Federal Reserve Bulletin, 1959-04

FEDERAL RESERVE B U LLETIN April 19 £9 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 Expansion in Instalment Credit 347 Member Bank Term Lending to Business, 1955-57 353 Proposed Revision of Reserve Requirements 369 Ownership of Demand Deposits 378 Current Events and Announcements 381 Law Department 382 National Summary of Business Conditions 384 Financial and Business Statistics, U. S. (Contents on p. 387) 389 International Financial Statistics (Contents on p. 445) 446 Board of Governors and Staff 463 Open Market Committee and Staff; Federal Advisory Council 464 Federal Reserve Banks and Branches 464 Federal Reserve Board Publications 466 Index to Statistical Tables 468 Map of Federal Reserve System Inside back cover Volume 4£ Number 4 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

Expansion in Instalment Credit INSTALMENT CREDIT resumed expansion late last year, and new borrowing has risen CONSUMER INSTALMENT CREDIT above former highs in recent months. The outstanding amount increased at a seasonally adjusted rate of $360 million in January and February of this year, somewhat less than the record rate in 1955 but more than _ EXTENDED in any month since early 1956. Most types of instalment credit began to rise in the spring of 1958 but the total, held down by lagging automobile demand, did not turn up until the last quarter of the year. 1.0 Since October, automobile credit has ac- 1.0 NET CHANGE IN OUTSTANDINGS counted for about one-half of the increase in the total. Renewed growth in instalment credit has provided additional funds for consumer spending and has contributed to the revival of business activity. Although credit sales NOTE.—Adjusted for seasonal variation. Latest data shown, of some types of goods, such as new auto- February. mobiles, have lagged behind cash sales, After extensions of credit began to total borrowing by consumers has increased decline, they fell more rapidly than either at a faster rate than total consumption exindustrial production or personal income. penditures. Demand for funds by consumers Percentagewise, the decrease was somewhat has added to other pressures in credit marsmaller than that in industrial production kets and has contributed to the increase in but considerably larger than that in personal interest rates. income. Extensions of automobile credit, which dropped 25 per cent from the Octo- RECESSION EXPERIENCE Instalment credit responded slowly to the ber 1957 high to the March 1958 low, acbusiness downturn in 1957. Extensions of counted for most of the decline in the total. such credit, the most sensitive indicator of The slower rate at which consumers inchanges in the flow of credit, remained at curred new obligations helped to check the high levels throughout the second hah* of growth of repayments, which remained at 1957. Industrial production and personal the pre-recession rate throughout 1958. With income, two common measures of general the decline in income, there was a small inbusiness activity, turned down late in the crease in the ratio of repayments to disposthird quarter. able personal income. 347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 FEDERAL RESERVE BULLETIN • APRIL 1959 adjusted the burden of debt repayments for SELECTED BUSINESS INDEXES many borrowers. 19*7 - 49 = 100 FORCES FOR EXPANSION Improvement in general economic conditions by the summer of 1958 created an en- 250 vironment favorable to renewed expansion INSTALMENT CREDIT EXTENDED of instalment credit. Better incomes and expectations strengthened the willingness 200 and ability of consumers to use credit as well as their demand for goods purchased on credit. Competition among lenders and PERSONAL INCOME better collection experience encouraged the ISO expansion of credit operations. On the other hand, relatively large pockets of unemploy- INDUSTRIAL PRODUCTION ment and rising costs of funds to lenders were unfavorable factors. Extensions of instalment credit turned up 100 1958 '59 early in the second quarter of 1958 about the time of the upturn in general business NOTE.—Adjusted for seasonal variation. Latest data shown, February. activity. They regained pre-recession levels by December and rose to new highs in the All types of instalment credit reflected the early months of this year. business recession, but the extent and timing Financial positions of consumers imof the impact on different sectors varied. proved as economic activity recovered. Dis- Outstanding paper for consumer goods posable personal income resumed its upward other than automobiles declined in the last trend in the second quarter of 1958 and, quarter of 1957 and the first quarter of 1958, with consumer prices changing little, the but the net change for the period as a whole purchasing power of consumers increased. was small. Automobile credit did not turn Repayments on consumer instalment debt down until January 1958, when it began continued steady and their ratio to disposa decline that lasted without interruption through October. Personal loans continued able personal income declined from 13.3 to rise throughout the recession but at a per cent in the first quarter of 1958 to 12.9 somewhat reduced rate. per cent in the first two months of this year. Delinquencies on all types of instalment Although some consumers were forced by loans rose in the first quarter of 1958 and the recession to reduce their liquid asset repossessions of both new and used cars holdings, in general consumers were in a became more numerous. Repossessions favorable position to expand their credit reached a record postwar rate, but the de- buying. mand for used cars was strong enough to Early this year consumers viewed their prevent large losses to lenders. Liberal financial situations and prospects more fapolicies in deferring payments or rewriting vorably than a year earlier. Forty per cent loans kept down the number of defaults and of the spending units reporting in the Survey Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPANSION IN INSTALMENT CREDIT 349 of Consumer Finances indicated that they were earning more, and 42 per cent indi- NEW AUTONOMIES cated that they expected their incomes to 1947-49 = 100 increase over the coming year. Their plans 300 to buy durable goods were only moderately CREDIT SALES larger than in early 1958. The proportion of consumers planning to buy new 200 cars was somewhat above the low level of early last year but below levels in the three preceding years. The proportion planning to buy used cars, on the other hand, was above that of most recent years although somewhat below the high of last year. rhousonds ot dollors Following the brief and rather sharp rise in collection problems during the recession, AVERAGE CONTRACT collection experience improved. Delinquencies on most types of instalment loans at commercial banks have been fewer than 1956 1958 a year earlier and repossessions of new and used cars have declined from their recession NOTE.—Three-month moving averages. Latest data shown, January. highs. Lenders have been encouraged by their recent experience and by the general Despite the rise in sales of new cars after business outlook to expand and broaden the introduction of the 1959 models, growth their financing operations. in credit sales has lagged behind the expansion in cash sales, as the chart shows. The AUTOMOBILE CREDIT number of new cars sold on credit in the Automobile credit has accounted for most first four months after the introduction of of the recent fluctuations in total instalment new models was smaller than in the comparcredit outstanding. In 1958, the prolonged able period a year earlier, but cash sales decline in automobile paper was responsible were 25 per cent higher. for most of the reduction and for the delayed Maximum maturities and minimum downupturn in the total. Since October, it has payments on new car contracts have not accounted for a substantial part of the in- changed materially since 1957. Most lendcrease. ers allow up to 36 months to pay on then- New borrowing for automobile purchases new car contracts and make loans up to the returned to the pre-recession high of more amount of the dealer cost of the collateral. than $1,400 million a month in December The proportion of long-term contracts, after 1958 and continued at that rate in the early rising steadily through the third quarter of months of 1959. Repayments remained at 1958, has leveled off in recent months. It the reduced level of $l,250-$l,300 million is estimated that about 60 per cent of all a month and the expansion in outstanding new car contracts are now written with 36credit resumed at a seasonally adjusted rate month maturities. of $175 million a month. The size of instalment notes on new cars Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 FEDERAL RESERVE BULLETIN • APRIL 1959 has shown little change over the past year. credit for purchases of items such as house New car contracts averaged $2,640 in Janu- trailers and pleasure craft, bought on comary and February as compared with $2,610 paratively long terms, and credit for purin the same months last year. Higher retail chases of nondurable goods and small durprices and the somewhat larger financing able goods on revolving credit and similar charges associated with longer average ma- plans. turities have been offset in part by an in- The revolving credit plan, used very crease in the proportion of lower priced cars widely by department stores, permits purpurchased. chase, on a line of credit, of items hereto- Continued strength in credit sales con- fore seldom offered on an instalment basis. tributed to the stability of used car sales It is estimated that the amount of revolving throughout 1958 and the early months of credit outstanding has at least doubled since this year. The proportion of used cars sold early 1957, and that about $500 million, or on credit has risen steadily. Maximum ma- a third, of all instalment credit at department turities of 30 months in contracts for used stores is now in this form. cars of recent model have become common Repair and modernization loans outstandin the last few years, and there appears to ing have resumed a gradual upward course have been a proportionate lengthening of after a brief decline in early 1958. New maturities in contracts for cars of older credit is being extended at a slightly higher model. rate than at any time since the middle of 1957. The trend toward longer average OTHER CONSUMER GOODS CREDIT maturities, which began when the maximum Instalment credit outstanding for the pur- maturity on loans insured by the Federal chase of consumer goods other than auto- Housing Administration was lengthened to mobiles decreased in the latter part of 1957, five years, has continued. after allowance for the usual seasonal influ- PERSONAL LOANS ences. Such credit began to rise again in Personal loans have expanded without pause the spring of 1958 and in recent months its since World War II, but at a variable rate. rate of growth has accelerated. The expansion slowed during the recession Consumers have been spending about the but has accelerated in recent months, as the same proportion of their income on goods chart shows. These loans amount to about a other than automobiles as before the recesfourth of total instalment credit outstanding. sion and they have been buying about the Growth in personal loans reflects insame proportion on credit. They have used creased experience with, and confidence in, about $1 billion of new credit a month the unsecured loan on the part of lenders, since August 1958 while repayments, which and the use of this type of loan by consumers changed little during the recession, have for a wider variety of expenditures. Peraveraged about $950 million a month. sonal loans have long been used for consoli- Credit for the purchase of major appli- dation of debt, for medical and dental payances and furniture continues to account for ments and for emergencies. While these the greater part of all instalment credit for purposes still predominate, such loans are goods other than automobiles. Neverthe- now used more often than they used to be less, an increasing proportion represents for purchasing consumer goods and services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

