEDORN President, The Farmers State Bank of Fort Morgan, Colorado, Fort Morgan, Colo. 1960 CALE W. CARSON President, First National Bank in Albuquerque, Albuquerque, N. Mex. 1960 Appointed by Board of Governors: AKSEL NIELSEN 1 President, The Title Guaranty Company, Denver, Colo. 1959 RAY REYNOLDS Cattle feeder and farmer, Longmont, Colo. I960 OKLAHOMA CITY BRANCH Appointed by Federal Reserve Bank: C. P. STUART Chairman of the Board and President, The Fidelity National Bank & Trust Company, Oklahoma City, Okla. 1959 (Vacancy) I960 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 OKLAHOMA CITY BRANCH-Continued Term Expires Dec. 31 Appointed by Federal Reserve Bank: —Continued C. L. PRIDDY President, The National Bank of McAlester, McAlester, Okla. 1960 Appointed by Board of Governors: DAVIS D. BOVAIRD X President, The Bovaird Supply Company, Tulsa, Okla. 1959 DON H. DENNIS Rancher, Grady, Okla. 1960 OMAHA BRANCH Appointed by Federal Reserve Bank: GEORGE J. FORBES Chairman of the Board and President, Bank of Laramie, Laramie, Wyo. 1959 C. WHEATON BATTEY President, The Continental National Bank of Lincoln, Lincoln, Neb. 1959 JOHN F. DAVIS President, First National Bank, Omaha, Neb. 1960 Appointed by Board of Governors: JAMES L. PAXTON, JR.1 President, Paxton-Mitchell Company, Omaha, Neb. 1959 HOMER A. SCOTT Vice President and District Manager, Peter Kiewit Sons' Company, Sheridan, Wyo. 1960 District 11—FEDERAL RESERVE BANK OF DALLAS Class A: JOHN M. GRIFFITH President, The City National Bank of Taylor, Taylor, Tex. 1959 SAM D. YOUNG President, El Paso National Bank, El Paso, Tex. 1960 J. EDD MCLAUGHLIN President, Security State Bank & Trust Company, Rails, Tex. 1961 Class B: JOHN R. ALFORD Industrialist and farmer, Henderson, Tex. 1959 D. A. HULCY Chairman of the Board, Lone Star Gas Company, Dallas, Tex. 1960 H. B. ZACHRY President, H. B. Zachry Company, San Antonio, Tex. 1961 Class C.- HAL BOGLE 2 Rancher and feeder, Dexter, N. Mex. 1959 ROBERT J. SMITH 1 President, Pioneer Hydrotex Industries, Inc., Dallas, Tex. 1960 LAMAR FLEMING, JR. Chairman of the Board, Anderson, Clayton & Co., Inc., Houston, Tex. 1961 EL PASO BRANCH Appointed by Federal Reserve Bank: F. W. BARTON President, The Marfa National Bank, Marfa, Tex. 1959 JOHN P. BUTLER President, The First National Bank of Midland, Midland, Tex. 1960 FLOYD CHILDRESS Vice President, The First National Bank of Roswell, Roswell, N. Mex. 1960 JOSEPH F. IRVIN President, Southwest National Bank of El Paso, El Paso, Tex. 1961 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 131 EL PASO BRANCH-Continued Term Expires Appointed by Board of Governors: Dec. 31 D. F. STAHMANN X Chairman of the Board and Treasurer, Stahmann Farms, Inc., Las Cruces, N. Mex. 1959 WILLIAM R. MATHEWS Editor and Publisher, The Arizona Daily Star, Tucson, Ariz. 1960 DYSART E. HOLCOMB Director of Research, El Paso Natural Gas Company, El Paso, Tex. 1961 HOUSTON BRANCH Appointed by Federal Reserve Bank: I. F. BETTS President, The American National Bank of Beaumont, Beaumont, Tex. 1959 W. B. CALLAN President, The Victoria National Bank, Victoria, Tex. 1960 MARVIN K. COLLIE President, The National Bank of Commerce of Houston, Houston, Tex. 1960 HARRIS MCASHAN Vice Chairman of the Board, Texas National Bank of Houston, Houston, Tex. 1961 Appointed by Board of Governors: A. E. CUDLIPP Vice President and Director, Lufkin Foundry and Machine Company, Lufkin, Tex. 1959 JOHN C. FLANAGAN 1 Vice President and General Manager, Texas Distribution Division, United Gas Corporation, Houston, Tex. 1960 TYRUS R. TIMM Head, Department of Agricultural Economics and Sociology, A. & M. College of Texas, College Station, Tex. 1961 SAN ANTONIO BRANCH Appointed by Federal Reserve Bank: E. C. BREEDLOVE President, The First National Bank of Harlingen, Harlingen, Tex. 1959 J. W. BERETTA President, First National Bank of San Antonio, San Antonio, Tex. 1960 DONALD D. JAMES Vice President, The Austin National Bank, Austin, Tex. 1960 BURTON DUNN Chairman of the Executive Committee, Corpus Christi State National Bank, Corpus Christi, Tex. 1961 Appointed by Board of Governors: CLARENCE E. AYRES Professor of Economics, The University of Texas, Austin, Tex. 1959 ALEX R. THOMAS Vice President, Geo. C. Vaughan & Sons, San Antonio, Tex. 1960 HAROLD VAGTBORG X President, Southwest Research Institute, San Antonio, Tex. 1961 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: M. VILAS HUBBARD President and Chairman of the Board, Citizens Commercial Trust and Savings Bank of Pasadena, Pasadena, Calif. 1959 CARROLL F. BYRD Chairman of the Board and President, The First National Bank of Willows, Willows, Calif. 1960 JOHN A. SCHOONOVER President, The Idaho First National Bank, Boise, Idaho 1961 1 Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued Term Expires Class B: Dec. 31 N. LOYALL MCLAREN Partner, Haskins & Sells, San Francisco, Calif. 1959 REESE H. TAYLOR Chairman of the Board, Union Oil Company of California, Los Angeles, Calif. 1960 WALTER S. JOHNSON Chairman of the Board, American Forest Products Corporation, San Francisco, Calif. 1961 Class C: A. H. BRAWNER X Chairman of the Board, W. P. Fuller & Co., San Francisco, Calif. 1959 PHILIP I. WELK Vice President, Centennial Mills, Inc., Portland, Ore. 1960 Y. FRANK FREEMAN 2 Vice President, Paramount Pictures Corporation, Hollywood, Calif. 1961 LOS ANGELES BRANCH Appointed by Federal Reserve Bank: JOE D. PAXTON Chairman of the Board, County National Bank and Trust Company of Santa Barbara, Santa Barbara, Calif. 1959 ROBERT S. BEASLEY President, The Beverly Hills National Bank & Trust Company, Beverly Hills, Calif. 1960 ROY A. BRITT President, Citizens National Bank, Los Angeles, Calif. 1960 Appointed by Board of Governors: ROBERT J. CANNON 1 President, Cannon Electric Company, Los Angeles, Calif. 1959 JOHN D. FREDERICKS President and Chief Executive Officer, Pacific Clay Products, Los Angeles, Calif. 1960 PORTLAND BRANCH Appointed by Federal Reserve Bank: C. B. STEPHENSON President, The First National Bank of Oregon, Portland, Portland, Ore. 1959 D. S. BAKER President, The Baker-Boyer National Bank, Walla Walla, Wash. 1960 J. H. MCNALLY President, The First National Bank of Bonners Ferry, Bonners Ferry, Idaho 1960 Appointed by Board of Governors: WARREN W. BRALEY1 Partner, Braley and Graham Buick, Portland, Ore. 1959 RAYMOND R. RETER Reter Fruit Company, Medford, Ore. 1960 SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: OSCAR HILLER President, Butte County Bank, Arco, Idaho 1959 RUSSELL S. HANSON Executive Vice President, The First National Bank of Logan, Logan, Utah 1960 REED E. HOLT President, Walker Bank & Trust Company, Salt Lake City, Utah 1960 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 133 SALT LAKE CITY BRANCH-Continued Term Expires Appointed by Board of Governors: Dec. 31 JOSEPH ROSENBLATT 1 President, The Eimco Corporation, Salt Lake City, Utah 1959 THOMAS B. ROWLAND Rowland Bros. Dairy, Pocatello, Idaho 1960 SEATTLE BRANCH Appointed by Federal Reserve Bank: JOSHUA GREEN, JR. President, Peoples National Bank of Washington, Seattle, Wash. 1959 S. B. LAFROMBOISE President, The First National Bank of Enumclaw, Enumclaw, Wash. 1960 JAMES BRENNAN President, First National Bank in Spokane, Spokane, Wash. 1960 Appointed by Board of Governors: HENRY N. ANDERSON President, Twin Harbors Lumber Company, Aberdeen, Wash. 1959 LYMAN J. BUNTING 1 President, Rainier Fruit Company, Yakima, Wash. 1960 1 Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Affiliated Relationships Holding Company Act of 1956 (12 USC 1843) The Board of Governors has amended Regula- and Section 4(a)(2) of the Board's Regulation Y tion P, entitled Holding Company Affiliates—Vot- (12 CFR 222.4(a)(2)), an application on behalf ing Permits, to eliminate a technical coverage of Firstamerica Corporation, a Delaware corporawhich has been determined to be unnecessary to tion with its principal place of business at San carry out the purposes of the law, by excluding Francisco, California, for the Board's prior apfrom the definition of "affiliated," in subsection proval of the acquisition of 80 per cent or more (d) of Section 1, situations where control of one of the outstanding voting shares of California corporation, business trust, association, or other Bank, Los Angeles, California; a hearing on said similar organization, is held, directly or indirectly, application having been held pursuant to Section through stock ownership or in any other manner, 7(a) of the Board's Regulation Y (12 CFR by shareholders of another who also own or con- 222.7(a)); opportunity having been given all trol a majority of the shares of the latter or more parties to file proposed findings and conclusions; than 50 per cent of the number of shares of the the Hearing Examiner having filed a Report and latter voted for the election of directors, trustees or Recommended Decision in which he recommended other persons exercising similar functions at the that said application be approved; and all such preceding election. There is set forth below the steps having been taken in accordance with the text of the amendment to Regulation P: Board's Rules of Practice for Formal Hearings (12 CFR 263); AMENDMENT TO REGULATION P IT IS HEREBY ORDERED, for the reasons set forth Effective January 9, 1959, subsection (d) of in the accompanying Statement of the Board of Section 1 of Regulation P is amended by deleting this date, that the said application be and hereby clause numbered (3) and appropriately renumber- is granted, and the acquisition by Firstamerica ing clauses (4) and (5). Corporation of 80 per cent or more of the outstanding voting shares of California Bank, Los Orders under Section 3 of Bank Holding Angeles, California, is hereby approved, provided Company Act (1) that such acquisition is completed within three The Board of Governors of the Federal Reserve months from the date hereof, and (2) that no ac- System has issued the following Orders and Statetion be taken by Firstamerica Corporation, Caliments with respect to applications by two bank fornia Bank, or First Western Bank and Trust holding companies for approval of the acquisition Company, San Francisco, California, that will of voting shares of certain banks: result in the termination of the corporate existence of either California Bank or of First Western Bank FlRSTAMERICA CORPORATION and Trust Company, San Francisco, California, as In the Matter of the Application of Firstamerica a separate functioning banking institution until Corporation for prior approval of acquisition of after 60 days following the date of this Order. voting shares of California Bank, Los Angeles, California. (Docket Number: BHC-46) Dated at Washington, D. C, this 14th day of January, 1959. ORDER APPROVING APPLICATION By order of the Board of Governors. There having come before the Board of Gov- Voting for this action: Chairman Martin, Vice Chairernors pursuant to Section 3(a) (2) of the Bank man Balderston, and Governors Szymczak, Mills, and 134 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 135 Shepardson. Voting against this action: Governor ever, in accordance with Section 7(a) of its Regu- Robertson. lation Y, ordered that a public hearing be held (Signed) MERRITT SHERMAN, before a duly designated Hearing Examiner; and Secretary. (SEAL) such a hearing was held at the Federal Reserve Bank of San Francisco on October 27-29, 1958. STATEMENT On the basis of the record, the Hearing Examiner in his Report and Recommended Decision, filed This case involves an application filed by Firston December 5, 1958, recommended that the apamerica Corporation, San Francisco, California plication be approved. ("Firstamerica"), a bank holding company, pursuant to Section 3(a) (2) of the Bank Holding General background. Firstamerica is a cor- Company Act of 1956 (the "Act"),1 for the prior poration organized on September 27, 1957, under approval by the Board of Governors of the Federal the laws of the State of Delaware, with its principal Reserve System of the acquisition by Firstamerica place of business at San Francisco, California. of 80 per cent or more of the voting shares of Subsequent to its organization, Transamerica Cor- California Bank, Los Angeles, California ("Cali- poration ("Transamerica"), which at that time fornia Bank"). If the proposed acquisition is ap- was a bank holding company, transferred to Firstproved, Firstamerica plans to merge First West- america all of the stock previously held by Transern Bank and Trust Company, San Francisco, america in its majority-owned banks in exchange California ("First Western"), an existing subsid- for all of the stock of Firstamerica and immediiary of Firstamerica, into California Bank, under ately thereafter distributed the latter stock to the charter of the latter. shareholders of Transamerica, thereby effecting a In accordance with Section 3(b) of the Act,2 the separation of Transamerica's banking and nonbanking businesses in accordance with require- Board gave notice of the application to the Superments of the Act. As a result, Transamerica intendent of Banks of the State of California and ceased to be, and Firstamerica became, a bank requested his views and recommmendations. In holding company on July 1, 1958. There is no his letter of reply, dated September 3, 1958, the corporate connection between Firstamerica and Superintendent of Banks recommended that the Transamerica. application be granted. At present, Firstamerica has 23 subsidiary banks In view of the State Superintendent's favorable located in 11 western States with total deposits of recommendation, a hearing on the application was $2,952 million in June 1958. It is the largest bank not mandatory under the Act. The Board, howholding company in the country. First Western is Firstamerica's largest subsidiary 1 Section 3 (a) (2) provides that "It shall be unlawful except with the prior approval of the Board * * * (2) for any bank bank and its only subsidiary in California. It holding company to acquire direct or indirect ownership or control of any voting shares of any bank if, after such acquisi- ranks sixth in size among banks in that State. It tion, such company will directly or indirectly own or control more than 5 per centum of the voting shares of such bank; has 100 banking offices, all in the State of Cali- * * *»> fornia. Most of these are in northern California, 2"(b) Upon receiving from a company any application for approval under this Section, the Board shall give notice to the but 27 are in the Los Angeles metropolitan area Comptroller of the Currency, if the applicant company or any bank the voting shares or assets of which are sought to be ac- (Los Angeles and Orange Counties). quired is a national banking association or a District bank, or to the appropriate supervisory authority of the interested State, California Bank is the fifth largest bank in if the applicant company or any bank the voting shares or assets of which are sought to be acquired is a State bank, and California. It has 65 banking offices and, with shall allow 30 days within which the views and recommenda- the exception of one office in neighboring San tions of the Comptroller of the Currency or the State supervisory authority, as the case may be, may be submitted. If the Bernardino County, all of these offices are in the Comptroller of the Currency or the State supervisory authority so notified by the Board disapproves the application in writing Los Angeles metropolitan area. within said 30 days, the Board shall forthwith give written notice of that fact to the applicant. Within three days after If Firstamerica's application to acquire stock giving such notice to the applicant, the Board shall notify in writing the applicant and the disapproving authority of the date of California Bank is approved and the contemfor commencement of a hearing by it on such application. Any such hearings shall be commenced not less than 10 nor more plated merger of that Bank with First Western than 30 days after the Board has given written notice to the is consummated, the resulting bank would be the applicant of the action of the disapproving authority. The length of any such hearing shall be determined by the Board, third largest in the State. but it shall afford all interested parties a reasonable opportunity to testify at such hearing. At the conclusion thereof, the Board Statutory factors. In determining whether or shall by order grant or deny the application on the basis of the record made at such hearing." not to approve this application, the Board is re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 quired by Section 3(c) of the Act to consider pects of the management of these institutions, it is the following factors: the Board's judgment that the alleged improvement with respect to management cannot be consid- «* * * (i) the financial history and condition of the company or companies and the banks concerned; (2) ered to be of substantial significance as a basis their prospects; (3) the character of their manage- for approval of the application. ment; (4) the convenience, needs, and welfare of the communities and the area concerned; and (5) whether Convenience, needs, and welfare of the comor not the effect of such acquisition or merger or con- munities and area concerned. The extent to which solidation would be to expand the size or extent of the a particular transaction may affect the convenbank holding company system involved beyond limits consistent with adequate and sound banking, the public ience, needs, and welfare of the area concerned interest, and the preservation of competition in the is a matter of degree, and determination of its field of banking." effect must involve exercise of judgment. It Financial history and condition, and prospects. seems clear, however, that contribution to the The first two statutory factors may be considered "needs" of the public would have greater signifitogether. Firstamerica itself, because of its re- cance than contribution to the "convenience" of cent activation, has only a brief financial his- the public and that the former would have tory. However, since its principal assets are stock greater impact than the latter upon the "welfare" of its subsidiary banks, both its financial condi- of the communities and area concerned. tion and prospects may reasonably be regarded In the present case, the evidence is not such as as paralleling those of its subsidiary banks; and to demonstrate that the proposed acquisition is the record indicates that the financial condition necessary to meet the "needs" of the public. Firstand prospects of its subsidiary banks are satisfac- america concedes that existing banks in Calitory. The financial history and condition and fornia are not presently "failing in any general prospects of California Bank are also satisfactory. sense to provide adequate banking services to the The Board concludes that the evidence rele- businesses and residents of California," and that vant to the first two statutory factors is consistent in the areas most directly affected there are availwith approval of the application but does not able the customary range of banking services. provide substantial affirmative support for such Firstamerica contends, however, that the proapproval. posed stock acquisition and subsequent merger of Character of management. Firstamerica and California Bank and First Western would provide California Bank are presently under capable man- several benefits to the "convenience" and "welagement. It is planned that, if the stock acquisi- fare" of the public. tion and merger are consummated, the Board of One such benefit claimed is that the merged Directors of Firstamerica will be reconstituted with bank would have larger lending limits and conprominent representation by the present manage- sequently greater serviceability to the public. ment of California Bank. Firstamerica alleges This public benefit can be claimed, to some exthat the result will be to strengthen its manage- tent, for any merger of two banks, since the two ment. In his Report (p. 8), the Hearing Exam- banks together will necessarily have a larger loan iner concludes that it will "result in an improve- limit than either would have separately. The rement in the strength and depth of management sulting benefit to the public in such cases can which will inure to the advantage of the depositors easily be overestimated, and the possibility of and all of the banks involved, including not only such an overestimate is particularly great when those subject to the merger but those constitut- the banks to be merged are already of considering units in the bank holding company system." able size, such as the two banks here involved, While it is probable, as alleged, that the ac- each of which has about $1 billion of deposits. quisition of California Bank would add strength When banks have attained such size they already and depth of management to Firstamerica and have loan limits large enough to enable them to First Western, it does not appear that such meet, without assistance from other lenders, the strengthening and deepening of management is so credit needs of fairly large businesses. Those badly needed, or so difficult to obtain through still larger businesses that the merged bank would other means, as to make the proposed transaction be able to service without assistance usually are necessary on those grounds. Considering all as- better able than other borrowers to tap a large Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 137 number of alternative sources of credit, and thus with a single correspondent account and obtain are usually less dependent on any one or a few immediate or facilitated credit for checks drawn sources. Hence any benefit to them is likely to anywhere in the State." add little to the facilities that are, in practice, State-wide services can, however, be offered not already available to them. only by an institution that is itself state-wide, but It is also to be remembered that credit needs also through correspondent arrangements among can be satisfactorily met even though they exceed different banks. The record fails to show that the loan limit of a particular bank. One of the adequate banking services are not now being profunctions of correspondent banking arrangements vided on a state-wide basis by existing banks is to take care of such situations; participations either alone or through participation with correby several banks in a single line of credit are not spondent banks. The record also indicates that only entirely practicable but also of common oc- First Western is not totally deficient in state-wide currence. The record in the present case does not coverage. Although it operates principally in the demonstrate there have been demands for large northern section of the State, it has 100 offices in loans that could not have been satisfactorily met 30 of the State's 58 counties; and it has 27 ofby an existing California bank, including Cali- fices in the Los Angeles area now served by offornia Bank and First Western, either alone or on fices of California Bank. In addition, it has a participation basis. pending applications for 35 de novo branches of Another benefit to the public "convenience" which 10 would be in the Los Angeles area. and "welfare" is claimed to flow from the wider Thus, while First Western admittedly does not coverage of the State of California that would have complete state-wide coverage, it can alone be afforded by the proposed merged institution. or in conjunction with correspondents offer state- Firstamerica and the State Superintendent of wide services alleged to be presently available Banks assert that in all the communities in which only through Bank of America. Other banks in California Bank and First Western now have of- California can also offer state-wide services in fices, the public for the first time will have avail- conjunction with correspondents. able through the new combined bank a source It appears that the merged bank would have of state-wide banking services other than that now a more balanced loan and deposit structure and afforded by Bank of America National Trust and therefore greater adaptability to the varying needs Savings Association ("Bank of America") and of individual localities; that it would have a that the existence of two such sources of statebroader geographical coverage that would enable wide services would benefit the public. Thus, the it more readily to meet variations in seasonal de- State Superintendent of Banks expressed the mands and local economic fluctuations; and that opinion that the ability of the combined bank it would have the advantage of the specialized to furnish more effective competition on a stateexperience of both banks in particular lending acwide basis would serve "the best interests of all tivities that would provide an increased range of citizens of this State," and that the "combined services over a broader area of the State. These institutions, without lessening competition, would benefits are also available to some extent through better serve the convenience, needs, and welfare correspondent relations. However, it may be of the communities of the entire State." Among somewhat more difficult for such correspondent the advantages said to result from a state-wide banking system are those which would be afforded relationships to convey these benefits to the pubparticularly to customers with state-wide business lic as fully as those previously discussed. As interests. The Hearing Examiner stated in his Re- hereafter indicated, it appears that First Western port (p. 10), that these advantages include avail- concentrates principally on savings deposits and ability of a state-wide collection service, more mortgage and instalment loans, while California rapid check clearance, expediting credit and credit Bank predominantly specializes in deposits and information, and transfer of savings accounts with- loans of a commercial character. An extension out loss of interest, and that, through a state- of both types of specialized operations to the ofwide banking system like Bank of America's, fices of both institutions might to some extent banks outside of California "can cover the State increase the availability of such services and thus, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 to some extent, serve the "convenience" and "wel- commercial bank offices would be increased from fare" of the public. 11.13 to 13.37, and its percentage of deposits from Considering the various aspects of the public 9.27 to 12.55. "convenience" and "welfare," the Board concludes Within the State of California, Firstamerica's that the proposed transaction would to some ex- present subsidiary, First Western, as of June 1958, tent serve such "convenience" and "welfare," but had 100 banking offices (6.6 per cent of total that its contribution in this respect would not be offices) and deposits of $906 million (4.33 per a strong ground for approval of the application. cent of total deposits). The proposed acquisi- The fifth statutory factor: Effect of size and tion and merger of California Bank and First extent. The Act specifically directs the Board to Western would cause Firstamerica to control 165 consider the "size or extent" of a bank holding offices (10.89 per cent of the State total) and company system. It is important to bear in mind, deposits of $1,949 million (9.31 per cent of the however, that the statute does not require the State total). Board to consider the size and extent of a bank The largest bank in California (and in the holding company alone; the mandate of Congress world) is Bank of America National Trust and is to consider whether or not the effect of a spe- Savings Association which, as of December 31, cific stock acquisition would be to expand the size 1957, had 618 offices (excluding facilities at milior extent of the holding company system beyond tary reservations) located in 56 of the 58 counlimits consistent with adequate and sound bank- ties in the State and total deposits of over $9 ing, the public interest, and the preservation of billion. As of the same date, Bank of America competition in the field of banking. This distinc- had 41.87 per cent of banking offices (excluding tion is especially significant in the present case facilities at military reservations) and 44.93 per in view of the size and extent of the holding com- cent of total deposits in the State of California. pany system involved. The next three largest banks in the State are Secur- Firstamerica is by far the largest bank holding ity-First National Bank, American Trust Comcompany in the country. As of June 1958, it pany, and Crocker-Anglo National Bank, with had 23 subsidiary banks with 322 banking of- 13.08 per cent, 7.26 per cent, and 6.55 per cent, fices (excluding facilities at military reservations), respectively, of total deposits. California Bank, located in the States of Arizona, California, Colo- which Firstamerica proposes to acquire, ranks rado, Idaho, Montana, Nevada, New Mexico, Ore- fifth in size, with 4.6 per cent of the State's total gon, Utah, Washington, and Wyoming. The ag- commercial bank deposits. First Western, Firstgregate deposits of its subsidiary banks amounted america's present subsidiary, is sixth, with 4.23 per to about $2,952 million, representing 11.13 per cent of the State's total deposits. If the proposed cent of the offices and 9.27 per cent of the de- acquisition and merger were consummated, Firstposits of all commercial banks in the 11-State america's California subsidiary bank would rank area. As compared with these indications of third in the State, with 8.83 per cent of total size and extent, the second largest bank holding deposits. It would control 11.11 per cent of the company in the country as of December 31, 1957, State's commercial banking offices. had subsidiary banks with 158 offices and aggre- Effect upon adequate and sound hanking. With gate deposits of about $1,961 million, all located respect to the first of the three elements of the within a single State; and the third largest hold- fifth statutory factor, there is no evidence in the ing company, as of the same date, had subsidiary record that the expansion in the size and extent banks with 98 offices and aggregate deposits of of Firstamerica resulting from the proposed about $1,689 million, located in 7 States. transaction would be inconsistent with "adequate If the proposed acquisition and merger are and sound banking." The Board concurs in the consummated, the number of banking offices and Hearing Examiner's conclusion (p. 13 of his deposits in the Firstamerica system as of June Report) that the transaction "will not expand 1958 would be increased to 387 and about $4 the size or extent of the bank holding company billion, respectively, an increase of about one- system involved beyond limits consistent with fifth in offices and over one-third in deposits. adequate and sound banking in California." In the 11-State area, Firstamerica's percentage of Effect upon the public interest. Since the Act Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 139 does not explicitly condemn the absolute size or California Bank's total demand deposits were 70.3 extent of a bank holding company as contrary per cent of its total deposits, whereas First Westto the public interest, the question of the effect ern's corresponding percentage was 48.6 per cent. upon the public interest of the expanded size and Of the total loans of all offices of California Bank extent of Firstamerica as a result of the pro- involved in the overlap areas, commercial loans posed transaction must, in the Board's opinion, were 71 per cent and real estate and instalment depend upon the relationship of that transaction loans were 29 per cent, whereas similar percentto "adequate and sound banking" and "preserva- ages for First Western's offices involved were 27.1 tion of competition in the field of banking," taking per cent and 72.9 per cent, respectively. These into consideration any offsetting favorable effects differences between kinds of loans may in some upon the public interest that might ensue in the respects be more representative of the different nalight of the first four statutory factors. As hereto- ture of the businesses than the figures on demand fore indicated, it does not appear that the evidence and time deposits. In the Board's judgment, would strongly support approval of the applica- while the banks cannot be said to be engaged tion as far as the first four factors are concerned. in entirely different types of business, there is a On the other hand, there is no indication that difference in emphasis which should be taken into it would in any way be inconsistent with those account in appraising the effects upon competifactors or with adequate and sound banking. tion. The decisive consideration in this case, therefore, Without regard to the difference in types of is the relation of the proposed transaction to business, however, Firstamerica contends that no preservation of competition in the field of bank- substantial competition would be eliminated by ing. the proposed transaction. As previously indicated, Effect upon preservation of competition. all but one of California Bank's 65 offices are Although Firstamerica's subsidiary banks cover located in Los Angeles and Orange Counties which 11 western States and while the effect of the pro- comprise the Los Angeles metropolitan area; the posed transaction upon competition in that area one other office is in neighboring San Bernardino will be considered later, it is clear from the record County in which there is no office of First Westin this case that, in determining the effect of the ern. While most of First Western's 100 offices transaction upon preservation of banking com- are in the northern section of the State, it has 27 petition, the principal area to be considered is offices in the Los Angeles metropolitan area. Conthe Los Angeles metropolitan area in which all sequently, it is primarily within that area that but one of California Bank's 65 offices are located. any competition between the two banks pres- As minimizing the extent to which competition ently exists. would be eliminated, Firstamerica contends that Firstamerica asserts that a proper measure of the two banks are engaged in different and com- the effect of the acquisition and merger in elimiplementary types of business. It appears that nating competition is the fact that it is contemhistorically First Western has been primarily a plated that only four offices of the two banks savings institution and that California Bank has would be closed following the merger. It is bebeen engaged largely in a commercial banking lieved, however, that a better measure of competibusiness. Of First Western's total deposits of in- tion between the two banks is to be derived from dividuals, partnerships, and corporations (IPC de- consideration of the extent to which the primary posits), only about 37 per cent are demand de- market areas of offices of such banks overlap and posits, whereas 69 per cent of California Bank's of the deposits of particular offices originating IPC deposits are on a demand basis. This differ- in those areas. For this purpose, one indication ence in types of deposit business, while less of the primary market area of an office may be marked, exists in the Los Angeles metropolitan considered to be that from which it derives about area in which offices of both banks are located. 75 per cent of its deposits. (This is one of the In that area, in June 1958, 55 per cent of First standards suggested in Footnote 3 to the appli- Western's IPC deposits were demand deposits. cation form prescribed by the Board under Regu- Where the primary market areas of the offices lation Y.) of the two banks overlap, as hereafter described, It appears that there are 14 such overlapping Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 primary market areas, involving 29 offices of ber of alternative sources of banking services sub- California Bank and 23 offices of First Western. stantially ameliorate any adverse effects on bank- California Bank derives $238 million (about 26.6 ing competition in the area primarily concerned. per cent) of its total IPC deposits from these In the course of the hearing, Mr. Harry Hard- "overlap" areas; while First Western derives $86 ing, representing the Independent Bankers Assomillion (about 47.6 per cent) of its IPC de- ciation of the Twelfth Federal Reserve District posits in the Los Angeles area from the same and the Independent Bankers Association, Sauk overlap areas. These facts suggest that in dollar Centre, Minnesota, contended that approval of volume the amount of competition that would be the proposed transaction would be tantamount to eliminated by the proposed acquisition of Cali- an invitation to Firstamerica to broaden its hold fornia Bank would not be insignificant. That on banking assets in California and would create some potential competition would also be elimi- a scramble on the part of southern and northern nated is suggested by the fact that First California banks to expand in order to meet the Western has 10 pending applications for addi- increased competitive advantage resulting from tional branches in the Los Angeles area and that the proposed merger. This possibility has been California Bank has 5 pending applications for given careful consideration in view of the potential branches in that area. As a further factor in ability of Firstamerica and other institutions to exthe competitive situation the Board has also con- pand through acquisitions of banks within the sidered the effect in the Los Angeles area of the State. Any such future expansion, whether through over-all size and market power of Firstamerica. bank mergers or stock acquisitions by bank hold- The significance of the foregoing adverse con- ing companies, would of course be subject to siderations, however, is considerably lessened by approval by the appropriate supervisory authority. the number of banking offices, the total volume To the extent that such expansion would be subof deposits, and the existence of a large number ject to the jurisdiction of this Board under the of alternative sources of banking services in the Bank Holding Company Act, the decision as to Los Angeles metropolitan area. There are 45 whether it would adversely affect competition banks with head offices in that area. These would have to depend upon all relevant circumbanks, together with banks having head offices stances at that time, including the extent to which elsewhere, operate a total of 559 offices in the the proposed expansion would give the holding area. In that area, in June 1958, California company a dominant position in any area or re- Bank had 11.5 per cent of total offices and 12.5 sult in a substantial reduction in alternative per cent of deposits; First Western's percentages sources of banking services. of offices and deposits are 4.8 and 2.8, respec- While The Bank of California, National Assotively. Consequently, the bank resulting from the ciation, San Francisco, did not contend that the proposed merger would have 16.3 per cent of proposed transaction would itself adversely affect offices and 15.3 per cent of deposits. In the that Bank's competitive position, it objected at the same area, however, Bank of America had 37 hearing to the use by the resulting bank of any per cent of total offices and 40.9 per cent of name containing the words "Bank" and "Calitotal deposits; and Security-First National Bank fornia" on the ground that its position in northern has 23.8 per cent of offices and 27.4 per cent California would be affected by the similarity in of deposits. Moreover, in the 14 overlapping names. To the extent that the name of the resultprimary market areas of California Bank and ing bank might be similar to that of Bank of First Western, California Bank's $238 million and California and might therefore lead to confusion First Western's $86 million of IPC deposits, pre- it would not, in the Board's opinion, be consistent viously mentioned, represent only 3.3 per cent and with the public interest. However, the State 1.2 per cent, respectively, of the total IPC de- Superintendent of Banks has indicated that the posits of all banking offices in the Los Angeles name of the resulting bank must be approved by metropolitan area. him and that the name "California Bank" will not These considerations relating to the relatively be available for its use. Recognizing the jurisdicsmall proportion of banking offices and deposits tion of the State Superintendent in this matter, the affected and the remaining relatively large num- Board assumes that the name finally approved will Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 141 reflect due consideration by the State Superintend- the Board's judgment, however, the situation inent of the Bank of California's objection. volved in that case is to be distinguished from that There remains for consideration the question here involved. As in that case, the plan here prowhether the proposed transaction will in any way posed would result in the elimination of one source be inconsistent with preservation of banking com- of the relevant services, but the distinguishing petition in the 10 other western States in which aspects of the present case are the fact that the Firstamerica has subsidiary banks. bank being absorbed holds a substantially smaller In his Report (pp. 21, 22), the Hearing Ex- portion of the entire relevant market than did the aminer pointed out that 21 of the 22 subsidiary company to be absorbed in the Bethlehem case and banks of Firstamerica in the 10 States other than the fact that in the relevant market areas there California have correspondent balances with First would remain a greater number of alternative Western, but that in dollar volume their deposit sources of supply than would have remained after balances with Bank of America are greater than the absorption proposed in the Bethlehem case. In those with First Western, and that California Bank the Board's opinion, therefore, the proposed acdoes only a small portion of its business in those quisition would not be such as to lessen competi- 10 States. Nevertheless, it is probable that the tion substantially or to tend to create a monopoly proposed transaction and the subsequent merger within the meaning of Section 7 of the Clayton of California Bank and First Western would in- Act. crease the ability of Firstamerica to compete for Conclusion. After weighing all relevant facts the business of large customers and banks in the contained in the record in the light of the factors 10 States involved. It also seems likely that the stated in Section 3(c) of the Act, it is the Board's increased size of the holding company and the judgment, for the reasons herein indicated, that greater resources at its disposal would serve in- the proposed transaction would be consistent with directly to strengthen the position of its subsidiary those factors, and the Board therefore concurs in banks in the 10 States, with consequent effect upon the recommendation of the Hearing Examiner that the future competitive position of independent the application be approved. IT IS SO ORDERED. banks in those States. These are admittedly adverse considerations, but the record does not DISSENTING STATEMENT OF GOVERNOR support the conclusion that the proposed transac- J. L. ROBERTSON tion would bring about any substantial lessening of competition in the communities in those 10 The decision of the Board in approving the ap- States in which Firstamerica's subsidiary banks plication by Firstamerica Corporation is not, in are located. While the transaction here proposed my judgment, supported by the weight of evidence might so increase the resources of Firstamerica as in the record, nor is it compatible with the intent to further its ability to expand in the 11-State area of Congress in enacting the Bank Holding Com- (including California) through the absorption of pany Act. other banks by mergers, it may be noted that in Firstamerica seeks approval of the acquisition its Report to Congress of May 7, 1958, the Board of 80 per cent or more of the outstanding voting recommended that mergers of subsidiary banks of shares of California Bank for two reasons. First, bank holding companies be brought within the it wishes to merge its subsidiary, First Western coverage of the Bank Holding Company Act. Bank and Trust Company (a billion-dollar bank In connection with the competitive effect of the with 100 banking offices), and California Bank proposed stock acquisition, the Board has con- (a billion-dollar bank with 65 offices). Thus, sidered whether it would substantially lessen com- Firstamerica asserts, the resulting bank will be petition or tend to create a monopoly so as to enabled to compete more effectively with Bank of violate Section 7 of the Clayton Antitrust Act. America National Trust and Savings Association, Attention has been given to the standards applied the world's largest commercial bank. Secondly, it in a recent Federal court decision, in the case of seeks to obtain, through the acquisition and sub- United States v. Bethlehem Steel Corporation and sequent merger, better bank management for First The Youngstown Sheet and Tube Company Western—a rather startling admission to come (D.C.S.D.N.Y., decided November 20, 1958). In from a billion-dollar banking institution and a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 three-billion-dollar holding company that controls every specialty skill alleged to be presently want- 23 banks in 11 States. ing, could be obtained for a fraction of the sum The Applicant, of course, has not stated its that Firstamerica proposes to pay as a premium purposes in this bald manner. To justify the pro- to California Bank shareholders—$15 million posed acquisition and merger, Applicant asserts above the adjusted book value of their stock. that the public convenience, needs, and welfare The Board has concluded that the alleged imwill be better served. These assertions will be provement with respect to management cannot be discussed later, but for the present suffice it to say considered to be of substantial significance as a that the reasons asserted as purporting to justify basis for approval of the application. It is my approval of this application are familiar indeed, judgment that the Applicant's representations in since they are asserted in connection with nearly this respect, viewed in the light of the evidence every proposed merger and bank holding company adduced, constitute absolutely no support for a acquisition. favorable determination. Under Section 3(c) of the Act, the Board is Passing to the fourth factor, requiring Board required to consider, in passing upon the present consideration of "the convenience, needs, and welapplication, the following factors: fare of the communities and area concerned," Firstamerica has conceded, and the Board has "* * * (1) the financial history and condition of the company or companies and the banks concerned; (2) found, that the communities and area concerned their prospects; (3) the character of their manage- do not "need" the institution proposed under this ment; (4) the convenience, needs, and welfare of the plan. Firstamerica has stated on the record that communities and the area concerned; and (5) whether or not the effect of such acquisition or merger or con- the customary range of banking services is solidation would be to expand the size or extent of the presently being provided to California businesses bank holding company system involved beyond limits consistent with adequate and sound banking, the pub- and residents. lic interest, and the preservation of competition in the As to alleged benefits to the "convenience" and field of banking." "welfare" of the public within the area concerned, As to the first two statutory factors, financial the Board's opinion, as I read it, makes a negative history and condition, and prospects of the com- disposition of these allegations, compelling a conpany and banks concerned, I concur in the con- clusion similar to that reached as to "needs." For clusion reached by the Board that "The evidence example, in reference to the claim that the merged relevant to the first two statutory factors is con- bank would have larger lending limits and consistent with approval of the application but does sequently greater serviceability to the public, the not provide substantial affirmative support for such Board concluded that banks of the size involved approval." in this application "already have loan limits large With regard to the third factor, character of enough to enable them to meet, without assistance management, the Applicant's assertions have been from other lenders, the credit needs of fairly large placed in proper focus in the Board's opinion. businesses," and that as to still larger businesses Clearly, the record does not sustain the Applicant's seeking sources of credit, their ability "to tap a position that Firstamerica and First Western are large number of alternative sources of credit * * * to any measurable degree in need of additional [makes them] usually less dependent on any one strength or depth of management. To the ex- or a few sources." tent that there is a genuine need for better manage- As to credit needs exceeding the loan limit of a ment in First Western, such talent would appear to particular bank, the Board concluded, and I conbe available within the present holding company cur, that "The record in the present case does not system, or through ordinary personnel recruitment demonstrate there have been demands for large and training programs. loans that could not have been satisfactorily met by The validity of this conclusion is fully supported an existing bank, including California Bank and by the fact of the successful operation of each of First Western, either alone or on a participation Firstamerica's 23 subsidiary banks and the re- basis." The instances cited by Firstamerica as source status of Firstamerica's group, approximat- evidencing some form of public clamor for credit ing $3 billion. I am quite satisfied that an abun- service on a nonparticipating basis constitute, in dance of top-flight managerial talent, possessing my judgment, isolated instances of customer pref- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 143 erence, not properly characterized as legitimate acquisition and merger are wholly inconsistent instances of public need. with each element of that factor. The majority statement has also refuted, it seems However, even if the fourth factor could be to me, Applicant's assertion of a second major said to be "neutral," the evidence adduced relabenefit that will flow from approval of the pro- tive to the fifth factor should preclude the apposed plan, namely, the availability of a second proval of the application, because the effect of banking institution furnishing state-wide services such approval would be to expand the size and resulting in more effective competition on a state- extent of Firstamerica's system beyond limits conwide basis, thus serving "the best interests of all sistent with adequate and sound banking, the pubcitizens of this State." As to this, the Board con- lic interest, and the preservation of competition cluded that the record reflects (a) that adequate in the field of banking. state-wide banking services are presently available Here we have a bank holding company which through existing banks alone or through participaalready owns a billion-dollar California bank (in tion with correspondent banks, and (2) that First addition to 22 banks elsewhere) seeking to ac- Western, while not having complete state-wide quire an additional billion-dollar bank in Calicoverage, can presently offer, either alone or in fornia. The banks here involved are not small conjunction with correspondents, state-wide servretail banks serving isolated communities. They ices. are big banks. Each of these banks is actively That First Western is presently in a position to striving to obtain as much banking business as it offer state-wide services is substantiated, as the can handle, whether large or small, wherever it Board found, by the number and location of First can find it. In so doing, it is competing against Western's 100 banking offices in the State and the all other banking institutions seeking the same fact that First Western now has pending applicabusiness. It is obvious, therefore, that approval tions for 35 additional branches. The disingenuous of this application will eliminate substantial bankargument that First Western is not presently a ing competition, present and potential, and destate-wide organization, and that this merger will prive the public of a major alternative source of make it so, is refuted by a glance at a map of banking facilities and credit. California showing the location of its banking offices and those of California Bank. The only In this case, we have, in addition, an actual improvement in First Western's present state-wide overlapping in the Los Angeles metropolitan area position that can result from approval of this ap- —California Bank operating 64 offices there and plication is that which in reality is sought by First Western 27—and this means that even under Applicant—to increase its size and concentration the narrowest possible construction of this factor of banking power in California. Such a result of the Bank Holding Company Act competition might serve the "convenience, needs, and welfare" unquestionably is being eliminated and conseof Firstamerica, First Western, and California quently is not being preserved. Bank, but, in my judgment, it would adversely This Board has previously taken the position affect the public interest and the convenience, that "the question whether the size or extent of needs, and welfare of the communities and area the proposed holding company system would be concerned. The latter consideration, not the consistent with 'adequate or sound banking' or former, was the subject of Congressional concern with the 'public interest' must depend largely upon in enacting the Bank Holding Company Act. It findings as to its effect upon 'preservation of comtakes more imagination than I possess to see how petition in the field of banking'." 1 Applying this approval of this transaction favorably affects the principle to the present proposal, I can reach only welfare of the people of California or the areas one conclusion: to the extent that the proposed in which the banks operate. acquisition and merger eliminates existing and po- In considering this fourth factor, the Board tential competition and thus further concentrates concluded that the contribution of the proposed banking power, to an equal extent the adequacy transaction "would not be a strong ground for approval of the application." I go further and con- 1 In the Matter of the Applications of First New York Corporation et al, BHC Nos. 1, 2, and 3 (1958 Federal Reserve clude, as heretofore indicated, that the proposed BULLETIN 902, 912). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 and soundness of banking will be imperiled and this area. But in the absence of important offthe public interest jeopardized. setting benefits (practically conceded by the ma- Such jeopardy to the public interest results jority statement), the proposed elimination of subwhere, as in this case, a substantial dollar volume stantial present and potential competition in this of competition between First Western and Cali- area by the proposed acquisition and merger is fornia Bank, both present and potential, will be clearly inconsistent with the public interest and eliminated in the Los Angeles area. The record welfare that the Bank Holding Company Act was discloses that 29 offices of California Bank derive designed to protect. approximately $238 million of deposits from areas More difficult to measure arithmetically, but, as in which 23 offices of First Western derive ap- I view it, equally inconsistent with adequate and proximately $86 million of deposits. Thus, de- sound banking, the public interest and preservapositors represented by at least $324 million, this tion of competition, is the effect to be anticipated figure being conservative, would be deprived of an throughout the State of California as a result of alternative banking facility by approval of this this acquisition and merger. Most of the bankplan. Further, as the Board found, there would ing business in California is handled by a few also be the elimination of potential competition large banks. Of the more than 120 banks operbetween these two banks in this area, evidenced ating in the State at the close of 1957, six held by the pendency of applications by each bank for 77 per cent of the State's total banking offices additional branches in the area, 10 by First West- and more than 80 per cent of its deposits. In ern and 5 by California Bank. June 1958, California Bank ranked fifth in de- Even more significant, however, is the effect of posits and sixth in number of offices of all Calithe plan on banking in the entire Los Angeles fornia banks; First Western ranked sixth and area, with bank deposits of over $8 billion, the fourth, respectively. The resulting bank would largest volume of any metropolitan area or section rank third in both deposits and offices. The pracin the western half of the country. In this major tical result will be that instead of having to comcenter, the plan would deprive the public, bor- pete against one multi-billion state-wide institurowers as well as depositors, of one of the com- tion, the smaller banks in the State of California, peting sources of banking accommodation here- about 100 in number, will now face the competitofore available to it. tion of two state-wide Goliaths. When most of I cannot agree with the Board that there exist the bank deposits and offices within a State are important differences in the types of business con- already concentrated in the hands of a small numducted by these two competitors that "should be ber of very large banks, any proposal that would taken into account in appraising the effects upon further increase the degree of concentration will competition." The intimation that First Western not make the lot of the 100 or more smaller is principally a savings institution as contrasted banks any easier, but may reduce their ability to with the basically commercial character of Cali- grow with their communities and provide the kind fornia Bank is refuted by the fact that approxi- of banking services expected of banking institumately 55 per cent of First Western's deposits in tions. Therefore, the proposal should not be apthe Los Angeles metropolitan area are demand proved in the absence of a strong showing that deposits. I cannot see any significant distinction the public interest and welfare will be served. between the types of business sought and obtained In spite of the banking concentration evidenced by these two banks. by the above figures, a sizable number of smaller In my opinion, the adverse effects of approval banks are presently surviving the impact of largeof the proposed plan on banking competition in bank competition in California. That fact, howthe Los Angeles area are not overcome by other ever, does not justify encouragement of further considerations such as the total number of bank- concentration. Under the impact of such coning offices in the area, the total volume of de- centration, the desire on the part of smaller composits, or the existence of a number of alternative peting banks to survive in some form could arouse sources of banking services. These considerations the same, or even greater, necessity for merger were felt by the Board to "substantially amelior- or bank holding company affiliation that allegedly ate" the adverse effects on banking competition in impelled the present application. Thus, the pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 145 posed plan portends a result similar to that fore- predecessor alone makes this assumption imposseen by the Court in the case of United States v. sible and the assertion incredible. Bethlehem Steel Corporation and The Youngstown In view of my conclusion that this application Sheet and Tube Company (D.C. S.D.N.Y.), de- should be denied in the light of the standards cided November 20, 1958, in which a proposed stated in the Bank Holding Company Act, it is merger in the steel industry was disapproved un- unnecessary for me to inquire into whether the der Section 7 of the Clayton Act: proposal would involve violation of Section 7 of the Clayton Act, which forbids any corporation "The merger offers an incipient threat of setting into motion a chain reaction of further mergers by the to acquire the stock of another "where in any other but less powerful companies in the * * * indus- line of commerce in any section of the country, try." the effect of such acquisition * * * may be sub- The possibility of a substantial reduction in stantially to lessen competition * * *" The competing banking facilities available to users or following observations, however, raise substantial potential users thereof, with a simultaneous con- question as to the legality of the proposal under centration of economic power in the hands of a the Clayton Act. few large banks, is the precise condition envi- As stated in the Bethlehem Steel case, cited sioned by Congress as jeopardizing a sound bank- above, a major purpose of Section 7 is to ward ing system and being inimical to the public in- off the anticompetitive effects of increases in the terest. degree of economic concentration resulting from Furthermore, in reference to the other 10 States corporate mergers and acquisitions. The record in which Firstamerica controls banks, we must in this matter evidences that consummation of Apalso be concerned with the effect of the expanded plicant's plan will produce a marked increase in size or extent of this holding company on ade- banking concentration in the State of California. quate and sound banking, the public interest, and The ultimate result of this concentration will be the preservation of competition. In six of these to make more difficult the maintenance of effec- States, Firstamerica's banks held, in June 1958, tive competition on the part of smaller Calia large proportion of total bank deposits: Ari- fornia banks. Furthermore, in the Los Angeles zona, 38 per cent; Nevada, 76 per cent; New metropolitan area the proposed acquisition and Mexico, 14 per cent; Oregon, 41 per cent; Utah, merger will not only eliminate entirely the pres- 20 per cent; Wyoming, 17 per cent. One cannot ent and potential competition between First Westclose his eyes to the fact that the present com- ern and California Bank, but will also eliminate petitive potential of Firstamerica's subsidiaries in from the general competitive picture a substanthe States in which they now operate will be tial independent alternative source of bank credit strengthened as a result of an increase of one bil- and banking facilities. lion dollars in the commercial bank deposits con- Under the judicial interpretation of the Claytrolled by that holding company. ton Act in the Bethlehem Steel decision, one must My conclusions in this regard are not altered reject the contention that the increased size of by the testimony of Applicant's principal officer Applicant's California bank will contribute to the to the effect that few advantages, if any, would be preservation of competition among banks in that realized by Firstamerica's other 22 subsidiaries State. Furthermore, like the Youngstown Comfor the reason that the parent holding company pany in the Bethlehem Steel case, both First Westexerts a minimum of control over its banks and ern Bank and California Bank are operating profrenders little or no assistance in the way of pro- itably and there is no basis for assuming they curing business, improving internal operations, or will not continue to do so; consequently there is interfering with internal administration or man- no threat to present or future position of either agement. To attach validity to this assertion one that would remove the proposed merger from the would have to assume that a holding company it- scope of the antitrust laws. Finally, even if the self serves no purpose other than to hold bank merger offered significant benefits in such areas stock as an investment, and that no functional as strength of management and convenience of relationship exists between or among its subsid- the communities concerned, as I read the Bethiaries. The history and growth of Applicant's lehem Steel decision such benefits are irrelevant Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 and afford no defense if the merger will substan- sion would be inconsistent with adequate and tially lessen competition and thereby violate the sound banking, the public interest, and the pres- Clayton Act. ervation of competition in the field of banking. Returning to the Bank Holding Company Act, Board judgments reflecting adherence to this experience gained in more than a quarter cen- standard would result, in my opinion, in effectuattury of supervision of banks and bank holding ing the intent and aim of Congress evidenced in companies has taught me that it is preferable to its enactment of the Act—namely, that bank holdanticipate a problem and act accordingly, rather ing companies should not be absolutely precluded than wait until it may be too late to deal with from expanding, but rather that expansion should it effectively. This principle—prophylaxis now be permitted only where the public interest will rather than surgery later—is the foundation of be served thereby. both the Clayton Act and the Bank Holding Com- I read the Holding Company Act as empowerpany Act. Approval of the application in the ing the Board of Governors to approve an appliface of the record in this case will make extreme- cation, in a case where the acquisition will be ly difficult the task of dealing hereafter with pro- adverse to "the preservation of competition," only posed absorptions of banks by holding companies if this unfavorable factor is outweighed by benewhere the adverse circumstances may be far less fits under one or more of the other four factors. weighty than they are here. Specifically, the Ap- In this case, a reading of the majority decision plicant itself may be expected to push the result- reveals that the Board has determined that the ing bank further along the path of expansion on reasons for approval advanced by the Applicant which First Western has already embarked so are generally without merit, but nevertheless the successfully. In this regard, I again call atten- Board proceeds to approve the application. More tion to the fact that at the time this application specifically, the decision seems to determine that was filed, Firstamerica's First Western had pend- the first four factors are "neutral" and then finds ing applications for 35 additional branches. This that under the fifth factor, although competition does not indicate a disinclination to expand— will be reduced, the diminution is not sufficiently quite the contrary. great to warrant disapproval. That reasoning is The majority statement, while it concedes that not in accord with my view of how Congress inthe proposed acquisition might further Firstamer- tended the Board of Governors to exercise the ica's ability to expand throughout the 11-State authority and responsibility vested in it by the area through the absorption of other banks, points Holding Company Act. out that the Board has recommended that merg- When Congress in 1956 vested in this Board ers of additional banks into a holding company responsibility "to control the future expansion" of system via acquisition of assets rather than stock bank holding companies, it certainly did not inshould be brought within the coverage of the Bank tend—did not for a moment anticipate—that Holding Company Act. But that is not the law within three years thereafter the largest holding today, and there is no assurance that the Board's company in the world (the offspring of Transrecommendation will be adopted by Congress. america Corporation, whose hasty buying-up of Admittedly, expansion can (and does) take place banks in several States while the bill was pending through such mergers into holding company sysdid much to bring about the passage of this retem banks, over which the Board may have no strictive Act) would be permitted to absorb an jurisdiction. However, limitations on the Board's additional 65-office one-thousand-million-dollar jurisdiction in these respects do not require the bank in California. Board to close its eyes to reality in exercising its unquestioned jurisdiction to permit or prohibit After carefully weighing all the evidence, I acquisitions by bank holding companies through conclude that since, under Applicant's proposal, the purchase of bank stocks. banking competition both present and potential As the majority Statement points out, the Hold- will be substantially reduced without any signifiing Company Act requires the Board to consider, cant offsetting contribution to the public need, not the size or extent of a bank holding company convenience, or welfare, I must dissent from the in vacuo, but rather whether the proposed expan- Board's decision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 147 NORTHWEST BANCORPORATION the Bank Holding Company Act of 1956 ("the Act"), for this Board's prior approval of the ac- In the matter of the Application of Northwest quisition of 1,085 of the 1,200 outstanding vot- Bancorporation for prior approval of acquisition ing shares of The First National Bank at Eveof voting shares of The First National Bank at leth, Eveleth, Minnesota. Eveleth, Eveleth, Minnesota. Since The First National Bank at Eveleth is a national bank under the supervision of the Comp- ORDER GRANTING PRIOR APPROVAL troller of the Currency, the Comptroller was There having come before the Board of Govasked, pursuant to Section 3(b) of the Act, for ernors, pursuant to Section 3 (a) (2) of the Bank his views and recommendations. The Comptroller Holding Company Act of 1956 (12 USC 1843) recommended that the Board approve the appliand Section 4(a)(2) of Federal Reserve Regulacation. tion Y (12 CFR 222.4(a)(2)), an application Statutory factors. Section 3(c) of the Act reby Northwest Bancorporation, Minneapolis, Minquires the Board to take into consideration the nesota, for prior approval of the acquisition of following five factors: (1) the financial history 1,085 of the 1,200 outstanding voting shares of and condition of the holding company and bank The First National Bank at Eveleth, Eveleth, concerned; (2) their prospects; (3) the character Minnesota; a Notice of Tentative Decision referof their management; (4) the convenience, needs, ring to a Tentative Statement on said application and welfare of the communities and the area conhaving been published in the Federal Register on cerned; and (5) whether or not the effect of the December 23, 1958 (23 FR 9932); said Notice acquisition would be to expand the size or extent having provided interested persons an opportuof the bank holding company system involved benity, before issuance of the Board's final Order, to yond limits consistent with adequate and sound file objections to or comments upon the facts banking, the public interest, and the preservation stated and the reasons indicated in the Tentative of competition in the field of banking. Statement; and the time for filing such objections Discussion. The applicant, Northwest Bancorand comments having expired and comments reporation, is a bank holding company with its ceived having been duly considered; principal office in Minneapolis. It owns a large IT IS HEREBY ORDERED, for the reasons set forth majority of the stock of 46 banks in Minnesota in the Board's Statement of this date, that said and 30 banks in Iowa, Montana, Nebraska, North application be and hereby is granted, and the ac- Dakota, South Dakota, and Wisconsin. Northquisition by Northwest Bancorporation of 1,085 west's 76 subsidiary banks have total deposits of of the 1,200 outstanding voting shares of The about $1.7 billion, of which about $1 billion is First National Bank at Eveleth, Eveleth, Minnein its Minnesota banks. Almost two-thirds of sota, is hereby approved, provided that such acthe deposits in its Minnesota banks are in the quisition is completed within three months from principal bank of the holding company system the date hereof. (Northwestern National Bank of Minneapolis) Dated at Washington, D. C, this 20th day of and the eleven other subsidiary banks in Minne- January, 1959. apolis and St. Paul. By order of the Board of Governors. The town of Eveleth, with an estimated popu- Voting for this action: Chairman Martin, Vice Chair- lation of 6,200, is located in the Mesabi Iron man Balderston, and Governors Szymczak, Mills, Range in the northern part of the State, over 50 Robertson, and Shepardson. Voting against this action: none. miles north of Duluth. Immediately adjacent to Eveleth is Virginia, which, with a population of (Signed) MERRITT SHERMAN, 12,486 (1950 census), is the largest community Secretary. in the Mesabi area with the exception of Hibbing (SEAL) (population 16,276), 20 miles to the west. Within a few miles of Eveleth is the town of Gilbert STATEMENT (population 2,247). Northwest Bancorporation, a bank holding com- Virginia, Eveleth, and Gilbert, the three towns pany, has applied, pursuant to Section 3(a) (2) of in the immediate area, are presently served by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 FEDERAL RESERVE BULLETIN • FEBRUARY 1959 five banks. The largest of these are the State Holding Company Act, the most difficult prob- Bank of Virginia, owned by Northwest, and the lems arise under the fifth factor enumerated in First National Bank of Virginia, owned by First Section 3(c), which requires the Board to con- Bank Stock Corporation, the other large bank sider whether the effect of the acquisition holding company operating in Minnesota and near- "would be to expand the size or extent of the bank by States. Each of these banks has deposits of holding company system involved beyond limits conapproximately $12 million. Eveleth has two banks, sistent with adequate and sound banking, the public interest, and the preservation of competition in the The First National Bank at Eveleth (the subject of field of banking." the pending application), with deposits of $4.9 It is apparent that the proposed expansion of million, and the Miners National Bank, with dethe Northwest Bancorporation holding company posits of $3.6 million. The First National Bank of system would not be inconsistent with adequate Gilbert (deposits $2.6 million) is controlled by the and sound banking. On the contrary, as presame interests that control the Miners National viously indicated, any changes that occurred in this Bank of Eveleth. There are four relatively small respect probably would be in the direction of inbanks in towns from 10 to 16 miles from Eveleth, creased banking service to the community and and the Hibbing/Chisholm area, 20 miles to the area. west, has four banks, of which the largest (deposits $12.8 million) is owned by First Bank Stock With respect to the preservation of competi- Corporation. tion, there are conflicting elements. At present the Virginia-Eveleth-Gilbert area is served by five The financial history and condition of Northbanks, controlled by four separate interests. The west Bancorporation and The First National Bank banking public in Eveleth can seek accommodation at Eveleth are satisfactory. The prospects of both not only from the two banks in that town but the holding company and the bank also are faalso from the two larger banks in Virginia, five vorable, except to the extent that the prospects of miles away, both of which are now unrelated to the bank might be adversely affected by problems the Eveleth banks. After the proposed acquisiof management succession, discussed hereinafter. tion, only one of the two banks in Virginia would The management of Northwest is capable and be under separate control from the banks in Eveexperienced. The present management of the leth.* bank also is competent, but the senior officers In addition to the fact that the proposed acquiof the bank, who are in their middle 60's, wish to sition would result in a 25 per cent decrease in retire from active management as soon as replacethe number of competing banking interests in the ment management is obtained. Northwest and three-town area, the resulting increased relative the Eveleth bank state that successor management size of Northwest's interests in that area is an eleis not available within the bank's present staff and ment requiring careful consideration. As a rethat it would be very difficult to secure managesult of the acquisition, Northwest's percentage of ment from outside the bank, there having been control of the banking offices in the three-town unsuccessful efforts to do so. It appears to the area would increase from 20 per cent to 40 per Board that if Northwest acquires control of the cent, and its banks' aggregate holdings of the debank, capable replacements would be supplied posits of individuals, partnerships, and corporawhen present active management retires. tions in the banks of the three towns would in- The bank appears to have been serving the crease from 34 per cent to 48.8 per cent. convenience, needs, and welfare of its community and area in a satisfactory manner. Such satisfac- These, of course, are adverse considerations. tory service can be expected to continue if con- On the favorable side, however, must be weighed trol is acquired by Northwest, and the change in the fact that the acquisition would insure that the ownership probably will result in the bank's fur- town of Eveleth will continue to be served by two nishing better and more complete banking service to its customers. In this connection it may be * This decrease in the number of separately-controlled banking facilities in the area would also affect the banking public of expected that, if owned by Northwest, the bank Virginia, but presumably to a lesser degree because Virginia is the larger community and the two largest banks of the area are will be more aggressive in seeking business. situated there, so that the actual and potential flow of banking business from Eveleth to Virginia probably is greater than the In this case, as in many others under the Bank flow in the opposite direction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 149 banks; whereas, if the acquisition is not permitted, est. In addition, in view of the history of Norththere is some possibility, in view of the age and west and its subsidiary banks it appears unlikely the retirement plans of the senior officers of the that the acquisition would lead to undue domina- Eveleth bank and the difficulties encountered in tion of banking in the area by this holding comsecuring successor management, that the bank pany system. eventually would be liquidated, thereby depriving Conclusion. The above views were incorporated Eveleth of one of its two in-town banking institu- in the Tentative Statement issued in connection tions. In addition to the importance of this as- with the Notice of Tentative Decision published pect from the viewpoint of the convenience, needs, in the Federal Register on December 23, 1958 and welfare of the community, it is significant (23 FR 9932), affording interested persons an from the viewpoint of maintenance of banking opportunity to submit comments on or objections competition in the town of Eveleth itself. In this to the Board's proposed action. Consideration connection, it is to be noted that the bulk of the has been given to comments that have been redeposits of the Eveleth banks originate within the ceived. town. It is the judgment of the Board, in the light Also favorable to the application is the pre- of the factors enumerated in Section 3(c) of the viously-mentioned fact that acquisition of the bank Act and the general purposes of the Act, that the by Northwest will tend to assure competent and relevant considerations in favor of the proposed aggressive management succession, which would acquisition outweigh the adverse circumstances contribute to the adequacy and soundness of bank- and that, accordingly, the application should be ing in the area, and thereby to the public inter- approved. Current Events and Announcements RESIGNATION OF DIRECTOR Number of All Banks, by Classes" (pages 165- Mr. R. Otis McClintock, Chairman of the Board 67), to which a descriptive footnote has been of The First National Bank and Trust Company of appended. A similar footnote will be included in Tulsa, Tulsa, Oklahoma, who has served as a other tables when they are changed. director of the Oklahoma City Branch of the Federal Reserve Bank of Kansas City since January 4, 1955, resigned on February 12, 1959, to accept TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY appointment as a member of the Federal Advisory Council for 1959 to represent the Tenth Federal Latest BULLETIN Reference Reserve District. Semiannually Issue Page Banking offices: Analysis of changes in number of.... Feb. 1959 210 DEATH OF DIRECTOR On, and not on, Federal Reserve Par Mr. L. R. Bryan, Jr., who had served as a director List, number of Feb. 1959 211 of the Houston Branch of the Federal Reserve Annually Earnings and expenses: Bank of Dallas since January 1, 1955, died on Federal Reserve Banks Feb. 1959 208-09 January 30, 1959. Mr. Bryan was Vice Chairman Member banks: Calendar year June 1958 710-18 of the Board and Chairman of the Executive Com- First half of year Nov. 1958 1346 Insured commercial banks June 1958 719 mittee, Bank of the Southwest National Associa- Banks and branches, number of. by class andState Apr. 1958 492-93 tion, Houston, Houston, Texas. Operating ratios, member banks June 1958 720-22 Stock Exchange firms, detailed debit and credit balances Nov. 1958 1347 DATA FOR ALASKA Banking and monetary statistics, 1958.. Feb. 1959 212-18 Beginning with this issue of the BULLETIN, changes Summary flow-of-funds accounts, 1954-56 Oct. 1957 1190-94 are being made in individual BULLETIN tables to in- Bank holding companies, Dec. 31,1957: List of Feb. 1958 211 clude data for Alaska. The first table to be Banking offices and deposits of group changed is "Principal Assets and Liabilities and 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 February 16 Industrial production and construction activity declined. Activity remained at reduced levels in continued to expand in January and retail sales the farm machinery industry, owing to work remained at record levels. Nonfarm employ- stoppages, but continued to increase in other busiment increased somewhat while unemployment ness equipment lines. rose about seasonally. From mid-January to mid- Expansion in nondurable goods industries was February wholesale prices of industrial commodi- resumed in January and over-all production ties advanced further. Common stock prices re- reached a new high. Minerals output declined ceded from peak levels. slightly as curtailments in coal mining and oil and gas well drilling were not fully offset by increases INDUSTRIAL PRODUCTION in other mineral products. Industrial production rose one point further in January. The seasonally adjusted preliminary CONSTRUCTION index of 143 per cent of the 1947-49 average was Private housing starts in January were at a sealess than 2 per cent below the prerecession level sonally adjusted annual rate of 1,350,000 units, in August 1957. Nondurable goods production somewhat below the high December rate. The was 4 per cent higher but output of durable goods value of total new construction put in place rose 5 per cent lower than in August 1957. further to a seasonally adjusted annual rate of Activity in durable goods industries increased $54.3 billion, 17 per cent above the May 1958 further in January. Although hampered by adlow and 11 per cent above a year ago. The Januverse weather, steel mill operations rose more than ary advance was marked by gains in private resiseasonally and averaged 74 per cent of capacity. dential, highway, and public utility activity. By mid-February operations were scheduled at 84 per cent. Output of aluminum and most construction materials was at advanced levels in EMPLOYMENT January. Production of household goods in- Seasonally adjusted nonfarm employment rose creased, but a strike-induced shortage of glass, somewhat in January to 51.0 million, reflecting which has continued in February, limited output advances in trade, construction, and State and of a major auto producer and total auto assemblies local government. Unemployment increased seasonally to 4.7 million and the seasonally adjusted INDUSTRIAL PRODUCTION rate was about unchanged at 6 per cent of the 1947-49-100 civilian labor force. In manufacturing, weekly earnings decreased slightly as average weekly hours worked declined seasonally. Hourly earnings were unchanged at $2.19 and averaged 4 per cent above a year earlier. DISTRIBUTION Seasonally adjusted retail sales, which had risen 4 per cent in December to a new high, were maintained in January. Sales at department stores declined but, like total retail sales, were 5 per cent above a year earlier. Unit sales of new autos 1958 declined about seasonally and were substantially Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for January. above the reduced year-earlier level. 150 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 151 COMMODITY PRICES Reserve averaged $470 million and excess reserves $440 million over the four weeks ending Average wholesale prices of industrial com- February 11. Borrowings were about $220 million modities rose further from mid-January to midless than in the previous four weeks while excess February—to a level 2 per cent above the recesreserves were about $160 million less. Reserves sion low last spring. Prices of steel scrap, copper, were supplied to banks through continued curcotton textiles, and some other materials advanced rency inflow and were absorbed through reducand there were scattered increases among finished tions in Federal Reserve holdings of U. S. Govproducts. Meanwhile, prices of farm and food ernment securities and in float. products declined, reflecting mainly decreases in hogs and pork in response to large supplies, and SECURITY MARKETS average wholesale prices of all commodities changed little. From mid-January to mid-February yields on Treasury bonds remained near postwar record BANK CREDIT AND RESERVES highs and yields on high-grade corporate and Total loans and investments at city banks de- State and local government bonds increased. The clined $1.7 billion in January and early February Treasury bill rate declined sharply at the end of largely reflecting seasonal repayments of bank January, reflecting demands from investors switchloans. Holdings of U. S. Government securities ing out of Government securities involved in the increased slightly, in contrast with the usual de- large February refunding. As a result of the large cline, as bank acquisitions of new Treasury issues volume of cash redemptions in the refunding, the in late January exceeded reductions earlier in the Treasury on February 11 offered for cash $1.5 month. billion of September tax bills, and the bill rate Member bank borrowings from the Federal rose somewhat. RETAIL TRADE 1947-49-100 1955 1956 1957 Federal Reserve indexes, seasonally adjusted: retail sales Bureau of Labor Statistics indexes. "Other" wholesale prices based on Department of Commerce data. Monthly figures; exclude processed foods, included in total but not shown sepalatest shown for department store stocks is December, for rately. Monthly figures, latest shown: December for consumer other series, January. prices, and January for wholesale prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 155 Reserve Bank discount rates; reserve requirements; margin requirements. 158 Federal Reserve Banks 159 Bank debits; currency in circulation 162 All banks: consolidated statement of monetary system; deposits and currency. . 164 All banks, by classes 165 Commercial banks, by classes. ... 168 Weekly reporting member banks. . 170 Commercial loans; commercial paper and bankers' acceptances. . . 172 Interest rates 173 Security prices; stock market credit. . , 174 Savings institutions 175 Federal business-type activities. . 176 Federal finance 178 Security issues 182 Business finance 183 Real estate credit 185 Short- and intermediate-term consumer credit. 188 Selected indexes on business activity. 192 Production 193 Employment and earnings. 200 Department stores . 202 Foreign trade 203 Wholesale and consumer prices. 204 National product and income series. 206 Earnings and expenses of Federal Reserve Banks during 1958. 208 Changes in number of banking offices in the United States. . 210 Banking offices on Federal Reserve par list and not on par list. 211 Banking and monetary statistics, 1958. 212 Tables published in BULLETIN, annually or semiannually—list, with references 149 Index to statistical tables. 242 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. 153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars MEMBER BANK RESERVE BALANCES CURRENCY IN CIRCULATION RESERVE BANK CREDIT 20 TREASURY CASH AND DEPOSITS T 0 NONMEMBER DEPOSITS FEDERAL RESERVE CREDIT U. S. GOVERNMENT SECURITIES DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 1952 1953 1954 1955 1956 1957 1958 Latest averages shown are for week ending January 28. See p. 155. 154 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 i p r e t a d i e u l s e e d e r e s r - - c v D o a a a n u n i d s c d n - - e ts s Float Total i s G to o c ld k T s r o c t u i e r u a n u e r n n r g y t a c - - d s y J - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o r n a e r l g s y d a h s s - - Tr u w e r a i y t s h - r F es . F e e o i R r g r v . n - e B s, a O nk th s er c O F o . a t u c h R - n e t . r s Total q re u s R i e r e r e - v d e 2 s c E es x s - 2 ment Averages of daily figures 1957 Dec. 4 23,732 23,480 252 626 ,00525,387 22,763 5,141 31,668 770 305 291 191 1,04119,023 18,580 443 11 23,886 23,574 312 676 ,02025,617 22,766 5,142 31,827 769 318 318 186 1,080 1199,027 18,600 427 18 23,907 23,600 307 751 ,52526,218 22,770 5,143 31,973 768 339 334 183 1,05019,483 18,873 610 25 23,950 23,617 333 786 ,89426,687 22,770 5,145 32,089 764 483 359 179 1,06119,666 19,014 652 1958 Jan. 1.... 24,344 23,735 609 661 ,55026,623 22,774 5,147 31,962 773 458 397 201 1,04519,707 19,042 665 24,011 23,645 366 707 ,32826,100 22,781 5,146 31,553 768 529 337 186 99619,658 18,982 676 15. 23,720 23,581 139 580 ,03925,390 22,781 5,147 31,207 771 503 306 190 994 19,348 18,769 579 22. 23,315 23,266 49 359 1,23024,949 22,782 5,149 30,878 781 511 275 227 19,216 18,624 592 29. 23,372 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 43 189 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 23,285 361 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 ,15118,674 18,084 590 12. 23,466 23,432 131 81624,456 22,615 5,174 30,641 712 479 273 293 ,14818,699 18,096 603 19. 23,500 23,480 126 97324,638 22,541 5,178 30,592 804 257 257 368 ,150 18,930 18,332 598 26. 23,552 23,518 167 98324,742 22,498 5,180 30,524 790 580 258 400 ,14318,725 18,037 688 Apr. 2 23,625 23,625 144 77624,586 22,394 5,184 30,637 724 523 277 368 ,10918,526 17,830 696 9 23,628 23,628 90 87924,638 22,294 5,187 30,744 729 479 269 493 ,106 18,300 17,673 627 16 23,633 23,611 199 82924,701 22,199 5,192 30,733 731 457 319 381 ,10418,369 17,754 615 23 23,712 23,704 112 99024,854 22,081 5,193 30,617 721 417 242 376 ,10218,654 18,055 599 30 23,626 23,612 125 77724,566 22,024 5,194 30,520 732 601 235 397 ,05118,249 17,654 595 May 7 23,799 23,799 118 80824,763 21,967 5,197 30,659 738 533 287 386 ,04918,276 17,647 629 14 23,931 23,931 123 76024,854 21,886 5,199 30,812 741 470 294 386 ,046 18,190 17,528 662 21 23,876 23,876 104 99425,016 21,779 5,200 30,822 732 459 309 381 ,04318,248 17,545 703 28 24,053 24,053 119 78024,994 21,661 5,201 30,813 722 437 276 391 ,02318,194 17,513 681 June 4 24,194 24,194 135 86925,240 21,594 5,201 30,989 709 411 238 484 ,05718,147 17,574 573 11 24,397 24,391 6 184 81525,440 21,594 5,203 31,052 709 424 267 370 ,13918,274 17,687 587 18 24,682 24,581 101 175 1,03625,939 21,540 5,204 31,070 698 459 331 359 ,14618,619 17,984 635 25 25,002 24,891 111 99 1,02426,170 21,374 5,204 30,975 698 440 280 229 ,14418,983 18,314 669 July 2 25,422 25,419 97 81526,380 21,349 5,203 31,163 687 446 268 405 ,10518,859 18,204 655 9 25,456 25,456 143 94726,589 21,306 5,202 31,385 677 489 265 377 ,09718,809 18,051 758 16 25,262 25,262 115 97926,398 21,300 5,202 31,375 686 497 358 371 ,09518,518 17,949 569 23 25,157 25,157 85 1,04526,328 21,280 5,203 31,217 692 465 293 340 ,09118,712 17,924 788 30 25,035 25,035 108 82326,005 21,252 5,206 31,086 697 543 300 333 ,04118,462 17,824 638 Aug-.!::::: 2 2 5 5 , , 6 2 4 4 6 0 2 2 5 5 , , 6 2 2 4 6 0 20 2 1 2 1 9 2 7 8 7 2 4 8 2 2 6 6 , , 6 2 8 1 5 2 2 2 1 1, , 1 1 9 5 5 4 5 5 , , 2 2 1 0 0 7 3 3 1 1 , , 1 2 7 9 1 1 6 6 9 9 9 6 5 6 0 6 4 2 2 3 9 0 1 0 3 3 2 5 9 0 , ,1 1 6 4 6 8 1 1 8 8 , , 7 29 6 6 0 1 1 8 7 , , 0 7 7 3 3 8 6 5 8 5 7 8 20 25,406 25,406 216 1,00826,665 21,086 5,210 31,295 696 528 259 301 ,23318,648 18,027 621 27 25,257 25,257 271 85726,417 21,086 5,211 31,249 688 486 234 320 ,21218,526 17,953 573 Sept. 3 25,353 25,353 461 79226,638 21,011 5,211 31,381 691 539 305 324 ,17518,446 17,899 547 10 25,233 25,233 514 88326,661 21,012 5,213 31,433 694 478 330 319 ,15318,479 17,873 606 17 25,001 25,001 563 1,04926,644 20,939 5,215 31,393 694 304 397 282 ,15618,572 17,935 637 24 24,893 24,893 433 1,20326,558 20,895 5,216 31,285 683 508 308 320 ,16218,404 17,811 593 Oct. 1 24,940 24,940 401 90426,275 20,866 5,219 31,217 690 448 261 387 ,12318,234 17,774 460 25,143 25,143 434 91126,519 20,830 5,219 31,352 691 447 299 343 ,11918,318 17,753 565 15 25,498 25,353 145 472 92226,925 20,764 5,220 31,498 689 386 327 412 ,12118,475 17,989 486 22 25,242 25,242 369 1,40127,046 20,724 5,220 31,435 681 464 308 332 ,11718,652 18,086 566 29 25,300 25,300 456 97726,767 20,690 5,221 31,299 681 512 270 321 ,08018,515 17,993 522 Nov. 5. 25,459 25,380 79 403 79626,694 20,679 5,222 31,422 681 325 283 391 ,07818,416 18,008 408 12. 25,660 25,614 46 470 93427,100 20,652 5,225 31,660 687 371 297 375 ,07818,510 17,891 619 19. 25,411 25,392 19 453 ,18827,087 20,680 5,225 31,754 692 475 316 341 ,07418,340 17,900 440 26. 25,734 25,578 156 430 ,19927,399 20,616 5,225 31,825 686 455 243 337 ,06318,631 18,225 406 Dec. 3. 26,143 26,033 110 580 ,08727,844 20,609 5,228 32,057 693 465 222 401 ,10318,740 18,232 508 10. 26,282 26,250 32 415 ,11227,847 20,593 5,229 32,218 696 376 232 328 ,19118,629 18,160 469 17. 26,315 26,223 92 519 ,43928,311 20,576 5,229 32,394 693 428 263 335 ,16118,844 18,374 470 24. 26,272 26,188 84 631 ,94428,889 20,536 5,231 32,533 684 540 239 328 ,17219,160 18,548 612 31. 26,437 26,241 196 808 ,61828,910 20,526 5,232'32,458 '692 521 332 333 1,16519,167 18,511 656 1959 Jan. 7 26,184 26,090 94 644 1,40128,275 20,534 5,234 32,008 701 446 279 356 1,122 19,131 18,588 543 14 25,922 25,817 105 730 1,01127,708 20,526 5,234 31,710 704 390 297 345 1,121 18,901 18,340 561 21 25,580 25,580 457 1,28827,368 20,515 5,234 31,385 712 401 357 373 1,118 18,769*>18,247 *522 28 25,471 25,471 507 1,07427,094 20,515 5,235 31,150 714 404 298 343 1,118 18,817 18439 Preliminary. r Revised. For other notes see following page. 155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 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 a S l . G B o r o o i v g u u t h t g . - t h se t cu r a u c H r e g n h i p t r e a d i e u e l s e d e r s e r - - v c a D o a a n n u i d s c d n - - e t s s Float Total s G to o c ld k T r s o c e r t u i e a n u n u r a n g r y c t s - - d y - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o n r a e r l g s y d a h s s - - Tr u w e r a i y t s h - r F es F . e e 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 q re u s R i e r e r e - v d e 2 s Exment Averages of daily figures 1958 Jan 23,608 23,458 150 454 1,11825,229 22,782 5,148 31,059 777 512 297 224 99319,296 18,723 573 Feb 23,378 23,313 65 242 90724,568 22,759 5,161 30,608 717 421 294 299 ,15019,000 18,434 566 Mar 23,486 23,465 21 139 89324,559 22,548 5,177 30,589 750 457 265 350 ,14218,730 18,097 633 23,649 23,638 11 130 86424,682 22,166 5,191 30,654 728 494 267 410 ,09218,394 17,772 622 May!'/.'.'.'.'.'.'.'. 23,939 23,939 119 84124,939 21,801 5,200 30,798 731 466 286 401 ,03618,223 17,557 666 June 24,749 24,698 142 91625,851 21,490 5,203 31,039 701 442 281 350 ,13218,600 17,974 626 July 25,218 25,218 109 94226,310 21,285 5,203 31,264 687 498 302 358 ,08118,609 17,953 656 Aug 25,410 25,406 252 85826,554 21,112 5,210 31,268 694 541 274 324 ,19418,580 17,946 634 Sept 25,051 25,051 476 99026,548 20,940 5,215 31,342 691 445 325 325 ,15118,425 17,854 571 Oct 25,296 25,260 425 1,03526,789 20,750 5,220 31,390 685 449 299 352 ,10818,476 17,955 521 Nov 25,650 25,562 488 1,03927,211 20,648 5,225 31,732 688 410 276 369 ,06818,540 18,034 506 26,312 26,216 564 1,49628,412 20,563 5,230 >"32,371 »"691 470 262 337 ,17418,899 18,383 516 Dec 1959 25,776 25,723 53 574 1,17027,564 20,518 5,234 31,521 709 415 306 353 1,12018,893 Jan Midyear or year-end 1929—June. 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec.. 2,484 2,484 91 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec.. 2,254 2,254 3 94 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec.. 24,262 24,262 249 57825,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947_Dec.. 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec.. 20,778 20,725 53 67 1,36822,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1955—Dec.. 24,785 24,391 394 108 1,58526,507 21,690 5,008 31,158 767 394 402 554 92519.005 18,903 102 1956—Dec.. 24,915 24,610 305 50 1,66526,699 21,949 5,066 31,790 775 441 322 426 90119;059 19,089 -30 1957—June. 23,035 22,994 41 558 1,19924,816 22,623 5,107 31,082 758 498 449 308 1,07518,376 18,543 -167 Dec.. 24,238 23,719 519 55 1,42425,784 22,781 5,146 31,834 761 481 356 246 99819,034 19,091 -57 End of month 1958 Jan 23,331 23,331 217 76324,352 22,784 5,158 30,576 771 469 249 279 990 18,958 18,543 415 Feb 2 23 3 , , 6 2 2 4 8 0 2 23 3 , , 6 2 2 4 8 0 1 1 2 3 2 7 9 76 2 5 42 2 4 4 , , 3 5 3 7 0 0 2 2 2 2 , , 6 3 8 9 6 4 5 5 , , 1 16 8 9 3 3 30 0 , , 6 5 6 5 6 4 7 69 2 5 2 4 5 7 1 4 6 2 2 6 6 5 6 3 37 3 8 6 , , 1 1 5 0 1 81 1 8 8 , , 5 6 3 6 2 7 1 1 8 7 , , 1 8 8 5 6 7 4 6 8 7 1 5 Mar 23,681 23,681 156 79724,672 21,996 5,196 30,565 734 594 257 411 ,05018,254 17,686 568 May'.'.'.'.'.'.'.'.'.'. 24,162 24,162 144 96525,313 21,594 5,201 30,994 703 382 234 624 99418,176 17,543 633 June 25,438 25,438 41 75826,283 21,356 5,203 31,172 692 410 269 420 ,09618,784 18,158 626 July 24,480 24,480 94 86825,477 21,210 5,207 31,171 685 617 288 329 ,03917,764 17,801 -37 Aug 25,346 25,346 555 80526,739 21,011 5,211 31,371 684 540 313 332 ,18418,538 17,860 678 Sept 24,986 24,986 255 86026,130 20,874 5,219 31,245 684 371 258 395 ,12218,147 17,785 362 Oct 25,443 25,373 70 407 78826,675 20,690 5,222 31,386 674 363 288 335 ,07918,462 18,009 453 Nov 26,229 26,069 160 717 28,006 20,609 5,228 32,036 694 424 226 430 ,03818,994 18,217 777 26,347 26,252 95 64 27,755 20,534 5,234 32,193 683 358 272 391 ,12218,504 18,574 -70 Dec 1959 25,715 25,611 104 462 97927,197*>20,476P5.235*>31,128 P719 447 274 345 1,11818,878*18,38O Jan Wednesday 1958 25,519 25,423 96 502 44126,498 20,665 5,222 31,514 687 194 299 332 1,07718,281 18,000 281 Nov. 5 25,445 25,443 2 375 65726,512 20,676 5,224 31,751 688 496 288 320 1,07617,792 17,875 -83 12 25,448 25,401 47 560 1,27127,312 20,658 5,225 31,714 689 391 317 351 ',07418,659 17,986 673 19 25,795 25,662 133 1,049 98027,858 20,609 5,225 32,015 684 476 215 336 ,03518,929 18,270 659 26 Dec. 3 26,133 26,120 13 329 1,03527,532 20,609 5,229 32,11 698 469 233 344 ,19118,323 18,255 68 10 26,255 26,247 8 455 99427,740 20,593 5,229 32,303 698 437 230 327 ,19118,376 18,196 180 17 26,272 26,194 78 568 1,79728,675 20,574 5,229 32,416 683 503 252 336 ,17119,117 18,559 558 24 26,307 26,197 110 830 1,64328,825 20,520 5,231 32,601 693 485 237 31 ,17119,078 18,504 574 31 26,347 26,252 95 64 1,29627,755 20,534 5,234 32,193 683 358 272 391 ,12218,504 18,574 -70 1959 Jan. 7 26,041 26,004 782 1,12227,989 20,534 5,234 31,843 702 567 275 333 ,12118,915 18,486 429 14 25,901 25,815 523 93927,408 20,515 5,234 31,524 709 425 304 360 ,12118,713 18,298 415 21 25,532 25,532 424 1,23827,235 20,515 5,234 31,237 714 345 333 348 ,11718,889 >18,211 *678 28 25,438 25,438 495 80626,776 20,516 5,235 31,056 718 487 320 340 ,11718,489*>18,429 60 * Preliminary. r Revised. dates in subsequent tables on Federal Reserve Banks. * 1 Includes industrial loans and acceptances; these items are not shown 2 These figures are estimated. separately in this table, but are given for end-of-month and Wednesday Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 157 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. 1 In millions of dollars] Central reserve Central reserve Item and period m b A b a e n e m l r k l s - Ne c w ity ban C ks hi- b s R c a e i r n e t v y - k e s C ba o tr n u y k n s - Item and period b m a A b e n e l m r l k - s Ne c w ity ban C ks hi- b s c R a e i n r e t v y - k e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1957—Dec 19,420 4,336 1,136 8,042 5,906 1957—Dec 577 34 8 86 449 1958—Jan 19,296 4,251 1,125 8,007 5,914 1958—Jan 573 34 4 78 456 Feb 19,000 4,204 1,114 7,871 ,811 Feb 567 22 5 98 442 Mar 18,730 4,272 1,098 7,701 5,659 Mar 633 44 11 98 479 Apr 18,394 4,122 1,052 7,651 5,569 Apr 623 15 3 79 526 May 18,223 4,030 1,054 7,614 5,525 May 666 53 8 131 474 June 18,600 4,214 1,113 7,721 5,552 June 626 28 14 102 481 July 18,609 4,132 1,088 7,772 5,617 July 656 32 5 104 5151 Aug 18,580 4,014 1,097 7,820 5,651 Aug 635 26 3 89 516 Sept 18,425 3,951 1,064 7,731 5,679 Sept 571 27 5 65 474! Oct 18,476 3,935 1,061 7,755 5,724 Oct 521 27 6 55 4331 Nov 18,540 3,883 1,054 7,819 5,784 Nov 506 17 69 420] Dec 18,899 4,033 1,077 7,940 5,849 Dec 516 23 7 57 430 Week ending: Week ending: 1958—Dec. 17 18,844 4.032 ,065 7,928 5,819 1958—Dec. 17 470 1 4 54 412 24 19,160 4,072 ,077 8,028 5,983 24 612 16 3 57 536 31 19,167 4,194 ,096 8,101 5,778 31 656 132 16 158 351 1959_jan. 7 19,131 4,131 ,088 8,001 5,911 1959—Jan. 7 543 -2 65 479 14 18,901 3,982 ,062 7,922 5,935 14 561 11 6 54 489 21 18,769 3,951 ,054 7,873 5,890 21 *>522 10 4 57 M50 18,817 4,013 ,065 7,917 5,821 28 ^378 -9 3 33 28 Borrowings at Federal Required reserves:2 Reserve Banks: 18,843 4,303 J27 7,956 5,457 1957—Dec 1957—Dec 710 139 85 314 172 18,723 4,216 ,121 7,928 5,458 1958—Jan 18,434 4,182 ,109 7,773 5,369 1958—Jan 451 80 29 222 119 Feb 18,097 4,228 ,087 7,603 5,179 Feb 242 46 11 96 89 Mar 17,772 4,107 ,049 7,572 5,043 Mar 138 2 29 36 71 Apr 17,557 3,977 ,046 7,482 5,051 Apr 130 18 9 35 67 May 17,974 4,186 ,099 7,619 5,070 May 119 2 1 42 74 June 17,953 4,101 ,084 7,667 5,101 June 142 21 2 45 74 July 17,946 3,987 ,094 7,731 5,134 July 109 16 1 49 44 Aug 17,854 3,923 ,058 7,667 5,205 Aug 252 48 3 111 90 Sept 17,955 3,909 ,055 7,700 5,291 Sept 476 106 8 266 96 Oct 18,034 3,866 ,055 7,750 5,364 Oct 425 35 9 253 128 Nov 18,383 4,010 ,070 7,883 5,419 Nov 486 60 16 258 152 Dec Dec 557 103 39 254 162 Week ending: Week ending: 1958—Dec. 17 18,374 4,031 ,061 7,875 5,407 24 18,548 4,056 ,074 7,971 5,447 1958—Dec. 17 516 69 22 239 186 31 18,511 4,061 ,080 7,943 5,427 24 625 189 50 208 178 31 790 186 71 372 161 1959—Jan. 7 18,588 4,131 ,089 7,936 5,432 14 18,340 3,971 ,056 7,867 5,446 1959—Jan. 7 626 140 92 323 71 21 ^18,247 3,941 ,050 7,816 *>5,440 14 713 112 86 339 176 28 18,439 4,022 1,062 7,885 *5470 21 438 47 52 227 112 489 43 9 239 198 28 December 1957 Free reserves:2 4 Deposits: -133 -105 -77 -228 277 1957—Dec Gross demand deposits: 122 -46 -25 -144 337 Total 118,771 23,977 6,080 46,423 42,290 1958—Jan 324 -25 -6 1 353 Interbank 13,308 4,252 1,202 6,426 1,428 Feb 495 42 -18 62 408 Other 105,464 19,726 4,878 39,997 40,863 Mar 493 -3 _j 44 459 Net demand deposits 3. .. 101,123 20,580 5,299 39,023 36,220 Apr 547 51 1 89 399 Time deposits 45,934 3,733 1,349 18,639 22,214 May 484 7 12 57 408 Demand balances due June 546 16 4 56 471 from domestic banks. . 6,583 69 107 2,021 4,386 July 383 -22 — 22 426 Aug 95 -79 -3 -201 378 Sept 96 -8 -3 -198 305 December 1958 Oct 20 -43 -16 -189 268 Nov -41 -80 -31 -198 268 Dec Gross demand deposits: Week ending: Total 123,855 24,088 6,353 49,249 44,165 Interbank 13,705 4,127 1,218 6,896 1,464 1958—Dec. 17 -46 -68 -18 -185 226 Other 110,150 19,961 5,135 42,353 42,701 24 -13 -173 -47 -151 358 Net demand deposits3.. 105,668 20,853 5,542 41,349 37,925 31 -134 -54 -55 -214 190 Time deposits 52,747 5,139 1,447 21,214 24,947 Demand balances due 1959—Jan. 7 -83 -140 -94 -258 408 from domestic banks. . 6,872 85 105 2,141 4,540 14 -152 -101 -80 -285 313 21 *>84 -37 -48 -170 28 ^— 111 -52 -6 -206 P Preliminary. banks and of country banks are estimates. 1 Averages of daily closing figures for reserves and borrowings and of 3 Demand deposits subject to reserve requirements, i.e., gross demand daily opening figures for other items, inasmuch as reserves required are deposits minus cash items reported as in process of collection and demand based on deposits at opening of business. balances due from domestic banks. 2 Weekly figures of required, excess, and free reserves of all member 4 Free reserves are excess reserves less borrowings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 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 Jan. 31 beginning— rate Jan. 31 beginning— rate Jan. 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 i Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES* 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 deposits1 Time deposits effective all F. R. of effective all F. R. of Banks N.Y. Banks N.Y. Effective date Central of change Central Reserve Coun- reserve Coun- 1955 1957 reserve city try and try Apr. ,4. Nov. 15. city banks banks reserve banks Dec. 2. banks city May 2. banks Aug. 4. 1958 Jan. 22. 12! 24. 1917—June 21 13 10 7 Mar. 7. 13. 1936—Aug. 16 19% 15 10% f f Nov. 18. 21. 1937—Mar. 1 2234 12^ 23. Apr. 18. May 1 26 2?0* 14 1956 May 9. 1938—Apr. 16 2234 17% 12 Ap,. ,3. Aug. 15. Sept.12. 1941_Nov. 1 26 20 14 6 6 1942—Aug. 20 24 Aug. 24. Oct. 24. Sept. 14 22 Nov. 7. Oct. 3 20 1957 A 3 37J* J In a n e . ff 3 ec 1 t . 2% 2% 1948— J F u e n b e . 2 1 7 1 2 2 4 2 Sept. 16,24*.... 26 22 16 1* 1949—May 1,5* 24 21 15 1 Under Sees. 13 and 13a (as described in table above). For data for June 30, July 1*. 20 14 6 1941-54. see BULLETIN for January 1959, p. 76. Aug. 1,11*.... if* 13 5 6 NOTE.—Repurchase rate on U. S. Govt. securities. The rate at which Aug. 16, 18* 12 5 the Federal Reserve Bank of New York repurchased U. S. Govt. secur- Aug. 25 i* i!* ities was the same as its discount rate except in the following periods Sept. 1 A ( 2 r . a u 1 t g 0 e . ; s 2 S 2 i e n , p 3 t p . . 5 e 8 0 r , c . e 2 n .1 ta 5 g ; e N s M ) o : A v 1 . R 9 1 G 5 0 5 I , — N 2 . M 3 R 7 a E 5 y Q ; 1 4 U 9 - I 6 5 R 6 , E — 1 M . A 65 E u ; g N . A T 2 S u 4 g - 1 . 2 9 4 , , 2 1 .7 .8 5 5 ; ; an S d e p 1 t 9 . 57 1- — 2, 1 1 1 9 9 9 5 5 5 3 1 4 — — _j J J J J u u a u a n l n l n y y e . . 2 2 1 1 9 5 1 6 1 , , , , , 9 A F 2 1 * e u 4 6 b g * * . . . . 1 1 . . * * . . . . . . 2 2 2 2 2 3 4 2 1 0 2 1 1 1 0 9 8 9 1 1 1 12 4 3 3 6 5 5 6 [Per cent of market value] 1958—Feb. 27, Mar. 1* 8* 17* Mar. 20, Apr. 1* Apr. 17 Jan. 16, Aug. 5, Effec- Apr. 24 it* 16% Prescribed in accordance with 1958- 1958- tive Securities Exchange Act of 1934 Aug. 4, Oct. 15, Oct. 16, In effect Feb. 1, 1959... 18 16% 11 5 5 1958 1958 1958 Present legal require- Regulation T: ments: For extensions of credit by brokers and 13 10 7 3 3 dealers on listed securities 50 70 90 Maximum 26 20 14 6 6 For short sales 50 70 90 Regulation U: For loans by banks on stocks 50 70 90 1 Demand deposits subject to reserve requirements which, beginning Aug. 23, 1935, have been total demand deposits minus cash items ill process of collection and demand balances due from domestic banks (also 1 Regulations T and U limit the amount of credit that may be extended minus war loan and Series E bond accounts during the period Apr. 13. on a security by prescribing a maximum loan value, which is a specified 1943-June 30, 1947). percentage of its market value at the time of extension; margin require- * First-of-month or midmonth dates are changes at country banks, and ments are the difference between the market value (100%) and the maxi- other dates (usually Thurs.) are at central reserve or reserve city banks. mum loam value. 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FEDERAL RESERVE BANKS 159 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1959 1958 1959 1958 Jan. 28 Jan. 21 Jan. 14 Jan. 7 Dec. 31 Jan. Dec. Jan. Gold certificate account 18,997,893 18,997,892 18,987,891 19,007,892 19,012,893 18,957,895 19,012,893 21,245,393 Redemption fund for F. R. notes.. 934,414 940,473 940,473 942,796 937,919 934,414 937,919 858,710 Total gold certificate reserves. 19,932,307 19,938,36519,928,364 19,950,68819,950,812 19,892,30919,950,812 22,104,103 F. R. notes of other Banks 677,041 672,530 629,217 568,591 476,993 643,107 476,993 656,234 Other cash 490,198 468,169 423,843 371,498 336,474 492,451 336,474 544,476 Discounts and advances: For member banks 477,164 405,835 504,944 764,295 46,063 443,762 46,063 217,380 For nonmember banks, etc 18,300 18,300 17,900 17,900 17,900 18,300 17,900 Industrial loans 335 335 336 336 336 335 336 536 Acceptances—Bought outright 36,632 40,076 43,290 43,288 43,290 40,357 43,290 40,910 Held under repurchase agreement. 1,148 285 5,799 5,799 U. S. Government securities Bought outright: Bills 1,437,150 1,531,150 1,814,050 2,003,050 2,250,450 1,609,550 2,250,450 595,273 Certificates—Special Notes Other 1 2 8 , , 8 6 6 4 7 9 , , 5 7 6 2 5 61 2 8 , , 8 6 6 4 7 9 , !726 1 2 8 , , 8 6 6 4 7 9 , , 5 7 6 2 5 61 2 8 , , 8 6 6 4 7 9 , , 5 7 6 2 5 618,6 86 4 7 9 , , 5 7 6 2 5 61 2 8 , , 8 6 6 4 7 9 ! 18 2 ,6 8 4 6 9 7, , 5 7 6 2 5 6 1 , 9,' Bonds 2,483,771 2,483, 2,483,771 2,483,771 483,771 2,483! 2,483;771 2,801,750 Total bought outright , 25,438,212 25,532,212 25,815,112 26 004,112 26,251,512 25,610 612 26251,512 23,330,635 Held under repurchase agreement. 86,200 37,000 95,000 104,250 95,000 .., Total U. S. Government seourities. 25,438,212 25,532,212 25,901,312 26,041,112 26,346,512 25,714,862 26,346,512 23,330,635 Total loans and securities. 25,970,643 25,996,758 26,468,930 26 867,216 26,459,900 26,217,616 26:459,900 23,589,461 Due from foreign banks. 15 15 15 15 15 1155 15 15 B U a n n c k o ll p e r c e t m ed is e c s ash items.. 5,0 9 8 4 7 , , 2 3 1 1 9 0 5,78 9 9 4; , ,8 9 1 3 6 , , 7 4 9 6 4 2 5 1 9 6 3 1 , , 6 6 4 1 0 2 ,6 9 3 3 0 , , 6 6 3 8 6 4 4,68 9 1 4 , ,0 2 8 7 8 4 5: 6 9 3 3 0 , , 6 6 3 8 6 4 4 1 8 5 4 6 , , 2 7 0 6 3 3 Other assets 197,630 184; 173,404 160,581 146,641 202,344 146,641 293,003 Total assets. 52,449,36353,144,895 53,534,029 53,173,84153,095,155 52,223,204 53,095,155 51,428,258 Liabilities Federal Reserve notes 27,121,889 27,280,690 27,466,628 27,668,350 27,872,023 27,163,197 27,872,023 26,711,420 Deposits: Member bank reserves 18,489,248 18,889,375 18712,90918,914, 18,503,99118,877,53918,503,99118,958,370 U. S. Treasurer—general account. 487,154 345,252 425,043 567; 358,364 446,650 358,364 469,246 Foreign 320,319 333,237 303,774 275; 272,485 274,417 272,485 249,013 Other 340,200 347,901 359,925 333; 390,851 344,854 390,851 279,437 Total deposits. 19,636,921 19,915,765 19,801,65120,090.59419,525,691 19,943,460 19,525,691 19,956,066 O De th fe e r r r e li d a b a il v i a ti i e la s b a i n li d ty a c c a c s r h u e i d te m di s vidends 1. 4,28 2 1 3 , , 6 9 7 8 9 1 4,55 2 1 2 , , 8 0 2 8 1 4 4,87 2 7 3 , , 7 8 9 8 8 2 4,039; i 7 3 3 6 7 8 4,33 2 5 1 , , 1 6 2 8 6 3 3,70 2 1 5 , , 9 1 6 8 1 7 4,33 2 5 1 , , 1 6 2 8 6 3 ,39 1 4 4 , , 0 4 3 7 1 9 Total liabilities 51,064,470 51,770,360 52,169,95951,820,049 51,754,523 50,833,805 51,754,52350,075,996 Capital Accounts Capital paid in. 368,417 367,607 366,726 366,304 363,098 368,675 363,098 347,482 Surplus 868,410 868,410 868,410 868,410 868,410 868,410 868,410 2836,741 Other capital accounts. 148,066 138,518 128,934 119,078 109,124 152,314 109,124 168,039 Total liabilities and capital accounts. 52,449,363 53,144,895 53,534,029 53,173,84153,095,155 52,223,204 53,095,15551,428,258 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 42.6 42.2 42.2 41.8 42.1 42.2 42.1 47.4 Contingent liability on acceptances purchased for foreign correspondents 60,004 63,077 65,078 66,513 67,799 59,693 67,799 127,188 Industrial loan commitments 960 960 960 975 975 960 975 1,058 Maturity Distribution of Loans and U. S. Government Securities3 Discounts and advances—total 495,464 424,135 522,844 782,195 63,963 462,062 63,963 217,380 Within 15 days 464,806 404,387 504,426 762,857 43,595 436,518 43 595 211 648 16 days to 90 days 30,658 19,748 18,418 19,338 20,368 25,544 20,368 5,634 98 335 335 336 336 336 335 336 536 Within 15 days 212 212 213 213 213 221 213 120 23 23 18 18 18 14 18 20 42 42 43 43 43 42 43 273 Over 1 year to 5 years 58 58 62 62 62 58 62 123 36,632 40,076 44,438 43,573 49,089 40,357 49,089 40 910 Within 15 days 13,699 21,383 22,048 14,021 15,869 12,938 15,869 9,507 16 davs to 90 davs 22,933 18,693 22,390 29,552 33,220 27,419 33 220 31 403 25,438,212?^ 532,21275,901,31276,041,11276,346,51275,714,86276,346,51273 330 635 Within 15 days 354,690 504,890 498,500 602,300 742,200 5,928,433 742,200 ,585,650 6,533,453 6,516,753 6,892,243 6,928,243 7,093,743 f,172,160 7,093,743 516 616 13,198,733 n 159,233n,159,233 n,159,233 n 159,233 n,262,933 n,159,233 14,439,112 Over 1 year to 5 years 3,881,179 881,179 ,881,179 3,881,179 881,179 3,881,179 ,881 179 374 400 206,495 *206,495 206,495 206,495 *206,495 206,495 206,495 56 610 1,263,662 l,263,662 l,263,662 1,263,662 l,263,662 l,263,662 I,263,662 1,358,247 1 No accrued dividends at end of December. 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