351 EXPANSION IN INSTALMENT CREDIT lending operations are higher than they were in early 1958 but lower than they were in CHANGES IN INSTIMENT CKDIT titicTie COMMNOIIS 1957. The rate on 3- to 6-month directly Mill.om ol dollors AUTOMOBILE PAPER placed paper of large finance companies has .1II 200 been 3*/4 to 3% per cent in recent weeks, III II. 1 - compared with 1% per cent in the second "1III"! quarter of 1958 and a high of 3% per cent in 1957. Bank rates on loans to finance 200 companies and other borrowing rates have OTHER CONSUMER GO(JOS PAPES || 200 also increased. . • • I I I! . . l . l l l ll The earnings experience of lenders in "I1 1 1958 was mixed. Operating costs and losses 200 charged to bad debt reserves were larger PERSONAL LOANS Illlllllllll than in 1957 but these higher costs were l l . l l l l l l l ll i ll 1 offset in part by the lower interest rates on 1957 1958 •59 money borrowed. Many lenders specializing in automobile financing, where volume NOTE.—Adjusted for seasonal variation. declined, reported reduced earnings. Pros- Greater interest in personal loam on the pects for better earnings this year have been part of commercial banks and the growth enhanced by the rise in loan volume and the in the number of credit unions have eximprovement in collection experience. panded the sources of these loans. Special Retail stores and automobile dealers origcredit plans have also furthered the Use Of inate a large proportion of all instalment the personal loan. Among these are cheek credit but they sell most of it to commercial credit plans that extend the features of rebanks or sales finance companies. At the volving credit to the personal loan field, and end of 1958 banks held 38 per cent of all the arrangements of travel agencies and airinstalment credit and finance companies 26 lines to finance travel. per cent, as the table on page 352 shows. Distribution of holdings has changed little FINANCING OF INSTALMENT CREDIT Commercial banks financed most of the in recent years except for declines in the recent growth in instalment credit as well as proportions held by retail outlets and sales the peak seasonal demands at the end of finance companies. 1958 through direct participation in con- Recent changes in the relative importance sumer lending, purchases of paper, or loans of sales finance companies reflect two partly to other holders of consumer paper. On offsetting tendencies. The proportion of balance, sales finance companies returned automobile credit held by these companies funds to the credit markets during most of has declined from a temporary high of 51 1958 but, as their needs increase with sea- per cent at the end of 1955 to 45 per cent sonal requirements this spring, their de- in recent months as commercial banks and mands are likely to add to other pressures other financial institutions, primarily credit on available supplies of funds. unions, have expanded their share of this Costs of borrowing to finance instalment market. On tile other hand, the proportion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 FEDERAL RESERVE BULLETIN • APRIL 1959 HOLDERS OF INSTALMENT PAPER 12 per cent in 1954 to about 18 per cent in 1958 as financial subsidiaries have been [End-of-year figures] formed by manufacturers and retailers to Amount Percentage handle their paper. (in mil- distribution Small commercial banks have expanded Type of holder lions of dollars) their operations in the automobile credit 1958 1958 1956 1954 market more than medium-size and large banks. Small banks reported the largest Total 33,865 100 100 100 relative gains in purchased paper and they Financial institutions: also expanded their share of the direct loan Commercial banks 12,730 38 37 37 Sales finance companies.. 8,740 26 29 26 market. In the sales finance industry, small Consumer finance companies 3,381 10 10 9 and medium-size companies reported slightly Credit unions 2,664 8 6 6 more growth from 1955 to date in the new Other 1,428 4 4 4 and used car fields than the average for the Retail outlets 4,922 14 15 18 three largest companies. Growth in automobile credit operations has been less rapid of credit for other consumer goods held by among all sizes of sales finance companies the sales finance industry has increased from than among small banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Term Lending to Business, 1955S7 MEMBER BANK LOANS to business in Oc- these are used to purchase equipment, which tober 1957 included $15.4 billion with ma- is the security for the loan. A substantial turities of more than one year, or term loans. proportion of the dollar amount of term The outstanding amount of such loans in- loans represented maturities of five-ten years. creased by 48 per cent in the two years end- Most of the borrowing in this maturity range ing October 1957 and from 34 to 38 per was by large businesses. cent of total business loans. The largest banks held more than half Growth in term loans in this period was of the outstanding amount of term loans, shared by all major industry groups of bor- but banks with deposits of less than $100 rowers. A large part of the dollar amount million held more than half of the number. of growth, however, occurred in certain Banks of all sizes expanded term lending groups—metal fabricators, manufacturers of to smaller borrowers in the two years ending petroleum-rubber products, and public October 1957. utilities—in which expenditures for fixed This article summarizes the findings concapital were relatively heavy during the eco- cerning characteristics of term lending of nomic expansion of 1955-57. A large part member banks to business from surveys of the increase in number of loans and the conducted by the Board of Governors of greatest relative increases occurred in trade, the Federal Reserve System in cooperation construction, and real estate—industry with the Federal Reserve Banks in October groups dominated by smaller firms, many of of 1955 and 1957 and includes some hiswhich were growing rapidly. These charac- torical perspective from a similar survey in teristics of term loan expansion by industry November 1946.1 Additional findings conrepresent to some extent a continuation of cerning term loans appeared in the article earlier postwar trends. "Member Bank Lending to Small Business Nearly three-fourths of the number of 1955-57" in the Federal Reserve BULLETIN term loans outstanding in October 1957 had for April 1958, pages 393-411. intermediate maturities, mostly one-three years, and the number of loans with such CHARACTERISTICS OF BORROWERS maturities grew from 1955 to 1957 in most The $15.4 billion of member bank term industry and borrower-size groups. Such loans outstanding in October 1957 and the maturities included a substantial number of instalment-type loans to small business on 1See Duncan McC. Holthausen, "Term Lending to Business by Commercial Banks in 1946," Federal which effective rates of interest are higher Reserve BULLETIN, May 1947, pp. 498-517. For other than those on other term loans. Many of articles covering the 1955 Survey see James B. Eckert, "Business Loans of Member Banks," Federal Reserve BULLETIN, April 1956, pp. 327-40; and Caroline H. NOTE.—This article was prepared by Carl T. Arlt, Cagle, "Credit Lines and Minimum Balance Require- Jr., formerly of the Board's Division of Research and ments," Federal Reserve BULLETIN, June 1956, pp. Statistics. 573-79. 353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 FEDERAL RESERVE BULLETIN • APRIL 1959 $5 billion increase in such loans over the on the other hand, was concentrated among two preceding years were distributed widely companies whose needs are mostly for workamong borrowers in different industries and ing capital and are generally rather small. of different size. The importance of such Retail trade and services accounted for half loans among businesses is revealed not only of the number but only 17 per cent of the by the distribution of their number and volume on the Survey date, as shown in amount but also by their growth in recent Table 1. The average loan for each of these years as compared with short-term credit. groups was about $10,000. Business. The volume of term loans out- Nearly half of the growth in term loans standing in 1957 was dominated by large between the 1955 and 1957 Survey dates loans to borrowers ;n industries with tra- was concentrated among the same three ditionally heavy fixed capital requirements. groups—metals, petroleum-rubber, and pub- Three groups—metals and metal products; lic utilities—that accounted for such a large petroleum, coal, chemicals, and rubber; and proportion of all loans outstanding in Octransportation and other public utilities- tober 1957. Much of the increased use of accounted for about one-half of the amount term loan credit by these three groups was of loans outstanding but for less than 15 undoubtedly related to their needs for fiper cent of the number. The average loan nancing large programs for plant expansion ranged from $236,000 for petroleum-rubber and modernization. Despite the increased to about $90,000 each for public utilities use of term credit, its importance relative to and metal fabricators. The number of loans, total business loans declined for metal fab- TABLE 1 BUSINESS CLASSIFICATION OF TERM LOAN BORROWERS AT MEMBER BANKS 1955 and 1957 Amount of loans Number of loans Millions of Term loans as Thousands Term loans as Business dollars Percent- Percent- percentage of Percent- Percent- percentage of of borrower age age dis- total loans age age dis- total loans increase, tribution, increase, tribution, Oct. 5, Oct. 16, 1955-57 1957 Oct. 5, Oct. 16, 1955-57 1957 1955 1957 1955 1957 1955 1957 1955 1957 AH businesses . . . . 10,457 15,421 47.5 100.0 33.9 38.0 364.9 479.1 31.3 100.0 30.8 37.4 Manufacturing and mining: Food, liquor, and tobacco... 419 485 15.6 3.1 22.4 20.3 10.7 11.3 5.6 2.4 32.8 37.9 Textiles, apparel, and leather. 262 314 19.6 2.0 15.1 18.6 3.8 4.7 23.7 1.0 13.5 19.1 Metals and metal products.. 1,193 1,905 59.6 12.4 36.8 34.5 15.8 22.0 38.8 4.6 29.9 37.5 Petroleum, coal, chemicals, and rubber • 1,913 2,763 44.4 17.9 73.5 73.7 8.2 11.7 41.5 2.4 33.4 39.0 All other 733 1,067 45.5 6.9 38.7 38.2 19.0 22.6 19.1 4.7 28.8 33.4 Trade: Retail trade 1,075 1,387 29.1 9.0 31.2 30.2 102.2 135.3 32.4 28.2 27.6 34.2 Wholesale trade 425 600 41.2 3.9 17.8 20.1 17.2 26.2 52.2 5.5 19.4 26.0 Commodity dealers 55 88 58.6 0.6 7.5 10.8 1.4 2.3 59.3 0.5 17.4 22.2 Other: Sales finance 131 266 103.2 1.7 4.6 8.6 1.0 1.1 11.4 0.2 8.4 9.7 Transportation, communication, and other pub. util... 1,943 2,839 46.1 18.4 68.5 68.1 23.0 30.0 30.5 6.3 56.9 61.2 Construction.... 339 596 76.1 3.9 20.0 30.1 23.2 35.5 53.2 7.4 24.6 32.9 736 1,307 77.6 8.5 30.3 43.9 25.3 38.3 51.1 8.0 37.4 46.8 Service 807 1,194 47.9 7.7 45.8 52.8 83.4 105.8 26.9 22.1 39.3 46.1 All other nonfinancial 424 611 44.0 4.0 31.8 38.1 30.7 32.3 5.3 6.7 34.9 38.7 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS 355 ricators and public utilities and rose only 1946-55 period were governed mainly by slightly for petroleum-rubber companies. the sharp expansion in demand for con- The rate of growth in term loans in these struction—both business and residential— three groups was matched or exceeded by and for consumer services as living standthat in some other industries, but the ards rose. In the 1955-57 period they were amounts involved in the latter were typi- influenced less by industry growth rates than cally smaller. Term loans of construction by changes in the structure of borrowing and real estate industries increased by more within industries. than 75 per cent during the two years, and Size. Borrowers in the two smallest size the proportion of their total bank credit classes (assets of less than $250,000) held represented by term loans increased sharply. less than one-fifth of the amount of term For these groups fixed capital requirements loans outstanding on the 1957 Survey date, are relatively small compared with those of while borrowers in the two largest classes metal fabricators, petroleum-rubber manu- (assets of $5 million or more) held more facturers, and public utilities. than one-half of the total. In terms of These differential rates of growth appear number of loans, however, the two smallest to have continued from earlier postwar classes held four-fifths of the total, and the years. In the 1946-55 period term loan two largest classes only 2 per cent. growth in the manufacturing and mining The volume of term loans outstanding sector and in public utilities was less than rose substantially between 1955 and 1957 that in the construction, service, and real for borrowers in most size groups, as shown estate groups. Similarly, the emphasis on in Table 2. When borrowers are classified term loans relative to total borrowings in- into broad groups—as smaller (assets of less creased markedly for the latter groups, than $5 million) or larger (assets of $5 while declining or remaining constant for million or more)—Survey data show that the former. Term loan patterns in the the rate of term-loan growth was almost the TABLE 2 TERM LOANS OUTSTANDING AT MEMBER BANKS, OCTOBER 16, 1957, BY BUSINESS AND SIZE OF BORROWER Amount (in millions of dollars) Percentage increase, or decrease (—), 1955-57 Size of borrower (total assets, Size of borrower (total assets, Business of borrower All in thousands of dollars) All in thousands of dollars) ro b w o e r r - s l Less 50- 250- 5,000- 10 a 0 n , d 000ro b w o e r r - s 1 Less 50- 250- 5,000- 1 a 0 n 0 d ,000 than 50 250 5,000 100,000 over than 50 250 5,000 100,000 over All businesses 15,421 673 1,945 3,817 4,644 3,551 47.5 15.9 44.3 51.1 43.3 50.6 Manufacturing and mining 6,533 76 315 1,301 2,625 2,002 44.5 -7.9 21.4 39.7 31.1 77.3 Trade2 2,075 237 640 741 271 118 33.4 19.1 62.3 59.0 29.3 -49.0 Other: Sales finance 266 1 14 56 110 85 103.2 -31.0 40.6 81.7 406.0 28.3 Transportation, communication, and other public utilities ... 2,839 45 83 389 999 1,197 46.1 50.7 27.5 24.0 59.8 42.0 Construction 596 39 124 282 79 23 76.1 4.0 50.1 107.8 31.0 206.3 Real estate 1,307 47 289 513 214 22 77.6 12.2 38.7 76.3 118.7 -33.4 Service . 1 194 186 383 341 156 70 47.9 20.7 53.6 55.3 59.9 101.4 All other nonfinancial 611 43 97 193 191 35 44.0 20.1 22.8 40.9 49.9 150.9 1 Includes a small amount of loans for borrowers whose size was 2 Includes commodity dealers. not ascertained. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN • APRIL 1959 TABLE 3 DISTRIBUTION OF MEMBER BANK TERM LOANS TO BORROWERS CLASSIFIED BY CORPORATE STATUS, 1955 AND 1957 WITHIN BUSINESS-OF-BORROWER GROUPS [In per cent] Amount Number Business of borrower A l l o l a t n er s m 1955 1957 1955 1957 Incor- Unincor- Incor- Unincor- Incor- Unincor- Incor- Unincorporated porated porated porated porated porated porated porated All businesses 100.0 79.1 20.9 80.7 19.3 25.7 74.3 29.8 70.2 Manufacturing and mining 100.0 88.6 11.4 91.4 8.6 43.5 56.5 49.0 51.0 Wholesale trade 1 100.0 78.7 21.3 71.9 28.1 43.5 56.5 45.1 54.9 Retail trade 100.0 55.8 44.2 51.2 48.8 16.0 84.0 19.5 80.5 Other: Sales finance 100.0 92.7 7.3 98.3 1.7 59.4 40.6 71.1 28.9 Transportation, communication, and other public utilities 100.0 92.3 7.7 95.9 4.1 42.4 57.6 41.4 58.6 Construction 100.0 64.2 35.8 67.0 33.0 30.0 70.0 34.1 65.9 Real estate 100.0 63.4 36.6 67.2 32.8 30.6 69.4 43.1 56.9 Service 100.0 49.8 50.2 50.5 49.5 16.6 83.4 18.3 81.7 All other nonfinancial 100.0 67.4 32.6 66.2 33.8 17.3 82.7 21.1 78.9 1 Includes commodity dealers. NOTE.—Details may not add to totals because of rounding. same, 45 per cent and 46 per cent, respec- loans to smaller borrowers was consistent tively. with the rapid expansion during the interval The substantial growth in term loans to in industry groups where relatively smallsmaller borrowers probably reflects in part scale business is predominant. Smaller bortheir limited access to other sources of inter- rowers accounted for 34 per cent of all term mediate- or long-term credit. Large com- loans outstanding in 1946, but by 1955 panies on the other hand normally have their share had risen to 44 per cent.2 At the access to nonbank sources, through the same time the proportion of term loans to securities markets or directly from insurance total loans for this group increased from 21 companies or other financial institutions. to 27 per cent, while the proportion for Large borrowers continued to obtain the larger borrowers declined. bulk of their funds from nonbank sources Organizational form. In both 1955 and during the two-year period, but they also 1957 four-fifths of the dollar amount and sought substantial amounts of bank credit. more than one-fourth of the number of A large proportion of this credit was shortmember bank term loans outstanding were term, which could be funded into longto enterprises that were incorporated. Loans term securities when interest rates became to such enterprises predominated in all inmore favorable. At the same time, howdustry groups of borrowers except retail ever, they increased their term loans from trade and services, as shown in Table 3. banks just as rapidly as smaller borrowers did during the period. 2 Since the same dollar limits were used to deter- Between 1946 and 1955 term loans exmine asset size groups for summarizing the 1946, panded about 200 per cent for smaller 1955, and 1957 Survey data, with no allowance for borrowers compared with only 87 per cent the considerable rise in prices and general growth of business assets over this period, term loan growth for for larger concerns. The sharper growth in smaller asset sizes is relatively understated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS 357 In these two groups the dollar volume of method, interest rate, and security, are to loans was about equally divided between a large degree interrelated and generally incorporated and unincorporated business, reflect borrower characteristics. In some but unincorporated business accounted for instances they are influenced also by the more than 80 per cent of the number. Small purposes for which credit is extended. businesses, usually unincorporated, are pre- Maturity. In both 1955 and 1957 about dominant in these two industries. three-fourths of the number of member bank The proportion of term loans outstanding term loans outstanding were intermediateto incorporated business rose moderately term, that is, had original maturities of onefrom 1955 to 1957 in all industry groups five years, as shown in Table 4. The dollar except trade and all other nonfinancial volume of loans in 1957 showed some business. This trend reflected the relatively concentration—40 per cent—in the five-ten large volume of lending to larger businesses, year maturity group. The share for these most of which are incorporated. The de- maturities was smaller than it had been clines for wholesale and retail trade were two years earlier, while the share for loans consistent with the declining share of term with intermediate maturities had increased. loans to larger firms in those industry groups Nevertheless, the average maturity of membetween the two Survey dates. This con- ber bank portfolios on both Survey dates trasts with changes in the 1946-55 period was estimated to be slightly more than five when the proportion of term loans to in- years. The increasing proportion of intercorporated borrowers in these two industry mediate maturities and the declining progroups rose sharply, reflecting in part the portion of five-ten year maturities between growth of chain-store merchandising. 1955 and 1957 apparently continued a trend in process since 1946. LOAN CHARACTERISTICS The proportion of term loans with five- Provisions of term loans to business, cover- ten year maturities declined from 1955 to ing such features as maturity, repayment 1957 in most industry groups. For some TABLE 4 MATURITIES OF TERM LOANS OUTSTANDING AT MEMBER BANKS, SURVEY DATES 1 Amount Number Percentage Percentage Percentage Percentage Original maturity Millions of dollars increase distribution Thousands increase distribution (in years) 1946 1955 1957 1946- 1955- 1946 1955 1957 1946 1955 1957 1946- 1955- 1946 1955 1957 55 57 55 57 All term maturities 4,558 10,457 15,421 129 47 100.0 100.0 100.0 144 365 479 153 31 100.0 100.0 100.0 Intermediate-term, total. 1,834 4,883 7,717 166 58 40.2 46.7 50.0 109 268 352 145 31 75.7 73.5 73.6 1 2 647 1,422 2,402 120 69 14.2 13.6 15.6 58 136 168 136 23 40.0 37.3 35.0 2-3 315 995 1,861 216 87 6.9 9.5 12.1 23 78 108 234 39 16.1 21.3 22.6 3-4 217 728 1,176 235 62 4.8 7.0 7.6 11 23 31 116 34 7.5 6.4 6.6 4 5 654 1,738 2,278 166 31 14.3 16.6 14.8 17 31 45 77 46 12.0 8.5 9.4 Long-term, total 2,725 5,574 7,704 105 38 59.8 53.3 50.0 35 97 127 175 31 24.3 26.5 26.4 5 10 2,312 4,698 6,155 103 31 50.7 44.9 39.9 29 83 101 182 22 20.4 22.8 21.1 Over 10 413 876 1,549 112 77 9.1 8.4 10.0 6 14 26 142 90 3.9 3.7 5.3 i Nov. 20, 1946; Oct. 5, 1955; and Oct. 16, 1957. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN • APRIL 1959 groups the proportion dropped sharply— growth was in loans with maturities of onefrom 53 to 46 per cent of the dollar total three years and in those of more than ten for metals and from 52 to 45 per cent for years. For each of these groups the amount petroleum. At all size classes of banks, outstanding increased by about 70 per cent growth in intermediate-term maturities was or more. The number of loans with maturimore rapid than that in five-ten year matur- ties of more than ten years—only about 5 ities, as shown in Appendix Table 2. Be- per cent of all term loans—is too small, tween 1946 and 1955, on the other hand, however, to permit any conclusion as to small banks expanded their five-ten year changes over the period in either borrowloans more rapidly than those with inter- ing or lending policies. mediate maturities, while larger banks ex- For borrowers in all size groups the panded intermediate maturities more rapidly growth was sharpest in loans of one-three than loans of five-ten years. year maturities, as shown in Table 5. Never- While loans in all maturity groupings theless, the rate of growth in these maturities expanded from 1955 to 1957, the sharpest was less sharp for borrowers in the two TABLE 5 MATURITIES OF MEMBER BANK TERM LOANS TO BORROWERS CLASSIFIED BY SIZE, OCTOBER 16, 1957 Amount Number Original Size of borrower Size of borrower maturity All (total assets, in thousands of dollars) All (total assets, in thousands of dollars) (in years) bor- borrowers ! Less 50- 250- 5,000- 100,000 rowers 1 Less 50- 250- 5,000- 100,000 than 50 250 5,000 100,000 and over than 50 250 5,000 100,000 and over Millions of dollars Thousands All maturities 15,421 673 1,945 3,817 4,644 3,551 479.1 209.5 168.6 64.5 6.5 2.5 1 2 2,402 164 338 744 558 499 167.8 88.9 50.7 16.8 1.3 0.3 2-3 1,861 134 257 580 458 378 108.2 55.7 33.0 13.3 0.8 0.2 3-4 1,176 41 102 355 358 269 31.5 12.8 10.2 5.4 0.8 0.1 4_5 2,278 73 249 619 749 492 44.9 15.1 18.1 7.9 1.1 0.4 5-10 6,155 196 759 1,222 2,161 1,538 101.0 29.7 45.4 17.5 2.1 1.2 Over 10 1,549 65 241 298 361 375 25.6 7.3 11.3 3.5 0.3 0.3 Percentage increase, or decrease (—), 1955-57 All maturities 47.5 15.9 44.3 51.1 43.3 50.6 31.3 26.0 52.7 62.0 49.2 -9.4 12 68.9 21.7 54.1 73.0 79.7 97.4 23.2 19.1 51.2 56.6 139.6 7.8 2 3 87.1 30.4 67.9 78.1 130.4 121.4 38.9 52.0 86.1 92.3 89.9 37.6 3-4 61.6 13.6 5.6 43.9 83.9 101.5 34.2 32.5 45.0 56.6 119.3 -1.6 4_5 31.0 8.8 43.3 30.0 22.3 38.1 45.7 34.2 61.5 41.8 17.6 2.8 5 10 31.0 -1.3 25.1 38.8 26.8 33.5 21.7 2.7 27.0 52.3 13.0 -6.3 Over 10 76.8 56.1 143.2 77.4 63.6 28.3 89.8 42.6 118.0 117.2 63.1 -47.7 Percentage distribution within size-of-borroweir group All maturities . • . 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1-2 15.6 24.4 17.4 19.5 12.0 14.0 35.0 42.4 30.1 26.1 20.4 10.6 2 3 12.1 19.9 13.2 15.2 9.9 10.7 22.6 26.6 19.5 20.7 12.7 8.4 3_4 7.6 6.1 5.3 9.3 7.7 7.6 6.6 6.1 6.0 8.3 12.8 5.6 4-5 14.8 10.8 12.8 16.2 16.1 13.9 9.4 7.2 10.7 12.2 17.6 14.6 5 10 39.9 29.1 39.0 32.0 46.5 43.3 21.1 14.2 26.9 27.2 31.7 49.2 Over 10 10.0 9.7 12.4 7.8 7.8 10.6 5.3 3.5 6.7 5.5 4.8 11.5 1 Includes a small amount of loans for borrowers whose size was NOTE.—Details may not add to totals because of rounding. not ascertained. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS 359 smallest groups (assets of less than heavy term loan commitments and limited $250,000), who normally borrow in this reserves to lend on long maturities. range, than for large borrowers (assets of Repayment method and interest rates. Most $5 million or more), who normally borrow term loans provide for repayment of the more heavily in maturities of more than five principal in instalments over the life of years. the loan rather than in a lump sum at The shifting by large borrowers from maturity. In the 1955 Survey, which prolong- to intermediate-term maturities may vided more detail on method of repayment have reflected in part the high cost of long- than the 1957 Survey, instalment loans acterm funds from nonbank sources and the counted for 80 per cent of the amount and expectation that bank loans with shorter nearly 95 per cent of the number of all maturities could be funded later into long- term loans to business, as Table 6 shows. term debt in the capital market at lower Effective interest rates on instalment interest rates. It may also have reflected an loans vary widely from one loan to another, increasing reluctance by large banks with depending in part on the method of calcu- TABLE 6 REPAYMENT METHOD RELATED TO MATURITY OF MEMBER BANK TERM LOANS, 1955 AND 1957 1955 1957 Original maturity (in years) Original maturity (in years) Repayment method All All matu- Intermediate-term Long-term matu- Intermediate-term Long-term rities rities 1-2 2-3 3-4 4-5 5-10 O 1 v 0 er 1-2 2-3 3-4 4-5 5-10 O 1 v 0 er Amount In millions of dollars: All repayment methods 10,457 1,422 995 728 1,738 4,698 876 15,421 2,402 1,861 1,176 2,278 6,155 1,549 Instalment repayment, with interest on: Original amount 848 251 154 75 108 199 60 868 265 285 147 67 75 29 Singl O e u re ts p t a a y n m di e n n g t amount 7 2 , , 6 0 0 0 7 2 6 5 7 0 0 0 5 31 2 3 7 5 1 0 4 7 6 1,4 2 1 2 0 0 3,9 5 2 7 5 3 73 7 7 9 • 14,553 2,137 1,576 1,029 2,210 6,080 1,520 Percentage distribution within maturity groups: All repayment methods 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Instalment repayment, with interest on: Original amount 8.1 17.7 15.5 10.3 6.2 4.2 6.8 5.6 11.0 15.3 12.5 3.0 1.2 1.9 Outstanding amount 72.7 35.2 53.0 69.7 81. 83.6 84.1 Single repayment 19.1 47.1 31.5 20.1 12.7 12.2 9.1 94.4 89.0 84.7 87.5 97.0 98. 98.1 Number In thousands: All repayment methods 364.9 136.2 77.9 23.4 30.8 83.0 13.5 479.1 167.8 108.2 31.5 44.9 101.0 25.6 Instalment repayment, with interest on: Original amount 144.9 91.3 40.5 9.2 1.9 1.6 0.3 189.3 101.1 64.7 14.9 6.2 2.0 0.3 Singl O e u re ts p t a a y n m di e n n g t amount 1 2 9 1 8 . . 5 5 3 1 2 2 . . 2 8 3 3 3 . . 7 6 1 1 3 . . 2 0 27 1. . 9 0 79 1. . 5 9 1 0 2 . . 3 8 289.8 66.7 43.4 16.6 38.7 99.1 25.3 Percentage distribution within maturity groups: All repayment methods 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Instalment repayment, with interest on: Original amount 39.7 67.0 52. 39.4 6.3 1.9 2.6 39.5 60.3 59.8 47.4 13.9 1.9 1.2 Outstanding amount 54.4 23.6 43.2 55.3 87.6 96.3 95.0 Single repayment 5.9 9.4 4.8 5.3 6.1 1.8 2.4 60.5 39.7 40.2 52.6 86.1 98.1 98.8 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN • APRIL 1959 lating interest. This charge is calculated TABLE 7 by applying a stated rate of interest to one AVERAGE INTEREST RATES ON INSTALMENT AND OTHER of two bases: the original amount of the MEMBER BANK TERM LOANS CLASSIFIED BY SIZE OF BORROWER, OCTOBER 16, 1957 loan or the outstanding amount. When based on the outstanding amount, the in- Amount outstanding Average terest charge declines as the loan is repaid. Size of borrower interest (total assets, in rate Average Total When based on the original amount, the thousands of dollars) (in loan (in (in per cent) thousands millions charge does not decline even though the of dollars) of dollars) principal is being repaid, and the borrower Instalment repayment, with interest on original amount of loan in effect pays a rate much higher than the one stated on his note. Stated rates often All borrowers * 8.74 4.6 868 are subject to ceilings, some of which are Less than 50 9.96 1.9 205 50-250 9.55 4.8 246 established by law. The effective interest 250 5 000 8.25 16.9 246 5,000 and over 5.51 162.8 137 rate is often about twice the stated rate on Other repayment methods2 a loan. Data for the volume of instalment loans All borrowers * 4.52 50.2 14,553 with interest calculated on the outstanding Less than 50 5.46 4.7 468 50 250 5 24 14.5 1,700 250-5 000. 5.02 71.5 3,570 amount are available only for 1955. Ac- 5 000 and over 4.05 989.2 8,059 cording to these data this method was used 1 Includes a small amount of loans to borrowers whose size was to compute charges for more than half of not ascertained. 2 Represents repayments in a lump sum and repayments on instalthe total number of term loans and for ment with interest calculated on outstanding balance. nearly three-fourths of the amount. Most of in Table 7. Borrowers with assets of less the long maturities and some of the inter- than $250,000 paid roughly 10 per cent on mediate maturities—especially in the four- these loans, nearly twice as much as on term five year range—were of this type. loans repaid by other methods. Larger Information on the volume of loans for borrowers also paid higher rates on these which interest is calculated on the original instalment loans, but the differentials were amount is available for both Surveys. In considerably narrower. This suggests that each, nearly two-fifths of the number but banks adjusted stated rates on loans to large less than one-tenth of the volume fell in this borrowers to provide effective rates not category. For the most part these were much different from prevailing rates on loans of intermediate maturities to small loans repaid by other methods. borrowers. Among very small borrowers The system of basing interest computa- (assets of less than $50,000), two-thirds of tions on original amounts of instalment the number of one-three year loans and loans, thereby obtaining a higher effective more than half of the amount had interest rate, reflects in part an attempt to cover calculated on the original amount of the the higher costs of extending this type of loan. credit. Instalment loans of this type are In October 1957 the effective interest rate much smaller, on the average, than other on outstanding instalment loans with interest instalment loans and they require a higher based on the original amount of the loan percentage of income on the principal to averaged 8.7 per cent compared with 4.5 cover both the relatively fixed expense of per cent for all other term loans, as shown making the loan and the current administra- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS 361 tive costs. The latter costs are often to small borrowers, between 1955 and greater than those on other term loans be- 1957, a period of restricted credit availacause they involve frequent repayments. bility and rising interest rates. The bulk of all term loans with interest on Security. Information on type of coloriginal amount in 1955, and presumably in lateral for member bank term loans was ob- 1957, were secured by equipment, including tained in the 1955 Survey but not in the automobiles and trucks. Such security often 1957 Survey. The data for 1955 indicate involves greater administrative cost and that about 60 per cent of the volume and greater risk of loss than other forms of col- 90 per cent of the number of term loans lateral. Effective interest rates on instalment were secured by collateral or backed by loans with interest on original amount ap- some form of repayment guarantee. In pear adequate, however, to make these loans the previous Survey, in 1946, only 40 per profitable to banks. This probably ac- cent of the total amount had been thus counts in part for the rapid growth in such secured. loans, particularly those of one-three years The secured proportion increased as the TABLE 8 TYPE OF SECURITY PLEDGED FOR MEMBER BANK TERM LOANS, OCTOBER 5, 1955 WITHIN SIZE-OF-BORROWER GROUPS Size of borrower (total assets, in thousands of dollars) All Type of security borrowers 1 Less 50- 250- 1,000- 5,000- 25,000- 100,000 than 50 250 1,000 5,000 25,000 100,000 and over Amount (in millions of dollars) All term loans. 10,457 581 1,348 1,212 1,314 1,679 1,563 2,358 Unsecured 4,266 36 72 122 341 827 1,018 1,826 Secured, total 6,191 544 1,276 1,090 973 852 545 532 Endorsed or comaker 489 51 60 74 84 73 61 52 Assignment of claims 1,055 19 55 103 226 295 184 98 Other security 329 8 20 43 53 109 22 28 Inventories 85 4 17 12 22 9 6 3 Equipment 1,548 156 215 252 250 204 118 271 Plant and other real estate 2,337 298 884 582 289 93 43 26 U. S. Government securities 20 (2) 2 2 1 4 2 8 Other bonds 39 (2) (2) 1 1 5 14 18 Stocks 237 3 12 11 33 56 95 22 Life insurance and savings accounts. 52 5 11 12 14 3 5 Percentage distribution of all term loans Unsecured. 40.8 6.2 5.3 10.0 26.0 49.3 65.1 77.5 Secured.... 59.2 93.8 94.7 90.0 74.0 50.7 34.9 22.5 Percentage distribution of all secured term loans Endorsed or comaker 7.9 9.3 4.7 6.8 8.6 8.6 11.2 9.8 Assignment of claims 17.0 3.6 4.3 9.4 23.2 34.6 33.8 18.5 Other security 5.3 1.4 1.5 4.0 5.4 12.8 4.0 5.3 Inventories 1.4 0.8 1.3 1.1 2.2 1.1 1.1 0.6 Equipment 25.0 28.6 16.8 23.1 25.7 24.0 21.7 50.9 Plant and other real estate 37.7 54.7 69.3 53.4 29.7 10.9 7.9 4.9 U. S. Government securities 0.3 0.1 0.1 0.2 0.2 0.5 0.4 1.4 Other bonds 0.6 (?) (?) 0.1 0.6 2.5 3.3 Stocks 3.8 0.5 0 9 1 0 3.4 6.6 17.4 4.2 Life insurance and savings accounts. 0.8 1.0 o!9 i!i 1.4 0.3 1.0 1 Includes loans of borrowers whose size was not ascertained. 3 Less than 0.05 of one per cent. 2 Less than $500,000. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDERAL RESERVE BULLETIN • APRIL 1959 size of borrower declined. In 1955 it ranged flected primarily the drop in business holdfrom 23 per cent for the largest borrowers ings of U. S. Government securities from the to 94 per cent for the smallest, as shown in abnormally high levels prevailing at the Table 8. These proportions were substan- end of World War II. tially higher for all sizes of borrowers than Small borrowers obtain most of their in 1946. term loan credit from smaller banks. At Bank practices with respect to granting these banks, secured loans were backed alunsecured loans changed little from 1955 most entirely by plant, other real estate, and to 1957, although this was a period of mone- equipment—the only collateral that most tary restraint. In a few categories of loans small businesses can furnish. Such colwhere increases in the proportion of secured lateral was used also for a substantial part loans to the total did occur—such as loans of all term loans at large banks, as shown to the largest borrowers or those with the in Appendix Table 4. Another big seglongest maturities—the increases are explain- ment at large banks, however, was backed able in large measure by the rapid growth by assignment of claims, which often inwithin these groups of types of loans that volved complex administrative arrangeare usually made on a secured basis. For ments. Some loans at large banks were example, the increased proportion of se- secured by types of collateral, such as corcured loans for borrowers in larger asset porate stock, that are generally available size groups reflects the more rapid growth only to larger borrowers. of term loans in industries where secured Equipment security was most important loans predominate, such as real estate, con- in loans with maturities of one-four years, struction, and service firms. while real estate security was important only Plant, other real estate, and equipment in loans with long-term maturities. The were the collateral for more than three-fifths emphasis on real estate security increased of all secured term loans outstanding in somewhat from 1955 to 1957, particularly 1955. For borrowers with assets of less than for loans with maturities of more than ten $250,000, these three forms accounted for years in which the proportion of loans with a much larger proportion of the total. As- such collateral rose from 30 to 40 per cent. signment of claims, such as accounts receivable or liens on revenue, was the next most LENDING BANKS important type of security. This type, used Member bank accommodations of busimainly by large firms, accounted for less nesses of different size with term loans dethan one-fifth of the total. Most of the pend in part on the size of the bank and in loans secured by assignment of claims were part on participation arrangements whereby to petroleum-rubber producers. the credit is extended by more than one Loans secured by bonds and stocks were bank. relatively insignificant for all sizes of bor- Size of bank. Banks with deposits of $1 rowers in 1955 whereas in 1946 they had billion or more held more than half of the accounted for 16 per cent of the secured dollar volume of term loans outstanding term loans for all borrowers and as much in 1957, as shown in Table 9. Smaller as 35 per cent for borrowers with assets of banks, with deposits of less than $100 milmore than $5 million. This decline re- lion, held more than half of the number but Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS 363 TABLE 9 SIZE OF TERM LOAN BORROWERS RELATED TO SIZE OF LENDING BANKS, OCTOBER 16, 1957 Amount of loans Percentage increase, or Percentage distribution within (in millions of dollars) decrease (-), 1955-57 size-of-borrower groups Size of borrower Size of bank (total deposits, Size of bank (total deposits, Size of bank (total deposits, (total assets, in in millions of dollars) in millions of dollars) in millions of dollars) thousands of dollars) All All All banks t L h 1 e a 0 s n s 1 10 0 0 - 1 1 ,0 0 0 0 0 - 1 o a ,0 v n 0 e d 0 r banks t L h 1 e a 0 s n s 1 10 0 0 - 1 1 ,0 0 0 0 0 - 1 o a ,0 v n 0 e d 0 r banks t L h 1 e a 0 s n s 1 10 0 0 - 1 1 ,0 0 0 0 0 - 1 o a ,0 v n 0 e d 0 r All borrowers * 15,421 585 2,069 4,414 8,354 47.5 43.2 43.7 39.3 53.6 100.0 3.8 13.4 28.6 54.2 Less than 50 673 199 221 150 103 15.9 27.4 9.1 2.3 37.0 100.0 29.6 32.8 22.3 15.3 50-250 1,945 305 820 541 280 44.3 51.0 45.3 31.6 63.4 100.0 15.7 42.1 27.8 14.4 250-1,000 1,796 53 622 805 316 48.2 74.3 58.1 51.6 22.9 100.0 3.0 34.6 44.8 17.6 1,000-5,000 2,021 10 226 1,053 732 53.8 194.6 44.0 46.7 67.8 100.0 0.5 11.2 52.1 36.2 5,000-25,000 2,313 2 54 748 1,509 37.7 52.2 36.1 34.6 39.4 100.0 0.1 2.3 32.4 65.2 25,000-100,000 2,332 1 18 436 1,877 49.2 41.5 50.8 48.9 100.0 8 0.8 18.7 80.5 100,000 and over . .. 3,551 1 22 493 3,036 50.6 -39.3 4.5 12.2 60.1 100.0 0.6 13.9 85.5 1 Includes loans for borrowers whose size was not ascertained. NOTE.—Details may not add to totals because of rounding. 2 Less than 0.05 of one per cent. less than one-fifth of the dollar amount. posits of $1 billion or more, while industry More than three-fourths of all term loans groups made up of characteristically small at banks in the largest size group represented firms—such as retail trade and service— credit to larger borrowers (assets of more obtained a similar proportion of the term than $5 million). This concentration of credit extended by the smallest banks (deborrowing of course reflects the fact that posits of less than $10 million). only banks with large resources are pre- The largest banks had the most rapid pared to meet such credit needs. Although growth—54 per cent—in term loans from banks in the two largest size groups repre- 1955 to 1957. The smallest banks, howsented almost the sole source of term loans ever, had the sharpest increase in the proto the larger borrowers, they were also portion of term loans to total loans. This an important source of term credit to small reflects in part the increasing reliance of borrowers (assets of less than $250,000). smaller borrowers, who account for most Four-fifths of the term credit provided by of the borrowing at such banks, on the banks in the smallest size group (deposits of longer maturities. less than $10 million) went to firms with A noteworthy feature of term loan exassets of less than $250,000. pansion from 1955 to 1957, as well as from The industrial classification of term loan 1946 to 1955, was that growth for smaller borrowers among banks in various size borrowers (assets of less than $250,000) groups, shown in Appendix Table 6, also was sharper at the largest banks than at points to a close relationship between size smaller banks. As a result, by 1957 banks of bank and size of borrower. In 1957 in the largest size group (total deposits of the metals, petroleum-rubber, and public $1 billion and over) accounted for 15 per utilities groups—each of which is heavily cent of the term credit outstanding to the weighted by large corporate organizations- smallest borrowers as compared with 13 accounted for more than 60 per cent of the per cent in 1955. Banks classified in the term loan volume of banks with total de- largest size class in the 1946 Survey (total Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN • APRIL 1959 deposits of $500 million and over) ac- arrangements very little, probably because counted for 3 per cent of all term credit to most of their loans are not large enough to this borrower group. The rapid growth of warrant them. The participating loans branch banking over this period probably they do make are generally of the "overpermitted large banks to extend their activi- line" type, in which the initiating bank ties beyond the financial centers into areas usually offers another bank the portion of a where the typical borrower is a small busi- loan that exceeds either the legal loan limit ness. Also contributing in recent years has of the initiating bank or the line of credit been the development by large banks of that it wishes to extend. small business loan departments and/or in- Nearly two-fifths of all long maturities stalment credit departments to facilitate the were arranged on a participation basis in granting of small loans. 1955 as compared with only one-fourth of Participation arrangements. The size of all intermediate maturities. For loans in a bank making a term loan is related to the the long maturity group, the proportion amount of credit extended. If the size of of participations ranged from about 5 the loan requested exceeds that which the per cent at small banks to 50 per cent at bank is willing or able to make, the bank the largest banks. may arrange to have other banks provide some of the credit. TABLE 10 Data on extent of participation by several MEMBER BANK PARTICIPATION IN TERM LOANS banks in term lending operations, available OCTOBER 5, 1955, BY SIZE OF BANK for 1955 but not for 1957, indicate that nearly one-third of the dollar volume in Amount of term loans (in millions of dollars) 1955 involved participation by two or more Participations, by type Size of bank banks. This was about the same proportion (total deposits, in millions No Excess or over-line, as in 1946. Most participations are ar- of dollars) Total partici- originated by: pation Pool ranged to meet the demands of large bor- Report- Another rowers and may reflect a desire on the part ing bank bank of banks to spread their risks as well as a All member banks.. 10,457 7,158 446 591 2,263 desire to meet demands for credit in excess Less than 10 408 386 12 6 4 10-100 1,440 1,293 62 50 35 of their legal loan limits. The proportion 100-1,000 3,170 2,361 171 326 312 1,000 and over. . .. 5,439 3,119 200 208 1,912 of loans arranged on a participation basis rises as the size of loan increases. It be- Participation loans as a percentage of all term loans in maturity group i comes significant—that is, in excess of 10 All maturities 1-5 years Over 5 years per cent—for loans of $100,000 or more. Most participations are arranged by the All member banks.. 31.5 25.1 37.2 largest banks. Among such banks pool ar- Less than 10 5.4 5.5 5.4 10-100 10.2 11.4 8 9 rangements are the predominant form of 100-1,000 25.5 23.4 27.8 1,000 and over. . .. 42.7 32.5 50.1 participation, as Table 10 shows. Small i Percentages based on amounts of loans. banks, on the other hand, use participating NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS 365 APPENDIX TABLE 1 CORPORATE STATUS OF TERM LOAN BORROWERS AT MEMBER BANKS, 1957, BY BUSINESS OF BORROWER Incorporated Unincorp orated Amount of loans Number of loans Amount of loans Number of loans Business of borrower Percent- Percent- Percent- Percent- M do il o l l l i f a o r n s s c d r a e e g ( c a - e r s ) e e , i a , n s - o e r T sa h n o d u s - c d r a e e ( g c a - e r s ) e e , i a , n s - o e r M do il o l l l i f a o r n s s c d r a e e g a c e r s e e i a , n s - o e r T sa h n o d u s - c d r a e e g / a c e r s e e i \ a , n s - o e r 1955-57 1955-57 1955-57 1955-57 All businesses 12 444 50 4 142 6 52.2 2,978 36.3 336.4 24.0 Manufacturing and mining 5,968 48.9 35.4 41.3 565 10.1 36.9 13.4 Wholesale trade1 495 30 8 12.8 58.4 193 88.8 15.6 48.5 Retail trade 710 18.3 26.4 61.3 677 42.7 108.9 26.9 Other: Sales finance.... 262 115.5 0.8 33.4 4 -53.2 0.3 -20.8 Transportation, communication, and other public utilities 2,723 51.9 12.5 27.7 115 -23.3 17.6 32.6 Construction... 400 84.1 12.1 74.1 197 62.0 23.4 44.3 Real estate 879 88 4 16 5 113.0 428 59.0 21.8 23.9 Service.. 603 50.0 19.3 39.6 591 45.8 86.5 24.4 All other nonfinancial 405 41.5 6.8 28.5 206 49.1 25.5 0.4 1 Includes commodity dealers. NOTE.—Details may not add to totals because of rounding. APPENDIX TABLE 2 TERM LOANS OF MEMBER BANKS, OCTOBER 16, 1957 BY SIZE OF BANK AND MATURITY Amount outstanding Number of loans Size of bank (total deposits, in All Original maturity (in years) All Original maturity (in years) millions of dollars) term term loans 1-2 2-5 5-10 Over 10 loans 1-2 2-5 5-10 Over 10 In millions of dollars In thousands All banks 15,421 2,402 5,315 6,155 1,549 479.1 167.8 184.6 101.0 25.6 Less than 10 585 136 191 204 54 100.2 38.4 34.6 22.5 4.7 10-100 2,069 375 714 754 225 160.5 56.1 57.0 37.7 9.7 100 1 000 4,414 848 1,651 1,544 371 127.0 44.5 50.4 25.1 7.0 1,000 and over 8,354 1,044 2,758 3,652 899 91.4 28.8 42.5 15.7 4.3 Percentage increase, 1955-57 All banks 47.5 68.9 53.6 31.0 76.8 31.3 23.2 39.7 21.7 89.8 Less than 10 43.2 68.8 46.3 21.1 87.8 35.6 40.9 40.7 17.0 66.6 10-100 43.7 45.2 48.0 29.2 96.1 34.5 27.1 49 A 21.9 59.9 100-1 000. 39.3 83.1 42.6 17.9 55.1 23.9 14.2 35.2 11.3 86.8 1,000 and over 53.6 68.3 63.3 38.6 82.2 32.1 11.4 32.6 52.6 375.4 ]'ercentage distribution within size-of-bank classes All banks 100.0 15.6 34.5 39.9 10.0 100.0 35.0 38.5 21.1 5.3 Less than 10 100 0 23.2 32.7 35.0 9.2 100.0 38.3 34.5 22.5 4.6 10-100 100.0 18.1 34.5 36.5 10.9 100.0 35.0 35.5 23.5 6.0 100-1 000. 100.0 19.2 37.4 35.0 8.4 100.0 35.0 39.7 19.7 5.5 1,000 and over 100.0 12.5 33.0 43.7 10.8 100.0 31.6 46.6 17.2 4.7 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN • APRIL 1959 APPENDIX TABLE 3 BUSINESS OF BORROWER RELATED TO MATURITY OF MEMBER BANK TERM LOANS, OCTOBER 16, 1957 Original maturity (in years) All term Business of borrower loans 1-2 2-3 3-4 4-5 5-10 Over 10 Amount (in millions of dollars) All businesses 15,421 2,402 1,861 1,176 2,278 6,155 1,549 Manufacturing and mining: Food, liquor, and tobacco 485 58 44 38 137 189 18 Textiles, apparel, and leather 314 37 29 16 92 119 19 Metals and metal products 1,905 240 245 148 301 884 86 Petroleum, coal, chemicals, and rubber 2,763 280 286 243 408 1,254 292 All other 1,067 116 87 103 165 541 55 Trade: Retail trade 1,387 245 161 77 197 536 171 Wholesale trade 600 99 88 72 93 221 27 Commodity dealers 88 11 23 7 13 33 2 Other: Sales finance 266 91 24 76 33 39 3 Transportation, communication, and other public utilities 2,839 483 390 192 402 1,065 307 Construction 596 236 159 44 44 79 34 Real estate 1,307 219 132 53 156 416 332 Service 1,194 179 136 67 162 512 138 All other nonfinancial 611 109 55 40 7,S 266 67 Percentage increase, or decrease (—), 1955-57 All businesses 47.5 68.9 87.1 61.6 31.0 31.0 76.8 Manufacturing and mining: Food, liquor, and tobacco 15.6 -14.5 102.5 121.1 46.1 -6.8 20.9 Textiles, apparel, and leather 19.6 43.3 -0.6 34.0 0.2 19.2 708.2 Metals and metal products 59.6 142.3 208.1 80.9 19.3 39.7 81.9 Petroleum, coal, chemicals, and rubber 44.4 66.1 58.1 93.6 43.6 25.8 85.8 All other 45.5 50.2 54.1 136.8 8.1 51.5 17.8 Trade: Retail trade 29.1 57.1 39.8 18.8 49.8 0.4 132.8 Wholesale trade 41.2 58.0 95.2 225.3 -8.6 29.2 21.1 Commodity dealers 58.6 -23.5 241.1 95.9 57.4 43.5 621.2 Other: Sales finance 103.2 195.5 -31.8 78.0 373.2 156.4 Transportation, communication, and other public utilities 46.1 71.0 122.4 15.8 31.6 42.3 15.2 Construction 76.1 71.3 181.0 1.5 25.6 41.2 257.0 Real estate 77.6 69.5 150.1 98.1 56.0 31.3 199.6 Service 47.9 72.1 42.9 19.5 49.1 37.9 90.8 All other nonfinancial 44.0 63.1 27.3 75.5 13.6 54.4 24.6 Percentage distribution >vithin business-of-borrower group All businesses 100.0 15.6 12.1 7.6 14.8 39.9 10.0 Manufacturing and mining: Food, liquor, and tobacco 100.0 12.1 9.1 7.8 28.3 39.1 3.7 Textiles, apparel, and leather 100.0 11.9 9.3 5.2 29.5 38.0 6.1 Metals and metal products 100.0 12.6 12.9 7.8 15.8 46.4 4.5 Petroleum, coal, chemicals, and rubber 100.0 10.1 10.4 8.8 14.8 45.4 10.6 All other 100.0 10.9 8.2 9.7 15.5 50.7 5.1 Trade: Retail trade 100.0 17.6 11.6 5.5 14.2 38.7 12.3 Wholesale trade 100.0 16.5 14.6 12.0 15.6 36.8 4.5 Commodity dealers 100.0 12.1 26.2 8.2 14.3 37.4 1.8 Other: Sales finance 100.0 34.1 9.1 28.4 12.5 14.7 1.2 Transportation, communication, and other public utilities 100.0 17.0 13.7 6.8 14.1 37.5 10.8 Construction 100.0 39.6 26.7 7.4 7.3 13.3 5.7 Real estate 100.0 16.7 10.1 4.0 11.9 31.8 25.4 Service 100.0 15.0 11.4 5.6 13.6 42.9 11.5 All other nonfinancial 100.0 17.8 9.1 6.5 12.2 43.5 11.0 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS 367 APPENDIX TABLE 4 TYPE OF SECURITY PLEDGED FOR MEMBER BANK TERM LOANS, OCTOBER 5, 1955 WITHIN SIZE-OF-BANK GROUPS Size of bank (total deposits, in millions of dollars) All Type of security banks Less than 10- 100- 500- 1,000 10 100 500 1,000 and over Amount (in millions of dollars) All term loans 10,457 408 1,440 1,966 1,204 5,439 Unsecured 4,266 28 133 486 467 3,152 Secured. 6,191 380 1,307 1,480 737 2,287 Endorsed or comaker 489 19 62 99 58 250 Assignment of claims . . . . 1,055 10 92 243 139 571 Other security 329 3 22 79 35 190 Inventories 85 4 15 23 8 36 Equipment ... . . 1,548 67 230 369 246 638 Plant and other real estate 2,337 269 853 604 213 397 U. S. Government securities 20 1 2 5 3 9 Other bonds. . . . .. 39 0) 2 6 2 28 Stocks 237 15 38 25 156 Life insurance and savings accounts 52 4 15 14 8 11 Percentage distribution of all term loans Unsecured 40.8 6.9 9.2 24.7 38.8 57.9 Secured 59.2 93.1 90.8 75.3 61.2 42.1 Percentage (listribution of all secure<i term loans Endorsed or comaker 7.9 5.1 4.8 6.7 7.9 10.9 Assignment of claims 17.0 2.6 7.0 16.4 18.8 25.0 Other security 5.3 0.9 1.7 5.3 4.8 8.3 Inventories 1.4 1.0 1.1 1.5 1.1 1.6 Equipment 25.0 17.5 17.6 24.9 33.3 27.9 Plant and other real estate 37 7 70 8 65 3 40.8 28.9 17.4 U. S. Government securities 0.3 0.2 0.2 0.3 0.4 0.4 Other bonds 0.6 0.1 0.4 0.3 1.2 Stocks 3 8 0 8 1 l 2 6 3 4 6 8 Life insurance and savings accounts. . 0.8 1.2 1.2 0.9 1.1 0.5 i Less than $500,000. 2 Less than 0.05 of one per cent. NOTE.—Details may not add to totals because of rounding. APPENDIX TABLE 5 DISTRIBUTION OF MEMBER BANK TERM LOANS BY FEDERAL RESERVE DISTRICT, OCTOBER 16, 1957 Amount Number Percen 1 ta 9 g 5 e 5 - i 5 n 7 crease, Percentage distribution P lo er a c n e s n i t n a g d e i s o t f r ic a t ll Federal Reserve district (in millions (in of dollars) thousands) Amount Number Amount Number Amount Number All districts... 15,421 479.1 47.5 31.3 100.0 100.0 38.0 37.4 Boston 585 30.0 36.1 39.6 3.8 6.3 27.6 30.7 New York.... 6,445 97.7 53.3 29.5 41.8 20.4 45.0 41.6 Philadelphia.. 648 30.2 99.8 59.6 4.2 6.3 34.6 33.6 Cleveland 1,104 35.5 30.4 23.6 7.2 7.4 40.1 40.4 Richmond.... 327 26.0 24.8 39.3 2.1 5.4 23.1 32.9 Atlanta 445 33.6 49.3 58.9 2.9 7.0 24.2 32.2 Chicago 2,110 54.3 42.0 18.5 13.7 11.3 38.3 40.1 St. Louis 327 15.0 44.6 10.3 2.1 3.1 27.3 31.8 Minneapolis.. 219 18.2 12.6 6.7 1.4 3.8 30.1 40.9 Kansas City.. 454 23.3 49.1 34.4 2.9 4.9 34.5 34.2 Dallas 630 26.4 15.5 24.5 4.1 5.5 29.7 27.6 San Francisco 2,128 88.9 59.4 35.6 13.8 18.6 39.3 45.4 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 FEDERAL RESERVE BULLETIN • APRIL 1959 APPENDIX TABLE 6 BUSINESS OF TERM LOAN BORROWERS RELATED TO SIZE OF LENDING MEMBER BANK, OCTOBER 16, 1957 Size of bank (total deposits, in millions of dollars) All Business of borrower banks Less than 10- 100- 500- 1,000 10 100 500 1,000 and over Amount of loans (in millions of dollars) All businesses 15,421 585 2,069 2,688 1,726 8,354 Manufacturing and mining: Food, liquor, and tobacco 485 14 68 79 53 272 Textiles, apparel, and leather 314 6 30 59 34 184 Metals and metal products 1,905 17 147 334 227 1,179 Petroleum, coal, chemicals and rubber. 2,763 18 88 252 253 2,152 All other 1,067 33 126 178 148 583 Trade: Retail trade 1,387 188 406 323 134 336 Wholesale trade 600 31 144 182 39 203 Commodity dealers 6 11 14 29 29 Other: Sales finance 266 3 12 30 53 168 Transportation, communications, and other public utilities. 2,839 31 130 323 335 2,020 Construction 596 36 144 158 78 181 Real estate 1,307 36 300 368 146 458 Service 1,194 140 351 245 115 344 All other nonfinancial 611 27 113 143 82 246 Percentage increase, or decrease (—), 1955-57 All businesses 47.5 43.2 43.7 36.8 43.3 53.6 Manufacturing and mining: Food, liquor, and tobacco 15.6 24.3 56.1 7.3 -26.0 23.4 Textiles, apparel, and leather 19.6 81.7 55.7 8.7 -9.9 25.1 Metals and metal products 59.6 18.8 38.0 64.6 50.3 64.2 Petroleum, coal, chemicals and rubber. 44.4 73.4 13.0 7.2 33.2 53.8 All other 45.5 62.5 54.7 24.0 44.1 51.0 Trade: Retail trade 29.1 48.2 47.2 36.6 33.7 0.2 Wholesale trade 41.2 47.2 62.6 60.9 -12.1 29.3 Commodity dealers 58.6 24.7 6.2 266.6 399.2 -9.0 Other: Sales finance 103.2 18.7 41.7 139.2 30.0 151.3 Transportation, communications, and other public utilitie; 46.1 85.1 33.6 4.1 41.3 57.5 Construction 76.1 40.6 54.8 93.4 190.6 78.4 Real estate 77.6 41.3 48.6 62.0 48.9 148.8 Service 47.9 37.0 42.9 51.8 116.0 40.1 All other nonfinancial 44.0 11.2 24.3 30.4 137.1 49.2 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Proposed Revision of Reserve Requirements THE BOARD OF GOVERNORS favors enact- The bill proposes three changes in existment of the proposal before your Com- ing law that would authorize the Board to: mittee, H.R. 5237, to amend Section 19 of (1) Permit member banks to include in the Federal Reserve Act by making three their required reserves all or part of their changes in the present law respecting the vault cash holdings in addition to balances reserve requirements of member banks. with Federal Reserve Banks. This bill, it should be emphasized, is not (2) Set the reserve requirements for dedesigned to make any radical changes in the mand deposits of central reserve city banks existing system of reserve requirements that within a range of 10 to 20 per cent, instead would have an important bearing on mone- of the present authorized range of 13 to 26 tary policies. The application of its provi- per cent. sions would have to be effected in a manner (3) Permit individual member banks in and be accompanied by other measures, so any part of a reserve or central reserve city as not to negate policies directed toward to carry, where reasonable and appropriate provision of an appropriate supply of bank in view of the character of business transcredit and money. In the judgment of the acted by the individual banks concerned, re- Board, the basic characteristics of the ex- serves at the lower requirement level preisting system of reserve requirements pro- scribed for country or for reserve city banks. vide a workable and effective medium for The purposes and possible effects of the execution of monetary policy. The amend- proposed changes may be summarized ments proposed are for the purpose of re- briefly. moving from the present law some structural inequities and difficulties of administration. VAULT CASH AS RESERVES The amended law would provide a means of Present limitation of reserves to balances effecting gradually a better structure of re- held at the Reserve Bank results in an inserve requirements within the existing equitable situation as between individual framework, adaptable to meeting over the banks, because many banks find it necessary foreseeable future the prospective monetary for operating purposes to hold relatively and credit needs of a growing economy. larger amounts of vault cash than do other banks. The counting of vault cash as re- NOTE.—Statement of Vice Chairman C. Canby serves would correct that inequity. Since Balderston of the Board of Governors of the Federal Reserve System before Subcommittee No. 2 of the vault cash holdings and reserve balances Banking and Currency Committee of the House of at the Reserve Banks both have the same Representatives, Apr. 7, 1959. Vice Chairman Balderston presented a statement on the same subject effect in limiting the volume of credit a bank to the Senate Banking and Currency Committee on may extend and are interchangeable, it is Mar. 23, 1959. 369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN • APRIL 1959 logical and proper that both be counted as Banks and thus add approximately $2 bilreserves. Doing so would also have col- lion at a single stroke to the available supply lateral advantages: one would be to reduce of bank reserves. Unless other action were the costs of transporting and handling cur- taken to absorb some of the reserves rerency; another would be to facilitate the leased, this would increase the lending poholding by member banks of larger stocks tential of the banking system by more than of currency that would be available over a tenth. It would also distort existing difwidely dispersed areas for use in the event ferentials in reserve requirements as between of a national emergency. classes of banks. Any such change, therefore, would have to be put into effect grad- In the original Federal Reserve Act memually, and most likely be offset by adjustber banks were permitted to hold somements in the reserve requirement percentwhat more than half of their required reages, as well as by open market operations. serves as cash in their own vaults. In 1917 When initiating the change, the Board could the total reserve requirements were reduced permit member banks to count as part of and member banks were required to hold their required reserves either all of their the full amount with Federal Reserve Banks. vault cash or only a specified portion thereof. This was a wartime measure designed to mobilize the gold reserves of the country in Vault cash holdings vary considerably the Federal Reserve Banks. Under the Gold among individual banks and also vary from Reserve Act of 1934, all of the country's time to time for any single bank. Inequities gold stock is held in the Treasury, which in the present system of reserve requirements issues gold certificates or gold-certificate arise primarily from the differences among credits against most of it to Federal Reserve banks in the same class as to their holdings Banks, and the gold stock can be drawn of vault cash. About a fourth of the country upon only to cover international payments. member banks, for example, hold cash Thus, there is now no possibility of banks amounting to more than 5 per cent of their depleting the gold supply by withdrawals net demand deposits, or close to half of their to hold as reserves or for other domestic required reserves against such deposits, uses, and that reason for not counting banks' while another fourth show cash to demand vault cash holdings as reserves no longer ex- deposit ratios of less than 2Vi per cent. A ists. Taken by itself any withdrawal of cur- fourth of the reserve city banks hold cash rency by a bank either to hold in its vault or amounting to less than WA per cent of deto meet customers' demands results in a mand deposits, with a fourth showing ratios drain on member bank reserve balances, of more than double that figure. unless additional reserves are provided by There are wide differences between the some means. Likewise a return flow of cur- reserve classes in their vault cash holdings, rency adds to the availability of reserves. but these average differences are more than It is for this reason that reserves and vault offset by the differentials in the reserve recash are said to be interchangeable. quirement percentages established for each Permitting vault cash to count as reserves class. Vault cash holdings and reserve rewould release a corresponding amount of quirements of each class are shown in the reserves now held on deposit at the Reserve table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED REVISION OF RESERVE REQUIREMENTS 371 CASH IN VAULT OF MEMBER BANKS, BY CLASS OF average, 18.1 per cent for reserve city BANK FIRST HALF OF FEBRUARY 1959 banks, and 18.6 per cent for central reserve Percentage ratio Ratio of vault city banks. In addition to these amounts, Amount of vault cash to: cash 2 plus (In required member banks have a reserve requirement Class of bank millions reserves of Total Net to net of 5 per cent on time deposits at all classes dollars) required demand demand reserves1 deposits deposits of member banks. If vault cash were permitted to be counted All member banks . . . 2,039 11.2 2.0 as reserves without any alteration of reserve Central reserve city banks: New York. 130 3.3 .6 18.6 requirement percentages, member banks Chicago 30 2.9 .6 18.6 could reduce their required reserve balances Reserve city banks... 645 8.3 1.6 18.1 held at the Reserve Banks and the margins Country banks 1,234 22.8 3.3 14.3 between classes in such balances needed 1 Including requirements of 5 per cent against time deposits. would be greater than those now in effect. 2 Not including requirements against time deposits. The differences between country banks and Of the $2 billion of vault cash held by reserve city banks in requirements against all member banks in February, about three- net demand deposits would be 5.5 perfifths, or %\lA billion, was held by country centage points (16.5 minus 11), as combanks, whose holdings constitute over 3 per pared with the present margin of less than cent of their net demand deposits and nearly 4 points in effective requirements, as measa fourth of their total required reserves. ured by the combined total of required re- Vault cash holdings of reserve city banks as serve balances and average vault cash holda group amounted to over XVi per cent of ings (18.1 minus 14.3). The difference bedemand deposits and 8 per cent of required tween country banks and central reserve city reserves, while the ratios for central reserve banks would be 7 points (18 minus 11) as city banks as a group were very small. These compared with a little over 4 points on the average ratios vary somewhat from time to average at present (18.6 minus 14.3). As time, but the margins are broadly similar. previously stated, some realignment of re- These margins of difference in vault cash quirements would be needed in effecting the holdings to some degree compensate for shift to the new basis. differences in reserve requirements. When PERCENTAGE RANGE FOR CENTRAL vault cash holdings are added to required RESERVE CITY BANKS reserves, the amounts currently tied up by By using its legal authority to change rethe combination, expressed as ratios to net quirements for the three broad classificademand deposits, show much smaller mar- tions of member banks, the Board can regins of difference between classes than duce any undue distinctions between classes the reserve requirement percentages alone of banks.1 The effect of counting vault cash would indicate. While reserve requirements as reserves, as pointed out, would be to on demand deposits alone are 11 per cent lower the amount of reserves required to be for country banks, 16.5 for reserve city 1 Under the present law requirements may vary as follows : banks, and 18 for central reserve city banks, Minimum Maximum Present as of February 1959 the combined ratio was Against net demand deposits: Central reserve city banks 13 26 18 Reserve city banks 10 20 16.5 14.3 per cent for country banks on the Country banks 7 14 11 Against time deposits—all banks.... 3 6 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN • APRIL 1959 held at the Reserve Bank. The reduction minimum that could be required of any would be substantial for most country central reserve city bank against demand banks, which now have the lowest reserve deposits. requirements, and for some reserve city No change is recommended in the probanks, but negligible for most central vision of the law that permits the Board to reserve city banks, which have the highest change reserve requirements within the perreserve requirements. missible limits for the different classes of Partly because central reserve city banks banks. These limits permit a doubling of would obtain little benefit from counting requirements above the statutory minimum, vault cash as reserves, the Board is pro- but the absolute range of variation would posing that permissible requirements for be narrowed. Moreover, the Board would central reserve city banks be lowered to the retain authority to reclassify cities, which, to- 10 to 20 per cent range authorized for re- gether with the other amendment proposed serve city banks. No changes are proposed with respect to the classification of individin the permissible limits of the percentage ual banks, would make possible adjustments requirements against net demand deposits to remove or reduce any inequities between as now stated in the law for reserve city and banks or classes of banks. country banks—10 to 20 per cent and 7 to It has been proposed that the central re- 14 per cent, respectively. serve city classification be abolished and that Another reason for lowering the range for there be authority for only two classes of central reserve city banks is that, in the banks—reserve city banks and others. The judgment of the Board, a maximum of 20 principal reason advanced for this proposal per cent is believed to provide sufficient lee- is that the original basis for the establishway for any increases that may be needed in ment of central reserve cities is no longer the foreseeable future. With long-run growth applicable. Under the National Bank Act, in the economy, banks will need to expand central reserve cities were required to hold credit and the supply of money. Reserves larger reserves because deposits with central required for this purpose may be provided reserve city banks could be counted as reby reducing requirements gradually in the serves by other banks; this has not been percourse of time. mitted since 1917. It is also stated that, al- This amendment would retain three though banks still maintain substantial balclasses of banks in recognition of fundamen- ances with central reserve city banks for tal differences in the character of demand operating purposes, the dominance of New deposits held. The Board could retain York and Chicago in this respect has greatly higher requirements for central reserve city diminished. banks than for reserve city banks even The Board, however, favors the retention though the amendment to the law would of the three classes for a number of fundaestablish an identical range of permissible mental reasons. The proposal to abolish the requirements for central reserve city banks central reserve city classification is much as for reserve city banks—by lowering from more sweeping than the provision in the 26 per cent to 20 per cent the maximum pending bill to lower the maximum and and from 13 per cent to 10 per cent the minimum figures for central reserve city Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED REVISION OF RESERVE REQUIREMENTS 373 banks to the same range as that permitted domestic balances were concentrated in for reserve city banks. New York, and New City banks held very Practical objections to a mandatory re- large excess reserves. Authority to mainquirement that reserve requirements be tain three classes of banks provides the made identical for all city banks relate to Federal Reserve with more flexible powers the problem of absorbing the reserves re- to deal with such variations in the distribuleased and the shifts in established relation- tion of reserves. ships among banks. The change would More fundamentally, the Board feels that necessitate either a reduction in central re- differentials in requirements among banks serve city requirements or an increase in are desirable for purposes of effectuating those for reserve cities. If requirements at monetary policy. There are fundamental central reserve city banks were lowered to differences in the character of deposits held the level of reserve city banks, the effect by different banks and in their impact on would have to be absorbed by raising re- the economy. Since the principal function quirements for country banks, if necessary of reserve requirements is to influence the to maintain an appropriate total level of re- impact of the use of money on the economic quired reserves. If the total level of required situation, such requirements should make reserves were lowered, the additional re- allowance not only for the quantity of money serves would need to be absorbed by other outstanding but also for the rate of its use. means to avoid undue credit expansion. In These differences are recognized in existany event, there would be a realignment of ing law with respect to requirements against requirements that would alter long-estab- demand and time deposits and to those lished relationships among banks; the pres- against demand deposits for the three difent central reserve city banks would have ferent classes of banks. They are sufficiently lower requirements and country banks distinct and important to justify three classes would probably have higher requirements of banks rather than only two. Just as there relative to the average for all member banks are significant differences between the larger than would be the case if the three-way city banks and the smaller country banks classification were retained. which make it appropriate to require differ- Retention of the central reserve city clas- ent amounts of reserves, there are also difsification is essential in order to make it pos- ferences between large banks concentrated sible to deal with any undue concentration in the leading financial centers and banks in of available reserves in money market cen- other cities. Differences between large city ters, such as has happened and might arise banks and banks located in small places are again in the future. Absorption of such a numerous and clear. Likewise, New York pool of reserves through open market opera- City and Chicago as banking centers stand out in many respects from other cities. The tions or through a widespread increase in differences may not be as great as they were requirements might be impossible without in the past but they are still striking. undue effects on other banks having relatively small amounts of reserves available. As an illustration of these differences, of Such a situation developed in the 1930's the ten largest banks, as measured by total when large amounts of both foreign and deposits, all but two are in New York and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDERAL RESERVE BULLETIN • APRIL 1959 in Chicago, and those two are State-wide their balances due to banks. These two branch banks with a substantial volume of cities are central markets for money to an deposits at their country branches. Total extent that is not true of other large cities. deposits at all banking offices located with- Typical depositors in large city banks inin metropolitan areas amount to about $58 clude businesses, individuals, and institutions billion for New York and nearly $13 billion which have large amounts of funds and use for Chicago. The next largest are Los them much more actively than do most of Angeles with about $8 billion and San Fran- the depositors in the smaller banks. They cisco and Philadelphia with less than $7 are in a better position than customers of billion each. banks located elsewhere to keep a portion Interbank demand deposits, which are an of their liquid funds in short-term marketindication of the ability of banks to attract able assets and to keep their deposit balances funds and which have been used in the past small relative to the volume of their payas the principal standard of classification, ments. This is another way of saying that total over $4 billion at central reserve city large city banks hold greater amounts of banks in New York and $1.2 billion at such deposits that have high expansionary or inbanks in Chicago. The largest total held in flationary potentials than do the smaller any other city is less than $500 million. Of banks. the 11 banks holding the largest amount of A rough indication of the impact of bank interbank demand deposits, 10 are central deposits on economic activity is provided by reserve city banks. figures of debits to deposit accounts. As Still another reason for retaining three measured by the ratio of debits to deposits classes of banks is that large banks in finan- outstanding, the average rate of turnover of cial centers, which hold the bulk of the more demand deposits, other than interbank and active balances of businesses and investment U. S. Government deposits, for all banks institutions and also balances of other banks, in New York City exceeds 50 times a year are in a better position to put available funds and even when allowance is made for opto use actively and promptly in the central erations of certain financial types of deposits money markets than are smaller banks or that have extraordinarily high rates of turnthose located elsewhere. Banks outside the over and are heavily concentrated in New financial centers, on the other hand, find it York, the average is still over 30. The avernecessary for operating purposes to carry a age for all banks in Chicago is over 30 per portion of their secondary reserve assets in cent, and that for Chicago central reserve the form of balances with other banks, on city banks alone is higher. Nearly all of the which they receive no earnings and the carry- large central reserve city banks show rates ing of which limits their lending capacity. of turnover exceeding 30. Even reserve city banks maintain substan- Of the large reserve city banks, only a tial amounts of balances with other banks, few have turnover rates of over 30 times a particularly in New York and Chicago. New year and more than half have rates of less York banks maintain only negligible bal- than 25. For most of the smaller reserve ances with other banks and, Chicago banks city banks the turnover rates are below 20. have less than other cities in relation to At banks in other places, annual rates of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED REVISION OF RESERVE REQUIREMENTS 375 turnover of demand deposits are generally cases is not large, they do represent cases of less than 20 even for the largest banks, and unfairness that are not essential for policy less than 15 for the bulk of the small banks. reasons. For time deposits the rate of withdrawals is The amendment proposed would permit only about once every two years. more flexibility in exempting individual It is evident that there are sufficiently wide banks than is possible under existing law differences in the character of banks and in and thereby facilitate the elimination of the impact of their deposits on the economy some existing inequities. To accomplish to provide a basis for differentials in reserve these purposes the pending bill would strike requirements on the existing pattern of three out of the law the present relief provisos broad classes. In no other city is there as applicable only to "outlying district" banks, much concentration of banks that may be and add a new paragraph which would characterized as central reserve city banks authorize the Board to permit member banks or the elements of a central money market as in any part of a reserve or central reserve there is in New York and to a lesser extent city to carry reduced reserves. Instead of in Chicago. Since banks under the pro- being confined solely to the geographical posed amendments would continue to be test, the Board would be authorized to grant classified by cities, the classification of cities permission for reduced reserves on such basis is necessarily based upon the extent of such as it might deem reasonable and appropriate concentration rather than upon a relatively in view of the "character of business" transfew individual cases. acted by the member bank involved. Determination of character of business for this RELIEF FOR INDIVIDUAL BANKS purpose would take into consideration total volume of deposits, holdings of interbank Because reserve classifications are made by deposits, the distribution of other deposits cities, individual banks located in a city but among different groups of owners, the turndiffering in nature from the leading banks over of deposits, the requirements of other in the city are compelled to observe higher banks in the same area doing a similar type requirements than banks of a similar nature of business, and other relevant factors. located elsewhere. Under existing law, the Board may permit such banks if located in As under present law, the amendment outlying districts to carry the lower reserves would make it possible for the Board to perspecified for banks in one of the other classes. mit a member bank in a reserve city to carry This provision now permits the Board to the lower reserves specified at the time for alleviate inequities which arise when banks country banks rather than that fixed for relocated in such outlying districts are pre- serve city banks; and, similarly, a member dominantly engaged in business that is bank in a central reserve city could be persimilar to that of banks with a lower re- mitted to carry the lower reserves specified serve classification. It does not, however, at the time either for reserve city banks or permit the Board to bring equivalent relief country banks. The amendment would not to such banks if they are located in the cen- authorize the Board to permit any member tral or financial districts of reserve or central bank in such cities to carry reduced reserves reserve cities. While the number of such equal to some percentage other than one pre- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 FEDERAL RESERVE BULLETIN • APRIL 1959 scribed by the Board for one of the des- changes in the structure and level of reserve ignated classes of banks. requirements that are likely to be appro- Again as under present law, the amend- priate under present or foreseeable condiment would not authorize the Board to in- tions. crease the percentages of reserves required No change is recommended by the Board to be maintained by individual member in permissible requirements against time debanks. The Board would, however, retain posits from the present range of 3 to 6 per the authority which it now has under the cent. It is recognized that savings deposits law to designate new reserve requirements in banks do not need to have as high reof all member banks in such cities, except quirements as demand deposits, which comsuch banks as may be specifically permitted prise the most active elements of the money to carry the lower requirements of another supply, and the law correctly provides for class. differentials in such requirements. In the The proposed amendment would make it opinion of the Board, the present limits on possible for the Board to grant permission requirements against time deposits are about for reduced reserves upon the vote of a as low as would be warranted for sound and majority of a quorum, rather than only upon effective operation of the banking system. the affirmative vote of five members of the The principal function of reserve require- Board as required by the present law. ments, it is now generally recognized, is to serve as an instrument for regulating the OTHER OBSERVATIONS ability of banks to expand credit and add to Before undertaking to answer whatever ques- the available supply of money. Under extions you may have, I should like to make, isting law, Federal Reserve policies and in conclusion, a few general observations. actions may influence both the available The Board has given consideration to the supply of reserves and, within statutory careful and comprehensive study of the prob- limits, the amount of reserves required to be lem of reserve requirements and the pro- held. posals for changes made by the Economic The desirable ultimate level of reserve Policy Commission of the American Bank- requirements need be no higher than esseners Association, and also to other plans for tial for purposes of monetary policy. Yet fundamental revisions in the reserve require- requirements should not be so low as to raise ment structure. The Board has concluded, questions about liquidity or safety in the however, that far-reaching changes in the asset structure of banks. Nor should they law are not necessary. In particular, the be so high as to hamper unduly the earning Board opposes, for reasons already stated, capacity of banks and their ability to perthe abolition of the three reserve classes of form essential functions. The precise level banks. It would also not favor a mandate of requirements that may be appropriate for to reduce reserve requirements to any pre- monetary policy at any particular time in determined level by a given time. With the the future must be predicated on economic amendments proposed, along with other and financial developments at home and provisions of existing law, the Board would abroad. have adequate authority to make any Any changes in the general level of re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED REVISION OF RESERVE REQUIREMENTS 377 serve requirements must be made only grad- to both the level and structure of reserve reually and in relatively small steps in order quirements for member banks, therefore, to avoid undesirable disturbances to credit should be sufficiently flexible to enable admarkets, conflicts with appropriate monetary justments to be made in ways, in amounts, policies, and undue upsets to long-estaband at times that are consistent with the lished competitive relationships and banking aims of monetary policy, with the internapractices. In order to provide for future tional position of the country, and with the contingencies, authority to vary requiremaintenance of a sound and effective bankments over a fairly wide range needs to be ing system. Existing law with the amendretained. ments proposed would permit moving grad- Experience indicates that changes in reually toward a more equitable and rational serve requirements have more erratic effects structure of reserve requirements with a upon the credit situation than changes in the availability of reserves effected by other minimum of interference with major policy means. Legislative authority with respect objectives. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ownership of Demand Deposits DEMAND DEPOSITS of individuals, partner- increase in the past year was shared by all ships, and corporations at insured com- groups of owners except financial busimercial banks rose by an estimated $4.4 nesses and nonprofit organizations. billion, or slightly more than 4 per cent, in The number of accounts owned by indithe year ending January 28, 1959. This viduals, partnerships, and corporations also growth contrasts with a 2 per cent decline rose in the recent 12-month period, but the in the year ending January 29, 1958, and is increase—estimated at about 600,000 larger than the average rate of growth in accounts or one per cent—was less than recent years. According to estimates based half that in the previous year. on the Federal Reserve System's most recent Survey of Demand Deposit Ownership, the OWNERSHIP GROUPS Demand deposit balances of most groups NOTE.—This article was prepared by Edward P. rose in the year ending January 28, 1959, Snyder of the Board's Division of Research and as shown in Table 1. For most groups the Statistics. TABLE 1 DEMAND DEPOSIT ACCOUNTS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS JANUARY 28, 1959 [Estimates for insured commercial banks] Number Amount Increase, or Increase, or Jan. 28, 1959 decrease (—), Jan. 28, 1959 decrease (—), Type of holder from Jan. 29, 1958 from Jan. 29, 1958 Percent- Billions Percent- Billions Millions age dis- Millions Per cent of age dis- of Per cent dollars tribution dollars All holders 54.4 100.0 0.6 1.2 107.3 100.0 4.4 4.3 Domestic business 5.8 10.6 0.2 3.9 62.3 58.1 1.8 3.0 Corporate 1.9 3.4 0.1 3.2 47.5 44.2 1.2 2.5 3.9 7.1 0.2 4.2 14.8 13.8 0.6 4.4 Noncorporate Financial business 0.4 0.8 -0.2 -33.6 9.6 9.0 -0.5 -5.5 Corporate 0.2 0.4 -0.1 -28.3 7.6 7.1 -0.3 -3.8 Noncorporate 0.2 0.4 -0.1 -38.1 2.0 1.9 -0.2 -10.4 Nonfinancial business 5.5 9.8 0.4 8.9 52.7 49. 2.3 4.6 Corporate 1.7 3.0 0.1 9.6 39.9 1.5 3.8 Noncorporate 3.7 6.7 0.3 8.7 12.8 3 1 7 1.9 0.9 7.2 Nonprofit organizations 2.8 5.2 0.1 3.5 5.0 4.6 0) -0.5 Farm operators 3.2 5.9 -0.2 -4.8 4.9 4.6 0.3 7.6 Individuals—personal 42.5 78.1 0.5 1.2 31.7 29.5 1.5 5.0 All other 0.1 0.2 -2.8 3.5 3.2 0.7 27.2 Trust departments of banks (3) 0.1 68.1 2.4 2.3 0.7 39.3 Foreigners 0.1 -23.2 1.0 1.0 0.1 5.6 0.1 1 Decrease of less than $50 million. NOTE.—Corporate farming enterprises are classified as corporate 2 Decrease of less than 50,000 accounts. nonfinancial business. Details may not add to totals because of 3 Less than 50,000 accounts. rounding. 4 Increase of less than 50,000 accounts. 378 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS 379 increases exceeded by a wide margin the The former tend to fluctuate more widely in declines that had occurred in the previous response to changes in the level of economic year. Deposits of individuals, farmers, activity than the latter. The more moderate and noncorporate, nonfinancial businesses increase in deposits of corporations may reshowed somewhat larger increases than flect in part the fact that larger corporations those of nonfinancial corporations. Differ- have increased their holdings of short-term ences in rates of change in demand deposits marketable paper. among ownership groups are generally not Most of the remaining deposit growth large enough to have any marked effect over the year was in personal accounts of upon the percentage distribution of deposits individuals, which rose $1.5 billion or 5 among those groups. per cent. Growth in disposable personal Nonfinancial businesses, which own income was the major factor in this growth. roughly one-half of all demand deposits of The number of accounts also expanded, individuals, partnerships, and corporations, but at a somewhat slower rate, and the accounted for more than half of the $4.4 average balance in personal accounts inbillion rise in these deposits during the year. creased moderately over that for the pre- The expansion in their deposits undoubtedly ceding Survey date. reflected needs for larger working balances Balances of farm operators rose nearly to meet the growth in business over the 8 per cent in the year ending in January period. The percentage growth in accounts 1959, in contrast with declines between of noncorporate, nonfinancial businesses most of the other Survey dates in this was nearly twice that in corporate accounts. decade. An expansion in cash farm income TABLE 2 DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, JANUARY 28, 1959 BY FEDERAL RESERVE DISTRICT AND BY TYPE OF HOLDER Percentage increase, or decrease ( —), Amount (in billions of dollars) from Jan. 29, 1958 Type of holder Type of holder Federal Reserve district ho A ld l e l rs F b n i c u n e ia s a s i l s n - - f N b i n c n u e o i a a s s n n i l s - - - F o at p a o r e r m r s - In u s d p a o l i e n s v r — a i - d l - ot A he ll r 1 ho A ld l e l rs F b n i c u n e ia s a s i l s n - - f N b i n c n u e o i a a s s n n i l s - - - F o at p a o r e r m r s - In u s p a d o l e i n s v r — a - i l d- ot A he ll r 1 All districts 107.3 9.6 52.7 4.9 31.7 8.4 4.3 -5.3 4.6 7.6 5.0 9.3 Boston 5.6 0.5 3.1 () 1.4 0.5 -4.5 -14.5 -1.4 50.7 20.1 -41.8 New York. . . 20.7 2.1 12.3 0.1 4.1 2.1 -0.4 -12.6 2.7 -5.7 -6.5 10.1 Philadelphia.. 6.3 0.6 2.8 0.1 2.1 0.6 10.9 29.0 -1.0 -19.0 19.0 40.5 Cleveland 8.5 0.7 4.4 0.2 2.6 0.7 3.8 14.0 -0.6 -0.6 7.8 11.4 Richmond. . . 6.2 0.6 2.7 0.3 2.1 0.6 5.8 43.1 4.0 14.2 2.5 -5.1 Atlanta 8.0 0.8 3.8 0.3 2.6 0.6 5.5 -20.6 10.0 0.6 4.2 37.0 Chicago 16.8 1.6 8.4 1.0 4.6 1.2 3.7 2.2 3.0 10.4 2.6 9.7 St. Louis 4.9 0.3 1.7 0.5 2.0 0.3 9.5 3.2 12.9 3.5 7.8 22.5 Minneapolis.. 3.0 0.2 1.1 0.6 1.0 0.2 0.6 -21.1 -1.6 16.9 1.8 -4.7 Kansas City.. 7.3 0.6 3.1 0.8 2.3 0.4 2.7 -12.9 -3.2 18.6 8.4 27.3 Dallas 8.1 0.6 3.3 0.6 3.1 0.6 12.6 -31.7 25.9 9.0 6.3 90.1 San Francisco 11.9 0.9 6.0 0.5 3.9 0.6 8.2 1.3 12.5 -8.2 6.8 4.3 i Nonprofit organizations, trust departments of banks, and 2 Less than $50 million. foreigners. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN • APRIL 1959 during 1958, which reflected record farm items that fluctuate as widely as demand output and increased Government payments deposits, these difficulties cannot be entirely for crop support and related programs, eliminated in any one-day Survey. probably was responsible. The number of OTHER DISTRIBUTIONS farm-operator accounts, however, declined Data on ownership of deposits in the various further as the number of farm families con- Federal Reserve districts, shown in Table 2, tinued to decline. show changes in total deposits of individuals, Trust departments of banks showed the partnerships, and corporations over the year largest increase for any ownership group— ranging from a decline of more than 4 per 39 per cent. There are few of these cent in the Boston District to an increase accounts, and changes in their holdings are of nearly 13 per cent in the Dallas District. of limited significance. Changes in holdings of various ownership Deposits of financial businesses and of groups, particularly the less important ones, nonprofit organizations declined during the tended to show wide differences from district year. Holdings of the former group fell only to district. This is to be expected not only half as much as they had in the year ending because of regional differences in economic in January 1958, but the reduction was still developments but also because of sampling large—$500 million. The cause of the errors and the problem of the significance decline is not immediately apparent, but it may have reflected in part the Treasury offer- TABLE 3 ing of $835 million of 21-year bonds only a SIZE OF DEMAND DEPOSIT ACCOUNTS WITHIN few days before the Survey. This issue was OWNERSHIP GROUPS designed to meet the investment needs of [Percentage distribution] institutional investors, particularly those of Type of holder the savings type, and financial businesses Size of account may have drawn down their deposits in (tho d u o s ll a a n r d s) s of D b o u m sin e e s s ti s c op F e a ra rm tors p vi e I d r n u s d o a i l n - — al ot A he ll r * order to invest in these bonds. The slight decline in accounts of non- Number of accounts profit organizations offset only in part the All accounts 100.0 100.0 100.0 100.0 large increase that had occurred in their Under 1 48.0 67.2 68.2 79.9 holdings the previous year. The Boston 5 1- -1 5 0 2 9 9 . . 2 1 2 4 5 . . 7 9 1 1 1 . . 5 2 1 2 3 . . 4 7 10 25 7.4 1.8 0.7 1.6 Federal Reserve District alone accounted 25-100 4.7 0.4 0.2 0.8 100 and over 1.6 (2) 0.2 for most of the changes in holdings of this Unclassified 3.S(2 1 ) 41.5 group in each year. Amount of deposits Sharp but unusual fluctuations in deposits, such as that noted above for financial All accounts 100,0 100.0 100.0 100.0 businesses, make it desirable not to place U 1 n 5 der 1 6 1 . . 4 4 3 1 7 2 . . 7 2 3 1 1 9 . . 2 0 1 5 0 . . 9 2 undue weight on Survey data for a single 5 1 _ 0 1 -2 0 5 1 5 0 . . 9 6 2 1 1 6 . . 1 6 1 1 3 3 . . 7 5 5 8 . . 7 5 25 100 20.0 10.2 11.3 12.1 year or pair of years. In designing the 100 and over... 55.7 2.2 6.0 23.3 Unclassified 35.2 434.4 Survey, the last Wednesday in January was j selected as the Survey date to minimize 1 Nonprofit organizations, trust departments of banks, and foreigners. distortions resulting from intra-weekly fluc- 2 Less than 0.05 of one per cent. 3 Special checking accounts of individuals. tuations in deposit holdings. However, for 4 Accounts of trust departments of banks and foreigners. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 381 of data for a single day. The distribution of the BULLETIN for May 1957. Comparison deposits among ownership groups within of the data for these two Surveys indicates districts, however, is similar to the pattern that no significant changes have occurred in of other recent Surveys. the distribution. One-half of all business Distribution of deposits by size of account deposits continue to be in accounts of within ownership groups is shown in Table $100,000 and over, while about half of the 3. A similar table was last shown in the deposits of individuals are in accounts of summary of the 1957 Survey published in less than $5,000. Current Events and Announcements NEW MEMBER OF BOARD OF GOVERNORS 8, 1959. Mr. Taylor is Chairman of the Board of ASSUMES HIS DUTIES the Union Oil Company of California, Los Mr. G. H. King, Jr., who was confirmed by the Angeles, California. Senate as a member of the Board of Governors on March 12, 1959, took the oath of office and ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM assumed his duties on March 25. Prior to taking The following State bank was admitted to memberoffice, Mr. King resigned his position as a member ship in the Federal Reserve System during the of the board of directors of the New Orleans period February 16, 1959 to March 15, 1959: Branch of the Federal Reserve Bank of Atlanta, which post he had held since January 1956. Montana Helena. . Commerce Bank & Trust Company APPOINTMENT OF BRANCH DIRECTOR TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY The Federal Reserve Bank of Kansas City has appointed Mr. R. L. Kelsay a director of its Okla- Latest BULLETIN Reference homa City Branch for the unexpired portion of a Semiannually Issue Page term ending December 31, 1960. Mr. Kelsay is Banking offices: Analysis of changes in number of Feb. 1959 210 Chairman of the Board and President of The First On, and not on, Federal Reserve Par List, number of Feb. 1959 211 National Bank in Hobart, Hobart, Oklahoma. His service as a director began March 13, 1959. He Annually Earnings and expenses: succeeds Mr. R. Otis McClintock, Chairman of the Federal Reserve Banks Feb. 1959 208-09 Member banks: Board, The First National Bank and Trust Com- Calendar year..., June 1958 710-18 First half of year Nov. 1958 1346 pany of Tulsa, Tulsa, Oklahoma, who resigned Insured commercial banks June 1958 719 recently in order to serve as the member of the Banks and branches, number of, by class and State Apr. 1959 442-43 Federal Advisory Council for the Tenth District. Operating ratios, member banks June 1958 720-22 Stock Exchange firms, detailed debit and credit balances Nov. 1958 1347 Banking and monetary statistics, 1958.. Feb. 1959 212-18 RESIGNATION OF DIRECTOR Summary flow-of-funds accounts, 1954-56 Oct. 1957 1190-94 Mr. Reese H. Taylor, who had served as a director Bank holding companies, Dec. 31,1957: of the Federal Reserve Bank of San Francisco List of Feb. 1958 211 Banking offices and deposits of group since September 17, 1937, resigned effective April banks Oct. 1958 1224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Readjustment of Federal Reserve Districts inter-trust dealing may be employed by a bank to Include Hawaii to do indirectly what it cannot do directly. The Act of Congress approved March 18, 1959 The procedures through which it is proposed (Public Law 86-3), which provides for the ad- to accomplish the sale of securities to the common mission of the State of Hawaii into the Union, trust fund and the concomitant purchase of units also amended the next to last sentence of the first therein appear to be surrounded with a number paragraph of Section 2 of the Federal Reserve of sound administrative safeguards. The exercise Act by inserting after the word "Alaska" the of investment discretion by the trust investment words "or Hawaii" to read as follows: committee, however, is not susceptible to the application of fixed procedures. The selection of When the State of Alaska or Hawaii is hereafter securities for a common trust must be decided admitted to the Union the Federal Reserve Districts shall be readjusted by the Board of Governors of the solely upon investment considerations and the Federal Reserve System in such manner as to include needs of particular accounts participating therein. such State. Other external factors should be excluded from Pursuant to the succeeding sentence of this para- the thinking of the trust investment committee graph of Section 2, every national bank in Hawaii, in reaching its decisions. If the proposed practice upon commencing business or within 90 days after were permitted, it is believed that trust investment the admission of Hawaii to statehood, shall be- committees of banks administering common trust come a member bank of the Federal Reserve Sys- funds might tend to select the particular securities tem and shall thereupon be an insured bank under held in individual fiduciary accounts for additions the Federal Deposit Insurance Act. to the fund primarily because of their availability. The effect on common trust fund portfolios ex- Transfer of Assets to a Common Trust Fund erted by such influence is believed undesirable. Moreover, any such transactions between different The opinion of the Board of Governors has trusts impose upon the trustee the burden of being been requested as to whether the transfer of assets able to justify the transaction as fair and not disfrom individual fiduciary accounts to a common advantageous to both the buying and selling actrust fund, in exchange for participations therein, counts; and it is believed that the saving of browould be permitted under Section 17 of Regulakerage commissions by transferring assets to the tion F. common trust fund is far outweighed by the possi- The words contained in Regulation F in conbility that the bank may be compelled to defend nection with the investment of individual accounts its actions. in a common trust fund are confined to "funds" It is the opinion of the Board, therefore, that or "moneys," terms connoting cash. Thus, it is the exchange of assets, other than for cash or the clear that the direct exchange of assets, other than nonmarketable United States obligations noted cash, for units of a common trust fund is not above, for units of the common trust fund, either contemplated by the Regulation. The only excepdirectly or indirectly, is not in conformity with tion to this is in the case of United States savings the letter and the spirit of Section 17 of Regulabonds and certain nonmarketable Treasury bonds tion F. (1951 BULLETIN 510). It is stated that in practice a bank would sell assets of individual trusts Political Contributions and Loans to the common trust fund, ascertain the sale price Recently, it was brought to the attention of the of the transaction, and then participate the ac- Board of Governors that a member bank had count to this amount, plus or minus a small made a loan to a major political party in contraamount of cash to provide for the purchase of vention of provisions of the Criminal Code of whole units. It remains, then, to determine if the United States. Under the statute, loans as 382 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

383 LAW DEPARTMENT well as gifts made in connection with the election employee representation committee or plan, in which employees participate and which exist for the purpose, of candidates for national office are prohibited, in whole or in part, of dealing with employers conbut the statute does not apply to loans or gifts cerning grievances, labor disputes, wages, rates of made by a member bank, which is not a national pay, hours of employment, or conditions of work. June 25, 1948, c. 645, 62 Stat. 723, amended May bank, in connection with the election of candi- 24, 1949, c. 139 § 10, 63 Stat. 90. dates for local office at a local election. 18 U.S.C. § 591. DEFINITIONS The applicable provisions of the criminal code When used in Sections 597, 599, 602, 609 and 610 read as follows: of this title— The term "election" includes a general or special 18 U.S.C. § 610. CONTRIBUTIONS OR EXPENDITURES BY election, but does not include a primary election or NATIONAL BANKS, CORPORATIONS, OR LABOR convention of a political party; ORGANIZATIONS The term "candidate" means an individual whose It is unlawful for any national bank, or any cor- name is presented for election as Senator or Repreporation organized by authority of any law of Con- sentative in, or Delegate or Resident Commissioner to, gress, to make a contribution or expenditure in con- the Congress of the United States, whether or not such nection with any election to any political office, or in individual is elected; connection with any primary election or political The term "political committee" includes any comconvention or caucus held to select candidates for mittee, association, or organization which accepts any political office, or for any corporation whatever, contributions or makes expenditures for the purpose or any labor organization to make a contribution or of influencing or attempting to influence the election expenditure in connection with any election at which of candidates or presidential and vice presidential Presidential and Vice Presidential electors or a Sen- electors (1) in two or more States, or (2) whether ator or Representative in, or a Delegate or Resident or not in more than one State if such committee, commissioner to Congress are to be voted for, or in association, or organization (other than a duly orconnection with any primary election or political con- ganized State or local committee of a political party) vention or caucus held to select candidates for any is a branch or subsidiary of a national committee, of the foregoing offices, or for any candidate, political association, or organization; committee, or other person to accept or receive any The term "contribution" includes a gift, subscripcontribution prohibited by this section. tion, loan, advance, or deposit, of money, or any- Every corporation or labor organization which thing of value, and includes a contract, promise, or makes any contribution or expenditure in violation of agreement to make a contribution, whether or not this section shall be fined not more than $5,000; and legally enforceable; every officer or director of any corporation, or officer The term "expenditure" includes a payment, disof any labor organization, who consents to any con- tribution, loan, advance, deposit, or gift, of money, tribution or expenditure by the corporation or labor or anything of value, and includes a contract, promorganization, as the case may be, and any person who ise, or agreement to make an expenditure, whether accepts or receives any contribution, in violation of or not legally enforceable; this section, shall be fined not more than $1,000 or The term "person" or the term "whoever" includes imprisoned not more than one year, or both; and if an individual, partnership, committee, association, corthe violation was willful, shall be fined not more than poration, and any other organization or group of $10,000 or imprisoned not more than two years, or persons; both. The term "State" includes Territory and possession For the purposes of this section "labor organization" of the United States. June 25, 1948, c. 645, 62 Stat. means any organization of any kind, or any agency or 719, amended May 24, 1949, c. 139 § 9, 63 Stat. 90. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication April 15 Expansion in economic activity continued in recovered from the reduced February rate and March. Industrial production and prices, housing were maintained in early April. starts, employment, income, retail sales, and bank Total production of nondurable goods rose furloans to business advanced, and unemployment de- ther in March to 6 per cent above the pre-recession clined more than seasonally. From mid-March to level in 1957. Output of paper, rubber, and chemmid-April, interest rates increased. Common ical products and activity in the apparel and petrostock prices showed little net change at advanced leum refining industries were at record levels. levels and trading volume was reduced. Minerals output was maintained in March as a decline in crude oil was offset by increases in other INDUSTRIAL PRODUCTION lines. The Board's seasonally adjusted index of indus- CONSTRUCTION trial production rose in March to a record high Private nonfarm housing starts rose 5 per cent of 147 per cent of the 1947-49 average, two points in March to a seasonally adjusted annual rate of above the revised February figure and four points nearly 1.4 million units. Total new construction above January. Gains in output in both February put in place edged up to a record high as increases and March were widespread. in most types of public construction and in private Total output of durable goods increased sub- commercial activity more than offset declines in stantially in March and was only 3 per cent below private residential, public utility, and industrial the previous high of December 1956. Steel mill activity. The slight decrease in residential conoperations rose seven percentage points to 92 per struction followed a substantial rise over the precent of capacity, and since mid-March ingot proceding nine months. duction has been at 93 per cent. Output of construction materials also advanced in March. Over- EMPLOYMENT all activity in producers' durable goods industries Seasonally adjusted nonfarm employment rose continued to increase as output of farm machinery 245,000 in March to a level 1.3 million above the and most other equipment rose further. Produc- April 1958 low but 1.1 million below August tion of household durable goods apparently re- 1957. Employment in durable goods manufacmained at near record levels. Auto assemblies turing industries increased further in March and construction employment recovered to the levels INDUSTRIAL PRODUCTION 1947-49-100 of last autumn. Average weekly hours and hourly earnings at factories also increased, and weekly earnings reached $88.62—9 per cent higher than a year ago. Unemployment declined about 400,- 000 to 4.4 million, and the seasonally adjusted rate declined to 5.8 per cent of the civilian labor force from 6.1 per cent in February. DISTRIBUTION Seasonally adjusted retail sales increased 1 per cent further in March and exceeded the previous high of last December. Sales at outlets for apparel and household goods generally advanced. The index of department store sales was 141 per cent of the 1947-49 average compared with 139 Federal Reserve indexes, seasonally adjusted. Monthly fig- in February. Unit sales of new autos rose more ures; latest shown are for March. 384 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 385 than seasonally in March and used car markets Member bank borrowings from the Federal Reremained strong. serve averaged $600 million and excess reserves $460 million over the four weeks ending April 8. COMMODITY PRICES Borrowings were slightly higher than in the pre- Wholesale prices of industrial commodities convious four weeks while excess reserves were about tinued to rise in March and early April. Reflectunchanged. Over the four weeks ending April 8, ing mainly expanding business demands, sensitive reserves were absorbed mainly by an increase in industrial materials such as hides and leather, texrequired reserves associated with bank purchases tiles, rubber, and lumber advanced, and there were of new Treasury securities, a build-up in Treasury increases in prices of some finished industrial proddeposits at the Reserve Banks, and a currency ucts. Steel scrap prices declined, despite record outflow. Reserves were supplied principally by output of steel mill products, and lead prices were Federal Reserve purchases of U. S. Government reduced. Prices of agricultural commodities securities. changed relatively little. SECURITY MARKETS BANK CREDIT AND RESERVES Bond yields generally increased from mid-March Total loans and investments at city banks increased $1.7 billion over the four weeks ending to mid-April, with yields on high-grade corporate April 1. Loan expansion of $1.6 billion reflected securities at new highs and those on Treasury principally a substantial rise in business loans bonds back to the January highs. The market around the mid-March tax date and an increase rate on 3-month Treasury bills rose to over 3 per in security loans in connection with the April 1 cent. On April 1, Treasury cash financing in- Treasury financing. Bank holdings of U. S. Gov- cluded a 4 per cent note in the amount of $1.7 ernment securities declined slightly as sales and billion, an additional $600 million of the 4 per cent redemptions during March more than offset pur- bond of 1969, and $2.0 billion of a special Januchases of new Treasury securities on April 1. ary bill. PRICES INTEREST RATES 1947-49=100 1959 1955 Bureau of Labor Statistics indexes. Monthly figures, latest Weekly average market yields for long-term U. S. Governshown: February for consumer prices, and March for whole- ment IVi per cent bonds and for longest Treasury bills; latest sale prices. shown are for week ending April 10. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items. . .. 389 Reserve Bank discount rates; reserve requirements; margin requirements. 392 Federal Reserve Banks. 393 Bank debits; currency in circulation 396 All banks: consolidated statement of monetary system; deposits and currency. 398 All banks, by classes. 399 Commercial banks, by classes. 402 Weekly reporting member banks 404 Commercial loans; commercial paper and bankers' acceptances. 406 Interest rates. . 407 Security prices; stock market credit. 408 Savings institutions 409 Federal business-type activities. 410 Federal finance. 412 Security issues. 416 Business finance. 417 Real estate credit. . . . . .. 419 Short- and intermediate-term consumer credit. 422 Selected indexes on business activity. 426 Production 427 Employment and earnings. 434 Department stores 436 Foreign trade. 437 Wholesale and consumer prices. 438 National product and income series 440 Number of banks and branches in operation on December 31, 1958. 442 Tables published in BULLETIN, annually or semiannually—list, with references. 381 Index to statistical tables. 468 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. 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars 25 MEMBER BANK RESERVE BALANCES 20 15 2 EXCESS RESERVES *v*>*wvv 0 35 CURRENCY IN CIRCULATION 30 RESERVE BANK CREDIT L^ 25 -GOLD STOCK. 20 TREASURY CASH AND DEPOSITS LNONMEMBER DEPOSITS- 0 30 U.S. GOVERNMENT SECURITIES 25 20 DISCOUNTS AND ADVANCES - FEDIERAL RESER^^E FLOAT - 1 J \ - 1953 1954 1955 1956 1957 1958 1959 Latest averages shown are for week ending March 25. See p. 389. 388 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 U. S. Govt. securities T u re ry as- Cur- Treas- with r F es . e R rv . e B s, anks reserves e W nd e i e n k g Total B r o o ig u u h t g - t ht r a u c H e g n h p r e a d u e l s e d e r e r - - c v D o a a a n n u i d s c d n - - e ts s Float Total i s G to o c ld k s r o c t i e a u n u n n r g t c - - d y - r c t e c u i i n o i l n r c a n - y - h c i u o n a r l g s y d h s - Tr u e r a y s- F e o ig r n - Other c O F o . a t u c h R - n e t r . s Total qu R ir e e - d2 c E es x s - 2 ment Averages of daily figures 1958 Feb. 5 23,364 23,321 43 189 803 24,397 22,783 5,157 30,581 777 378 265 294 046 18,997 18,498 499 12.., 23,422 23,292 130 286 793 24,543 22,784 5,159 30,675 734 296 284 325 11819,054 18,483 571 19.. 23,373 23,285 361 1,054 24,830 22,785 5,161 30,642 685 501 337 293 1951199,112222 18,427 695 26 23,380 23,380 153 952 24,527 22,714 5,165 30,542 695 508 284 276 19318,909 18,426 483 Mar. 5. 23,256 23,251 118 892 24,309 22,686 5,169 30,563 701 486 270 320 15118,674 18,084 590 12. 23,466 23,432 131 816 24,456 22,615 5,174 30,641 712 479 273 293 14818,699 18,096 603 19. 23,500 23,480 126 973 24,638 22,541 5,178 30,592 804 257 257 368 150 18; 18,332 598 26. 23,552 23,518 167 983 24,742 22,498 5,180 30,524 790 580 258 400 18,725 18,037 688 Apr. 2 23,625 23,625 144 776 24,586 22,394 5,184 30,637 724 523 277 368 18,526 17,830 696 9 23,628 23,628 90 879 24,638 22,294 5,187 30,744 729 479 269 493 106 18,300 17,673 627 16 23,633 23,611 199 829 244,701 22,199 5,192 30,733 731 457 319 381 104 18,369 17,754 615 23 23,712 23,704 112 99024,854 22,081 5,193 30,617 721 417 242 376 102 18,654 18,055 599 30 23,626 23,612 125 777 24,566 22,024 5,194 30,520 732 601 235 397 ,05118,249 17,654 595 23,799 23,799 118 80824,763 21,967 5,197 30,659 738 533 287 386 ,04918,276 17,647 629 23,931 23,931 123 76024,854 21,886 5,199 30,812 741 470 294 386 ,04618,190 17,528 662 21... 23,876 23,876 104 994 25,016 21,779 5,200 30,822 732 459 309 381 ,04318,248 17,545 703 28 24,053 24,053 119 780 24,994 21,661 5,201 30,813 722 437 276 391 ,02318,194 17,513 681 June 4 24,194 24,194 135 869 25,240 21,594 5,201 30,989 709 411 238 484 ,05718,147 17,574 573 11... 24,397 24,391 6 184 25,440 21,594 5,203 31,052 709 424 267 370 ,13918,274 17,687 587 18... 24,682 24,581 101 175 036 25,939 21,540 5,204 31,070 698 459 331 359 ,146 18,,619 17,984 635 25... 25,002 24,891 111 99 024 26,170 21,374 5,204 30,975 698 440 280 229 ,144 18,983 18,314 669 July 2. 25,422 25,419 97 81526,380 21,349 5,203 31,163 687 446 268 405 ,10518,859 18,204 655 9. 25,456 25,456 143 94726,589 21,306 5,202 31,385 677 489 265 377 ,09718,809 18,051 758 16. 25,262 25,262 115 979 26,398 21,300 5,202 31,375 686 497 358 371 ,09518,518 17,949 569 23. 25,157 25,157 85 1,04526,328 21,280 5,203 31,217 692 465 293 340 ,09118,712 17,924 788 30. 25,035 25,035 108 82326,005 21,252 5,206 31,086 697 543 300 333 ,04118,462 17,824 638 25,240 25,240 112 82826,212 21,195 5,207 31,171 696 662 291 350 ,14818,296 17,738 558 :: 25,646 25,626 20 229 11A 2266,685 21,154 5,210 31,291 699 504 300 329 ,16618,760 18,073 687 2 27 0 . . . . 2 2 5 5 , , 4 2 0 5 6 7 2 2 5 5 , ,4 2 0 5 6 7 2 27 1 1 6 1,0 8 0 5 8 ' 2 2 6 6 , , 6 4 6 1 5 7 2 2 1 1 , , 0 0 8 8 6 6 5 5 , , 2 2 1 1 0 1 3 3 1 1 , , 2 2 9 4 5 9 6 6 9 8 6 8 4 5 8 2 6 8 2 2 5 3 9 4 3 30 2 1 0 , , 2 2 3 1 3 2 1 1 8 8 , , 6 5 4 2 8 6 1 17 8 , , 9 0 5 2 3 7 6 5 2 7 1 3 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 24,940 401 904 26,275 20,866 5,219 31,217 690 448 261 387 ,12318,234 17,774 460 8.. 25,143 25,143 434 91126,519 20,830 5,219 31,352 691 447 299 343 ,11918,318 17,753 565 15.. 25,498 25,353 145 472 922 2266,925 20,764 5,220 31,498 689 386 327 412 ,12118,475 17,989 486 22.. 25,242 25,242 369 1,401 2277,046 20,724 5,220 31,435 681 464 308 332 ,11718,652 18,086 566 29.. 25,300 25,300 456 977 "2'6,767 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 20,65: 5,225 31,660 687 371 297 375 ,07818,510 17,891 619 25,411 25,392 19 453 ,18827,087 20,680 5,225 31,754 69: 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 26,033 110 580 087 27,844 20,609 5,228 32,057 693 465 222 401 ,10318,740 18,232 508 10 . 26,282 26,250 32 415 ,11 27,847 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 ,944 2288,889 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 69: 521 332 333 ,16519,167 18,511 656 1959 Jan. 7 26,184 26,090 94 644 ,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 ,01127,708 20,526 5,234 31,710 704 390 297 345 1,12118,901 18,340 561 21 25,580 25,580 45' ,28827,368 20,515 5,234 31,385 712 401 357 373 1,11818,769 18,234 535 28 25,471 25,471 507 ,07427,094 20,515 5,235 31,150 714 404 298 343 1,11818,817 18,424 393 Feb. 4 25,673 25,59: 433 94627,092 20,476 5,235 31,120 723 442 278 344 1,146 18,749 18,345 404 11 25,657 25,621 553 88 27,136 20,476 5,236 31,193 727 364 304 333 1,185 18,742 18,189 553 18 25,529 25,523 583 96027,112 20,475 5,238 31,205 741 398 313 391 1,214 18,562 18,120 442 25 25,399 25,394 474 1,05026,965 20,47 5,239 31,111 724 443 308 448 1,255 18,389 17,979 410 Mar. 4 25,355 25,294 548 95126,892 20,479 5,241 31,129 721 534 298 339 1,214 18,375 17,957 418 11 25,366 25,331 72: 84<26,976 20,448 5,242 31,215 716 454 311 336 1,212 18,421 17,868 553 2 1 5 8 . . . .2 2 5 5 , , 4 5 7 1 1 0 2 25 5 , , 4 4 6 1 1 9 5 6 4 1 3 9 1, 9 00 6 02 2 7 7 , , 0 12 4 3 8 2 2 0 0 , , 4 4 4 4 2 2 5 5 , , 2 2 4 4 4 6 3 31 1 , , 2 2 3 8 1 7 7 7 2 1 7 4 4 4 3 5 7 6 2 29 9 5 0 3 33 4 9 0 1 1 , , 2 2 1 1 8 4 1 1 8 8 , , 4 5 3 5 9 8^ ^ 1 1 8 8 , , 0 0 8 4 8 6 M ^3 7 9 0 3 Preliminary. For other notes see following page. 389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 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 r a i r t o e d T U o . t a S l . G B r o o o i v g u u t h t g . - t h s t ecu r a u c H r e g h n i p t r e a d i e u l e s e d e r e s r - - v c a D o a a n n u d i c s d n - - e t s s Float Total i 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 c y 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 r n a e r l g s y d a h s s - - T u r w e ry a it s h - r F es F . e e i o R g rv r 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 r e e v - d e 2 s c E es x s - 2 ment Averages of daily figures 1958 Mar 23,486 23,465 21 139 89324,559 22,548 5,177 30,589 750 457 265 350 1.142 18,730 18 097 633 Apr 23,649 23,638 11 130 86424,682 22,166 5,191 30,654 728 494 267 410 ,09?18,394 17,772 622 2 2 3 4 , , 9 7 3 4 9 9 2 2 3 4 , , 9 6 3 9 9 8 si 1 1 1 4 9 2 9 84 1 1 6 2 2 4 5 , , 9 8 3 5 9 1 2 2 1 1 , , 8 4 0 9 1 0 5 5 , , 2 2 0 0 0 3 3 3 0 1 , , 7 0 9 3 8 9 7 70 3 1 1 4 4 4 6 2 6 2 2 8 8 1 6 4 3 0 5 1 0 , , 0 n 3 ? 61 18 8 , , 6 2 0 2 0 3 1 1 7 7 , , 5 9 5 7 7 4 6 6 2 6 6 6 July 25,218 25,218 109 94226,310 21,285 5,203 31,264 687 498 302 358 ,08118,609 17 953 656 25,410 25,406 4 252 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 36 425 1,035 26,789 20,750 5,220 31,390 685 449 299 352 ,10818,476 17 955 521 Nov 25,650 25,562 88 488 1,039 27,211 20,648 5,225 31,732 688 410 276 369 ,06818,540 18 034 506 Dec 26 312 26,216 96 564 1,496 28,412 20,563 5,230 32,371 691 470 262 337 .17418 899 18 383 516 1959 Jan 25,776 25,723 53 574 1,170 27,564 20,518 5,234 31,521 709 415 306 353 1,120 18,893 18,396 497 Feb 25,532 25,503 29 526 96127,059 20,475 5,238 '31,158 729 417 303 378 1,211 18 577 18 117 460 Mar 25,446 25,400 46 620 95427,055 20,448 5,244 31,226 718 477 312 377 1,208 18,429 Midyear or year-end 1929—June 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933 June 1 998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2 292 1 817 475 1939—Dec 2,484 2,484 7 91 2,593 17,644 2,963 7,598 2,409 634 397 256 25111'653 6 444 5 209 1941 Dec 2 254 2 254 3 94 2,361 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 14457 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 1,368 22,216 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 1,585 26,507 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 1,075 18 376 18 543 167 Dec 24,238 23,719 519 55 1,424 25,784 22,781 5,146 31,834 761 481 356 246 998 19 034 19 091 —57 End of month 1958 Mar 23,628 23,628 137 76524,570 22,394 5,183 30,666 722 474 266 378 1,10818,532 17,857 675 Apr 23.681 23,681 156 79724,672 21,996 5,196 30,565 734 594 257 411 1,05018,254 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 1,09618,784 18,158 626 July 24 480 24 480 94 86825,477 21,210 5,207 31,171 685 617 288 329 I 03917 764 17 801 — 37 Aug 25,346 25,346 555 80526,739 21,011 5,211 31,371 684 540 313 332 1,18418^538 17,860 678 Sept 24,986 24,986 255 86026,130 20,874 5,219 31,245 684 371 258 395 [,122 18,147 17,785 362 Oct 25,443 25,373 70 407 78826,675 20,690 5,222 31,386 674 363 288 335 1,07918,462 18 009 453 Nov 26 229 26,069 160 717 1,02628,006 20,609 5,228 32,036 694 424 226 430 1,03818 994 18 217 777 Dec 26,347 26,252 95 64 1,296 27,755 20,534 5,234 32,193 683 358 272 391 1,12218,504 18 574 —70 1959 Jan 25,715 25,611 104 462 97927,197 20,476 5,235 31,125 721 447 274 345 11818,878 18,355 523 Feb 25,350 25,295 55 632 99927,020 20,479 5,241 31,129 718 492 310 334 1,21518 540 17 972 568 Mar 25 497 25,497 327 86226,716^20,442^5,247n1,226 398 308 388 .18018 192»17 803 P389 Wednesday 1959 Jan 7 26,041 26,004 37 782 1,12227,989 20,534 5,234 31,843 702 567 275 333 1,121 18 915 18 486 429 14 25 901 25,815 86 523 93927,408 20,515 5,234 31,524 709 425 304 360 18 298 415 21 25,532 25,532 424 1,238 27,235 20,515 5,234 31,237 714 345 333 348 18,889 18,196 693 28 25,438 25,438 495 80626,776 20,516 5,235 31,056 718 487 320 340 1,117 18,489 18,414 75 Feb 4 25,662 25,599 63 408 91627,024 20,476 5,236 31,100 728 422 287 352 1,185 18 662 18 335 327 11 25 558 25,543 15 356 87626,827 20,476 5,238 31,241 741 427 307 330 1 18418 311 18 206 105 18 25,475 25,470 5 481 1,07027,067 20,475 5,238 31,116 740 396 328 352 1 25518'593 18*127 466 25 25,342 25,338 4 561 77826,718 20,474 5,239 31,102 720 455 323 342 1,255 18 233 17 944 289 Mar 4 25,322 25,289 33 535 89726,789 20,479 5,241 31,128 720 659 290 346 1,212 18 1ST 17 918 235 11 25 354 25 339 15 506 71226,607 20,443 5,243 31,230 722 390 304 342 1 212 18 093 17 978 115 18 25,497 25,419 78 986 99327,509 5,245 31,241 730 423 269 345 1 218 18970^18*173 25 25,474 25,452 22 589 74626,841 20,442 5,246 31,173 714 517 340 372 1,219 185,194*>17,908 *>286 *> Preliminary. r Revised. dates in subsequent tables on Federal Reserve Banks. i Includes industrial loans and acceptances; these items are not shown 2 These figures are estimated. separately in this table, but are given for end-of-month and Wednesday Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 391 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. * In millions of dollars] Central reserve Central reserve Item and period b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R e a i r n t e v y k - e s C ba o tr n u y k n s - Item and period b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i r n t e v y k - e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1958—Feb 19,000 4,204 ,114 7,871 5,811 1958—Feb 567 22 98 442 Mar 18,730 4,272 ,098 7,701 5,659 Mar , 633 44 98 479 Apr 18,394 4,122 ,052 7,651 5,569 Apr 623 15 79 526 May 18,223 4,030 ,054 7,614 5,525 May 666 53 131 474 June 18,600 4,214 ,113 7,721 5,552 June 626 28 102 481 July 18,609 4,132 ,088 7,772 5,617 July 656 32 104 515 Aug 18,580 4,014 ,097 7,820 5,651 Aug 635 26 89 516 Sept 18,425 3,951 ,064 7,731 5,679 Sept 571 27 65 474 Oct 18,476 3,935 ,061 7,755 5,724 Oct 521 27 55 433 Nov 18,540 3,883 ,054 7,819 5,784 Nov 506 17 69 420 Dec 18,899 4,033 ,077 7,940 5,849 Dec 516 23 57 430 1959—Jan 18,893 4,031 ,066 7,929 5,868 1959—Jan 497 12 56 428 Feb 18,577 3,968 ,052 7,777 5,780 Feb 460 15 55 390 Week ending: Week ending: 18,562 3,941 ,044 7,788 5,790 442 -3 396 1959—Feb. 18 18,389 3,919 ,046 7,692 5,732 1959_Feb. 18 410 10 363 25 Mar. 4 18,375 3,959 ,054 7,679 5,684 25 1 1 8 1 1 1 8 8, , 4 4 2 3 1 9 3 3 , , 9 9 6 9 6 6 , , 0 0 2 3 5 4 7 7 , , 6 7 6 2 1 8 5 5, , 6 7 8 7 1 0 Week ending: 418 16 352 25 18,558 4,017 ,028 7,774 5,738 1959—Mar. 4 553 - 4 4 2 445 Required reserves:2 11 16 *>407 18 1958—Feb 18,434 4,182 ,109 7,773 5,369 25 Mar 18,097 4,228 ,087 7,603 5,179 Borrowings at 17,772 4,107 ,049 7,572 5,043 Federal Reserve Banks May'.'.'.'.'.'.'.'.'.'.'. 17,557 3,977 ,046 7,482 5,051 1958—Feb 242 46 11 96 89 June 17,974 4,186 ,099 7,619 5,070 Mar 138 2 29 36 71 July 17,953 4,101 ,084 7,667 5,101 Apr 130 18 9 35 67 Aug 17,946 3,987 ,094 7,731 5,134 May , 119 2 1 42 74 Sept 17,854 3,923 ,058 7,667 5,205 June , 142 21 2 45 74 Oct 17,955 3,909 ,055 7,700 5,291 July 109 16 1 49 44 Nov 18,034 3,866 ,055 7,750 5,364 Aug 252 48 3 111 90 Dec 18,383 4,010 ,070 7,883 5,419 Sept 476 106 8 266 96 Oct 425 35 9 253 128 1959—Jan 18,396 4,018 1,065 7,873 5,440 Nov 486 60 16 258 152 18,117 3,953 1,051 7,723 5,390 Dec 557 103 39 254 162 Feb 1959—Jan 557 77 54 279 147 Week ending: 508 43 27 250 188 18,120 3,943 1,046 7,737 5,394 Feb 1959—Feb. 18 17,979 3,909 1,044 7,657 5,369 Week ending: 25 565 110 64 223 168 1959_Feb. 18 456 17 247 192 Week ending: 17,957 3,943 1,051 7,631 5,332 25 17,868 3,924 1,023 7,596 5,325 Mar. 4 529 14 37 273 205 1959—Mar. 4 ^18,046 4,000 1,033 7,693 P5,320 11 703 2 64 426 211 11 2>18088 4,001 1,026 7,730 ^5,331 18 525 54 106 201 164 18 25 600 207 250 143 25 February 1958 Free reserves:2 4 Deposits: 1958—Feb 324 -25 -6 353 Mar 495 42 -18 62 408 Gross demand deposits: Apr 493 -3 -7 44 459 Total 114,274 22,960 5,916 44,494 40,903 May 547 51 7 89 399 Interbank 12,671 4,103 1,141 6,066 1,362 June 484 7 12 57 408 Other 101,603 18,858 4,776 38,428 39,541 July 546 16 4 56 471 Net demand deposits 3 . .. 98,176 19,842 5,210 37,894 35,230 Aug 383 -22 -22 426 Time deposits 47,945 4,419 1,379 19,313 22,834 Sept 95 -79 2 -201 378 Demand balances due Oct 96 -8 -3 -198 305 from domestic banks. . 6,285 51 111 1,975 4,148 Nov 20 -43 -16 -189 268 Dec -41 -80 -31 -198 268 February 1959 1959__jan -59 -65 -53 -223 281 Feb -47 -28 -26 -195 202 Gross demand deposits: Total 121,370 24,089 6,237 47,741 43,303 Week ending: Interbank 12,857 4,097 1,153 6,259 1,349 -124 -113 -66 -173 228 Other 108,513 19,992 5,084 41,482 41,954 1959_Feb. 18 -46 10 -16 -211 171 Net demand deposits 3. . 103,693 20,519 5,439 40,240 37,494 25 Time deposits 53,602 5,192 1,434 21,660 25,315 Mar. 4 -111 2 -35 -225 147 Demand balances due 11 -150 40 -62 -362 234 from domestic banks. . 6,379 73 104 2,059 4,144 18 -58 -104 -166 P197 25 P-130 16 -205 -206 *>264 * 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