160 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1959 [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 ncisco Assets Gold certificate account 861,511 5,104,078 1,022,8241,530,5071,026,104 940,7333,276,067 742,075 466,265 800,401 753,066 2,434,264 Redemption fund for F. R. notes 55,199 196,422 59,470 87,054 83,582 56,601 171,877 44,403 22,243 43,368 29,700 84,495 Total gold certificate reserves, 916,710 5,300,5001,082,2941,617,5611,109,686 997,334 3,447,944 786,478 488,508 843,769 782,766 2,518,759 F. R. notes of other Banks... 58,282 139,948 46,578 50,290 71,563 82,228 48,857 21,782 19,138 12,219 39,007 53,215 Other cash 35,893 98,596 29,254 43,002 30,755 35,201 81,323 31,044 13,373 17,121 19,662 57,227 Discounts and advances: Secured by U. S. Govt. securities 25,125 59,270 13,110 49,115 33,791 50,806 45,310 27,400 14,530 65,964 44,741 14,600 Other 1,006 5,124 1,208 1,647 915 860 2,708 677 439 714 952 2,050 Industrial loans 327 Acceptances: Bought outright 40,357 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,394,447 6,458,1771,472,200 2,267,179 [,667,046 303,145 4,473,6621,044,759 538,770 1,093,138 1,003,1932,894,896 Held under repurchase agreement 104,250 Total loans and securities... 1,420,905 6,667,1781,486,5182,317,941 ,701,752 1,354,8114,521,680 1,072,836 553,7471,159,8161,048,886 2,911,546 Due from foreign banks 1 14 1 1 1 1 2 1 1 1 1 Uncollected cash items 309,570 892,069 287,550 437,388 355,340 391,748 781,271 190,208 124,186 239,314 228,731 443,899 Bank premises 4,670 10,278 4,223 9,385 6,716 9,289 12,264 6,893 5,219 4,785 7,889 12,477 Other assets 10,694 49,674 11,293 18,061 12,926 11,145 36,092 8,381 4,191 9,412 7,955 22,520 Total assets. 2,756,72513,158,247 2,947,7114,493,629 3,288,739 2,881,757 8,929,433 2,117,6231,208,362 2,286,437 2,134,8976,019,644 Liabilities F. R. notes 1,582,767 6,333,3031,700,695 2,502,568 2,073,625 [,438,6775,198,683 ,209,032 587,6301,083,032 779,2082,673,977 Deposits: Member bank reserves 774,456 5,364,759 883,2571,475,021 797,391 999,424 2,867,224 670,128 453,070 900,9271,035,5252,656,357 U. S. Treasurer—general account 31,281 59,644 23,498 30,566 37,775 39,094 29,183 25,395 22,421 42,375 32,468 72,950 F O o th re e i r gn 14,190 2 3 8 8 6 8 , , 9 6 5 5 0 7 1 3 7 , , 3 0 9 2 7 8 23 1 , ,0 2 5 2 7 0 1 3 2 , , 1 9 1 0 6 0 12, 7 1 1 2 0 6 38, 4 1 4 8 4 4 9,546 6,192 10,062 13,416 4 2 4 8 , , 7 8 6 9 1 6 391 549 688 1,219 1,572 Total deposits 820,318 5,800,010 927,1801,529,864 851,1821,051,354 2,935,035 705,618 482,371 954,5831,082,9812,802,964 Deferred availability cash items 273,950 639,604 226,480 332,809 290,883 323,968 586,125 148,065 102,799 192,335 200,188 384,755 Other liabilities 1,258 5,996 1,190 2,625 1,195 1,197 4,385 859 1,338 987 818 3,339 Total liabilities 2,678,29312,778,913 2,855,545 4,367,866 3,216,885 2,815,196 8,724,2228,063,5741,174,138 2,230,937 2,063,1955,865,035 Capital Accounts Capital paid in 18,287 106,020 22,048 35,214 16,555 18,647 50,626 12,500 8,465 15,106 21,260 43,947 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. 10,029 34,412 10,511 13,906 10,453 8,440 22,420 7,803 4,974 7,459 7,006 14,901 Total liabilities and capital accounts 2,756,72513,158,2472,947,7114,493,6293,288,739 2,881,7578,929,433 2,117,6231,208,362 2,286,437 2,134,8976,019,644 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 38.1 43.7 41.2 40.1 37.9 40.11 42.4 41.1 45.7 41.4 42.0 46.0 Contingent liability on acceptances purchased for foreign correspondents 3;3O5 416,421 3,967 5,409 3,005 2,825 8,895 2,224 1,442 2,344 3,125 6,731 Industrial loan commitments 20 940 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $43,272,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $185,760,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

161 FEDERAL RESERVE BANKS FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1959 1958 1959 1958 Jan. 28 Jan. 21 Jan. 14 Jan. 7 Dec. 31 Jan. Dec. Jan. F. R. notes outstanding (issued to Bank). 28,540,418 28,675,982 28,820,008 28,943,788 29,057,57328,491,449 29,057,573 28,109,074 Collateral held against notes outstanding: Gold certificate account 10,925,000 10,950,00010,950,00010,950,000 11,073,000 10,925,00011,073,00012,253,000 Eligible paper 87,219 51,752 69,251 52,193 25,393 106,474 25,393 44,668 U. S. Government securities 18,715,00018,715,00018,715,00018,715,00018,615,00018,715,00018,615,000 17,165,000 Total collateral 29,727,219 29,716,752 29,734,25129,717,193 29,713,393 29,746,474 29,713,393 29,462,668 EACH FEDERAL RESERVE BANK ON JANUARY 31, 1959 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- R m i o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco F. R. notes outstanding (issued to Bank) 1,679,9516,695,444 ,779,322 2,593,9512,177,537 1,522,9275,375,929 1,266,720 604,9981,115,477 829,6512,849,542 Collateral held: Gold certificate acct. 650,000 2,920,000 640,000 920,000 700,000 475,000 2,100,000 430,000 200,000 300,'000 290,000 ,300,000 Eligible paper 13,110 27,440000 65,964 U. S. Govt. securities. ',000,66b1,200,0001,750i666 ^536;000 1ii66*OOO3 935,"0"0"0 425,000 8500/"00 575,000 1 ^ 700 i 666 Total collateral.... 1,800,000 6,920,000 ,853,110 2,670,000 2,230,000 1,575,000 5,600,0001,392,400 625,000 1,215,964 865,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V1 [Amounts in thousands of dollars] [Amounts in millions of dollars] Applications Partici- Loans Loans Additional y E m e n o a d r n o t o h r f N b u e m r ap - to p r d o A a v t m e e d ount (a b p p m c u l r e o o t o t v m e n u e d o - n d i t t) ( s a t L m a 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 f t a m g t a f o u n t i u o i i n t d n o i t u a o i - s n n n n n t s c i t g s - ) - 3 y E m e n o a d r n o t o h r f N b u e m r au - t t o h o d r A a iz t m e ed ount a T m o o o t u a u n l t t stand g P in u o t g a e rt e r i a d o n n - a o u a b n u v n a o t t a d m e s m r i e e t l r e r a a o o n a n b w u g g t l d n s e u e r i t e a r n t s e r o g - - 1952 3,753 766,492 1,638 3,921 3,210 3,289 1952 1,159 2,124 979 803 586 1953 3,765 803,429 1,951 1,900 3,569 3,469 1953 1,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 1,367 2,500 472 368 273 1955 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956 3,782 832,550 794 2,365 1,129 1956 1,468 2,761 389 289 125 1957 3,786 841,290 524 1,109 1,122 1957 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 Dec 3,787 843,321 335 975 806 Dec 1,543 3,105 310 236 168 1 Includes applications approved conditionally by the Federal Reserve 1 Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by Federal Reserve Bank commitment to purchase or NOTE.—The difference between guaranteed loans authorized and sum discount. of loans outstanding and additional amounts available to borrowers NOTE.—The difference between amount of applications approved and under guarantee agreements outstanding represents amounts repaid, the sum of the following four columns represents repayments of advances, guarantees authorized but not completed, and authorizations expired or and applications for loans and commitments withdrawn or expired. withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 BANK DEBITS MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [Per cent per annum] [In effect Jan. 31] Type of deposit D F 1 e e 1 9 c b 9 . 3 . 3 5 3 5 1 - 1 , , D J 1 e a 1 9 c n 9 . 3 . 5 6 3 6 1 - 1 , , E J f a f 1 e n 9 c . 5 t i 7 1 v , e Fees I P ns a t y i a tu 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 Guarantee fee Percentage of Percentage of (percentage of any commitment Savings deposits 2Vt 2VL 3 loan guaranteed interest payable fee charged by borrower) borrower Postal Savings deposits 2fc 2lA 3 Other time deposits payable: t 10 10 75 15 15 In 90 days to 6 months 80 20 20 In less than 90 days 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. i 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 centersl centers2 City centers1 centers2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1 887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2 043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1958 2,439,754 958,721 487,443 993,590 53.6 30.0 22.9 1957 Nov 189,246 71,667 39,012 78,567 51.2 30.5 23.5 51.7 30 0 22.3 Dec 220,376 88,584 43,692 88,100 58.9 32.2 24.7 52.1 30.8 23.4 1958 Jan 212,908 84,355 41,992 86,561 54.6 30.0 23.3 54.3 30.6 23.1 Feb 181,729 72,803 36,188 72,738 55.4 30.1 22.8 56.8 30.9 22.9 Mar 203,870 84,409 40,363 79,098 56.2 31.3 22.2 54.8 28.6 22.3 Apr 204,126 85,510 39,354 79,262 56.6 30.2 22.1 57.5 29.3 22.8 May 195,116 77,315 38,645 79,156 51.2 28.2 22.0 52.5 28.6 22.4 219,465 95,473 41,228 82 765 65.7 31.4 23.8 60.8 30 8 23.8 July 206,524 82,214 40,701 83,609 54.8 29.6 22.9 56.2 30.2 23.2 185 849 68,620 37,942 79 287 46.4 27.4 21.7 53.6 29 9 23 1 Sept 195,205 70,887 40,520 83,798 49.4 30.3 23.6 48.2 30.6 23.3 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 Dec 238,975 92,711 48,690 97,573 58.2 33.2 24.9 51.5 31.8 23 6 1959—Jan 221,925 86,507 44,505 90,913 54.0 53.7 *30.7 *22.8 ^Preliminary. 3 These data are compiled by the Federal Reserve Bank of New York. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. NOTE.—For description see BULLETIN for April 1953, pp. 355-57. 2 Prior to April 1955, 338 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 163 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5 043 368 588 4 12 1952 30,433 21,450 1,750 ,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 ,249 72 2,119 6,565 9,819 9,146 2 732 5 581 333 486 4 11 1954 30,509 21,374 1,834 ,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 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 31,834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958—Jan 30,576 21,527 2,061 1,293 78 2,044 6,331 9,721 9,049 2,711 5,668 277 381 3 9 Feb 30,554 21,544 2,057 1,285 77 2,044 6,355 9,724 9,011 2,692 5,651 276 380 3 8 Mar 30,666 21,652 2,066 1,293 78 2,047 6,377 9,792 9,014 2,689 5,656 in 381 3 8 Apr. ... 30,565 21,565 2,075 1,305 81 2,035 6,319 9,750 9,000 2,682 5,651 275 379 3 9 May 30,994 21,977 2,090 1,349 81 2,081 6,465 9,910 9,018 2,690 5 662 275 378 3 8 31,172 22,138 2,101 1,368 81 2,081 6,489 10,019 9,033 2,701 5,669 275 377 3 9 July 31,171 22,134 2,108 1,376 81 2,064 6,450 10,056 9,037 2,705 5,671 274 376 3 8 31,371 22,296 2,117 1,398 80 2,082 6,502 10,117 9,075 2,711 5,703 274 376 3 8 Sept 31,245 22,154 2,127 1,417 80 2,072 6,433 10,025 9,091 2,704 5,726 274 376 3 8 Oct 31,386 22,264 2,142 1,426 80 2,091 6,477 10,048 9,122 2,707 5,759 273 371 3 8 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 9 Dec 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation l Held by Total out- F.R. Kind of currency s D t e a 1 c n 9 . d 5 i 3 8 n 1 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 n e n n d k t s s De 1 c 9 . 5 3 8 1, No 1 v 9 . 5 8 30, De 1 c 9 . 5 3 7 1, certificates agents Gold 20 534 19 982 2552 Gold certificates 19 982 17,135 2,816 31 31 32 Federal Reserve notes 29 058 77 1,663 27,318 27,173 27,031 Treasury currency—total 5,234 32,427 53 336 4,844 4,832 4,771 Standard silver dollars 488 176 26 7 278 275 263 Silver bullion . 2 245 2 245 Silver certificates and Treasury notes of 1890... . 32 421 244 2,178 2,177 2,157 Subsidiary silver coin 1,461 15 48 1,399 1,387 1,358 Minor coin 518 6 7 505 500 489 United States notes 347 5 31 311 317 316 Federal Reserve Bank notes 116 1 115 116 126 National Bank notes 59 (4) 58 59 61 Dec. 31, 1958 (5) 22 404 683 17,135 4,815 32,193 Nov 30 1958. . . 22,463 694 17,204 4,488 32,036 Dec 31 1957 24,525 761 19,269 4,706 "31,* 834*' 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. 156. 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

164 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit a T s o se ta ts l , Treas- net- Date Gold s r t c o e u i a u n n u r n r g c y t d - - y - Total Lo n a e n t s, Tot U al . S. G m o C v a e o r n e c m d r i n a - m l ent R F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l T a i i a n a p t o n i b e i e t t d t i a s a l l - l, cu T r a r o n e t d n al cy C c m o a a n a u p i n c e s n - i d t c t t a . s l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 ,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 ,284 8,999 90,637 82,811 7,826 1945_Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 867 8,577 191,785 180,806 10,979 1947_Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 888 14,741 199,009 184,384 14.624 1955—Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 899 20,670 244,135 224,943 19U93 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_j D Un e e c . 3 6 1 . . 2 22 2 , , 7 6 8 2 1 0 5 5 , , 1 1 0 4 6 6 2 2 2 2 1 9 , , 4 4 5 7 4 0 1 1 1 1 0 5 , , 9 1 3 5 8 7 8 9 9 1 , , 1 3 1 7 4 0 6 6 5 4, , 5 7 4 9 8 2 2 2 3 4 , , 0 2 1 3 6 8 , , 5 3 5 4 0 0 2 22 1 , , 9 4 4 0 3 2 2 25 4 7 9 , , 3 1 9 8 7 0 2 2 2 3 7 6 , , 5 3 7 7 6 2 2 2 1 1 , , 6 0 0 2 5 3 1958—Jan. 29. 22,800 ,200 225,600 112,500 89,900 65,200 23,400 ,300 23,100 253,500 231,800 21,800 Feb. 26. 22,700 ,200 226,700 112,700 90,500 65,800 23,400 ,300 23,500 254,600 232,500 22,100 Mar. 26. 22,500 ,200 230,000 113,900 91,900 67,100 23,500 ,300 24,300 257,700 235,500 22,200 Apr. 30. 22,000 ,200 234,400 114,400 95,300 70,300 23,700 ,300 24,800 261,600 239,200 22,500 May 28. 21,600 ,200 234,900 114,000 95,900 70,600 24,100 ,300 25,000 261,700 238,900 22,800 June 23. 21,356 ,204 240,451 116,842 97,849 71,611 25,000 ,238 25,760 267,011 244,131 22,880 July 30* 21,200 ,200 238,600 115,400 97,800 71,600 24,900 ,300 25,500 265,100 241,900 23,200 Aug. 27* 21,100 5,200 241,100 115,300 100,000 73,500 25,200 ,300 25,800 267,400 243,400 24,100 Sept. 24P 20,900 5,200 240,400 115,900 98,200 72,100 24,900 ,200 26,300 266,500 242,600 23,900 Oct. 29? 20,700 5,200 243,100 116,900 99,900 73,300 25,400 ,200 26,200 269,000 244,900 24,100 Nov. 26* 20,600 5,200 245,700 118,100 101,600 74,600 25,800 ,200 26,000 271,500 247,700 23,800 Dec. 31* 20,500 5,200 248,500 121,500 100,900 73,500 26,200 ,200 26,100 274,300 250,500 23,800 1959—Jan. 28* 20,500 5,200 246,800 119,700 101,100 74,500 25,400 1,200 26,100 272,600 248,900 23,700 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series* For- Date p b e o n d a i s e g e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - m 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 k t s . Total Total m T b C e i a o m r n c m k e ia s - l dep s b M a o a v s u n i i t n t k u s g s a 2 3 s l S S P a y o v s s i t n t e a g m l s p m o D d s a e e i n - t - d s4 b r C o 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 y s j p m u D o a d s a e d s t e 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 ,186 14,411 4,761 1939—Dec. 30., 1,217 2,409 846 634 63,254 27,059 15,258 10,523 ,278 29,793 6,401 1941—Dec. 31., 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 ,313 38,992 9,615 1945—Dec. 31., ,141 2,287 24,608 977 150,793 48,452 30,135 15,385 ,932 75,851 26,490 1947—Dec. 31., 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 ,416 87,121 26,476 111,100 85,200 255,,'900 1950—Dec. 30., 2,518 1,293 2,989 668 176,916 59,247 36,314 20.009 ,923 92,272 25,398 114,300 89,800 244,,:500 1955—Dec. 31., 3,167 767 4,038 394 216,577 78,378 48,359 28,129 ,890109,914 28,285 133,200 105,800 277,,400 1956—Dec. 31. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647111,391 28,335 134,400 106,700 277,,700 1957_june 6. 3,247 792 3,625 473 219,439 85,715 53,605 30,647 ,463105,706 28,018 (5) Dec. 31. 3,270 761 4,179 481 227,681 89,126 56,139 31,662 ,325110,254 28,301 133,200 105,100 28,100 1958—Jan. 29., 3,300 800 2,400 500 224,800 89,800 56,600 31,900 ,300107,600 27,300 132,200 104,700 27,500 Feb. 26., 3,700 700 3,800 400 223,900 90,900 57,600 32,100 ,300105,600 27,400 133,100 105,500 27,600 Mar. 26. 3,900 700 5,800 600 224,500 92,500 58,800 32,400 ,300104,600 27,400 134,000 106,400 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 A N D S O u u e u c o e l n p y t c g v e . t . . . . 2 3 2 2 2 2 3 6 4 7 1 9 0 3 * * * * * * ., , , 4 3 3 3 3 3 3 , , , , , , , 0 9 8 8 7 9 9 0 0 0 0 0 0 5 0 0 0 0 0 0 3 7 7 7 7 7 7 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 4 9 4 5 5 3 , , , , , , , 5 4 3 5 8 9 7 0 7 0 0 0 0 0 0 0 1 0 0 0 0 4 6 5 5 5 5 5 0 0 0 0 0 2 0 0 0 0 0 0 4 0 2 2 2 2 2 2 2 3 3 2 3 3 4 3 9 6 2 3 7 1 2 , , , , , , , 4 2 1 4 0 0 5 8 0 0 0 0 0 0 3 0 0 0 0 0 0 9 9 9 9 9 9 9 5 7 7 7 6 6 7 , , , , , , , 5 0 2 4 5 7 9 2 0 0 0 0 0 0 4 0 0 0 0 0 0 6 6 6 6 6 6 6 2 2 1 2 2 2 2 , , , , , , , 4 7 9 7 1 3 9 7 0 0 0 0 0 0 3 0 0 0 0 0 0 3 3 3 3 3 3 3 3 2 3 3 2 3 3 , , , , , , , 3 9 1 8 4 5 9 0 3 0 0 0 0 0 0 7 0 0 0 0 0 1, , 2 2 2 1 1 2 0 0 0 0 0 1 0 0 0 0 0 4 1 1 1 1 1 1 1 0 0 1 0 0 1 1 6 8 0 7 8 1 4 , , , , , , , 1 1 8 5 1 6 5 6 0 0 0 0 0 0 9 0 0 0 0 0 0 2 2 2 2 2 2 2 7 7 8 7 8 8 8 , , , , , , , 7 9 0 9 0 8 6 9 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 3 3 3 3 3 3 ( 7 7 7 6 8 8 5 , , , , , , ) 6 3 9 7 5 3 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 1 0 0 1 1 9 0 9 8 0 0 , , , , , , 5 3 2 9 0 3 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 8 8 7 8 8 7 , , , , , , 1 1 0 2 8 9 10 0 0 0 0 0 0 0 0 0 0 0 1959—Jan. 28*, 3,800 700 4,700 500 239,200 98,200 63,300 33,800 1,100 113,200 27,700 138,000 110,100 27,900 * 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 165 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES* [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank 2 Other Total Num- Cash lia- Bor- capital ber Class of bank U.S. assets2 bilities row- ac- of and date Govt. Other and Total 2 Demand ings counts banks Total Loans obliga- secu- capital Detions rities ac- mand Time Time counts3 U.S. Govt. Other AH banks: 1939—Dec. 30 50,884 22,165 242 9,874 32,516 25,852 26 19415,035 1941—Dec. 31 61,126 26,615 816 10,982 44,355 26,479 23 ,41414,826 1945—Dec. 31 140,227 30,362 101 ; 612 14,065 105,935 45,613 22710,54214,553 1947_Dec. 3H 134,924 43,002 81,19910,723 38,,3 881775,,00991161,86512. 240 1,346 94,38153,105 6611,94814,714 1950—Dec. 30 148,021 60,386 72,89414,74141,086 191,317175,29613 462 2,809101,936 56,513 9013,83714,650 1956—Dec. 31 197,063110,079 523 20;46149,641250,770227,54616 1,462 3,736 125308 80,908 78119,24914,167 1957—June 6 197,465111,515 548 21,402 40,834 242,647216,98612 1,557 3,320 114659 84,584 1,450 19 14,144 Dec. 31 203,849115,115 792 22!943 49,318257,864233,02015 1,386 3,903123,99388,102 80 20; 14,090 1958—Jan. 29 201,780113,400 240 23;140 41,950 248 222,43013,130 1,700 2,150116,,680 88,770 1,150 20; 14,081 June 23., 215,179117,808 71,61125760 44423 264 237,20413,789 2,497 9,209117,,113 94,596 l,137 2i; 14,055 July 30*> 213,100116,020 560 25;520 42,730 260 880 14; 2,390 4,000117,,620 95,580 810 2i; 14,040 Aug. 27*> 215,740116,390 510 25;840 42,110 262 940 14 2,380 5,490116,,1830 96,090 l,300 2i;540 14,036 Sept. 24P 215,470117,060 140 26;,270 42,190 262 234,420 14,010 2,400 4,220117,,460 96,330 1,560 2i;660 14,034 Oct. 29? 217,460117,920 310 26;230 43,020 265 237,22014,000 2,340 3,410 120,, J880 96,590 l,400 2i;71014,028 Nov. 26? 219,750119,130 ,610 26;010 45,130 269 610 13; 2,360 5,570 123,230 95,860 2,150 2i;820 14,033 Dec. 31*> 220,910121,340 ,450 26;120 48890 274 070 15; 2,400 4', 210 128,,680 97,120 70 2i;800 14,020 1959—Jan. 28* 221,450120,910 74,470 26,070 43,080269,490241,180 13,240 2,450 4,410 123,640 97,440 1,780 21,77014,012 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 114 22,474 65,216 57,718 9,874 32,513 15,331 26 14,484 1941__Dec. 31 50.746 21,714 21,808 22526,551 79,104 71,283 10,982 44,349 15,952 23 14,278 1945_Dec. 31 124,019 26,083 90,606 33134,806160,312150,227 14,065 105,921 30,241 219 14,011 1947—Dec. 314 116,284 38,057 69,221 006 37 155,377144,103 12,792 240 1,343 94,36735,360 65 059il4,181 1950—Dec. 30 126,675 52,249 62,027 399 40; 168,932155,26513,577 462 2,806101,91736,503 90 11590'14,121 1956—Dec. 31 165,123 90,302 58,55216,269 48720 217,460197,515 16,133 1,460 3,733 282 50,908 7516302 13,640 1957_j D U e n c e . 3 6 1 1 1 6 7 4 0 , , 5 0 1 6 5 8 9 9 1 3 , , 0 8 2 9 8 9 5 58 6 , , 2 6 3 4 9 216, 9 8 3 4 0 5 3 48 9 ; 995 2 2 0 2 8 2 , , 3 6 9 9 3 62 1 0 8 1 6 , , 3 30 2 8 6 1 1 2 5 , , 8 6 6 3 5 6 1 1, , 3 5 8 5 5 6 3 3 , , 3 8 1 9 8 8 9 63 6 3 7 5 5 3 6 , , 9 4 3 4 7 0 1,44 7 6 7 1 1 6 7 , , 8 3 3 6 7 8 1 1 3 3 , , 6 5 1 6 9 8 1958—Jan. 29.. 167,650 92,020 57,700 17930 4i; 213,050190,47013,130 1,700 2,150 650 56,840 1,15017,47013,561 June 23 179,905 95,571 64,194 20 140 43 507 227,847204,335 13,789 2,495 9,205 086 61,759 1,13618,17813,535 July 30P 177,600 93,610 64.130 19; 860 41"""1223,970200,92014,290 2,390 4,000 590 62,650 81018,19013,521 Aug. 27^ 179,990 93,760 66;060 20 225,620201,84014,150 2,380 5,490 116800 63,020 1,300 18;310 1133,551177 S O e c p t. t . 2 2 9 4 * * > > 1 18 7 1 9 , , 4 5 4 1 0 0 9 9 4 4 , , 9 2 3 3 0 0 6 6 5 4 , , 9 7 8 2 0 0 2 2 0 0 ,, , 5 5 6 3 0 0 4 4 1 2 , , 3 1 3 6 0 0225, , 2602 2 0 0 3 1, , 0 7 5 6 0 0 1 1 4 4 , , 0 00 1 0 0 2 2 , ,4 3 0 4 0 0 4 3, ,2 4 2 1 0 0 1 1 1 2 7 0 4 8 3 5 0 0 6 6 2 3 , , 9 1 9 6 0 0 1 1 , , 5 4 6 0 0 0 1 1 8 8, ,4 4 1 7 0 0 1 1 1 3 3, , 5 5 1 0 5 9 Nov. 26*> 183,590 95,960 67,320 20 -- " ,~3'1~0227,900207,11013,590 2,360 5,570 123200 62,390 2,150 18,550 13,514 1959— D Ja e n c. . 3 2 1 8 ? * 1 1 8 8 4 5 , , 5 1 8 3 0 0 9 9 7 7 , , 9 5 8 6 0 0 6 6 6 7 , , 1 2 8 3 0 0 2 20 0 0 3 , , 3 4 4 2 0 0 4 4 2 79 23 7 0 02 2 2 3 3 3 6 1 2 , , , 9 8 2 4 4 4 0 0 02 20 1 7 4 , , 3 1 7 7 0 0 1 1 3 5 , , 2 6 4 6 0 0 2 2 , , 4 4 0 5 0 0 4 4 , ,4 2 1 1 0 0 1 1 2 2 3 86 6 5 1 0 0 6 6 3 3 . ,6 2 6 5 0 0 1,78 7 0 0 1 1 8 8 , 5 5 7 5 0 0 1 1 3 3 , , 4 5 9 0 4 1 All member banks: 1939—Dec. 30 33,941 13,962 328 19,782 55,361 49,340 9,257 154 743 11,699 3 5,522 6,362 1941—Dec. 31 43,521 18,021 539 23,123 68,121 61,71710,385 140 -,709 12,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 338 070 29 845138,304129,67013,576 64 22,179 640 24,210 208 7,589 6,884 1947—Dec. 31 97,846 32,628 914 304 32845132,060122,528 12,353 50 ,176 609 28,340 54 8,464 6,923 1950—Dec. 30 107,424 44,705 36510,35535,524144,660133,089 13,106 341 ,523 783 29,336 79 9,695 6,873 1956—Dec. 31 138,768 78,034 57513,159 42,906184,874167,90615,567 1,289 292 850 40,909 4813,655 6,462 1957—June 6 137,808 78,448 82913,53135,270176,507157,593 12,367 1,369 2,932 612 43,313 1,37414,058 6,445 Dec. 31 142,353 80,950 07914,324 42,746188,828170,63715,082 1,246 3,472 547 45,290 5714,554 6,393 1958—Jan. 29 140,122 79,160 59914,36336,151180,150160,793 12,671 1,566 1, 109 45,592 1,07214,630 6,390 June 23 151,589 82,146 16516,27738,489194,003173,90413,274 2,266 8,658 812 49,893 1,07815,181 6,357 July 30^ 149,280 80,179 02816,07336,864190,132170,425 13,757 2,164 3,626 ,262 50,616 75515,208 6,346 Aug. 27^ 151,259 80,299 634 16;32636,229191,358171,01213,594 2,153 4,992 ,412 50,861 1,21315,299 6,341 Sept. 24 150,684 80,798 16,60036,191190,784170,031 13,458 2,174 3,782 764 50,852 1,51415,375 6,339 Oct. 29? 152,102 81,375 16,56137,020192,945172,301 13,450 2,108 3,023 764 50,956 1,31715,437 6,328 Nov. 26^ 153,854 82,225 16,30139,140196,851175,26013,026 2,130 5,003104,77750,324 2,05515,498 6,324 Dec. 31*> 154,799 84,010 16.416 42; 201,272181,94615,080 2,175 3,824109,829 51,038 5515,528 6,312 1959—Jan. 28» 155,053 83,600 16;324 37 196,359175,40312,671 2,224 3,932105;25151,325 1,682 1"5",510 6,302 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945_Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 3 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 3 19 2200,000099 2,247 529 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 3 30,001 2,947 527 1957—June 6 32,950 20,487 7,906 4,557 839 34,254 30,678 2 27 3"06,64477 3,042 525 Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 4 26 31,662 3,059 522 1958—Jan. 29 34,130 21,380 7,540 5,210 880 35,490 31,960 3031,930 3,090 520 June 23 35,274 22,237 7,417 5,620 916 36,678 32,869 26 322,883377 3,181 520 July 30*> 35,500 22,410 7,430 5,660 850 36,830 32,960 8 8 , 3,200 519 Aug. 27» 35,750 22,630 7,450 5,670 840 37,080 33,100 32,930 3,230 519 Sept. 24? 35,960 22,830 7,420 5,710 860 37,320 33,370 8 33,070 3,250 519 N D O e o c c t v . . . 2 2 3 6 9 1 * » » > 3 3 3 6 6 6 , , , 1 3 0 6 3 2 0 0 0 2 2 2 3 3 2 , , , 3 1 9 6 9 7 0 0 0 7 7 7 , , , 2 2 3 7 9 3 0 0 0 5 5 5 , , , 7 7 7 0 0 0 0 0 0 9 8 8 2 6 2 0 0 0 3 3 3 7 7 7 , , , 4 7 3 8 3 6 0 0 0 3 3 3 3 3 3 , , , 9 5 4 0 0 6 0 0 0 (5) (5) 3 3 3 0 0 0 3 3 33 33 3 33 3 , , , , 4 4 8 4 3 3 3 7 7 4 0 0 0 0 0 3 3 3 , , , 2 2 2 4 3 7 0 0 0 5 5 5 1 1 1 9 9 9 1959—Jan. 28^ 36,320 23,350 7,240 5,730 850 37,650 33,810 30 33,780 3,220 518 8 p 1 P A r l e l l im ba in n a k r s y . in the United States. Beginning with January 1959, S co to m c m k e s r a c v ia in l g b s a b n a k n s k . s N an (u d m 5 )b n e o r n d o e f p b o a si n t k s tr u in st c lu c d o e m s p a a n f i e e w s a n r o e n i i n n s c u lu r d ed ed b w an it k h s includes figures for all banks in Alaska (previously one member bank had for which asset and liability data are not available. Comparability of been included). Assets of the banks that were added totaled $185 figures for classes of banks is affected somewhat by changes in Federal million on Dec. 31, 1958. Reserve membership, insurance status, and the reserve classifications of All banks comprise all commercial banks and all mutual savings banks. cities and individual banks, and by mergers, etc. All commercial banks comprise all nonmember commercial banks and 2 Beginning June 30, 1942, excludes reciprocal balances, which on all member banks (including (1) one bank in Alaska and one in the Dec. 31, 1942, aggregated $513 million at all member banks and $525 Virgin Islands that became members on Apr. 15, 1954, and May 31, million at all insured commercial banks. 1957, respectively, and (2) a noninsured non-deposit trust company, but 3 Includes other assets and liabilities not shown separately. excluding three mutual savings banks that became members in 1941). For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1—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 t a e nk Total Loans o G U t b io l o . i n v g S 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 c b T o a i a l l a u o p i i n c a t n i t d i - - t a e t a l s s l 3 TotaP m D In a e n t - e d rba T n i k m ^ e U. D S e . ma O n t d her Time r B i o n o w g r s - - c c T a o o p u t i n a ta t l s l N ba b u o n e m f r k - s Govt. Other Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 A,112 1,272 6,703 16,413 14,507 4,231 7 74 9,459 736 1.592 36 1941_Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1 648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,370 268 451 18,836 1,722 70 2,351 23 1956—Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,022 965 747 19,940 2,475 2 2,873 18 1957_june 6 23,293 15,895 5,738 1,660 6,692 30,993 26,322 4,025 ,009 688 17,836 2,765 326 2,907 18 Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 2 3,136 18 1958—Jan. 29 23,181 15,501 5,690 1,990 7,134 31,612 26,600 4,177 ,151 266 18,081 2,925 296 3,152 18 June 23 27,149 16,764 8,035 2,350 8,272 36,664 31,469 4,345 ,774 2,946 18,898 3,506 483 3,214 18 July 30* 25,803 15,550 7,905 2,348 7,185 34,240 29,180 4,427 ,717 939 18,539 3,558 275 3,235 18 Aug. 27? 25,673 15,174 8,039 2,460 6,652 33,562 28,386 4,184 ,696 1,203 17,801 3,502 365 3,250 18 Sept. 24 25,230 15,464 7,350 2,416 6,309 32,782 27,608 3,993 ,710 847 17,553 3,506 385 3,240 18 Oct. 29* 25,444 15,604 7,418 2,422 6,850 33,465 28,387 4,155 ,660 584 18,518 3,470 319 3,259 18 Nov. 26? 25,552 15,666 7,694 2,192 7,763 34,501 28,958 4,005 ,677 945 18,956 3,375 736 3,276 18 Dec. 31* 25,962 16,163 7,480 2,319 9,327 36,442 31,690 4,780 ,722 973 20,716 3,499 3,285 18 1959—Jan. 28? 25,959 16,011 7,650 2,298 7,314 34,447 29,191 3,897 ,764 925 19,130 3,475 543 3,272 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941_Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945_Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,225 174 4,604 1,103 490 13 1956—Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 1,364 184 5,069 1,319 4 660 14 1957—June 6 6,266 3,789 1,884 593 1,821 8,147 7,284 1,168 97 4,691 1,312 101 665 14 Dec. 31 6,446 3,852 2,032 562 2,083 8,595 7,792 1,333 195 4,904 1,345 4 689 14 1958—Jan. 29 6,211 3,600 2,050 561 1,862 8,137 7,291 1,149 86 4,695 1,340 46 688 14 June 23 6,942 3,594 2,694 654 1,914 8,929 8,022 1,249 705 4,626 1,403 80 708 14 July 30* 6,576 3,329 2,611 636 1,938 8,589 7,759 1,344 229 4,751 1,395 2 714 14 Aug. 27? 6,701 3,329 2,719 653 1,961 8,738 7,828 1,310 337 4,744 1,401 73 718 14 Sept. 24 6,577 3,405 2,537 636 1,869 8,522 7,628 1,302 247 4,642 1,399 55 714 14 Oct. 29* 6,614 3,426 2,547 641 1,887 8,583 7,693 1,243 192 4,826 1,396 42 720 14 Nov. 26? 6,727 3,418 2,687 622 2,067 8,874 7,862 1,169 402 4,859 1,401 157 724 14 Dec. 31? 6,830 3,637 2,562 631 2,159 9,072 8,214 1,357 249 5,136 1,438 3 733 14 1959—Jan. 28? 6,651 3,433 2,611 607 1,881 8,617 7,695 1,138 201 4,913 1,409 68 726 14 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,565 120 435 9,004 4,616 1 828 346 1941_Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,990 11',423 1 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,69513,998 55,369 51,437 6,391 57 976 32,366 11,647 3 322 336 1956—Dec. 31 53,915 31,783 17,368 4,76417,716 72,854 66,524 7,584 294 1,201 40,647 16,797 21 5^076 289 1957_june 6 53,137 31,435 16,797 4,90514,532 68,965 61,796 5,914 314 1,051 36,87417,642 681 5,182 282 Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67,483 7,241 301 1,358 39,96018,623 21 5,370 278 1958—Jan. 29 54,294 32,076 17,156 5,06214,715 70,471 63,244 6,000 364 610 37,59118,679 457 5,394 278 June 23 59,273 32,851 20,436 5,98615,443 76,155 68,672 6,397 416 3,150 38,003 2"0",706 350 5,617 280 July 30* 58,639 32,336 20,367 5,93615,207 75,340 67,887 6,665 389 1,349 38,477 21,007 335 5,645 279 Aug. 27* 59,762 32,758 21,055 5,94914,944 76,131 68,428 6,727 403 1,968 38,264 21,066 545 5,663 278 Sept. 24 59,327 32,830 20,455 6,041 15,247 75,976 67,918 6,795 382 1,492 38,243 21,005 947 5,675 277 Oct. 29* 59,471 32,984 20,508 5,97915,448 76,383 68,474 6,657 374 1,074 39,370 20,999 705 5,714 277 Nov. 26* 60,181 33,393 20,891 5,89716,276 77,940 69,723 6,476 378 1,944 40,184 20,741 910 5,729 275 Dec. 31* 60,553 33,996 20,680 5,877 1177,692 79,770 72,631 7,457 375 1,426 42,300 21,073 16 5,752 274 1959—Jan. 28* 60,700 34,084 20,779 5,83715,650 77,871 69,822 6,232 382 1,429 40,483 21,296 833 5,783 273 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 572 26 154 7,158 5,852 3 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,40810,632 46,059 43,418 1,207 17 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 1,056 17 432 28,37814,560 23 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,19311,571 52,689 48,897 1,121 12 922 31,97714,865 9 3,532 6,501 1956—Dec. 31 54,571 26,491 22,037 6,04214,390 69,945 64,289 1,597 22 ,160 41,119944 2200,317 21 5,046 6,141 1957_j D Un ec e . 3 6 1 5 56 5 , , 8 1 2 1 0 2 2 28 7 , , 1 3 9 3 1 0 2 2 1 1 , , 4 8 0 1 9 5 6 6, , 8 3 1 7 4 31 14 2 , , 1 2 3 2 9 4 7 6 2 8 , , 0 4 6 0 2 4 6 65 2 , , 9 1 9 9 1 2 1 1 , , 2 6 6 4 0 0 3 1 0 8 , , 1 0 8 9 1 7 4 3 0 8, 7 2 ~ 1 2" 1 4 2 '2 1 "2, , 4 5 2 9 9 4 26 3 7 0 5 5 , , 3 3 5 0 9 4 6 6 , , 1 0 3 8 1 3 1948—Jan. 29 56,436 27,983 21,703 6,750 1122,440 69,930 63,658 1,345 30 893 38,742 22,648 273 5,396 6,080 June 23 58,225 28,937 22,000 7,28812,860 72,255 65,741 1,282 38 ,857 38,286 24,277 164 5,641 6,045 July 30* 53,262 28,964 22,145 7,15312,534 71,963 65,599 1,321 18 ,109 38,49524,656 143 5,614 6,035 Aug. 27? 59,123 29,038 22,821 7,26412,672 72,927 66,370 1,373 18 ,484 38,6"0"3 "2,4892 230 5,668 6,031 Sept. 24 59,550 29,099 22,943 7,50712,765 73,505 66,877 1,368 44 ,197 39,326 24,941 126 5,747 6,030 Oct. 29* 60,573 29,361 23,693 7,51912,835 74,514 67,747 1,395 38 ,173 40,050 25,091 251 5,744 6,019 Nov. 26* 61,394 29,748 24,056 7,590 1133,034 75,536 68,717 1,376 44 ,712 40,778 24,807 252 5,769 6,017 Dec. 31* 61,454 30,214 23,651 7,58913,397 75,988 69,411 1,486 44 ,176 41,677 25,028 36 5,758 6,006 1959_jan. 28* 61,743 30,072 24,089 7,58212,493 75,424 68,695 1,404 44 ,377 40,725 25,145 238 5,729 5,997 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 167 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 l o . i n g v S s a t . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l u p o i i n c a n t i t d i - t - a t e a s l s l 3 Total2 m D I a n e n t - e d rba T n i k m 2 e U.S D . ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f k r s - Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,29815,699 10 6,84413,426 1945—Dec. 31 121,809 25,765 88,912 7,13134,292157,544147,775 13,883 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31 114,274 37,583 67,941 8,750 3366,,926152,733141,851 54 1,325 92,97534,882 61 9,73413,398 1956—Dec. 31 163,601 89,831 57,83715,933 48,352 215,514 195,953 1,301 i,717124;346 50,608 5615,98813,195 1957—June 6 163,025 90,571 55,97316,481 39,713 206,567 " "" 1,388 3^310 113812 53,643 1,430 16,52513,189 Dec. 31 168,595 93,430 57,58017,585 48,127 220,865 1,264 3,859123,12756,137 6617,05113,142 1958—June 23 178,330 95,105 63,48919,735 43,243 225,945 202^19 .2,2188 9,162116,308 61,429 1,125 17,85713,121 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 786 23,262 8,322 4 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 ,013 45,47316,224 78 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 ,375 35 795 53,54119,278 45 5,409 5,005 1956—Dec. 31 88,477 48,109 31,568 8,800 27,006117,345107,161 ,322 522 ,074 67,434 27,810 19 8,450 4,651 1957—June 6 87,910 48,415 30,345 9,150 22,525112,460100,989 ,397 566 ,782 6"1 ,73729,506 815 8,722 4,647 Dec. 31 91,201 50,350 31,234 9,617 26,786120,153109,091 ,958 517 ,166 546 30,904 38 9,070 4,620 1958—June 23 95,898 50,744 34,49810,656 23,964 122,100110,065 ,849 825 ,751 886 33,754 492 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 1 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 7,986 130 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,12510,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1956—Dec. 31 50,291 29,924 16,007 4,35915,900 67,530 60,744 6,245 767 1,218 39,41613,098 29 5,205 1,811 1957—June 6 49,898 30,034 15,483 4,38112,745 64,047 56,605 4,970 803 1,150 35,87413,807 560 5,337 1,798 Dec. 31 51,152 30,600 15,846 4,70715,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958—June 23 55,691 31,403 18,667 5,62114,525 71,904 63,839 5,425 1,441 3,907 36,92616,140 586 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 6 959 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 7 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 7 1,271 6,478 1956—Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 414 425 17,497 9,724 9 2,336 6,737 1957—June 6 25,243 12,134 10,156 2,953 4,446 30,088 27,292 340 378 16,20010,355 56 2,469 6,748 Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,58010,873 9 2,500 6,753 1958—June 23 26,768 12,972 10,335 3,460 4,756 31,971 28,942 359 504 16,49611,562 47 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 13 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947_Dec. 314 2,009 474 1,280 255 576 2,643 2,251 177 185 18 ,392 478 4 325 783 1956—Dec. 31 1,521 471 714 336 369 1,946 1,562 152 159 16 936 300 18 313 444 1957—June 6 1,490 457 669 364 282 1,825 1,448 158 168 8 821 294 16 312 429 Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 39 840 303 11 317 425 1958—June 23 1,575 466 704 405 264 1,902 1,516 157 207 44 778 330 11 321 413 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 18 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 11 1,362 7,130 1947—Dec. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1956—Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 566 171 440 18,43310,024 27 2,649 7,181 1957—June 6 26,733 12,591 10,825 3,317 4,728 31,913 28,740 498 187 385 17,02110,649 72 2,781 7,177 Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,42011,176 21 2,817 7,178 1958—June 23 28,343 13,438 11,040 3,865 5,020 33,873 30,458 515 229 548 17,27411,892 58 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 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1212,192 1,252 194 1956—Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 23 "2,2857 2,130 223 1957_june 6 25,185 16,228 5,505 3,452 672 26,241 23,578 26 23,549 2,240 234 Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 26 24,991 2 2,308 239 1958—June 23 27,869 18,132 5,234 4,503 745 29,021 26,082 26 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 6 558 350 1947—Dec. 3H 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1956—Dec. 31 7,770 4,235 2,453 1,082 182 8,028 7,146 7,143 3 817 304 1957—June 6 7,765 4,259 2,401 1,105 167 8,013 7,100 7,098 4 802 291 Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 1 751 283 1958—June 23 7,404 4,104 2,183 1,116 171 7,657 6,787 6,785 2 748 281 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

168 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 d f a b te ank i m T l n o a v o e n a e t n n d a s t s t l s - Total2 c o m m c i p p k l i p i n u n e a e a 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 r e n r e a o o r d c c l s - - a u r r r i y t o i T e i e t r n h o s s g - l R o t e a e a s t a n - e l s O l u o v i d t t i a n a h d o i - l n - - e s s r O lo t a h n e s r Total Total Bills C o d c e e f a e r d t b i t e - n i t D f 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 t i g o u c o i o a o n v a l b a t n f n i d - i e l - t s - s - s O s ri e t t h c ie e u s r ers ness All commercial b 1 a 9 n 4 k 7 s — : 3 Dec. 31 16,28438,057 8,167 ,660 830 ,220 9,393 5,7231,063 78,226 9,221 193 7,789 6,034 3,191 14 5,276 ,729 1956—Dec. 31 65,12390,30238,7204,161 2,589 ,69122,509 8,8503,343 4,821 8,552 924 1,997 1,823 8,796 13 2,901 ,368 1957—Dec. 31 70,06893,89940,5264,0662,601 ,62023,11020,2173,533 6,169 8,239 405 4,813 0,608 7,406 8 3,915 ,014 1958—June 23 79,90595,57138,8864,5523,699 ,92523,69320,0914,562 4,33464,194 502 3,883 2,34843,456 6 5,716 ,424 Sept. 24'... 79,51094,230 8,7004,660 ,930 ,77024,29020,1204,630 5,28064,720 040 7,170 2,50041,000 10 6,450 ,110 All insured commercial banks: 1941—Dec. 31 49,29021,259 9,214 ,450 614 662 4,773 4,*45 28,031 1,046 988 3,159 2,797 4,102 3,651 ,333 1945—Dec. 31 21,80925,765 9,461 ,3143,1643,606 4,677 2,3611,181 96,043 8,912 ,t455 9;oii 6,04551,321 22 3,873 ,258 1 1 9 9 5 4 6 7 — —D D e e c c . . 3 3 1 1.... 6 1 3 4 , , 6 2 0 7 1 4 8 3 9 7 , , 8 5 3 8 1 3 3 8 8 , , 0 5 1 7 2 14, , 1 6 0 1 1 0 2,5 8 6 2 5 3 , ,6 1 6 9 9 0 2 9 2, ,2 3 6 9 6 4 5 8 , , 6 7 5 6 4 53 1, , 0 3 2 2 8 5 7 7 6 3 , , 6 7 9 7 1 0 7 7 , , 9 8 4 3 1 7 ,97 1 6 2 3 4 7 1 , ,9 5 8 5 1 2 5 1 , , 9 7 1 2 8 2 5 8 2 , , 3 3 5 34 8 1 1 4 3 5 2 , ,6 1 7 2 5 9 , , 2 6 5 2 8 1 1957—Dec. 31 68,59593,43040,3804,015 2,569 ,60123,00320,1223,51375,164 7,580 290 4,758 0,49337,031 7 3,688 ,897 1958—June 23.... 78,33095,10538,7504,4993,677 ,90723,585 9,9814,54183,224 3,489 416 3,841 2,21343,013 5 5,4574,278 Member banks, t 1 o 9 t 4 a 1 l: —Dec. 31.... 43,521 8,021 8,671 972 594 598 3,494 3,692 25,500 9,539 971 3,007 1,729 3,832 3,0902,871 1945—Dec. 31 07,18322,775 8,949 855 3,133 3,378 3,455 1,900 1,10484,408 8,338 275 6,985 4,27144,792 16 3,2542,815 1947—Dec. 31 97,846 32,628 6,962 ,046 811 ,065 7,130 4,662 95265,218 7,914 987 5,816 4,81545,286 10 4,199 ,105 1956—Dec. 31 38,76878,03436,2962,4782,447 ,473 7,811 5,7653,14760,734 7,575 383 1,469 9,493 2,218 12 0,4942,665 1957—Dec. 31 42,35380,95037,8682,4722,448 ,409 8,231 6,7753,31661,403 7,079 948 3,534 8,56031,031 7 1,235 ,089 1958—June 23 51,58982,14636,125 2,7743,574 ,706 8,712 6,5444,33669,443 3,165 574 2,905 0,48036,201 5 2,786 ,492 Sept. 24.... 50,68480,79835,941 2,8851,807 ,549 9,302 6,5674,40169,885 3,285 '082 6,148 0,56833,482 5 3,393 ,207 New York City:* 1941—Dec. 31.... 12 8964 072 2,807 8 412 169 123 454 8 823 7,265 311 1 623 3,652 1,679 729 830 1945—Dec! 3l!!!! 26\143 7^334 3,044 2,453 ,172 80 287 298 8,809 7,574 477 3,433 3,325 0,337 1 606 629 1947—Dec. 31 20,393 7,179 5,361 .... 545 267 111 564 330 3,214 1,972 002 640 558 9,771 638 604 1956—Dec. 31 23,809 15,987 1,266 1,409 402 617 1,5581,049 7,822 6,057 724 194 976 4,160 ""3 1,406 358 1957 Dec. 31.... 23 828 6,102 1,651 .... 1,280 387 565 15131,053 7,726 5,880 648 214 1,093 3,924 1,435 411 1958 June 23.... 27 149 6 764 0,978 2 164 420 557 1'4371 5660,385 8,035 023 286 1,729 4,996 748 602 Sept. 24!!!! 25^230 5,464 0,648 11,085 361 579 \\4501,701 9,766 7,350 431 1,149 1,570 4,200 \\965 450 Chicago:* 1Q41—Dec 31 2,760 954 732 6 48 52 22 95 806 1,430 256 153 903 119 182 193 1 j7*T 1 ~U d»« J X • . . . 5^931 1 333 760 2 in 233 36 51 40 4!598 4,213 133 1,467 749 1,864 181 204 1 1 9 9 4 4 5 7 — D D e e c c. 3 3 1 1 5',088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 19*56—Dec 31 6 473 3 7722,781 17 203 97 134 439 178 2 701 2,113 112 42 316 1,643 440 148 ljt JO"^^JL/C^» J X • . . . 6*446 3,852 2,903 9 200 97 143 425 180 2 594 2 032 65 126 313 1,528 408 154 1I X Q ^ 9 «i < / 5 O O 7 — «F U S jD IUA e w ne p ce jt t * . * . J 2 • 3 2 • 3 • 1 4 • .... 6 6^ ,9 5 4 7 2 7 3 3 ,4 5 0 9 5 42 2 , , 6 5 1 8 8 4 7 8 1 1 7 1 8 3 1 9 0 5 0 1 1 4 4 3 7 3 3 3 3 6 3 2 3 3 1 5 8 3 3 3 1 4 7 8 3 2 2 6 5 9 3 4 7 2 1 6 7 8 0 4 1 0 4 6 5 4 4 9 5 0 3 1 1 , , 7 5 9 0 1 8 4 48 9 7 5 1 1 5 4 9 9 Reserve city banks: 1941—Dec 31 15 3477 105 3 456 300 114 194 527 1 *12 8 243 6 467 295. 751 4 248 1,173 956 820 1945—Dec! 3l!!!! 40^108 8^514 3',661 205 427 1,503 l'459 855 404 31 59429 552 034 6 982 5,653 15,878 1 126 916 1947—Dec. 31 36,040 13,449 7,088 225 170 484 3]147 1,969 36622 59120 196 373 2 358 1,901 15,560 3 1 342 ,053 1956—Dec. 31 53,915 31,783 5,170 489 501 712 7 654 6 5121,28922 132 17368 185 441 3,742 11,995 4 3 820 944 1957—Dec. 31.... 55,25932,805 15,702 494 603 673 7 667 6 8931,37022 454 17352 009 1285 3 297 11,760 2 4 0271,075 1958—June 23 59,27332,851 14,789 611 881 904 7 841 6 7411,70626 422 20436 874 1009 4 410 14,142 2 4 7671,218 Sept. 24*... 59.32732,830 15,069 677 435 811 8 080 6 7081,68726 497 20455 656 2 391 4 517 12,889 2 4 9021,139 Country banks: 1941—Dec. 31.... 12,518 5,890 1,676 659 20 183 j 823 1,-i30 6 628 4 377 110 481 2,926 861 12221,028 1945—Dec. 31.... 35,002 5,596 1,484 648 42 471 1 881 707 36329 407 26,999 630 5 ioi 4 54416,713 9 1 3421,067 1947_Dec. 31 36,324 10,199 3,096 818 23 227 3 827 1979 22926,12522,857 480 2 583 2 10817,681 6 2,006 1,262 1956—Dec. 31.... 54,57126,491 7,0801,972 334 261 9 407 7 256 631 28,08022,0372,362 792 4 45814,420 1 4,827 1,215 1957—Dec. 31.... 56,82028,191 7,613 1,970 365 252 9,856 7,944 713 28,62921,8152,226 1,909 3,85713,819 i 5,365 1,449 1958—June 23.... 58,22528,937 7,7392,154 351 28210,172 8,030 74629,28822,0001,409 1,465 3,85215,272 5,7751,513 Sept. 24 59,55029,099 7,6402,199 174 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 5,432 1,205 614 20 156 2,266 1,061 11113,02 11,318 206 1,973 1,219 7,916 1,078 625 1956—Dec. 31... 26,381 12,279 2,424 1,683 143 218 4,708 3,085 19614,10 10,9891,541 528 2,330 6,588 2,409 704 1957—Dec. 31... 27,741 12,961 2,6571,594 153 211 4,89 3,442 21714,78 11,1721,457 1,279 2,049 6,385 2,682 926 1958—June 23... 28,343 13,438 2,761 1,778 125 219 4,994 3,541 22514,90 11,040 927 978 1,868 7,266 2,932 933 • 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 169 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits ive- 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 v e - 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 - - t d d s 6 m D e I s n o d t - t e i e p c r 5 o b s a i F n e ts i k o g r n - G U o . v S t . . p v s S o i u a l t s 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 a e e e i f e t n e f r c r c i d d t s . - k i ' - s, a p v n s a 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 - , r s r - - , I b n a t n er k - G P U S i a o n o a n . g s S v v d 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 i d d e l t n - s i s - p a v n s a p I t i h r d i d n o o t i u d r n c p n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n - l i t - s All commercial banks -.3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1956—Dec. 31.... 18,706 3,261 12,813111,405 14,338 1,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 7516,302 1957—Dec. 31.... 18,972 3,335 12,342110,266 13,867 1,769 3,898 10,693 3,620 109,653 1,385 301 2,773 53,366 7717,368 1958—June 23.... 18,568 3,017 10,904 106,178 12,141 1,648 9,205 10,892 3,741 102,453 2,495 286 4,100 57,3721,136 18,178 Sept. 24e... 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 All insured commer- : cial 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 5615,988 1957—Dec. 31.... 18,972 3,311 12,079 109,439 13,752 1,736 3,859 10,594 3,597 108,936 1,264 301 2,717 53,120 6617,052 1958—June 23.... 18,568 2,997 10,682105,419 12,022 1,610 9,162 10,800 3,715 101,793 2,288 286 4,032 57,1101,125 17,857 Member banks, total: 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 11994415——DDeecc.. 3311........ 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 4813,655 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 22 177 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 3 737 196 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 18,075 511 43 427 2,282 289 15,849 138 27 603 10,546 21 2,818 1958—June 23 , 740 3,993 16,992 465 50 548 2,265 260 14,749 229 28 805 11,059 58 3,000 2 Beginning June 30, 1948, figures for various loan items are shown 4 Central reserve city banks. gross (i.e., before deduction of valuation reserves); they do not add to the 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on total and are not entirely comparable with prior figures. Total loans Dec. 31, 1942, aggregated $513 million at all member banks and $525 continue to be shown net. million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not 6 Demand deposits other than interbank and U. S. Govt., less cash items available prior to 1947; summary figures for earlier dates appear in the reported as in process of collection. preceding table. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING OTIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Total Loans Month or date i m l n o a v e n a e n n d s t s t s - j i m u n a a s v e n t d e n e d - s t d t s - 1 j L u a s o t d a e - n d s 1 C i m n a c o d n i e a m u d r l - s - - A t c u g u r r l a - i l - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C t f a e i e f i t b i n e r - t - s - - Notes Bonds* 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 trial G t U l i o i o o g . b n v S a - s - t . .O c t u t i h e r s i e - rG t l U i o i o o g b . n v S a - s - t . .O c t s u t i e h e r - s i e - r n e e d s - s Total— Leading Cities 1958 Jan 88,318 86,867 52,969 330,607 437 1,829 1,113 8,749311,366 25,954 ,472 1,761 4,711 18,010 7,944 1,451 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 1,431 Dec 1959 96,837 95,229 54,18129,941 599 2,183 1,296 9,64211,746 31,8012,104 3,824 7,514 18,359 9,247 1,608 Jan 1958 96,596 94,930 53,64330,069 606 1,856 1,234 9,505 1.1.,,5„5„6 32,1492,410 4,160 6,899 18,680 9,138 1,666 Dec. 3 96,959 95,133 53,99530,185 608 2,030 1,240 9,546 -11-,-5-6-8 "3 18772,132 4,158 6,911 18,676 9,261 1,826 10 97,577 95,982 54,81930,567 614 2,378 1,246 9,580 11,619 31,9012,209 4,132 6,919 18,641 9,262 1,595 17 97,210 95,905 54,79030,528 622 2,300 1,257 9,596 11,671 3"1,8862,236 4,111 6,894 18,645 9,229 1,305 24 97,338 96,574 55,39330,797 621 2,504 1,270 9,601 1"1 ,82—5' 31,8942,280 4,111 6,866 18,637 9,287 764 31 1959 Jan. 7 97,069 95,449 54,61030,219 606 2,372 1,273 9,610 11,758 31,5242,135 4,032 6,886 18,471 9,315 1,620 14 96,230 94,694 54,12730,050 601 2,043 1,295 9,635.1,1,73131,2662,096 3,875 6,893 18,402 9,301 1,536 21 97,124 95,597 54,09429,819 595 2,198 1,300 9,656 1111,75132,2902,117 3,747 8,157 18,269 9,213 1,527 28 96,927 95,179 53,89629,678 597 2,119 1,319 9,66511,7"44 32,1262,069 3,640 8,123 18,294 9,157 1,748 New York City 1958 23,142 22,424 14,90911,276 272 717 342 540 2,077 5,598 490 249 992 3,867 1,917 718 Jan 25,880 25,103 15,42110,887 3411,149 350 630 2,398 7,414 630 1,115 1,589 4,080 2,268 777 Dec 1959 25,781 24,967 15,24110,667 4191,081 33 360 632 2,417 7,394 633 1,012 1,823 3,926 2,332 814 Jan 1958 25,624 24,691 15,03710,738 198 ,066 346 621 2,407 7,484 693 ,128 1,589 4,074 2,170 F933 25,892 24,888 15,21810,776 2881,118 347 631 2,396 7,396 583 ,124 1,603 4,086 2,274 1,004 Dec. 3 26,132 25,357 15,63811,006 399 '1,204 350 641 2,373 7,414 593 ,124 1,612 4,085 2,305 775 10 25,838 25,160 15,46710,926 357 ,149 355 632 2,382 7,410 647 ,093 1,587 4,083 2,283 678 17 25,917 25,423 15,74710,991 4611,207 352 626 2,436 7,366 631 ,107 1,555 4,073 2,310 494 24 31 1959 Jan. 7 26,010 25,130 15,43910,763 514 1,095 351 632 2,423 7,320 653 1,105 1,578 3,984 2,371 880 14 25,448 24,677 15,20010,696 323 ,094 359 636 2,427 7,124 583 1,026 1,580 3,935 2,353 771 21 25,714 25,095 15,19210,615 424 ,054 360 633 2,442 7,585 662 994 2,048 3,881 2,318 679 28 25,894 24,969 15,13410,592 413 ,083 370 629 2,376 7,548 635 922 2,085 3,906 2,287 925 Outside New York City 1958 Jan 65,176 64,443 38,060319,331 436 840 736 8,20939,289 20,356 982 1,512 3,719 14,143 6,027 733 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 1959 71,056 70,262 38,94019,274 598 683 903 9,010 9,329 24,407 ,471 2,812 5,691 14,433 6,915 794 Jan 1958 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 Dec. 3 71,067 70,245 38,77719,409 606 624 866 8,915 9,172 24,481 ,549 3,034 5,308 14,590 6,987 822 10 71,445 70,625 39,18119,561 612 775 867 8,939 9,246 24,487 ,616 3,008 5,307 14,556 6,957 820 17 71,372 70,745 39,32319,602 620 794 872 8,964 9,289 24,4761,589 3,018 5,307 14,562 6,946 627 24 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 31 1959 Jan. 7 71,059 70,319 39,17119,456 605 763 893 8,978 9,335 24,2041,482 2,927 5,308 14,487 6,944 740 14 70,782 70,017 38,92719,354 600 626 903 8,999 9,304 24,1421,513 2,849 5,313 14,467 6,948 765 21 71,350 70,502 38,90219,204 594 720 908 9,023 9,309 24,7051,455 2,753 6,109 14,388 6,895 848 28 71,033 70,210 38,76219,086 596 623 910 9,036 9,368 24,5781,434 2,718 6,038 14,388 6,870 823 .« Corrected. 2 Includes guaranteed obligations. 1 Exclusive of loans to banks and after deduction of valuation reserves; 3 Figures revised; see note 2 on page 214. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 171 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] D ex e c m e a p n t d i n d te e r p b o a s n it k s, e T xc im ep e t d in e t p e o r s b i a ts n , k In d t e e p r o b s a i n ts k Borrowings Month or date s B F w e R . a r i v e n R t - h e k . s s C va i a n u s l h t b m a w B d a n e n o a i c s t l k e - h t - i s s c j p m u D o a s d a d s t e e n e i - - - t d 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 t i - - - s - - , - , S p s d s a i i t o u c i o a n v l a b t n i d i e l t - s - - s c C h c o a f e e e e i f n t e c f r c r d i 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 r d 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 a b t n i d i e l t - s - - s P G U S i a o n o a . n s g v v d t S s a - t . . l m D t D e i o c s - e - ma F n e d o ig r n - Time F B F r . a o n R m k . s F ot r h o e m rs C it a a p l tions tions Total— Leading Cities 1958 Jan 13,658 1,036 2,488 56,394 58,954 4,115 2,080 1,02821,990 1,198 13410,882 1,587 1,359 291 819 9,651 13,152 1,084 2,660 58,635 62,440 4,211 2,437 2,344 24,491 1,500 17511,494 1,529 2,100 350 96610,156 Dec 1959 13,160 1,053 2,493 58,813 62,117 4,226 2,468 1,842 24,606 1,533 18511,164 1,447 2,154 411 1,08910,177 Jan 1958 12,804 1,038 2,399 57214 60,209 4,185 2,242 2,780 24,331 1,476 170 11,060 1,458 2,073 250 1,476 10,159 Dec. 3 12,834 1,142 2,382 58968 61,873 4,129 2,080 1,359 24,401 1,489 172 11,100 1,503 2,084 326 '1, 3~6"9 10,148 10 13,456 1,152 2,709 59;45"06 633,191 4,167 2,667 2,032 24,438 1,465 17411,661 1,549 2,101 454 1,08710,136 17 13,485 1,024 2,571 62,498 4,168 2,334 2,712 24547 1,530 17911,129 1,556 2,133 694 89310,155 24 13,182 1,061 3,240 59;045 6"4 !,4274,410 2,865 2,838 24,740 1,538 18312,519 1,578 2,112 23 2 1-0),180 31 1959 Jan. 7 13,287 1,052 2,523 58,749 61,612 4,233 2,767 1,35524,588 1,522 188 11,821 1,513 2,140 657 1,11310,194 14 13,073 1,106 2,600 58,693 63,178 4,132 2,411 84124,605 1,534 186 11,779 1,447 2,145 367 1,12510,178 21 13,267 1,013 2,473 59,192 62,441 4,216 2,524 2,407 24,616 1,532 184 10,786 1,436 2,171 302 94410,149 13,013 1,039 2,376 58,620 61,235 4,325 2,173 2,766 24,613 1,543 184 10,268 1,395 2,161 316 1,17210,188 28 New York City 1958 4,377 149 52 15,45816,989 267 1,102 295 2,743 65 2,974 1,282 1,011 447 3,114 Jan 4,050 178 64 16,10017,980 323 1,218 708 3,258 121 3,035 1,207 1,692 437 3,242 Dec 1959 4,116 156 5716,06817,768 335 1,356 605 3,274 120 34 2,984 1,143 1,737 97 540 3,246 Jan 1958 3,789 166 15,65417,151 360 1,118 819 3,191 140 2,852 1,137 1,666 2 606 3,238 3,941 199 16,44517,978 323 948 352 3,235 138 2,847 1,189 1,677 2 636 3,236 Dec. 3 4,009 198 16,41818,140 316 1,375 541 3,258 107 3,029 1,227 1,698 70 495 3,237 10 4,080 161 15,83117,765 303 1,117 853 3,283 112 2,919 1,232 1,717 198 449 3,242 17 4,430 163 16,15618,866 317 1,532 975 3,325 112 3,525 1,251 1,700 3,256 24 31 1959 Jan 7 4,123 166 16,12017,666 305 1,529 435 3,257 115 3,102 1,196 1,724 252 584 3,252 14 4,123 163 15,92517,933 333 1,281 246 3,280 116 3,149 1,147 1,727 63 575 3,247 21 4,221 146 16,15917,827 368 1,451 829 3,274 115 2,895 1,128 1,755 27 497 3,240 28 3,997 149 16,07117,647 334 1,164 910 3,284 135 2,793 1,102 1,742 44 504 3,243 Outside New York City 1958 Jan 9,281 887 2,436 40,936 41,965 3,848 978 73319,247 1,133 110 7,908 305 348 242 372 6,537 9,102 906 2,596 42,535 44,460 3,888 1,219 1,636 21,233 1,379 151 8,459 322 408 295 529 6,914 Dec 1959 9,044 897 2,436 42,745 44,349 3,891 1,112 1,237 21,332 1,413 151 8,180 304 417 314 549 6,931 Jan , 1958 9,015 872 2,339 41,560 43,058 3,825 1,124 1,96121,140 1,336 149 8,208 321 407 248 870 6,921 Dec. 3 8,893 943 2,329 42,523 43,895 3,806 1,132 1,007 21,166 1,351 151 8,253 314 407 324 733 6,912 10 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 17 9,405 863 2,500 42,670 44,733 3,865 1,217 1,859 21,264 1,418 153 8,210 324 416 496 6,913 24 8,752 3,166 42,889 45,561 4,093 1,333 1,863 21,415 1,426 152 8,994 327 412 23 6,924 31 1959 Jan. 7 9,164 886 2,467 42,629 43,946 3,928 1,238 920 21,331 1,407 152 8,719 317 416 405 529 6,942 14 8,950 943 2,541 42,768 45,245 3,799 1,130 595 21,325 1,418 150 8,630 300 418 304 550 6,931 21 9,046 867 2,415 43,033 44,614 3,848 1,073 1,578 21,342 1,417 153 7,891 308 416 275 447 6,909 28 9,016 890 2,319 42,549 43,588 3,991 1,009 1,856 21,329 1,408 153 7,475 293 419 272 668 6,945 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

172 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Public and Period 2 t l o F i b q a o a n u o c d o d c r , o , T a l p e e a 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 n o t t t s d d a a 3 l - 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 t n t i a s l ) e . - - s s C t t i r o o u n n c - - bu o ty s A t o i h p n l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch r w e a i e i n p 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.-June5 -658 84 146 -140 157 6-158 -283 -853 -177 56 69 6-1,758 6-1,938 July-Dec. 5 522 -232 -454 -14 -121 6162 410 294 234 50 362 61,214 61,017 1958 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 1959—Jan -151 -12 61 -71 -14 -94 -60 -264 -109 -23 -112 -848 -1,119 Week ending: 1958—Nov. 5 27 -19 28 72 -25 35 14 29 -14 -2 -28 118 105 12 60 8 58 -24 -3 47 36 -47 1 8 13 155 149 19 53 -17 -27 -19 <y 13 58 1 -12 6 50 7 26 9 -16 -20 -29 14 30 2 27 -7 17 7 -21 -21 Dec. 3 35 -17 6 -8 18 14 47 4 -6 16 108 98 10 45 1 -9 -24 -2 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 1959_jan. 7 -39 -24 -26 -43 -6 -36 -28 -165 -7 -7 -60 -441 -578 14 -46 13 31 -14 -2 -28 -15 -61 -2 2 -6 -127 -169 21 -34 -6 37 -10 -6 -20 -22 -20 -58 -15 -26 -179 -231 28 -32 5 18 -3 -11 6 -19 -42 -3 -20 -101 -141 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold about 95 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and about loans. 75 per cent of those of all commercial banks. s January-June includes 25 weeks; July-December, 27 weeks. 2 Figures for periods other than weekly are based on weekly changes. 6 Figures revised; see note 4 on p. 216. 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 Tntnl Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly Others into from exdealers i ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1952 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 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 3,628 116 2,852 ,523 497 372 125 43 139 843 261 447 110 480 224 Mar 3,485 862 2,623 ,529 422 318 104 39 132 936 263 432 139 471 224 Apr 3,658 919 2,739 ,479 459 350 109 37 131 852 278 416 131 416 239 May 3,709 946 2,763 ,441 474 372 102 42 119 806 296 396 130 371 247 June 3,373 965 2,408 ,352 396 292 104 45 113 798 282 375 121 325 248 July 3,627 966 2,661 ,353 426 328 98 34 108 785 269 380 141 313 251 AUK .. 3,371 981 2,390 ,363 416 340 75 33 91 824 256 385 131 337 254 Sept 3,146 958 2,188 ,281 385 319 65 28 75 792 236 355 136 319 235 Oct 3,294 961 2,333 ,255 347 273 73 36 71 802 246 354 117 296 242 Nov 3,192 940 2,252 ,209 290 234 55 34 75 810 251 348 94 265 251 Dec 2,731 840 1,891 I 194 302 238 64 49 68 775 254 349 83 244 263 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 173 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.) nance securities (taxable) 2 mo Y w n e e t a h e r , k , or p m 4 m a P c - p o e r o t e i r n o m m c r t , i h - e 6 a s l - l 3 p d p c p - l i a o a a r l t y p e o c m n , c e e y - t 6 r d - - a P a b d c n e a r a c 9 i c r n y e m 0 s e k p s ' s e - 1 t , - M 3 k - e a m t r- ont o h n R b a n i t e l e l w s 9 i m - s t s o o u n e 1 t s h 2 3 - 3 is - y s t e u o a e r s 5 4 - Annua A l re a a 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 months * 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: 1958—Jan 3.49 3.23 3.06 2.44 2.598 2.56 2.77 1958—Mar 4.49 5.55 5.10 4.75 4.29 Feb 2.63 2.18 2.30 1.54 1.562 1.93 2.67 June 4.17 5.45 4.88 4.40 3.95 Mar 2.33 1.86 1.80 1.30 1.354 1.77 2.50 Sept 4.21 5.45 4.90 4.47 4.00 Apr 1.90 1.59 1.52 1.13 1.126 1.35 2.33 Dec 4.50 5.49 5.06 4.68 4.33 May 1.71 1.38 1.30 .91 1.046 1.21 2.25 New York City: 1.54 1.38 1.13 .83 .881 .98 2.25 1958—Mar 4.29 5.42 5.02 4.60 4.17 July 1.50 1.31 1.13 .91 .962 1.34 2.54 June 3.88 5.18 4.72 4.13 3.74 Aug 1.96 1.52 1.65 1.69 1.686 2.14 3.11 Sept 4.00 5.19 4.74 4.28 3.87 Sept 2.93 2.47 2.39 2.44 2.484 2.84 3.57 Dec 4.29 5.38 4.94 4.52 4.18 Oct 3.23 2.87 2.75 2.63 2.793 2.83 3.63 7 Northern & Eastern Nov 3.08 2.75 2.75 2.67 2.756 2.92 3.60 cities: Dec 3.33 2.94 2.75 2.77 2.814 3.24 3.65 1958—Mar 4.49 5.60 5.08 4.72 4.33 June 4.17 5.48 4.85 4.39 3.99 1959—Jan 3.30 3.05 2.75 2.82 2.837 3.26 3.86 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 Jan. 3... 3.31 3.00 2.75 2.67 2.690 3.04 3.70 cities: 10... 3.25 3.00 2.75 2.72 2.678 3.00 3.73 1958—Mar 4.77 5.60 5.17 4.87 4.49 17... 3.25 3.00 2.75 2.86 2.808 3.27 3.87 June 4.58 5.56 4.99 4.57 4.31 24... 3.33 3.10 2.75 2.97 3.035 3.47 3.95 Sept 4.54 5.55 4.99 4.63 4.23 31... 3.38 3.13 2.75 2.77 2.975 3.38 3.92 Dec 4.79 5.53 5.12 4.79 4.59 i 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 YIELDS i [Per cent per annum] Corporate bonds3 Stocks 5 G U o . v S t . . S g ta o t v e t . a n b d o n l d oc s3 al By selected By Dividends / Earnings / Year, month, or week bonds ratings groups price ratio price ratio t ( e l r o m ng )2 - Total4 Indus- Rail- Public Pre- Corn- Com- Total4 Aaa Aaa trial road utility ferred 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 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 3.15 2.74 3.78 3.98 3.57 4.55 3.77 4.28 3.88 4.28 4.08 6.37 July 3.23 2.79 3.83 4.02 3.67 4.53 3.81 4.30 3.94 4.36 3.98 Aug 3.50 3.07 4.07 4.17 3.85 4.67 3.94 4.42 4.16 4.45 Sept 3.75 3.74 3.28 4.32 4.39 4.09 4.87 4.24 4.52 4.41 4.58 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 70 3.59 3.17 4.11 4.40 4.09 4.87 4.23 4.56 4.40 4.65 3.42 Dec 3.57 3.12 4.10 4.38 4.08 4.85 4.24 4.52 4.39 4.63 3.33 1959_jan 3.90 3.60 3.19 4.11 4.41 4.12 4.87 4.28 4.53 4.43 4.54 3.24 Week ending: 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 10.. 3.84 3.60 3.19 4.12 4.40 4.09 4.85 4.26 4.53 4.41 4.59 3.26 17.. 3.89 3.58 3.19 4.08 4.41 4.11 4.86 4.27 4.53 4.42 4.52 3.21 24.. 3.96 3.59 3.19 4.10 4.41 4.12 4.88 4.28 4.51 4.45 4.52 3.19 31.. 3.94 3.62 3.20 4.13 4.44 4.16 4.90 4.30 4.55 4.46 4.52 3.29 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. Earnings/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