392 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 Mar. 31 beginning— rate Mar. 31 beginning- rate Mar. 31 beginning— rate Boston Mar. 10,1959 Mai 10,1959 Mar. 10,1959 New York Mar. 6, 1959 M; 6, 1959 Nov. 7,1958 Philadelphia... M 6, 1959 Mai 6, 1959 Sept. 19,1958 Cleveland Mai.13, 1959 Mar.13, 1959 Oct. 30,1958 Richmond. . . . Mar. 13, 1959 M. 13, 1959 Mar. 13,1959 Atlanta M 1959 21/2 Mai 16, 1959 Oct. 28,1958 Chicago Mai 1959 Mai 6, 1959 4V4 Mar. 6,1959 St. Louis Mar. 13, 1959 3J/2 M 13, 1959 Mar. 13,1959 M Ka i n n s n a e s a p C o i l t i y s . .. . . . M M a a i i. .1 1 3 6 , , 1 1 9 9 5 5 9 9 2 21 i/ / 2 2 M M a a i i 1 1 6 3 , , 1 1 9 9 5 5 9 9 4 4 1 1 / / 2 2 M Ma a r r . . 1 1 6 3, ,1 1 9 9 5 5 9 9 Dallas Mai• 6,1959 21/2 31/2 Mai 6, 1959 41/2 Oct. 24,1958 San Francisco. Mai.12, 1959 21/2 31/2 Mar.12, 1959 41/2 Mar. 12,1959 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES 1 MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Range F. R. Range F. R. Net demand depositsl Time deposits Date (or level)— Bank Date (or level)— Bank effective all F. R. of effective all F. R. of Banks N. Y. Banks N. Y. Effective date Central Apr. 1 95 1 6 3... 21/2-3 234 Apr 1 . 95 1 8 8... 134-2i4 ig of change C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s i n e e t r r d y v v e e C ba o tr n u y k n s - 20... 234-3 2% May 9... 134 banks Aug. 24... 2*4-3 3 Aug. 15... l34-2 134 31... 3 3 Sept. 12... l34-2 2 1957 23... 2 2 1917_june 21 13 10 7 3 Aug. 23 9 . . .. .. 3 3 - i/ 3 2 1/2 3 31/2 N Oc o t v . . 2 7 4 . . . . . . 2 21 - / 2 2 1/2 2 2 1/2 1936—Aug. 16 19% 15 IOI/2 f D N e o c v . . 1 2 5 . . . . . . 3 3 -31/2 3 3 1959 1937— M M a a y r. 1 1 2 26 234 2* 1 1 2 4 14 6 Mar. 6... 21/2-3 3 1938—Apr. 16 2234 12 5 1958 Mar. 16... 3 Jan. 22... 2*4-3 3 1941_Nov. 1 26 17Vi 14 6 6 Mar. 24 7 . . . . . . 2 21 34 /& -3 -3 18 I M n a e r. f fe 3 c 1 t ... 1942— S A e u p g t . . 2 1 0 4 2 2 4 2 20 13. .. 214-234 214 Oct. 3 20 21. .. 21/4 214 1948—Feb. 27 22 1 Under Sees. 13 and 13a (as described in table above). For data for J S u e n p e t. 1 1 1 6,24*.... 2 2 6 4 22 16 VA 1941-55, see BULLETIN for January 1959, p. 76. 1949_May 1,5* 24 21 15 NOTE.—The rate charged by the Federal Reserve Bank of New York on June 30, July 1*. 20 14 6 6 repurchase contracts against U. S. Govt. securities was the same as its dis- Aug. 1,11*.... 191/2 13 5 count rate except in the following periods (rates in percentages): 1955— Aug. 16, 18*.... 19 12 5 May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, Aug. 25 §* I8I/2 2.375; 1956—Aug. 24-29, 2.75; and 1957—Aug. 22, 3.50. Sept. 1 18 1951—Jan. 11, 16*.... 23 19 13 6 6 MARGIN REQUIREMENTS 1 Jan. 25, Feb. 1*. 24 20 14 1953—July 1,9* 22 19 13 [Per cent of market value] 1954—June 16,24*.... 21 5 5 July 29, Aug. 1 * 20 18 12 Jan. 16, Aug. 5, Effec- 1958_Feb. 27, Mar. 1 * 191/2 171/2 Hi/2 Prescribed in accordance with 1958- 1958- tive Mar. 20, Apr. 1* 19 17 11 Securities Exchange Act of 1934 Aug, 4, Oct, 15, Oct. 16, Apr. 17 I8I/2 1958 1958 1958 Apr. 24 18 I6I/2 In effect Apr. 1, 1959. . 18 I6I/2 11 5 5 Regulation T: For extensions of credit by brokers and dealers on listed securities 50 70 90 Present legal require- For short sales 50 70 90 ments: Regulation U: Minimum 13 10 7 3 3 For loans by banks on stocks 50 70 90 Maximum 26 20 14 6 6 1 Regulations T and U limit the amount of credit that may be extended 1 Demand deposits subject to reserve requirements which, beginning on a security by prescribing a maximum loan value, which is a specified Aug. 23, 1935, have been total demand deposits minus cash items in percentage of its market value at the time of extension; margin require- process of collection and demand balances due from domestic banks (also ments are the difference between the market value (100%) and the maxi- minus war loan and Series E bond accounts during the period Apr. 13, mum loan value. 1943-June 30, 1947). * First-of-month or midmonth dates are changes at country banks, and other dates (usually Thurs.) are at central reserve or reserve city banks. 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FEDERAL RESERVE BANKS 393 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1959 1959 1958 March 25 March 18 March 11 March 4 Feb. 25 March February March Assets Gold certificate account 18,939,89418,929,89118,932,89218,967,89118,967,89118,939,89118,967,89120,948,392 Redemption fund for F. R. notes.. 920,876 923,732 922,944 925,507 925,507 920,587 925,507 855,732 Total gold certificate reserves. 19,860,770 19,853,62319,855,83619,893,39819,893,39819,860,47819,893,398 21,804,124 F. R. notes of other Banks 461,624 455,952 483,054 530,435 548,170 427,588 528,826 444,632 Other cash 424,793 428,642 439,396 463,440 462,843 427,053 471,729 477,351 Discounts and advances: For member banks 571,536 967,450 487,925 516,343 542,519 309,082 613,634 137,272 For nonmember banks, etc 17,600 18,300 18,300 18,300 18,300 17,600 18,300 Industrial loans 5 332 333 333 333 5 333 502 Acceptances—Bought outright 31,533 32,689 34,630 34,631 34,632 30,234 36,803 39,392 Held under repurchase agreement. 2,094 2,093 U. S. Government securities: Bought outright: Bills 1,451,000 1,418,200 1,337,500 1,287,700 1,336,950 1,496,000 1,293,700 892,560 Certificates—Special Other 18,649, 18,649,72618,649,726 18,649,72618,649,72618,649,72618,649,72619946^05 Notes 2,867! 2,867,565 2,867,565 2,867,565 2,867,565 2,867,565 ",867,565 Bonds 2,483! 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 ,483,771 2,789,257 Total bought outright 25,452,062 25.419,262 25,338,562 25,288,762 25,338,012 25,497,062 25,294,76223,627,922 Held under repurchase agreement. 22;000 78,000 15,000 33,700 4,000 . 55,000 Total U. S. Government securities 25,474,062 25,497,262 25,353,562 25,322,462 25,342,012 25,497,062 25,349,762 23,627,922 Total loans and securities 26,094,736 25,516,03325,894,750 25,892,069 25,939,89025,853,983 26,020,92523,805,088 Due from foreign banks. 15 15 15 15 15 15 Uncollected cash items.. 5,129 6,675,446 ,858,112 ,244,296 5,082,049 ,665,830 ,104,849 ,931,183 Bank premises 95 94,796 94,679 94,462 94,536 94,932 94,442 85,632 Other assets 151 138,214 134,176 120,882 106,746 161,512 111,602 183,283 Total assets. 52,217,73154,162,72151,760,018 52,238,99752,127,64751,491,39152,225,786 50,731,308 Liabilities Federal Reserve notes 26,946,424 27,022,250 27,043,33127,016,029 27,014,17426,965,37727,022,14226,537,003 Deposits: Member bank reserves 18,194,277 18,969 18,092,94018,152,87118,232,96118,191,81518,540,32418531,887 U. S. Treasurer—general account. 516,617 422; 390,065 659,025 455,316 398,276 491,934 473,711 Foreign 340,221 268; 304,428 290,005 322,895 307,555 310,452 266,252 Other 371,615 344; 342,415 346,418 341,978 387,759 334,232 378,474 Total deposits. 19,422,730 20,006,161 19,129,848 19,448,319 19,353,150 19,285,405 19,676,942 19,650,324 Deferred availability cash items 4,383,342 5,682, 4,146,184 4,347,462 ,303,995 3,804,029 4,105,350 3,166,623 Other liabilities and accrued dividends. 29,159 26; 27,108 25,428 26,884 27,135 26,399 17,238 Total liabilities 50,781,65552,738,17450,346,47150,837,23850,698,20350,081,946 50,830,833 49,371,188 Capital Accounts Capital paid in. 374,442 374,108 373,933 373,30: 372,604 374,545 372,893 349,866 Surplus 868,410 868,410 868,410 868,410 868,410 868,410 868,410 1836,741 Other capital accounts. 193,224 182,029 171,204 160,047 188,430 166,490 153,650 173,513 Total liabilities and capital accounts. 52,217,731 54,162,72151,760,018 52,238,997 52,127,647 51,491,391 52,225,78650,731,308 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 42.8 42.: 43.0 42.8 42.9 42.9 42.6 47.2 Contingent liability on acceptances purchased for foreign correspondents 60,706 60,305 61,705 62,129 61,925 59,908 62,188 131,778 Industrial loan commitments 360 360 360 360 360 360 360 1,000 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advances—total 985,750 631,934 137,272 Within 15 days 979,762 604,664 134,474 16 days to 90 days 5,890 27,270 2,770 91 days to 1 year 98 28 Industrial loans—total 332 333 333 333 502 Within 15 days 231 228 220 228 137 16 days to 90 days 14 11 19 11 175 91 days to 1 year 38 40 40 40 87 Over 1 year to 5 years 49 54 54 54 103 Acceptances—total 31,533 32,689 34,631 36,726 30,234 38,896 39,392 Within 15 days 10,774 11,185 10,224 12,515 8,081 13,017 8,409 16 to 90 days 20,759 21,504 24,407 24,211 22,153 25,879 30,983 U. S. Government securities—total. ,474,062 25,497,262 25 322,462 25 342,012 25 497,062 25,349,762 23,627,922 Within 15 days 251,800 180,900 120,660 285,210 163,500 122,960 38,550 16 days to 90 days ,033,700 108,300 027,640 882,640 149,000 1,052,640 854,010 91 days to 1 year ,837,22618,856,726 833,226 18,822,826 20,285,201 Over 1 year to 5 years ,881,179 3,881,179 ,881,179 881 179 .881,179| 1,035,304 Over 5 years to 10 years 206,495 206,495 206,495 206,495 206,495! 56,610 Over 10 years ,263,662 ,263,662 1,263,663 263,662 1,263,662! ,358,247 1 Includes, prior to Sept. 2, 1958, Section 13b surplus of $27,543,000. 2 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1959 [In thousands of dollars] Item Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Gold certificate account 862,354 5,384,355 991,7841,643,910 986,106 942,610 3,081,214 723,428 469,066 756,552 704,503 2,394,009 Redemption fund for F. R. notes 56,291 192,502 58,128 85,715 79,287 55,637 170,325 43,963 22,735 42,972 29,413 83,619 Total gold certificate reserves. 918,645 5,576,8571,049,9121,729,625 ,065,393 998,2473,251,539 767,391 491,801 799,524 733,916 2,477,628 F. R. notes of other Banks... 31,611 104,564 18,465 30,014 44,201 83,936 29,026 12,382 13,419 5,593 18,094 36,283 Other cash 33,384 81,639 20,349 41,795 24,862 32,310 70,559 26,782 11,374 13,349 16,205 54,445 Discounts and advances: Secured by U. S. Govt. securities 15,250 27,805 16,110 6,258 35,605 34,122 55,945 10,575 19,245 60,841 23,966 3,200 Other 968 4,928 1,162 1,584 880 827 2,766 651 422 686 915 1,971 Industrial loans 5 Acceptances: Bought outright 30,234 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,388,264 6,429,5431,465,673 2,257,1271,659,655 ,297,367 4,453,8271,040,127 536,3821,088,291 998,7462,882,060 Held under repurchase agreement Total loans and securities.... 1,404,482 6,492,510 1,482,945 2,264,9691,696,1401,332,316 4,512,5381,051,353 556,0541,149,818 ,023,627 2,887,231 Due from foreign banks 14 1 1 1 2 1 () 1 1 1 Uncollected cash items 329,179 950,985 338,247 396,615 346,160 351,913 828,543 179,299 116,115 215,970 192,326 420,478 Bank premises 4,601 10,240 4,178 9,399 6,945 9,441 12,555 6,950 5,187 4,757 8,149 12,530 Other assets 8,885 39,571 9,070 14,505 10,430 9,221 27,312 6,795 3,383 7,743 6,438 18,159 Total assets. 2,730,78813,256,370 2,923,167 4,486,9233,194,132 2,817,385 8,732,074 2,050,9531,197,333 2,196,7551,998,756 5,906,557 Liabilities F. R. notes 1,559,691 6,303,6741,692,047 2,474,066 2,040,1231,434,108 5,152,1521,194,423 598,8531,087,312 762,927 2,666,001 Deposits: Member bank reserves 764,063 5,397,194 794,0051,47'4,,273 773,984 961,780 2,654,834 613,023 427,337 813,619 929,405 2,588,298 F O U o t . a h re c e S i c r g o . n un T t reasurer—general 1 1 7 3 , , 0 3 5 5 9 9 0 0 7 3 3 6 1 8 0 9 4 , , , 2 9 3 9 4 5 5 3 5 2 2 4 2 0 , , , 6 6 4 1 7 6 4 3 0 2 3 2 7 1 , , , 9 9 5 4 5 0 1 8 0 3 1 2 3 5 , , , 7 3 5 2 1 0 0 0 8 3 1 5 4 1 , , , 1 5 5 4 6 7 4 5 0 4 3 2 5 2 , , , 8 5 29 8 3 8 0 3 2 1 0 1 1 , , , 6 7 4 3 2 7 6 2 0 2 7 5, , 4 4 5 1 4 3 7 1 0 3 1 7 2 1 , , , 7 1 0 9 5 9 3 4 0 2 1 9 6 1 , , , 7 8 1 2 2 2 9 1 0 4 5 3 6 7 4 , , , 3 2 7 7 7 2 0 3 0 Total deposits 795,100 5,861,787 841,7521,536,672 825,5221,013,059 2,735,545 646,851 460,725 864,656 977,0752,726,661 Deferred availability cash items 295,069 699,493 294,823 345,877 254,187 301,221 630,977 154,062 101,928 187,277 185,034 354,081 Other liabilities and accrued dividends 1,493 6,410 1,350 2,896 1,352 1,409 4,524 1,023 1,201 1,136 1,018 3,323 Total liabilities 2,651,35312,871,364 2,829,972 4,359,5113,121,184 2,749,797 8,523,1981,996,3591,162,707 2,140,3811,926,054 5,750,069 Capital Accounts Capital paid in 18,439 108,295 22,197 35,719 16,790 18,951 51,513 12,604 8,578 15,328 21,753 44,378 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. 10,880 37,809 11,391 15,050 11,312 9,163 25,204 8,244 5,263 8,111 7,513 16,550 Total liabilities and capital accounts 2,730,78813,256,370 2,923,167 4,486,9233,194,132 2,817,385 8,732,074 2,050,9531,197,333 2,196,7551,998,756 5,906,755 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 39.0 45.8 41.4 43.1 37.2 40.8 41.2 41.7 46.4 41.0 42.2 45.9 Contingent liability on acceptances purchased for foreign correspondents 3,339 416,204 4,006 5,463 3,035 2,853 8,984 2,246 1,457 2,367 3,156 6,798 Industrial loan commitments.. 20 340 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $43,704,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $223,200,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 395 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month 1959 1959 1958 March 25 March 18 March 11 March 4 Feb. 25 March February March F. R. notes outstanding (issued to Bank). 28,111,58128,166,551 28,172,214 28,199,306 28,218,699 28,012,937 28,207,005 27,617,786 Collateral held against notes outstanding: Gold certificate account 10,755,000 10,855,000 10,875,000 10,875,000 10,875,000 10,755,000 10,875,000 12,093,000 Eligible paper 116,136 114,898 101,403 132,805 121,003 87,526 171,984 22,083 U.S. Government securities 18,685,000 18,685,000 18,685i000 18,685,000 18,715,000 18,685,000 18,715,000 17,145,000 Total collateral 29,556,136 29,654,898 29,661,403 29,692,805 29,711,003 29,527,526 29,761,984 29,260,083 EACH FEDERAL RESERVE BANK ON MARCH 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- m R o ic n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco F. R. notes outstanding (issued to Bank) .... 1,647,200 6,579,886 1,760,752 2,543,310 21,127,064 1,501,720 5,267,3791,238,081613,986 1,113,966 817,6812,801,912 Collateral held: Gold certificate acct.. 580,000 2,920,000 640,000 920,000 700,000 475,000 2,000,000 430,000 200,000 300,000 290,000 ,300,000 Eligible paper 16,110 10,575i 60,841 U. S. Govt. securities. 1,150,000 4,000,000 1,200,0001,750,0001,500,000 1,100,000 3,500,000 935,000 425,000 850,000 575,0001,700,000 Total collateral 1,730,000 6,920,000 1,856,110 2,670,000 2,200,000 1,575,000 5,500,000 1,375,575 625,000 1,210,841 865,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n t o o h f r N b u A e m r p a - p t p o p l i r c d o A a a v t t m i e e o d o ns unt (a b p p m c u l r A e o o t o t P v m e n u - e d - o n d 1 t t) ( s a t L a m o n o u o d a t u n i - n n s g t) 2 ( C s a t m o m a o m n e u o d n m t u i - t n n s i g t t - ) o ( s in a P p f ta m g t a a f o u n t i r u o i n t i d t o i n i t u a i o c - n s n n n i n t s g - c t i s ) - - 3 y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a r A a n iz t s m e ed ount a T m o o t o u a u n l t t L st o a a n n d s g P in u o t g a e rt e r i a d o n n - a o u a A b n u v n o a t d a t d m e s m r d i e e t r l i e r a a o o t n a b n i w u g o g t l d n s e u e n r i t e r a n a s t e r g l o - - 1953 3,765 803,429 1,951 1,900 3,569 3,469 1953 ,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 ,367 2,500 472 368 273 1955 3,778 826,853 305 702 2,293 1,103 1955 ,411 2,575 294 226 170 1956 3,782 832,550 794 2,365 1,129 1956 .468 2.761 389 289 125 1957 3,786 841,290 524 1,109 1,122 1957 ,503 2,912 395 300 135 1958 1958 Feb 3,786 842,232 506 1,063 1,063 Feb ,511 2,935 372 286 164 Mar 3,786 842,472 502 1,001 965 Mar ,512 2,936 367 282 139 Apr 3,786 842,723 503 998 964 Apr ,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 ,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 1959 1959 Jan 3,787 843,321 334 960 785 Jan ,548 3,116 324 246 147 Feb 3,787 843,321 333 360 384 Feb 1,549 3,118 329 250 141 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