174 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Standard and Poor's series Securities and Exchange Commission series ume (index, 1941-43= 10) (index, IS39= 100) of trad- Ye o a r r , w m e o ek nth, t G U er o . m S v ) . t. 2 g n ( r h i M c a i i d g u p e h - a ) - l 3g ( C r h r p a a i o o d g t r e - e h - ) - 3 Total d t I r u n ia s - - l R ro a a i d l- P u i l u t t i i y c b l- - Total Tot M al anu r D f a a 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 c b l- - T n s a a r e i f n a c n r i e - v d d c - e e , , M in i g n- s s t h i h a n ( a o o n i r g n f d u e * 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 1958 Jan 96.48 110.0 105.9 41.12 43.98 22.69 33.30 305 382 347 414 230 158 270 272 2,267 Feb 96.20 109.2 105.7 41.26 44.01 23.00 34.12 304 378 346 408 231 160 278 267 2,010 Mar 96.34 107.9 105.1 42.11 44.97 22.60 34.57 311 388 352 422 231 162 283 283 2,223 Apr 98.23 110.0 105.3 42.34 45.09 23.20 35.54 312 387 340 426 233 166 286 287 2,395 May 97.94 111.1 105.6 43.70 46.51 24.74 36.57 323 401 353 438 249 169 301 300 2,580 June 97.17 110.8 105.5 44.75 47.62 25.54 37.31 331 412 362 450 259 171 305 319 2,696 July 94.78 108.0 104.2 45.98 48.96 26.86 37.82 339 424 376 459 269 173 312 331 3,159 Aug 91.51 103.7 102.0 47.70 51.00 28.43 37.50 352 442 399 473 283 174 325 341 2,970 Sept 89.51 100.6 98.9 48.96 52.40 29.51 37.97 360 453 413 481 292 178 337 341 3,427 Oct 89.36 100.9 98.6 50.95 54.55 31.23 39.15 376 474 437 499 311 183 346 344 4,134 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 1959_jan 87.54 101.8 98.1 55.82 59.30 35.53 43.96 410 508 474 529 350 213 394 348 3,964 Week ending: 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 10 88.32 101.9 98.6 55.46 59.14 35.21 43.88 410 507 474 527 348 216 386 344 4,168 17 87.66 102.1 98.2 55.70 59.35 35.91 44.20 411 508 477 528 356 214 398 341 4,203 24 86.87 101.8 98.0 55.88 59.57 36.09 44.16 413 512 476 535 356 212 405 360 3,860 31 . ... 87.08 101.4 97.6 55.47 59.18 35.08 43.73 408 505 470 527 349 212 397 350 3,744 *• 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 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 Net debit balances with Bank loans to others (than W En e d d n o e f s m da o y n t o h f o m r o l n a t s h t o s t T e i h c /o e i u tt r aa r i t ii t — h ie a s n New York f S ir t m oc s k i Exchange ch b a ro si k n e g r s a n a d n d c a d r e ry al i e n r g s ) s e fo c r u r p it u ie r- s2 Money borrowed Cus n to et mer U. o. VJOVt. iree o ( b c c l o i o g l l . a . t 3 5 io + ) ns U o S b e . c l S i u g . r a e G t d i o o v b n t y 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 cu O th r n i e t r ies ba c l r a e n d c it es 1953—Dec., 2,445 31 1,665 88 780 88 1.074 713 1954_Dec., 3,436 41 2,388 65 1,048 69 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 1,132 880 1957—Dec., 3,576 68 2,482 60 1,094 125 1,706 896 1958—Jan., 3,554 126 2,487 58 1,067 188 1,552 937 Feb.. 3,679 102 2,580 79 1,099 199 1,647 939 Mar. 3,863 111 2,665 86 1,198 206 1,784 954 Apr., 3,980 134 2,735 70 1,245 230 1,822 985 May, 4,069 141 2,856 75 1,213 244 1,808 979 June, 4,218 248 2,921 84 1,297 468 1,930 1,047 July. 4,252 149 3,021 113 1,231 306 1,903 1,080 Aug., 4,199 140 3,013 48 1,186 251 V751 1,103 Sept. 4,308 122 3,109 51 1,199 210 1,865 1,119 Oct.. 4,369 123 3,188 59 1,181 193 1,832 1,140 Nov., 4,423 124 3,245 50 1.178 210 1,923 1,148 Dec., 4,492 146 3,285 63 1,207 234 :2,071 1,159 i Ledger balances of member firms of the New York Stock Exchange 2 Figures are for last Wednesday of month for weekly reporting tnember 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 175 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d S ( ta U lo te c .S a a . l n ) d Foreign 2 Total Bonds Stocks gages estate loans assets 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 l|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_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... ,961 10,924 7,199 2,428 ,297 43,974 40,961 3,013 35,462 3,143 3,905 4,553 Feb... ,310 10,961 7,214 2,438 ,309 44,084 41,061 3,023 35,587 3,168 3,938 4,572 Mar... *7II 10,866 7,095 2,461 ,310 44,386 41,288 3,098 35,727 3,191 3,975 4,566 Apr... ,058 10,910 7,106 2,474 ,330 44,602 41,497 3,105 35,840 3,222 4,011 4,473 May.. ,508 10,889 7,036 2,502 |351 44,774 41,656 3,118 35,956 3,241 4,038 4,610 June.. ,008 10,976 7,083 2,537 ,356 44,987 41,828 3,159 36,060 3,280 4,067 4,638 July... ,578 11,163 7,258 2,561 ,344 45,198 42,039 3,159 36,183 3,303 4,091 4,640 Aug... ,054 11,244 7,300 2,597 ,347 45,351 42,200 3,151 36,323 3,355 4,114 4,667 Sept... ,493 11,268 7,307 2,616 ,345 45,561 42,370 3,191 36,462 3,368 4,138 4,696 Oct... ,053 11,299 7,319 2,641 ,339 45,876 42,689 3,187 36,648 3,388 4,162 4,680 Nov... ,540 11,355 7,344 2,672 ,339 46,015 42,817 3,198 36,794 3,415 4,183 4,778 * Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments foi interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS * [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Borrowings Reserves End of year or month U.S. and Total2 g M ag o e r s t - 3 o G t b io o li n v g t s 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 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 julv 51,563 42,866 3,369 2,443 2,885 45,082 899 98 All2 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 Nov 54,251 45,067 3,784 2,231 3,169 46,853 1,121 115 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

176 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1957 1958 19512 19522 19532 1954 1955 1956 2* Loans, by purpose and agency: To aid agriculture, total 4,161 5,070 6,811 6,929 6,715 6,752 7,261 6,827 6,466 6,681 7,605 Banks for cooperatives 425 424 377 367 375 457 423 384 430 454 428 Federal intermediate credit banks... 633 673 590 638 689 734 3845 997 997 935 1,040 Farmers Home Administration 539 596 648 701 681 724 823 866 880 832 906 Rural Electrification Administration. 1,742 1,920 2,096 2,226 2,348 2,488 2,544 2,586 2,634 2,688 2,732 Commodity Credit Corporation 782 1,426 3,076 2,981 2,621 2,349 2,626 1,994 1,525 1,778 2,499 Other agencies 40 31 23 18 1 (4) (4) (4) (4) (4) (4) To aid home owners, total 2,142 2,603 2,930 2,907 3,205 3,680 4,076 4,381 4,680 4,769 4,917 Federal National Mortgage Association. 1,850 2,242 2,462 2,461 2,641 3,072 3,433 3,629 3,807 3,998 4,096 V O e th te e r r a a n g s e A nc d i m es inistration - 292 362 . 3 1 0 6 0 8 3 6 8 3 3 48 8 0 4 4 1 6 4 4 5 4 1 8 5 8 5 5 1 2 23 1 6 1 9 8 1 2 770 1 820 1 To industry; total 589 598 588 431 678 619 629 640 652 674 645 Treasury Department... 11A 353 306 209 209 211 254 251 224 C O o th m e m r a e g rc e e n c D ie e s partment. 589 598 > 413 79 ' , 1 26 1 1 2 2 1 1 9 9 1 2 1 2 9 8 2 2 21 1 0 9 2 1 1 8 6 2 2 2 1 0 7 6 2 2 0 1 3 9 To financing institutions 814 864 952 570 1,419 1,233 966 1,084 1,124 1,270 701 To aid States, territories, etc., total 744 1,020 645 272 245 246 272 243 276 264 275 Public Housing Administration 589 894 500 112 90 106 120 94 186 105 107 Other agencies 155 126 145 160 155 140 153 149 90 159 167 Foreign, total 6,110 7,736 8,043 8,001 7,988 8,223 8,237 8,300 8,316 8,754 8,965 Export-Import Bank 2,296 2,496 2,833 2,806 2,702 2,701 2,678 2,667 2,656 3,040 3,111 Treasury Department* 3,750 3,667 3,620 3,570 3,519 3,470 3,470 3,470 3,470 3,470 3,470 International Cooperation Administration. 61,515 1,537 1,624 1,767 1,995 2,035 2,084 2,139 2,195 2,338 Other Agencies 64 58 53 1 57 54 52 51 49 46 All other purposes, total 35 75 119 166 256 213 240 338 306 344 393 Housing and Home Finance Agency. 5 29 127 209 156 184 275 246 283 331 Other agencies 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 General Services Administration. ^6,517 6,654 7,022 7,092 7,282 7,528 Other agencies 288 303 428 550 609 [ 201 193 171 175 185 175 Land, structures, and equipment, total 3,358 3,213 8,062 8,046 7,822 9,985 9,875 9,979 9,974 9,962 10,020 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,470 4,506 4,520 4,535 4,568 Panama Canal Company 298 415 363 421 421 398 396 401 599 398 396 Tennessee Valley Authority 1,048 1,251 1,475 1,739 1,829 1,762 1,751 1,803 1,791 1,801 1,789 Housing and Home Finance Agency 1,284 1,202 1,040 728 450 236 144 114 106 88 77 Nat. Advisory Committee for Aeronautics 276 277 281 281 283 274 Bonneville Power Administration 311 317 327 328 342 345 General Services Administration 1,298 1,226 1,332 1,341 1,308 1,327 Post Office Department 590 590 599 599 599 599 Other agencies 728 345 350 360 300 613 704 616 408 608 644 Bonds* notes, & debentures payable (not guar.), total... 1,369 1,330 1,182 1,068 2,379 2,711 2,975 3,497 3,647 4,662 4,749 Banks for cooperatives 170 181 150 156 185 257 231 190 237 247 224 Federal intermediate credit banks 674 704 619 640 665 721 803 953 959 902 992 Federal home loan banks 525 445 414 272 958 963 720 733 765 825 468 Federal National Mortgage Association 570 770 1,220 1,620 1,687 2,688 3,065 NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded cover- 3 Effective Jan. 1, 1957, the production credit corporations were merged age and the new classification of agencies now reported in the Treasury in the Federal intermediate credit banks, pursuant to the Farm Credit Bulletin. The revised statement includes a larger number of agencies, and Act of 1956, approved July 26,1956 (70 Stat. 659). Thereafter operations their activities are classified according to the type of fund they represent. of the banks are classified as trust revolving transactions. Funds are combined in the table above, but are shown separately in the 4 Less than $500,000. table on the following page. Classifications by supervisory authorities 5 Figures represent largely the Treasury loan to the United Kingdom, are those in existence currently. Where current Treasury compilations and through 1952 are based in part on information not shown in Treasury do not provide a detailed breakdown of loans, these items have been compilation. classified by Federal Reserve on bais of information about the type of <> 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 177 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department In millions of dollars] Liabilities, other than Assets, other than interagency items1 interagency items1 Date, and fund or activity Total Cash L c a r e o b e i a l v - e n - s t v o I e r n i n - e - s P s d e u e c b b I u m l n t i - c v e e n s O s t r t s i e - t t c i h e u e s - r L e s t m u a t q a r r n e u n u e n d i d c s p t - , , - Other a G B tu n a b u o r t n y e e a n d e s r d - d s d p , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i h b e e i s l r - G U i e n o . s t S v e t t . r . - o v in w P a e t t r s e n e i t r l - e y - d rities U.S. All activities 1954—Dec. 31 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 1,068 4,183 35,610 508 1955—Dec. 31 45,304 1,338~238 4,356 3,236 3,414 7,822 4,900 2,379 2,703 39,583 596 1956—Dec. 31* 69,653 4,996 20657 21,375 3,739 3,669 9,985 5,232 2,711 3,659 62,516 699 1957_Mar. 31 69,895 4,44121,353 21 303 3,923 3,729 9,875 5,272 2,975 3,713 622,364 775 June 30* 69,059 3,98120,980 21450 3,881 3,725 9,979 5,063 3,497 3,325 611,,144 1,037 Sept. 30 70,175 4,692 2^320 21 514 3,762 3,725 9,974 5,186 3,647 2,634 62,778 1,056 Dec. 31 71,139 4,291 628 3,804 3,718 9,962 5,340 4,662 2,916 622, 39"1 1,121 1958—Mar. 31 72,242 4,158 23i 147 21206 4,523 3,75310,020 5,436 4,749 3,472 622,789 1,183 Classification by type of fund and activity, March 31, 1958 Public Enterprise Funds—Total 20,228 1,119 9,634 3,756 861 143 3,284 1,432 49 1,600 1,51617,064 Farm Credit Administration: Federal Farm Mortgage Corporation 8 1 'iii 8 8 Agricultural Marketing Act, revolving fund 186 44 186 Agriculture Department: Commodity Credit Corporation 5,618 18 2,403 2,636 155 406 876 4,742 Disaster loans, etc., revolving fund 126 37 85 4 125 All other 54 37 16 1 (\ 50 Housing and Home Finance Agency: Public Housing Administration 187 59 106 6 36 151 Federal Housing Administration 855 21 533 300 48 138 669 Federal National Mortgage Association 2,395 2 2,377 15 1,600 51 744 Office of the Administrator 826 141 406 59 220 820 Federal Savings and Loan Insurance Corporation.. 296 1 *283 12 16 281 Small Business Administration 325 112 207 () 6 2 323 Export-Import Bank 3,139 1 3,111 26 53 3,086 Tennessee Valley Authority 2,070 91 (<)46 $89 145 35 2,036 Panama Canal Company 464 35 8 396 25 18 447 Veterans Administration 842 112 678 4 45 2 2 12 830 General Services Administration 1,293 64 1,036 127 65 24 1,268 Treasury Department 226 6 5 (4) 226 Post Office Department—postal fund 873 233 13 599 27 213 660 Interior Department 263 60 6 138 48 14 249 All other 182 43 6 ( 112 18 163 Intragovernmental Funds—Total 13,053 1,693 10,994 222 144 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 87 128 117 4 52 285 Certain Other Activities—Total 31,006 1,066 9,683 6,455 3,563 6,514 3,719 220 30,785 General Services Administration 8,317 81 6,442 (4) 1,189 187 8,301 Agriculture Department: Farmers Home Administration 812 119 669 23 795 Rural Electrification Administration 2,908 49 2,724 135 2,907 Interior Department 445 42 366 31 439 International Cooperation Administration 2,395 39 2,338 18 2,395 Treasury Department 10,174 3,479 3,563 83,131 10,174 Commerce Department—maritime activities 5,114 '245 249 4,568 48 "i42 4,971 National Advisory Committee for Aeronautics 452 88 274 87 11 442 All other 389 65 144 115 58 27 362 Certain Deposit Funds—Total 4,781 62 1,122 3,512 47 39 692 1,148 2,103 838 Banks for cooperatives 493 15 425 43 10 224 3 223 42 Federal Deposit Insurance Corporation 2,036 3 Zs 2,013 19 156 1,880 Federal home loan banks 2,252 44 1,456 47 9 468 988 796 Certain Trust Revolving Funds—Total 3,174 219 2,708 144 103 2,457 76 296 Federal National Mortgage Association 1,706 55 1,641 10 1,466 46 156 Federal intermediate credit banks 1,168 10 1,040 00 18 992 19 140 917 Office of Alien Property 214 149 65 1 »213 All other 86 5 44 10 10 977 Latest data for agencies not reporting quarterly Atomic Energy Commission (June 30, 1957) 8,622 1,324 1,749 5,130 419 206 8,417 Veterans Administration (June 30, 1957) 1,902 355 107 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) 1,055 790 260 157 898 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) 1,684 428 206 549 416 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

178 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period r B ec u N e d e i g p t e ts t re T P f c u r l e u n u i s d p s : t ts t I G L r n a e o t n s r v s s a t : . - . 1 E p T r f u q e r t o u b o h c a t l m t e a i 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 x r 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 y b t a t h l 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 l s i ) c . , & ( c ( o c - d r d r r I e ) a e i e n r a g a , d b e - s i s e e c t n e e n - t , .) t a i r 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 o a t b h s n t e h - 4 r b E r i o e q n c ( N r p u g a ) r a e s a o y h o t l w s r t. : - Cal. year—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 1958*\. 68,694 16,797 3,716 81,721 75,782 18,011 4,629 89,162 -7,440 7,533 -871 487 7,916 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: 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 3,337 41,475 5,362 660 777 -166 49 July-Dec.** 28,902 7,635 1,633 34,885 39,906 9,075 1,292 47,687 -12,802 6,873 -1,648 653 7,867 Monthly: 1957—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 '271 '3,784 6,613 1,786 '487 '7,912 -4,128 -835 -337 70 -569 Aug 4,838 1,956 '236 '6,554 6,198 1,412 '16 '7,594 -1,040 3,017 391 51 2,575 Sept 7,208 885 155 '7,936 6,633 1,397 '-253 '8,283 -348 -1,650 -338 63 -1,374 Oct 2,769 1,025 '195 '3,596 7,144 1,597 '713 '8,028 -4,432 3,640 -571 183 4,027 Nov 4,962 1,486 214 6,231 6,237 1,310 346 7,200 -969 2,867 -276 140 3,003 Dec.P 6,180 1,171 562 6,784 7,080 1,573 -17 8,670 -1,885 -166 -517 146 205 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period s B d u u ( N e r o ) p f d i e r l g c t u i e t s t , a l c d T a f c e u t r o u f i n u i o m r c d s n i t u t , - t c o R il c e T i a a c r s t o e i h o n a n s - . i m s o a ( t G s g + i b N u a o e l o ) r a i n n e v g k o n c s t a e t c f 5 y . - t e i i n & s a f n G u e g v N c n e . o F t . d n e r v e ( u c t s b t d - s y . 5 y ) . t I d n ( p e d g - c d c u i r r ) o r e r b o e e , e r b a l s i c a i t 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 F a u D a a . v n b n e a d l R p k e i s l . o s ) - sits T T A a L in r u x c o e — r c a a y a t n s s n - . d O n th et er Fiscal year—1955.. -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 ,471 1956.. 1,626 2,250 309 173 -2,617 -1,623 -213 331 6,546 522 4,633 ,391 1957.. 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 ,010 1958.. -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 ,121 Semiannually: 1957—Jan.-June., 7,328 543 -36 1,090 -1,603 -6,101 60 1,163 5,590 498 4,082 ,010 July-Dec.., -6,735 34 159 1,007 21 4,371 -160 -984 4,606 481 3,084 ,041 1958—Jan.-June., 3,916 228 511 -440 -218 1,445 300 5,143 9,749 410 8,218 ,121 July-Dec.. -11,004 -1,440 -232 -121 1,298 6,579 -131 -4,788 4,961 358 3,468 ,135 Monthly: 1957—Dec 147 -218 -644 186 80 151 -40 -259 4,606 481 3,084 ,041 1958—Jan -1,225 -831 600 225 541 -343 68 1,101 3,505 469 1,767 ,269 Feb 771 367 -314 142 -171 124 30 888 4,394 516 2,837 ,041 Mar 3,753 -437 444 101 64 -2,055 187 1,682 6,076 474 4,596 ,006 Apr -2,626 -147 711 -144 279 2,433 94 412 6,487 594 4,558 ,335 May -920 768 -17 -34 -597 595 152 -357 6,130 395 4,730 ,005 June 4,164 508 -914 -729 -332 691 -231 3,619 9,749 410 8,218 ,121 July -3,667 -675 225 -31 330 -877 -65 4,630 5,119 617 3,262 ,240 Aug -1,361 543 -195 10 -470 3,009 288 1,249 6,368 540 4,769 ,059 Sept 575 -511 -284 -3 314 -1,810 -450 1,269 5,099 371 3,535 ,193 Oct -4,376 -572 511 -32 519 3,546 161 -565 4,534 363 2,916 ,255 Nov 1,274 177 111 -37 212 2,848 46 1,991 6,525 424 4,879 ,222 Dec -900 -401 -601 -28 393 -138 -113 -1,564 4,961 358 3,468 1,135 » Preliminary. r Revised. 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 179 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period B c u N e r i d e e p g - t t e s t f t O u r n u ld d T s - t 6 rans H f t f w r e u i u r g n a s s y d h t - t R m ti r . r e e e R n - - t . c fu e R r o n i e e p f d - - t s s B c T u e r o d i e p t g - a t e s l t W he I i n t ld h d - ivid O ua th l er C ra o t r i p o o n - ta E ci x x s e e - s t p m a E l x o e m e n y - s t - 7 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r r s e s . - ' ' acct. Fiscal year—1955 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,177 1956 68,165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 1957... 71,029 6,634 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958... 69,117 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: 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 July-Dec. 28,902 3,383 1,112 265 634 34,296 13,769 2,827 6,174 5,364 3,653 2,509 n.a. n.a. n.a. Monthly: 1957—Dec 5,956 382 165 49 59 6,611 2,125 352 2,277 824 432 601 221 106 1958—Jan 4,786 313 151 19 -25 5.243 981 2,053 486 892 385 446 197 154 Feb 6,299 955 190 78 235 7,756 3,953 788 406 864 1,302 443 201 130 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 O N c o t v 4 2 , , 9 7 6 6 2 9 7 3 4 6 7 5 1 1 8 9 0 8 2 6 1 8 11 4 2 3 5, , 9 4 7 4 9 6 3 1 , , 6 2 4 2 1 5 1 9 6 4 2 3 31 7 9 4 9 8 5 1 4 1 3 8 8 1 6 6 2 3 9 4 8 4 2 3 8 2 4 8 1 1 7 4 1 7 n.a. Dec 6,180 397 164 44 64 6,848 2,139 373 2,419 853 441 623 n.a. n.a. Budget expenditures » Major national security Agri- Vet- culture Period Total Total 9 M de i f l e it n a s r e y M a a i s l n s i i c t s a e t r - y A en t e o r m gy ic f a i I n f a f n a n a t n i d l r c . s e In e t s e t r- ic e b e s r f e e s a i n r t n v a s e s - n - ' d L w a a e n b lf d o a r re t a c a u r g u n e r r l - d a i - - l s N o u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources Fiscal year—1955. 64,570 40,626 35,532 2,292 1,857 2,181 6,438 4,457 2,575 4,389 1,202 1,504 1,199 1956. 66,540 40,641 35,791 2,611 1,651 1,846 6,846 4,756 2,821 4,868 1,104 2,030 1,627 1957. 69,433 43,270 38,439 2,352 1,990 1,976 7,308 4,793 3,022 4,526 1,296 1,455 1,787 1958. 71,936 44,142 39,062 2,187 2,268 2,234 7,689 5,026 3,447 4,389 1,543 2,109 1,356 Semiannually: 1956—July-Dec. 33,801 20,594 18,547 913 930 933 3,587 2,291 1,421 2,183 736 879 1,181 1957—Jan.-June 35,632 22,676 19,892 1,439 1,060 1,043 3,721 2,502 1,545 2,399 560 574 608 July-Dec. 36,060 21,724 19,370 1,031 1,080 1,216 3,912 2,400 1,636 2,651 850 1,003 661 1958—Jan.-June 35,876 22,418 19,692 1,156 1,188 1,018 3,777 2,626 1,811 1,738 693 1,106 695 Monthly: 1957—Nov 5,806 3,437 3,035 185 183 173 646 432 226 404 147 196 119 Dec 5,809 3,680 3,312 153 178 158 681 426 224 453 117 -33 103 1958—Jan 6,011 3,672 3,146 205 211 184 697 433 360 223 112 229 100 Feb 5,528 3,521 3,183 94 173 167 612 429 222 249 100 133 99 Mar 5,749 3,608 3,061 278 195 160 624 432 235 347 90 149 102 Apr 6,122 3,652 3,216 194 200 94 619 465 317 427 108 298 135 May.... 5,846 3,653 3,195 212 201 127 603 436 291 235 121 252 132 June.... 6,621 4,312 3,891 173 208 286 622 431 386 257 162 45 127 July 6,613 3,752 3,196 294 222 222 648 431 356 630 122 298 148 Aug 6,198 3,605 3,205 122 215 233 578 404 368 495 151 233 127 Sept 6,633 3,863 3,489 151 189 158 586 410 345 769 165 212 123 Oct 7,144 4,225 3,802 168 221 220 608 454 436 673 166 233 135 Nov 6,237 3,589 3,169 189 211 175 614 441 343 574 151 238 109 3 Consists primarily of (1) intra-Governmental transactions as de- 8 The 1960 Budget document showed certain revisions in fiscal year data. scribed in note 1, (2) net accruals over payments of interest on savings When the revisions were in classification of functions—such as the shift bonds and Treasury bills, (3) Budget expenditures involving issuance of of defense-support activities from military assistance and major national Federal securities, (4) cash transactions between International Monetary security to international affairs—the revisions were made in monthly and Fund and the Treasury, (5) reconciliation items to Treasury cash, and semiannual data. Other fiscal year revisions not available for monthly (6) net operating transactions of Govt. sponsored enterprises. and semiannual periods. 4 Primarily adjustments 2, 3, and 4, described in note 3. For more details, see the 1960 Budget document and the Treasury 5 Excludes net transactions of Govt. sponsored enterprises, which are Bulletin, Table 4. included in the corresponding columns above. 9 Includes stockpiling and defense production expansion not shown 6 Includes transfers to Federal disability insurance trust fund. separately. 7 Represents the sum of taxes for old-age insurance, railroad retire- For other notes, see opposite page. ment, and unemployment insurance. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 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 Nonmarketable E m n o d n t o h f T d g e r o o b t s a t s i l d T d g i e r o r o b e t s a t c s 2 l t Total Certifi- Bonds C v ib e o l r n e i- - Sav- T an a d x S is p s e u c e ia s l Total Bills c i e n a d t d e n e s e b s o t s - f Notes B e b l a l ig e n i 4 k - st B r r i a c e n - te k d bonds Totals b i o n n g d s s n i s o n a t g v e s - s 1941—Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954_Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 43.9 1956—Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Jan 274.7 274.6 227.3 164.6 27.3 34.6 20.7 82.1 9.5 53.2 52.3 45.5 Feb 274.8 274.7 227.0 164.5 26.1 31.5 20.5 86.4 9.3 53.2 52.3 46.0 Mar 272.7 272.6 225.1 162.9 23.0 31.5 20.7 87.7 9.1 53.1 52.3 45.8 Apr 275.2 275.1 228.0 166.0 22.4 31.1 24.7 87.7 9.0 53.0 52.2 45.4 May 275.7 275.7 227.9 166.0 22.4 31.1 24.8 87.7 9.0 53.0 52.1 46.1 June 276.4 276.3 228.5 166.7 22.4 32.9 20.4 90.9 8.9 52.9 52.0 46.2 July 275.6 275.5 228.0 166.4 22.4 32.9 20.5 90.6 8.8 52.8 51.9 45.9 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 26.1 83.4 8.3 52.1 51.2 44.8 1959—Jan 285.9 285.8 239.9 179.8 30.3 36.4 28.9 84.2 8.2 51.9 51.0 43.9 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $423 million on Jan. 31, 1959) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which « Less than $50 million. aggregated $9,557 million on Dec. 31, 1958. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and End of (includ- trust funds i Insur- State Individuals month in s a g e n ti c t e g e u s u e r ) i a d - r- S is p s e u c e ia s l P is u 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 o n r m k ci s a - 2 l M s b a a v u n i t n u k g a s s l p c a a o n n m c ie e - s r c O a o t t r i h o p e n o r s - g l a o o n c v d a t' l s S b a o v n in d g s s se O cu th ri e ti r es i 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_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 15.4 276.4 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 65.5 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 Nov 283.2 45.1 9.7 228.4 26.2 67.7 7.3 12.1 16.9 17.2 47.8 17.1 16.0 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $284 million on Dec. 31, 1957. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 181 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JANUARY 31 1959* [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 Treasury bills Cont. Treasury notes—Cont. Treasury bonds—Cont. Feb. 5,1959 ,802 July 23, 1959 400 Oct. 1,1961 P/2 332 June 15, 1964-69... 2 y2 3,744 Feb. 13, 1959 ,801 July 30, 1959 400 Feb. 15, 1962 3% 647 Dec. 15, 1964-69... 2 % 3,819 Feb. 19, 1959 ,803 Certificates Apr. 1,1962 n/2 551 Feb. 15, 1965 2% 6,896 Feb. 26, 1959 ,803 Feb. 14, 1959 2^ 9,770 Aug. 15, 1962 4 2,000 Mar. 15, 1965-70.. ,2y2 4,700 M M a a r r . . 1 5 2 , , 1 1 9 9 5 5 9 9 , , 8 6 0 0 0 0 M Ma a y r. 2 1 4 5 , , 1 1 9 9 5 5 9 9 * 1 \y %2 3 1 , , 5 81 67 7 O N c o t v . . 1 1 5, , 1 1 9 9 6 6 2 2 3 1 3 % 4 1,1 5 4 9 3 0 A M u a g r . . 1 1 5 5 , , 1 1 9 9 6 6 6 6 -71.. .2i/2 3 2 1 , , 9 4 4 8 7 4 M M a a r r . . 2 1 6 9 , , 1 1 9 9 5 5 9 9 , , 6 60 0 1 0 A N u o g v . . 1 1 5, , 1 1 9 9 5 5 9 9 i 3 y %8 1 7 3 , , 7 5 1 0 1 0 F A e p b r . . 15 1 , , 1 1 9 9 6 6 3 3 \ 2 V y x8 3,9 5 7 3 1 3 J S u e n p e t. 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . . . . . . 2 2 1 1 / / 2 2 2 1 , , 7 8 1 3 6 8 Apr. 2, 1959 ,600 Oct. 1,1963 IV2 197 Dec. 15, 1967-72...2% 3,711 Apr. 9, 1959 ,599 Treasury notes Oct. 1,1969 4 657 Apr. 16, 1959 1,600 Feb. 15,1959 1% 5,102 Treasury Bonds Nov. 15, 1974 3% 654 A A p p r r . . 2 3 3 0 , , 1 1 9 9 5 5 9 9 , , 3 4 9 0 9 1 A O p ct r . . 1 1 , , 1 1 9 9 5 5 9 9 I l 1 i / / 22 1 9 1 9 9 J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 5 9 9 - - 6 6 2 2 . . . . . . 2 2 V V AA 5 3 , , 2 4 6 5 7 6 J F u e n b e . 1 15 5 , , 1 19 9 8 7 0 8 -83... 314 4 1,6 7 0 9 3 8 May 15, 1959 2,735 Nov. 15, 1959 3Yt 1,184 Nov. 15, 1960 2H 3,806 May 15, 1985 314 1,135 J J J J u u u u n n n n e e e e 2 2 1 1 5 2 8 1 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 9 9 9 9 * 2,9 4 4 4 9 0 0 0 7 0 0 0 M O A M c p a a t r y y . . 1 1 1 5 1 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 0 0 0 0 3 1 3 i 1 V V y /2 2 4i 2 2 , , 4 7 2 1 0 3 7 9 6 8 8 8 D N A Se e u o p c g v t . . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 1 3 0 1 - 65 3.. 2 2 2 2 1 V 3 3 / 4 2 4 i 1 2 6 1 1 , , , , 2 7 4 1 3 8 5 7 9 7 5 5 Pa F F n e e a b b m . . a 1 1 C 5 5 a , , n 1 1 a 9 9 l 9 9 L 5 0 oan... 3 . y 3 32 2 1 , , 7 72 4 5 0 7 0 July 2, 1959 400 Apr. 1,1961 n/2 144 June 15, 1962-67. ..2 V2 2,112 Convertible bonds J Ju u l l y y 1 9 6 , , 1 1 9 9 5 5 9 9 4 40 0 1 0 A M u a g y . 1 1 5 , , 1 1 9 9 6 6 1 1 3% 4 4 2 , , 0 6 7 0 8 9 D Fe e b c . . 1 1 5 5 , , 1 1 9 9 6 6 4 3 -68... 2y23 2 3 , , 8 8 2 5 0 4 I A n p v r e . s tm 1 e , n 1 t 9 S 7 e 5 ri e 8 s 0 B ... 23^ 8,189 * Tax anticipation series. 1 Direct public issues. 3 Partially tax-exempt. 2 Sold on discount basis. See tables on Money Market Rates, p. 173. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk d le e s2 t- v b e C o r o t n i n b d - s le Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r rs 10 All holders: 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 Oct. 31 180,540 25,942 38,487 21,938 85,786 8,387 172,153 72,117 49,369 15,833 34,835 Nov. 30 183,728 29,148 38,487 21,948 85,781 8,364 175,364 76,506 48,195 15,832 34,830 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 ,138 1,210 295 2,848 Dec. 31 9,260 130 657 1,617 3,933 2,923 6,337 ,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 Oct. 31 9,506 137 545 1,283 4,759 2,781 6,724 761 1,761 881 3,321 Nov. 30 9,473 94 518 1,280 4,812 2,769 6,704 851 1,652 875 3,325 Federal Reserve Banks: 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1,014 1,415 1957—June 30 23,035 287 11,367 8,579 2,802 23,035 20,246 681 750 1,358 Dec. 31 24,238 1,220 20,104 87 2,827 24,238 21,427 1,397 57 1,358 1958—June 30 25,438 2,703 19,946 2,789 25,438 23,010 1,014 57 1,358 Oct. 31 25,443 1,401 21,538 20 2,484 25,443 22,949 1,024 84 1,386 Nov. 30 26,229 2,095 21,592 15 2,527 26,229 23,735 1,024 84 1,386 Commercial banks: 1956—June 30 49,673 2,181 1,004 11,620 34,712 155 49,517 7,433 18,234 19,132 4,719 1957—June 30 48,734 2,853 2,913 8,984 33,839 144 48,590 12,268 23,500 8,600 4,222 Dec. 31 51,712 4,332 4,046 9,672 33,529 133 51,579 13,066 26,526 7,364 4,623 1958—June 30 57,509 3,796 3,331 11,532 38,720 130 57,379 13,431 24,494 14,259 5,195 Oct. 31 58,564 4,496 6,417 11,832 35,689 129 58,434 14,162 29,420 9,775 5,077 Nov. 30 59,407 5,511 6,363 11,758 35,644 130 59,277 15,400 29,049 9,774 5,054 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 ,082 601 4,040 Dec. 31 7,209 122 167 438 5,470 1,012 6,197 453 ,227 476 4,041 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 ,106 675 4,094 Oct. 31 7,037 119 104 527 5,394 893 6,144 262 ,315 516 4,051 Nov. 30 7,005 127 98 529 5,362 6,116 280 ,284 513 4,039 Insurance companies: 1956—June 30 11,702 318 44 760 7,789 2,791 8,911 632 ,192 1,802 5,285 1957—June 30 10,936 326 136 648 7,277 2,549 8,387 955 ,775 1,022 4,634 Dec. 31 10,801 291 248 683 7,231 2,347 8,454 938 2,074 718 4,724 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1,650 1,004 5,074 Oct. 31 10,979 674 174 701 7,357 2,072 8,907 1,061 2,027 672 5,148 Nov. 30 11,051 744 172 707 7,354 2,073 8,979 1,155 2,007 679 5,137 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 Oct. 31 69,011 19,115 9,708 7,575 30,102 2,511 66,501 32,922 13,822 3,906 15,851 Nov. 30 70,562 20,576 9,1 A3 7,659 30,082 2,503 68,059 35,085 13,179 3,908 15,888 1 Direct public issues. panies included in the survey account for over 90 per cent of total holdings 2 Includes minor amounts of Panama Canal and Postal Savings bonds. by these institutions. Data are complete for U. S. Govt. agencies and NOTE.—Commercial banks, mutual savings banks, and insurance com- trust funds and Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 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 7 l p M p a c o o u e n u i s l r s e s e - - - - s m e b t d R i t o a e e r c e e f n b . n - - s 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 12,57" 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_Nov.. 3,022 1,37' 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 40' 251 899 55 875 607 398 209 85 182 856 851 832 19 5 Mar.. 3,959 1,80: 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 1,41 554 122 963 866 370 497 58 38 948 881 709 172 67 July.. 2,423 418 164 631 13 1,196 907 735 172 70 219 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.. 2,197 352 647 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 Nov.. 1,404 324 459 125 496 379 236 143 10 106 487 475 418 57 12 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 capital1 secu- capital10 secu- capital1 secu- capital10 secu- capital! secu- capital^ 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—Nov. 220 38 () 54 287 92 98 30 Dec. 572 60 12 138 173 41 92 1958—Jan.. 147 7 28 82 24 321 34 50 109 Feb.. 171 3 26 48 366 35 205 Mar. 196 41 47 63 409 797 49 () Apr.. 620 12 62 86 293 22 40 37 40 1 May. 163 26 24 23 303 37 11 30 74 June. 267 49 29 106 390 16 12 78 July. 519 24 55 49 348 46 101 31 Aug. 122 16 47 26 281 13 49 1 Sept. 485 12 389 44 186 13 28 Oct.. 238 17 35 74 300 44 124 Nov. 92 4 87 20 129 87 59 r Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues maturing in more than one year sold for cash of flotation, i.e., compensation to underwriters, agents, etc., and expenses. in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debt are included under the uses for which the bank 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 io Represents all issues other than those for retirement of securities. organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 183 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 517 63,34358,110 69,876 71,925 76,032 19,78619,43818,056 18,752 16,718 16,831 16,240 Profits before taxes 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 3,649 3,825 5,231 4,880 5,109 1,432 1,339 1,107 1,232 852 872 890 Dividends 2,154 2,384 2,827 2,980 3,113 750 757 757 849 755 747 741 Nondurable goods industries (94 corps.): i Sales 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 853 3,028 2,753 3,413 3,457 3,438 947 873 841 777 648 619 773 Profits after taxes 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 25142,649 37,490 46,770 47,141 49,754 13,15012,91411,498 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 ,965 6,373 6,182 7,222 7,729 8,203 2,045 2,047 2,065 2,047 1,858 1,903 1,992 Profits before taxes ,259 1,308 1,153 1,535 1,488 1,556 395 394 397 369 281 281 315 Profits after taxes 486 520 593 782 769 798 197 202 201 197 144 147 162 Dividends 396 417 499 597 602 639 150 152 150 187 156 154 153 Petroleum refining (14 corps.): Sales ,411 5,883 6,015 6,556 7,185 7,814 2,048 1,941 1,920 1,906 1,801 1,774 1,915 Profits before taxes 728 841 751 854 917 867 299 219 193 156 146 111 198 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 ',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 i,O3816,61114,13718,826 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 1,623 673 1,672 1,715 1745 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

184 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r te o r r P b t r e a o f x o f e i r t s e s c ta o I x n m e - s e 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 t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1950 40.6 17.9 22.8 9.2 13.6 1951 42.2 22.4 19.7 9.0 10.7 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952 36.7 19.5 17.2 9.0 8.3 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 667 2,700 1953 38.3 20.2 18.1 9.2 8.9 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954 34.1 17.2 16.8 9.8 7.0 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 44.9 21.8 23.0 11.2 11.8 1954 . . 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956 45.5 22.4 23.1 12.0 11.0 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957 43.4 21.6 21.8 12.4 9.4 1956 13,033 4,968 8,065 7,934 3,181 4,752 5,099 1,787 3,313 1957 . . 14,289 3,159 11,129 9,691 2,236 7,455 4,598 923 3,675 1956—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 i Reflects cash transactions only. As contrasted with data shown on p. 182, 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/ates. proceeds of issues for that purpose shown on p. 182. 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 a b a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c l t d i a o a e x m - ra e l Other ties U.S. Other U.S. Other bilities Govt.2 Govt.2 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 SO.6 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 a t t h 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 t i u n 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 * road ing 1950 20.6 7.5 .7 l.l .2 3.3 1.1 5.7 1957_3 9.4 4.3 .8 .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 I 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 L.3 1.6 4.6 1.7 6.3 1958—1 . 7.3 3.1 .7 1.2 2.3 1954 26.8 11.0 1.0 .9 L.5 4.2 1.7 6 5 2 7.8 3 2 .6 I 5 2 5 1955 28 7 11 4 1 0 .9 1 6 4 3 2 0 7 5 3 7 4 2 9 5 I 6 2 4 1956 35.1 15.0 1.2 1.2 1.7 4.9 2.7 8.4 4* 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— M 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 185 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial properties1 or quarter h A e o r l l d s l - t F u in i c t n i i s a o a t l i n n - s - S F e a e l g e d e c e n t r e - a d l v I i a d n n u d d a i- ls h A e o r l l d s l - Total F in i c n i s a a t l i n - - O ho th ld e - r Total F i i n c n i s a a t l i n - - O ho th ld e - r h A e o r l l d s l - t F u in i c t n i i s a o a ti l n n - s - h O ol t d h e e r r s* cies others tutions ers tutions 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 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 1958? 171.2 131.5 4.8 34.9 160.1 118.0 99.1 19.0 42.0 28.1 13.9 11.2 4.3 6.9 1957_june.. 150.4 115.3 4.2 30.9 140.1 103.4 86.6 16.7 36.7 24.6 12.1 10.3 4.0 6.4 Sept.. 153.7 117.7 4.5 31.6 143.3 105.7 88.5 17.2 37.5 25.2 12.4 10.4 4.0 6.4 Dec... 156.6 119.7 4.7 32.1 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958—Mar.p 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 June27. 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 6.7 166.7 127.9 4.6 34.3 155.7 114.8 96.3 18.4 40.9 27.3 13.6 11.1 4.2 6.8 171.2 131.5 4.8 34.9 160.1 118.0 99.1 19.0 42.0 28.1 13.9 11.2 4.3 6.9 p Preliminary. Federal agencies represent HOLC, FNMA, and VA (the bulk of the 1 Derived figures, which include negligible amount of farm loans held amounts through 1948 held by HOLC, since then by FNMA). Other by savings and loan associations. Federal agencies (amounts small and separate data not readily available 2 Derived figures, which include debt held by Federal land banks and currently) are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings 3 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 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 ,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 ,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 ,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 ,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958*3 25,510 18,610 5,490 3,330 9,790 5,400 ,500 23,250 20,943 5,560 8,564 6,819 2,250 57 1957—June 22,760 16,890 4,730 3,720 8,440 4,500 ,370 20,475 18,384 4,500 7,520 6,364 2,033 58 Sept 23,105 17,070 4,750 3,660 8,660 4,660 ,375 20,812 18,687 4,575 7,660 6,452 2,068 57 Dec 23,337 17,147 4,823 3,589 8,735 4,823 ,367 21,169 19,010 4,669 7,790 6,551 3,102 57 1958—Mar 23,400 17,125 4,825 3,485 8,815 4,880 ,395 21,565 19,372 4,810 7,937 6,625 2,135 58 23,960 17,460 4,970 3,405 9,085 5,060 ,440 22,165 19,926 5,046 8,160 6,720 2,181 58 Sept.1* 24,690 18,055 5,205 3,355 9,495 5,155 ,480 22 740 20,465 5,313 8,378 6,774 2,218 57 Dec.** 25,510 18,610 5,490 3,330 9,790 5,400 ,500 23,250 20,943 5,560 8,564 6,819 2,250 57 » 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

186 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 VA- Farm Total VA- Farm Total FHA- guar- Other Total FHA- 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 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 6,10*8 971 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 2.5R4 1958.. 5,248 4,813 1,303 200 3,310 435 37,097 34,388 7,449 7,455 19,484 2,709 1957_Dec.. 537 502 85 28 389 35 35,271 32,686 6,758 7,746 18,182 2,585 1958—Jan.. , 426 383 87 29 267 43 35,462 32,873 6,822 7,750 18,301 2,589 Feb.. 379 338 85 30 223 41 35,587 32,990 6,858 7,739 18,393 2,597 Mar.. 390 344 92 22 230 46 35,727 33,117 6,906 7,723 18,488 2,610 Apr.. 402 360 94 26 240 42 35,840 33,213 6,948 7,719 18,546 2,627 May. 380 348 96 16 236 32 35,956 33,316 6,995 7,699 18,622 2,640 June. 368 341 95 20 226 27 36,060 33,409 7,038 7,677 18,694 2,651 July.. 428 398 103 16 279 30 36,183 33,519 7,076 7,651 18,792 2,664 Aug.. 437 406 109 5 292 31 36,323 33,645 7,123 7,619 18,903 2,678 Sept.. 451 421 125 7 289 30 36,472 33,786 7,212 7,561 19,013 2,686 Oct.. 516 485 141 9 335 31 36,648 33,955 7,282 7,527 19,146 2,693 Nov.. 429 397 121 8 268 32 36,794 34,093 7,347 7,492 19,254 2.701 Dec.. 642 592 155 12 425 50 37,097 34,388 7,449 7,455 19,484 2,709 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) By type of lender Total (without seasonal adjustment) Year or month 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 n V u t A e a e r - - d ti C v o e o n n n a - - l Y m e o a n r t o h r Se a a a l d s l o y - n- W se a a i d t s j h o u o n s u a t- t l in l S o g a a s v n & - I c a n 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 ment 2 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 1951 5,250 1,657 2,357 15,564 866 3,133 11,565 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1951 16,405 5,295 1,615 3,370 1,013 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952 18,018 6,452 1,420 3,600 1,137 1954 .... 8,969 3,076 3,846 26,194 1,172 4,721 20,301 1953 19,747 7,365 1,480 3,680 1,327 1955 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1954 22,974 8,312 1,768 4,239 1,501 1956 10,545 3,771 4,127 35,729 1,486 6,643 27.600 1955 28,484 10,452 1,932 5,617 1,858 1957 10,402 3,562 4,708 40,007 1,643 7,011 31,353 1956 . 27,088 9,532 1,799 5,458 1,824 1957 24,244 9,217 1,472 4,264 1,429 1957 1957 Nov 768 250 358 39,753 1,624 6,995 31,134 734 248 324 40,007 1,643 7,011 31,353 Nov 1,995 1,877 686 117 333 117 Dec Dec 1,954 1,851 666 125 325 113 1958 1958 723 245 308 40,243 1,662 7,011 31,570 Jan 704 233 289 40,490 1,686 7,011 31,793 Jan 1,976 1,782 628 111 322 98 Feb 819 281 318 40,825 1,715 7,004 32,106 Feb. .. 1,959 1,701 638 101 304 87 Mar 1, 9 0 2 1 0 9 3 3 1 4 6 6 4 3 0 5 6 4 4 4 1 1, , 7 2 5 2 1 3 1 1, , 7 7 8 4 9 8 6 6, , 9 9 8 8 1 4 3 3 2 2 , , 4 9 9 8 1 1 A M p a r r 1 1 , , 9 9 7 9 1 3 2 1 , ,8 0 6 2 6 2 7 78 0 7 5 1 1 0 0 6 8 3 3 4 8 5 5 1 9 0 4 3 MayV.7.' 1,107 379 461 42,333 1,833 6,995 33,505 May 2,087 2,151 845 113 418 120 June.... 1,180 374 511 42,866 1,901 7,012 33,953 June 2,192 2,275 910 110 429 140 July 1,180 373 538 43,423 1,940 7,034 34,449 July 2,291 2,543 986 125 491 165 Aug 1,215 401 537 43,997 2,007 7,031 34,959 Aug 2,413 2,535 995 130 476 169 Sept 1,290 428 570 44,602 2,084 7,053 35,465 Sept 2,488 2,596 1,022 136 493 170 Oct 1,053 345 469 45,067 2,155 7,062 35,850 Oct 2,576 2,857 1,086 150 558 175 Nov Nov 2,432 932 128 474 154 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 1 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning 1958 includes shares pledged against mortgage loans. serve. Source.—Federal Home Loan Bank Board. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 187 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 Total p N r m o ew p o - rtga p i g s E r e t o i s x n p - g - g m P t a e y r g o c o p e r t j e - s t - - i p l P m o r e i r a o m r e o t n v n y p - s e t - 2 - Total 3 p N r m o ew p o - rtga p i g s E r e t o s i x n p - g - y q E e u n a a d r r t o o e f r r Total G un o d v e e r r w nm rit e t n en t- t C i v o e o n n n a - - l erties erties erties erties FHA- VA- Total in- guarsured anteed 1945 665 257 217 20 171 192 1950 4,343 1,637 856 1,157 694 3,072 1,865 1,202 1945 18 6 4 3 4 1 2 14 3 1951 3,220 1,216 713 582 708 3,614 2,667 942 1952 3,113 969 974 322 848 2,719 1,823 890 1950 . 45 2 18 9 8 6 10 3 26 3 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1951 51 7 22 9 9 7 13 2 28.8 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1952 58 5 25 4 10 8 14 6 33 1 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1953 . 66 1 28 1 12 0 16 1 38 0 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1954 75 7 32 1 12 8 19 3 43 6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 on 2 38 9 14 3 24 6 49.3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 . 99 0 43 9 15 5 28 4 55 1 1957 107 6 47 2 16 5 30 7 60 4 1957—Dec., 332 97 152 12 71 176 155 20 1958? 118 0 50 2 19 7 30 5 67 8 1958—Jan.. 418 120 186 56 55 160 142 18 1957_june 103.4 45.9 15.9 30.0 57.5 Feb.. 386 115 164 43 64 142 129 13 Sept 105.7 46.5 16.1 30.4 59.2 Mar. 435 127 192 62 53 123 110 13 Dec 107.6 47.2 16.5 30.7 60.4 Apr., 423 119 186 57 61 85 72 13 May 431 110 201 55 65 73 57 15 1958—Mar.P.... 109.3 47.7 17.1 30.6 61.6 June. 551 126 217 128 81 97 71 27 June*5.... 111.7 48.3 17.7 30.6 63.4 July. 524 132 236 98 58 127 83 43 Sept.P 114.8 49.2 18.6 30.6 65.6 Aug. 599 128 243 170 58 156 91 64 Dec.*> 118.0 50.2 19.7 30.5 67.8 Sept. 756 160 320 146 130 189 107 82 Oct.. 641 174 327 58 83 239 140 99 Nov. 559 165 292 31 71 216 135 81 p Preliminary. Dec. 624 190 320 24 89 256 174 82 NOTE.—For total debt outstanding figures for first three quarters of year are Federal Reserve estimates. 1 Monthly figures do not reflect mortgage amendments included in annual totals. For conventional, figures are derived. 2 These loans are not ordinarily secured by mortgages. Sources.—Federal Home Loan Bank Board, Federal 3 Includes a small amount of alteration and repair loans, not shown separately; only such Housing Administration, Veterans Administration, and loans in amounts of more than $1,000 need be secured. Federal Reserve. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITYi FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) End of year ( p d e u ri r o in d g ) m m e i n t t - s Year or month va A n d c - es R m e e p n a t y s or month FHA- VA- d u i n s - - Total S te h r o m rt 1 - L t o er n m g - 2 Total in- guar- Pur- bursed sured anteed chases Sales 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 1958 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 1957—Dec.., 3,974 1,237 2,737 80 764 1957—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 ,353 2,376 59 1 1,669 Oct.. 126 52 1,083 545 538 Nov.. 3,766 i;353 2,376 82 1 1,640 Nov. 86 47 1,123 576 547 Dec... 3,901 1,483 2,418 134 1 1,541 Dec. 229 53 1,298 685 613 1 Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e o i r l - e i co p g O n a o s t p o h u e d e m r s r 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 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945...... 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 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 1958 45,065 33,865 14,131 9,007 2,145 8,582 11,200 3,543 5,018 2,639 1958—Jan.. 43,904 33,713 15,235 8,495 2,069 7,914 10,191 3,386 4,290 2,515 Feb.. 43,017 33,278 15,030 8,277 2,041 7,930 9,739 3,404 3,754 2,581 Mar. 42,500 32,940 14,793 8,179 2,019 7,949 9,560 3,397 3,579 2,584 Apr., 42,617 32,888 14,691 8,124 2,017 8,056 9,729 3,352 3,772 2,605 May, 42,985 32,910 14,613 8,158 2,038 8,101 10,075 3,476 4,010 2,589 June, 43,079 33,008 14,590 8,190 2,048 8,180 10,071 3,482 4,012 2,577 July. 42,923 33,074 14,567 8,197 2,061 8,249 9,849 3,373 3,927 2,549 Aug. 43,128 33,165 14,514 8,254 2,091 8,306 9,963 3,453 3,956 2,554 Sept. 43,144 33,079 14,332 8,312 2,107 8,328 10,065 3,495 4,033 2,537 Oct.. 43,164 33,052 14,164 8,411 2,128 8,349 10,112 3,414 4,191 2,507 Nov. 43,464 33,126 14,066 8,528 2,146 8,386 10,338 3,499 4,297 2,542 Dec, 45,065 33,865 14,131 9,007 2,145 8,582 11,200 3,543 5,018 2,639 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 n m r s e e t d a n i l t t - Total m b C e a o r n m c k ia - s l f p i S c 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 it s p f s i c C a n u o n a o m m i n n e e c - - s r e 1 Other i Total D st m e o p r e a e n r s t t 2 - F s t t u o u r r r n e e i s - H s a h a t o p o n o u p r c l s d l e e i e s - - d m A ea o u l b e to r il 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 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 ,107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 1,124 2 137 111 4 042 064 1,004 377 527 1,070 1954 . . 23,568 19,450 8,796 6,144 1,342 2,257 Q11 4,118 ,242 984 377 463 1,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 ,511 1,044 365 487 1,101 1956.. .. .... 31,827 27,084 11,707 9,100 2,014 3,056 1,207 4,743 ,408 1.187 377 502 1,269 1957 34,095 29,427 12,753 9,573 2,429 3,333 ,339 4,668 ,393 ,210 361 478 1,226 1958 33,865 28,943 12,730 8,740 2,664 3,381 ,428 4,922 ,702 ,220 360 425 1,215 1958 Jan 33,713 29,171 12,647 9,464 2,402 3,321 1,337 4,542 ,381 ,170 354 471 1,166 Feb 33,278 28,907 12,451 9,405 2,404 3,307 1,340 4,371 ,326 ,140 351 464 1,090 Mar 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 1,336 4,164 ,241 ,091 342 450 1,040 May 32,910 28,703 12,467 9,129 2,478 3,277 1,352 4,207 ,278 ,092 341 446 1,050 June 33 008 28,774 12,520 9,105 2 510 3 283 I 356 4 234 310 1,093 339 444 1,048 July 33,074 28,917 12,606 9,121 2,545 3,292 1,353 4,157 ,241 ,093 338 443 1,042 Aug 33,165 28,983 12,655 9,083 2,578 3,294 1,373 4,182 ,251 1,110 340 440 1,041 Sept 33,079 28,758 12,607 8,891 2,591 3,280 1,389 4,321 ,393 ,110 344 433 1,041 Oct 33,052 28,666 12,612 8,777 2,613 3,274 ,390 4,386 ,426 ,126 346 427 1,061 Nov 33,126 28,648 12,617 8,708 2,628 3,281 ,414 4,478 ,474 ,149 351 424 1,080 Dec 33,865 28,943 12,730 8,740 2,664 3,381 I 428 4,922 702 ,220 360 425 1,215 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 189 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d 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 O g p c u o a t o m o p h n d e e e - r r s r e R 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 o p h n d e e e - r r s r m R iz l o o a e a d n a p ti n e d a o r s i n n r - 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 1951 3,654 2,863 452 63 276 1951 .... 5,771 1,135 1,311 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 ',227 23 567 1956 11,707 3,651 2,075 2,394 1,469 2,118 1957 9,573 7,470 ,413 20 670 1957 12,753 4,130 2,225 2,467 1,580 2,351 1958 8,740 6,404 ,567 19 750 1958 12,730 3,938 2,191 2,324 1,613 2,664 1958—Jan.. 9,464 7,363 ,404 20 677 1958 Jan 12,647 4,089 2,220 2,410 1,561 2,367 Feb.. 9,405 7,237 ,464 20 684 Feb 12,451 4,038 2,202 2,304 1,537 2,370 Mar. 9,284 7,080 ,492 19 693 Mar 12,333 3,974 2,195 2,259 1,520 2,385 Apr. 9,200 6,968 ,515 20 697 Apr .. . 12,444 3,961 2,210 2,306 1,518 2,449 May 9,129 6,888 ,520 20 701 May 12 467 3 954 2 214 2 289 1 531 2,479 June, 9,105 6,844 ,532 20 709 June 12,520 3,957 2,223 2,281 1,540 2,519 July. 9,121 6,795 ,592 21 713 July 12 606 3 967 2 228 2 300 1 551 2 560 Aug. 9,083 6,730 ,612 23 718 Aug 12,655 3,977 2,221 2,304 1,570 2,583 Sept. 8,891 6,601 ,551 20 719 SeDt 12,607 3,948 2,198 2,274 1,583 2,604 Oct.. 8,777 6,477 ,560 19 721 Oct 12,612 3,925 2,178 2,287 1,603 2,619 Nov. 8,708 6,395 ,571 19 723 Nov 12,617 3,917 2,169 2,296 1,614 2,621 Dec. 8,740 6,404 ,567 19 750 Dec . .. 12,730 3,938 2,191 2,324 1,613 2,664 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 n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a n d a p ti n d e a o s r i n r n- s l P o o 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 n r s o o e e t t d n n a a i - l t l t - C m ( o s m e in n - g t le lo -p a a n y s - ) D a e c ( - c c h o a u r n g t e s) S c e r r e v d i i c t e m ci e a r l - Other m pa e r n t- t Other 1939 789 81 24 15 669 banks stores! 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1951 2,699 373 233 134 1,959 1941 3,087 693 152 275 1,370 597 1952 3,346 452 310 188 2,396 1945 3,203 674 72 290 1,322 845 1953 4,038 538 370 247 2,883 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 1958 7,473 1,173 619 513 5,168 1955 9,712 2,635 367 862 3,717 2,131 1956 10,270 2,843 410 893 3,842 2,282 1958 Jan 7,060 1,092 610 488 4,870 1957 10,679 2,937 428 876 3,953 2,485 Feb 7,051 1,089 602 484 4,876 1958 11,200 3,057 486 907 4,111 2,639 Mar 7,029 1,089 589 480 4,871 Apr 7,080 1,102 589 479 4,910 1958 Jan 10,191 2,902 484 725 3,565 2,515 May 7,107 1,111 588 487 4,921 Feb 9,739 2,893 511 601 3,153 2,581 June 7,149 1,122 587 488 4,952 Mar 9,560 2,881 516 573 3,006 2,584 July 7,190 1,134 591 489 4,976 Apr 9,729 2,896 456 580 3,192 2,605 Aug 7,245 1,146 596 498 5,005 May 10,075 2,933 543 584 3,426 2,589 Seot . . 7,260 1,152 599 504 5,005 June 10,071 2,998 484 575 3,437 2,577 Oct 7,277 ,157 605 506 5,009 July 9,849 2,968 405 533 3,394 2,54£ Nov 7,323 161 607 513 5,042 Aug 9,963 2,980 473 546 3,410 2,554 Dec 7,473 ,173 619 513 5,168 Sept 10,065 2,965 530 600 3,433 2,537 Oct 10,112 2,977 437 623 3,568 2,507 Nov 10,338 2,998 501 669 3,628 2,542 NOTE.—Institutions represented are consumer finance companies, credit Dec 11,200 3,057 486 907 4,111 2,639 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

190 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 di fferences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti o a n n d loans Personal loans Year or month Adjusted* U ju n st a e d d - Adjusted* U ju n st a e d d - Adjusted* U ju n st a e d d - Adjusted* U ju n st a e d d - Adjusted* U ju n st a e d d - Extensions 1951 23,576 8,956 7,485 841 6,294 1952 29,514 11,764 9,186 1,217 7,347 1953 31,558 12,981 9,227 1,344 8,006 1954 31,051 11,807 9,117 1,261 8,866 1955 39,039 16,745 10,634 1,388 10,272 1956 40,063 15,563 11,590 1,568 11,342 1957 42,426 16,545 11,626 1,662 12,593 1958 40,497 14,154 11,747 1,620 12,976 1957—Dec 3,635 4,088 1,407 1,292 980 1,351 134 127 1,114 1,318 1958—Jan 3,484 3,088 1,325 1,176 940 794 137 107 1,082 1,011 Feb 3,221 2,742 1,165 1,014 903 714 122 95 1,031 919 Mar 3,188 3,156 1,062 1,094 985 901 122 111 1,019 1,050 Apr 3,261 3,335 1,143 1,211 923 876 132 131 1,063 1,117 May 3,246 3,371 1,094 1,199 992 1,000 134 144 1,026 1,028 June 3,262 3,477 1,095 1,257 968 973 135 146 1,064 1,101 July 3,328 3,483 1,151 1,281 965 956 135 146 1,077 1,100 Aug 3,416 3,385 1,142 1,193 1,018 976 142 151 1,114 1,065 Sept 3,326 3,297 1,082 1,105 1,005 993 142 158 1,097 1,041 Oct 3,451 3,475 1,199 1,173 1,005 1,075 143 159 1,104 1,068 Nov 3,594 3,338 1,276 1,091 1,041 1,054 142 141 1,135 1,052 Dec 3,720 4,350 1,420 1,360 1,002 1,435 134 131 1,164 1,424 Repayments 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 1958 40,727 15,432 11,432 ,566 12,297 1957—Dec 3,496 3,559 1,359 1,342 980 948 131 131 1,026 1,138 1958--Jan.. . ,413 3,470 1,356 1,350 928 991 126 129 1,003 1,000 Feb.. ,388 3,177 1,311 1,219 959 932 130 123 988 903 Mar.. ,384 3,494 1,294 1,331 963 999 130 133 997 1,031 Apr.. ,390 3,387 1,326 1,313 919 931 135 133 1,010 1,010 May. ,338 3,349 1,284 1,277 940 966 124 123 990 983 June. ,391 3,379 1,278 1,280 961 941 138 136 1,014 1,022 July.. ,365 3,417 1,275 1,304 948 949 132 133 1,010 1,031 Aug.. ,403 3,294 1,276 1,246 947 919 124 121 1,056 1,008 Sept.. ,376 3,383 1,246 1,287 949 935 140 142 1,041 1,019 Oct.. , ,418 3,502 1,281 1,341 964 976 134 138 1,039 1,047 Nov.. ,447 3,264 1,243 1,189 1,001 937 124 123 1,079 1,015 Dec. 414 3,611 1,262 1,295 953 956 129 132 1,070 1,228 Change in outstanding credit1 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 1958 -230 -1,278 + 315 +54 +679 1957—Dec. + 139 + 529 +48 -50 0 +403 + 3 —4 +88 + 180 1958—Jan.. +71 -382 -31 -174 + 12 -197 + 11 -22 +79 + 11 Feb.. -167 -435 -146 -205 -56 -218 -28 +43 + 16 Mar.. -196 -338 -232 -237 +22 -98 -22 +22 + 19 Apr.. -129 -52 -183 -102 +4 -55 -3 -2 + 53 + 107 May. -92 +22 -190 -78 +52 + 34 + 10 +21 +36 +45 June. -129 +98 -183 -23 +7 + 32 + 10 +50 +79 July. -37 +66 -124 -23 + 17 +7 + 3 + 13 +67 +69 Aug.. + 13 +91 -134 -53 +71 +57 + 18 +30 +58 +57 Sept.. -50 -86 -164 -182 + 56 + 58 +2 + 16 +56 +22 Oct.. + 33 -27 -82 -168 +41 +99 +9 +21 +65 +21 Nov.. + 147 +74 +33 -98 +40 + 117 + 18 + 18 +56 +37 Dec. +306 +739 + 158 +65 +49 +479 +5 -1 +94 + 196 * Monthly data for 1958 revised to bring annual totals into agreement a description of the methods used to derive the estimates are shown with totals for unadjusted data. in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment i Obtained by subtracting instalment credit repaid from instalment credit extended and repaid are based on information from accounting credit extended. records of retail outlets and financial institutions and often include charges the N B O U TE L . L — ET M IN o n fo t r h l O y ct f o ig b u e r r e s 1 9 f 5 o 6 r ; f 1 o 9 r 4 1 0 9 -5 5 4 5 -5 a 7 r , e i n s h t o h w e n B U o LL n E T p I p N . S 1 fo 0 r 4 3 D -5 e 4 ce o m f - i l n o c a u n r s r , ed re p u u n r d c e h r a s t e h s e a i n ns d t a r l e m sa e l n e t s c o o f n t i r n a s c ta t. l me R n e t n e p w ap al e s r , a a n n d d r e c f e i r n t a a n in c in o g t h o e f r ber 1957, pp. 1420-22, and November 1958, pp. 1344-45. transactions may increase the amount of both credit extended and credit A discussion of the composition and characteristics of the data and repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 191 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 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 1958 40,497 14,645 8,907 10,330 6,615 1957—Dec.. 3,635 4,088 1,262 1,236 872 865 906 1,075 595 912 1958—Jan. i. 3,484 3,088 1,241 1,171 824 720 871 787 548 410 Feb. i, 3,221 2,742 1,145 1,009 766 642 813 725 497 366 Mar.i 3,188 3,156 1,107 1,133 738 724 805 825 538 474 Apr. i. 3,261 3,335 1,201 1,285 766 759 834 866 460 425 May. 3,246 3,371 1,150 1,227 712 743 820 827 564 574 June. 3,262 3,477 1,168 1,278 685 776 841 872 568 551 July.. 3,328 3,483 1,255 1,320 753 851 853 875 467 437 Aug.., 3,416 3,385 1,249 1,235 714 756 889 858 564 536 Sept.i 3,326 3,297 1,206 1,209 632 656 873 831 615 601 Oct.. . 3,451 3,475 1,272 1,261 732 738 885 864 562 612 Nov.. 3,594 3,338 1,321 1,160 758 687 911 857 604 634 Dec. 3,720 4,350 1,330 1,357 827 855 935 1,143 628 995 Repayments 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 1958 40,727 14,551 9,774 9,958 6,444 1957—Dec... 3,496 3,559 1,233 1,232 848 856 845 942 570 529 1958—Jan. i. . 3,413 3,470 1,213 1,237 844 829 836 828 520 576 Feb. i. 3,388 3,177 1,233 1,148 819 758 797 734 539 537 Mar.i. 3,384 3,494 1,211 1,233 813 845 821 847 539 569 Apr. i. 3,390 3,387 1,203 1,214 860 843 816 815 511 515 May.. 3,338 3,349 1,197 1,204 830 814 802 800 509 531 June.. 3,391 3,379 1,220 1,225 801 800 823 830 547 524 July. .. 3,365 3,417 1,203 1,234 828 835 821 834 513 514 Aug... 3,403 3,294 1,220 1,186 806 794 845 803 532 511 Sept.i. 3,376 3,383 1,197 1,215 806 825 837 816 536 527 Oct... 3,418 3,502 1,230 1,256 800 852 841 847 547 547 Nov... 3,447 3,264 1,228 1,155 785 756 855 811 579 542 Dec... 3,414 3,611 1,196 1,244 782 823 864 993 572 551 Change in outstanding credit2 1951 +591 -27 -57 +403 +272 1952 +4,109 + 1,753 + 1,057 +647 +652 1953 +3,602 + 1,474 + 1,216 +692 +220 1954 +563 -202 +217 +472 +76 1955 +5,390 + 1,805 +2,299 +896 +390 1956 +2,869 + 1,106 +657 +871 +235 1957 +2,268 + L046 +473 +824 -75 1958 -230 -833 + 372 +254 1957—Dec.. + 139 + 529 +29 +4 +24 +9 + 61 + 133 +25 + 383 1958—Jan. i.. +71 -382 -12 -106 -20 -109 + 35 -41 +68 -126 Feb.i. -167 -435 -145 -196 +4 -59 + 16 g -42 -171 A J M M u p a a n r r y e . . . . i i . . . . - - - 1 1 1 -9 9 2 2 2 6 9 9 -3 + + -5 3 9 2 2 8 8 2 -1 + - - 4 5 2 3 7 2 2 8 + -1 + + 1 1 5 2 1 8 3 3 1 - - 1 1 - - 7 9 1 1 5 4 8 6 - - - - 1 7 2 8 2 1 1 4 4 + + + - 1 1 1 1 6 8 8 8 + + + -2 2 4 5 2 7 2 1 + + + -9 2 5 1 1 1 5 7 - + 1 + -7 3 4 2 7 0 3 7 July.. -37 +66 +52 + 86 -75 + 16 + 32 +41 -46 -77 Aug... + 13 +91 +29 +49 -92 -38 +44 + 55 + 32 +25 Sept.i. -50 -86 -33 -48 -197 -192 + 36 + 15 + 144 + 139 Oct.. . + 33 -27 +42 +5 -68 -114 +44 + 17 + 15 +65 D N e o c v . . . . . . + + 3 1 0 4 6 7 + + 7 7 3 4 9 + + 1 9 3 3 4 + 1 + 1 5 3 + -2 4 7 5 + - 6 3 9 2 + + 7 5 1 6 + + 1 4 5 6 0 + + 2 5 5 6 + + 4 9 4 2 4 * Monthly data for 1958 revised to bring annual totals into agreement A discussion of the composition and characteristics of the data and with totals for unadjusted data. a description of the methods used to derive the estimates are shown 1 Data on extensions and repayments have been adjusted to avoid in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment duplications resulting from large transfers of other consumer goods paper. credit extended and repaid are based on information from accounting As a result, the differences between extensions and repayments for some records of retail outlets and financial institutions and often include charges types of holders do not equal the changes in outstanding credit. incurred under the instalment contract. Renewals and refinancing of 2 Obtained by subtracting instalment credit repaid from instalment loans, repurchases and resales of instalment paper, and certain other transcredit extended, except as indicated in note 1. actions may increase the amount of both credit extended and credit NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of repaid without adding to the amount of credit outstanding. the BULLETIN for October 1956; for 1955-57, in the BULLETINS for December 1957, pp. 1420-22, and November 1958, pp. 1344-45. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 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] In ( d p u hy st s r i i c a a l l p v r o o l d u u m c e t ) io * n Co c n o s n t t r r u a c c t t i s on Employment and payrolls2 awarded (value)1 or Y m e o ar nth Total Tota M l an r u D a f b a u c l - e ture N r s a d o b u n l - e - M era in ls - Total R d t e e ia n s l i - - o A th l e l r 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 u a p e n c l n t u o i t f y o a - n c tu w ri o n r P r g k o a e l y l r s - s F i l r c n o e a g a i r g s d - * h - t D v s ( m s r a e a t e l p l o e t e u a a n r s e e i r t * ) l t- 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 l d m e o e i s t l s - e y 2 - Ad- Unad- Ad- Ad- Ad- Ad- Unad- Unad- Unad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.3 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64.3 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62 1 30 4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67.5 65.5 33.0 115 37 75.6 65 0 1927 51 50 49 50 64 69 71 68 67 9 64 1 32 4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 67.9 64 2 32 8 112 37 73.3 62 9 1929 59 58 60 56 68 63 52 70 71 0 68 3 35 0 115 38 73 3 61 9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65.0 47.4 1932 31 30 19 42 42 15 8 20 53.4 42 6 14 8 59 24 58.4 42.1 1933 37 36 24 48 48 14 7 18 53 6 47 2 15 9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65.8 63.9 27.2 81 32 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.2 70 1 32 6 84 35 61 4 56 1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50.1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 . .. 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56.8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 49 69.7 64.2 1943 127 133 162 103 87 37 24 45 96.3 121 4 99 0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 91.5 104 0 87.8 102 70 76 9 68 8 1946 90 90 86 95 91 82 87 79 94.4 97 9 81.2 100 90 83.4 78 7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 104 103 104 102 106 102 98 105 101.6 102 8 105 1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 99 101.8 99.2 1950 112 113 116 111 105 159 185 142 102.3 99 6 111 7 97 107 102 8 103 1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 112 111.0 114.8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136 6 95 114 113.5 111.6 1953 134 136 153 118 116 192 178 201 113.6 111 8 151 4 96 118 114 4 110 1 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 r135 120.2 117.6 1958 ^134 111 114 108P115.5 ?>94 2^149 0 78 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 Aug 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 r143 r151 135 123 98 112 88 r116.3 r96.0 r96.9 r158.4 83 137 123.9 119 2 Dec 142 140 144 152 135 123 86 91 82 116.2 96.2 96.6 161.0 82 z>144 123.7 119.2 1959 Jan P142 ^154 P122 ^116.6 *>96.2 *>95.5H51.6 84 «137 119.5 e Estimated. * 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 193 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 947-49 a A v n e n r u a a g l e 1957 1958 pro- Industry portion 1956 1957 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 00.00 143 143 135 133 130 128 126 128 132 134 136 137 138 141 142 MANUFACTURES—TOTAL 90.02 144 145 137 135 131 129 128 130 134 136 138 139 140 143 144 Durable Manufactures—Total 45.17 159 160 146 142 137 135 131 134 139 141 144 145 146 r151 152 Primary metals 6.70 138 131 107 100 95 91 86 91 103 102 109 113 122 123 122 Metal fabricating 28.52 172 176 163 159 153 150 146 148 151 154 156 755 755 '755 755 Fabricated metal products 5.73 135 139 135 129 124 122 118 120 125 129 132 135 133 136 136 Machinery 13.68 171 168 156 151 144 141 137 137 141 144 147 148 147 150 152 Nonelectrical machinery 9.04 153 150 137 130 127 126 122 122 125 125 126 129 130 133 132 Electrical machinery 4.64 207 204 194 192 177 170 166 167 171 181 188 186 180 '183 190 Transportation equipment 7.54 199 213 194 191 185 183 178 182 185 185 186 178 183 '202 204 Autos, trucks, and parts 4.80 125 128 113 107 99 93 86 93 95 96 96 82 91 '118 123 Other transportation equipment 2.74 310 344 315 318 313 316 316 314 320 318 321 322 321 '327 321 Instruments and related products 1.29 166 172 168 166 163 160 159 158 160 162 162 166 169 '173 175 Clay, glass, and lumber products 5.91 140 133 124 125 120 120 121 123 128 132 755 136 '134 '757 755 Stone, clay, and glass products 2.82 158 155 148 142 134 133 135 139 145 152 150 157 149 '151 149 Lumber and products 3.09 123 114 103 110 108 109 107 109 113 114 120 118 •"120 125 125 Furniture and misc. manufactures 4.04 135 132 125 123 120 121 121 122 126 129 130 132 134 754 752 Furniture and fixtures 1.64 122 120 116 114 111 111 120 113 116 119 123 126 127 129 128 Miscellaneous manufactures 2.40 144 140 131 129 127 128 129 129 132 135 134 137 138 137 135 Nondurable Manufactures—Total. . . . 44.85 129 130 127 127 125 124 125 126 129 132 133 133 134 135 135 Textiles and apparel 11.87 108 105 97 97 97 95 98 99 102 107 108 109 mi '110 109 Textile mill products 6.32 104 99 91 93 91 92 92 92 95 101 103 103 104 '104 103 Apparel and allied products 5.55 112 111 104 103 103 99 106 106 110 115 114 116 118 '117 115 Rubber and leather products 3.20 117 118 108 108 105 106 102 104 111 114 116 779 779 '725 725 Rubber products 1.47 133 135 117 116 114 116 112 113 125 125 132 136 133 141 140 Leather and products 1.73 104 104 100 100 98 98 94 97 100 104 103 104 108 113 Paper and printing 8.93 145 148 146 146 144 142 143 143 146 148 150 750 755 '755 750 Paper and allied products 3.46 159 158 152 155 153 149 152 153 157 163 166 167 171 '169 166 Printing and publishing 5.47 136 141 142 140 139 138 137 137 138 138 140 140 142 142 140 Newsprint consumption 1.85 132 131 131 126 124 124 123 124 125 126 128 127 131 130 120 Job printing and periodicals 3.62 138 146 148 147 146 145 145 144 145 145 147 146 148 149 150 Chemical and petroleum products 9.34 167 172 169 168 164 163 164 165 168 171 174 174 775 '777 750 Chemicals and allied products 6.84 177 184 181 182 177 176 178 178 181 184 186 187 189 '192 194 Industrial chemicals 2 54 196 203 196 195 187 184 182 182 187 193 196 104 '209 212 Petroleum and coal products 2.50 141 141 137 131 129 127 127 129 131 136 139 135 137 139 J>142 Foods, beverages, and tobacco 11.51 112 112 113 114 114 113 113 114 116 116 116 775 775 '777 779 Food and beverage manufactures 10.73 113 112 114 114 114 113 113 114 116 116 116 115 115 '116 118 Food manufactures 8.49 113 112 113 113 112 112 115 114 116 116 116 116 115 '116 117 Beverages 2.24 112 113 118 117 120 114 108 114 116 114 115 114 115 119 Tobacco manufactures .78 107 111 106 112 112 112 117 115 116 121 121 121 120 126 MINERALS—TOTAL 9.98 129 128 123 121 118 112 109 108 112 116 120 123 122 123 123 Mineral fuels 8.35 129 128 122 120 118 111 108 108 112 116 121 123 725 725 725 Coal 2.68 85 83 71 69 70 70 63 62 66 65 68 70 69 '72 71 Anthracite .36 55 49 40 43 43 41 40 41 45 38 41 44 39 37 48 Bituminous coal 2.32 90 88 76 73 74 74 67 65 69 69 73 74 74 '77 75 Crude oil and natural gas 5.67 150 150 146 144 141 130 129 130 134 141 146 149 148 147 147 Crude oil 4.12 137 138 131 130 128 116 117 118 122 128 137 140 138 135 135 Natural gas and gas liquids .70 190 198 193 191 194 196 193 192 191 200 198 198 *>200 »200 Metal, stone, and earth minerals 1.63 127 129 125 127 119 119 113 107 112 113 113 779 720 '124 124 Metal mining .82 114 116 110 110 106 100 88 73 80 80 83 90 92 101 108 Stone and earth minerals .81 141 142 141 144 133 138 139 142 145 146 144 149 148 '148 141 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 r 7 o -^ - *9 A av n e n r u a a g l e 1957 1958 Industry portion 1956 1957 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 100.00 143 143 134 132 131 129 127 127 131 125 136 140 143 144 140 MANUFACTURES—TOTAL 90.02 144 145 135 134 133 131 129 129 133 127 138 141 145 146 142 Durable Manufactures—Total 45.17 159 160 147 143 139 138 133 133 138 132 140 146 149 154 152 Primary metals 6.70 138 131 106 102 99 95 89 93 106 90 102 111 123 124 120 Ferrous metals 5.03 135 130 102 95 91 89 81 87 100 85 98 106 117 120 117 Pig iron and steel 3.51 142 140 108 99 94 92 83 91 105 92 105 114 129 129 127 Pig iron .37 131 137 107 98 91 90 80 83 93 87 97 106 119 124 123 Steel 3.05 143 139 107 99 93 91 82 91 105 92 105 114 129 128 127 Carbon steel 2.62 139 138 107 96 92 90 83 91 108 94 106 113 126 127 125 Alloy steel .43 167 143 108 111 100 95 77 86 91 81 101 118 144 138 135 Ferrous castings and forgings 1.52 119 108 87 85 85 83 78 78 87 70 80 87 90 99 93 Iron and steel castings 1.29 117 107 87 84 83 83 79 79 88 72 81 88 91 101 93 Steel forgings .23 126 113 88 92 92 86 74 70 81 58 75 80 85 88 96 Nonferrous metals 1.67 144 136 117 121 122 114 112 112 124 102 115 125 140 137 129 Primary nonferrous metals .38 164 164 161 160 157 149 146 141 133 126 128 138 150 157 162 Copper smelting .09 133 129 128 134 128 122 124 112 105 90 95 111 138 144 130 Copper refining .06 132 135 134 134 140 128 122 114 110 108 99 110 111 130 144 Lead .04 115 114 112 106 116 96 94 105 102 86 88 99 101 93 98 Zinc .10 123 123 120 114 106 101 101 99 95 90 86 91 90 ^104 Aluminum .09 280 275 275 275 273 271 261 256 241 240 254 261 283 295 308 Secondary nonferrous metals .13 118 111 99 98 93 88 94 83 88 74 90 94 111 Nonferrous shapes and castings 1.16 140 129 104 110 113 106 102 105 125 97 114 124 141 133 120 Copper mill shapes .63 115 104 80 88 92 83 77 84 110 74 96 102 128 114 86 Aluminum mill shapes .20 215 198 159 167 174 170 189 187 212 198 190 207 219 202 204 Nonferrous castings .33 146 136 118 120 117 111 99 98 101 83 103 116 118 130 Metal Fabricating 28.52 172 176 166 161 156 154 148 146 149 144 150 156 158 r167 168 Fabricated metal products 5.73 135 139 133 m 124 111 118 119 125 123 133 141 136 136 136 Structural metal parts 2.68 141 152 154 146 138 135 131 132 138 137 143 148 144 144 148 Stampings and misc. metal products 2.12 125 124 120 111 105 103 99 98 101 100 104 115 115 119 124 Tin cans .30 151 146 110 116 126 139 120 137 160 171 232 208 161 130 104 Furnaces, gas ranges, and heaters .63 110 99 76 80 94 97 97 96 110 87 115 132 133 128 106 Machinery 13.68 171 168 157 153 148 146 139 135 138 133 142 151 150 153 153 Nonelectrical machinery 9.04 153 150 138 133 131 132 126 124 125 120 119 128 127 131 133 Farm and industrial machinery 8.13 147 146 135 130 126 124 121 118 117 114 114 119 118 121 125 Farm machinery 1.02 86 84 80 80 81 83 84 81 80 80 77 80 83 65 73 Industrial and commercial machinery. 7.11 156 155 143 137 132 130 126 123 123 119 119 124 124 129 133 Machine tools and presses .68 197 182 153 144 133 128 119 115 114 112 109 114 115 113 117 Laundry and refrigeration appliances... .69 168 151 120 120 144 158 131 137 159 131 123 170 163 179 163 Electrical machinery 4.64 207 204 194 192 181 174 165 159 162 158 186 195 194 197 190 Electrical apparatus and parts 3.23 198 201 197 190 183 179 172 168 168 166 170 178 177 182 191 Radio and television sets .74 224 205 176 187 159 139 125 112 123 115 214 223 221 212 163 Transportation equipment 7.54 199 213 203 196 191 189 181 181 183 175 173 170 184 '211 213 Autos, trucks, and parts 4.80 125 128 124 113 108 101 92 94 94 84 77 69 92 131 134 Autos 1.50 138 146 151 132 122 106 89 99 100 87 53 37 71 160 161 Trucks .66 112 104 95 91 92 95 90 96 91 76 78 67 89 106 100 Light trucks .22 92 100 99 83 85 83 79 78 79 68 61 49 75 119 120 Medium trucks .19 58 50 40 26 29 26 26 26 29 23 16 12 12 32 30 Heavy trucks .14 218 194 183 216 210 226 213 239 210 164 189 155 221 200 173 Truck trailers .07 167 137 101 95 102 104 103 111 113 106 120 131 132 135 134 Auto and truck parts 2.58 121 123 116 108 104 100 Other transportation equipment 2.74 310 344 322 322 316 320 316 311 316 312 317 322 321 '327 328 Aircraft and parts 1.30 548 608 571 570 562 566 561 553 568 561 573 583 582 '591 593 Shipbuilding and repair .81 118 129 125 125 124 128 127 131 130 128 127 126 128 130 129 Railroad equipment .53 63 77 61 64 56 58 51 39 32 28 30 30 20 29 32 Railroad cars .35 54 80 59 66 56 59 49 34 24 19 22 20 15 19 24 Instruments and related products 1.29 166 172 170 166 163 161 160 157 159 157 160 168 171 174 177 Clay, Glass and Lumber Products.... 5.91 140 133 117 117 117 118 121 125 133 126 142 143 r143 139 126 Stone, clay, and glass products 2.82 158 155 145 136 130 131 135 141 148 148 155 160 155 153 146 Glass and pottery products 1.09 140 141 135 130 128 124 118 118 123 123 131 136 122 127 124 Flat glass and vitreous products .60 164 161 161 150 143 137 131 126 130 133 141 154 123 141 144 Flat and other glass .47 165 164 166 153 144 137 129 127 132 135 146 160 120 141 145 Glass containers .26 132 136 117 128 132 134 126 133 144 139 147 142 145 130 116 Home glassware and pottery .23 87 92 86 79 84 81 78 78 81 82 84 84 91 86 80 Cement .32 157 148 132 109 92 105 146 172 183 175 186 192 193 170 139 Structural clay products .35 137 128 117 105 99 102 112 116 121 122 126 132 133 127 Brick .12 134 114 95 84 77 87 115 121 123 122 126 134 136 123 Clay firebrick, pipe, and tile .20 142 140 133 121 115 114 111 114 121 125 129 134 133 132 i29* Concrete and plaster products .48 194 188 172 165 155 163 170 183 195 200 209 209 207 199 187 Misc. stone and earth manufactures .58 173 174 165 157 151 151 147 147 153 150 157 163 169 169 172 *> Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 195 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 19 p 4 r 7 o _ - 49 a A v n e n ra u g a e l 1957 1958 portion 1956 1957 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 123 114 92 100 105 106 107 110 120 106 130 127 131 126 108 Lumber 2.05 107 96 75 81 87 89 88 93 100 88 107 105 105 101 87 Millwork and plywood. .60 189 187 155 181 189 182 192 186 201 176 235 220 r240 '234 193 Millwork .39 121 112 80 76 95 95 91 99 120 101 141 133 134 133 103 Softwood plywood. .. .12 301 312 280 358 346 328 360 330 334 301 390 364 416 403 341 Wood containers .29 91 84 77 74 69 73 73 77 79 77 77 78 77 Furniture and Misc. Manufacturing. 4.04 135 132 128 120 121 121 118 118 123 121 151 138 141 139 136 Furniture and fixtures 1.64 122 120 120 113 111 111 108 108 113 113 124 130 132 132 133 Household furniture 1.10 121 120 122 114 113 113 108 108 113 115 127 134 138 137 138 Fixtures and office furniture. 120 116 111 109 109 106 108 112 108 119 123 120 120 122 .54 122 Miscellaneous manufactures 140 134 125 127 127 125 125 130 126 135 143 147 144 138 2.40 144 Nondurable Manufactures—Total. 130 123 125 126 125 125 124 128 123 135 137 142 138 131 44.85 129 Textiles and Apparel 105 92 99 103 101 100 99 92 110 107 115 103 11.87 108 Textile mill products 99 89 94 95 94 94 93 94 86 103 103 109 107 100 Cotton and synthetic fabrics. 6.32 104 105 97 102 103 103 96 98 100 86 107 111 112 118 106 Cotton consumption 3.72 108 95 84 94 94 93 86 89 88 72 94 96 98 99 86 Synthetic fabrics 2.30 102 119 116 110 107 109 104 99 105 107 117 124 '125 "137 140 Fabric finishing .97 118 94 90 85 97 102 88 106 107 75 104 109 101 115 87 .45 98 Wool textiles .97 86 75 55 55 61 64 67 71 82 67 76 75 75 71 62 Wool apparel yarns. .16 88 78 61 59 69 71 68 77 81 71 81 78 73 72 62 Wool fabrics .75 86 75 54 55 60 63 67 70 83 67 76 75 76 71 63 Knit goods 1.15 108 104 92 94 98 98 98 101 103 98 114 113 116 115 97 Hosiery .65 100 93 78 90 94 91 90 91 86 80 99 97 102 102 75 Full-fashioned hosiery. .45 102 89 74 87 91 88 87 87 79 72 89 86 89 92 66 Seamless hosiery .20 96 102 86 99 103 99 98 100 103 97 123 123 132 127 98 Knit garments .50 119 118 111 99 104 107 107 115 125 122 134 135 134 132 124 Floor coverings1. .48 Woven carpets. .31 83 71 61 62 70 69 62 48 50 36 61 70 79 76 Apparel and allied products... 5.55 112 111 96 106 113 109 108 105 106 99 117 113 121 117 106 Men's outerwear 1.78 110 102 90 94 100 104 95 104 101 77 110 106 108 107 93 S M h e M M ir n t e e ' s s n n a s ' ' s s n u d i s o t u s u w i t t a e s o n r r c d k o c a c o t l s o at t s hing. . . . . 9 7 1 5 9 3 3 0 1 9 9 7 1 5 3 8 8 1 8 8 6 1 7 6 1 2 1 4 7 7 0 0 2 6 0 1 6 7 3 1 9 3 5 0 1 4 7 7 1 1 4 8 6 1 4 7 7 2 5 1 3 5 1 7 7 6 0 4 2 4 7 1 8 7 8 1 3 7 9 7 1 9 7 8 1 1 3 1 3 4 9 5 5 7 1 2 9 1 1 9 8 0 2 1 2 4 2 1 7 7 8 2 2 8 6 3 1 7 7 7 2 3 6 9 8 ' 1 ' 2 8 6 8 1 4 2 4 1 7 6 3 0 0 7 8 9 Women's outerwear 1.85 112 112 105 129 114 117 106 109 107 120 112 120 113 90 Women's suits and coats. .76 128 128 85 122 156 137 96 94 123 138 153 139 150 138 101 Misc. apparel and allied mfrs... . 1.92 113 117 117 112 114 113 106 106 112 112 121 126 129 128 126 Rubber and Leather Products. 3.20 117 104 112 113 112 104 101 110 97 117 120 125 r125 119 Rubber products 1.47 133 135 114 123 120 118 115 112 111 103 127 137 143 145 137 Tires and tubes .70 121 123 106 106 112 108 103 102 117 96 110 117 129 128 128 Auto tires .40 123 134 113 111 118 115 112 113 131 105 118 122 131 131 132 Truck and bus tires .30 119 107 97 99 104 98 91 88 99 85 99 109 125 124 122 Miscellaneous rubber products. .77 144 147 122 140 127 128 125 121 127 108 142 156 156 160 146 Leather and products. . . 1.73 104 104 94 101 108 107 95 92 99 92 108 105 109 108 Leather .44 91 89 80 83 88 82 79 81 84 68 85 83 91 93 Cattlehide leathers. .29 99 98 89 92 97 89 85 88 90 72 94 92 101 102 Skin leathers .15 76 72 63 67 72 69 65 68 70 61 65 65 72 74 Shoes and slippers* .90 Miscellaneous leather products. .39 97 94 95 87 92 90 82 82 90 92 100 100 105 107 Paper and Printing. 8.93 145 148 141 143 145 146 146 144 146 137 148 152 160 r156 145 Paper and allied products 3.46 159 158 140 153 158 155 156 153 159 145 168 169 181 170 153 Pulp and paper 1.76 157 154 137 151 156 152 152 147 153 137 159 159 171 165 148 Wood pulp .51 179 176 153 177 177 173 171 166 171 156 179 180 199 193 168 Paper and board 1.25 148 145 131 141 147 144 145 139 146 129 151 150 160 154 140 Printing paper .22 140 133 123 132 135 131 137 134 138 121 136 131 138 132 127 Fine paper .14 145 139 131 135 145 148 145 138 146 116 143 145 151 152 144 Coarse paper .20 136 127 114 123 126 123 124 113 120 109 129 129 142 139 121 Miscellaneous paper .18 170 179 167 181 183 176 184 170 175 158 176 174 195 186 175 Paperboard .41 155 153 134 145 155 151 146 145 154 136 163 164 173 166 145 Building paper and board. .10 131 124 101 114 120 115 126 131 133 130 141 145 145 128 118 Converted paper products., 1.70 162 163 142 155 160 158 160 159 165 154 177 179 192 176 158 Shipping containers , .51 159 157 132 143 149 148 146 151 156 146 173 175 184 168 148 Sanitary paper products. .11 170 179 171 190 192 185 201 183 191 176 185 188 213 199 187 ' Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 19 p 4 ro 7 - -49 A av n e n ra u g a e l 1957 1958 portion 1956 1957 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 136 141 142 136 137 140 140 139 137 132 136 142 147 146 140 Newsprint consumption 1.85 132 131 129 116 121 129 131 132 125 110 115 128 141 142 119 Job printing and periodicals. 3.62 138 146 149 146 145 147 145 143 143 143 147 149 149 149 152 Chemical and Petroleum Products. 9.34 167 172 171 170 167 165 165, 164 165 163 170 174 179 r180 182 Chemicals and allied products 6.84 177 184 183 183 180 179 180 177 177 174 182 187 195 '195 Industrial chemicals 2.54 196 203 198 197 190 188 186 184 184 183 190 202 '211 214 195 Basic inorganic chemicals .57 189 202 198 203 199 202 202 193 185 179 182 196 '210 219 Industrial organic chemicals 1.97 197 204 198 195 188 183 181 181 183 184 193 204 '212 '213 219 Plastics materials .24 256 272 259 270 269 263 262 261 266 244 276 316 336 328 Synthetic rubber .11 236 245 268 265 233 216 196 197 197 199 225 242 260 273 262' Synthetic fibers .59 181 199 194 184 172 164 159 160 164 174 178 189 '199 '200 215 Miscellaneous organic chemicals. 1.03 189 186 179 176 174 173 174 172 174 175 178 183 185 '187 194 Vegetable and animal oils. .64 132 130 136 141 136 126 124 117 110 108 117 117 162 159 150 Vegetable oils .48 124 121 132 136 130 122 118 110 99 98 107 108 161 155 148 Grease and tallow .16 158 154 147 156 154 135 139 138 145 138 148 146 164 171 157 Soap and allied products. .71 111 112 105 111 107 108 101 97 106 122 126 120 114 105 Paints .66 124 121 114 113 111 111 111 112 118 119 120 119 117 118 119 Fertilizers .23 129 132 115 124 126 161 189 174 118 102 106 118 126 '115 121 Petroleum and coal products. 2.50 141 141 138 134 130 125 124 127 131 133 140 138 137 140 P144 Petroleum refining 1.97 150 150 153 148 144 137 134 136 141 146 149 148 147 151 *>158 Gasoline 1.04 159 162 165 159 155 149 148 152 162 167 170 166 160 168 P172 Automotive gasoline.. .98 153 157 161 156 151 145 144 149 157 162 163 159 154 161 Aviation gasoline. . . . .06 254 249 236 212 223 212 223 202 237 255 293 297 275 286 Fuel oil .56 147 147 150 146 140 132 125 128 126 131 133 138 140 140 2*151 Distillate fuel oil. .30 193 194 200 195 182 175 166 173 171 175 181 189 193 192 Residual fuel oil. .26 95 93 93 89 91 83 78 75 75 80 79 80 79 80 Kerosene .10 111 98 117 118 125 110 89 74 76 74 87 93 103 115 Lubricating oil. .17 119 113 105 100 101 95 100 103 104 105 109 102 108 106 Coke .26 102 105 85 79 75 72 66 65 66 72 78 85 90 92 Asphalt roofing and siding. .15 104 94 54 59 57 77 107 137 115 165 130 121 92 132 Foods, Beverages, and Tobacco. 11.51 112 112 106 104 104 104 106 119 118 127 130 129 r120 111 110 Food and beverage manufactures. 10.73 113 112 107 104 104 104 106 119 119 126 131 129 '120 112 Food manufactures 8.49 113 112 109 106 103 102 104 110 114 116 127 134 130 121 113 Meat products 1.48 133 128 131 134 121 120 123 106 121 115 120 130 138 134 133 Beef .46 151 148 136 149 134 129 131 115 144 141 141 147 150 134 134 Pork .83 119 110 122 118 107 109 111 133 102 94 101 113 123 126 126 99 Dairy products .69 110 111 88 92 97 106 119 137 103 93 87 Butter .14 107 109 97 103 112 120 118 134 137 111 91 79 80 92 Natural cheese .07 117 119 98 101 108 119 135 157 165 137 119 109 104 '101 103 Concentrated milk. .19 101 102 80 84 87 99 116 143 142 117 95 84 77 70 76 Ice cream .28 112 111 82 84 89 96 111 122 142 149 149 122 104 94 84 Canned and frozen foods. 1.13 133 126 99 87 85 82 91 98 122 163 236 242 175 '125 105 Grain-mill products 1.16 101 100 97 100 101 101 98 99 106 105 109 110 109 104 100 Wheat flour .46 84 87 86 90 92 93 84 84 87 85 92 93 97 97 88 Cereals and feeds .70 113 108 104 106 107 107 106 109 118 118 120 121 117 '110 109 Bakery products. 1.64 98 100 101 98 98 98 98 100 103 104 102 102 103 '•101 101 Sugar .27 122 122 233 129 65 54 68 83 82 74 72 103 293 311 Cane sugar.... .11 116 112 93 100 104 106 114 112 125 126 136 125 117 114 Beet sugar .13 121 125 350 149 26 3 23 53 41 23 79 439 476 Confectionery .71 107 112 99 113 124 109 104 92 95 86 103 154 140 134 96 Miscellaneous food preparations. 1.41 105 108 108 107 109 108 108 114 119 119 120 119 118 118 117 Beverages 2.24 112 113 99 93 104 110 110 122 138 128 122 119 124 113 Bottled soft drinks.. .54 Alcoholic beverages. 1.70 105 103 88 99 106 101 112 125 107 104 108 124 111 Beer and ale 1.02 101 101 81 89 94 102 102 116 136 127 107 99 90 85 90 Liquor distilling... .17 78 83 88 85 95 94 85 74 58 33 47 116 172 125 Liquor bottling... .37 119 111 101 83 105 113 99 114 124 91 116 118 166 154 Tobacco manufactures. .78 107 111 87 112 112 112 112 118 125 109 130 125 130 128 Cigarettes .46 111 116 90 118 116 117 119 126 134 119 138 129 132 128 Cigars .17 104 106 86 105 111 109 104 109 113 92 122 124 137 140 9 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 197 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-^9 average 1957 1958 Industry proportion 1956 1957 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 129 128 122 120 118 111 109 109 115 110 120 123 124 123 123 MINERALS—TOTAL 8.35 129 128 125 123 121 112 109 r108 113 108 119 122 122 124 126 Mineral Fuels 2.68 85 74 73 70 67 60 61 11 46 70 73 75 •75 74 Coal .36 55 42 48 44 36 36 37 47 30 42 47 43 40 50 Anthracite 2.32 90 79 77 74 71 64 65 75 48 75 77 80 '81 78 Bituminous coal Cr O O ud i i N C l l e a a r a o N N u n n t i u d l d d a a r e t t a a u g g u n l o a r a r d a a i s s g l l l n a w e g s a g x e t a a t a l u r s l s n a r a d l d c i l r t q i i g g o u ll a n i i a s d n s s g liquids 4 4 5 . . . . . . . 8 1 6 8 3 7 3 2 2 7 5 6 0 4 1 1 1 1 1 1 1 5 4 9 3 8 8 9 0 5 9 7 2 0 0 2 1 1 1 1 1 1 1 5 7 3 4 9 8 2 0 1 8 6 8 4 2 2 1 1 1 1 1 0 2 4 3 4 8 7 6 8 9 3 3 6 7 2 1 2 1 1 1 1 0 3 4 4 8 3 7 8 3 7 3 4 2 2 2 1 2 1 1 1 1 4 1 3 8 5 3 4 5 0 7 3 9 0 2 2 2 1 1 1 1 1 0 3 3 3 4 2 8 4 0 4 2 3 0 0 2 1 1 1 1 1 1 1 3 3 2 9 7 3 3 2 1 1 3 3 6 1 1 1 1 1 1 1 3 2 1 6 9 4 8 0 9 9 8 7 0 2 1 r 1 1 1 1 1 1 3 9 2 8 5 6 3 3 8 2 2 0 7 0 1 1 1 1 1 1 1 3 5 3 7 2 8 9 7 1 4 3 6 4 7 1 1 1 1 1 1 1 4 4 9 4 3 8 7 2 1 5 9 3 6 8 2 1 1 1 1 1 1 0 4 4 9 3 7 5 1 5 4 0 6 9 0 1 1 1 1 1 4 8 3 5 4 4 1 4 4 3 r1 1 1 1 1 4 4 5 8 3 7 4 9 8 4 1 1 1 1 5 4 6 3 0 7 5 6 Metal, Stone, and Earth Minerals 1.63 127 129 110 106 103 103 108 115 125 121 124 132 131 121 109 Metal mining .82 114 116 82 83 85 79 81 86 100 91 107 107 107 93 81 N Ir o on n fe o r r r e ous metal mining . . 3 4 3 9 1 1 0 2 4 0 1 1 1 1 4 7 1 4 0 2 9 1 4 1 3 1 1 4 1 3 3 1 3 0 9 6 1 3 0 9 9 9 6 8 9 1 9 0 4 8 1 7 0 8 9 1 8 1 6 0 1 10 1 1 8 1 1 0 0 7 7 1 5 1 3 9 iio' Copper mining .24 136 133 131 129 131 129 125 112 105 88 100 123 132 145 135 Lead mining .09 88 85 70 76 78 56 78 71 72 62 59 59 '62 73 64 Zinc mining .06 87 84 67 72 71 69 77 67 67 54 57 59 '61 65 60 Stone and earth minerals .81 141 142 138 130 121 128 136 144 150 151 153 158 156 151 138 » 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] 1947-49 a A v n e n ra u g a e l 1957 1958 Industry proportion 1956 1957 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. ELECTRICITY AND GAS—TOTAL 100.00 218 233 237 238 239 238 235 236 241 242 247 251 P2S0 ,249 *>254 Residential 41.34 241 261 273 275 279 282 278 277 281 282 290 295 Nonresidential 58.66 201 213 212 212 211 208 205 208 212 214 217 220 Electricity. ... . . . 76.18 218 233 235 236 238 238 235 237 242 243 248 251 249 247 Residential 27.48 250 273 282 285 290 295 291 290 296 294 303 307 301 295 Industrial 23.68 206 213 207 205 202 196 197 199 203 208 210 216 217 216 General industrial 23.49 186 193 188 186 183 177 178 180 184 189 192 197 198 198 Atomic energy .19 2697 2676 2580 2590 2590 2610 2590 2590 2580 2570 2550 2550 2560 2560 Commercial and other 25.02 194 208 209 212 215 214 209 214 220 220 224 224 224 224 Gas 23.82 218 232 246 244 242 240 237 235 236 240 244 249 *?S8 Residential 13.86 223 236 255 256 257 256 253 250 252 258 264 270 Industrial 6 16 218 230 238 230 224 221 220 220 221 225 229 233 Commercial and other. . .. .. 3.80 197 218 223 221 218 214 206 203 199 198 197 196 p Preliminary. Indexes without seasonal adjustment may be obtained from the Division NOTE.—For description and back figures see BULLETIN for October of Research and Statistics. 1956, pp. 1055-69. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [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 Product portion 1956 1957 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 131 130 119 113 110 104 97 105 111 114 115 103 108 133 134 Major Durables 69.72 140 138 125 117 111 103 94 104 111 116 116 99 105 142 143 Autos 32.10 138 146 127 117 107 92 81 96 99 99 95 56 67 139 143 Major household goods 36.13 144 132 124 118 117 114 107 113 123 133 137 138 141 148 146 Furniture and floor coverings. 15.32 117 114 112 110 106 106 104 106 109 116 117 120 124 127 128 Household furniture 11.31 121 120 119 116 113 113 111 114 116 121 126 129 130 133 134 Floor coverings * 4.01 Appliances and heaters 15.60 143 127 115 106 115 115 102 112 125 129 132 137 148 '159 157 Major appliances 11.88 151 133 119 110 117 118 101 113 128 133 139 144 157 '168 161 Ranges 2.60 103 89 87 86 81 80 82 79 79 81 77 84 98 114 121 Refrigeration appliances., 4.98 150 140 125 111 129 122 106 121 140 145 152 155 173 184 180 Laundry appliances 2.51 216 180 152 142 142 159 116 140 157 174 185 202 208 '215 183 Heating apparatus 3.72 118 104 103 93 110 107 105 110 116 115 112 113 123 131 >145 Radio and television sets 5.21 224 205 188 181 151 133 131 138 155 191 207 197 166 174 162 Radio sets 3.42 70 75 66 66 55 44 46 42 51 64 75 86 65 75 65 Television sets 1.79 519 453 419 401 335 302 293 320 355 435 459 408 359 363 346 Other Consumer Durables 30.28 111 111 107 105 107 108 106 105 111 111 112 113 114 113 114 Auto parts and tires 14.00 105 Misc. home and personal goods. 16.28 116 114 109 105 104 105 103 104 106 111 110 114 114 114 112 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL.. 100.00 131 130 124 117 116 111 101 103 109 100 100 103 116 143 137 Major Durables 69.72 140 138 132 123 120 114 100 103 109 97 94 96 113 155 148 Autos 32.10 138 146 151 132 122 106 89 99 100 87 53 37 71 160 161 Major household goods 36.13 144 132 118 117 121 122 110 108 119 108 130 150 151 153 139 Furniture and floor coverings. 15.32 117 114 114 108 108 108 104 101 105 105 118 126 131 130 131 Household furniture 11.31 121 120 122 114 113 113 108 108 113 115 127 134 138 137 138 Floor coveringsl 4.01 Appliances and heaters 15.60 143 127 102 103 121 131 112 115 132 109 114 150 147 156 ! 138 Major appliances 11.88 151 133 109 111 128 140 116 118 135 111 110 150 148 162 146 Ranges 2.60 103 89 79 86 91 93 86 75 84 62 68 92 102 114 108 Refrigeration appliances. , 4.98 150 140 106 113 137 152 135 139 165 134 111 149 138 156 153 Laundry appliances 2.51 216 180 156 140 161 175 120 133 141 124 155 228 229 241 189 Heating apparatus 3.72 118 104 80 78 99 103 101 106 123 102 128 149 145 136 ^110 Radio and television sets 5.21 224 205 176 187 159 139 125 112 122 114 214 222 221 212 163 Radio sets 3.42 70 75 76 66 56 47 44 41 39 40 64 80 82 99 79 Television sets 1.79 519 453 365 417 355 314 279 246 281 257 500 493 485 429 322 Other Consumer Durables 30.28 111 111 106 102 105 105 103 102 108 107 115 119 123 117 113 Auto parts and tires 14.00 105 Misc. home and personal goods. 16.28 116 114 110 101 104 104 100 100 103 103 112 118 123 122 114 p Preliminary. r Revised. Individual indexes without seasonal adjustment for woven carpets, 1 Publication suspended pending revision. appliances, heating apparatus, radio sets, and television sets may be NOTE.—For a description of these indexes, see BULLETIN for May 1954, obtained from the Division of Research and Statistics. pp. 438-47. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Total In tr d i u B al s u - sin m e C e s o s rc m ia - l P u u ti b li l t i y c O n d r t e t o e i h s a n n i l e - - - r Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r 1950 29,955 22,954 14,100 5,680 1,062 1,288 3,330 3,174 7,001 177 2,272 942 3,610 1951 32,739 23,320 12,529 7,217 2,177 1,371 3,729 3,574 9,419 887 2,518 912 5,102 1952 34,750 23,849 12,842 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 900 5,793 1953 37,118 25,724 13,777 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 892 6,035 1954 39,601 27.679 15,379 8,526 2,030 2,212 4,284 3,774 11,922 1,030 3,870 773 6,249 1955 44,581 32,620 18,705 10,160 2,399 3,218 4,543 3,755 11,961 1,313 4,050 701 5,897 1956 46,292 33,287 17,677 11,828 3,084 3,631 5,113 3,782 13,005 1,395 4,655 826 6,129 1957 48,115 33,988 17,019 12,745 3,557 3,564 5,624 4,224 14,127 1,322 4,971 971 6,863 1958^ 48,980 33,947 17,884 11,558 2,443 3,561 5,554 4,505 15,033 1,235 5,350 ,004 7,444 1958—Jan... 4,068 2,830 1,445 1,026 269 288 469 359 1,238 107 451 79 601 Feb... 4,004 2,796 1,435 999 252 281 466 362 1,208 96 458 77 577 Mar.. 3,966 2,757 1,397 999 240 288 471 361 1,209 95 443 79 592 Apr.. , 3,881 2,699 1,351 984 222 294 468 364 1,182 88 414 83 597 May. 3,879 2,696 1,348 978 210 302 466 370 1,183 90 410 81 602 June., 3,929 2,725 1,386 965 195 311 459 374 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.., 4,279 2,944 1,623 932 172 296 464 389 1,335 118 470 88 659 Nov.* 4,378 3,015 1,682 941 175 302 464 392 1,363 120 505 87 651 Dec.P. 4,473 3,049 1,715 945 173 305 467 389 1,424 125 538 82 679 1959—Jan... 4,525 3,085 1,767 943 170 288 485 375 1,440 130 559 80 671 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 199 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] B ow y n ty er p s e h i o p f Bjr type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o r m ci - al E ti d o u n c a a l - Other u p t u il b it l i i e c s 1956 31 612 10 666 20 946 12,862 2 381 3,140 2 883 2 804 7 542 1957 32,173 11,238 20,935 13,039 2,168 3,267 2 936 2,922 7 841 1958 35,090 13,427 21,663 1958—Jan 2,066 758 1,308 111 107 247 214 191 530 Feb 1 953 769 1,185 727 102 205 224 220 475 Mar 2,721 1,027 1,694 1,071 131 285 268 283 684 Apr 2,885 L,O53 1,832 1,244 129 293 235 300 683 May . . 3,399 1,463 1,936 1,343 146 265 286 427 932 June 3,820 1,720 2,100 1,364 80 235 264 397 1,479 July 3,607 1,550 2,058 1,557 150 282 264 381 974 AUK 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 '927 1 667 1,206 96 238 198 243 613 Dec 2,282 887 1,395 NOTE.—Beginning in 1958, monthly data exceed annual total and are in policy of accounting for negative adjustments in monthly data after not comparable with monthly data for earlier years because of a change original figures have been published. CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district All Month tr d i i c s- ts Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - 1957 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 Dec 1,982 67 213 80 204 113 211 316 68 68 129 178 336 1958—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 Dec 2,882 96 302 99 162 138 254 256 117 61 171 159 466 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Total Non- Private Government-underwritten* Year or month a ( n s a e n p d a u r j s i u a v o l s n a t r e t a 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 a o r e l e i t t r a a o s n - Total fam 1- ily fam 2- ily f M am ul i t l i y - Public Total FHA VA 1951 1,091 111 315 1,020 892 40 88 71 412 264 149 1952 1 127 795 332 1 069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1 220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1 329 976 353 1 310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 463 192 271 1957 1 042 700 342 993 840 33 120 49 313 185 128 1958 . . PI 202 825 377 *>1,135 ^67 428 326 102 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 15 m 3 Mar 918 81 55 27 77 62 3 12 4 '20 m 3 Apr 983 99 67 32 94 77 4 14 5 '29 '24 5 May ,039 109 74 35 101 84 4 17 7 '33 '27 6 June 057 113 77 36 101 85 3 14 12 '40 '31 8 July 174 113 81 32 109 88 3 17 4 '43 32 11 Aug ,228 124 83 41 115 96 4 15 9 '48 »-35 13 Sent 255 121 85 36 111 93 3 14 10 '49 '35 14 Oct ,303 115 79 36 113 94 4 15 2 '54 '39 15 Nov V 330 *>102 72 30 *>100 n.a. n.a. n.a. P2 r40 '29 11 Dec .. . V 430 P91 64 27 P90 n.a. n.a. n.a. P2 37 28 9 1959—Tan Pi,350 *>86 61 25 ^83 n.a. n.a. n.a. P3 28 22 7 » Preliminary. 'Revised. n.a. Not available. figures are based on filed office reports of first compliance inspections; 1 Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information, sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 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 Total Total In E n m o p n l a o g y r e ic d u 1 l- In U pl n o e y m ed - l N ab o o t r i n f o t r h c e e 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 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 50,173 121,900 73,049 70,418 64,981 58,081 6,900 5,437 48,851 July 121,993 73,104 70,473 65,179 58,461 6,718 5,294 48,889 122,092 72,703 70,067 65,367 58,746 6,621 4,699 49,389 Sept 122,219 71,375 68,740 64,629 58,438 6,191 4,111 50,844 Oct 122,361 71,743 69,111 65,306 58,902 6,404 3,805 50,618 Nov 122,486 71,112 68,485 64,653 58,958 5,695 3,833 51,374 Dec 122,609 70,701 68,081 63,973 59,102 4,871 4,108 51.909 1959 Jan 122,724 70,027 67,430 62,706 58,013 4,693 4,724 52,697 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 r u in f g ac- Mining co C n o st n r t u r c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 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 50,536 15,464 720 2,648 3,904 11,136 2,375 6,396 7,893 SEASONALLY ADJUSTED 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 50,877 15,693 708 2,690 3,875 11,119 2,386 6,426 7,980 Dec 50,818 15,708 709 2,542 3,856 11,122 2,383 6,445 8,053 1959—Jan 50,992 15,714 704 2,590 3,888 11,201 2,391 6,432 8,072 WITHOUT SEASONAL ADJUSTMENT 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 51,432 15,795 712 2,784 3,885 11,382 2,374 6,426 8,074 Dec 51,909 15,757 713 2,478 3,878 11,954 2,371 6,381 8,377 1959—Jan 50,266 15,626 704 2,331 3,830 11,037 2,367 6,303 8,068 NOTE.—Data include all full- and part-time employees who worked family workers, and members of the armed forces are excluded. Annual during, or received pay for, the pay period ending nearest the 15th of the averages for 1958 and figures for December 1958 and January 1959 are month. Proprietors, self-employed persons, domestic servants, unpaid preliminary. 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 201 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment ndustry group 1958 1959 1958 1959 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Total 12,118 11,876 11,897 11,897 12,024 11,981 11,946 11,812 Durable goods 6,884 6,693 6,715 6,728 6,869 6,742 6,749 6,714 Ordnance and accessories 68 71 74 75 68 71 74 75 Lumber and wood products 557 570 571 565 526 579 560 534 Furniture and fixtures 295 304 303 301 299 312 309 306 Stone, clay, and glass products 430 422 422 418 419 426 422 408 Primary metal industries 953 930 940 939 958 930 945 944 Fabricated metal products 832 819 816 810 840 827 824 818 Machinery except electrical 1,123 1,030 1,037 1,043 1,134 1,020 1,042 1,053 Electrical machinery 785 776 779 793 793 788 795 801 Transportation equipment 1,267 1,199 1,208 1,212 1,267 1,199 1,208 1,212 Instruments and related products 214 208 208 210 215 209 210 211 Miscellaneous manufacturing industries. 360 364 357 362 351 379 361 353 Nondurable goods 5,234 5,183 5,182 5,169 5,155 5,239 5,197 5,098 Food and kindred products 1,056 1,028 1,036 1,031 969 1,050 1,002 946 Tobacco manufactures 82 78 77 77 84 85 82 79 Textile-mill products 857 858 849 848 861 867 862 852 Apparel and other finished textiles 1,027 1,048 1,042 1,035 1,037 1,053 1,058 1,045 Paper and allied products 447 442 441 442 445 446 443 440 Printing, publishing and allied industries 549 543 543 541 549 548 551 541 Chemicals and allied products 530 511 514 512 525 514 517 515 Products of petroleum and coal 164 157 157 156 161 156 155 153 Rubber products 199 192 194 198 201 195 198 200 Leather and leather products 323 326 329 329 323 324 329 329 NOTE.—Data covering production and related workers only (full- and 1959 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 December 1958 and January 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 1958 1959 1958 1959 1958 1959 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Total 81.66 86.58 88.26 87.38 38.7 39.9 40.3 39.9 2.11 2.17 2.19 2.19 Durable goods 87.14 94.30 95.88 94.30 38.9 40.3 40.8 40.3 2.24 2.34 2.35 2.34 Ordnance and accessories 100.77 103.16 106.43 103.82 41 41.1 41.9 41.2 2.44 2.51 2.54 2.52 Lumber and wood products 69.69 77.59 77.36 73.49 38.5 40.2 40.5 39.6 1.81 1.93 1.91 1.88 Furniture and fixtures 67.76 73.03 74.34 72.98 38.5 40.8 41.3 41.0 1.76 1.79 1.80 1.78 Stone, clay, and glass products 82.32 87.53 87.26 86.62 39.2 40.9 40.4 40.1 2.10 2.14 2.16 2.16 Primary metal industries 95.23 108.08 109.45 110.00 37.2 39.3 39.8 40.0 2.56 2.75 2.75 2.75 Fabricated metal products 87.25 94.66 95.76 94.60 39.3 40.8 41.1 40.6 2.22 2.32 2.33 2.33 Machinery except electrical 92.90 96.96 99.06 98.33 39.7 39.9 40.6 40.3 2.34 2.43 2.44 2.44 Electrical machinery 82.89 88.91 89.10 88.04 39.1 40.6 40.5 40.2 2.12 2.19 2.20 2.19 Transportation equipment 95.45 106.78 111.19 105.04 38.8 40.6 41.8 40.4 2.46 2.63 2.66 2.60 Instruments and related products 85.14 90.76 91.62 90.27 39.6 40.7 40.9 40.3 2.15 2.23 2.24 2.24 Miscellaneous manufacturing industries .. 72.52 75.14 75.36 75.58 39.2 40.4 40.3 40.2 1.85 1.86 1.87 1.88 Nondurable goods 73.54 77.22 78.01 78.01 38.3 39.4 39.6 39.4 1.92 1.96 1.97 1.98 Food and kindred products 80.60 83.64 84.26 84.03 40.1 41.0 41.1 40.4 2.01 2.04 2.05 2.08 Tobacco manufactures 60.84 62.72 65.74 65.07 39.0 39.2 39.6 39.2 1.56 1.60 1.66 1.66 Textile-mill products 56.40 61.26 61.10 61.20 37.6 40.3 40.2 40.0 1.50 1.52 1.52 1.53 Apparel and other finished textiles 53.00 54.42 54.72 54.87 35.1 35.8 36.0 36.1 1.51 1.52 1.52 1.52 Paper and allied products 86.11 90.95 91.38 91.58 41.4 42.5 42.5 42.4 2.08 2.14 2.15 2.16 Printing, publishing and allied industries.. 95.76 99.30 101.76 100.32 37.7 37.9 38.4 38.0 2.54 2.62 2.65 2.64 Chemicals and allied products 92.62 96.82 97.47 97.88 40.8 41.2 41.3 41.3 2.27 2.35 2.36 2.37 Products of petroleum and coal 109.89 112.46 110.80 113.55 40.4 40.6 40.0 40.7 2.72 2.77 2.77 2.79 Rubber products 87.48 98.09 102.90 102.17 38.2 40.7 42.0 41.7 2.29 2.41 2.45 2.45 Leather and leather products 58.19 59.63 61.37 61.92 37.3 37.5 38.6 38.7 1.56 1.59 1.59 1.60 NOTE.—Data are for production and related workers. Figures for December 1958 and January 1959 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