396 BANK DEBITS MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [Per cent per annum] [In effect Mar. 31] Type of deposit D F 1 e e 9 1 c b 9 3 . . 3 5 3 - 5 1 1 , , D J 1 e a 9 1 c n 3 9 . . 6 5 3 - 6 1 1 , , E J f a f 1 e n 9 c . 5 t 7 i 1 v , e Fee I s n P st a i y tu a t b io le n to o n G u G a u ra a n ra te 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 in o a a n n cing Guarantee fee Percentage of Percentage of (percentage of any commitment Savings deposits 2i/2 21/2 3 loan guaranteed in b t y e re b s o t rr p o a w ya e b r) le fe b e o r c r h o a w rg e e r d Postal Savings deposits 2i/2 2% 3 Other time deposits payable: 70 or less 10 10 In 6 months or more 21/2 3 75 15 15 In 90 days to 6 months 21/2 21/2 80 20 20 In less than 90 days 2Vi 1 85 25 25 90 30 30 95 35 35 NOTE.—Maximum rates that may be paid by member banks as estab- Over 95 40-50 40-50 lished by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies Maximum Rates Financing Institution May Charge Borrower on like deposits under the laws of the State in which the member bank is [Per cent per annum] located. Maximum rates that may be paid by insured nonmember banks as established by the F.D.I.C., effective Feb. 1, 1936, are the same as those in effect for member banks. Interest rate Commitment rate. 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors. BANK DEBITS AND DEPOSIT TURNOVER [Debit in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposits accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Year or month Without seasonal adjustment Seasonally adjusted3 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 1958 Jan 212,908 84,355 41,992 86,561 54.6 30.0 23.3 54.3 30.6 23.1 Feb 181,729 72,803 36,188 72 738 55 4 30.1 22.8 56.8 30.9 22 9 Mar 203,870 84,409 40,363 79,098 56.2 31.3 22.2 54.8 28.6 22.3 Apr 204,126 85,510 39,354 79 262 56 6 30.2 22.1 57.5 29.3 22.8 May . . .. 195,116 77,315 38,645 79,156 51.2 28.2 22.0 52.5 28.6 22.4 June 219,465 95,473 41,228 82,765 65 7 31.4 23.8 60.8 30.8 23 8 JUly 206,524 82,214 40,701 83,609 54.8 29.6 22.9 56.2 30.2 23.2 Aug 185,849 68,620 37,942 79,287 46.4 27.4 21.7 53.6 29.9 23.1 Sept . 195,205 70,887 40,520 83,798 49.4 30.3 23.6 48.2 30.6 23.3 Oct 212,894 79,620 43,594 89,680 50 1 29 8 23.1 51.6 30 7 23 1 Nov 183,092 64,804 38,224 80,064 47.4 30.0 23.8 47.9 29.6 22.6 Dec 238,975 92,711 48,690 97,573 58.2 33.2 24.9 51.5 31.8 23.6 1959 Jan '221,960 86,507 44,505 '90,948 54.0 30.3 '23.2 53.7 30.9 13.0 Feb 195,770 74,346 39,635 81,789 54.1 31.0 24.1 55.5 31.8 24.2 Mar 223,419 84,710 47,485 91,224 54.5 ?34.2 *23.6 53.2 P31.2 »23.7 » Preliminary. r Revised. 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 397 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation l Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1 927 1,312 75 2,151 6,617 9,940 9 136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 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 Feb 30 554 21 544 2 057 I 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 78 2,047 6,377 91792 9,014 2,689 5^656 277 381 3 8 Apr 30,565 21,565 2,075 i305 81 2,035 6,319 9,750 9,000 2,682 5,651 275 379 3 9 30,994 21,977 2,090 1,349 81 2,081 6,465 9,910 9 018 2,690 5,662 275 378 3 8 June 31,172 22,138 2,101 1,368 81 2,081 6,489 10,019 9,033 2,701 5,669 275 377 3 9 July 31,171 22,134 2 108 1,376 81 2,064 6,450 10 056 9 037 2,705 5,671 274 376 3 8 Aug.. 31,371 22,296 2,117 1,398 80 2,082 6,502 10,117 9,075 2,711 5,703 274 376 3 8 Sept 31,245 22,154 2,127 1,417 80 2,072 6,433 10,025 9,091 2,704 5,726 274 376 3 8 Oct 31,386 22,264 2,142 1,426 80 2,091 6,477 10,048 9,122 2,707 5,759 273 371 3 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 1959_j an 31,125 21,926 2,139 1,408 80 2,064 6,340 9 894 9,199 2,733 5,814 272 368 3 8 Feb 31,129 21,975 2,144 1,406 80 2,062 6,378 9,904 9,155 2,714 5,791 271 367 3 8 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation i Held by Kind of currency T s F o ta e t 1 a n b 9 l . d 5 i o 9 2 n u 8 g t- A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F F a a . n o n R d r k . s a B F g a a . e n n R n d k t . s s Fe 1 b 9 . 59 28 Ja 1 n 9 . 5 3 9 1 Fe 1 b 9 . 58 28 certificates agents Gold 20,479 19,925 2554 Gold certificates 19 925 17,078 2,816 31 31 32 Federal Reserve notes 28,207 94 1,714 26.400 26,424 25,948 Treasury currency—total 5,241 32,409 70 472 4,699 4,670 4,574 Standard silver dollars. 488 162 40 8 278 278 262 Silver bullion 2,248 2,248 Silver certificates and Treasury notes of 1890.... 32,409 330 2,079 2,057 2,028 Subsidiary silver coin 1 463 17 82 1,365 1,362 1,314 IVtinor coin 521 7 14 501 500 481 United States notes 347 6 37 304 301 306 Federal Reserve Bank notes 115 1 113 114 124 National Bank notes 58 58 58 60 Total Feb 28 1959 i 22.334 718 17,078 5,001 31,129 Jan 31 1959 22', 326 721 17,077 5,279 31,125 Feb 28 1958 24,536 695 19,284 5,065 "30354" 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. 390. 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

398 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Total Bank credit assets, net- Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n rc m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d s n i c t y s c m o n a u i c e s n - t c t . s, savings Banks banks 1929—June 29.. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31.. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31.. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955—Dec. 31.. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—Dec. 31.. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 1,723 20,461 250,757 230,510 20,246 1957—June 6.. 22,620 5,106 221,454 110,938 89,114 64,548 23,016 1,550 21,402 249,180 227,576 21,605 Dec. 31.. 22,781 5,146 229,470 115,157 91,370 65.792 24,238 1,340 22,943 257,397 236.372 21,023 1958—Mar. 26.. 22,500 5,200 230,000 113,900 91,900 67,100 23,500 1,300 24,300 257,700 235,500 22,200 Apr. 30.. 22,000 5,200 234,400 114,400 95,300 70,300 23,700 1,300 24,800 261,600 239,200 22,500 May 28.. 21,600 5,200 234,900 114,000 95,900 70,600 24,100 1,300 25,000 261,700 238,900 22,800 June 23.. 21,356 5,204 240,451 116,842 97,849 71,611 25,000 1,238 25,760 267,011 244,131 22,880 July 30*. 21,200 5,200 238,600 115,400 97,800 71,600 24,900 1,300 25,500 265,100 241,900 23,200 Aug. 27*. 21,100 5,200 241,100 115,300 100,000 73,500 25,200 1,300 25,800 267,400 243,400 24,100 Sept. 24*. 20,900 5,200 240,400 115,900 98,200 72,100 24,900 1,200 26,300 266,500 242,600 23,900 Oct. 29P. 20,700 5,200 243,100 116,900 99,900 73,300 25,400 1,200 26,200 269,000 244,900 24,100 Nov. 26*. 20,600 5,200 245,700 118,100 101,600 74,600 25,800 1,200 26,000 271,500 247,700 23,800 Dec. 31*. 20,500 5,200 248,500 121,500 100,900 73,500 26,200 1,200 26,100 274,300 250,500 23,800 1959—Jan. 28*. 20,500 5,200 246,800 119,600 101,200 74,600 25,400 1,200 26,000 272,600 248,800 23,800 Feb. 25* 20,500 5,200 244.800 119,600 99,100 72,600 25,300 1,200 26,100 270.500 246,200 24,200 Mar. 25*. 20,400 5,200 244,400 121,200 97,000 70,300 25,500 1,200 26,300 270,100 245,900 24,200 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o n d a i s e g e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c m n t d k i g a - s s l B F a . A n R t ks . Total Total m T b C e i a o m r n c m k e ia s - l dep s b M a o a v u n s i i t k n t u s s g a 2 s 3 l S S P a y o v s s i t n t e a g m l s p m o D d s a e e i n - - ts d 4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e T e r a j p m o r u n o e s t a d s n a t n i e l c t d d s y j p m u D o a d s a d s e e t n e - i - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40,828 21,656 10,849 9,621 ,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 2,932 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 25,900 1950—Dec. 30.. 2,518 1,293 2,989 668 176,916 59,247 36,314 20.009 2,923 92,272 25,398 114,300 89,800 24.500 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 27,400 1956—Dec. 31.. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647111,391 28,335 134,400 106,700 27,700 1957—June 6., 3,247 792 3,625 473 219,439 85,715 53,605 30,647 ,463105,706 28,018 (5) (5) (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—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 June 23.. 3,953 700 9,471 524 229,483 95,524 61,473 32,837 ,214106,169 27,790 July 30*, 4,000 700 4,300 600 232,400 96,500 62,300 32,900 ,200108,100 27,900 137,600 500 28,100 Aug. 27*. 3,900 700 5,800 500 232,500 97,000 62,700 33,100 ,200107,500 28,000 137,300 109,200 28,100 Sept. 24*, 3,800 700 4,500 500 233,100 97,200 62,700 33,300 ,200108,100 27,900 136,700 108,900 27,800 Oct. 29*, 3,800 700 3,700 500 236,200 97,400 62,900 33,400 ,200110,800 28,000 137,900 110,000 27,900 Nov. 26*, 3,700 700 5,900 500 237,000 96,700 62,100 33,500 ,100 111,600 28.800 138,500 110,300 28,200 Dec. 31* 3,900 700 4,500 400 241,000 97,900 62,900 33,900 ,100 114,500 28,600 138,300 110,300 28,000 1959—Jan. 28*, 3,800 700 4,800 500 239,000 98,100 63,300 33,700 ,100113,200 27,700 138,000 110,100 27,900 Feb. 25* 3,700 700 4,400 500 236,900 98,500 63,600 33,800 ,100 110,700 27,800 138,600 110,600 28,000 Mar. 25*, 4,000 700 3,800 500 236,900 99,200 64,000 34,100 ,100 109,700 27,900 139,700 111,600 28,100 * Preliminary. r Revised. NOTE.—For description of statement and back figures, see BULLETIN i 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 2Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, •Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957, pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 399 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 All banks: 1939—Dec. 30.. 50,884 22,165 19,417 9,30223,292 77,068 68 9,874 32,516 25,852 26 8 15,035 1941—Dec. 31.. 61,126 26,615 25,511 ,999 27! 90,908 81 10,982 44,355 26,479 23 8, 14,826 1945_Dec. 31.. 40,227 30,362 01,288 577 35; 177,332165 14,065 105,935 45,613 22710,54214,553 1947_Dec. 3H. 34,924 43,002 81,19910,72338,388175,091 61, ,793| 240 1,346 94,38153,105 6611,94814,714 1950—Dec. 30.. 48,021 60,386 72,89414,74141,086191,317175,296 .3,577 462 2,809101 936 56,513 90 13,83714,650 1956—Dec. 31.. 97,063110,079 66,523 20,46149,641250,770 227,54616,1333 1,462 3,736 125308 80,908 7819,24914,167 1957—June 6.. 97,465111,515 64,548 ,402 40,834 242,647216986 ,865 1,557 3,320 114 1,45019,87914,144 Dec. 31.. 203;849115,115 65,792 22 943 49;318 257;86423302015,636 1,386 3,903123,99388,102 80 20,428 14,090 1958— J M un a e r. 2 26 3 * .. . 2 2 0 1 5 5 , , 9 1 9 7 0 9 1 1 1 1 4 7 , , 6 8 1 0 0 8 6 7 7 1 , , 1 61 2 1 0 24: ,7 26 6 0 0 4 4 4 2 ; ; 2 2 5 64 3 , , 5 1 2 3 5 02 2 2 3 6 7, , 2 8 0 1 4 01 13 2 ,7 6 8 0 9 2 2 , , 3 4 0 9 0 7 9 5 , , 2 5 0 6 9 01 1 1 1 4 7 , ,1 2 1 1 3 0 9 9 4 1 , , 5 4 9 8 6 0 1, 9 1 0 3 0 7 2 2 0 1 ', , , 3 8 5 3 9 01 14 4 , , 0 0 5 7— 5 8 Sept. 24*. 215.470117,060 72,140 ,270 42;190 262,580223344442200 010 2,400 4,220 ,460 96,330 1,560 21,66014,034 Oct. 29*. 217;460117,920 73,310 ,230 43 020265,:260 237220 000 2,340 3,410 ,880 96,590 1,400 21,710 14,028 Nov. 26*. 219, 750119,130 74,610 26,010 45;130 269,J20 240;610 590 2,360 5,570 ,230 95,860 2,150 21,820 14,033 Dec. 31*. 220; 910121,340 73,450 26 120 48;890 274,,670 248070 660 2,400 4,210 ,680 97,120 70 21,800 14,020 1959_jan. 28*. 221. 420120,860 74,.5..5 026,010 43 040 269,390 241 050 170 2,450 4,460 ,640 97,330 1.780 21,760 14,012 Feb. 25* r. 219; 820121,190 72,570 26,060 43 410268,030 950 890 2,330 4,130 ,920 97,680 2,200 2185014,022 Mar. 25*. 219; 210122,650 70,31026,250 42,140266,170 340 070 2,340 3,540119,95098,440 2,090 2fi;95014,010 AH commercial banks: 1939—Dec. 30... 40,668 17,238 16,316 11422, 65 216 57,718 9,874 32,513 15,331 26 6, 14,484 1941_Dec. 31... 50,746 21,714 21,808 225 26 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 8^950 14^011 1947—Dec. 3H.. 116,284 38,057 69,221 006 37 155,377144,10312,792 240 1,343 94,36735,360 6510,05914,181 1950—Dec. 30... 126,675 52,249 62,027 399 40; 168,932155,26513,577 462 2,806!101,91736,503 9011,590 14,121 1956—Dec. 31... 165,123 90,302 58,55216,269 48,720217,460197,51516,133 1,460 3,733125,28250,908 7516,30213,640 1957_june 6... 164,515 91,028 56,64216,84!39,995208,39: 186,30812,865 1,556 3,318114,63353,937 1,44616,83713.619 Dec. 31... 170,068 93,899 58,23917930 48;428 222,696201,32615,636 1,385 3,898123,,'967 56,440 7717,368131568 1958—Mar. 26*. . 171,410 92,980 59,55018 ,'880 290217,090194,40013,260 2,300 5,560 114,180 59,100 90017,71013,558 June 23... 179,905 95,571 64,194 20,14043,507227,84'204,33513,789 2,495 9~, 20511~7' ,086 61,759 1,13618,17813,535 Sept. 24*. . 179,510 94,230 64,72020,56041,330225,260201,05014,010 2,400 4,220 117,43062,990 1,56018,410 13,515 Oct. 29*. . 181,440 94,930 65,98020,53042,160227,900203,76014,000 2,340 3,410120,85063,160 1,400 1847013,509 Nov. 26*. . 183,590 95,960 67,32020,31044,310232,240207,11013,590 2,360 5,570123,20062,390 2,150 18550 13,514 Dec. 31*.. 184,580 97,980 66,18020,420 47,970236,940214,17015,660 2,400 4,210128,650 63,250 70 1857013,501 1959—Jan. 28*. . 185,120 97,540 67,23020,35042,240231,810207,32013,170 2,450 4,460123,61063,630 1,780 18 55013,494 Feb. 25*r. 183,320 97,710 65,21020,40042,590230,230205,11012,890 2,330 4,130121,89063,870 2,20018,61013,504 Mar. 25*. . 182,460 99,010 62,89020,56041,270228,070203,22013,070 2,340 3,540119,92064,350 2,09018,69013,492 All member banks: 1939—Dec. 30 33,941 13,962 14,328 340 9,257 154 743 27,48911,699 3 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 10,385 140 ,709 37,13612,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 29,845138,'3O4 129J67013,576 64 22,179 ,64024,210 208 7,589 6,884 1947_Dec. 31 97,846 32,628 57,914 304 32,845132,060122,52812,353 50 ,176 80; 609 28; 340 54 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 135,524144,660133,08913,106 341 ,523 ,78329,336 79 9,695 6,873 1956—Dec. 31 138,768 78,034 47,575 42,906184,874167,90615,567 1,289 ,292106i850 40,909 4813,655 6,462 1957—June 6 137,808 78,448 45,829 35,270176,507157,59312,367 1,369 ,932 97,61243,313 1,374 1144,058 6,445 Dec. 31 142.353 80,950 47,079 324 42,746188,828170,63715,082 1,246 ,472105,547 45,290 57 1"4,554 6,393 1958—Mar. 26* 143,874 80,089 48,572 36,395184,191164,74512,814 2,163 ,097 97,14147,530 85514,828 6,380 June 23 151,589 82,146 53,165 38,489194,003173,90413,274 2,266 ,658 99,81:49,893 1,07815,181 6,357 Sept. 24 150,684 80,798 53,285 36,191190,784170,03113,458 2,174 .782 99^764 50 [852 1,51415,375 6,339 Oct. 29* 152,102 81,375 54,166 37,020192,945172,30113,450 2,108 .023102,76450,956 1,31715,437 6,328 Nov. 26* 153,854 82,225 55,328 39,140196,851175,26013,026 2,130 003104,77750,324 2,05515,498 6,324 Dec. 31* 154,799 84,010 54,373 416 42,575201,272181,94615,080 2,175 824109,829 51 ;O38 5515,528 6,312 1959—Jan. 28* 155,054 83,588 55,136 37,336196,333175,36412,619 2,224 3,979105,22051,322 1,684 15,509 6,302 Feb. 25*' 153,504 83,728 53,403 37,681195,014173,45912,394 2,102 3. 103,74951,498 2,08315,556 6,295 Mar. 25* 152,831 84,884 51,407 36,412193,079171,78812,584 2,155 3; 102,027 51,843 1,976 15,627 6,288 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. 31* 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 20,009 2,247 529 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 30,001 2,947 527 1957_june 6 32,950 20,487 7,906 4,557 839 34,254 30,678 30,647 3,042 525 Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 31,662 3,059 522 1958—Mar. 26* 34,580 21,630 7,570 5,380 930 36,040 32,410 32,380 3,120 520 June 23 35,274 22,237 7,417 5,620 916 36,678 32,869 26 3322,883377 3,181 520 Sept. 24* 35,960 22,830 7,420 5,710 860 37,320 33,370 (5) (5) 3033,340 3,250 519 N O o ct v . . 2 2 6 9 * * 3 36 6 , , 1 0 6 2 0 0 2 2 2 3 , , 9 1 9 7 0 0 7 7 , , 2 33 9 0 0 5 5 , , 7 7 0 0 0 0 8 8 2 6 0 0 3 3 7 7 , , 3 4 6 8 0 0 3 3 3 3 , , 5 46 0 0 0 8 30 3333, , 443300 (5) 3 3 , , 2 2 4 7 0 0 5 5 1 1 9 9 Dec. 31* 36,330 23,360 7,270 5,700 920 37,730 33,900 8 8 33,470 8 3,230 519 1959—Jan. 28* 36,300 23,320 7,320 5,660 800 37,580 33,730 33,870 3,210 518 F M eb a . r . 2 2 5 5 * *' 3 3 6 6 , , 5 7 0 5 0 0 2 2 3 3 , , 4 6 8 4 0 0 7 7 , , 3 4 6 2 0 0 5 5 , , 6 66 9 0 0 8 8 2 7 0 0 3 3 7 8 , , 8 1 0 0 0 0 3 3 3 4 , , 8 1 4 2 0 0 (5) 8 3 3 3 3 , , 7 8 0 1 0 0 (5) 3 3 , , 2 2 4 6 0 0 5 5 1 1 8 8 34,090 * Preliminary. r Revised. Stock savings banks and nondeposit trust companies are included with 1A11 banks in the United States. Beginning with January 1959, commercial banks. Number of banks includes a few noninsured banks 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 nondeposit 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