202 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district Year or month United States Boston Y N o e r w k a P d hi e l l - - 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 S r a an n phia cisco SALES1 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 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 ^136 ^122 P\27 2433 P\61 H25 ^137 PU6 P142 SEASONALLY ADJUSTED 1957 Dec 138 128 128 133 133 150 170 130 141 133 142 156 139 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 AU2 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 137 122 125 135 125 149 170 125 133 130 149 166 149 Dec 132 133 142 138 H56 ^176 135 ^148 136 160 147 WITHOUT SEASONAL ADJUSTMENT 1957— Dec 241 232 r227 236 233 r274 r294 221 238 220 246 r269 247 1958 Jan 100 91 100 95 97 103 122 92 100 92 103 123 105 Feb 95 84 91 86 90 96 121 86 96 90 99 112 104 Mar 116 100 113 118 108 126 150 107 117 109 121 137 115 Apr 123 109 114 125 113 136 153 112 123 117 131 143 130 May 130 117 120 128 120 144 158 122 137 121 145 159 135 June 126 115 120 121 115 135 153 117 124 119 136 147 135 July 112 93 97 103 107 123 144 103 114 103 130 144 124 129 107 105 115 124 139 165 121 136 130 152 160 144 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 166 149 160 179 154 186 197 154 161 150 173 190 173 Dec 240 235 251 242 229 ^250 227 277 262 STOCKS i 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 152 138 138 154 136 178 203 143 149 146 160 174 158 1958 ^136 ^154 ni\ n54 SEASONALLY ADJUSTED 1957 Dec 150 136 138 154 134 174 207 140 141 143 158 168 153 1958 Jan 147 133 137 154 133 167 202 135 143 138 153 170 152 Feb 146 134 135 151 130 166 199 135 142 138 151 163 151 Mar 142 129 133 149 126 163 193 131 140 132 148 160 149 Apr 143 131 134 149 124 167 190 131 141 129 145 163 151 May 144 133 133 152 128 169 191 133 140 133 146 164 152 147 135 136 157 126 173 191 138 144 136 152 168 156 July 148 140 135 152 131 171 192 142 145 135 149 163 156 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 153 142 140 159 130 180 207 143 137 140 165 172 160 Dec P150 ^139 141 158 P174 ^206 HA2 P134 141 P160 WITHOUT SEASONAL ADJUSTMENT 1957—Dec 136 126 128 139 122 157 180 124 127 132 144 157 140 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 M^ay 146 135 136 155 131 170 193 137 140 132 148 163 151 140 126 127 146 120 160 182 134 134 128 146 156 150 July 139 126 122 137 121 156 179 136 135 129 142 155 150 Aus 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 170 161 160 181 147 201 221 160 153 156 173 187 178 173 166 161 183 147 205 234 163 153 159 184 190 180 Dec ^136 130 142 P179 131 ^145 J» 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 203 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t o a f o l o n e t r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i o ( 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 - ) * f m c ( e t R o i f o p o n e t t r t a - s h l 2 ) m o ( 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 s o t p o t r i a o d n l u n u c e g t d k s - rs - s ce R ip e- ts Annual average: 1950 376 1,012 495 391 401 2.8 1.4 4.2 1.1 1951 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4.0 1.0 1955 437 1,195 446 444 449 2.9 1.1 4.0 1.0 1956 454 1,286 470 459 458 3.0 1.1 4.1 1.0 1957 '459 1,338 '461 '461 '458 3.1 1.1 '4.1 1.0 1958 ^462 1321 ^436 M64 HA Month: 1957—Dec '842 n,23i '305 '505 '382 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 Nov 538 1,567 462 589 506 2.9 0.9 3.8 1.1 Dec? 912 1,233 331 578 447 1.4 0.4 1.7 0.6 p 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 BULdep 2 a D rt e m ri e v n e t d s f t r o o r m e s t a h l e e s r . eported figures on sales and stocks. LETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports * 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 imports3 Period 1956 1957 1958 1956 1957 1958 1956 1957 1958 Jan 1.284 1.680 1,511 1,202 1.583 1,402 1,073 1,115 1 095 Feb 1,363 1,611 1 .345 1,273 I 490 1,245 1 051 993 '962 Mar 1,583 >,151 1,557 1,479 1,021 1,442 1,102 1,133 1,072 Apr [,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 . . 1,697 1,786 1,408 1,492 1,652 1,309 1,034 984 1,037 July ... ,640 1,692 1 419 1 289 I 505 1 290 1 052 1,146 I 050 Aug 1,536 1,677 1,396 1,378 ,536 1,283 1,055 1,043 953 Sept ,534 1,540 1,362 1,427 ,437 1,240 995 1,009 I 074 Oct 671 1,674 1,599 1,561 600 1,418 1,121 1,148 ,142 Nov 1,545 ,683 1,590 1,425 l'596 1,402 987 1,043 1.089 Dec 2,007 .639 .514 1 885 1 543 1,379 1,059 1,141 7 Jan -Dec 19,089 20,810 17,870 17,333 19,454 16,326 12,615 12,980 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. and supplies under the Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Gas Solid House- House- p A a p re - l T po ra r n ta s - - M ic e a d l - s P o e n r a - l a in n g d g a o n od d s Total Rent and fuels fur- hold tion care care recrea- servelec- and nish- opera- tion ices tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62 9 52 2 88 4 55 6 1945 76.9 68.9 90 9 76.3 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.1 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1957 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1957—Dec 121.6 116.1 127.0 136.7 114.3 138.3 104.9 129.6 107.6 138.9 140.8 127.0 114.6 126.8 1958—Jan 122.3 118.2 127.1 136.8 115.7 138.4 104.2 129.7 106.9 138.7 141.7 127.8 116.6 127.0 Feb 122.5 118.7 127.3 137.0 115.9 137.2 104.9 129.9 106.8 138.5 141.9 128.0 116.6 127.0 Mar 123.3 120.8 127.5 137.1 115.9 136.7 103.9 130.7 106.8 138.7 142.3 128.3 117.0 127.2 Apr 123.5 121.6 127.7 137.3 116.0 134.2 104.0 130.9 106.7 138.3 142.7 128.5 117.0 127.2 May 123.6 121.6 127.8 137.5 116.5 131.6 104.0 130.9 106.7 138.7 143.7 128.5 116.6 127.2 June 123.7 121.6 127.8 137.7 116.9 131.7 104.1 131.1 106.7 138.9 143.9 128.6 116.7 127.2 July 123.9 121.7 127.7 137.8 117.0 132.3 104.0 131.2 106.7 140.3 144.6 128.9 116.6 127.2 Aue 123.7 120.7 127.9 138.1 117.5 133.6 103.3 132.1 106.6 141.0 145.0 128.9 116.7 127.1 Sept 123.7 120.3 127.9 138.2 118.0 135.2 103.6 132.2 107.1 141.3 146.1 128.7 116.6 127.1 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 Dec 123.7 118.7 128.2 138.7 118.2 137.0 103.6 132.8 107.5 144.3 147.3 129.0 116.9 127.3 NOTE.—Revised index, reflecting, beginning January 1953, the in- vised weights, Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and 'old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o i m e l d l s - 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 n c p o l r x t e d d - e s - l - l H e s p u k a a r i n c t i d o n h t d d e s s e s - , r ,p l t F o i m a e 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 c h l r l c n a o i e t e l d d m s s d - - p R u a b r u n c o e b t d d r s - - p L w u a b r u o 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 p d d e s d r , - , M p m u a r e e n c o t t t d d a a s l - l s p c M m u a t e h r i c n r o v o i a t y n d d e - s - - - h F d o h t b o a u u t u o h n l u r r e r l e s d a n d s e e r - i - - e s N r t t m t m u a a r o i l r l u e n n s l a 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 c d - e s - e o . d s n c M e e l o i l s u a - - s 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 . . 110 3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117 6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 89.6 1957 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 93.1 111.1 126.2 93.3 100.2 114.1 109.9 145.2 120.4 131.7 151.3 149.4 123.0 136.7 128.0 192.5 Oct 119 0 92.3 110.0 126.4 93.2 101.4 113.0 110.2 146.1 120.8 131.9 152.2 149.9 123.0 136.7 128.8 91.2 Nov 119.2 92.1 109.5 126.8 93.1 '102.3 112.6 110.2 146.6 120.0 131.9 r153.O 151.2 r122.7 136.7 r128.7 93.2 Dec 119.2 90.7 108.8 127.2 92.3 103.6 112.9 110.0 146.7 119.6 131.4 153.0 151.5 122.8 136.9 128.7 100.9 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 205 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1957 1958 1957 1958 Subgroup Subgroup Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce. 108.3 102.6 r99A 100.0 Grains 80.5 76.8 75.3 76.1 Paperboard 136.6 136.2 136.2 136.2 Livestock and poultry 82.6 88.4 90.1 87.6 Converted paper and paperboard 127.2 127.9 127.9 127.8 Plant and animal fibers.. 103.7 100.7 100.6 99.6 Building paper and board 141.7 143.4 143.4 143.7 Fluid milk 99.0 96.2 '96.6 96.3 Eggs 93.4 91.1 86.5 77.7 Metals and Metal Products: Hay and seeds 78.6 73.3 r74.0 75.0 Other farm products.... 142.5 138.8 137.7 136.4 Iron and steel 166.5 171.4 172.0 171.7 Nonferrous metals , 130.6 130.8 133.7 133.1 Processed Foods: Metal containers , 153.1 156.5 156.5 159.8 Hardware 168.1 172.0 172.5 172.6 Cereal and bakery products 118.3 118.2 118.0 117.4 Plumbing equipment , 128.5 124.6 124.6 124.8 Meats, poultry, and fish 95.5 103.5 102.5 101.4 Heating equipment 121.5 121.4 121.4 121.7 Dairy products and ice cream 114.7 113.6 113.6 113.7 Fabricated structural metal products. 134.6 133.6 133.8 133.9 Canned, frozen fruits, and vegetables 104.6 112.1 112.9 113.0 Fabricated nonstructural metal Sugar and confectionery 114.3 116.7 116.3 117.0 products 147.7 145.7 145.4 145.4 Packaged beverage materials 173.3 161.2 161.2 157.9 Other processed foods 96.3 '"97.0 97.4 97.0 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 138.3 139.2 141.5 142.5 Cotton products 90.2 '87.8 88.0 88.6 Construction machinery and equip- Wool products 105.8 98.4 r97.9 97.5 ment 165.3 166.8 168.0 169.6 Synthetic textiles 82.1 79.7 79.3 79.4 Metal working machinery 171.3 170.0 170.2 170.5 Silk products 119.5 107.1 106.0 105.1 General purpose machinery and Apparel 99.6 99.3 '99.2 99.2 equipment 160.8 160.2 161.6 161.8 Other textile products. 75.8 76.3 76.6 75.9 Miscellaneous machinery 148.4 147.6 147.9 148.3 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 151.1 152.5 152.4 152.4 Motor vehicles 139.1 139.7 143.0 143.3 Hides and skins 50.3 62.0 65.1 66.6 Leather 90.8 92.8 94.7 99.2 Furniture and Other Household Dura- Footwear 122.0 122.8 122.9 123.1 bles: Other leather products. 98.6 97.2 r97.4 98.3 Household furniture 122.8 123.0 123.7 123.9 Fuel, Power, and Lighting Materials: Commercial furniture 154.1 155.0 155.0 155.0 Floor covering 132.6 126.5 126.5 126.5 Coal 126.3 123.8 123.8 123.7 Household appliances , 105.4 104.2 103.8 103.8 Coke 161.9 161.9 161.9 161.9 Television, radios, phonographs 95.8 94.9 '92.7 92.5 Gas fuels (Jan. 1958= 100) 106.3 106.0 107.8 Other household durable goods 153.1 155.0 155.0 155.6 Electric power (Jan. 1958= 100). 100.9 100.8 100.7 Petroleum and products 123.5 117.5 116.9 117.2 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.7 135.0 135.0 135.2 Concrete ingredients 136.9 139.1 139.1 139.2 Industrial chemicals 123.9 123.6 123.6 123.7 Concrete products 127.2 128.1 128.1 128.4 Prepared paint 128.4 128.2 128.2 128.2 Structural clay products 155.3 158.2 158.4 158.8 Paint materials 101.7 102.8 102.7 102.8 Gypsum products , 127.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics. 93.5 93.9 93.2 93.2 Prepared asphalt roofing 124.6 118.9 118.9 118.9 Fats and oils, inedible 65.4 62.6 r64.7 61.5 Other nonmetallic minerals 131.1 131.2 131.2 131.4 Mixed fertilizers 112.1 109.9 110.2 109.8 Fertilizer materials 107.8 106.3 105.2 105.3 Tobacco Manufactures and Bottled Other chemicals and products 106.9 106.6 106.6 106.2 Beverages: Rubber and products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 105.1 106.6 106.6 106.6 Crude rubber 135.7 140.1 142.6 137.8 Other tobacco products 144.3 139.7 139.7 139.7 Tires and tubes 153.5 152.8 152.8 152.8 Alcoholic beverages , 120.3 121.7 121.7 121.7 Other rubber products. 142.7 142.4 142.3 144.6 Nonalcoholic beverages 149.3 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: Lumber. . 116.4 120.8 120.2 119.9 Toys, sporting goods, small arms 118.0 118.6 118.6 118.6 Millwork. 127.7 130.5 130.5 130.5 Manufactured animal feeds 62.1 69.0 72.6 86.4 Plywood.. 95.6 102.7 100.1 98.8 Notions and accessories 98.5 97.5 97.5 97.5 Jewelry, watches, photo equipment.., 107.7 107.8 107.9 107.9 Pulp, Paper, and Allied Products: Other miscellaneous 130.9 132.5 132.5 132.7 Woodpulp.. 121.2 121.2 121.2 121.2 Wastepaper. 88.5 111.3 111.3 95.8 Paper 143.2 142.0 142.1 142.1 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 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 annual rates Annual totals by quarters Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 1 2 Gross national product 104.4 56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 445.6 438.9 427.1 '430.4 -439.8 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 nontax liability 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 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 .8 1 1 . . 4 3 1.3 1 1 . . 5 0 - 1 .9 .5 1. . 6 7 1. . 6 7 1.6 -1 1 . . 5 6 r-1 1 .2 .6 1.6 Plus: Subsidies less current surplus of gov- -.7 .9 r-3.0 ernment enterprises -.1 .0 .1 -.4 .0 1.0 1.3 1.3 1.2 1.6 1.5 .2 -.2 1.5 Equals: National income 87.8 40.2 104.7 305.6 330.2 349.4 364.0 368.7 361.5 351.7 '353.9 241.9 301.8 •364.3 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. 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. 14.2 14.2 14.2 14.7 Excess of wage accruals over disbursements .0 .0 .0 .0 -.1 .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 . 21.3 22.5 24.6 25.2 Net interest paid by government 1.0 1.2 1.3 4.8 5.2 5.4 5.4 5.7 6.2 20. 6.2 6.3 6.2 6.2 Dividends 5.8 2. 4.5 9.2 9.2 9.8 11.2 12.0 12.4 6. 12.0 12.5 12.4 12.5 Business transfer payments .6 .7 .5 1.4 1.3 1.5 1.5 1.6 12. 1.6 1.6 1.6 1. 1.6 Equals: Personal income 85.8 47.2 96.3 228.5 288.3 289.8 310.2 330.5 347.9 351. 349.7 348.3 '351.3 '358.6 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. 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. 37.5 36.6 36.5 37.6 1.0 1.3 2.6 3.4 3.8 4.8 5.4 5. 5.5 5.7 5.8 5.9 State and local 1.4 4.2 45.7 93.0 207.7 252.5 256.9 290.5 305.1 308. 306.8 306.1 '309.0 '315.1 Equals: Disposable personal income 83.1 274.4 46.4 81.9 195.0 232.6 238.0 269.4 284.4 288. 287.2 286.2 288.3 291.5 Less: Personal consumption expenditures 79.0 256.9 -.6 11.1 12.6 19.8 18.9 21.1 20.7 20. 19.6 19.9 10.7 '23.6 Equals: Personal saving 4.2 17.5 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters 1957 1958 1929 1950 1953 1954 1955 1956 1957 National income 87.8 40.2 104.7 241.9 305.6 301.8 330.2 349.4 364.0 361.5 •"351.7 '353.9 '364.3 Compensation of employees 51.1 29.5 64.8 154.2 208.8 207.6 223.9 241.8 254.6 254.8 250.9 250.7 255.3 258.4 Wages and salaries * 50.4 29.0 62.1 146.4 198.0 196.3 210.9 227.3 238.1 238.0 234.4 234.2 238.4 241.3 Private 45.5 23.9 51.9 124. 164.2 161.9 174.9 189.3 198.0 197.4 192.7 191.8 195.0 197.6 Military .3 .3 1.9 5.0 10.3 10.0 9.8 9.7 9.6 9.5 9.4 9.6 10.0 10.0 Government civilian 4.6 4.9 8.3 17.3 23.5 24.4 26.2 28.4 30.5 31.1 32.3 32.8 33.4 33.7 Supplements to wages and salaries .7 .5 2.7 7.8 10.8 11.3 13.0 14.5 16.5 16.8 16.5 16.4 16.9 17.1 Proprietors' and rental income2 20.2 7.6 20.9 46.6 51.3 51.3 52.8 53.3 54.8 55.0 '56.4 r57.7 '57.7 57.9 Business and professional 8.8 3.2 10.9 23.5 27.4 27.8 30.4 30.8 31.4 31.3 30.6 30.7 31.1 31.8 Farm 6.0 2.4 6.5 14.0 13.3 12.7 11.8 11.6 11.6 11.5 '13.7 '14.9 r14.4 13.7 Rental income of persons 5.4 2.0 3.5 9.0 10.5 10.9 10.7 10.9 11.8 12.2 12.1 12.1 12.2 12.3 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 37.3 33.7 43.1 42.9 41.9 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 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 19.9 16.1 16.3 19.3 Corporate profits after tax 8.3 -.4 9.4 22.8 18.1 16.8 23.0 23.1 21.8 20.0 15.7 18.6 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.0 -.3 -1.7 -2.6 -1.5 -1.1 .5 .2 Net interest 6.4 5.0 4.5 5.5 8.2 9.1 10.4 11.3 12.6 12.9 13.0 13.1 13.2 13.3 ' Revised. 2 Includes noncorporate inventory valuation adjustment. 1 Includes employee contributions to social insurance funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 207 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 Gross national product 104.4 56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 445.6 438.9 r427.1 430.4 439.8 Personal consumption expenditures 79.0 46.4 81.9 195.0 232.6 238.0 256.9 269.4 284.4 288.3 287.2 286.2 288.3 291.5 Durable goods 9.2 3.5 9.7 30.4 32.9 32.4 39.6 38.4 39.9 40.4 39.6 36.4 35.6 36.1 Nondurable goods 37.7 22.3 43.2 99.8 118.0 119.3 124.8 131.4 138.0 140.5 138.8 139.8 141.4 142.9 Services 32.1 20.7 29.0 64.9 81.8 86.3 92.5 99.6 106.5 107.4 108.7 110.1 111.3 112.5 Gross private domestic investment 16.2 1.4 18. 1 50.0 50.3 48.9 63.8 68.2 65.3 66.7 61.5 '50.9 '50.7 '54.5 New construction1 8.7\ 1.4 6.6 24.2 27.6 29.7 34.9 35.7 36.5 36.6 37.1 36.3 34.9 36.3 Residential, nunfarm 3.6 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 3. 1 10.1 13.8 14.3 16.2 18.1 19.5 19.7 19.6 19.2 18 18.4 Producers' durable equipment 5.9 M 6.9 18.9 22.3 20.8 23.1 27.0 27.9 28.0 26.7 22.9 22 22.3 Change in business inventories 1.7 4. 5 6.8 4 -1 .6 5.8 5.4 1.0 2.2 -2.3 '-8.2 -6.5 '-4.2 Nonfarm only 1.8 4.0 6.0 I!1 -2 .1 5.5 5.9 .2 1.3 -3. -9.3 -7 -5.4 1.4 Net exports of goods and services2 3.8 3.2 31.1 .6 4 1.0 1.1 2.8 4.9 4.8 3.3 1.7 1.7 1.7 Exports 7.0 2.4 6.0 13.1 16!6 17.5 19.4 23.0 26.0 26.0 24.9 21.9 22.4 22.8 Imports 6.3 2.3 4. 8 12.5 17.0 16.5 18.3 20.2 21.0 21.2 21.6 20.2 20.8 21.2 Government purchases of goods and services 8.5| 8.0 24. 8 39.0 82 8 75.3 75.6 78.8 85.7 85.8 86.9 88.3 89.7 92.0 Fede N ra a l tional defense4 1.3" 2.0 1 1 6 3. .9 8 1 1 9 4 . . 3 3 4 5 9 8 0 3 4 4 1 7. . 5 2 4 3 5 9 . . 3 1 4 45 0 . . 7 3 4 49 4 . . 4 3 4 49 4 . . 7 9 4 4 9 3 . . 1 9 4 4 9 3 . . 7 7 5 44 0 . .7 4 52 4 . . 2 5 Other 2.0 3.2 5.2 9 0 6.7 6.6 5.7 5.5 5.2 5.7 6.3 6.9 8.0 Less: Government sales5 .0 .0 0 .1 3 .3 .4 .3 .4 .5 .5 .3 .3 .3 State and local 7.2 6.0 l'.8 19.7 24 9 27.7 30.3 33.1 36.3 36.1 37.8 38.6 39.1 39.9 r Revised. been equated, since foreign net transfers by government were negligible 1 Includes expenditures for crude petroleum and natural gas drilling. during the period 1929-45. 2 Series revised on basis of definitional changes in two components of 4 This category corresponds closely to the major national security the gross national product estimates; for explanation see the forthcoming classification in the Budget of the United States Government for the fiscal issue of United States Income and Output (a supolement to the Survey of year ending June 30, 1960. Current Business for 1959) and the December 1958 issue of the Survey of 5 Consists of sales abroad and domestic sales of surplus consumption Current Business. goods and materials. 3 Net exports of goods and services and net foreign investments have PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Divi- Less Year or month i in s P o c e o n r m a - l e Total p d m i C r u n o o g s o d t d m r i u i i n t e - c y - s - D i u n i t s r t d i i t e u v ri s s e b - - S in e tr r d i v e u i s s c - e G m er o e n n v - t - in O l c a t o b h m o e r r e2 p in r r c P i e a e o r n n t o m t o d - a r l e s 3 ' i i n n d s p a t c e o e e n o n n r r d m d a e - s l s e t m T p r f e a a e n r y n t - - s s - 4 p b c i s a e u o n o n r f t n s o s c i c u t o o i r e r a r n n i 5 - l - s al i a n g N t c u r o o i r c m n a u l - e l- . 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 11.1 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 33.9 6.0 51.3 22.6 14.3 3.9 271.5 1954 289.8 196.3 84.1 52.3 25.5 34.4 6.2 51.3 24.4 16.2 4.6 273.8 1955 310.2 210.9 91.4 55.8 27.8 36.0 7.1 52.8 27.0 17.5 5.2 295.0 1956 330.5 227.3 98.7 60.1 30.5 38.0 7.9 53.3 29.1 18.6 5.7 315.4 1957 347.9 238.1 102.2 63.3 32.6 40.1 8.9 54.8 31.1 21.5 6.6 332.7 1958 '354.4 237.1 97.3 63.3 33.6 42.8 9.1 '57.4 31.7 25.9 6.7 r336.5 1958—Jan.. '348.8 235.1 97.9 63.5 33.1 40.7 9.1 '55.6 31.8 23.9 6.7 332.5 Feb.. '347.5 233.2 95.6 63.4 33.2 41.0 9.0 '56.4 31.8 23.8 6.7 330.1 Mar. '348.7 232.6 95.3 62.9 33.3 41.1 8.9 '57.2 31.7 24.8 6.6 330.5 Apr.. '349.7 232.0 95.0 62.4 33.4 41.2 8.9 '57.7 31.7 26.1 6.6 331.0 May. '351.4 233.1 95.6 62.6 33.4 41.5 8.9 '58.0 31.7 26.4 6.7 332.4 June. '353.4 235.8 96.6 63.3 33.6 42.4 8.9 '57.6 31.8 26.0 6.7 335.1 July. '360.1 242.2 97.1 63.5 33.7 48.0 9.0 '57.6 31.8 26.5 7.0 342.0 Aug. '357.2 238.5 97.7 63.6 33.8 43.4 9.1 '57.7 31.9 26.8 6.8 339.2 Sept. '358.7 239.4 98.4 63.6 33.9 43.5 9.2 ^57.9 31.9 27.0 6.8 340.9 Oct.. '358.2 239.0 97.7 63.7 33.9 43.7 9.2 '58.0 31.9 26.9 6.8 '340.3 Nov. '360.7 242.0 100.3 63.9 34.2 43.7 9.3 '57.8 31.9 26.6 6.8 r343.2 Dec. 359.9 243.3 101.0 64.2 34.3 43.9 9.3 57.9 30.2 26.0 6.8 342.4 1959—Jan. * 362.3 244.5 101.4 64.6 34.4 44.1 9.4 58.0 32.0 26.0 7.6 345.1 v Preliminary. 5 Prior to 1952 includes employee contributions only; beginning January 1 Monthly data are seasonally adjusted totals at annual rates. 1952, includes also contributions to the old-age and survivors' insurance 2 Represents compensation for injuries, employer contributions to program of the self-employed to whom coverage was extended under the private pension and welfare funds, and other payments. Social Security Act Amendments of 1950. Personal contributions are 3 Represents business and professional income, farm income, and not included in personal income. rental income of unincorporated enterprise; also a noncorporate inventory 6 Represents personal income exclusive of net income of unincorporated valuation adjustment. farm enterprise, farm wages, agricultural net interest, and net dividends 4 Represents government social insurance benefits, direct relief, mus- paid by agricultural corporations. tering-out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 FEDERAL RESERVE BANKS EARNINGS AND EXPENSES OF Phila- Item Total Boston New York delphia Cleveland Richmond Atlanta Current Earnings Discounts and advances $6,744,474 $340,549 $1,592,055 $321,990 $840,189 $365,807 $667,053 Industrial loans and commitments. 21,843 14,696 3,002 630 Acceptances 805,781 805,781 U. S. Government Securities 734,211,83039,932,739 185,595,28142,316,96: 64,755,386 47,475,124 37,483,117 All other 284,220 15,700 66,135 16,303 21,390 14,559 23,327 Total current earnings. 742,068,15040,303,684 188,059,252 42,658,25765,617,59547,855,490 38,173,496 Current Expenses Salaries: Officers ,269,24: 354,203 1,135,974 379,28! 543,267 494,312 510,557 Employees ,500,913 4,952,887 17,965,149 4,364,639 7,196,012 5,256,306 5,081,209 Directors and other fees 489,666 24,148 62,537 24,545 51,540 24,926 72,949 Retirement contributions ,627,916 581,072 2,025,616 524,928 864,509 649,205 633,757 Traveling expenses ,682,279 105,415 280,614 73,401 146,435 137,221 134,922 Postage and expressage ,401,104 1,347,593 2,375,805 853,702 1,346,178 1,597,083 1,425,438 Telephone and telegraph ,291,235 69,514 270,122 60,385 109,238 98,228 131,088 Printing, stationery, and supplies ,264,484 479,923 1,190,373 316,444 489,153 423,161 463,688 Insurance ,295,512 86,092 224,187 53,043 123,603 100,133 78,903 Taxes on real estate ,778,905 599,850 739,798 141,126 338,953 173,644 170,448 Depreciation (building) ,032,079 414,858 419,598 268,149 561,243 480,855 163,835 Light, heat, power, and water ,531,275 111,950 257,727 99,360 170,087 146,178 80,449 Repairs and alterations ,281,246 36,121 184,370 68,935 430,291 41,373 34,137 Rent 218,223 5,663 6,062 7,186 17,603 2,506 14,707 Furniture and equipment: Purchases ,171,942 90,716 710,565 71,372 252,288 135,984 541,278 Rentals ,578,023 458,911 755,162 360,508 445,216 399,243 394,271 All other ,915,955 99,195 358,882 91,776 367,904 100,702 127,446 Interbank expenses 38,486 -452,014 46,112 60,898 -9,352 33,844 Subtotal 145,330,000 9,856,597 28,510,527 7,804,89313,514,41810,251,70810,092,926 Federal Reserve currency 5,973,240 374,512 1,237,367 209,817 454,982 580,121 369,309 Assessment for expenses of Board of Governors. 5,917,200 338,400 1,667,300 408,000 526,100 301,300 269,200 Total. 157,220,44010,569,509 31,415,194 8,422,710 14,495,50011,133,129 10,731,435 Less reimbursement for certain fiscal agency and other expenses. 19,498,784 1,044,022 3,276,185 994,319 1,879,716 1,083,025 1,456,523 Net expenses 137,721,655 9,525,487 28,139,009 7,428,391 12,615,784 10,050,104 9,274,911 Profit and Loss Current net earnings 604,346,495 30,778,197 159,920,243 35,229,866 53,001,81137,805,386 28,898,585 Additions to current net earnings: Profits on sales of U. S. Government securities (net). 156,596 9,137 38,538 9,524 13,848 9,795 8,448 All other 297,047 291 12,063 218 18,656 1,719 27,739 Total additions. 453,643 9,428 50,601 9,742 32,503 11,513 36,187 Deductions from current net earnings: Reserves for contingencies 316,526 ,312 49,260 9,551 17 42,636 18,506 All other 12,941 ,280 523 1,449 2,080 2,328 Total deductions 329,467 36,591 49,783 11,000 17,951 44,716 20,834 Net additions 124,176 -27,164 819 -1,258 14,553 -33,203 15,353 Net earnings before payments to U. S. Treasury. 604,470,670 30,751,033 159,921,062 35,228,608 53,016,364 37,772,18328,913,937 Paid U. S. Treasury (interest on F. R. notes) 24,058,650 26,710, 138,349,233 30,540,793 45,918. 33,129,77224,584,472 Dividends paid , 21,197,452 1,073; 6,199,722 1,294,403 1,995; 961,325 ,052,929 Transferred to surplus (Sec. 7) , 59,214,569 2,967,800 15,372,107 ,393,412 5,102.053 3,681,086 ,276,536 Surplus (Sec. 7) Jan. 1 , 809,197,680 47,012;677 223,963,199 ,922,772 71 550;353 41,236,411 36 192,075 Transferred from surplus (Sec. 13b). -3,657 135;411 -433,413 290,661 Q 906 -71,517 5,491 Surplus (Sec. 7) Dec. 31 868,408,591 50,115,888238,901,893 59,606,846 76,642,500 44,845,980 39,474,103 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 209 FEDERAL RESERVE BANKS DURING 1958 Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n isco Item Current Earnings $1,219,562 $243,498 $159,214 $607,852 $168,847 $217,859 Discounts and advances 79 813 2,621 Industrial loans and commitments Acceptances 128,023,207 30,016,564 15,530,096 31,338,905 28,717,892 83,026,558 U. S. Government Securities 41,191 9,131 10,036 25,014 15,807 25,630 All other 129,284,039 30,269,193 15,700,159 31,974,392 28,902,546 83,270,047 Total current earnings Current Expenses Salaries: 659,698 440,238 330,209 472,159 422,235 527,108 Officers 12,466,159 4,613,400 2,491,036 4,140,157 3,754,226 8,219,733 Employees 30,022 33,163 32,465 49,647 37,367 46,357 Directors and other fees 1,493,184 554,998 296,937 532,199 486,395 985,116 Retirement contributions 212,915 108,412 87,636 103,345 113,151 178,812 Traveling expenses 2,205,310 883,894 584,007 972,052 852,477 1,957,565 Postage and expressage 147,066 74,673 46,452 73,336 85,715 125,418 Telephone and telegraph 1,003,803 422,898 177,629 365,583 310,981 620,848 Printing, stationery, and supplies 179,040 95,264 57,861 92,540 75,547 129,299 Insurance 470,956 130,163 281,752 162,514 154,479 415,222 Taxes on real estate 355,415 170,854 175,378 142,854 237,786 641,254 Depreciation (building) 173,838 109,331 78,162 110,883 80,714 112,596 Light, heat, power, and water 36,707 63,461 200,523 88,787 11,361 85,180 Repairs and alterations 95,497 2,285 202 177 54,394 11,941 Rent Furniture and equipment: 202,657 392,354 208,842 215,608 116,050 234,228 Purchases 891,557 307,431 191,669 316,595 310,481 746,979 Rentals 238,773 85,297 91,513 122,232 109,513 122,722 All other 97,191 26,581 16,626 28,320 36,429 76,880 Interbank expenses 20,959,788 8,514,697 5,348,899 7,988,988 7,249,301 15,237,258 Subtotal 1,412,956 303,608 92,861 170,769 207,187 559,751 Federal Reserve currency 851,000 218,800 142,400 228,100 308,700 657,900 Assessment for expenses of Board of Governors 23,223,744 9,037,105 5,584,160 8,387,857 7,765,188 16,454,909 Total 3,266,108 1,218,556 604,932 1,395,922 1,137,382 2,142,094 Less reimbursement for certain fiscal agency and other expenses 19,957,636 7,818,549 4,979,227 6,991,936 6,627,806 14,312,815 Net expenses Profit and Loss 109,326,403 22,450,644 10,720,932 24,982,456 22,274,740 68,957,232 Current net earnings Additions to current net earnings: 26,380 6,933 3,949 6,664 6,490 16,890 Profits on sales of U. S. Government securities (net) 26,960 139,600 401 810 63,295 5,297 All other 53,340 146,533 4,350 7,474 69,785 22,186 Total additions Deductions from current net earnings: 44,771 18,436 11,816 21,479 16,870 30,497 Reserves for contingencies 622 671 1,230 35 855 1,311 All other 45,392 19,107 13,046 21,514 17,725 31,808 Total deductions 7,948 127,425 -8,696 -14,040 52,060 -9,621 Net additions 109,334,351 22,578,070 10,712,236 24,968,416 22,326,800 68,947,610 Net earnings before payments to U. S. Treasury 95,789,048 19,675,908 9,212,206 21,696,020 18,620,110 59,832,314 Paid U. S. Treasury (interest on F. R. notes) 2,902,076 715,956 476,455 861,731 1,196,810 2,467,275 Dividends paid 10,643,227 2,186,206 1,023,576 2,410,665 2,509,879 6,648,022 Transferred to surplus (Sec. 7) 121,503,625 31,586,344 19,696,549 30,532,901 40,871,083 89,129,690 Surplus (Sec. 7) Jan. 1 11,682 -26,515 64,874 -8,674 55,337 -17,089 Transferred from surplus (Sec. 13b) 132,158,534 33,746,035 20,785,000 32,934,892 43,436,299 95,760,623 Surplus (Sec. 7) Dec. 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 BANKING OFFICES CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES 1 Commercial and stock savings banks and nondeposit trust companies Mutual savings banks Type of office and type of change b A an l k l s Member banks Nonmember banks Total Na- State In- Non- In- Non- Total i tional * member 2 Total sured insured sured2 insured Banks (bead offices) Dec. 31, 1934.. 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941.. 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec. 31, 19473. 14,714 14,181 6,923 5.005 1,918 7,261 6,478 783 194 339 Dec. 31, 1951.. 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec. 31, 1953.. 14,509 13,981 6,743 4,856 1,887 7,241 6.672 569 219 309 Dec. 31, 1954.. 14,367 13,840 6,660 4,789 1,871 7,183 6,647 536 218 309 Dec. 31, 1955.. 14,243 13,716 6,543 4,692 1,851 7,176 6,677 499 220 307 Dec. 31, 1956.. 14,167 13,640 6,462 4,651 1,811 7,181 6,737 444 223 304 Dec. 31, 1957.. 14,090 13.568 6,393 4,620 1,773 7,178 6,753 425 239 283 Dec. 31, 1958.. 14,020 13,501 6,312 4,578 1,734 7,192 6,793 399 241 278 Branches and additional offices Dec. 31,1934.. 3,133 3,007 2,224 1,243 981 783 4783 4126 Dec. 31,1941.. 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31,19473. 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31,1951.. 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec. 31,1953.. 6,096 5,826 4,398 2,746 1,652 1,428 1,387 41 192 78 Dec. 31,1954.. 6,614 6,306 4,787 3,056 1,731 1,519 1,483 36 221 87 Dec. 31,1955.. 7,253 6,923 5.304 3,365 1,939 1,619 1,584 35 234 96 Dec. 31,1956.. 7,955 7,589 5,886 3,809 2,077 1,703 1,666 37 257 109 Dec. 31,1957.. 8,609 8,204 6,378 4,178 2,200 1,826 1,789 37 296 109 Dec. 31,1958.. 9,286 8,861 6,924 4,534 2,390 1,937 1,898 39 305 120 Changes, Jan. 1-Dec. 31, 1958 Banks: New banks5 , +97 +97 +21 + 19 + 2 +76 +63 + 13 Suspensions -1 Consolidations and absorptions: Banks converted into branches.., -129 -126 -81 -56 -25 -45 -43 -2 Liqu O id t a h t e io r ns 6 -25 -25 -14 -9 -5 -11 -10 -1 Voluntary -4 -4 -4 -3 -1 Other -1 -1 -1 -1 Conversions: National into State , -1 + 1 + 1 State into national + 3 +6 Federal Reserve membership:7 Admissions of State banks +7 + 7 -7 -6 Fede W ral i th D d e r p a o w s a it l s I n o s f u S r t a a n te c e b : a 8 nks -15 -15 + 15 + 15 Admission of State banks -28 +5 -5 +28 Net increase or decrease -70 -67 -81 -42 -39 + 14 +40 -26 +2 -5 Number of banks, Dec. 31, 1958. 14,020 13,501 6,312 4,578 1,734 7,192 6,793 399 241 278 Branches and additional offices except banking facilities:» De novo branches + 567 +540 +419 + 306 + 113 + 121 + 120 + 1 + 14 + 13 Banks converted into branches + 129 + 126 + 105 +66 + 39 +21 +20 + 1 + 3 Discontinued -31 -30 -28 -16 -12 Interclass branch changes: National to State member -36 + 36 National to nonmember -3 -3 + 3 + 3 State member to national +9 -9 Nonmember to national +9 +22 +22 -13 -13 -9 Nonmember to State member +20 •+20' -20 -20 Noninsured to insured +2 -2 Net increase or decrease +665 +645 +535 +348 + 187 + 110 + 108 +2 +9 + 11 Number of branches and additional offices, Dec. 31, 1958 9,038 8,613 6,701 4,341 2,360 1,912 1,873 39 305 120 Banking facilities:9 Established + 15 + 15 + 13 + 11 +2 +2 +2 Discontinued Interclass change + 1 + 1 -1 -1 Net increase + 12 + 12 + 11 +8 + 3 + 1 + 1 Number of facilities, Dec. 31, 1958. 248 248 223 193 30 25 25 1 Excludes banks and branches in United States territories and pos- 4 Separate figures not available. sessions except one national bank in Alaska, with no branches, that be- 5 Exclusive of new banks organized to succeed operating banks. came a member of the Federal Reserve System on Apr. 15, 1954, and one 6 Exclusive of liquidations incident to succession, conversion, and national bank in the Virgin Islands, with one branch, that became a absorption of banks. member of the System on May 31, 1957. 7 Exclusive of conversions of State member banks into national banks 2 State member bank and insured mutual savings bank figures both in- that are shown separately under conversions. clude, since 1941, three member mutual savings banks not included in 8 Exclusive of insured nonmember banks converted into national banks the total for commercial banks. State member bank figures also in- or admitted to Federal Reserve membership, and vice versa. clude, since 1954, one noninsured trust company without deposits. 9 Banking facilities (other than branches) that are provided at military 3 As of June 30, 1947, the series was revised. The revision resulted in and other Government establishments through arrangements made by a net addition of 115 banks and 9 branches. the Treasury Department. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PAR LIST 211 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST* Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve district, branches and offices1 Total Member Nonmember State, or other area Branches Branches Branches Branches Branches Banks and offices Banks and offices Banks and offices Banks and offices Banks and offices Total, including Alaska, Hawaii, Puerto Rico, and Virgin Islands:2 Dec. 31, 1957 13,500 8,268 11,759 7,934 6,387 6,378 5,372 1,556 1,741 334 Dec. 31, 1958 13,441 9,042 11,722 8,709 6,306 6,937 5,416 1,772 1,719 333 Districts, Dec. 31, 1958: Boston 422 659 422 659 286 532 136 127 New York 2 630 1,674 630 1,674 530 1,463 100 211 Philadelphia 672 568 672 568 513 466 159 102 Cleveland 964 823 964 823 589 718 375 105 Richmond 963 1,042 806 892 455 583 351 309 157 150 Atlanta 1,323 445 757 399 401 330 356 69 566 46 Chicago 2,473 986 2,473 986 1,018 586 1,455 400 St. Louis 1,467 280 1,174 206 489 133 685 73 293 i 74 Minneapolis 1,293 129 694 85 476 39 218 46 599 | 44 Kansas City 1,763 64 1,757 64 749 45 1,008 19 6 1. Dallas 1,097 125 1,014 113 631 82 383 31 83 I 12 San Francisco2 374 2,247 359 2,240 169 1,960 190 280 15 I 7 State or area, Dec. 31, 1958: Alabama 239 62 149 61 93 59 56 2 90 Arizona 7 138 7 138 4 116 3 22 Arkansas 237 35 128 15 75 12 53 3 109 20 California 119 1,462 119 1,462 71 1,318 48 144 Colorado 158 6 158 6 94 5 64 1 Connecticut 75 160 75 160 41 126 34 34 Delaware 27 44 27 44 9 19 18 25 District of Columbia 13 60 13 60 9 49 4 11 Florida 271 13 227 12 115 10 112 2 44 Georgia 410 76 134 74 65 64 69 10 276 Idaho 28 81 28 81 17 75 11 Illinois 943 4 942 4 524 4 418 Indiana 458 248 458 248 232 165 226 83 Iowa 669 163 669 163 168 5 501 158 Kansas 593 14 591 14 212 10 379 4 2 K Lo e u n i t s u i c a k n y a 3 1 6 8 0 6 1 1 5 1 6 6 3 7 6 9 0 1 12 1 9 6 1 5 0 2 8 1 7 0 9 4 25 2 2 7 2 3 5 7 * ioi" 27 Maine 54 118 54 118 35 79 19 39 Maryland 142 208 142 208 65 126 77 82 Massachusetts 169 323 169 323 129 273 40 50 Michigan 393 493 393 493 225 409 168 84 Minnesota 685 6 285 6 209 6 76 400 Mississippi 194 124 53 59 35 33 18 "26* 141 65 Missouri 609 4 555 172 4 383 54 Montana 114 1 114 85 29 Nebraska 417 2 417 2 140 2 277 Nevada 6 33 6 33 5 29 1 New Hampshire 74 3 74 3 52 2 22 New Jersey 259 367 259 367 222 333 37 34 New Mexico 53 43 53 43 35 21 18 22 New York 430 1,230 430 ,230 375 ,163 55 67 North Carolina 193 412 106 268 47 150 59 118 87 144 North Dakota 155 27 57 8 40 2 17 6 98 19 Ohio 606 551 606 551 385 484 221 67 Oklahoma 386 15 380 15 224 13 156 2 Oregon 54 165 54 165 17 147 37 18 Pennsylvania 737 671 737 671 563 582 174 89 Rhode Island 9 85 9 85 5 66 4 19 South Carolina 144 128 76 122 31 93 45 29 68 6 South Dakota 172 54 71 29 60 24 11 5 101 25 Tennessee 296 183 214 167 83 123 131 44 82 16 Texas 969 23 933 23 575 23 358 36 Utah 49 68 49 68 20 59 29 9 Vermont 57 30 57 30 33 20 24 10 Virginia 312 234 311 234 202 165 109 69 Washington 89 253 89 253 35 246 54 7 West Virginia 183 182 112 70 Wisconsin 551 152 551 152 160 24 391 "i28* Wyoming 52 1 52 1 39 1 13 Alaska2 18 18 3 11 2 11 Hawaii2 5 67 5 67 5 67 Puerto Rico2 10 108 10 108 13 10 95 Virgin Islands2 2 4 2 4 1 1 1 Comprises all commercial banking offices in the continental United 2 Alaska and Hawaii assigned to the San Francisco District for pur- States, Alaska, Hawaii, Puerto Rico, and the Virgin Islands on which poses of Regulation J, "Check Clearing and Collection"; Puerto Rico checks are drawn, including 248 banking facilities. Number of banks and the Virgin Islands assigned to the New York District. Member and branches differs from that in the preceding table because this table branches in Puerto Rico are branches of New York banks. includes banks in Alaska, Hawaii, Puerto Rico", and the Virgin Islands, but excludes banks and trust companies on which no checks are drawn and 3 mutual savings member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 BANK RESERVES AND RELATED ITEMS, 1958 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. * In millions of dollars] Central reserve Central reserve week en M di o n n g t h W , o e r dnesday m b e a A m n l k b l s er New city bank C s hi- R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a A m n l k b l s er New city bank C s hi- R b e c a s i n e ty k rv s e C b o a u n n k t s ry York cago York cago Total reserves held Required reserves 2 Jan 19,296 4,251 1,125 8,007 5,914 18,723 4,216 ,121 7,928 5,458 Feb 19,000 4,204 1,114 7,871 5,811 18,434 4,182 ,109 7,773 5,369 Mar.... 18,730 4,272 1,098 7,701 5,659 18,097 4,228 ,087 7,603 5,179 Apr.... 18,394 4,122 1,052 7,651 5,569 17,772 4,107 ,049 7,572 5,043 May... 18,223 4,030 1,054 7,614 5,525 17,557 3,977 ,046 7,482 5,051 June. .. 18,600 4,214 1,113 7,721 5,552 17,974 4,186 ,099 7,619 5,070 July... 18,609 4,132 1,088 7,772 5,617 17,953 4,101 ,084 7,667 5,101 Aug 18,580 4,014 1,097 7,820 5,651 17,946 3,987 ,094 7,731 5,134 Sept.... 18,425 3,951 1,064 7,731 5,679 17,854 3,923 ,058 7,667 5,205 Oct 18,476 3,935 1,061 7,755 5,724 17,955 3,909 ,055 7,700 5,291 Nov.... 18,540 3,883 1,054 7,819 5,784 18,034 3,866 ,055 7,750 5,364 Dec... 18,899 4,033 1,077 7,940 5,849 18,383 4,010 ,070 7,883 5,419 Jan. 1 19,707 4,503 ,149 8,259 5,796 19,042 4,358 ,145 8,070 5,469 8 19,658 4,324 ,156 8,123 6,055 18,982 4,327 ,137 8,027 5,491 15 19,348 4,267 ,127 8,041 5,913 18,769 4,213 ,118 7,957 5,481 22 19,216 4,151 ,116 7,959 5,989 18,624 4,163 ,113 7,903 5,445 29 19,089 4,203 ,114 7,930 5,842 18,509 4,133 ,108 7,840 5,428 Feb. 5 18,997 4,235 ,122 7,873 5,766 18,498 4,201 ,120 795 5,382 12 19,054 4,200 ,114 7,908 5,833 18,483 4,191 ,109 798 5,385 19 19,122 4,208 ,113 7,897 5,905 18,427 4,162 ,106 787 5,372 26 18,909 4,201 ,113 7,857 5,738 18,426 4,190 ,108 7,768 5,360 Mar. 5 18,674 4,181 ,099 7,699 5,693 18,084 4,175 ,096 7,598 5,215 12 18,699 4,216 ,095 7,709 5,679 18,096 4,202 ,092 7,633 5,169 19 18,930 4,344 ,104 7,759 5,722 18,332 4,331 ,102 7,713 5,186 26 18,725 4,281 ,085 7,672 5,688 18,037 4,217 ,079 7,547 5,194 Apr. 2 18,526 4,273 ,077 7,641 5,534 17,830 4,180 ,048 7,484 5,118 9 18,300 4,101 ,044 7,579 5,575 17,673 4,129 ,041 7,499 5,004 16 18,369 4.148 ,059 7,651 5,511 17,754 4,107 ,060 7,587 5,000 23 18,654 4,133 ,071 7,819 5,631 18,055 4,141 ,063 7,752 5,099 30 18,249 4,106 ,049 7,600 5,494 17,654 4,029 ,042 7,501 5,082 May 7 18,276 4,041 ,047 7,562 5,627 17,647 4,035 ,049 7,487 5,076 14 18,190 4,000 ,050 7,595 5,546 17,528 3,954 ,041 7,464 5,069 21 18,248 3,969 ,053 7,653 5,573 17,545 3,955 ,042 7,506 5,042 28 18,194 4,082 ,076 7,622 5,414 17,513 3,953 ,046 7,485 5,029 June 4 18,147 4,057 ,067 7,566 5,457 17,574 4,018 ,064 7,461 5,031 11 18,274 4,022 ,073 7,616 5,562 17,687 4,021 ,078 7,534 5,054 18 18,619 4,222 ,111 7,696 5,590 17,984 4,196 ,098 7,623 5,067 25 18,983 4,385 ,136 7,838 5,623 18,314 4,350 ,127 7,734 5,103 July 2 18,859 4,377 ,142 7,824 5,515 18,204 4,306 ,120 7,698 5,080 9 18,809 4,191 ,100 7,777 5,741 18,051 4,164 ,096 7,676 5,115 16 18,518 4,110 ,093 7,776 5,539 17,949 4,083 ,086 7,690 5,090 23 18,712 4,117 ,083 7,801 5,711 17,924 4,069 ,072 7,668 5,115 30 18,462 4,085 ,083 7,813 5,481 17,824 4,031 ,071 7,631 5,091 Aug. x6 1 18 8 , , 7 2 6 9 0 6 4 3 , , 0 94 8 6 1 , , 0 1 7 1 9 9 7 7, , 8 6 6 9 1 6 5 5, , 6 5 9 7 8 5 1 1 7 8 , ,0 7 7 3 3 8 4 3 , , 0 9 3 6 9 9 , ,1 0 1 8 1 1 7 7, , 7 6 8 0 7 8 5 5, , 1 0 3 8 6 0 20 18,648 3,990 ,103 7,842 5,713 18,027 4,001 ,100 7,774 5,152 27 18,526 3,987 ,092 7,804 5,642 17,953 3,960 ,088 7,748 5,157 Sept. 3 18,446 3,996 ,084 7,784 5,582 17,899 3,959 ,078 7,704 5,158 10 18,479 3,917 ,067 7,763 5,731 17,873 3,914 ,064 7,694 5,201 17 18,572 4,014 ,066 7,762 5,730 17,935 3,968 ,064 7,705 5,198 24 18,404 3,901 ,053 7,710 5,740 17,811 3,893 ,047 7,641 5,230 Oct. 1 18,234 3,972 ,055 7,680 5,527 17,774 3,912 ,049 7,614 5,199 8 18,318 3,884 ,038 7,660 5,737 17,753 3,881 ,038 7,594 5,240 15 18,475 3,922 ,067 7,816 5,670 17,989 3,905 ,061 1,1'47 5,276 22 18,652 3,912 ,067 7,816 5,857 18,086 3,913 ,066 7,768 5,339 29 18,515 3,993 ,066 7,773 5,683 17,993 3,918 ,056 7,699 5,320 Nov. 5 18,416 3,946 ,061 7,761 5,648 18,008 3,930 ,062 7,701 5,315 12 18,510 3,808 ,044 7,766 5,891 17,891 3,803 ,039 7,706 5,343 19 18,340 3,801 ,035 7,749 5,754 17,900 3,803 ,037 7,708 5,352 26 18,631 3,918 ,075 7,883 5,755 18,225 3,910 ,071 7,842 5,402 Dec. 3 18,740 3,978 ,078 7,861 5,822 18,232 3,947 ,074 7,803 5,408 10 18,629 3,927 ,062 7,826 5,814 18,160 3,917 ,061 7,781 5,401 17 18,844 4,032 ,065 7,928 5,819 18,374 4,031 ,061 7,875 5,407 24 19,160 4,072 ,077 8,028 5,983 18,548 4,056 ,074 7,971 5,447 31 19,167 4,194 .096 8,101 5,778 18,511 4,061 ,080 7,943 5,427 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS, 1958 213 MEMBER BANK RESERVES AND BORROWINGS—Continued [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve Central reserve en M di o n n g t h W , o e r d n w e e s e d k ay b m a b A e e l n m r k l - s N c e i w ty ban Ch k i s - b s c R a e i e r n t - v k y e s C ba o tr n u y k n s - m ba b A e e n l m k r l - s N c e i w ty ban Ch k i s - b s c R a e i e n r t - v k y e s C ba o tr n u y k n s - b m a b A e n e m l r k l s - N c e i w ty ban C k h s i- b s c R a e i r n e t v - y k e s C ba o tr n u y k n s - York cago York cago York cago Excess reserves 2 Borrowings at Federal Reserve Banks Free reserves2 Jan 573 34 4 78 456 451 80 29 222 119 122 -46 -25 -144 337 Feb 567 22 5 98 442 242 46 11 96 89 324 -25 -6 I 353 Mar 633 44 11 98 479 138 2 29 36 71 495 42 -18 62 408 Apr 623 15 3 79 526 130 18 9 35 67 493 -3 -7 44 459 May 666 53 8 131 474 119 2 1 42 74 547 51 7 89 399 June 626 28 14 102 481 142 21 2 45 74 484 7 12 57 408 July 656 32 5 104 515 109 16 1 49 44 546 16 4 56 471 Aug 635 26 3 89 516 252 48 3 111 90 383 — 22 — 22 426 Sept 571 27 5 65 474 476 106 8 266 96 95 -79 •j -201 378 Oct 521 27 6 55 433 425 35 9 253 128 96 -8 -3 -198 305 Nov 506 17 69 420 486 60 16 258 152 20 -43 -16 -189 268 Dec 516 23 7 57 430 557 103 39 254 162 -41 -80 -32 -197 268 Jan. 1 665 145 4 189 327 656 71 103 382 100 9 74 -99 -193 227 8 676 -2 19 95 564 702 178 98 335 91 -26 -180 -79 -240 473 15 578 53 9 84 432 575 115 19 273 168 3 -62 -10 -189 264 22 592 -12 4 56 544 355 59 8 201 87 237 -71 -4 -145 457 29 580 70 6 90 414 295 3 3 144 145 285 67 3 -54 269 Feb. 5 499 34 2 79 384 189 1 2 91 95 310 33 -12 289 12 572 9 5 110 448 286 44 27 126 89 286 -35 -22 -16 359 19 696 46 7 110 533 361 140 14 125 82 335 -94 -7 -15 451 26 484 12 5 89 378 153 2 61 90 331 12 3 28 288 Mar. 5 588 6 3 101 478 118 3 32 83 470 6 69 395 12 603 14 3 76 510 131 5 12 53 61 470 9 -9 23 449 19 597 13 2 46 536 125 3 34 28 60 472 10 -32 18 476 26 688 64 6 124 494 164 69 30 65 524 64 -63 94 429 Apr. 2 696 93 29 158 416 144 15 38 91 552 93 14 120 325 9 627 -28 3 81 571 90 4 4 23 59 537 -32 -1 58 512 16 615 41 -1 64 511 199 72 7 42 78 416 -31 -8 22 433 23 599 -9 9 67 532 112 2 27 43 40 487 -11 -18 24 492 30 595 77 7 99 412 125 1 32 92 470 77 6 67 320 May 7 629 5 -2 75 551 118 1 52 65 511 5 -3 23 486 14 662 46 8 131 477 123 42 80 539 46 7 89 397 21 703 15 11 146 531 104 7 42 54 599 8 10 104 477 28 680 128 30 137 385 119 i 29 89 561 127 30 108 296 June 4 573 39 3 105 426 134 1 44 89 439 39 2 61 337 11 588 1 -4 83 508 184 60 3 47 74 404 -59 -7 36 434 18 634 26 12 73 523 175 31 5 71 68 459 « 7 2 455 25 668 34 10 104 520 99 26 72 569 33 10 78 448 July 2 654 71 22 126 435 97 31 65 557 71 21 95 370 9 758 27 4 101 626 143 58 2 48 35 615 -31 2 53 591 16 569 27 7 86 449 115 9 64 42 454 18 7 22 407 23 789 48 11 133 596 85 50 35 704 48 11 83 561 30 638 54 12 182 390 108 2 40 66 530 52 12 142 324 Aug-if::::::::::: 5 68 5 6 8 -2 4 3 2 -2 8 7 8 4 8 4 5 9 6 5 2 2 1 2 1 9 2 1 1 8 6 5 ! 1 4 1 5 5 9 4 3 8 4 4 4 5 6 7 -4 2 1 6 3 o -4 4 1 3 4 4 6 4 9 7 20 621 -11 3 68 561 216 36 1 99 80 405 -47 2 -31 481 27 572 27 4 56 485 270 60 3 91 116 302 -33 1 -35 369 Sept. 3 547 37 6 80 424 461 119 5 222 115 86 -82 1 -142 309 10 605 3 3 69 530 514 122 17 269 106 91 -119 -14 -200 424 17 636 46 2 56 532 563 149 14 301 99 73 -103 -12 -245 433 24 593 8 6 69 510 433 104 250 79 160 -96 6 -181 431 Oct. 1 458 59 6 65 328 400 47 1 261 91 58 12 5 -196 237 8 565 3 65 497 433 47 10 275 101 132 -44 -10 -210 396 15 485 17 6 68 394 472 61 6 262 143 13 — 44 — 194 251 22 566 -1 1 48 518 368 32 12 242 82 198 -33 -11 -194 436 29 522 75 10 74 363 455 6 11 257 181 67 69 -1 -183 182 Nov. 5 408 16 i 60 333 402 20 8 220 154 6 -4 -9 -160 179 12 619 6 5 60 548 469 108 12 170 179 150 -102 -7 -110 369 19 440 -2 -1 41 402 451 48 13 275 115 -11 -50 -14 -234 287 26 406 8 4 41 353 428 58 23 210 137 -22 -50 -19 -169 216 Dec. 3 508 31 4 58 414 579 31 25 360 163 — 71 — 21 — 302 251 10 469 10 45 414 414 8 19 242 145 55 2 -19 -197 269 17 470 1 4 54 412 516 69 22 239 186 -46 -68 -18 -185 226 24 612 16 3 57 536 625 189 50 208 178 -13 -173 -47 -151 358 31 656 132 16 158 351 790 186 71 372 161 -134 -54 -55 -214 190 1 Averages of daily closing figures for reserves and borrowings and of based on deposits at opening of business. daily opening figures for other items, inasmuch as reserves required are 2 Weekly figures for all member banks and country banks are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 WEEKLY REPORTING MEMBER BANKS, 1958 LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loansl U. S. Government obligations For purchasing or carrying securities Loans Month or date i m T l n o a v o e n a e n t n d a s t s t l s - j i m u n a s a v e n t d e e n d - s d t t s - ! j L us o a t d a e - n d s ! C i t m n a c r o i d n i e a a m u d r l l - s 2 - - A t c u u g r l r a - i l - G t a T U l i o i n o o g o . b d S n v a - . b s - t d . r e o O c a k t s u l t i e e e h e r r - r s i e s s - r t J l U i T o i O o g . b o V S n a - . s - t o . t O h c t s e u t i e h e r r - s s i e - r e l R o st a e a n a t l s e l O o t a h n e s r 2 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 Bonds 3 O s ri e t t c h ie u e s - r b L a o n a o k n s s Jan 88,318 86,867 52,969 30,607 437 1,829 1,113 8,74911,36625,954 ,472 1,761 4,711 18,010 7,944 1,451 Feb 88,680 87,152 52,52729,894 442 2,096 1,147 8,73711,35026,478 1,416 1,583 4,785 18,694 8,147 1,528 Mar 91,137 89,568 52,942 3300,144 446 2,394 1,212 8,72011,17028,024 2,100 1,153 4,912 19,859 8,602 1,569 Apr 92,936 91,324 53,05329,986 457 2,571 ,293 8,72311,176 2" 9,339977 27, 0"3"1' 1,150 6,187 20,029 8,874 1,612 May 93,400 91,915 52,"""29,436 473 2,225 ,300 8,78811,19230,739 1,891 1,258 7,190 20,400 8,920 1,485 June 96,176 94,572 53,393 2299,483 489 3,198 ,338 8,858 11,190 31,880 2,102 1,480 7,134 21,164 9,299 1,604 July 95,723 94,254 52,73629,329 524 2,496 ,400 8,93011,23732,2272,024 1,648 6,927 21,628 9,291 1,469 Aug 96,420 94,859 51,,9"2'6 2299,145 560 1,861 ,245 9,028 11,26933,509 1,770 4,578 7,011 20,150 9,424 1,561 Sept 95,781 94,130 52,43929,559 561 1,758 ,248 9,120 11,37732,179 1,472 4,304 6,797 19,606 9,512 ,651 Oct 95,605 94,045 52,72229,736 585 1,713 ,234 9,274 11,35731,805 1,792 4,111 6,734 19,168 9,518 ,560 Nov 95,713 94,161 53,316 2299,946 614 1,803 ,230 9,452 11,450 31,642 1,885 3,981 6,6851 19,091 9,203 ,552 Dec 97,136 95,705 54,52830,429 614 2,214 ,249 9,565 11,64831,9412,253 4,134 6,898; 18,656 9,236 ,431 Jan. 8 89,094 87,744 53,748 31,130 439 2,022 ,108 8,75011,43126,087 ,581 1,734 4,786 17,986 7,909 ,350 15 88,391 87,018 53,21130,843 436 1,815 ,105 8,74711,39825,945 ,485 1,714 4,711 18,035 7,862 ,373 22 88,146 86,521 52,67330,337 438 1,833 ,116 8,75311,32925,861 ,389 1,796 4,682 17,994 7,987 ,625 29 87,644 86,187 52,24530,119 437 1,645 ,125 8,7~4"4 11,30825,923 ,431 1,799 4,665 18,028 8,019 ,457 Feb. 5 88,770 87,066 52,72629,912 447 2,230 ,124 8,73211,42026,290 ,458 2,051 4,720 18,061 8,050 ,704 12 88,689 87,156 52:,,667799 2299,806 443 2,303 ,117 8,738 ,41126,313 ,400 2,087 4,752 18,074 8,164 ,533 19 88,460 87,027 52,422 2299,932 438 1,968 ,171 8,737 26,4521,254 1,076 4,821 19,301 8,153 ,433 26 88,804 87,361 52,28129,925 442 1,882 ,178 8,74211,25126,8561,552 1,119 4,847 19,338 8,224 ,443 Mar. 5 90,263 88,576 52,43429,716 445 2,267 ,191 8,709 ,24727,7071,963 1,149 4,869 19,726 8,435 ,687 12 90,960 89,408 52,776 2299,847 445 2,555 ,185 8,725 ,16228,0252,069 1,136 4,913 19,907 8,607 ,552 19 92,083 90,474 53,55130,513 448 2,682 .189 8,710 ,15628,2552,247 1,170 4,941 19,897 8,668 ,609 26 91,243 89,813 53,006 -34099 448 2,070 8,73411,116 28,1082,120 1,156 4,926 19,906 8,699 ,430 Apr. 2 90,945 89,541 52,699 30,313 450 1,983 ,274 8,695 135 28,1132,057 1,140 4,951 19,965 8,729 ,404 9 91,574 89,834 52,962 30,131 458 2,418 ,280 8,712 28,0551,945 1,159 4,994 19,957 8,817 ,740 16 94,479 92,713 53,57530,129 454 2,931 ,280 8,729 30,116644 2,092 1,131 6,940 20,001 8,974 ,766 23 93,702 92,052 53,03629,714 460 2,776 ,314 8,735 30,107 ,918 1,149 6,979 20,061 8,909 ,650 30 93,984 92,483 52,99529,645 462 2,749 ,315 8,746 30,548 ,146 1,169 7,074 20,159 8,940 ,501 May 7 93,470 91,973 52,53329,581 470 2,373 ,312 8,75711,196 30,496 ,895 1,191 7,165 20,245 8,944 ,497 14 93,145 91,785 52,39529,546 470 2,257 ,298 8,774 ,20730,511 ,819 1,225 7,148 20,319 8,879 ,360 21 93,364 91,803 52,02929,378 473 2,067 ,302 8,800 ,16830,856 ,887 1,318 7,180 20,471 8,918 .561 28 93,623 92,100 52,06829,241 477 2,204 ,288 8,821 ,19531,093 ,964 1,298 7,267 20,564 8,939 ,523 June 4 94,615 92,934 52:,,492 2299,122 478 2,774 ,296 8,817 ,16531,289 ,925 1.346 7,417 20,601 9,153 ,681 11 95,241 93,534 53,029 2299,229 485 3,177 ,287 8,853 ,16031,216 ,735 1,351 7,501 20,629 9,289 ,707 18 97,592 95,988 54,25229,803 494 3,671 ,388 8,870 ,19132,339999 2,327 1,598 6,798 21,676 9,337 ,604 25 97,256 95,833 53,80129,780 500 3,170 ,381 8,891 246 32,6152,421 1,621 6,823 21,750 9,417 ,423 July 2 96,756 95,262 53,51329,786 510 2,819 ,433 8,89011,25732,5752,294 1,650 6,868 21,763 9,174 ,494 9 96,141 94,522 52,94129,536 514 2,510 ,427 8,901 11,23432,3372,093 1,633 6,896 21,715 9,244 ,619 16 95,547 94,153 52,69629,351 520 2,405 ,417 8,942 32,154 ,923 1,619 6,930 21,682 9,303 ,394 23 95,319 93,825 52,337788 2299,046 532 2,438 ,377 8,95011,21532,066 ,888 1,672 6,953 21,553 9,381 ,494 30 94,855 93,512 52,15628,928 544 2,308 ,344 8,97011,24132,002 ,923 1,663 6,988 21,428 9,354 ,343 Aug. 6 97,090 95,466 51,920 28,984 541 2,075 ,275 8,96711,259 34,172 2,149 4,687 7,015 20,321 9,374 ,624 13 96,533 94,890 51,82629,049 556 ,894 ,240 9,019 11,250 33,665 ,830 4,631 7,050 20,154 9,399 ,643 20 96,098 94,756 52,04529,287 574 ,809 ,232 9,059 11,266 33,297 ,651 4,540 7,005 20,101 9,414 ,342 27 95,961 94,327 51,91629,260 567 ,665 ,237 9,067 11;30332,902 ,451 4,453 6,974 20,024 9,509 ,634 Sept. 3 96,010 94,298 52,16529,246 569 ,831 ,245 9,074 11,384 32,674 ,389 4,421 6,907 19,957 9,459 ,712 10 96,322 94,703 52,427 2299,453 561 ,840 ,247 9,100 11,41032,664 ,610 4,335 6,800 19,919 9,612 ,619 17 95,884 94,118 52,71929,846 552 ,691 ,249 9,139 11,42631,913 ,586 4,256 6,772 19,299 9,486 ,766 24 94,910 93,404 52,446 "2"9,693 560 ,671 ,250 9,166 11,290 "3',1465 ,303 4,203 6,709 19,250 9,493 ,506 Oct. 1 95,415 93,595 52,,675 29,716 571 ,237 9,182 11,34231,431 ,364 4,168 6,673 19,226 9,489 ,820 8 95,524 94,080 52,54729,649 574 ,732 ,225 9,220 11,322 31,983 ,993 4,151 6,662 19,177 9,550 ,444 15 96,174 94,584 52,914 "2"9,864 582 ,737 ,237 9,295 11,37532,123 ,966 4,172 6,823 19,162 9,547 ,590 22 95,535 94,062 52, ,722 593 ,646 ,230 9,321 11,35931,854 ,866 4,066 6,762 19,160 9,512 ,473 29 95,378 93,906 52,780 2299,731 606 ,641 ,240 9,350 11,38831,632 ,770 3,999 6,751 19,112 9,494 ,472 Nov. 5 95,604 93,942 53,041 29,836 608 ,742 ,232 9,385 11,41531,5221,706 3,979 6,729 19,108 9,379 ,662 12 95,699 93,710 53,28829,985 617 ,782 ,233 9,429 11,42131,2881,529 3,971 6,698 19,090 9,134 ,989 19 95,141 93,777 53,374 "2"9,992 616 ,776 ,226 9,476 11,46631,2681,539 3,963 6,683 19,083 9,135 ,364 26 96,408 95,215 53,,562 29,971 615 ,915 ,228 9,516 11,499 "3-2,4902,764 4,012 6,630 19,084 9,163 1,193 Dec. 3 96,596 94,930 53,64330,069 606 1,856 ,234 9,505 11,556 32,149 2,410 4,160 6,899 18,680 9,138 1,666 10 96,959 95,133 53,99530,185 608 2,030 ,240 9,546 11,56831,8772,132 4,158 6,911 18,676 9,261 1,826 17 97,577 54,81930,567 614 2,378 ,246 9,580 11,61931,9012,209 4,132 6,919 18,641 9,26: 1,595 24 97,210 54,79030,528 62: 2,300 ,257 9,596 11,67131,886 2,236 4,111 6,894 18,645 9,229 1,305 31 97,338 55,39330,797 621 2,504 ,270 9,601 11,82531,894 2,280 4,111 6,866 18,637 9,287 764 1 Exclusive of loans to banks and after deduction of valuation reserves; $82 million on Jan. 8 to $69 million on Sept. 17. Figures for earlier individual loan items are shown gross. years have not been revised. 2 Previously published figures for January-September 1958 have been 3 Includes guaranteed obligations. revised to correct misclassifications. The revisions decrease commercial See also NOTE on opposite page. and industrial loans, and increase other loans, by amounts ranging from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1958 215 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Month or date s F B w e R . r a i e v R n t - h e k . s s C va a i u s n l h t b m a w B a n d e n o a c i s t - l k e h t - s i s c j p m u D o s d a a t e s d e e n - i - - t d d s 1 s p I p u c v n h a n o a a o i e n i d r d r l p r r d a s t i - - - s - - , - , S p s d s a i t i o u i c a o n v l b a t n d i e i - l t - s - s c C h c o f a e e e e i f t n e c c r f r d i t . d s k - i ' s - , G U o .S v . t. s p I p u n c v h a n o a a o e i n i d r d r l p r r d a s t i - - - s - - , - , S p s d s a i t i o u c i a o n v l b a t n i d - i e l t - s - s G P U S i a n o o . a n g S s v v d t s . t - a . l m D t e i D o c s - - eman F e d i o g r n - Time F B F. a r n o R k m . s F ot r h o e m rs c C o i a a t u c a p - n l - ts tions tions Jan 13,658 1,036 2,488 56,394 58,954 4,115 2,080 1,028 21,990 1,198 13410,882 1,587 1,359 291 819 9,651 Feb 13,437 970 2,555 55,313 57,428 4,191 2,081 1,773 22,275 1,372 13510,476 1,492 1,831 91 930 9,708 Mar 13,335 955 2,50355,07157,485 4,120 2,167 3,005 22,775 1,515 13710,725 1,486 2,050 113 1,007 9,746 Apr 13,166 942 2,629 55 584 57,595 4,563 2,350 3,070 23,203 1,624 14111,193 1,512 2,189 130 951 9,805 May 12,907 979 2,660 54;932 56,854 4,603 1,893 3,,645 23,576 1,778 14210,987 1,527 2,234 56 c807 9,890 June 13,246 987 2,670 56.37258,387 4,687 2,473 4,501 23,931 1,886 14311,250 1,514 2,231 88 921 9,951 July 13,208 993 2,768 55i629 58,267 4,221 2,399 \ 185 2"'4,282 1,910 16711,738 1,589 2,168 63 782 9,979 Aug 13,069 981 2,498 55.628 58,074 4,127 1,944 4,129 24,472 1,841 16811,568 1,614 2,110 154 97210,033 Sept 12,748 1,011 2,540 56;147 58,986 4,028 1,974 2,609 24,528 1,762 16811,539 1,502 2,130 241 1,123 10,046 Oct 12,902 995 2,489 56;336 59,904 3,877 1,990 2,554 ,536 1,634 16911,493 1,454 2,068 311 1,103 10,089 Nov 12,909 1,023 2,485 56;868 60,693 4,147 2,034 2,16524,395 1,517 17011,248 1,465 2,060 498 1,274 10,133 Dec 13,152 1,084 2,660 58.635 62,440 4,211 2,437 2,344 2"4491 1,500 17511,494 1,529 2,100 350 96610,156 Jan. 8.. 13,758 1,077 2,420 56,356 58,647 4,119 2,049 1,364 21,907 1,183 13711,311 1,677 1,221 619 754 9,649 15.. 13,635 1,028 " "" 56,532 60,399 4,064 2,077 844 21,961 1,192 13411,465 1,584 1,345 128 697 9,644 22.. 13,782 1,011 56,556 58,845 4,099 2,381 855 221,029 1,201 13410,501 1,554 1,360 298 1,043 9,634 29.. 13,458 1,031 2,480 56,134 57,924 4,176 1,816 1,048 22,062 1,216 13710,252 1,533 1,508 118 782 9,675 Feb. 5. . 13,452 905 2,505 55,880 57,554 4,312 2,512 1,417 22,157 1,304 13610,681 1,501 1,652 75 999 9,698 12.. 13,264 1,013 2,50355,548 58,224 4,193 1,908 ' ,2"2-2 2?22245 1,362 13610,526 1,485 1,823 143 1,053 9,701 19.. 13,562 952 2,694 5"4 ;8~8~2~ 5566,893 4,118 1,980 2,144 212,306 1,380 13410,493 1,479 1,916 68 862 9,705 26.. 13,469 1,012 2,518 54,94357,040 4,141 1,925 2,308 222,390 1,443 13410,203 1,503 1,933 79 807 9,730 Mar. 5.. 13,262 890 2,434 54,50356,624 4,216 2,086 2,405 22,578 1,474 14210,914 1,494 1,984 56 1,195 9,734 12.. 13,457 1,000 2,510 56,03159,231!4,008 2,165 ' ,9'"8 2 2122,720 1,516 13910,738 1,505 2,025 155 994 9,745 19.. 13,512 952 2,46155,24357,703 4,027 2,106 3,699 2•!2,832 1,528 13710,749 1,491 2,062 191 1,129 9,740 26.. 13,109 978 2,607 "5,450756,381 4,227 2,313 3,93522,969 1,540 13710,499 1,453 2,130 48 711 9,763 Apr. 2.. 12,960 901 2,964 54,119 56,070 4,286 1,911 3,092 23,003 1,551 13911,519 1,494 2,142 53 670 9,785 9.. 13,031 965 2,413 55,25156,829 4,193 1,974 1,711 23,138 1,571 14011,199 1,502 2,177 89 1,145 9,803 16.. 13,560 952 2,62356,49159,290 4,746 2,624 3,47123,217 1,625 14111,490 1,505 2,194 255 1,147 9,780 23.. 13,297 968 2,445 5566,36157,922 4,651 2,770 3,13123,290 1,672 14210,746 1,513 2,211 190 1,024 9,803 30.. 12,982 922 2,69855,6'9-'9 57,863 4,937 2,475 3,,9""4"5 2"3,367 1,703 14211,009 1,547 2,221 63 771 9,853 May 7.. 13,018 909 2,400 54 56,272 4,625 1,966 3,670 23,,488 1,759 13910,949 ,551 2,195 75 859 9,885 14.. 12,855 994 2,789 54,706 5577,750 4,438 1,806 3,436 23,,508 1,778 14111,479 ,568 2,230 56 648 9,882 21.. 12,879 964 2,683 56,476 4,608 1,868 3,919 23,,609 1,792 14310,770 ,518 2,231 40 883 9,889 28.. 12,877 1,049 2,769 55;434 "5'6,917 4,739 1,933 3,'556 23,701 1,781 14510,751 ,470 2,279 54 C837 9,906 June 4.. 12,840 927 2,61355,686 57,195 4,923 2,357 3,193 23,769 1,805 14411,367 ,444 2,264 961 9,938 11.. 13,210 1,010 2,649 57,100 59,267 4,660 2,112 2,432 23,940 1,861 14411,353 ,542 2,232 104 1,104 9,945 18.. 13,548 999 2,725 57,434 60,019 4,564 3,081 ",057 23,939 1,907 14311,411 ,559 2,218 106 913 9,950 25.. 13,387 1,010 2,696 55,266 57,067 4,601 2,342 ,324 24,076 1,969 14510,870 ,511 2,210 60 707 9,971 July 2.. 13,318 968 2,962 54,560 57,176 4,426 2,474 6,372 24,168 1,956 17112,061 ,530 2,206 52 783 9,976 9.. 13,122 1,003 2,722 54,844 57,352 4,277 2,144 4,64124,199 1,943 16612,123 ,486 2,242 100 1,049 9,990 16.. 13,370 984 2,780 55,654 59,376 4,054 2,222 4,03124,322 1,882 16611,899 ,655 2,127 78 677 9,959 23.. 13,224 990 2,662 56,440 58,910 4,124 3,006 3,185 2"4',347 1,883 16811,389 ,647 2,132 28 805 9,969 30.. 13,007 1,022 2,71356;647 58,520 4,222 2,149 2,695 24,376 16811,222 ,627 2,131 58 597 9,998 Aug'if:: 1 1 3 3 , , 1 1 0 5 3 6 1,0 9 1 0 0 6 2 2 , , 5 5 7 7 5 3 55,763 5 5 8 7 , , 8 6 7 5 0 0 4 4 , , 2 0 7 5 1 1 2 1 , , 1 94 5 8 7 4 4 , , 0 3 7 5 6 3 2 2 4 4 , ,4 4 6 7 1 8 1 1 , , 8 8 6 7 8 6 1 16 6 9 81 1 1 1 , , 8 9 5 5 9 6 1 1 , , 6 6 4 0 3 8 2 2 , , 0 11 9 9 8 2 1 1 0 5 1 1, 9 07 8 7 51 1 0 0 , , 0 0 2 3 6 2 20.. 13,096 969 2,500 55,323 "5"7,838 4,061 1,881 4,•,352 24,460 1,825 168 11,426 1,592 2,105 192 83710,027 27.. 12,921 1,040 2,343 55,844 57,936 4,124 1,795 3,73424,487 1,797 16811,030 1,612 2,120 109 98910,046 Sept. 3.. 12,738 985 2,559 55,509 58,015 4,242 2,037 3,527 24,,519 1,790 16811,545 1,573 2,111 121 1,08810,058 10.. 12,782 1,036 2,505 56,719 59,560 4,029 2,040 2,152 24-,,625 1,771 17011,703 1,503 2,164 405 1,06710,054 17.. 12,781 998 2,672 56,800 60,431 3,904 2,079 ,970 24,481 1,747 16711,872 1,498 2,136 161 1,20210,034 24.. 12,693 1,026 2,424 55,56157,936 3,938 1,742 2,787 24,488 1,741 16711,039 1,434 2,107 278 1,134 '1"0,039 Oct. 1.. 12,597 931 2,594 55,967 59,152 4,151 2,495 2,487 24,506 1,674 16711,545 ,422 2,079 151 1,27610,085 8.. 12,773 976 2,335 55,593 58,193 3,810 ',830 3,070 24,508 1,646 16611,486 ,425 2,079 313 1,01110,099 15.. 13,060 999 2,664 56,136 61,859 3,707 ,956 3,003 24,534 1,633 17012,208 ,442 2,073 154 1,22910,079 22.. 13,265 1,018 2,415 56,703 60,221 3,749 ,793 2,245 24,556 1,613 17011,234 ,494 2,059 704 1,07610,072 29.. 12,815 1,051 2,436 57,283 60,097 3,966 ,877 1,966 24,577 1,603 17010,993 ,487 2,051 234 92310,107 Nov. 5.. 12,777 960 2,46556,494 60,190 4,364 ,063 1,847 24,548 1,540 170 11,676 ,438 2,062 394 1,24110,129 12.. 12,253 1,095 2,605 56,874 61,199 4,051 ,942 1,244 24,403 1,529 172 11,568 ,457 2,052 259 1,66110,128 19.. 13,159 ',024 2,447 56,846 60,437 3,980 ,976 2,04124,306 1,508 17111,152 ,495 2,067 479 1,19710,126 26.. 13,446 ,013 2,422 57,256 60,944 4,194 2,155 3,,5"2"8 2"4",322 1,491 17110,598 ,470 2,059 858 99610,148 Dec. 3.. 12,804 ,038 2,399 57,214 60,209 4,185 2,242 2,780 24,331 1,476 17011,060 1,458 2,073 250 1,47610,159 10.. 12,834 ,142 2,382 58,968 61,873 4,129 2,080 1,359 24,401 1,489 17211,100 1,503 2,084 326 1,36910,148 17.. 13,456 ,152 2,709 59,450 63,191 4,167 2,667 2,032 24,438 1,465 17411,661 1,549 2,101 454 1,08710,136 24.. 13,485 ,024 2,571 , 62,498 4,168 2,334 2,712 24,547 1,530 17911,129 1,556 2,133 694 89310,155 31.. 13,182 ,061 3,240 59,045 "6,4427 4,410 2,865 2,838 24,740 1,538 18312,519 1,578 2,112 23 2 1"0,180 c Corrected. NOTE.—For description of revision beginning Mar. 4, 1953, see BULLE- 1 Demand deposits other than interbank and U. S. Govt., less cash TIN for April 1953, p. 357, and for figures on the revised basis beginning items reported as in process of collection. Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 COMMERCIAL LOANS, 1958 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 and Period 2 t l o F i b q a o n a u o d c o d c r , o , T a l p e e a x p a n t t a h i d r l e e e r s l, , M m p u a r c e e n o t t t d s a d a 3 l - l s ch r P l e u c e a e m o b u n t a b r i d m c l o e , a - , r l, Other ( r T w e s a t r h a a n a o i l d d e l l ) e e 4 - 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 n l i e c e - s e s u p P t ( t t r o i u i i a l n o r b i n c t n t l s i l a ) i . e - c - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h f l N a i a e n s e d g s t i e - 4 s ch r b w e a i a e i p n n a n n e o d l g g k k l r ' e l l s t y — - 4 Jan -227 25 -44 — 22 -28 — 206 -10 -571 -81 -24 -130 -1,318 -1,599 Feb -126 76 111 4 45 -50 -125 -44 -89 1 43 -154 -194 Mar -46 49 233 -6 92 75 -80 106 -20 9 73 483 574 Apr — 177 -56 -300 — 60 -32 24 -23 -268 59 16 -70 -886 -854 May -81 -17 9 -87 24 -14 -41 -133 -119 25 75 -358 -404 June 6 136 31 57 12 c 58 73 30 78 -475 539 July -116 -22 -358 — 85 -11 -11 20 -115 -126 10 29 -785 -852 Aus 104 15 -85 24 -6 17 99 48 -7 27 56 293 332 Sept 167 -12 40 33 23 471 36 -88 73 22 70 4437 4433 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: Jan 8 — 57 — 1 -24 — 27 -1 — 58 32 -239 -10 -13 -58 -455 -588 15 — 58 16 20 11 5 —45 -13 -97 -22 1 -57 -240 -287 22 -67 -3 -28 -5 -7 -52 -88 -123 -35 -1 -26 -440 -506 29 — 45 13 -12 — 1 -25 — 52 59 -113 -13 -5 10 -183 -218 Feb 5 — 18 26 -25 10 -1 — 13 -53 -69 -61 -8 21 -192 -207 12 -30 13 10 -2 11 -13 -49 -48 Q 10 2 -107 -106 19 — 36 22 90 9 17 — 25 — 16 68 3 8 139 126 26 . . — 42 16 36 — 12 17 2 -8 5 -20 -3 16 6 -7 Mar 5 — 18 11 4 »T 6 19 — 34 -111 -40 -11 6 -175 -209 12 — 18 16 34 8 24 4 -27 40 -7 5 21 100 131 19 15 23 151 19 42 33 H 248 49 9 12 594 666 26 -25 44 -26 20 19 -13 -72 -22 6 33 -35 -14 Apr 2... -26 3 -28 — 14 -5 14 -22 -87 -18 -1 -13 -196 -186 9 -32 -6 -14 -3 -5 -5 -9 -90 -4 2 -40 -205 -182 16 — 39 n -25 11 32 — 22 — 14 32 11 -20 2 23... -29 -33 -141 -16 -23 -19 -22 -73 -4 1 -21 -380 -415 30 -51 -12 -92 -38 -1 2 51 -4 54 2 4 -84 -69 May 7 -18 -7 -8 10 14 -7 -47 -13 12 31 -33 -64 14. . — 5 8 44 — 57 3 — 1 15 -23 -38 20 -35 -35 21 -21 -16 -14 -4 3 -17 -26 -35 -19 14 -11 -144 -168 28 -38 -8 -15 -18 9 -23 -28 -49 -2 36 -145 -137 n June 4 5 -9 -23 2 4 -15 -15 -56 8 -1 -110 -119 11 — 19 6 3 -23 20 n — 11 -10 48 1 29 53 107 18 20 6 160 44 23 199 12 112 90 11 47 542 574 25 -6 3 -3 9 10 -6 10 -29 -10 9 3 -10 -23 July 2 — 31 4 — 130 — 71 9 — 5 — 10 274 -29 -12 . 2 6 9 — 23 3 -68 — 2 — 4 c 6 — 147 -16 26 -230 -250 16 — 33 2 — 23 2 5 14 1 — 123 3 — 2 -157 -185 23 -29 -16 -64 -12 -10 -9 -4 -79 -78 2 2 -297 -305 30. -11 -73 -11 -5 26 -40 -5 8 15 -98 -118 Aug. 6 11 2 -83 8 -4 6 56 68 -32 -4 56 85 56 13. . 24 8 -12 5 — 10 21 -21 7 19 2 41 65 20 34 5 19 20 2 17 20 60 33 -1 3 211 238 27 35 -8 — 8 -4 4 2 -59 -14 14 — 5 -44 -27 Sept 3 42 -64 -2 11 17 10 -19 -2 1 -6 -14 10 49 4 13 41 4 28 3 -29 15 2 49 178 207 17 47 2 69 -6 23 37 12 103 69 19 27 402 393 24 29 -18 22 -4 4-5 4 -171 8 4 -7 4-138 4-153 Oct. 1 59 -13 -95 -57 -17 15 13 -12 95 6 41 37 23 8 38 -20 -46 16 19 37 -38 -19 -6 -20 -41 -67 15 73 — 14 -7 23 -7 61 39 27 5 28 228 215 22 42 -46 -25 -11 -16 15 20 -47 -8 -2 -5 -83 -142 29 -17 -33 -25 -5 -19 23 44 -10 31 4 25 19 9 Nov. 5 27 -19 28 72 -25 35 14 29 -14 -2 -28 118 105 12 . 60 8 58 -24 -3 47 36 -47 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 1 -9 -24 2 -12 53 46 6 7 115 116 17 51 10 62 2 15 6 143 61 A 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 their 3 Includes machinery and transportation equipment. larger loans; these banks hold about 95 per cent of total commercial 4 Previously published figures have been revised because of misclassiand industrial loans of all weekly reporting member banks and about fications (see note 2 on second preceding page). The revisions amounted 75 per cent of those of all commercial banks. to $69 million on Sept. 24 and were minor in some of the earlier weeks. 2 Monthly figures are based on weekly changes during month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES, 1958 217 MONEY MARKET RATES [Per cent per annum] U. S. Government securities (taxable) Month or week co m 4 m p P - o a m r n t p i o m t e e h r r 6 e s c , - * ial pa c m p d F 3 o e i i - o m r n r e n t a p o c p t n h t a l l c 6 a n s y e c - y , 1 ed ac 9 b c 0 a P e p n r d i t k m a a e y n e r s c s e ' 1 s, Mark 3 e -m t onth b R il a ls te on 9 i m - s s t o u o n e t 1 s h 2 2 - 3 is - y s t u e o a e r s 5 3 yield new issues Jan 3.49 3.23 3.06 2.44 2.598 2.56 2.77 Feb 2.63 2.18 .30 1.54 1.562 1.93 2.67 Mar 2.33 1.86 .80 1.30 1.354 1.77 2.50 Apr 1.90 1.59 .52 1.13 1.126 1.35 2.33 May 1.71 1.38 .30 .91 1.046 1.21 2.25 June 1.54 1.38 .13 .83 .881 .98 2.25 July 1.50 1.31 .13 .91 .962 1.34 2.54 Aug 1.96 1.52 .65 1.69 1.686 2.14 3.11 Sept 2.93 2.47 2.39 2.44 2.484 2.84 3.57 Oct 3.23 2.87 2.75 2.63 2.793 2.83 3.63 Nov 3.08 2.75 2.75 2.67 2.756 2.92 3.60 Dec 3.33 2.94 2.75 2.77 2.814 3.24 3.65 Week ending: Jan. 4 3.75 3.50 3.34 2.77 2.752 2.84 2.84 11 3.68 3.43 3.25 2.75 2.858 2.73 2.79 18 3.55 3.38 3.13 2.57 2.591 2.59 2.74 25 3.40 3.13 2.98 2.37 2.587 2.52 2.77 Feb. 1 3.23 2.90 2.78 .92 2.202 2.29 2.78 8 2.83 2.43 2.43 .65 .583 2.09 2.78 15 2.63 2.19 2.38 .69 .730 2.05 2.72 22 2.63 2.13 2.35 .62 .731 1.93 2.67 Mar. 1 2.45 2.08 .22 .202 .69 2.54 8 2.38 1.88 .39 .351 .76 2.53 15 2.38 1.88 .39 .532 .77 2.53 22 2.38 1.88 .33 .343 .85 2.50 29 2.23 .83 1.63 .11 .189 .73 2.45 Apr. 5 2.13 .75 1.63 .08 .148 .54 2.44 12 2.00 .74 1.63 .10 .074 .29 2.40 19 .88 .63 1.58 .13 .225 .31 2.32 26 .75 .40 1.38 .13 .055 .32 2.22 May 3 .75 .38 1.38 .23 .367 .39 2.30 10 .75 .38 1.38 .11 .187 .33 2.29 17 .75 .38 .38 .02 .112 .26 2.26 24 .70 .38 .28 .74 .931 .13 2.23 31 .63 .38 .13 .58 .635 .01 2.20 June 7 .63 .38 .13 .71 .723 .91 2.14 14 .55 .38 .13 .83 .841 .91 2.17 21 .50 .38 .13 .92 .953 .97 2.28 28 .50 .38 .13 .90 1.006 1.10 2.39 July 5 .50 .38 .13 .79 .768 1.13 2.45 12 .50 .38 .13 .95 .934 1.25 2.51 19'.'.'.'.'.'.'.'.'.'.'.'.'. .50 .38 .13 .94 1.137 1.44 2.57 26 .50 .30 .13 .988 1.36 2.50 Aug. 2 1.50 .13 .13 .94 .984 1.49 2.65 9 1.50 .13 .15 1.20 1.165 1.68 2.86 16 1.68 .35 .58 1.58 1.524 1.97 3.03 23 2.14 .80 .88 1.91 1.895 2.39 3.19 30 2.63 1.88 2.13 2.23 2.162 2.62 3.44 Sept. 6 2.88 2.38 2.25 2.32 2.462 2.76 3.56 13 2.88 2.38 2.25 2.37 2.359 2.81 3.56 20 2.90 2.41 2.45 2.45 2.605 2.83 3.55 27 3.00 2.56 2.50 2.48 2.511 2.85 3.56 Oct. 4 3.20 2.70 2.70 2.920 3.04 3.72 11 3.25 2.75 2.64 2.668 2.98 3.58 18 3.25 2.75 2.67 2.927 2.76 3.52 25 3.25 2.75 2.69 2.804 2.74 3.67 Nov. 1 3.15 2.88 2.75 2.53 2.647 2.67 3.66 8 3.13 2.75 2.75 2.49 2.649 2.87 3.62 15 3.00 2.75 2.75 2.71 2.774 2.90 3.59 22 3.08 2.75 2.75 2.73 2.876 2.94 3.60 29 3.13 2.75 2.75 2.72 2.723 2.96 3.58 Dec. 6 3.20 2.75 2.75 2.79 2.806 3.30 3.63 13 3.38 2.98 2.75 2.82 2.805 3.30 3.61 20 3.38 3.00 2.75 2.82 2.904 3.27 3.65 27 3.38 3.00 2.75 2.71 2.739 3.18 3.68 1 Data are averages of daily prevailing rates. 3 Consists of selected note and bond issues. 2 Consists of certificates of indebtedness and selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 INTEREST RATES, 1958 BOND AND STOCK YIELDS 1 [Per cent per annum] Corporate bonds 3 Stocks5 State and local U.S. govt. bonds 3 Month or week b G o o n v d t s . By ra s t e in le g c s ted By D pr i i v c i e d e ra n t d io s/ p E ri a c r e n i r n a g ti s o / (long- groups term^ TotaH TotaH Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d Corn- C m o o m n - Number of issues 20 5 120 30 30 40 40 40 14 500 500 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 .86 4.29 3.87 4.38 4.47 Mar 3.25 3.23 2.79 3.88 4.04 3.63 4.68 .86 4.30 3.95 4.42 4.37 7.34 Apr 3.16 2.70 3.78 4.02 3.60 4.67 3.83 4.32 3.90 4.37 4.33 May 3.12 2.69 3.71 4.00 3.57 4.62 3.80 4.30 3.89 4.31 4.19 June 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 3.23 2.79 3.83 4.02 3.67 4.53 3.81 4.30 3.94 4.36 3.98 Aug 3.60 3.50 3.07 4.07 4.17 3.85 4.67 3.94 4.42 4.16 4.45 3.78 Sept 3.75 3.74 3.28 4.32 4.39 4.09 4.87 4.24 4.52 4.41 4.58 3.69 "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: Jan. 4. . 3.22 3.28 2.86 3.92 4.17 3.68 4.96 4.00 4.37 4.15 4.41 4.51 11.. 3.20 3.26 2.86 3.88 4.13 3.65 4.92 3.96 4.33 4.08 4.38 4.51 18.. 3.21 3.12 2.68 3.77 4.07 3.61 4.84 3.91 4.31 3.99 4.33 4.48 25.. 3.27 3.08 2.65 3.73 4.02 3.57 4.77 3.87 4.26 3.93 4.32 4.40 Feb. 1. . 3.28 3.12 2.68 3.76 4.00 3.56 4.72 3.84 4.29 3.89 4.37 4.37 8.. 3.27 3.14 2.70 3.77 4.01 3.59 4.68 3.87 4.30 3.88 4.38 4.51 15.. 3.25 3.13 2.70 3.77 4.01 3.59 4.66 3.86 4.29 3.87 4.38 4.49 22.. 3.25 3.15 2.73 3.78 4.00 3.58 4.64 3.85 4.28 3.86 4.39 4.52 Mar. 1. . 3.27 3.19 2.76 3.85 4.00 3.60 4.65 3.85 4.29 3.87 4.42 4.44 8.. 3.27 3.20 2.78 3.85 4.03 3.62 4.66 3.86 4.29 3.93 4.41 4.33 15.. 3.27 3.22 2.78 3.86 4.03 3.62 4.67 3.86 4.30 3.95 4.41 4.36 22. . 3.24 3.24 2.79 3.89 4.04 3.63 4.68 3.86 4.31 3.95 4.45 4.34 29. . 3.21 3.25 2.79 3.90 4.05 3.64 4.69 3.87 4.32 3.95 4.44 4.41 Apr-.i:: 3.19 3.23 2.77 3.88 4.04 4.69 3.86 4.33 3.92 4.41 4.41 3.15 3.17 2.70 3.81 4.03 4.67 3.85 4.34 3.91 4.37 4.35 19. . 3.10 3.16 2.69 3.78 4.02 4.66 3.83 4.33 3.89 4.30 4.28 26.. 3.07 3.09 2.64 3.66 4.00 4.66 3.81 4.30 3.89 4.31 4.21 May 3. . 3.14 3.08 2.64 3.99 3.55 4.66 3.80 4.29 3.87 4.32 4.16 10.. 3.14 3.09 2.66 4.00 3.57 4.63 3.81 4.30 3.89 4.29 4.23 17. . 3.15 3.14 2.71 4.00 3.57 4.62 3.80 4.31 3.90 4.31 4.19 24.. 3.13 3.14 2.71 4.00 3.57 4.62 3.79 4.31 3.89 4.32 4.16 31. . 3.13 3.14 2.71 3.99 3.57 4.60 3.79 4.30 3.89 4.28 4.10 June 7. . 3.14 3.14 2.72 3.76 3.98 3.56 4.58 3.77 4.30 4.26 4.10 14. . 3.15 3.14 2.72 3.76 3.97 3.56 4.55 3.76 4.27 4.28 4.04 21. . 3.21 3.15 2.75 3.76 3.96 3.57 4.53 3.75 4.26 4.31 4.09 28.. 3.26 3.21 2.78 3.84 3.98 3.61 4.54 3.78 4.29 4.29 4.03 July 5. . 3.26 3.22 2.78 3.84 3.99 3.62 4.53 3.79 4.29 3.89 4.34 4.03 12. . 3.31 3.22 2.78 3.85 3.98 3.63 4.51 3.79 4.27 3.90 4.36 4.03 19.. 3.22 2.78 3.83 4.01 3.67 4.52 4.30 3.93 4.40 3.93 26.. 3.22 2.78 3.82 4.04 3.70 4.55 4.33 3.97 4.42 3.87 Aug. 2. . 3.44 3.25 2.84 3.83 4.06 3.71 4.56 3.84 4.34 4.01 4.42 3.79 9.. 3.53 3.34 2.91 3.92 4.11 3.77 4.60 3.87 4.38 4.07 4.39 3.77 16.. 3.61 3.47 3.04 4.03 4.16 3.83 4.66 3.92 4.41 4.14 4.48 3.80 23. . 3.62 3.55 3.12 4.10 4.20 3.89 4.71 3.96 4.44 4.20 4.49 3.76 30. . 3.67 3.66 3.22 4.21 4.25 3.94 4.74 4.02 4.47 4.27 4.52 3.74 Sept. 6. . 3.72 3.75 3.29 4.31 4.33 4.03 4.80 4.15 4.50 4.33 4.58 3.73 13.. 3.75 3.77 3.31 4.34 4.38 4.07 4.86 4.24 4.51 4.40 4.61 3.65 20.. 3.76 3.74 3.28 4.32 4.41 4.10 4.88 4.26 4.52 4.44 4.59 3.62 27.. 3.74 3.71 3.24 4.29 4.42 4.11 4.90 4.26 4.53 4.45 4.66 3.60 Oct. 4.. 3.83 3.72 3.25 4.29 4.43 4.13 4.92 4.26 4.55 4.48 4.65 3.52 11.. 3.72 3.73 3.25 4.30 4.44 4.13 4.94 4.26 4.57 4.49 4.61 3.56 18.. 3.74 3.67 3.21 4.26 4.42 4.09 4.94 4.23 4.58 4.46 4.64 3.52 25. . 3.77 3.68 3.23 4.24 4.41 4.10 4.91 4.24 4.55 4.44 4.66 3.51 Nov. 1. . 3.75 3.64 3.21 4.42 4.12 4.90 4.25 4.57 4.44 4.65 3.46 8.. 3.75 3.60 3.19 4.42 4.11 4.89 4.25 4.57 4.44 4.64 3.39 15.. 3.71 3.59 3.17 4.41 4.10 4.88 4.24 4.57 4.42 4.63 3.38 22.. 3.69 3.59 3.17 4.39 4.08 4.86 4.23 4.57 4.38 4.66 3.46 29. . 3.67 3.57 3.14 4.38 4.07 4.85 4.22 4.55 4.37 4.64 3.42 Dec. 6.. 3.73 3.57 3.14 4.38 4.06 4.85 4.23 4.53 4.38 4.67 13.. 3.57 3.13 4.38 4.06 4.84 4.23 4.52 4.38 4.62 20.. 3.56 3.11 4.38 4.07 4.85 4.23 4.52 4.38 4.62 27.. 3.84 3.56 3.12 4.10 4.39 4.09 4.86 4.24 4.53 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. 3 Moody's Investors Service. State and local govt. bonds include genralobligations only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1 Financial Statistics * International * International capital transactions of the United States. 220 Net gold purchases and gold stock of the United States. 228 Estimated foreign gold reserves and dollar holdings. 229 Reported gold reserves of central banks and governments. 230 Gold production. 231 International Bank and Monetary Fund. 232 United States balance of payments 233 Money rates in foreign countries 233 Foreign exchange rates. 235 Index to statistical tables 242 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. 219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] 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 ,770 11,149 6,770 1,373 579 640 3,030 5,621 1,536 1,906 1,821 265 1955—Dec. 31 13,601 11,881 11,720 6,953 1,454 785 550 3,357 6,147 1,032 2,000 2,181 360 1956—Dec. 31 14,939 ,452 13,487 8,045 1,835 930 ,012 3,089 6,865 1,516 2,346 2,415 346 1957—Dec. 31 ^15,158 1,517 '13,641 '7,917 1,557 ,079 ,275 3,231 7,142 1,623 2,575 1,946 '355 1958—Jan. 31 15,338 1,619 13,719 '8,019 1,517 1,084 ,330 '3,311 7,243 1,597 2,536 1,962 382 Feb. 28 15,310 1,471 13,840 '8,120 1,497 1,078 ,244 '3,478 7,297 1,662 2,515 2,011 355 Mar. 31 15,182 1,377 13,805 '8,018 1,511 1,066 1,260 '3,501 7,338 1,626 2,474 2,002 365 Apr. 30 15,059 1,373 13,685 '7,953 1,551 1,129 ,021 '3,423 7,125 1,662 2,552 2,004 343 May 31 15,214 1,522 13,692 '7,947 1,598 1,121 1,056 '3,274 7,049 1,789 2,497 2,044 312 June 30 15,270 1,454 13,816 '7,931 1,468 1,071 ,060 '3,358 6,957 1,001 2,499 2,072 288 July 31, 15,386 1,463 13,923 8,101 1,590 1,054 1,098 '3,397 7,139 1,962 2,403 2,134 285 Aug. 31 15,681 1,437 14,243 8,415 1,675 1,093 1,006 3,659 7,433 £,052 2,385 2,107 266 Sept. 30 '15,642 1,483 '14,160 '8,403 r1,733 1,087 1,076 '3,669 '7,565 1,944 2,288 2,085 277 Oct. 31 15,946 1,436 14,510 8,664 1,761 1,152 945 3,785 7,643 2,060 2,395 2,126 286 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 Dec. 31* 16,157 1,544 14,613 8,662 1,755 1,122 875 3,960 7,711 2,005 2,402 2,216 279 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—Dec. 31 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 11 349 1958—Jan. 31 '3,311 355 130 126 64 334 154 239 117 137 22 265 945 16 7 '401 Feb 28 .... '3,478 353 133 124 65 316 157 350 122 144 24 266 923 12 7 '483 Mar. 31 '3,501 355 110 131 61 319 154 323 107 155 28 258 904 13 7 '574 Apr. 30 '3,423 353 118 142 59 322 142 295 108 157 27 257 875 12 5 '550 May 31 .. '3,274 354 114 143 50 249 131 292 104 153 34 251 827 15 9 '549 June 30 '3,358 363 109 114 47 298 122 293 108 154 31 254 832 12 6 '617 July 31 '3,397 377 101 127 51 314 116 285 101 161 28 268 812 11 9 '637 Aug. 31 3,659 397 157 149 59 357 109 350 98 158 41 281 817 11 11 664 Sept 30 '3,669 418 106 162 63 413 112 337 101 157 33 292 804 10 11 '651 Oct. 31 3,785 425 108 162 71 468 117 330 108 165 28 281 799 16 9 699 Nov. 30^ 3,784 413 107 156 64 492 121 328 113 165 36 281 786 16 9 697 Dec 31^ 3,960 411 115 169 69 532 126 339 129 163 36 303 853 20 9 685 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—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 74 170 276 42 26 45 383 76 147 70 83 582 135 Nov. 30*> 2,408 141 21 132 73 176 280 41 23 43 413 81 145 73 84 542 140 Dec. 31^ 2,402 150 23 138 99 169 286 40 26 42 418 79 146 77 84 494 131 v Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EVFL CAPITAL TRANSACTIONS OF THE U. S. 221 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 K l u i b c - P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total A tra u l s i - a C g B o i e n a l n g - o Egypt 5 A U S f o n r o u i i f c o t a h n 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—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 2,126 64 76 99 35 45 925 129 159 96 136 361 286 77 31 20 30 128 Nov. 30^ 2,148 63 75 105 38 53 924 133 158 99 133 367 285 76 31 20 30 127 Dec. 31 P.... 2,216 63 77 108 43 56 939 145 181 99 134 371 279 79 30 16 30 125 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 .4 .1 British dependencies.... 9.8 8.0 British dependencies .4 .3 Burma 19.1 7.0 n.a. Bulgaria .7 n.a. Cambodia 13.1 17.2 20.0 Czechoslovakia 7 .7 .7 Ceylon 32.9 41.2 34.2 Eastern Germany 1.3 n.a. China Mainland 7 36.2 35.5 36.3 Estonia 1.9 1.8 1.7 Iraq 14.7 16.9 19.6 Hungary 1.0 1.0 .7 Jordan 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. Poland? 2.1 2.5 3.3 3.2 Saudi Arabia 79.5 97.4 n.a. Rumania7 7.8 .9 SyriaS 13.1 17.1 3.5 Trieste 2.2 1.4 1.4 Viet-Nam 62.3 50.1 n.a. U. S. S. R.7 1.8 .7 .7 Allother: 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 $2 million NOTE.—Statistics on international capital transactions of the United on Dec. 31, 1958. States are based on reports by U. S. banks, bankers, brokers, and dealers, 2 Includes International Bank for Reconstruction and Development, by branches or agencies of foreign banks, by certain domestic institutions International Monetary Fund, and United Nations and other inter- not classified as banks that maintain deposit or custody accounts for national organizations. foreigners, and by the U. S. Treasury. The term "foreigner" is used to 3 Represents liabilities to foreign central banks and foreign central designate foreign governments, central banks, and other official institugovernments and their agencies (including official purchasing missions, tions as well as banks, organizations, and individuals domiciled abroad trade and shipping missions, diplomatic and consular establishments, etc.) and the foreign subsidiaries and offices of U. S. banks and commercial 4 Includes Bank for International Settlements. firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Date, or area Payable in Total foreign and country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other Total Deposits T bi r l e ls a s a u n r d y Other certificates certificates 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 ,653 243 134 49 1957 Dec 31 '15,158 '12,847 '5,875 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 13,066 6,331 r5,472 1,263 '2,196 ,736 '249 211 49 Mar 31 15,182 12,907 6,641 '5,056 1,210 '2,204 ,800 '213 190 71 Apr 30 15,059 12,776 6,792 '4,820 1,164 '2,196 ,812 '217 167 87 May 31 15,214 12,963 6,905 '4,935 1,123 '2,164 ,824 '184 156 87 June 30 15,270 12,959 7,092 '4,731 1,135 '2,235 ,919 184 132 77 July 31 15,386 13,127 7,110 4,905 ,112 2,190 ,932 135 122 69 Aug 31 15,681 13,389 7,092 5.209 1,088 2,219 ,889 210 120 72 Sept. 30 '15,642 13,305 6,705 '5,505 1,095 2,258 ,893 230 136 79 Oct 31 15,946 13,576 6,711 5,767 ,097 2,293 ,897 242 154 77 Nov 30p 16 045 13,619 6,735 5,769 ,114 2,360 ,929 258 173 66 Dec 31*7 16,157 13,680 6,767 5,837 1.075 2,418 .961 285 172 59 Area and country detail, October 31, 1958 Europe: Austria • .. •. 425 422 408 15 3 3 (i) (i) 108 59 42 2 14 49 42 1 5 (i) 162 148 79 50 20 14 12 1 1 0) Finland 71 69 51 14 5 2 2 (i) 468 408 177 204 27 59 52 3 4 1 Germany, Fed. Rep. of 1,761 1,726 289 1,248 189 17 12 3 2 18 Greece 117 106 78 28 0) 11 11 Italy 1,152 1,119 118 696 305 33 23 8 j (i) Netherlands 330 306 130 163 12 24 21 3 0) Norway 108 68 62 5 1 39 37 1 0) 165 128 124 3 37 36 1 (1) (l) 28 11 11 17 17 (i) (1) 0) Sweden 281 270 69 169 33 11 10 1 (1) (1) 799 650 344 133 172 146 101 15 30 3 Turkey 16 14 14 0) 2 2 0) United Kingdom 945 603 246 339 18 313 130 140 43 29 Other Europe 699 9 673 8 145 8 399 1 C 2 1 9 ) 0 26 ) 0 23 ) 1 3 C1) Total Europe 7,643 6,789 2,394 3,449 945 801 535 177 89 53 Canada 2,060 1,785 1,207 567 10 260 203 39 18 15 Latin America: 134 76 75 1 59 58 (l) (l) Bolivia 22 7 7 0) 15 15 (i) 130 44 41 0) 86 81 0) 4 (i) Chile 74 16 16 1 58 57 (1) C1) Colombia 170 111 110 1 59 58 0) 1 (1) Cuba 276 147 103 41 3 129 123 1 5 Dominican Republic. ... 42 20 20 (i) 22 22 (1) 26 12 8 2 14 14 (l) Guatemala 45 27 20 2 5 18 17 0) 0) Mexico 383 252 247 3 1 131 124 5 2 (1) Neth. W. Indies and Suri- 76 46 31 7 8 30 18 5 7 nam Panama Reo of 147 24 24 0) (7 122 102 5 15 C1) Peru 70 26 26 44 41 (i) 2 83 41 39 0) 2 42 35 1 5 0) Venezuela • • 582 433 432 1 148 144 3 1 (1) Other Latin America 135 56 45 7 5 75 71 3 1 4 Total Latin America.. 2,395 1,339 1,244 62 33 1,051 982 24 45 5 Preliminary. r Revised. 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. 223 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, October 31, 1958—Continued Asia: Hong Kong 64 36 32 4 28 28 C1) 0) 0) India 76 61 59 1 14 14 Indonesia 99 97 45 51 1 2 2 Iran 35 32 32 0) 3 3 Israel 45 42 28 7 8 3 3 C1) Japan 925 908 587 288 33 17 17 0) Korea, Rep. of 129 127 126 1 2 2 Philippines 159 137 127 2 9 21 21 0) C1) 0) Taiwan 96 89 89 0) 0) 7 6 0) 0) Thailand 136 132 50 66 16 4 4 0) Other Asia 361 320 260 43 17 41 40 0) 0) 0) Total Asia 2,126 1,982 1,436 458 88 143 141 1 1 1 All other: Australia 77 71 34 33 5 4 4 0) 2 Belgian Congo 31 31 14 10 6 1 1 Egypt2 20 19 19 0) 1 1 0) Union of South Africa.... 30 27 22 5 0) 3 3 0) Other 128 98 88 1 9 29 28 0) °l Total other countries.. 286 245 176 48 21 38 36 0) 2 3 International 1,436 1,436 254 1,182 Grand total . . .. 15,946 13,576 6,711 5,767 1,097 2,293 1,897 242 154 77 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 * [Amounts outstanding, in millions of dollars] Ger- Date Total France R m F e a e p n d . 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—Dec. 31 '2,199 114 140 r56 34 '98 '211 '654 154 '956 386 50 1958 Jan 31 r2,238 101 136 r51 31 '99 '229 '647 152 '994 400 45 Feb 28 . .... '2,222 98 126 '51 30 '97 '227 '628 154 '990 406 44 A M p a r r . 3 3 0 1 'r2 2 , ,4 2 1 7 0 5 1 9 0 2 4 1 1 3 34 0 ' ' 5 45 0 2 30 7 ' ' 8 84 6 ' ' 2 2 5 7 8 4 ' ' 6 6 5 6 5 0 2 1 2 8 0 6 ' ' 1 1 , , 0 0 0 2 6 3 4 3 6 8 0 3 4 48 4 May 31 '2,480 93 140 '41 27 '84 '277 '663 229 '1,051 465 71 June 30 r2,448 84 123 '44 35 '96 '263 '646 251 '1,024 450 77 July 31 '"2,491 86 117 '43 31 '103 '267 '647 271 '1,034 463 76 Aug 31 2,563 84 111 43 33 126 312 709 265 1,049 462 78 Sept 30 r2,542 90 109 '39 36 '127 '315 '716 256 '1,041 450 79 Oct 31 2,577 93 103 36 38 115 316 700 276 1,078 442 81 Nov 30p 2,485 96 88 35 35 120 301 675 232 1,062 438 79 Dec 30^ 2,538 102 77 36 42 124 313 694 242 1,098 435 69 P Preliminary. ' Revised. foreigners; drafts drawn against foreigners that are being collected by 1 Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year: loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i— 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 i s a - g B iu e m l- m D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l 1954 Dec 31 109 P> 20 10 3 3 16 2 1955 Dec 31 158 16 13 3 4 11 9 (2,> 1956—Dec. 31 216 7 28 12 4 4 21 23 2 1957 Dec 31 '211 6 '25 11 4 6 29 23 1958 Jan 31 '229 7 '28 9 4 5 33 23 Feb 28 '227 9 '27 9 3 6 32 25 Mar. 31 r258 9 r25 8 6 7 39 27 Apr 30 •274 8 '25 6 5 7 42 29 May 31 r277 5 '27 7 5 7 46 24 June 30 '263 8 '16 8 4 7 41 26 July 31 '267 8 18 7 4 8 44 25 Aug 31 312 9 67 6 3 8 43 25 Sept. 30 '315 9 '63 8 3 8 44 22 Oct 31 316 9 64 7 4 10 49 20 Nov. 30p 301 8 68 10 5 8 53 21 Dec 31 P 313 7 65 14 6 7 56 22 ot ot ot Spain Swe- Tur- Yugo- All den key slavia other 4 4 41 1 5 5 7 78 2 7 8 13 88 (2) 7 '8 10 76 (2) 10 1-19 11 77 1 9 r23 11 71 1 8 2 r36 13 75 (2) 11 2 '42 17 81 10 2 r46 18 81 1 9 2 '44 16 78 1 9 2 '44 16 79 1 11 2 57 14 67 1 9 2 '59 13 72 (2) 10 2 55 13 72 11 2 31 15 69 (2) 9 2 30 22 72 9 Table 3b. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m D i R c l u i i a o e b c 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 b n o a - - - , f Peru g U u r a u y - V zu e e n l e a - A O L i m a t c h t a 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 Dec. 31 '956 28 3 100 33 '103 113 15 8 8 231 2 18 31 42 170 51 1958—Jan. 31 '994 26 3 110 43 '103 130 13 9 9 224 2 19 31 52 166 53 Feb. 28 '990 27 3 141 41 '87 126 12 7 9 223 2 20 30 53 158 52 Mar. 31 '1,006 26 3 168 40 '85 116 12 6 9 224 3 24 35 47 157 51 Apr. 30 '1,023 23 3 184 42 '82 114 10 6 9 245 3 23 37 43 152 48 May 31 '1,051 22 3 202 50 '80 123 11 6 9 257 3 21 38 37 '141 50 June 30 '1,024 37 3 189 54 '71 105 7 7 8 253 3 25 33 39 136 54 July 31 '1,034 49 3 216 49 '54 105 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 '1,041 48 3 183 47 '49 127 14 10 9 276 2 24 28 50 125 49 Oct. 31. 1,078 35 3 165 47 50 151 19 10 9 290 4 23 31 54 138 49 Nov. 30^ 1,062 34 3 138 47 51 155 19 11 10 294 6 23 31 54 137 49 Dec. 31* 1,098 40 3 148 52 51 166 19 10 12 293 6 22 31 52 142 53 Table 3c. Asia and All Other Date Hong Total Kong 1954—Dec. 31 143 3 1955—Dec. 31 233 3 1956 Dec 31 337 4 1957 Dec 31 386 7 1958 Jan. 31 400 8 Feb 28 406 7 Mar 31 383 8 Apr. 30 460 8 May 31 '465 7 June 30 450 8 July 31 463 6 Aug 31 462 6 Sept 30 450 5 Oct. 31 442 5 Nov 30p 438 Dec 31^ 435 NO NO India Iran 5 16 5 18 6 20 6 22 7 23 7 26 7 28 8 40 6 29 6 29 5 31 5 29 6 27 8 29 8 4 ot ot 4-4- Asia All other Israel Japan ip P p h i i n l e - s w Ta a i n - T la h n a d i- Other Total 11 50 7 5 6 39 37 10 103 19 6 8 60 43 16 170 16 6 9 91 43 24 146 53 6 14 110 50 22 152 54 6 13 115 45 21 148 58 6 13 122 44 21 139 53 6 12 108 44 19 214 42 6 12 112 48 19 224 45 5 16 114 71 18 229 32 6 17 106 77 18 '224 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 23 179 67 6 13 111 4-NO ON ON t A ra u l s i - a C g B o i e n a l n g - o Egypt3 U S n o o i u f o t n h Other Africa 14 6 6 10 11 5 1 8 17 11 6 2 8 17 13 5 1 12 19 13 5 1 9 17 13 6 7 16 13 6 1 12 12 13 6 2 14 14 13 6 2 36 14 14 7 1 38 17 12 7 2 39 16 12 5 3 41 17 13 5 3 41 17 14 4 4 37 23 13 4 3 29 29 13 4 3 23 27 P Preliminary. ' Revised, 2 Less than $500,000. i See note 1 on preceding page. 3Part 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. 225 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- D an a d te , c o o r u n a t r r e y a t t e o rm ta — l1 Total Total Banks L a o nd ans to : C t o o io u ll n t e - s c- Other Total De w p i o th sits Other official Others standing foreigners institutions Total amounts outstanding 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—Dec. 31 r\ .167 '2 199 r2 052 '627 '303 423 699 147 132 15 1958 Jan 31 1,179 '2,238 '2,100 '623 '314 441 722 137 122 15 Feb 28 1,212 '2,222 '2,098 '603 '329 432 734 125 110 15 Mar. 31 1,211 '2 275 '2 119 '599 '344 441 735 156 140 16 Apr 30 1,258 '2,410 '2,239 '712 '343 448 736 171 157 14 May 31 1,240 '2,480 '2,314 '777 '349 455 732 166 153 14 June 30 1,256 '2,448 '2 276 '764 '349 432 730 172 159 13 July 31 1,268 '2,491 '2,310 '776 '364 430 740 181 166 15 Aug 31 1,323 2,563 2,385 871 370 423 720 178 165 13 Sept 30 r1,321 '2,542 '2,325 '862 r376 406 680 217 204 13 Oct 31 1,334 2,577 2,347 859 394 428 666 230 212 18 Nov. 30* 1,373 2,485 2,296 807 415 420 654 189 174 16 Dec. 31* 1,357 2,538 2,341 839 425 421 656 198 181 16 Area and country detail, October 31, 1958 Europe: Austria 26 9 9 2 (2) 1 5 (2) (2) Belgium 29 64 64 50 7 6 1 1 (2) Denmark 1 7 7 1 (2) 2 4 (2) Finland 3 4 4 (2) 2 (2) (2) (2) France 17 93 91 2 2 6 80 2 2 1 Germany, Fed. Rep. of.... 10 103 81 11 2 22 46 23 22 Greece 1 10 10 3 6 Italy 21 36 35 11 2 9 12 1 1 (2) Netherlands . . ... 27 49 48 4 27 11 6 1 1 (2) Norway. 128 20 20 1 4 3 13 (2) Portugal 2 2 2 1 Spain 7 55 55 45 1 7 1 Sweden 20 13 12 1 4 6 n\ Switzerland 2 38 30 13 11 5 9 9 (2) Turkey 72 72 68 3 United Kingdom 108 115 36 10 3 17 5 79 73 5 Yugoslavia 1 1 1 Other Europe 11 11 2 4 4 1 (2) (2) (2) Total Europe 413 700 584 225 60 105 193 116 110 7 Canada 94 276 173 17 120 8 28 103 99 4 Latin America: Argentina 4 35 35 3 1 19 Bolivia 3 3 2 (2) Brazil 260 165 165 44 16 28 77 (2) (2) Chile 7 47 47 23 8 9 7 (2) (2) Colombia 35 50 50 8 7 21 15 (2) (2) (2) Cuba 87 151 151 99 22 14 16 (2) p> Dominican Republic 3 19 19 5 7 3 3 El Salvador 10 10 3 1 3 3 Guatemala 1 9 9 1 6 2 (2) Mexico 107 290 288 106 62 25 94 2 (2) Netherlands W. Indies and Surinam 1 4 4 1 1 (?) Panama Rep of 27 23 23 18 3 2 Peru 11 31 31 3 4 17 7 (2) 1 54 54 15 5 2 31 (2) (2) (2) Venezuela 46 138 135 20 35 45 36 3 (2) 3 Other Latin America 53 49 49 3 13 26 7 (2) Total Latin America. . 644 1,078 1,072 333 201 219 319 6 2 4 P Preliminary. ' Revised. 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

226 IISTTL 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- Area and term— Loans to: country total1 Total Collec- Total Ba i o n n f s f k i t c s it i a a u l n - d Others sta t o i n o u d n t i - s ng Other Total f D or e e w p i i g o t n h s e it r s s Other tions Area and country detail, October 31, 1958—Continued Asia Hong Kong 5 5 3 1 2 <? (2) India 3 8 8 4 3 Indonesia 3 (2) Iran 5 29 28 (2) 1 Israel 14 22 22 2 17 Japan 13 196 195 79 3 21 92 1 (2) Korea Rep of . . 1 1 1 Philippines 18 39 39 32 1 6 (2) (2) (2) Taiwan 6 6 6 (2) Thailand 13 14 14 10 2 Other Asia 24 121 121 109 1 11 1 (2) (2) (2) Total Asia 91 442 440 245 5 71 118 2 2 All other: Australia 16 14 13 6 6 8 1 Belgian Congo 2 4 4 4 Egypt3 4 3 3 1 Union of South Africa.... 11 37 36 27 3 7 (2) $ (2) Other 63 23 22 8 4 8 1 Total other countries.. 92 81 78 37 8 25 8 3 1 2 International Grand Total 1,334 2,577 2,347 859 394 428 666 230 212 18 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 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1957 666 718 -52 1,617 1,423 194 699 1,392 -693 593 622 -29 \95SP 1,222 1,188 34 1,760 1,799 -39 889 1,905 -1,016 467 801 -334 1957—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 39 87 -48 22 40 -18 Apr... 79 95 -16 104 126 -21 52 115 '-62 25 34 -9 May.. 43 92 -48 115 118 3 '81 '368 r-287 24 48 -23 June.. 269 323 -53 136 153 -17 149 '"192 '-43 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 Oct.. . 80 31 49 227 220 7 163 194 -31 44 75 -31 NOV.P 15 52 -36 193 183 10 56 129 -73 37 64 -27 Dec. P. 58 53 5 205 203 3 104 221 -117 38 73 -35 r Revised 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 227 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, (-). In millions of dollars] Type of security Country Year or month Total 2 Neth- Switz- United Other Total Latin All Stocks Bonds Belgium France la e n r d - s la e n r- d K d i o n m g- Europe Europe Canada Am ica er- other 1955 156 128 29 14 9 -21 142 30 10 183 -80 27 26 1956 291 256 35 23 23 -7 147 87 7 280 -53 38 27 1957 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958^ -39 -57 18 -3 2 -8 19 -1 1 10 -86 23 14 1957 Dec -5 4 (3) 1 1 3 -5 2 1958_Jan -11 -8 -3 (3) -4 -2 4 1 -10 Feb -2 -8 6 1 -5 -2 3 10 3 -9 Mar 1 -14 15 (3) 2 1 2 3 8 -11 4 /•3\ Apr -21 -14 -2 -(1 -1 -8 -3 1 -13 -10 1 May -3 -3 -S 8 i 1 -1 2 3 -9 -1 June -17 -2 1 1 -2 -3 -10 -5 J A u u ly g -12 5 -1 1 6 4 -9 4 8 H -1 -2 3 - ( 9 3) -3 -3 -6 8 1 1 S O e c p t t 7 1 -7 3 4 8 i 3 i 4 5 2 21 4 5 - - 6 7 2 6 D No e v c * P > 1 3 0 "3 9 6 - ( i 3) 4 -4 1 14 3 -4 7 31 8 3 - -6 6 6 3 2 3 * Preliminary. 2 Includes transactions of international institutions. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (—). In millions of dollars] [In millions of dollars] Y m e o a n r t o h r na I i n n ti t s o e t n r i- - al f c o T o r o e u t i n a g l - n Europe C a a d n a - A L i m a c t a e in r- Asia o A th l e l r Date Deposits Assets in custody 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 1957—Dec. 31 356 3,729 353 1957 -384 -338 231 -552 15 -45 13 1958^ -558 -792 -72 -532 6 -45 -150 1958—Jan. 31 249 3,755 405 Feb. 28 265 3,552 428 1957—Dec.... C1) -18 6 -14 -3 -7 1 Mar. 31 266 3,315 421 Apr. 30 257 3,068 422 1958-Jan -135 -27 -6 -6 4 -5 -15 May 31 234 3,037 405 Feb.... -13 -157 -64 -93 2 -3 2 June 30 269 2,974 491 Mar.... -4 -63 -23 -36 0) -3 0) July 31 288 3,167 541 Apr.... -17 -55 7 -49 4 -3 -13 Aug. 31 313 3,344 523 May... -156 -154 1 '-130 4 —4 -25 Sept. 30 258 3,609 493 J J u u l n y e . . . . . . . - - 9 1 1 7 '- - 3 84 1 -2 8 6 2 r_ - 4 5 4 5 2 1 - - 4 3 - 0 5 ) O No ct v . . 3 3 0 1 2 2 8 2 8 6 3 3 , , 7 8 7 2 7 2 4 48 8 1 7 Aug.... -15 -51 -11 -30 o -1 -1 Dec. 31 272 3,695 480 Sept.... 3 -31 12 -10 2 -2 -33 Oct.... -11 -50 -32 -10 -1 -3 e 1959—Jan. 31 274 3,681 510 Nov.*'.. -6 -95 -3 -64 0) -6 -22 Dec.P.. -96 -56 -8 -5 -8 -31 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of page 1358 for total gold under earmark * Preliminary. r Revised. at Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 3 C U o . n S s . i st T s r o ea f s b u a r n y k b er il s l ' s , a c c c e e r p ti t f a ic n a c t e e s s , c o o f m in m d e e r b c t i e a d l n p e a s p s, e r n , o a t n es d f a o n r d e ig b n o n a d n s d . international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 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 D c e t c . . - J M an a . r - . A Ju p n r e .- S Ju ep ly t. - Continental Western Europe: 1-58.0 1-18.3 1-5.8 1-94.8 3.4 3.4 -14.2 -143.6 -113.4 -84.8 -20.0 -67.5 -33.8 Germany (Fed Rep of). ... -10.0 -130.0 -225.6 -10.0 Italy -168.8 -123.8 Netherlands -79.8 -4.5 -100.0 -65.0 25.0 -41.9 -62.9 -46.4 Portugal -15.0 -34.9 -5.0 -59.9 -54.9 -5.0 -20.0 Sweden -22.9 -32.0 -20.0 -15.0 "is'.i Switzerland -38.0 -15.0 22.5 -65.0 -15.5 -8.0 -5.0 -135.1 -75.1 Bank for Int'l Settlements -65.3 -30.4 (2) -94.3 -20.0 -15.1 -74.4 -60.7 Other -16.4 -29.7 -17.3 -17.5 2.6 4.0 3.0 339.3 331.3 -18.5 -28.2 Total -380.2 -184.8 -115.6 -546.4 -328.3 -78.5 -20.2 67.7 31.3 -76.2 -623.2 -447.5 Sterling Area: United Kingdom -1,020.0 469.9 440.0 -480.0 -50.0 100.3 -300.0 -450.0 -50.0 Union of South Africa 13.1 52.1 11.5 Other 3.5 3.6 3 5 -.5 -•1 Total -1,003.4 525.6 451.2 -480.5 -50.5 -.1 100.3 -300.0 -450.0 -50.0 Canada -100.0 -10.0 7.2 14.6 5.2 Latin America: -49.9 -20.0 -84.8 115.3 75.4 15.0 40.2 12.0 -io.6 17.5 -22.8 -3.5 28.1 Mexico -1 -6 1 4 8 . . 8 2 . - . 6 . 2 - 0 2 . . 9 . 2 2 8 1 7 4 . . 7 9 - - 2 1 8 5 . . 1 0 -3 - 8 5 0 0 . . 0 . 0 3 11.0 -20 2 0 9 . . 0 1 3.i 3.1 Other 21.0 -54.7 -2.4 -.3 17.2 3.0 -.7 2.4 3.3 -.1 -.4 -.3 Total -172.0 -126.0 57.5 -131.8 62.5 14.0 -28.3 80.9 15.0 46.6 -.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 (2) -.4 1.0 14.1 2 (2) -.5 -.1 Total foreign countries... -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 80.2 171.6 18.9 92.8 -377.4 -1,074.1 -488.5 International institutions4 200.0 600.0 -7.1 Grand total -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 771.6 18.9 92.8 -377.4 -1,081.2 -488.5 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 s a e l i e m g x ( N - o o p p e ) r l o o d t r r t t, g m c o c o r E l r ( a r e d e - r a a : a ) i k r s n s - e d e e - d , e- D p ti r c o t o i m o d g n o u e l c s d - - Month ( T e r u n G e r d a y o s l o - d f s m T to o o c n t k a th l i ) I i n n s g c t o r t o e o l c d a t k a s l e i e m g x ( N o - o p p e ) r l o o d t r r t t, g m c o c o r E l r a ( r e d e r a - a : a k i ) r s n d s - e 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 - - 1946 . . 20,529 20,706 623.1 311.5 465.4 51.2 1958—Jan 22,784 22,860 2.3 45.0 -37.3 4 4 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Feb 22,686 22,736 -123.7 38.9 -167.6 4.4 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 Mar 22,394 22,487 -248.7 6.0 -252.0 4.3 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Apr 21,996 22,042 -445.1 26.0 -471.5 4.5 1950 . ... 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 May 21,594 21,674 - 367.8 17.9 -355.2 4 6 June 21,356 21,412 -262.4 3.4 -285.0 4.9 1951 22,695 22,873 52.7 -549.0 617.6 66.3 July 21,210 21,275 -136.5 18.0 -164.3 6.1 1952 23,187 23,252 379.8 684.1 -304.8 67.4 Aug 21,011 21,082 -193.1 3.7 -196.7 5 4 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 Sept 20,874 20,929 -153.2 71.2 -220.2 6.2 1954 . . . 21,713 21,793 -297.2 16.1 -325.2 65.1 Oct 20,690 20 741 -188.4 5 4 —189 0 6 7 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 Nov 20,609 20,653 -88.0 11.7 -96 9 5 5 1956 21,949 22,058 305.9 106.1 318.5 65.3 Dec 20,534 20,582 -70.7 12.2 -79.3 5.9 1957 22,781 22,857 798.8 104.3 600.1 63.0 1958 20,534 20,582 -2,275.1 259.6 -2,515.0 63.0 1959—Jan ^20,476^20,526 ^-55.9 (3) 4-65.6 (3) P Preliminary. 2 Net after payment of $687.5 million in gold as United States gold subi 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 $8,603.3 million on Jan. 31, 1959. "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 229 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1956 Sept. 30, 1957 Dec. 31, 1957 Mar. 3 , 1958 June 30, 1958 Sept. 30, 1958 Area and Country Gold& U. S. Gold & U. S. Gold& U. S. Gold& U. S. Gold& U. S. Gold& U. S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Continental Western Europe: Austria 367 10 424 8 452 8 458 7 466 7 554 7 Belgium-Luxembourg (and Belgian Congo).. 1,227 12 1,165 8 1,182 8 1,259 7 1,393 7 1,471 6 Denmark . . • 96 6 133 6 143 6 162 6 145 6 193 6 Finland 88 5 97 5 99 5 96 5 82 5 98 5 France (and dependencies) 1 1,505 7 1,004 9 946 9 911 10 890 26 1,019 11 Germany (Federal Republic of) 3,329 14 4,063 14 4,099 14 r3,971 15 '4,043 12 '4,330 13 Greece 187 152 167 167 135 125 Italy 1,268 2 1,458 2 1,531 2 1,528 2 1,678 4 '1,934 1 Netherlands (and Netherlands West Indies and Surinam) 1,071 9 971 12 1,044 14 1,260 14 1,289 13 1,389 13 Norway • • • • • 117 87 139 81 138 105 150 95 151 89 144 97 Portugal (and dependencies) 628 636 651 658 678 694 Spain (and dependencies) 176 3 156 3 126 3 130 3 132 3 134 3 Sweden 483 508 479 5 461 8 458 4 496 3 Switzerland 2,512 2,527 134 2,685 128 2,624 118 2,689 88 2,738 88 Turkey 164 156 162 157 156 154 Other3 917 12 873 12 851 12 '963 6 '1,132 5 '1,165 6 Total 14,135 298 14,462 294 14,755 319 14,955 296 15,517 269 '16,638 259 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 Australia 191 197 211 218 222 224 India 323 1 329 329 1 326 328 1 320 1 Union of South Africa 277 1 262 1 255 1 231 183 1 216 Other 228 14 227 30 '228 34 230 37 230 35 233 '41 Total... 3,934 223 3,631 216 '4,002 245 4,567 284 4,874 261 4,944 '263 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 1 456 440 1 450 1 458 1 Chile 137 1 117 1 115 1 117 1 126 124 1 Colombia 210 244 215 200 192 207 Cuba 347 167 416 167 371 154 371 146 417 86 409 86 Guatemala 91 87 92 93 91 75 Mexico 600 4 553 3 566 3 536 3 485 3 '517 Panama Reoublic of . 109 1 129 136 1 144 2 134 1 143 1 Peru 119 96 88 82 93 92 Uruguay 259 1 243 235 1 266 257 2 262 2 Venezuela 1,058 3 1,615 2 1,554 2 1,428 2 1,460 2 1,233 2 Other 274 12 293 13 277 13 300 12 304 12 '272 12 Total 4,123 190 4,563 189 4,368 176 4,247 168 4,274 108 4,036 108 Asia: 231 220 190 128 127 129 Iran 158 (2) 187 (2) 193 (2) 190 n\ 202 (2) 181 •2\ Japan 1,145 4 698 2 714 2 833 2 932 1 1 Oil j Philippines 294 6 235 6 181 5 196 5 175 5 191 3 260 275 1 269 269 1 260 1 252 Other 707 6 768 7 111 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 '8 Xotal 367 8 408 7 390 7 386 8 344 7 328 '8 Total foreign countries 5... 27,983 1,103 28,233 1,165 '28,577 1,220 29,266 1,212 30,557 1,004 '31,465 996 International institutions... 3,144 391 2,679 222 2,697 222 2,563 356 2,696 446 '2,789 462 Grand total5 31,127 1,494 30,912 1,387 '31,274 1,442 31,829 1,568 33,253 1,450 '34,254 1,458 ' Revised. NOTE.—Gold and short-term dollars include reported and estimated 1 Excludes gold holdings of French Exchange Stabilization Fund. official gold reserves, and total dollar holdings as shown in Short-term 2 Less than $500,000. Liabilities to Foreigners Reported by Banks in the United States- by 3 Includes Yugoslavia, Bank for International Settlements (both for Countries (Tables 1 and la-Id of the preceding section). U. S. Govt its own and European Payments Union account), gold to be distributed bonds and notes represent estimated holdings with original maturities by the Tripartite Commission for Restitution of Monetary Gold, and of more than one year; these estimates are based on a survey of selected unpublished gold reserves of certain Western European countries. U. S. banks and on monthly reports of security transactions. 4 Part of the United Arab Republic since February 1958. 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