400 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i v g S t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i n i a t i t d i t - a e a l s l Total 2 D In e t - erbank 2 Dema O n t d her 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 tions co a u c n - ts3 mand Time G U o . v S t . . Other Time Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,231 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 1,009 688 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—Mar. 26 25,006 16,367 6,414 2,225 7,656 33,959 28,965 4,172 1,670 1,381 18,454 3,288 253 3,161 18 June 23 27,149 16,764 8,035 2,350 8,272 36,664 31,469 4,345 1,774 2,946 18,898 3,506 483 3,214 18 Sept. 24 25,230 15,464 7,350 2,416 6,309 32,782 27,608 3,993 1,710 847 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 1,660 584 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 1,677 945 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 1,722 973 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 1,764 925 19,130 3,475 543 3,272 18 Feb. 25* 25,549 15,864 7,361 2,324 7,624 34,353 28,900 3,964 1,689 815 18,946 3,486 723 3,281 18 Mar. 25* 25,594 16,147 6,997 2,450 7,066 33,808 28,627 4,079 1,773 691 18,479 3,605 513 3,277 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947_Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,225 174 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_Mar. 26 6,492 3,481 2,404 607 1,808 8,374 7,390 1,227 351 4,418 1,349 174 700 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 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 Feb. 25* 6,637 3,440 2,572 625 1,952 8,667 7,726 1,163 233 4,900 1,397 79 725 14 Mar. 25* 6,759 3,551 2,576 632 1,745 8,583 7,438 1,135 223 4,655 1,395 296 728 14 Reserve city member banks: 1939—Dec. 30 272 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. 31 347 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. 31 108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2,566 359 1947_Dec. 31 040 13,449 20,196 2,396 1133,066 49,659 46,467 5,627 22 405 28,99011,423 2,844 353 1950—Dec. 30 685 17,906 19,084 3,69513,998 55,369 51,437 6,391 57 976 32,36611,647 3,322 336 1956—Dec. 31 915 31,783 17,368 4,764 1177,716 72,854 66,524 7,584 294 1,201 40,64716,797 21 5,076 289 1957—June 6 13 31,435 16,797 4,905 14,532 68,965 61,796 5,914 314 1,051 36,87417,642 681 5,182 282 Dec. 31 259 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—Mar. 26 ,711 32,072 18,210 5,429 14,629 71,802 64,626 6,106 430 1,960 36,64619,484 257 5,469 278 June 23 ,273 32,851 20,436 5,98615,443 76,155 68,672 6,397 416 3,150 38,00320,706 350 5.617 280 Sept. 24 ,327 32,830 20,455 6,041 15,247 75,976 67,918 6,795 382 1,492 38,243 2"1,005 947 5; 675 277 Oct. 29* ,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* 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* 553 33,996 20,680 5,87717,692 79,770 72,631 7,457 375 1,426 42,300 21,073 16 5,752 274 1959—Jan. 28* 698 34,083 20,776 5,839 1155,626 77,845 69,800 6,232 382 1,439 40,452 21,295 832 5,782 273 Feb. 25*' 033 34,279 19,928 5,82615,672 77,155 68,876 6,011 336 1,479 39,70821,342 932 5,802 272 Mar. 25* 526 34,721 18,946 5,859 15,388 76,370 68,282 6,122 316 1,221 39,25021,373 839 5,846 272 Country member banks: 1939—Dec. 30 224 4,768 3,159 2,297 4,848 15,666 13,762 572 154 7,158 5,852 3 1,851 5,966 1941—Dec. 31 518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 oo: 5,596 26,999 2,408 10,632 46,059 43,418 ,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 10,199 22,857 3,26810,778 47,553 44,443 ,056 432 28,37814,560 23 2,934 6,519 1950—Dec. 30 324 14,988 21,377 4,193 11,571 52,689 48,897 ,121 922 31,97714,865 9 3,532 6,501 1956—Dec. 31 558 26,491 22,037 6,04214,390 69,945 64,289 ,597 1,160 41,194 2200,317 21 5,046 6,141 1957—June 6 571 27,330 21,409 6,37312,224 68,404 62,192 ,260 1,097 38,21121,594 267 5,304 6,131 Dec. 31 112 28,191 21,815 6,814 1144,139 72,062 65,991 ,640 1,181 "\724 2"2,429 30 5,359 6,083 1958—Mar. 26 820 28,169 21,544 6,95212,302 70,056 63,764 ,309 1,405 37,623 23,409 171 5,498 6,070 June 23 665 28,937 22,000 7,28812,860 72,255 65,741 ,282 1,857 38,286 24,277 164 5,641 6,045 Sept. 24 ,22. 29,099 22,943 7,50712,765 73,505 66,877 ,368 1,197 39,326 24,941 126 5,747 6,030 Oct. 29* ,550 29,361 23,693 7,519 12,835 74,514 67,747 1,395 1,173 40,05025,091 251 5,744 6,019 Nov. 26* ,573 29,748 24,056 7,590 13,034 75,536 68,717 1,376 1,712 40,77824,807 252 5,769 6,017 Dec. 31* 394 30,214 23,651 7,589 13,397 75,988 69,411 1,486 1,176 41,67725,028 36 5,758 6,006 1959—Jan. 28* 45 30,061 24,099 7,58612,515 75,424 68,678 1,352 1,414 40,72525,143 241 5,729 5,997 Feb. 25*r 746 30,145 23,542 7,598 12,433 74,839 67,957 1,256 1,189 40,19525,273 349 5,748 5,991 Mar. 25* 285 30,465 22,888 7,599 12,213 74,318 67,441 1,248 1,044 39,64325,470 328 5,776 5,984 ,952 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 401 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank2 Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b io l o . i S n v g . 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 o a i a l a l u p i i n c a t i n d i - t - e t a s s l 3 Total 2 m D a e n - d Time U. D S. ema O n t d her Time r B i o n o w g r s - - capital ba b o n e f k r s Govt. All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,98425,788 76,820 69,411 10,654 1,762 41,29815,699 10 6,84413,426 1945—Dec. 31 21,809 25,765 88,912 7,13134,292157,544 14477,775 13,883 23,740 80,276 2299,876 215 8,67113,297 1947_Dec. 31 14,274 37,583 67,941 8,750 "3"6,926152,733141,85112,615 54 1,325 92,97534,882 61 9,73413,398 1956—Dec. 31 63,601 89,831 57,83715,933 48,352215,514195,95315,981| 1,301 3,717 124,,3 46. "5_\0.608 ^5_6 15,98813,195 1957—June 6 63,025 90,571 55,973 16,,48139,713 220066,567184,86012,707 1,388 3,310 113,812 53,643 1,430 16,52513,189 Dec. 31 68,595 93,430 57,580 17,585 "4"8,127220,865199,87615,489 1,264 3,859123,127 56,137 ' 6"617,05113,142 1958—June 23 78,330 95,105 63,48919,735 43,243 225,945 "2"0"2,81913,632 2,288 9,162116,308 61,429 1,12517,85713,121 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1956—Dec. 31.... 88,477 48,109 31,568 8,80027,006117,345107,161 9,322 522 2,074 67,434 '2"7,810 19 8,450 4,651 1957—June 6 87,910 48,415 30,345 9,150 ~22525 112,460100,989 7,397 566 1,782 61,737 29,506 815 8,722 4,647 Dec. 31 91,201 50,350 31,234 9,617 26i786 11220,0153109,091 8,958 517 2,166 66,546 30,904 38 9,070 4,620 1958—June 23.... 95,898 50,744 34,49810,65623,964122,100110,065 7,849 825 4,751 62,886 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 2,125 10,822 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 39,416 133,098 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 5,621 14,525 71,904 63,839 5,425 1,441 3,907 36,926 "1,6140 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 3,360 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1956—Dec. 31.. 24,859 11,808 10,274 2,777 5,448 30,667 28,073 414 425 17,497 9,724 2,336 6,737 1957—June 6.. 25,243 12,134 10,156 2,953 4,446 30,088 27,292 340 378 16,200 100,355 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 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 2,679 6,768 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 314... 2,009 474 1,280 255 576 2,643 2,251 177 185 1,392 478 325 783 1956—Dec. 31 1,521 471 714 336 369 1,946 1,562 152 159 936 300 313 444 1957—June 6 1,490 457 669 364 282 1,825 1,448 158 168 821 294 312 429 Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 317 425 1958—June 23 1,575 466 704 405 264 1,902 1,516 157 207 778 330 321 413 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 314 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1956—Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 566 171 440 18,43310,024 2,649 7,181 1957—June 6 26,733 12,591 10,825 3,317 4,728 31,913 28,740 498 18 385 17,02110,649 2,781 7,177 Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,4'2""0 11,176 2,817 7,178 1958—June 23 28,343 13,438 11,040 3,865 5,020 33,873 30,458 515 229 548 17,274 11,892 3,000 7,181 Insured mutual savings banks: 1941—Dec. 31 1,693 64: 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 2 1212,192 1,252 194 1956—Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 3 2322,857 2,130 223 1957—June 6 25,18" 16,228 5,50" 3,45f 672 26,241 23,578 2 26 "2"3,549 2,240 234 Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 3 26 24,991 2,308 239 1958—June 23 27,869 18,13f 5,234 4,50f 745 29,021 26,082 2 26 26,052 2,433 239 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 64: 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 3H 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1956—Dec. 31 7,770 4,235 2,453 1,082 18: 8,028 7,146 7,143 817 304 1957—June 6 7,765 4,259 2,401 1,105 16' 8,013 7,100 7,098 so: 291 Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 283 1958—June 23 7,404 4,104 2,183 1,116 171 7,657 6,787 6,785 751 281 748 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

402 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments -om- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying Other tions Class of bank loans in- securities loans Direct of and and clud- Agri- Real to StatesOther call date i m nv e e n s t t s - TotaP o i p n e g n c tu u r l - - To t e a s t - e i d n i - - O lo t a h n e s r Total Certifi- Ouar- p a o n li d t- s r e it c ie u s mar- al brok- To loans vid- Total cates an- ical k p e a t - a e n rs d o e t r h s - uals Bills o d f e i b n t - - Notes Bonds teed d su iv b i - per deal- ed- sions ers ness All commercial banks3 1947—Dec. 31... 16,284 38,057 167 1,660 8301,220 9,393 5,723 1,06378,226 59,221 ,193 7,789 6,034 3,191 5,2763,729 1956—Dec. 31... 65,123,90,302 720 4,1612,589 1.,, 691 22,,5..0. 9 8,850 3,34374,821 "8,552 ,924 1,997 1,823 8,796 12,9013,368 1957—Dec. 31... 70,068;93,899 40;526|4.0~6"6 2,6011 620 23,110 20,217 3,533,76,169 8,239 ,405 4,813 0,60837,406 13,9154,014 1958—June 23... 79,905,95,571 886 4,552 3;6991,925 23,69320,0914,56284,334 54,1944,502 3,883 2,34843,456 15,7164,424 All insured commercial banks: 1941—Dec. 31... 49,29021,259 9,2141,450 614 662 4,773 4,545 28,03121,046 988 3,159 2,797 4,102 3,6513,333 1 1 9 9 4 4 5 7 — _D D e e c c . . 3 3 1 1 . . . . . . ; 1 2 4 1 , , 2 8 7 0 4 9 B 0 7 5 , , 5 7 8 6 3 5 9 8 , , 4 0 6 1 1 2 1 1, ,3 6 1 1 4 0 3,1 8" 6 2~ 4 3~ 3, , 6 19 0 ~0 6 ~ 4 9 , , 6 2 7 6 7 6 2 5 , , 3 6 6 5 1 4 f 1 , 1 0 8 2 1 8 7 9 6 6 , , 6 0 9 4 1 38 1 8 7 , , 9 9 1 4 2 1 2 2, , 1 4 2 5 4 5 7 9, , 0 5 7 5 1 2 5 6 , , 9 0 1 4 8 5 ;i,32i 2 1 2 4 5 3 , , 1 8 2 7 9 3 3 3 , , 6 2 2 5 1 8 1956—Dec. 31... 63,60189,831 38,5714,1012,5651,669 22,39418,7"6"5 3- 325;73,770 !7,837 ,763 1,981 1,722 2,334 1312,675 3,258 1957—Dec. 31... [68,595^3,430 40;380 4 0152,569 23,00320,122 _3, 51375,164 17,580 ,290 4,758 0,49338,358 713,6883,897 1958—June 23... 78,33095,105 38,750 4,4993,6771,907 23,58519,9814 54183,22463,4894,416 3,841 2,213 4337,031 515,4574,278 43,013 Member banks, total: 1941—Dec. 31.., 43,52118,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 1,729 3,832 3,0902,871 1945—Dec. 31... 07,18322,775 8,949 8553,1333,378 3,455 1,900• 10484,408 78,338 2,275 6,985 4,27144,792 16 2,815 1947—Dec. 31... 97,84632,628 6,9621,046 8111,065 7,130 4,662 '95265,218 57,914 1,987 5,816 4,815 4455,286 10 • 105 1956—Dec. 31... 38,768178,03436,2962,478 2,4471,47317,81115,7653,147i60,734 47,575 4,383 1,469 9,49332,218 1210;4942,665 1957—Dec. 31... 42,353'80,950 37,8682,472 2,448l,409J18,231 16,7753 31661,403 47,079 3,948 3,534 8,56031,031 11,2353,089 1958—June 23... 51,58982,146 36,125|2,774 3,5741,1,706 18,71216,5"44 4'33669,443 53,165 3,574 2,905 10,48036,201 12,7863,492 Dec. 31... 54,865 84,06137,444 3,052 2,730 1,599 20,01317,028 3'92070,804 54,299 4,644 6,143 11,11732,390 13,4053,100 New York City:* 1941—Dec. 31... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31... 26,143 7,334 3,044 2,4531,172 80 287 29818,809 17,574 477 3,433 3,325 0,337 1 606 629 1947—Dec. 31... 20,393 7,179 5,361 545 267 111 564 33013,214 11,972 ,002 640 558 9,771 638 604 1956—Dec. 31... 23,80915",987 11,266 ,409 402 617 1,5581,049 7,822 6,057 724 194 976 4,160 1,406 358 1957—Dec. 31... 23,82816,10211,651 ,280 387 565 1,5131,053 7,726 5,880 648 214 1,093 3,924 1,435 411 1958—June 23... 27,14916,76410,978 2.164 4?0 557 1,4371,56610,385 8,035 ,023 286 1,729 4,996 1,748 602 Dec. 31.. 25,96616,165 10,928 ,652 382 641 1,5021,424 9,802 7,486 643 1,106 1,602 4,135 1,869 446 Chicago:4 1941_Dec. 31.. 2,760 954 732 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1956—Dec. 31.. 6,473 3,772 2,781 203 97 134 439 178 2,701 2,113 112 42 316 1,643 440 148 1957—Dec. 31.. 6,446 3,852 2,903 200 97 143 425 180 2,594 2,032 65 126 313 1,528 408 154 1958—June 23.. 6,942 3,59- 2,618 178 100 143 336 318 3,348 2,694 268 145 490 1,791 495 159 Dec. 31.. 6,830 3,63 2,628 266 97 161 357 220 3,193 2,562 23: 361 522 1,446 491 140 Reserve citv banks: 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 1,52' 512 8,243 6,46' 295 751 4,248 1,173 956 820 1945—Dec. 31. 40,108 8,514 3,661 205 4271,503 1,459 855 404 31,59429,55: 1,034 6,982 5,65315,878 1,126 916 1947—Dec. 31. 36,04013,449 7,088 225 170 484 3,147 1,969 36622,59120,196 373 2,358 1,901 15,560 1,3421,053 1956—Dec. 31. 53.915T31,783 15,170 489 501 712 7,654 6,5121,289 22,13217,3681,185 441 3,74f 11,995 3,820 944 1957—Dec. 31. 55,259 32,80515,702 494 603 673 7.66' 6,8931,37022,454 17,3521,009 1,285 3,29711,760 4,0271,075 1958—June 23. 59,273)32,851 14,789 611 881 904 7,841 6,741 1,70626,42220,436 874 1,009 4,410 14,142 4,7671,218 Dec. 31. 60,558 34,003 15,808 669 518 851 8,405 6,9"30 1,49226,55520,6451,293 2,370 4,49^ 12,482 4,8641,047 Country banks: 1 19 9 4 4 5 1 — — D D e e c c . . 3 3 1 1 . . . . 3 1 5 2 , , 0 5 0 1 2 8 5 5, , 5 8 9 9 ( C 1 1 , , 4 6 8 7 4 6 6 6 5 4 9 8 4 2 2 0 4 1 7 8 1 3 1 1, , 8 8 8 2 1 3 7 1 0 , 7 530 363 2 6 9 , , 6 4 2 0 8 72 4 6 , , 3 9 7 9 7 9 6 1 3 1 0 0 5,102 4,5 4 4 8 4 1 1 2 6 , , 9 71 2 3 6 86 9 1 1 1 , , 2 3 2 4 2 2 1 1 , , 0 0 2 6 8 7 1947—Dec. 31.. 36,321441"0,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,108 17,681 2,0061,262 1956—Dec. 31.. 54,57126,49 7,080 1,972 334 261 9,407 7,256 63128,08022,0372,362 792 4,458 14,420 4,8271,215 1957—Dec. 31.. 56,82028,19 7,613 ,970 365 252 9,856 7,944 713 28,62921,8152,226 1,909 3,85713,819 5,365' ,449 1958—June 23.. 58,22528,937 7,739 2,154 351 282 10.172 8,030 74629,28822,000 1,409 ,465 3,85215,272 5,775 ,513 Dec. 31.. 61,51130,257 8,080 2,368 294 268 10,806 8,239 784 31,25423,606 2",475 2,306 4,495 14,327 6,1811,467 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.. 26,38112,279 2,424 1,683 143 218 4,708 3,085 196,14,102 10,989 1,541 528 2,330 6,588 2,409 704 1957—Dec. 31.. 27,74112,96 2,657 1,594 153 211 4,891 3,442 217|14,78011,172 1,45^ 1,279 2,049 6,385 2,682 926 1958—June 23.. 28,34313,43 2,761 1,778 125 219 4,994 3,547 22514,905 11,040 92' 978 1,868 7,266 2,93: 933 1 All commercial banks in the United States. These figures exclude banks or all commercial banks. Comparability of figures for classes of data for banks in U. S. possessions except for one bank in Alaska and banks is affected somewhat by changes in Federal Reserve membership, one in the Virgin Islands that became members on Apr. 15, 1954, and insurance status, and the reserve classifications of cities and individual May 31, 1957, respectively. During 1941 three mutual savings banks banks, and by mergers, etc. became members of the Federal Reserve System; these banks are in- For other notes see opposite page. cluded in member banks but are not included in all insured commercial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 403 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Bal- De- Cla c s a s l a l o n d f d a b te ank F B s s w e e R e a r d r i n v e t e v - k e h r e s s al C va i a n u s l h t b m a a w n d e n o c i s k t e - t h s i s c 5 j p m u o s a d a t d s e e n i - - t d d s 6 m D e I s n o d t - t e i e c p r s o b s a i F n e ts i k o g r n - G U o .S v . t. p v s S o i u a l t s i a b n i t o t d i d e c n i s a - s l c C c h o a f e e e i f e t n e f r c r c i d t d s . - k i ' - s, p a v n s a p i t I d h d i r n o o t u i d r n p n c a a i e s o s - l - , r s r - , - I b n a t n e k r- p G U i o a s n o . a n s g v v t d S a s - t . l . v S p s i a u i t s 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 i d d r 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 I a c m p l - i t - s All commercial banks: 3 1947_Dec. 31.... 17,796 2,216 10 216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34 383 65 10,059 1956—Dec. 31.... 18,706 3,261 12 813 111,405 14,338 1,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48 193 75 16,302 1957—Dec. 31.... 18,972 3,335 12 342 110,266 13,867 1,769 3,898 10 693 3,620 109,653 1,385 301 2,773 53 366 77 17,368 1958—June 23.... 18,568 3,017 10 904 106,178 12,141 1,648 9,205 10,892 3,741 102,453 2,495 286 4,100 57 372 1,136 18,178 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8 570 37,845 9,823 673 1,762 3 677 1,077 36,544 158 59 492 15 146 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 12 490 110,487 14,226 1,755 3,717 10 350 3,744 110 252 1,301 330 2,329 47 949 56 15,988 1957—Dec. 31.... 18,972 3,311 12 079 109,439 13,752 1,736 3,859 10 594 3,597 108,936 1,264 301 2,717 53 120 66 17,052 1958—June 23.... 18,568 2,997 10 682 105,419 12,022 1,610 9,162 10 800 3,715 101,793 2,288 286 4,032 57 110 1,125 17,857 Member banks total: 1941—Dec. 31.... 12,396 1,087 6 246 33,754 9,714 671 1,709 3 066 1,009 33 061 140 50 418 11 878 4 5,886 1945—Dec. 31.... 15,811 1,438 7 117 64,184 12,333 1,24322,179 4 240 2,450 62 950 64 99 399 23 712 208 7,589 1947—Dec. 31.... 17,797 1,672 6 270 73,528 10,978 1,375 1,176 5 504 2,401 72 704 50 105 693 27 542 54 8,464 1956—Dec. 31.... 18,707 2,487 8 124 93,320 13,818 1,749 3,292 8 211 3,475 95 163 1,289 301 1,839 38 769 48 13,655 1957—Dec. 31.... 18,973 2,536 7 806 92,191 13,356 1,726 3,472 8 412 3,331 93 804 1,246 275 2,170 42 845 57 14,554 1958—June 23.... 18,570 2,277 6 913 89,186 11,676 1,597 8,658 8 628 3,482 87 703 2,266 259 3,296 46 339 1,078 15,181 Dec. 31.... 18,428 2,441 7 977 96,218 13,614 1,613 3,822 8 603 3,712 98 133 2,187 300 2,829 48 004 54 15,460 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 *',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 Dec. 31 4,454 161 92 16,170 3,519 1,267 968 329 1,540 18 835 1,739 36 100 3 345 3,282 Chicago:* 1941 Dec. 31 1021 43 298 2,215 027 8 127 233 34 2 152 476 288 1945—Dec. 31 942 36 200 3,153 *'292 20 1552 237 66 3 160 719 377 1947—Dec. 31.... ,070 30 175 3,737 196 21 ' 72 285 63 3 853 2 9 902 426 1956—Dec. 31.... ,158 37 174 4,272 l| 318 46 184 294 85 4 690 7 5 12 1,302 4 660 1957—Dec. 31.... ,071 39 148 4,084 293 40 195 333 77 4 493 15 3 10 1 332 4 689 1958—June 23.... ,183 31 128 4,089 211 38 705 456 75 4 095 39 4 10 1,389 80 708 Dec. 31.... ,058 36 185 4,271 1,314 43 249 302 88 4 746 34 7 7 1,423 3 733 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 Dec. 31.... 7,472 768 2,670 35,505 7,217 289 1,429 3,153 1,052 38 054 377 124 1,471 19,480 14 5,760 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 Dec. 31.... 5,444 1,476 5,030 40,272 1 565 13 1,175 4,819 1,032 36,498 36 132 1,250 23,755 37 5 685 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. 31 714 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

404 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * U. S. Government obligations For purchasing or carrying securities Month or date i m T l n o a v o e n a e n t n d a s t s t l s - j i L m u n a s o a v e n t d a e n e d - n s d t t s s - i j L u o s a t d a e - n d s 1 C i m t n a c r o d n i i e a m a u d r l l - s - - A t c u u g r l r a - i l - G t a T U l i o i n o o o g . b S d n v a - . b s - t d . r e o O c a k t l u t i e e h e r r r s i e s s - rG t l U i T o i o o g . b o S n v a - . s - t o . t O h c t s e u t i e h e r r - s s e i- r e l R o st e a a n a t l s e O lo t a h n e s r Total Bills o d c C n t e f a e i e e d f t b i s i e r - n - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s Total- Leading Cities 1958 Mar 91,137 89,568 52,942 330,144 446 2,394 1,212 8,720311,170 28,024 2,100 1,153 4,912 19,859 8,602 1,569 1959 Feb 95,963 '94,271 -"53,736 29,622 583 1,923 1,322 9,725 11,789 31,3792,137 3,672 7,467 18,103 9,156 1,692 95,716 94,099 54,516 30,262 578 1,883 1,338 9,77711,91330,224 2,216 3,322 6,799 17,887 9,359 1,617 Mar 1959 96,558 94,863 53,70129,567 587 2,014 1,312 9,68511,76331,9542,068 3,685 7,964 18,237 9,208 1,695 Feb. 4 95,925 94,294 53,648 2"9",571 585 1,904 1,316 9,719 11,78131,555 1,928 3,559 7,962 18,106 9,091 1,631 11 95,629 94,061 53,746 29,671 581 ,865 1,322 9,73811,797 3311,1832,324 3,814 6,978 18,067 9,132 1,568 18 95,740'93,863'53,846 29,678 580 ,908 1,339 9,757 11,815 30,8252,229 3,629 6,964 18,003 9,192 1,877 25 Mar. 4 95,459 93,790 53,909 29,724 577 ,904 1,331 9,74311,86330,6272,235 3,576 6,882 17,934 9,254 1,669 11 95,923 94,248 54,24530,097 574 ,847 1,330 9,76611,86530,6082,333 3,539 6,845 17,891 9,395 1,675 18 96,161 94,728 55,018 3300,632 583 ,968 1,344 9,78811,939 3300,2962,212 3,430 6,760 17,894 9,414 1,433 95,321 93,631 54,89330,594 576 ,816 1,347 9,813 11,98529,3652,082 2,742 6,710 17,831 9,373 1,690 25 New York City 1958 24,903 24,129 15,65311,381 3911,115 53 347 531 2,188 6,272 732 187 1,011 4,342 2,204 774 Mar 1959 25,611 24,693 14,92010,511 2721,060 377 644 2,386 7,487 763 987 1,967 3,770 2,286 918 Feb 25,689 24,773 15,11610,729 2311,063 382 648 2,394 7,221 1,011 822 1,766 3,622 2,436 916 Mar 1959 25,936 25,090 14,99510,534 3461,061 373 635 2,377 7,780 730 1,037 2,122 3,891 2,315 846 25,623 24,752 14,90110,496 2501,072 375 650 2,394 7,607 655 986 2,202 3,764 2,244 871 Feb. 4 25,430 24,485 14,88410,511 2021,085 376 647 2,390 7,330 834 1,000 1,763 3,733 2,271 945 11 25,456 24,447 14,90210,505 2911,020 382 646 2,385 7,231 832 927 1,780 3,692 2,314 1,009 18 25 25,581 24,548 14,89910,513 2671,032 378 646 2,391 7,268 958 882 1,761 3.667 2,381 1,033 Mar. 1 1 4 8 1 2 2 2 5 5 5 , , , 8 5 8 0 0 7 1 3 2 2 2 2 5 4 4 , , , 1 8 5 5 8 0 5 3 7 1 1 15 5 5 , , , 1 0 3 8 2 5 9 7 2 1 1 10 0 0 , , , 8 9 6 4 1 4 1 3 7 2 2 1 5 2 7 8 0 9 1 1 1 , , , 0 0 0 8 6 7 3 4 4 3 3 3 8 8 7 8 6 8 6 6 65 4 4 1 9 8 2 2 2 , , , 3 3 4 8 9 0 9 6 2 7 7 6 , , , 3 4 8 3 0 7 0 7 7 1 1 , , 9 1 0 0 7 0 5 0 9 9 6 8 0 9 0 9 5 0 1 1 1 , , , 7 7 7 6 8 5 5 4 6 3 3 3 , , ; 6 5 6 0 8 3 0 4 72 2 2, , , 4 4 4 4 4 7 1 9 3 9 6 9 4 8 9 6 9 6 25 Outside New York City 1958 Mar 66,234 65,439 37,289318,763 445 812 8,189 38,982 21,7521,368 966 3,901 15,517 6,398 795 1959 Feb 70,352'69,578 -•38,81619,111 582 591 905 9,081 '9,403 23,892 1,374 2,685 5,500 14,333 6,870 '774 70,027 69,326 39,40019,533 577 589 916 9,129 ,519 23,0031,205 2,500 5,033 14,265 6,923 701 Mar 1959 70,622 69,773 38,70619,033 586 607 900 9,050 9,386 24,174 1,338 2,648 5,842 14,346 6,893 849 Feb. 4 70,302 69,542 38,74719,075 584 582 907 9,069 9,387 23,948 1,273 2,573 5,760 14,342 6,847 760 11 70,199 69,576 38,86219,160 580 578 903 9,091 9,407 23,8531,490 2,814 5,215 14,334 6,861 623 18 70,284'69,416 '38,94419,173 579 597 914 9,111 '9,430 23,594 1,397 2,702 5,184 14,311 6,878 '868 25 Mar. 2 1 1 4 5 8 1 6 7 7 6 0 0 9 9 , , , , 0 8 3 8 5 1 6 7 1 8 0 8 6 6 6 6 9 9 9 9 , , , , 5 3 1 2 7 6 2 4 3 5 4 2 3 3 3 3 9 9 9 9 , , , , 2 6 0 7 1 6 1 0 8 6 0 4 1 1 1 1 9 9 9 9 , , , , 2 7 7 4 1 1 5 5 1 9 3 0 5 5 5 5 7 7 7 8 3 6 5 2 6 6 5 5 0 5 7 2 5 3 3 7 9 9 9 9 1 1 1 2 1 9 0 4 9 9 9 9 , , , , 1 1 0 1 4 1 6 9 0 7 2 7 9 9 9 9 , , , ,5 4 4 5 8 7 4 7 3 6 3 2 2 2 2 2 3 3 2 2 , , , , 2 3 4 9 0 5 8 6 1 9 8 6 1 1 1 1 , , , , 2 2 1 1 7 2 4 7 7 8 2 3 2 2 2 2 , , , , 6 6 5 1 3 9 3 4 0 4 5 2 4 4 5 5 , , , , 1 9 9 0 2 9 2 8 1 5 6 9 1 1 1 1 4 4 4 4 , , , , 2 2 2 2 6 4 5 9 7 7 4 4 6 6 6 6 , , , , 9 8 9 9 4 7 4 3 1 3 6 2 6 6 7 6 8 8 9 3 6 7 4 6 r Revised. 2 Includes guaranteed obligations. 1 Exclusive of loans to banks and after deduction of valuation reserves; 3Figures revised; see BULLETIN for February 1959, p. 214, note 2. individual loan "terns 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 405 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 B F w e R . a r i e v n t R - h e k . s s C va i a n u s ] l h t b m a B w a d n e n o a c i s t - l e k t h - s i s c j p m u D o a d s a e t d s e e n - i - - d t d s 1s p I p u n c v h a n o a a o e i n i d r d r p l r r d a s t i - - - s - - , - , S p s d s a i i t o u c i o a n v l b a t n i d - i e l t s - - s c C h c o a f e e e e i f t n e c c f r r d i . t d s k - i ' s - , G U o .S v . t. s p I p u n c v h a n o a a o e n i i d r r d p l r r d a s t i - - - s - - , - , S p s d s a i i t o u c i o a n v b l 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 D i o c s - - ema F n ei d o g r n - Time F B F. r a o n R m k . s F ot r h o e m rs c C o i a t a u c a p - n l - ts tions tions Total— Leading Cities 1958 Mar 13,335 955 2,50355,07157,485 4,120 2,167 3,00522,775 1,515 137 0,725 1,486 2,050 113 1,007 9,746 1959 Feb 12,888 992 2,42157,197 60,359 4,208 2,339 2,758 24,631 1,534 17710,511 1,428 2,064 290 1,221 10,222 12,835 969 2,42956,879 60,149 4,070 2,232 2,196 24,794 1,530 17710,567 1,588 2,040 521 1,206 10,244 Mar 1959 12,991 920 2,37657,540 60,106 4,329 2,260 2,870 24,630 1,524 177 10,817 1,398 2,153 ••265 •1,12710,232 Feb. 4 12,692 1,009 2,40357,510 60,874 4,077 2,412 2,416 24,598 1,530 17610,611 1,459 2,037 186 1,157 10,220 11 13,001 988 2,47956,67160,098 4,252 2,426 3;024 24,649 1,537 17710,524 1,443 2,028 345 1,146 10,211 18 12,869 1,052 2,426 57;070 6",0358 4,172 2,261 2,723 24,647 1,544 17710,091 1,414 2,039 365 1,453 10,224 25 Mar. 4 12,620 906 2,42756,20659,375 4,202 2,372 2,183 24,725 1,533 17710,711 1,545 2,053 404 1,286 10,258 11 12,556 998 2,44157,66561,083 4,009 2,175 1,353 24,804 1,530 17710,685 1,585 2,029 337 1,196 10,248 18 13,426 974 2,519 57,019 60,702 4,000 2,432 2,927 24,814 1,556 17610,749 1,644 1,995 902 1,020 10,231 12,737 999 2,330 56,62859,436 4,068 1,950 2,320 24,834 1,501 18010,125 1,579 2,081 442 1,32310,238 25 New York City 1958 4,319 138 15,53417,081 330 1,190 1,056 2,979 175 25 2,973 1,189 1,578 13 465 3,132 Mar 1959 3,850 148 50 15,58817,320 297 1,298 877 3,291 133 2,907 1,121 1,685 543 3,261 Feb 3,977 145 5215,70917,426 292 1,130 711 3,372 143 2,913 1,251 1,688 516 3,250 Mar 1959 3,849 140 15,71417,190 302 1,238 992 3,309 128 2,956 1,114 1,750 510 3,268 3,719 156 15,65717,423 271 1,468 791 3,277 134 2,885 ',152 ,665 493 3,268 Feb. 4 3,868 140 15,45517,264 316 1,259 921 3,289 134 2,928 ,118 ,660 442 3,256 11 3,964 155 15,52717,401 300 1,227 806 3,289 134 2,861 ,101 ,667 728 3,250 Mar. 2 1 4 5 8 3 3 , , 7 8 7 2 7 8 1 1 4 5 0 4 1 16 5 , , 1 4 3 6 1 2 1 1 7 7 , , 8 1 4 2 8 4 2 3 6 0 7 8 1 1 , , 0 28 8 1 8 4 72 5 5 4 3 3, , 3 3 8 2 8 7 1 1 3 3 3 2 2 2 , , 9 8 2 9 7 2 , , 2 2 3 6 7 0 , , 6 68 7 1 8 4 5 4 5 1 2 2 0 3 3 , , 2 2 5 5 2 5 11 4,300 142 15,63417,488 291 1,260 972 3,370 153 2,972 ,291 ,660 180 612 3,248 18 4,004 142 15,61017,243 303 892 693 3,403 153 2,863 ,216 ,734 7 518 3,245 25 Outside New York City 1958 Mar 9,016 817 2,45239,537 40,404 3,790 977 1,949 19,796 1,340 112 7,75: 297 472 100 542 6,614 1959 Feb 9,038 844 2,371 41,609 43,039 3,911 1,041 1,88121,340 1,401 151 7,604 307 379 288 678 6,961 8,858 824 2,377 41,170 42,723 3,778 1,102 ,485 21,422 1,387 150 7,654 337 35: 47; 690 6,994 Mar 1959 9,142 780 2,33141,826 42,916 4,027 1,022 1,878 21,321 1,396 151'7,861 '284 403 '265 r617 6,964 Feb. 4 8,973 853 2,356 4411,,885533 43,451 3,806 944 1,625 21,321 1,396 150 7,726 307 37: 186 664 6,952 1 1 1 8 9 8 , , 1 9 3 0 3 5 8 8 4 9 8 2 2, , 3 4 7 2 5 3 4 4 1 1,, , 2 5 21 4 16 3 6 4 4 2 2 , , 9 8 5 3 7 4 3 3, , 8 9 7 3 . 6 " 1 1 , , 1 0 6 3 7 4 2 1 , ,9 1 1 0 7 3 2 2 1 1 , , 3 3 5 6 8 0 1 1 , , 4 4 0 1 3 0 1 1 5 5 1 1 7 7 , , 5 2 9 3 6 0 3 3 2 1 5 3 3 3 6 7 8 : 3 3 3 6 9 5 7 72 0 5 4 6 6 , , 9 97 5 4 5 25 8,843 766 2,368 40,744 42,251 3,894 1,091 1,45821,398 1,401 150 7,784 308 375 400 766 7,003 Mar. 4 8,728 844 2,39141,534 43,235 3,74f 1,08^ 899 21,416 1,397 150 7,793 325 348 332 784 6,996 11 9,126 83 2,464 441i,;338855 43,214 3,709 1,172 955 21,444 1,403 149 7,777 353 335 722 408 6,983 18 8,733 85 2,285 4"1',0 1"8' 4"2,19" 3,765 1,058 627 21,431 1,348 153 7,262 363 347 435 805 6,993 25 r Revised. 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

406 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Public and Period2 t l o F i b q a o n a u o c d o d c r , o , T a l p e e a p a x n t a t h i d r l e e e r l s , , M p m u a r c e e n o t t t s d d a a l 3 - l s ch P l e c e a e m o u n t a r m d i o l c , , - al, Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u p t ( t t r o i i i a n l o r i n c t n t i a s l ) e . - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n f l e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch r w e a i e i n p n a n e d o l g g k l ' r e l l t — y rubber banks* 1956—Jan.-June -302 238 1,362 424 369 171 -386 -322 365 54 149 2,124 42,243 July-Dec 822 -6 -71 428 72 178 739 98 350 -66 176 2,719 2,459 1957—Jan.-June -456 148 935 291 214 -1 -539 366 513 -12 -54 1,404 1,249 July-Dec 331 -159 -496 150 -161 -8 420 -108 183 -49 58 161 -296 1958—Jan.-June 5 -658 84 146 -140 157 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 1959—Jan -151 -12 61 -71 -14 -94 -60 -264 -109 -23 -112 -848 -1.119 Feb -70 84 183 4 20 34 -104 -95 -128 9 -9 -72 Mar -46 57 249 -10 88 152 -13 235 27 18 24 781 916 Week ending: 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 Feb. 4 -27 22 21 3 -7 -7 -21 -87 -22 1 -6 -136 -111 11 -25 26 60 13 11 17 -51 -56 -50 11 22 -23 4 18 29 82 2 12 18 -15 30 -54 -2 -12 89 100 25 -18 7 21 -7 5 6 -18 18 -2 -12 -1 7 Mar. 4 -28 18 -37 -20 8 33 12 58 6 1 14 64 46 11 -16 27 114 3 32 42 -21 87 -5 7 20 289 373 18 42 14 128 14 34 47 8 169 37 14 -11 497 535 25 -45 -2 45 -7 14 31 -12 -79 -10 -4 1 -68 -38 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold about 95 per cent of total commercial * Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and about loans. 75 per cent of those of all commercial banks. 5 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 BULLETIN for February 1959, p. 216, note 4. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year Accepting banks F. R. Goods stored in or or month Placed Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly Others into from exdealers i ( p f a in p a e n r c ) e 2 T ta o- l O bi w lls n bo B u il g ls ht O ac w ct n . c F e o i o g r r 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 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—Feb 3,628 776 2,852 [,523 497 372 125 43 139 843 261 447 110 480 224 Mar 3,485 862 2,623 1,529 422 318 104 39 132 936 263 432 139 471 224 Apr 3,658 919 2,739 1,479 459 350 109 37 131 852 278 416 131 416 239 May 3,709 946 2,763 1,441 474 372 102 42 119 806 296 396 130 371 247 3,373 965 2,408 1,352 396 292 104 45 113 798 282 375 121 325 248 July 3,627 966 2,661 1,353 426 328 98 34 108 785 269 380 141 313 251 Aug 3,371 981 2,390 1,363 416 340 75 33 91 824 256 385 131 337 254 Sept 3,146 958 2,188 [,281 385 319 65 28 75 792 236 355 136 319 235 Oct 3,294 961 2,333 1,255 347 273 73 36 71 802 246 354 117 296 242 Nov 33,203 940 32,263 1,209 290 234 55 34 75 810 251 348 94 265 251 Dec 2,744 840 1,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959__jan 3,076 875 2,201 [,133 276 226 51 40 60 756 251 346 118 168 250 Feb 3,322 897 2,425 1,161 309 232 77 39 62 751 275 339 112 183 252 1 As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series revised to include 270-day other commercial paper sold in the open market. paper. Figures on old basis for November and December, respectively, 2 As reported by finance companies that place their paper directly with were (in millions of dollars): Total, 3,192 and 2,371; placed directly, 2,252 investors. and 1,891. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 407 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 m 4 m p P c - o a e r o t i p n r m o m c e t i h e r - e a - , s l * 3 p d p c p - l i a o a a r l t p y e m o c n e c , e y r - t 6 d - - - a P a b d c n e r a a c 9 i r c n y e m s 0 e k p s ' s e i - t , - M 3 k - e a m t r- ont o h R n b a n i t l e e l w s 9 i m s - s t o o u n e 1 t s h 2 3 - 3 is y - s t e u o a e r 5 s4 - 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 months1 yield issues 19 large cities: 1956 4.2 5.2 4.8 4.4 4.0 1957 4.6 5.5 5.1 4.8 4.5 1956 average 3.31 J.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 J.55 3.45 3.23 3.267 3.53 3.62 1958 average 2.46 1.12 2.04 1.78 1.839 2.09 2.90 Quarterly:! 19 large cities: 1958—Mar 2.33 .86 1.80 1.30 1.354 1.77 2.50 1958—June 4.17 5.45 4.88 4.40 3.95 Apr 1.90 .59 1.52 1.13 1.126 1.35 2.33 Sept 4.21 5.45 4.90 4.47 4.00 May 1.71 .38 1.30 .91 1.046 1.21 2.25 Dec 4.50 5.49 5.06 4.68 4.33 June 1.54 .38 1.13 .83 .881 .98 2.25 1959—Mar 4.51 5.53 5.09 4.74 4.32 July 1.50 .31 1.13 .91 .962 1.34 2.54 New York City: Aug 1.96 1.52 1.65 1.69 1.686 2.14 3.11 1958—June 3.88 5.18 4.72 4.13 3.74 Sept 2.93 1.47 2.39 2.44 2.484 2.84 3.57 Sept 4.00 5.19 4.74 4.28 3.87 Oct 3.23 1.87 2.75 2.63 2.793 2.83 3.63 Dec .. 4.29 5.38 4.94 4.52 4.18 Nov 3.08 1.75 2.75 2.67 2.756 2.92 3.60 1959—Mar 4.29 5.30 4.93 4.56 4.18 Dec 3.33 1.94 2.75 2.77 2.814 3.24 3.65 7 Northern & Eastern cities: 1959—Jan 3.30 5.05 2.75 2.82 2.837 3.26 3.86 1958—June 4.17 5.48 4.85 4.39 3.99 Feb 3.26 5.00 2.75 2.70 2.712 3.38 3.85 Sept 4.21 5.48 4.90 4.42 4.03 Mar 3.35 $.22 2.88 2.80 2.852 3.56 3.88 Dec 4.50 5.53 5.05 4.66 4.36 1959—Mar 4.49 5.54 5.06 4.71 4.35 Week ending: 11 Southern & Western Feb. 28... 3.25 5.00 2.75 2.76 2.589 3.34 3.77 cities: Mar. 7... 3.28 5.00 2.80 2.84 2.816 3.51 3.78 1958—June 4.58 5.56 4.99 4.57 4.31 14. .. 3.38 5.25 2.98 2.85 3.062 3.63 3.88 Sept 4.54 5.55 4.99 4.63 4.23 21... 3.38 5.31 r\ nn 2.77 2.763 3.59 3.89 Dec 4.79 5.53 5.12 4.79 4.59 28... 3.38 5.31 Z 9 . O 8 O 8 2.76 2.766 3.53 3.94 1959 Mar 4.84 5.62 5.20 4.87 4.60 Z.. oo i Average of daily prevailing rates. 2 Except for new bill issues, i Based on figures for first 15 days of month. yields are averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 4 3 C C o o n n s s i i s s t t s s o o f f c se e l r e ti c f t i e c d at e n s o t o e f a in n d d e b b t o e n d d n e is s s s u a e n s d . selected note and bond issues. pp. 228-37. BOND AND STOCK YIELDS i [Per cent per annum] iCorporate bonds 3 StocksS U.S. S g ta o t v e t . a b n o d n l d o s c 3 al Govt. By selected By Dividends / Earnings / Year, month, or week bonds ratings groups price ratio price ratio t ( e l r o m ng ) - 2 Total4 Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues 4-7 20 5 5 120 30 30 40 40 40 14 500 500 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 Mar 3.25 3.23 2.79 3.88 4.04 3.63 4.68 3.86 4.30 3.95 4.42 4.37 7.34 Apr 3.12 3.16 2.70 3.78 4.02 3.60 4.67 3.83 4.32 3.90 4.37 4.33 May 3.14 3.12 2.69 3.71 4.00 3.57 4.62 3.80 4.30 3.89 4.31 4.19 June 3.19 3.15 2.74 3.78 3.98 3.57 4.55 3.77 4.28 3.88 4.28 4.08 6.37 July 3.36 3.23 2.79 3.83 4.02 3.67 4.53 3.81 4.30 3.94 4.36 3.98 Auc 3.60 3.50 3.07 4.07 4.17 3.85 4.67 3.94 4.42 4.16 4.45 3.78 Sent 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 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 Feb 3 92 3.57 3 16 4 08 4 43 4.14 4.89 4.31 4 51 4 46 4.52 3.32 Mar 3.92 3.44 3.06 3.93 4.40 4.13 4.85 4.28 4.51 4.43 4.48 3.25 Week ending: Feb 28 3.90 3.51 3.11 4.03 4.41 4.13 4.89 4.31 4.47 4.44 4.51 3.30 Mar 7 3.87 3.44 3.06 3.95 4.40 4.11 4.87 4.29 4.48 4.43 4.45 3.23 14 3.92 3.44 3.06 3.93 4.40 4.13 4.87 4.29 4.50 4.42 4.49 3.23 21 3.92 3.44 3.06 3.92 4.41 4.13 4.85 4.28 4.52 4.42 4.49 3.22 28 3.94 3.44 3.06 3.92 4.41 4.14 4.83 4.27 4.52 4.43 4.49 3.30 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

408 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's series Securities and Exchange Commission series of (index, 1941-43= 10) (index, 1939= 100) trad- Ye o ar r , w m e o ek nth, t ( G e U l r o o m . n S v g ) t . . - 2 g n ( r h i M c a i i d g u p e h - a ) - l 3 g ( C h r r p a a i o o g d t r e - h e - - )3 Total d t I r u n ia s - l - R ro a a i d l- P u i l u t t i i y c b l- - Total To M tal anu r D f a a b u c l - t e urin N ra g d 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 c a n r i e v d - d c - e e , , M in i g n- s s t h i h a n ( a o n o i g r n f d u e * s s - ) Number of issues. 15 17 500 425 25 50 265 170 98 72 21 29 31 14 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—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 Feb.., 87.38 102.2 98.0 54.77 58.33 35.20 43.71 404 496 466 514 350 215 400 345 3,463 Mar.. 87.37 103.4 98.2 56.15 59.79 35.47 45.06 414 508 475 530 353 221 405 348 3,926 Week ending: Feb. 28 87.61 103.1 98.2 55.37 58.96 35.52 44.22 407 498 471 514 352 219 405 340 4,089 Mar. 7 87.91 103.6 98.5 56.19 59.87 35.63 44.84 414 509 474 531 352 219 409 348 4,204 14 87.30 103.4 98.3 56.42 60.10 35.78 45.09 417 512 481 531 358 223 410 352 4,237 21 87.38 103.6 98.1 56.34 59.98 35.63 45.30 415 509 476 530 353 222 402 346 4,323 28 87.02 103.1 98.0 55.87 59.46 35.02 45.16 410 504 469 526 348 220 399 344 3,217 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. -* 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 W En e d d n o e f s d m a o y n o th f m or o l n a t s h t o s t T e h c o e u r t r a i t t h i l e - a s n N N ew et Y d o e r b k it f S i b r t m a o l c s a k 1 n c E e x s c w ha it n h ge ch b a B ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e ry a o l i e n t r h g s e ) r s s e fo c ( r u t h r p i a t u n ie r- s2 Money borrowed Cust n o e m t er's U. S. Govt. free o ( b c c l o i o g l. l a . 3 ti 5 o + ) ns U S ob e . c l S i u g . r a e G t d io o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G tio o n v s t. se O cu th ri e ti r es U ob . l S ig O . a G n ti o o v ns t. se o cu O th r n i e t r ies ba c l r a e n d c it es 1955—Dec. 4,030 34 2,791 32 ,239 51 2,246 894 1956—Dec., 3,984 33 2,823 41 ,161 46 2,132 880 1957—Dec. 3,576 68 2,482 60 ,094 125 1,706 896 1958—Feb., 3,679 102 2,580 79 ,099 199 1,647 939 Mar. 3,863 111 2,665 86 ,198 206 1,784 954 Apr. 3,980 134 2,735 70 ,245 230 1,822 985 May 4,069 141 2,856 75 ,213 244 1,808 979 June 4,218 248 2,921 84 ,297 468 1,930 1,047 July. 4,252 149 3,021 113 ,231 306 1,903 1,080 Aug. 4,199 140 3,013 48 ,186 251 1,751 1,103 Sept. 4,308 122 3,109 51 ,199 210 1,865 1,119 Oct.. 4,369 123 3,188 59 ,181 193 1,832 1,140 Nov. 4,423 124 3,245 50 ,178 210 1,923 1,148 Dec, 4,492 146 3,285 63 ,207 234 2,071 1,159 1959—Jan.. 4,554 155 3,297 62 ,257 230 1,990 1,226 Feb.. 4,527 157 3,253 65 ,274 223 1,963 1,196 i Ledger balances of member firms of the New York Stock Exchange 2 Figures are for last Wednesday of month for weekly reporting member carrying margin accounts, as reported to the Exchange. Customers' debit banks, which account for about 70 per cent of all loans for this purpose. and free credit balances exclude balances maintained with the reporting Column 5 includes some loans for purchasing or carrying U. S. Govt. firm by other member firms of national securities exchanges and balances securities (such loans are reported separately only by New York and of the reporting firm and of general partners of the reporting firm. Bal- Chicago banks). On June 30, 1956, reporting banks outside New York ances are net for each customer—i.e., all accounts of one customer are and Chicago held $51 million of such loans. On the same date insured consolidated. Money borrowed includes borrowings from banks and commercial banks not reporting weekly held loans of $28 million for from other lenders except member firms of national securities exchanges. purchasing and carrying U. S. Govt. securities and of $384 million for Data are as of the end of the month, except money borrowed, which is as other securities. Noninsured banks had $33 million of such loans, of the last Wednesday of the month beginning with 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 409 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign2 Total Bonds Stocks gages estate loans assets (U. S.) End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 6,636 857 1,962 1,738 1951 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 End of month:4 1956—Dec.... 95,844 10,989 7,519 2,234 1,236 40,976 38,067 2,909 32,994 2,829 3,505 4,551 1957—Dec.... 101,309 10,691 7,028 2,377 1,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958—Jan..., 101,961 10,924 7,199 2,428 1,297 43,974 40,961 3,013 35,462 3,143 3,905 4,553 Feb.... 102,310 10,961 7,214 2,438 1,309 44,084 41,061 3,023 35,587 3,168 3,938 4,572 Mar... 102,711 10,866 7,095 2,461 1,310 44,386 41,288 3,098 35,727 3,191 3,975 4,566 Apr 103,058 10,910 7,106 2,474 1,330 44,602 41,497 3,105 35,840 3,222 4,011 4,473 May.., 103,508 10,889 7,036 2,502 1,351 44,774 41,656 3,118 35,956 3,241 4,038 4,610 June... 104,008 10,976 7,083 2,537 1,356 44,987 41,828 3,159 36,060 3,280 4,067 4,638 July.., 104,578 11,163 7,258 2,561 1,344 45,198 42,039 3,159 36,183 3,303 4,091 4,640 Aug..., 105,054 11,244 7,300 2,597 1,347 45,351 42,200 3,151 36,323 3,355 4,114 4,667 Sept... 105,493 11,268 7,307 2,616 1,345 45,561 42,370 3,191 36,462 3,368 4,138 4,696 Oct..., 106,053 11,299 7,319 2,641 1,339 45,876 42,689 3,187 36,648 3,388 4,162 4,680 Nov... 106,540 11,355 7,344 2,672 1,339 46,015 42,817 3,198 36,794 3,415 4,183 4,778 Dec... 107,419 11,250 7,205 2,685 1,360 46,411 43,052 3,359 37,097 3,349 4,204 5,108 1959—Jan.... 108,145 11,620 7,485 2,744 1,391 46,602 43,237 3,365 37,211 3,393 4,225 5,094 1 Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities End of year or month U.S. Borrowings Reserves Total 2 g M ag o e r s t- 3 o G b q li v g t a . - Cash Other4 S c a a v p i i n ta g l s und a i n v d ided tions FHLB Other profits 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 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 1958 55,114 45,599 3,821 2,569 3,125 47,926 1,297 154 3,857 1958—Jan.. 48,269 40,243 3,217 2,027 2,782 42,362 904 98 Feb., 48,678 40,490 3,198 2,200 2,790 42,735 788 87 Mar. 49,231 40,825 3,197 2,409 2,800 43,219 694 92 Apr. 49,885 41,223 3,235 2,525 2,902 43,575 813 86 May 50,564 41,751 3,248 2,563 3,002 44,083 801 66 June 51,367 42,333 3,329 2,740 2,965 45,020 928 108 3,561 July. 51,563 42,866 3,369 2,443 2,885 45,082 899 98 Aug. 52,170 43,423 3,480 2,373 2,894 45,435 936 116 Sept. 52,855 43,997 3,627 2,295 2,936 45,875 1,007 130 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 Dec. 55,114 45,599 3,821 2,569 3,125 47,926 1,297 154 3,857 1959—Jan.. 55,467 46,009 4,117 2,269 3,072 48,360 1,145 125 3,864 1 Figures are for all savings and loan associations in the United States. 3 Beginning with January 1958, no deduction is made for mortgage Data beginning with 1950 are based on monthly reports of insured pledged shares. These have declined consistently in recent years and associations and annual reports of noninsured associations. Data prior amounted to $42 million at the end of 1957. to 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 and 1959 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 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* 3 4 1 2* Loans, by purpose and agency: To aid agriculture, total 4,161 5 070 6,811 6,929 6,715 6,752 6,827 6,466 6,681 7,605 '6,931 425 424 377 367 375 457 384 430 454 428 410 Federal intermediate credit banks 3 633 673 590 638 689 734 997 997 935 1,040 1,228 539 596 648 701 681 724 866 880 832 906 c9O3 Rural Electrification Administration 1,742 1 920 2,096 2,226 2,348 2,488 2,586 2,634 2,688 2,732 2,774 Commodity Credit Corporation 782 1,426 3,076 2,981 2,621 2,349 1,994 1,525 1,778 2,499 1,600 40 31 23 18 1 (4) 2,142 2,603 2,930 2,907 3,205 3,680 4,381 4,680 4,769 4,917 4,628 Federal National Mortgage Association 1,850 2,242 2,462 2,461 2,641 3,072 3,629 3,807 3,998 4,096 3,776 Veterans Administration ] 292 / 300 383 480 464 521 691 770 820 851 Other agencies 362 \ 168 63 84 145 123 182 1 1 589 598 588 431 678 619 640 652 674 645 654 Treasury Department 174 353 306 209 211 254 251 224 222 } 589 598 / 261 219 219 216 217 203 191 Other agencies . .. 79 1 112 191 210 182 206 219 241 To financing institutions 814 864 952 870 1,419 1,233 1,084 1,124 1,270 701 931 To aid States, territories, etc., total 744 1,020 645 272 245 246 243 276 264 275 271 Public Housing Administration... 589 894 500 112 90 106 94 186 105 107 91 155 126 145 160 155 140 149 90 159 167 180 6,110 7,736 8,043 8,001 7,988 8,223 8,300 8,316 8,754 8,965 9,022 Export-Import Bank ... 2,296 2 496 2,833 2,806 2,702 2 701 2,667 2,656 3,040 3,111 3,094 Treasury Department 5 3,750 3,667 3,620 3,570 3,519 3 470 3,470 3,470 3,470 3,470 3,470 61,515 1,537 1,624 1,767 1,995 2,084 2,139 2,195 2,338 2,412 Other agencies ... 64 58 53 1 57 52 51 49 46 45 z4// other purposes total .. 35 75 119 166 256 213 338 306 344 393 Housing and Home Finance Agency (4) 5 29 127 209 156 275 246 283 331 383 34 69 90 39 47 57 60 60 62 62 -775 -140 -203 -228 -268 —309 -695 -501 -367 -354 -486 Total loans receivable (net) 14,422 17,826 19,883 19,348 20,238 20,657 20,980 21,320 22,395 23,147 22,383 Investments: U. S. Government securities, total 2,226 2,421 2,602 2,967 3,236 5 739 3,881 3,762 3,704 4,523 4,467 Federal home loan banks 249 311 387 641 745 1 018 1,017 881 896 1,456 1,366 Federal Savings and Loan Insurance Corp 200 208 217 228 241 '256 274 264 274 283 293 Federal Housing Administration 285 316 319 327 381 458 482 504 471 533 536 Federal Deposit Insurance Corporation 1,353 1,437 1,526 1,624 1,720 1,825 1,914 1,917 1,937 2,013 2,030 140 148 152 147 149 181 194 195 226 238 242 Investment in international institutions . .. 3,385 3,385 3,385 3,385 3,385 5 385 3,385 3,385 3,385 3,385 3,385 Other securities'? 257 223 219 197 179 284 340 340 333 368 3,731 Inventories, total 1,461 1,280 2,515 3,852 4,356 21,375 21,450 21,514 21,628 21,206 21,540 Commodity Credit Corporation 1,174 978 2,087 3,302 3,747 3,651 3,153 3,090 3,025 2,636 3,310 11 004 11,105 11,157 11,136 10,866 10,344 General Services Administration. } 288 303 428 550 609 / \ 6,5 2 1 0 7 1 7,0 1 2 7 2 1 7,0 1 9 7 2 5 7,2 1 8 8 2 5 7,5 1 2 7 8 5 7,7 1 0 8 0 6 Land, structures, and equipment, total. .... 3,358 3,213 8,062 8,046 7,822 9 985 9,979 9,974 9,962 10,020 10,459 4,834 4,798 4,822 4,502 4,506 4,520 4,535 4,568 4,589 Panama Canal Company 298 415 363 421 421 398 401 599 398 396 396 Tennessee Valley Authority 1,048 1,251 1,475 1,739 1,829 1,762 1,803 1,791 1,801 1,789 1,803 Housing and Home Finance Agency 1,284 1,202 1,040 728 450 236 114 106 88 77 32 Nat. Advisory Committee for Aeronautics 276 281 281 283 274 280 311 327 328 342 345 349 General Services Administration. 1 298 1,332 1,341 1,308 1,327 1,341 Post Office Department ... 590 599 599 599 599 637 728 345 350 360 300 613 616 408 608 644 1,033 Bonds, notes, & debentures payable (not guar.), total... 1,369 1,330 1,182 1,068 2,379 2,711 3,497 3,647 4,662 4,749 3,812 Banks for cooperatives 170 181 150 156 185 257 190 237 247 224 207 Federal intermediate credit banks... .... 674 704 619 640 665 721 953 959 902 992 1,181 Federal home loan banks 525 445 414 272 958 963 733 765 825 468 455 Federal National Mortgage Association 570 770 1,620 1,687 2,688 3,065 1,968 c Corrected. NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded cover- 3 Effective Jan. 1, 1957, the production credit corporations were merged age and the new classification of agencies now reported in the Treasury in the Federal intermediate credit banks, pursuant to the Farm Credit Bulletin. The revised statement includes a larger number of agencies, and Act of 1956, approved July 26,1956 (70 Stat. 659). Thereafter operations their activities are classified according to the type of fund they represent. of the banks are classified as trust revolving transactions. Funds are combined in the table above, but are shown separately in the 4 Less than $500,000. table on the following page. Classifications by supervisory authorities 5 Figures represent largely the Treasury loan to the United Kingdom, are those in existence currently. Where current Treasury compilations and through 1952 are based in part on information not shown in Treasury do not provide a detailed breakdown of loans, these items have been compilation. classified by Federal Reserve on basis of information about the type of 6 Figure derived by Federal Reserve. lending activity involved. 7 Includes investment of the Agricultural Marketing revolving fund in * Totals reflect exclusion of agencies reporting other than quarterly. the banks for cooperatives; Treasury compilations prior to 1956 classified 1 Figures for trust revolving funds include interagency items. For all this item as an interagency asset. types of funds combined, loans by purpose and agency are shown on a 8 Includes $1,000 million due under the agreement with Germany gross basis; total loans and all other assets, on a net basis, i.e., after signed Feb. 27, 1953, and lend-lease and surplus property balances due reserve for losses. the United States in the principal amount of $1,875 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 411 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 items* interagency items * Date, and fund or activity Total Cash Loans t v o I e r n i n - e - s Pub I m l n ic v e e n s t t s - L s tu a t a r r n u n e d c d s - , , Other B t G u a o r u n e n a d s d r - s p d , a e n y b o e a t n b e - l s e , l O i i a t t i b h e i e s l r - G i U n o t . e v S r t . - . o v in w P a e t t s r e n e i t r e l - y - d able debt Other anteed by Other U.S. All activities 1954—Dec. 31 .. 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 1,068 4,18335,610 508 1955—Dec. 31 .. 45,304 1,33820,238 4,356 3,236 3,414 7,822 4,900 2,379 2,70339,583 596 1956—Dec. 31*. 69,653 4 "9'96 20,65721,375 3,739 3,669 9,985 5,232 2,711 3,65962,516 699 1957—June 30*. 69,05' 3,98120,98021,450 3,881 3,725 9,979 5,063 3,497 3,32561,144 1,037 Sept. 30. . 70,175 4,69221,32021,514 3,762 3,725 9,974 5,186 3,647 2,,663344 6"2",778 1,056 Dec. 31. . 71,139 4,291 22,39521,628 3,804 3,718 9,962 5,340 4,66f 2,916 62,391 1,121 1958—Mar. 31.. 72,242 4,15823,14721,206 4,523 3,75310,020 5,436 4,74! 3,47: 62,789 1,183 June 30*. 72,677 4,79322,38321,540 4,467 3,73110,459 5,304 3,81: 4,15363,460 1,204 Classification of agencies reporting quarterly, by type of fund and activity, June 30, 1958 Public Enterprise Funds—Total 20,924 1,645 8,651 4,55! 878 143 3,671 1,386 47 804 2,024 18,049 Farm Credit Administration: Federal Farm Mortgage Corporation 1 8 Agricultural Marketing Act, revolving fund 186 44 142 186 Agriculture Department: Commodity Credit Corporation 5,171 1,353 3,310 152 329 806 4,366 Disaster loans, etc., revolving fund 12f 5 125 All other 43 30 7 35 Housing and Home Finance Agency: Public Housing Administration 143 40 90 3 40 103 Federal Housing Administration 878 3: 536 308 46 143 688 Federal National Mortgage Association 2,412 1 2,382 12 804 55 1,554 Office of the Administrator 786 74 469 20 223 4 781 Federal Savings and Loan Insurance Corporation.. 306 293 10 16 290 Small Business Administration 343 103 235 4 1 341 Export-Import Bank 3,130 3,094 () () 30 58 3,072 T T P V G a r e e e e n n t n a e n a e s r e m r u a s a n r a s l y s e S C e A D e a V r d e n v p m a a i l a c l l i e r e n C t s y i m s o A A t e m r d n a u p m t t t i a h o i n o n n y r i i s t t y ration 2 1 , , 4 9 2 3 0 2 0 7 6 7 1 3 2 0 0 1 4 5 6 3 : 6 6 6 1 695 ,15 4 4 8 : 9 48 1,8 3 1 0 9 2 3 2 6 5 1 4 2 5 9 7 5 2 2 4 3 3 1 3 9 5 8 2 1 , , 4 2 3 0 8 2 2 4 6 3 9 1 2 8 2 Post Office Department—postal fund 1,140 460 16 637 26 394 746 Interior Department 268 43 6 141 66 17 250 All other 960 429 6 382 120 348 611 Intragovernmental Funds—Total 12,853 2,056 10,478 229 91 54712,306 Defense Department: Army 8,204 1,052 7,008 106 38 121 8,084 Navy 3,431 576 2,830 25 242 3,189 Air Force. 860 330 506 24 104 756 All other 359 98 133 122 4 81 278 Certain Other Activities—Total 30,915 759 9,817 6,510 3,563 6,560 3,699 222 30,693 G Ag en ri e c r u a l l t u S r e e r v D ic e e p s a A rt d m m e i n n t i : stration 8,314 328 81 6,497 (4) 1,202 206 28 8,286 Farmers Home Administration 736 23 685 25 728 Rural Electrification Administration 2,921 18 2,765 138 2,919 Veterans Administration 209 4 157 49 206 National Advisory Committee for Aeronautics 438 67 280 426 Interior Department 444 32 370 36 435 International Cooperation Administration 2,481 61 2,412 2,481 T C r o e m as m u e ry rc D e e D p e a p r a tm rtm en e t nt—maritime activities 0 5 , , 1 0 3 7 2 8 "ioi 3, 2 4 3 8 5 0 3,563 4,589 83,0 140 1 4 0 , , 9 1 3 3 8 2 All other 163 26 117 20 144 Certain Deposit Funds—Total 4,915 85 1,337 3,439 24 662 1,271 2,128 854 Banks for cooperatives 476 17 407 43 207 3 220 45 F F e e d d e e r r a a l l h D o e m po e s l i o t a I n n s b u a r n an k c s e Corporation 2 2 , , 3 0 9 4 4 6 6 2 5 929 2 1 , ,3 0 6 3 6 0 24 455 1,1 1 3 3 0 8 1,907 "809 Certain Trust Revolving Funds—Total. 3,069 248 2,579 143 2,347 88 284 9350 F F e e d de e r r a a l l N in a te ti r o m n e a d l ia M te o r c t r g e a d g it e b A a s n s k o s c iation , 1 1, , 3 4 5 0 9 4 6 1 2 3 1 1, , 2 3 2 3 8 3 ioo 1 1, , 1 1 8 6 1 5 2 5 4 0 1 1 3 5 4 0 9 9 3 2 9 0 Office of Alien Property 214 154 1 9213 Allother 91 19 18 14 977 Classification of activities (mainly non-business-type) reporting on fiscal-year basis, June 30, 1958 Certain Other Activities—Total 34,286 6,453 2,883 83 9,247 5,596 1,76532,521 International Cooperation Administration 1,654 1,594 1 25 9 2 1,652 Atomic Energy Commission 9,458 1,390 2,535 5,155 378 258 9,200 Veterans Administration 1,829 383 2 1,358 86 115 1,714 Agriculture Department 1,527 493 2 940 93 108 1,419 Defense Department—Corps of Engineers 8,700 209 6,667 1,824 40 8,660 Interior Department 4,518 332 3,455 723 334 4,184 Treasury Department 3,110 309 42 764 1,995 375 2,736 Department of Health, Education and Welfare 1,262 978 2 275 7 440 822 Commerce Dept. (mainly Civil Aeronautics Adm.).. 1,415 585 81 420 329 40 1,375 All other 813 180 212 83 188 151 54 759 9 Figure represents total trust interest. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 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 r L 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 b u o h c t l a m t e i a s l c l . s 2 : B p t u e 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 x r n u u e d - d s s s i : t - A m L d e e j n s u t s s s : t - 3 E p p t T o q u a o u y b t t a h l t a i s l e l c s . : t p p o f u r a t o h o ( y b r e m - t li s ) c . , & ( c ( o c ~ d r d r r I e a e i e ) n r a g d a b , e - s s e i e c t e n e n - t , .) t a i r G n g . N v e o f n . e u v . t b n t & . L y d e s ss: O d n c e a t o b h s n t e h - 4 r b E r i o e n q c ( N r p a g ) u r a s e o a y h o t w l t r s . : - Cal. year—1956 70,994 12,398 3,023 80,334 67,216 10,339 2,747 74,809 5,525 -3,560 2,481 -136 -5,910 1957 72,284 15,368 3,079 84,521 71,692 14,794 3,155 83,328 1,191 467 1,573 64 -1,168 1958 68,694 16,797 3,710 81,728 75,782 17,856 4,622 89,014 -7,287 7,533 -717 487 7,762 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 1,627 34,892 39,906 8,921 1,285 47,539 -12,649 6,873 -1,494 653 7,713 Monthly: 1958_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 \363 187 7,021 -114 591 618 68 -96 June 10,785 2,069 1,167 11,685 6,621 ,562 169 8,015 3,670 -150 140 -6 -285 July 2,946 1,111 271 3,784 6,613 ,786 487 7,912 -4,128 -835 -337 70 -569 Aug 4,838 1,956 236 6,554 6,198 ,412 16 7,594 -1,040 3,017 391 51 2,575 Sept 7,208 885 155 7,936 6,633 ,397 -253 8,283 -348 -1,650 -338 63 -1,374 Oct 2,769 1,025 195 3,596 7,144 ,597 713 8,028 -4,43! 3,640 -571 183 4,027 Nov 4,962 1,486 214 6,231 6,237 ,310 346 7,200 -969 2,867 -276 141 3,003 Dec 6,180 1,171 556 6,791 7,080 ,419 -24 8,522 -1,73: -166 -363 145 51 1959_jan 4,528 759 236 5,049 6,776 ,883 1,074 7,585 -2,536 2,801 -846 101 3,546 Feb.? 6,576 1,637 208 8,002 6,331 ,462 -236 8,029 -28 -434 128 64 -626 Effects of operations on Treasurer's account Operating transactions Financing transactions Cash balances: Account of Treasurer of United inc., or dec. ( —) States (end of period) Period s B d u u e N r o p f d i e r l c g t u i e t s t , a l c d T a f c e u t r o u f i n u i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h o n a n s - . i m s a o ( G s g + b N a u e o l ) r a i e n v k g o n t c e t a c f y . t - e i i n & s a n G e v g N c e . o t F . r e n v u e t ( c b t d s - y . y t ) . I d n ( p e d g c - c u i r r ) o r r e b o , e e r a s l i c a i n s s c t s e e , T o r H u e t a e s s l i u d d r e y a T c u r c r e e o a r u s 's n - t Balance ( B F a D a a . v b n e a l R p k e il . o s - sits T T a i L n r u x o e — r a a y a n s n - d O as n t s h e e t e ts r tions5 funds 5 debt funds) Accts. Fiscal year—1955 -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 1,471 1956 1,626 2,250 309 173 -2,617 -1,623 -213 331 6,546 522 4,633 1,391 1957 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 1,010 1958 -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 1,121 Semiannually: 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 -1,286 -232 -121 1,144 6,579 -131 -4,788 4,961 358 3,468 ,135 Monthly: 1958—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 -248 -601 -28 239 -138 -113 -1,564 4,961 358 3,468 1,135 1959—Jan -2,248 -1,124 462 -4 1,047 2,879 54 957 5,918 447 4,054 1,417 Feb 245 175 -477 57 47 -697 -7 -644 5,274 492 3,454 1,328 P Preliminary. n.a. Not available, Budget expenditures, and payroll deductions for Federal employees roi 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 413 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 Old T - rans H fe i r g s h - to R - . R. fu R o n e d f - s B c T u e r o i d e p t - g a t e s l t Individual Corpo- ta c E x i x s e e - s t p m a E l x e o m e n y s - t - 7 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r s r e s .' - ' f t u a r n u g d s e t 6 t f w r u u n a s y d t m ti r r e e e - n - t ce r i e p - ts W he it l h d - Other ration acct. Fiscal year—1955 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,177 1956... 68,165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 1957... 71,029 6,634 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958... 69,117 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 Semiannually: 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 ,112 265 634 34,296 13,769 2,827 6,174 5,364 3,653 2,509 1,600 931 1,963 Monthly: 1958—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 n.a. 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 76 6 9 2 7 3 4 6 7 5 1 19 8 8 0 2 6 1 8 11 4 2 5 3 , , 9 4 7 4 9 6 3 1 , , 6 22 4 5 1 1 9 6 4 2 3 31 7 9 4 9 81 5 1 4 3 8 8 1 6 6 2 3 9 4 8 4 2 3 8 2 4 8 1 1 7 4 1 7 957 Dec 6,180 397 164 44 64 6,848 2,139 373 2,419 853 441 623 222 136 1959—Jan 4,528 267 172 14 -26 4,956 948 1,996 424 847 321 420 201 155 n.a. Feb 6,576 949 182 71 374 8,152 4,356 846 362 906 1,281 401 n.a. n.a. n.a. Budget expenditures 8 Major national security Agri- Vet- culture Period Intl. erans' and Nat- Com- Gen- X t 1 affairs Inter- serv- .LaDor agri- ural merce eral Total* 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 fin a a n n d ce est ic b e f e s i n t a s e n - d w a e n lf d are t c u r u e r l - a - l so r u e r - ces ho a u n s d ing g m ov e e n r t 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: 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 July-Dec. 39,906 23,246 20,619 1,145 1,269 1,206 3,686 2,580 2,158 3,922 896 1,438 765 Monthly: 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 Dec 7,080 4,212 3,758 221 211 198 652 440 310 781 141 224 123 1959—Jan 6,776 3,693 3,298 163 213 212 680 445 432 798 106 310 97 3 Consists primarily of (1) intra-Govemmental 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