230 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- Bel- E m n o d n t o h f w m t o o a r t t l a e d l d 1 M F t u a o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s i - a A tr u i s a - C g o i n an go g B i e u l m - Brazil Canada Chile lo C m o b - ia 1952—Dec 36,000 1 .692 23,252 11,055 287 112 52 80 706 320 896 42 76 1953 Dec 36,435 ,702 22,091 12,640 372 117 52 101 776 321 996 42 86 1954 Dec . . . 37 080 740 21 793 13 545 372 138 62 115 778 322 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 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 1,099 324 1,089 40 66 June 39 395 242 21 412 16 740 125 147 103 83 1,143 325 1,086 40 67 July ,242 21,275 125 150 107 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 2>17,3O5 136 82 1,228 325 1,088 40 70 Oct ,307 20,741 144 83 1,251 325 1,085 40 70 Nov 20,653 155 83 .270 325 .089 40 71 Dec 20,582 194 1,270 325 40 72 Ger- E m n o d n t o h f Cuba m De a n rk - D R o i e c p m a u n i b n - - E d c o u r a- Egypt2 E v l a d S o a r l- l F a i n n d - France3 R F m e e p d a u n e b r y a l , i 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 Dec 136 31 11 22 188 31 35 575 2,542 13 27 247 39 19eg 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 July 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 11 22 174 31 35 589 2,633 27 247 38 Nov 120 31 11 22 174 31 35 589 2,639 27 247 38 Dec 31 11 22 174 31 35 589 2,639 27 247 37 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—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 All 91 156 862 33 43 49 20 g 454 Mi ay 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 18 847 91 147 956 33 43 49 20 14 486 Oct 141 25 18 91 999 33 43 49 19 15 486 Nov 141 18 91 1,026 33 43 49 19 9 486 Dec . . . 141 18 91 1,050 33 43 49 19 10 493 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 231 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Bank Euro- E m n o d n t o h f A So fr u ic th a Sweden Sw la i n tz d er- Syria 2 T la h n a d i- Turkey U K d n o in i m t g e 4 - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l 'l e- m p P e e a a n y n t - s ments Union 1952—Dec 170 184 1 411 14 113 143 1,846 207 373 12 196 158 1953 Dec 176 218 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—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 ,733 24 112 144 2,539 180 719 12 162 Mar 193 203 [,720 24 112 144 2,770 180 719 14 182 126 Apr 179 203 I 770 24 112 144 2 914 180 719 14 212 May 161 203 I 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 July . . . .. 167 204 1,907 24 112 144 3,084 180 719 14 167 Aug 180 204 1,929 24 112 144 3,089 180 719 15 171 Sept 188 204 1,934 24 112 144 3,120 180 719 15 187 126 Oct 201 204 1,935 112 144 3,174 180 719 15 198 Nov 210 204 1,924 112 144 3,215 180 719 17 238 Dec. . 211 204 I 925 144 3.069 180 719 17 339 p Preliminary. 2 Part of the United Arab Republic since February 1958. i Excludes U.S.S.R. and other Eastern European countries. 3 Represents holdings of Bank of France (holdings of French Exchange Represents reported gold holdings of central banks and governments Stabilization Fund are not included). and international institutions, unpublished holdings of various central 4 Beginning December 1958, represents Exchange Equalization Account banks and governments, estimated holdings of British Exchange Equaliza- gold and convertible currency reserves, as reported by British Governtion Account based on figures shown for United Kingdom, and esti- ment; prior to that time represents reserves of gold and United States mated official holdings of countries from which no reports are received. and Canadian dollars. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated world Year or production Africa ]^Jorth and South America Other month (excl. U.S.S.R.) Total A So fr u ic th a R de h s o ia - Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - i Brazil Chile Co b l i o a m- t A ra u l s ia - India 1950 864.5 781.7 408.2 17.9 24.1 11> 0 80.1 155.4 14.3 8.0 4.6 6.7 13.3 30.4 6.7 1951 840.0 763.1 403.1 17.0 22.9 123 66.3 153.7 13.8 8.8 4.8 6.1 15.1 31.3 7.9 1952 868.0 785.7 413.7 17.4 23.8 11> 9 67.4 156.5 16.1 8.9 4.9 6.2 14.8 34.3 8.9 1953 864.5 780.5 417.9 17.5 25.4 13.0 69.0 142 A 16.9 9.1 4.0 4.6 15.3 37.7 7.8 1954 . ... 913.5 830.4 462.4 18.8 27.5 12.8 65.1 152.8 13.5 8.2 4.2 4.4 13.2 39.1 8.4 1955 959.0 877.7 510.7 18.4 23.8 V\ 0 65.7 159.1 13.4 8.1 3.9 4.3 13.3 36.7 7.4 1956 994.0 914.8 556.2 18.8 21.9 V\ 1 65.3 153.4 12.3 7.6 4.3 3.3 15.3 36.1 7.3 1957 1,036.7 955.8 596.2 18.8 27.7 V\ 1 63.0 154.7 12.1 6.9 4.2 3.6 11.4 37.9 6.3 1957 Nov 79.9 49.8 1.6 2.4 L.O 5.1 13.1 .9 .6 .3 .2 1.1 3.2 .5 Dec 78.7 49.0 1.6 2.4 .9 5.5 12.9 .7 .5 .3 .2 .9 3.3 .5 1958 Jan 80.0 49.6 1.5 2.5 1.4 4.4 13.2 1.0 .6 .4 .3 1.5 3.2 .5 Feb 75.9 47.5 1.5 2.5 .9 4.4 12.5 1.1 .5 .3 .2 1.0 2.9 .5 Mar 50 1 1.6 2.5 9 4.3 13.7 1.4 .5 .4 .9 3.0 .5 Apr 50.3 1.6 2.4 1.2 4.5 13.4 .9 .6 .3 1.0 2.9 .5 M^ay . 51.6 1.6 2.4 0 4.6 13.3 .9 .6 .4 3.2 .4 June 50.6 1.6 2.5 1.4 4.9 13.4 .9 .6 .3 1.2 3.3 .5 July 52.4 1.5 2.5 9 6.1 13.2 .7 A 1.3 3.7 .5 Aug 52.6 1.6 2.5 5.4 12.8 .7 .3 .9 3.0 .5 Sept 53.0 1.7 2.5 A 6.2 13.1 .6 .4 .9 3.5 .5 Oct 54.0 1.6 2.4 9 6.7 14.0 .6 .3 1.3 Nov 53 3 2.5 L.O 5.5 12.9 .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

232 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 Dec. Mar. June Sept. Dec. Oct. Jan. Apr. July Oct. Dollar deposits and U. S. securities 602 683 917 900 943 Gold 1,177 1,180 1,238 1,242 1,307 Other currencies and securities1... 813 767 752 747 693 Investments9 200 200 200 200 200 Effective loans* 2,606 2,795 2,829 2,999 3,275 Currencies:1 Other assets* 75 90 93 91 101 United States 811 769 696 664 717 Other 5,948 5,992 6,060 6,119 6,025 IBRD bonds outstanding 1,269 1,405 1,658 1,687 1,792 Unpaid member subscriptions 874 874 898 873 958 Undisbursed loans 620 699 675 753 910 Other assets Other liabilities 21 24 27 27 24 9 Reserves 319 335 350 366 382 Member subscriptions 9,016 9,016 9,088 9,088 Capital* 1,867 1,872 1,881 1,904 1,904 Accumulated net income. 3 (10) 9,193 Reserves and liabilities. . . 4 18 ('0>23 Loans by country, Dee. 31, 1958 Quota Cumulative net drawings on the Fund Outstanding Area and member country4 Prin- Dis- Re- Country Paid 1957 1958 bursed paid Sold Total in Total to gold others* Nov. Oct. Nov. Continental Western Europe, Argentina 150 75 75 75 total 1,307 1,124 225 899 101 Bolivia 10 7 9 9 Austria 92 58 58 3 Brazil 150 75 113 113 Belgium and Luxembourg.. 173 144 17 127 31 Burma 15 15 15 15 Denmark 40 40 4 36 2 Chile 50 25 40 40 Finland 65 57 15 42 2 France 267 267 23 244 12 Colombia 50 13 25 35 35 Italy 238 142 2 140 20 Cuba 50 13 25 25 25 Netherlands 236 236 150 86 29 Denmark 68 6 34 9 9 Norway 75 61 60 1 France 525 108 263 394 394 Turkey 61 58 54 Haiti 8 2 3 4 Yugoslavia 61 61 53 India 400 28 200 200 200 Sterling area, total 1,386 1,046 118 928 118 Indonesia 110 16 55 55 55 Australia 318 311 26 285 34 Iran 35 9 25 17 17 Ceylon 25 12 12 Israel 8 2 4 4 4 India 507 350 29 321 31 Japan 250 63 125 63 Pakistan 126 71 13 58 3 Union of S. Africa 185 160 37 123 22 Netherlands 275 69 69 30 United Kingdom 193 122 6 116 26 Paraguay 8 2 6 6 6 Other 32 20 7 13 Peru 25 3 5 Philippines 15 4 15 15 Latin America, total 893 642 96 546 20 Sudan 10 5 5 Brazil 255 169 23 145 Turkey 43 43 39 Chile 74 44 8 36 Colombia 114 97 25 72 Union of South E E l c u S a a d lv o a r dor 4 2 6 4 2 1 3 0 (6) 2 9 2 Un A it f e r d ic a Arab Re- 100 25 36 36 Mexico 186 155 13 142 public 60 10 30 30 30 Nicaragua 23 20 5 15 United Kingdom. 1,300 236 562 545 545 Peru 62 38 4 34 United States.... 2,750 688 n-1,926 n-l,991 ,920 Uruguay 64 52 7 45 Yugoslavia 60 23 23 Other 45 35 9 26 Asia (excluding Sterling area), 1 Currencies include demand obligations held in lieu of deposits. total 509 265 255 22 2 Represents principal of authorized loans, less loans not yet effective, Iran 75 75 75 5 repayments, the net amount outstanding on loans sold or agreed to be Japan 244 138 134 13 sold to others, and exchange adjustment. Lebanon 27 3 3 .... 3 Excludes uncalled portions of capital subscriptions. Malaya 36 4 Loans to dependencies are included with member. Philippines 21 1 5 Includes also effective loans agreed to be sold but not yet disbursed. Thailand 107 2 6 Less than $500,000. 7 Includes $160 million in loans not yet effective. Africa (excluding Sterling 8 Includes $242 million not guaranteed by the Bank. area), total 9 U. S. Treasury bills purchased with proceeds of sales of gold, Ethiopia 1 i o Transferred to general reserve. Sudan i! Represents sales of U. S. dollars by the Fund to member countries for local currencies, less repurchases of such currencies with dollars. Total 74,158 3,088 450 2,638 8262 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 233 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1955 1956 1957 1958 Exports of goods and services, total *... 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 -194 -141 -243 -218 -338 -255 -373 Foreign capital and gold (net) 507 218 621 445 661 -189 305 -256 577 1,065 877 Increase in foreign short-term assets -377 164 and Government securities 416 168 508 391 678 -275 503 -247 188 -5 394 Increase in other foreign assets 106 58 125 157 147 113 -195 127 18 212 19 -5 Gold sales by United States -15 -12 -103 -164 -27 166 -325 -27 50 370 1,075 "'483 Errors and omissions 38 129 153 212 323 -3 3 4 6 8 2 262 360 - - 1 9 0 8 8 170 73 217 v Preliminary. 2 Including military transactions. i Excluding military transfers under grants. 3 Minus sign indicates net outflow. OPEN MARKET RATES [Per cent per annum) Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m re b o a il n s l u s th ry s1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t r t h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n s a e i n r t s s c ' e D m a o d y n a - y e t y o 3 - Tr d 6 e b a 0 a i y - l s 9 l s u s 0 4 ry D m a o d y n a - e y t y o - 5 3 T r m e b a i o l s l n u s t t h y s D m a d o y a n - y e t o y - d P is r r i c a v o t a e u t n e t 1956—Dec 5.61 3.18 5.07 4.94 4.15 3.50 3.55 4.75 4.81 3.48 3.23 1.50 1957_Dec 5.65 3.60 6.67 6.43 5.67 5.00 5.72 3.75 3.25 4.64 3.33 2.50 1958—Jan 5.54 3.34 6.51 6.27 5.56 5.00 5.17 3.25 3.13 4.43 3.50 2.50 Feb >.99 3.05 6.17 6.02 5.57 5.00 5.25 3.25 3.63 3.88 3.26 2.50 Mar >.44 2.61 5.98 5.78 5.23 4.65 5.96 3.25 3.44 3.14 2.77 2.50 Apr .65 1.64 5.47 5.28 4.71 4.00 6.78 3.25 3.56 3.18 2.93 2.50 May .56 1.55 5.24 5.02 4.53 3.85 10.04 3.25 3.38 2.97 2.39 2.50 June .75 1.72 4.65 4.45 3.95 3.30 7.51 2.75 3.44 2.90 2.34 2.50 July .31 1.18 4.31 4.15 3.62 3.00 6.85 2.63 2.88 2.88 2.49 2.50 Aug .29 .67 3.98 3.81 3.36 2.70 6.97 2.50 2.56 2.62 2.08 2.50 Sept >.O2 .48 3.82 3.65 3.17 2.50 6.46 2.50 2.88 2.62 2.16 2.50 Oct 2.48 1.51 3.80 3.65 3.19 2.50 5.50 2.38 2.56 2.83 2.50 2.50 Nov 5.00 2.10 3.67 3.46 2.97 2.32 5.26 2.38 2.88 2.40 1.79 2.50 Dec 5.46 1.87 3.34 3.16 2.70 2.00 2.38 2.63 2.26 1.50 2.50 1 Based on average yield of weekly tenders during month. figures are averages of rates on government and private securities. 2 Based on weekly averages of daily closing rates. 4 Rate in effect at end of month. 3 Beginning January 1957, rate shown is on private securities. Previous 5 Based on average of lowest and highest quotation during month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Changes during the last 12 months Rate as of Jan. 31, 1958 Rate Country 1958 1959 Ja a n s . o 3 f 1, Per Month 1959 cent effective Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 6.0 Dec. 1957 6.0 Austria 5.0 Nov. 1955 5.0 Belgium ... 4.5 July 1957 4.25 4.0 3.75 3.5 3.25 3.25 Brazil2 6.0 May 1955 10.0 10.0 Burma • • 3.0 Feb. 1948 3.0 Canada3 3.5 Jan. 1958 3.11 2.52 1.62 1.79 1.97 1.12 1.74 2.52 3.08 3.13 3.74 3.53 3.53 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 5.5 May 1955 5.0 4.5 4.5 10.0 May 1948 10.0 3 0 Nov. 1952 3.0 El Salvador2 4.0 Apr. 1957 4.0 6.5 Apr. 1956 6.5 France 5.0 Aug. 1957 4 5 4.5 Germany 3.5 Jan. 1958 3.0 2.75 2.75 10.0 May 1956 10.0 Honduras ^ 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 7.0 IndiaS 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 4.5 June 1942 4.5 Netherlands 4.5 Jan. 1958 4 0 3 5 3 0 2.75 2.75 New Zealand ... 7.0 Oct. 1955 7.0 Nicaragua 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 3.0 July 1948 4.0 4.0 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 4.0 4.0 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 2.0 May 1947 2.0 1 Rates shown represent mainly those at which the central bank either Cuba—4.5 per cent for sugar loans and 4 per cent for loans secured by discounts or makes advances against eligible commercial paper and/or national public securities; El Salvador—3 per cent for agricultural and government securities for commercial banks or brokers. For countries industrial paper and 2 per cent for special cases; Finland—rates ranging with more than one rate applicable to such discounts or advances, the up to 7.25 per cent for longer term paper (rate shown is for 3 months rate shown is the one at which the largest proportion of central bank commercial paper); Indonesia—various rates depending on type of paper, credit operations is understood to be transacted. In certain cases other collateral, commodity involved, etc.; Japan—penalty rates (exceeding rates for these countries are given in note 2. the basic rate shown) for borrowings from the Central bank in excess 2 Discounts or advances at other rates include: Argentina—3 and 5 of an individual bank's quota; and Peru—4 per cent for industrial paper per cent for certain rural and industrial paper, depending on type of and mining paper, and 3 per cent for most agricultural paper. transaction; Brazil—8 per cent for secured paper and 4 per cent for 3 Since Nov. 1, 1956, the discount rate has been set each week at certain agricultural paper; Chile—rates of more than 6 per cent for VA 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 235 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month (peso) (p t A r o a u u l n s ia - d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r l k an k d a) Official Free 1953 7.198 224.12 3.8580 2.0009 101.650 21.046 .4354 1954 7.198 223.80 3.8580 1.9975 102.724 21.017 .4354 1955 7.183 222.41 3.8580 1.9905 101.401 20.894 .4354 1956 5.556 2.835 222.76 3.8580 2.0030 101.600 20.946 .4354 1957 . . 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 .3995 1958 15.556 12.207 223.88 3.8536 2.0044 103.025 21.049 .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 5.556 2.610 224.33 3.8536 2.0041 102 312 21 072 3118 Apr 5.556 2.444 224.47 3.8536 2.0047 103.011 21 088 3118 M^ay 5.556 2.377 224.36 3.8536 2.0050 103.396 21.085 .3118 June 5.556 2.376 223.99 3.8536 2.0050 103.960 21.066 .3118 July 5.556 2.352 223.42 3.8536 2.0049 104.162 20.996 .3118 5.556 2.221 223.51 3.8536 2.0050 103 645 21 020 3118 Sept ... . 5.556 2.025 223.37 3.8536 2.0056 102.357 21.016 .3118 Oct 5.556 1.656 223.67 3.8536 2.0061 103 005 21 049 3118 Nov 5.556 1.386 223.55 3.8536 2.0056 103.253 21.039 .3118 Dec 15.556 11.518 223.41 3.8536 2.0057 103.660 21.032 .3118 1959—Jan 21. f5187 223.62 3.8444 2.0003 103.402 21.046 .3115 Year or month ( F f r ra a n n c c ) e ( G d m e e r u a m t r s k a c ) n h y e ( I ru n p d e ia e) ( I p re o l u a n n d d ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - r s ) 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 3.2858 4.2374 23.848 21.048 280.98 .2779 32.767 8.006 26 418 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 .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 3.2858 .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 .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 4.2330 23.907 21.015 280.38 .2779 32.768 8.006 26 506 1959 Jan .2037 23.930 21.041 280.65 .2779 32.838 8.006 26.514 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 u a t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e S fr r w a la n i n t c - d ) ( U 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 52.3810 19.328 23.328 280 98 1958 Jan 278.54 14.008 49.695 3.4900 280.27 52.3810 19 328 23 334 281 32 Feb 278.78 14.008 49.695 3.4900 280.52 2.3810 19.328 23.335 281.57 Mar 278.75 14.008 49.695 3.4900 280.49 2.3810 19.328 23.335 281 54 Apr 278.92 14.008 49.695 3.4900 280.65 2.3810 19 328 23 335 281 71 May 278.78 14.008 49.695 3.4900 280.52 2.3810 19.328 23.335 281.57 278.33 14.008 49.695 3.4900 280.06 2.3810 19.328 23 335 281 11 July 277.62 14.008 49.695 3.4900 279.35 2.3810 19.328 23.335 280.40 Aug 277.73 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 277.78 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 1959 Jan 277.87 14.012 49.695 3.4917 279.60 2.3810 19.326 23.190 280.65 1 Based on quotations through Dec. 29, 1958. 4 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957, - jjo.ot.va v/ii 4uuiauuuj UUV/U511 uw. -t^, i^^u. ^ EUWUVC iaie ui tz,u iiciiics pei KJ. o. uouax, esiauusneu >vug. iz, 1^0/, 2 Effective Jan. 12, 1959, the Argentine Government established a was extended to all foreign exchange transactions on Oct. 28, 1957, and single exchange rate for the peso in place of the former official and free on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc rat 3 e s B . ased on quotations through June 20, 1958. w w a a c5 s Bf f ii u rat r sV t e h iad e r r o rn d i e oqv v au a lo l n u to e ar d ti i ot t nn o s A 4 .b 9 Qe 3 'Xg .7 i"n 0 7n 6 rti <n f r fg a r a n Jn c ac s no . p n2 e a r ,i > 1 U T9 . T5 8 S .C . d /- o 1/ l - l J a 1a r » . - 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 JOSEPH E. KELLEHER, Director ALBERT R. KOCH, Associate Adviser KENNETH B. WILLIAMS, Associate Adviser LEWIS N. DEMBITZ, Research Associate OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser OFFICE OF THE CONTROLLER ROBERT L. SAMMONS, Associate Adviser J. J. CONNELL, Controller DIVISION OF BANK OPERATIONS SAMPSON H. BASS, Assistant Controller JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director OFFICE OF DEFENSE PLANNING M. B. DANIELS, Assistant Director JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 FEDERAL RESERVE BULLETIN • FEBRUARY 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, Vice President HOMER J. LIVINGSTON, CHICAGO, President JOHN J. MCCLOY, NEW YORK WILLIAM A. MCDONNELL, ST. LOUIS CASIMIR A. SlENKIEWICZ, PHILADELPHIA GORDON MURRAY, MINNEAPOLIS REUBEN B. HAYS, CLEVELAND R. OTIS MCCLINTOCK, 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 239 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 Richmond Hugh Leach N. L. Armistead Upton S. Martin Thomas I. Storrs Edward A. Wayne J. Dewey Daane Joseph M. Nowlan C. B. Strathy Aubrey N. Heflin James M. Slay Atlanta Malcolm Bryan J. E. Denmark Harold T. Patterson Earle L. Rauber Lewis M. Clark John L. Liles, Jr. L, B. Raisty S. P. Schuessler J. E. McCorvey Chicago Carl E. Allen Ernest T. Baughman Hugh J. Helmer C. T. Laibly E. C. Harris W. R. Diercks Paul C. Hodge George W. Mitchell A. M. Gustavson Robert C. Holland H. J. Newman 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 A STATISTICAL STUDY OF REGULATION V LOANS. more copies to one address, 50 cents per copy September 1950. 74 pages. 25 cents per copy; per month, or $5.00 for 12 months. in quantities of 10 or more copies for single shipment, 15 cents each. FEDERAL RESERVE CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS. Monthly. Annual BANKING AND MONETARY STATISTICS. Statistics of subscription includes one issue of Historical banking, monetary, and other financial develop- Supplement. Subscription price in the United ments. November 1943. 979 pages. $1.50. States and the countries listed above is $6.00 per annum, 60 cents per copy, or 50 cents each RULES OF ORGANIZATION AND RULES OF PROCEin quantities of 10 or more of a particular DURE—Board of Governors of the Federal Reissue for single shipment; elsewhere $7.00 per serve System. 1946. 31 pages. annum or 70 cents each. REGULATIONS OF THE BOARD OF GOVERNORS OF HISTORICAL SUPPLEMENT TO FEDERAL RESERVE THE FEDERAL RESERVE SYSTEM. CHART BOOK. Issued annually in September. Annual subscription to monthly chart book in- ADMINISTRATIVE INTERPRETATIONS OF REGULAcludes one issue of Supplement. In the United TION F—SECTION 17—COMMON TRUST FUNDS. States and countries listed above under Federal 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President, are being distributed through the Superintendent of Documents. Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00 Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60 Part III— Views on Regulation, $1.00 Part IV—Financing New Car Purchases, $.60 Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C. 240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 241 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. April 1957. 20 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. SURVEY OF FINANCE COMPANIES, MID-1955. April 1957. 17 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 WINNING THE BATTLE AGAINST INFLATION. August 1957. 12 pages. pages. REVISION OF MONTHLY DEPARTMENT STORE IN- FEDERAL FINANCIAL MEASURES FOR ECONOMIC DEXES. December 1957. 30 pages. STABILITY. May 1953. 7 pages. SEASONAL FACTORS AFFECTING BANK RESERVES. * DETAILED DESCRIPTION OF SOURCES AND METH- February 1958. 12 pages. ODS USED IN REVISION OF SHORT- AND INTER- INTERNATIONAL GOLD AND DOLLAR FLOWS. MEDIATE-TERM CONSUMER CREDIT STATISTICS. April 1953. 25 pages. March 1958. 7 pages. 1958 SURVEY OF CONSUMER FINANCES. March, DEPARTMENT STORE SALES AND STOCKS, BY July, and September 1958. 51 pages. (Similar MAJOR DEPARTMENTS (Revised Indexes). No- Surveys are available for earlier years from vember 1953. 65 pages. 1952, 1953, 1955, 1956, and 1957 BULLETINS.) FEDERAL RESERVE MONTHLY INDEX OF INDUS- MEMBER BANK LENDING TO SMALL BUSINESS, TRIAL PRODUCTION, 1953 Revision. December 1955-57. April 1958. 19 pages. 1953. 96 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE NEW INDEXES OF OUTPUT OF CONSUMER DUR- SALES. April 1958. 10 pages. ABLE GOODS. May 1954. 15 pages. GROWTH AND STRUCTURE OF TIME DEPOSITS. SEASONAL ADJUSTMENT FACTORS FOR DEMAND April 1958. 5 pages. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE OWNERSHIP OF DEMAND DEPOSITS. May 1958. 3 BANKS. March 1955. 4 pages. pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- SURVEY OF COMMON TRUST FUNDS, 1957. May COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- 1958. 5 pages. (Also, similar reprints from ber 1955. 40 pages. August 1956 and June 1957 BULLETINS.) SURVEY OF BANK LOANS FOR COMMERCIAL AND MONEY AND CREDIT IN THE RECESSION. July 1958. INDUSTRIAL PURPOSES. Business Loans of 7 pages. Member Banks. April 1956. 14 pages. Credit INTEREST RATES IN LEADING COUNTRIES. Sep- Lines and Minimum Balance Requirements. tember 1958. 8 pages. June 1956. 7 pages. THE 1957-58 RECESSION IN WORLD TRADE. Oc- FINANCING OF LARGE CORPORATIONS, 1951-55. tober 1958. 8 pages. June 1956. 9 pages. OPEN MARKET OPERATIONS IN LONG-TERM SE- REVISION OF CONSUMER CREDIT STATISTICS. Oc- CURITIES. November 1958. 15 pages. tober 1956. 24 pages. (Also, similar reprint MONEY AND CREDIT IN 1958. February 1959. 7 from April 1953 BULLETIN.) pages. INDEX OF ELECTRICITY AND GAS OUTPUT. Oc- BANKING AND MONETARY STATISTICS, 1958. Setober 1956. 15 pages. lected series of banking and monetary statistics AGRICULTURAL LOAN SURVEY. November 1956 for 1958 only. February 1959. 8 pages. (Simand January, February, and March 1957 BUL- ilar reprint of 1957 data, February and May LETINS. 52 pages. 1958 BULLETINS.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 172, 173, 217 Demand deposits: Agricultural loans of commercial banks, 168, 170 Adjusted, banks and the monetary system, 164 Agriculture, Govt. agency loans, 176, 177 Adjusted, commercial banks, by classes, 169 Assets and liabilities (See also Foreign liabilities Banks, by classes, 165, 171 and claims reported by banks): Type of holder, at commercial banks, 169 Banks and the monetary system, consoli- Department stores: dated, 164 Merchandising data, 203 Corporate, current, 184 Sales and stocks, 192, 202 Domestic banks, by classes, 165, 168, 170 Deposits (See also specific types of deposits): Federal business-type activities, by fund or Adjusted, and currency, 164 activity, 176, 177 Banks, by classes, 165, 169, 171 Federal Reserve Banks, 159, 160 Federal Reserve Banks, 159, 160, 227 Automobiles: Postal Savings, 162, 164 Consumer instalment credit, 188, 189, 190 Turnover of, 162 Production index, 194, 198 Deposits, reserves, and borrowings, by class of member bank, 157 Bankers' balances, 169, 171, 215 Discount rates, 158, 234 (See also Foreign liabilities and claims reported Discounts and advances by Federal Reserve by banks) Banks, 155, 159 Banking and monetary statistics for 1958, 212 Dividends, corporate, 183, 184 Banking offices: Dollar assets, foreign, 227, 229 Changes in number, 210 Dwelling units started, 199 On, and not on, Par List, number, 211 Banks and the monetary system, consolidated Earnings and expenses, Federal Reserve Banks, 208 statement, 164 Earnings and hours, manufacturing indus- Bonds (See also U. S. Govt. securities): tries, 192, 201 New issues, 182, 184 Employment, 192, 200, 201 Prices and yields, 173, 174, 218 Export-Import Bank, loans, etc., 176, 177 Brokers and dealers in securities, bank loans to, 168, 170, 214 Farm mortgage loans, 176, 185, 186 Business expenditures on new plant and equip- Federal business-type activities, assets and liabilities, ment, 184 by fund or activity, 176, 177 Business indexes, 192 Federal Deposit Insurance Corporation, Business loans (See Commercial and industrial loans) assets, etc., 176, 177 Federal finance: Capital accounts: Cash transactions, 178 Banks, by classes, 165, 169, 171 Receipts and expenditures, 179 Federal Reserve Banks, 159, 160 Treasurer's balance, 178 Carloadings, 192 Federal home loan banks, loans, etc., 176, 177, 187 Central banks, foreign, 230, 234 Federal Housing Administration, loans, etc., 176, Coins, circulation of, 163 177, 185, 186, 187 Commercial banks: Federal National Mortgage Association, Assets and liabilities, 165, 168 loans, etc., 176, 177, 187 Consumer loans held, by type, 189 Federal Reserve Banks: Number, by classes, 165 Condition statement, 159, 160 Real estate mortgages held, by type, 185 Earnings and expenses, 208 Commercial and industrial loans: U. S. Govt. securities held by, 155, 159, 160, Commercial banks, 168 180, 181 Weekly reporting member banks, 170, Federal Reserve credit, 155, 159, 160 172, 216 Federal Reserve notes, 159, 160, 161, 163 Commercial paper, 172, 173, 217 Finance company paper, 172, 173, 217 Commodity Credit Corporation, loans, etc., 176, 177 Foreign central banks, 230, 234 Condition statements (See Assets and liabilities) Foreign deposits in U. S. banks, 155, 159, 160, 164, Construction, 192, 198, 199 169, 171, 215 Consumer credit: Foreign exchange rates 235 Instalment credit, 188, 189, 190, 191 Foreign liabilities and claims reported by banks, 220, Major parts, 188, 190 222, 225, 227 Noninstalment credit, by holder, 189 Foreign trade, 203 Consumer durable goods output indexes, 198 Consumer price indexes, 192, 204 Gold: Consumption expenditures, 206, 207 Earmarked, 228 Corporate sales, profits, taxes, and divi- Net purchases by U. S., 228 dends, 183, 184 Production, 228, 231 Corporate security issues, 182, 184 Reserves of central banks and governments, 230 Corporate security prices and yields, 173, 174, 218 Reserves of foreign countries and international Cost of living (See Consumer price indexes) institutions, 229 Currency in circulation, 155, 163 Stock, 155, 164, 228 Customer credit, stock market, 174 Gold certificates, 159, 160, 161, 163 Govt. debt (See U. S. Govt. securities) Debits to deposit accounts, 162 Gross national product, 206, 207 242 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 243 Home owners, Govt. agency loans, 176, 177 Production, 192, 193, 197, 198 Hours and earnings, manufacturing industries, 192, 201 Profits, corporate, 183, 184 Industrial advances by Federal Reserve Banks, 159, Real estate loans: 160, 161 Commercial banks, 168, 170, 185, 214 Industrial production indexes, 192, 193, 198 Type of mortgage holder, 185, 186, 187 Instalment loans, 188, 189, 190, 191 Type of property mortgaged, 185, 186, 187 Insurance companies, 175, 180, 181, 186 Regulation V, loan guarantees, 161, 162 Insured commercial banks, 167, 168, 210 Reserve requirements, member banks, 158 Interbank deposits, 165, 169, 171 Reserves: Interest rates: Commercial banks, 169 Bond yields, 173, 218 Federal Reserve Banks, 159, 160 Business loans by banks, 173 Foreign central banks and governments, 230 Federal Reserve rates, 158 Foreign countries and international institu- Foreign countries, 233, 234 tions, 229 Open market, 173, 217, 233 Member banks, 155, 157, 159, 160, 169, 171, Regulation V loans, 162 212, 215 Stock yields, 173, 218 Residential mortgage loans, 185, 186, 187 International capital transactions of the U. S., 220 Sales finance companies, consumer loans of, 188, International financial institutions, 228, 229, 230, 232 189, 191 Inventories, 207 Savings, 206 Investments (See also specific types of investments): Savings deposits (See Time deposits) Banks, by classes, 165, 168, 170 Savings institutions, principal assets, 175 Federal Reserve Banks, 159, 160 Savings and loans associations, 175, 186 Govt. agencies, etc., 176, 177 Securities, international transactions, 226, 227 Life insurance companies, 175 Security issues, 182, 184 Savings and loan associations, 175 Silver coin and silver certificates, 163 State member banks, 167, 210 Labor force, 200 State and municipal securities: Loans (See also specific types of loans): New issues, 182 Banks, by classes, 165, 168, 170 Prices and yields, 173, 174, 218 Federal Reserve Banks, 155, 157, 159, 160, 161 States and political subdivisions: Govt. agencies, etc., 176, 177 Deposits of, 169, 171,215 Insurance companies, 175, 186 Holdings of U. S. Govt. securities, 180 Savings and loan associations, 175, 186 Ownership of obligations of, 168, 175 Loans insured or guaranteed, 161, 185, 186, 187 Stock market credit, 174 Stocks: Manufacturers, production indexes, 192, 193, 198 New issues, 182 Margin requirements, 158 Prices and yields, 173, 174 Member banks: Assets and liabilities, by classes, 165, 168 Tax receipts, Federal, 179 Banking offices, changes in number, 210 Time deposits, 157, 162, 164, 165, 169, 171 Borrowings at Federal Reserve Banks, 155, Treasurer's account balance, 178 157, 213 Treasury cash, 155, 164 Deposits and reserves, by classes, 157 Treasury currency, 155, 163, 164 Number, by classes, 165 Treasury deposits, 155, 159, 160, 178 Reserve requirements, by classes, 158 Unemployment, 200 Reserves and related items, 155 U. S. balance of payments, 233 Weekly reporting series, 170, 214 U. S. Govt. balances: Minerals, production indexes, 192, 193 Commercial bank holdings, by classes, 169, 171 Money rates (See Interest Rates) Consolidated monetary statement, 164 Mortgages (See Real estate loans) Treasury deposits at Federal Reserve Banks, 155, Mutual savings banks, 164, 165, 167, 180, 181, 159, 160, 178 185, 210 U. S. Govt. securities: Bank holdings, 164, 165, 168, 170, 180, 181 National banks, 167, 210 Federal Reserve Bank holdings, 155, 159, 160, National income, 206 180, 181 Foreign and international holdings, 229 National security expenditures, 179, 207 International transactions, 226, 227 Nonmember banks, 159, 167, 168, 210 New issues, gross proceeds, 182 Outstanding, by type of security, 180, 181 Par List, banking offices on, and not on, number, 211 Ownership of, 180, 181 Payrolls, manufacturing, index, 192 Prices and yields, 173, 174, 217, 218 Personal income, 207 United States notes, outstanding and in circulation, 163 Postal Savings System, 162, 164 Utility output index, 197 Prices: Consumer, 192, 204 Veterans Administration, loans, etc., 176, 177, 185, 186, 187 Security, 174 Wholesale commodity, 192, 204 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(o THE FEDERAL RESERVE SYSTEM °) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Legend — Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities 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