414 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] End of month 1941_Dec 1945 Dec 1947—Dec 1951—Dec 1952 Dec . ... 1953—Dec 1954—Dec 1955 Dec 1956 Dec 1957 Dec 1958 Mar Apr May June July Aug Sept Oct Nov Dec 1959 Jan Feb Mar §!! Public issues3 Marketable Nonmarketable Total d d g i e r r o b e s t c s 2 t Total Total Bills c i C e n a d e t d e n r e t s e i b f s o i t s - - f Notes B e b l a l i e g n * i k - Bon s d t B s r r i a c e n - te k d b C v i o b e o n l r n d e t- - s Totals b S i o n a n g v d s - s n s i T a o n a n a t g v d e x s - s S i p ss e u c e ia s l 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 0s) 43.9 276 7 276 6 228 6 160 4 25 2 19 0 35 3 80 9 10 8 57 4 56 3 45 6 275 0 274 9 227 1 164 2 26 9 34 6 20 7 82 1 9 5 53 4 52 5 45 8 272.7 272.6 225.1 162.9 23.0 31.5 20.7 87.7 9.1 53.1 52.3 45.8 275.2 275.1 228.0 166.0 22.4 31.1 24.7 87.7 9.0 53.0 52.2 45.4 275.7 275.7 227.9 166.0 22.4 31.1 24.8 87.7 9.0 53.0 52.1 46.1 276.4 276.3 228.5 166.7 22.4 32.9 20.4 90.9 8.9 52.9 52.0 46.2 275.6 275.5 228.0 166.4 22.4 32.9 20.5 90.6 8.8 52.8 51.9 45.9 278 6 278 5 230 6 169 2 22 4 38 5 20 7 87 7 8 6 52 8 51 9 46 3 276.8 276.7 229.0 167.7 22.7 38.5 20.7 85.8 8.5 52.8 51.8 46.0 280.3 280.2 233.2 172.2 25.9 38.5 21.9 85.8 8.4 52.7 51.7 45.4 283 2 283 1 236 3 175 4 29 1 38 5 21 9 85 8 8 4 52 6 51 7 45 1 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 285.9 285.8 239.9 179.8 30.3 36.4 28.9 84.2 8.2 51.9 51.0 43.9 285 2 285.1 239.4 179.3 31.8 38.0 25.3 84.2 8.1 51.9 51.0 43.9 282.2 282.0 236.1 176.3 32.2 34.4 25.4 84.2 8.0 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 $421 million on Mar. 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 6 Less than $50 million. aggregated $9,780 million on Feb. 28, 1959. 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 * 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 n o r k m ci s a - 2 l M s b a a v u n i t n u k g a s s l p 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 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—Feb 274.8 46.0 9.4 219.4 23.2 59.4 7.6 11.9 17.2 17.3 48.2 18.6 15.9 Mar 272.7 45.8 9.5 217.4 23.6 59.4 7.6 11.8 15.4 17.3 48.1 18.7 15.4 Apr 275.2 45.4 9.7 220.0 23.7 63.2 7.6 11.8 14.6 17.1 48.1 18.3 15.7 May 275.7 46.1 9.7 220.0 24.2 63.6 7.5 11.7 14.7 17.0 48.1 18.1 15.4 June 276.4 46.2 9.7 220.5 25.4 64.9 7.4 11.7 13.3 16.9 48.0 17.7 15.2 July 275.6 45.9 9.7 220.0 24.5 65.0 7.4 11.8 13.9 17.0 47.9 17.4 15.0 Aug 278.6 46.3 9.7 222.6 25.3 66.4 7.5 11.9 14.6 17.0 47.9 17.0 14.9 Sept 276.8 46.0 9.6 221.2 25.0 65.5 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 Dec 283.0 44.8 9.6 228.6 26.3 67.2 7.3 12.1 16.9 17.3 47.7 17.4 16.5 1959—Jan 285.9 43.9 9.6 232.4 25.7 67.9 7.3 12.4 19.1 17.7 47.7 18.0 16.5 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 415 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MARCH 31, 19591 [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. Apr. 2,1959 1,600 Aug. 27, 1959 395 Aug. 1,1961 4 2,609 June 15, 1964-69... 2Vi 3,743 Apr. 9, 1959 1,599 Sept. 3, 1959 400 Oct. 1,1961 \Vi 332 Dec. 15, 1964-69... 2i/i 3,818 Apr. 16,1959 1,600 Sept. 10, 1959 400 Feb. 15, 1962 3% 647 Feb. 15,1965 2% 6,896 Apr. 23, 1959 1,401 Sept. 17, 1959 400 Feb. 15, 1962 4 1,435 Mar. 15, 1965-70.. .2^ 4,699 Apr. 30, 1959 1,399 Sept. 21, 1959* 1,502 Apr. 1,1962 li/2 551 Aug. 15, 1966 3 1,484 May 7,1959 1,400 Sept. 24, 1959 400 Aug. 15, 1962 4 2,000 Mar. 15, 1966-71...2}£ 2,946 May 14, 1959 1,401 Oct. 1,1962 IV2 590 June 15, 1967-72... 2^ 1,835 May 15, 1959 2,735 Certificates Nov. 15, 1962 334 1,143 Sept. 15, 1967-72...2i/2 2,716 J J M M u u n n a a y y e e 2 2 1 4 8 1 1 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 9 9 9 9 1 1 1 1 , , , , 7 4 4 5 0 0 0 0 1 0 0 0 A N F M e u o a b g v y . . . 1 1 1 1 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 6 9 9 9 0 3 3 1 iy % V % 8 8 1 1 7 1 3 1 , , , , 7 3 8 5 1 6 1 0 1 3 7 0 A F O e p c b t r . . . 1 1 1 5 , , , 1 1 1 9 9 9 6 6 6 3 3 3 2 I n V 5 / / 2 2 8 3,9 5 3 7 7 3 1 5 3 D O N Fe e c o b c t v . . . . 1 1 1 5 5 1 5 , , , , 1 1 1 1 9 9 9 9 6 7 8 6 9 4 0 7 -72... 3 2 % i/ 4 4 i 3,7 6 6 8 0 6 5 5 3 3 7 4 J Ju u n n e e 2 1 2 8, , 1 1 9 9 5 5 9 9* 2 1 , , 9 70 97 1 Treasury notes Tr J e u as n u e r y 1 5 B , o 1 n 9 ds 59-62...214 5,266 J M u a n y e 1 1 5 5 , , 1 1 9 9 8 7 5 8 -83... 3 3 1 y 4 4 1 1 , , 1 6 3 0 5 3 J J J J J J u u u u u u l l l l l n y y y y y e 2 3 2 1 9 2 5 3 6 0 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 9 9 9 9 9 9 1,7 4 4 4 4 4 0 0 0 0 0 0 0 1 0 0 0 0 A O N A M M p c o p a a t r v r y y . . . . 1 1 1 1 1 5 5 1 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 6 5 6 6 9 9 0 9 0 0 3 3 3 1 1 lV V V V % % 4 i i i 2 2 1 , , , 4 7 1 1 1 9 0 3 1 8 9 9 6 9 8 8 4 J D D N N S u e e e o o n p c c v v e t . . . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 5 1 0 1 0 2 9 - - - 6 6 6 5 7 2 3 . . . . . . . . 2 2 2 2 2 2 V 3 1 i % y / 4 4 4 2 8 1 2 2 3 3 1 1 . , , , , , 1 2 4 8 4 1 1 3 8 5 0 7 2 9 5 5 7 6 Pa F F n e a e b m b . . a 1 1 C 5 5 a , , n 1 1 a 9 9 l 9 9 L 5 0 oan.. 3 .. i / 3 3 2 2 1 , , 7 7 5 2 4 0 7 0 A A A u u u g g g . . . 2 1 6 0 3 , , , 1 1 1 9 9 9 5 5 5 9 9 9 4 4 4 0 0 0 1 0 0 A O M c p a t r y . . 1 1 5 1 , . , 1 1 1 9 9 9 6 6 6 0 1 1 3 \ % \ y y 2 2 4,0 2 1 7 7 4 8 8 4 A D Fe e u b c g . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 3 4 3 -68... 2 2 1 i / / 3 2 2 2 6 3 , , , 8 7 8 2 5 5 0 5 4 Co I A n n v p v e r e . r s ti t b m 1 le e , n b 1 t o 9 S n 7 e d 5 r s i - e 8 s 0 B ... 2% 7,984 * Tax anticipation series. 1 Direct public issues. 3 Partially tax-exempt. 2 Sold on discount basis. See tables on Money Market Rates, p. 407. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk l d e e 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 ea -5 rs y 5 e - a 1 r 0 s O y v e e a r r 1 s 0 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 Deo. 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 Dec. 31 183,896 29,748 36,364 26,072 83,402 8,309 175,586 72,616 52,318 18,652 31,'999 1959—Jan. 31 188,005 30,342 36,364 28,918 84,191 8,189 179,816 73,210 55,164 18,652 32,789 U. S. Govt. agencies and trust funds: 1956—June 30 8,236 273 355 688 3,575 3,345 4,891 927 500 434 3,030 1957_june 30 8,554 130 416 1,282 3,664 3,063 5,491 1,138 1,210 295 2,848 Dec. 31 9,260 130 657 1,617 3,933 2,923 6,337 1,236 1,782 260 3,059 1958—June 30 9,477 173 599 1,169 4,703 2,833 6,644 899 1,565 913 3.267 Dec. 31 9,379 78 492 1,338 4,711 2,759 6,620 721 1,696 1,179 3,025 1959—Jan. 31 9,454 91 441 1,357 4,817 2,748 6,707 689 1,738 1,193 3,086 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 Dec. 31 26,347 2,284 18,704 '2^875' 2,484 26,347 20,995 3,881 206 1,264 1959—Jan. 31 25,715 1,661 18,689 2,881 2,484 25,715 20,363 3,882 206 1,264 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 Dec. 31 59,048 5,194 6,686 12,285 34,753 130 58,918 14,380 29,696 10,433 4,409 1959—Jan. 31 59,680 4,838 6,068 14,183 34,461 129 59,551 13,440 31,316 10,327 4,468 Mutual savings banks: 1956—June 30 7,735 107 37 356 6,074 1,161 6,574 247 540 1,319 4,468 1957_june 30 7,397 163 114 367 5,655 1,098 6,299 576 1,082 601 4,040 Dec. 31 7,209 122 167 438 5,470 1,012 6,197 453 1,227 476 4,041 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 1,106 675 4.094 Dec. 31 6,942 139 115 538 5,268 882 6,060 300 1,229 958 3,573 1959—Jan. 31 7,068 156 142 588 5,315 867 6,201 361 1,253 968 3,618 Insurance companies: 1956—June 30 11,702 318 44 760 7,789 2,791 8,911 632 1,192 1,802 5,285 1957—June 30 10,936 326 136 648 7,277 2,549 8,387 955 1,775 1,022 4,634 Dec. 31 10,801 291 248 683 7,231 2,347 8,454 938 2,074 718 4,724 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1,650 1,004 5,074 Dec. 31 10,984 726 231 731 7,255 2,042 8,943 1,158 1,976 1,156 4,653 1959—Jan. 31 11,303 810 292 814 7,369 2,017 9,285 1,320 2,053 1,161 4,752 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 Dec. 31 71,195 21,326 10,137 8,304 28,931 2,497 68,698 35,062 13,841 4,719 15,076 1959—Jan. 31 74,784 22,785 10,733 9,095 29,745 2,427 72,358 37,037 14,923 4,797 15,601 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

416 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 l - - S n m a p t i n a c a u d t l i - e - Others Total Total B P li o u cl n b y - ds v P at r e i- ly f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey 7 l M p a c o u n e u i l r e s s - - - - m b d t R i o a e e r e f e n b n - - k t t , m s r t i e i o t r e c i f e e n u - s t offered placed poses etc.8 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,607 7,120 6,531 226' 363 486 1952 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 9,380 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,755 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958 34,435 12,063 2,321 7,449 1,047 11,555 9,684 6,333 3,351 551 1,320 11,373 10,790 9,936 854 583 1958—Jan.. 3,473 511 1,163 782 201 816 744 505 239 28 44 805 723 711 11 82 Feb.. 2,487 407 251 899 55 875 607 398 209 85 182 856 851 832 19 5 Mar.. 3,959 1,802 524 9 1,623 1,494 1,165 330 69 61 1,608 1,561 1,525 35 47 Apr.. 6,963 4,269 523 798 141 1,232 1,101 921 180 41 90 1,213 1,141 1,037 104 72 May. 2,160 368 877 202 714 594 391 203 36 84 699 600 532 68 99 June. 3,049 1,411 554 122 963 866 370 497 58 38 948 881 709 172 67 July. 2,423 418 164 631 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.. 3,076 1,461 '220 439 66 890 652 287 365 67 170 873 858 739 119 15 Nov.. 1,408 324 459 127 497 379 236 143 12 107 489 478 424 54 11 Dec. 1,900 370 448 79 1,002 751 266 485 50 201 985 914 845 69 72 1959—Jan... 5,695 3,972 199 639 81 805 646 404 242 34 125 789 782 736 46 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital10 secu- capital 10 secu- capital1 secu- capital10 secu- capital10 secu- capital10 securities rities rities rities rities rities 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 1958 3,296 223 882 16 777 39 3,598 139 1,294 117 944 49 1958—Jan.. 147 7 28 82 24 321 34 50 109 1 Feb. 171 3 26 48 366 35 205 2 Mar. 196 41 47 63 409 797 49 Apr., 620 12 62 86 293 22 40 37 40 May 163 26 24 23 303 37 11 30 74 June 267 49 29 106 390 16 12 78 2 July. 519 24 55 49 348 46 101 31 1 Aug. 122 16 47 26 281 13 49 1 Sept. 485 12 389 44 186 13 28 1 Oct., 255 10 52 81 311 45 114 1 Nov. 119 3 70 18 127 2 89 55 5 Dec. 233 20 53 151 262 14 103 112 35 1959—Jan.. 145 45 67 294 26 205 1 Estimates of new issues maturing in more than one year sold for cash 6 Estimated net proceeds are equal to estimated gross proceeds less cost in the United States. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 2 Gross proceeds are derived by multiplying principal amounts or num- 7 Represents proceeds for plant and equipment and working capital. ber of units by offering price. 8 Represents proceeds for the retirement of mortgages and bank debt 3 Includes guaranteed issues. with original maturities of more than one year. Proceeds for retirement of 4 Issues not guaranteed. short-term bank debt are included under the uses for which the bank 5 Represents foreign governments. International Bank for Reconstruc- debt was incurred. tion and Development, and domestic eleemosynary and other nonprofit 9 Less than $500,000. organizations. 10 Represents all issues other than those for retirement of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 417 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1957 1958 1953 1954 1955 1956 1957 1958 Manufacturing Total (200 corps.): Sales 63,343 58,110 69,876 71,925 76,03268,69819,43818,056 18,752 16,718 16,831 16,248 18,901 Profits before taxes 375 7,244 10,250 9,290 9,559 7,358 2,575 2,042 2,190 1,622 1,625 1,637 2,474 Profits after taxes 649 3,825 5,231 4,880 5,109 4,013 1,339 1,107 1,232 852 872 '893 1,395 Dividends 154 2,384 2,827 2,980 3,113 3,016 757 757 849 755 747 741 774 Nondurable goods industries (94 corps.): * Sales 694 20,620 23,106 24,784 26,278 25,645 6,524 6,558 6,560 6,133 6,203 '6,526 6,783 Profits before taxes 0"2~8 2,753 3,413 3,457 3,438 2,920 873 841 777 648 619 mo 883 Profits after taxes 526 1,581 1,918 1,979 2,019 1,728 503 491 474 377 362 '448 541 Dividends 972 1,064 1,202 1,248 1,323 1,316 318 319 371 326 325 322 343 Durable goods industries (106 corps.):2 Sales 42,649 37,490 46,770 47,141 49,754 43,05312,91411,498 12,192 10,585 10,628 '9,722 12,118 Profits before taxes ,346 4,491 6,836 5,833 6,120 4,437 1,702 1,201 1,413 974 1,006 '867 1,591 Profits after taxes 2,123 2,244 3,313 2,901 3,090 2,285 836 616 758 475 510 445 854 Dividends ,182 1,320 1,625 1,731 1,791 1,700 439 438 478 429 422 419 431 Selected industries: Foods and kindred products (28 corps.): Sales 5,411 5,476 5,833 6,299 6,620 6,730 1,642 1,669 1,691 1,616 1,663 '1,699 1,752 Profits before taxes 465 462 499 557 600 624 154 158 153 140 151 '163 169 Profits after taxes 212 224 244 273 295 303 75 77 79 67 74 80 83 Dividends 154 156 160 166 174 179 40 41 54 41 41 44 53 Chemicals and allied products (26 corps.): Sales 6,373 6,182 7,222 7,729 8,203 7,842 2,047 2,065 2,047 1,858 1,903 '1,994 2,086 Profits before taxes 1,308 1,153 1,535 1,488 1,556 1,286 394 397 369 281 281 315 409 Profits after taxes 520 593 782 769 798 689 202 201 197 144 147 '163 235 Dividends 417 499 597 602 639 627 152 150 187 156 154 153 164 Petroleum refining (14 corps.): Sales 5,883 6,015 6,556 7,185 7,814 7,462 1,941 1,920 1,906 1,801 1,774 '1,913 1,975 Profits before taxes 841 751 854 917 867 642 219 193 156 146 111 198 187 Profits after taxes 603 567 624 689 711 546 172 164 144 125 103 157 161 Dividends 290 294 317 346 374 376 91 95 97 95 95 92 94 Primary metals and products (39 corps.): Sales 13,75011,52214,952 16,062 16,07313,122 4,270 3,856 3,675 3,047 3,161 '3,236 3,677 Profits before taxes 1,817 1,357 2,377 2,370 2,313 1,621 652 512 473 302 371 385 562 Profits after taxes 790 705 1,195 1,232 1,193 835 327 264 260 157 191 '200 287 Dividends 377 407 522 606 651 590 157 158 179 147 146 145 153 Machinery (27 corps.): Sales 8,005 7,745 8,477 9,798 10,91410,520 2,750 2,669 2,871 2,454 2,629 2,543 2,894 Profits before taxes 1,011 914 912 942 1,175 1,172 305 270 306 227 263 '297 384 Profits after taxes 402 465 465 458 577 590 148 135 152 111 132 155 193 Dividends 237 263 281 321 329 327 81 82 86 83 81 81 82 Automobiles and equipment (15 corps.): Sales 16,61114,13718,826 16,336 17,480 14,172 4,522 3,689 4,277 3,853 3,542 2,599 4,177 Profits before taxes 2,078 1,789 3,023 1,984 2,110 1,171 603 291 506 346 271 53 500 Profits after taxes 758 863 1,394 942 1,059 615 292 151 279 161 137 24 293 Dividends 469 536 693 656 670 642 166 164 173 164 160 159 159 Public Utility Railroad: Operating revenue 10,664 9,37110,106 10,551 10,491 9,564 2,660 2,675 2,582 2,239 2,294 '2,461 2,555 Profits before taxes 1,436 908 1,341 1,268 1,056 844 264 286 259 59 135 '272 366 Profits after taxes 903 682 927 876 734 60: 183 191 199 31 93 '195 271 Dividends 412 379 448 462 435 410 110 82 121 96 79 '77 157 Electric power: Operating revenue 7,136 7,588 8,360 9,049 9,64410,189 2,312 2,335 2,457 2,707 2,412 '2,471 2,599 Profits before taxes 1,895 2,049 2,304 2,462 2,557 2,701 596 600 630 768 615 650 667 Profits after taxes 1,030 1,134 1,244 1,326 1,403 1,51" 327 326 357 421 349 357 390 Dividends 780 868 942 1,022 1,077 1,134 270 265 273 281 287 276 290 Telephone: Operating revenue 4,525 4,90: 5,425 5,966 6,467 6,93! 1,611 1,623 1,673 1,672 1,715 1,745 1,807 Profits before taxes 925 1,050 1,282 1,430 1,562 1,860 388 387 400 402 454 494 510 Profits after taxes 452 525 638 715 788 921 195 195 203 200 226 244 251 Dividends 412 448 496 552 613 6741 150 155 160 164 166 171 173 ' Revised. estimated by the Federal Reserve to include affiliated nonelectric opera- 1 Includes 26 companies in groups not shown separately, as follows: tions. textile mill products (10); paper and allied products (15); miscellaneous (1). Telephone. Revenues and profits are for telephone operations of the 2 Includes 25 companies in groups not shown separately, as follows: Bell System Consolidated (including the 20 operating subsidiaries and building materials (12); transportation equipment other than automobile the Long Lines and General departments of American Telephone and (6); and miscellaneous (7). Telegraph Company) and for two affiliated telephone companies, which NOTE.—Manufacturing corporations. Sales data are obtained from together represent about 85 per cent of all telephone operations. Divithe Securities and Exchange Commission; other data from published dends are for the 20 operating subsidiaries and the two affiliates. Data company reports. are obtained from the Federal Communications Commission. Railroads. Figures are for Class I line-haul railroads (which account All series. Profits before taxes refer to income after all charges and for 95 per cent of all railroad operations) and are obtained from reports before Federal income taxes and dividends. For detailed description of of the Interstate Commerce Commission. series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 Electric power. Figures are for Class A and B electric utilities (which (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public account for about 95 per cent of all electric power operations) and are utilities); and p. 908 of the BULLETIN for September 1944 (electric power). obtained from reports of the Federal Power Commission, except that Revised data annually beginning with 1939 and quarterly beginning with quarterly figures on operating revenue and profits before taxes are partly 1946 are available from the Division of Reserach and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1 [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t e r a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p ib r 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 1951 42.2 22.4 19.7 9.0 10.7 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 r 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1958 36.7 18.7 18.0 12.3 5.7 1957 r 14,350 3,609 10,741 9,638 2,584 7,053 4,712 1,024 3,688 1958 14,710 5,113 9.597 9,694 3,705 5,989 5,016 1,408 3,608 1956—4 46.7 23.0 23.7 11.8 11.9 1957—4'- 3,440 862 2,578 2,408 624 1,784 1,032 238 794 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 3,566 852 2,715 2,799 597 2,202 768 255 513 3 44.2 22.0 22.1 12.7 9.4 4,049 1,581 2,468 2,453 1,318 1,135 1,596 264 1,333 4 39.9 19.9 20.0 12.0 8.0 3 3,575 1,367 2,208 2,294 1,028 1,266 1,281 339 942 4 3,519 1,313 2,207 2,148 762 1,386 1,371 550 821 1958—1 31.7 16.1 15.5 12.5 3.0 2 32.0 16.3 15.7 12.4 3.3 3 37.9 19.3 18.6 12.5 6.1 r Revised. 41 45.2 23.0 22.2 11.8 10.4 1 Reflects cash transactions only. As contrasted with data shown on p. 416, new issues exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock 1 Preliminary estimates by Council of Economic issues and cash proceeds connected with conversions of bonds into stocks. Retirements Advisers. include the same types of issues, and also securities retired with internal funds or with NOTE.—Quarterly data are at seasonally adjusted proceeds of issues for that purpose shown on p. 416. annual rates. 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 e t c i o . e u S v s r . t i . - N U o . t r S e e s . c e a i n v d ab O a l t c e h c e ts r . I t n o v ri e e n s - Other Total N U o . t S e p . s a a y n a d b O l a e t c h c e ts r . F i b n e i c l t l d i a i o a t e x m i - r e a s e l Other Govt. 2 Govt.2 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 r 103 0 224 0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2 3 73.8 19 3 25 7 1956r 107 4 237 9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 3r 111 3 241.6 33.4 16.4 2.4 99.4 83.4 6.6 130.3 2.6 81.9 14 4 31 4 4r 111.7 242.0 34.7 17.2 2.8 98.3 82.3 6.7 130.2 2.3 81.2 15.7 31.1 1958 lr 113 4 234.9 32.3 16.0 2.7 95.4 81.5 7.0 121.5 2.1 76 5 12 4 30 4 2r 115.0 232.9 34.2 13.9 2.6 96.6 78.4 7.1 117.9 1.9 75.3 9.8 30.8 3r 117 1 237.8 35.2 15.0 2.7 100.5 77.3 7.2 120.7 1.8 76 4 11 4 31 1 4 119.8 243.7 37.1 18.2 2.8 101.0 77.6 7.0 123.8 1.7 77.9 13.3 30.9 r Revised. 2 Receivables from, and payables to, the U. S. Government exclude Excludes banks and insurance companies. 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 r a a i n l s - por O ta 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 i m o n n i - - s Others Quarter Total fa m a i c n n i t n u g d r - - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l r 3 road ing 1951 25.6 10.9 .9 1.5 1.5 3.7 1.3 5.9 1957—4 9.7 4 6 8 1 8 2 6 1952 26.5 11.6 1.0 1.4 3.9 1.5 5.6 1953 28.3 11.9 1.0 1.3 .6 4.6 1.7 6.3 1958—1 7.3 3.1 .7 .2 2.3 1954 26.8 11.0 1.0 .9 .5 4.2 1.7 6.5 2 7.8 3.2 .6 5 2 5 1955 28 7 11 4 1 0 .9 .6 4 3 2 0 7 5 3 7 4 2 9 5 2 4 1956 35.1 15.0 1.2 1.2 .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 .8 6.2 3.0 7.4 1958 30.5 11.4 .9 .8 .5 6.1 2.6 7.2 1959_J4r 7.0 2.8 .6 2 2 4 19594 31.8 12.3 .9 .8 1.9 6.1 9.8 24 8.2 3.4 .7 5 2.6 r Revised. 3 Includes communications and other. 1 Corporate and noncorporate business, excluding agriculture. 4 Anticipated bv husiness. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 419 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties ]^lonfarm Farm Other Multi-family and End of year holders 1- to 4-family 1louses commercial properties1 or quarter h A o er l l s d l - t F u i i n c t n i i s a o a t l i n n - - s S F e a e c l g e d i e e c e n s t r e - a d l v o I i t a n d h n u d e d a i r - l s s h A o er l l s d l - Total t F u i i n c t n i i s o a a ti l n n - s - O ho e th r l s d e - r Total t F u i i n c t n i i s o a a ti l n n - s - O h e o th r l s d e - r h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - h O ol t d h e e r r s2 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 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 1958P 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 Junep; 162.6 124.5 4.6 33.5 151.7 111.7 93.6 18.1 40.0 26.8 13.2 10.9 4.1 6.7 Sept p 166.7 127.9 4.6 34.3 155.7 114.8 96.3 18.4 40.9 27.3 13.6 11.1 4.2 6.8 171.2 131.5 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 1004 9,916 8 595 2 567 1 726 4 303 1 274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 ,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11 334 3 489 3 053 4 792 1 556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 ,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 195gp 25,510 18,610 5,490 3,330 9,790 5,400 1,500 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 1,375 20,812 18,687 4,575 7,660 6,452 2,068 57 Dec 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 c2,102 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 June 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 p 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 p 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 c Corrected. v Preliminary. based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by rondeposit 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

420 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5 529 815 4 714 913 1945 976 6 636 5 860 1 394 4 466 776 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10 518 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4 931 672 1,378 2 881 413 25,976 23,928 6 116 4 643 13 169 2 048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,248 4,813 1,303 200 3,310 435 37,097 34,388 7,449 7,455 19 484 2 709 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 Au2 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 1959 Jan 508 466 139 11 316 42 37,211 34,510 7,528 7,429 19,553 2,701 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDING OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total By type of lender (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r t o h r Se a a a l d s ly o - n- W se a a d it s j h o u o n s u t a - t l in l S o g a s a v n & - I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed i ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 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 4,727 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 1958 12,346 4,096 5,251 45,599 .,210 7,093 36,296 1957 24,244 9,217 1,472 4,264 1,429 1958 27,388 10,516 1,460 5,204 1,640 1958 1958 723 245 308 40,243 ,662 7,011 31,570 Feb 704 233 289 40,490 ,686 7,011 31,793 Jan 1,976 1,782 628 111 322 98 Mar 819 281 318 40,825 ,715 7,004 32,106 Feb 1,959 1,701 638 101 304 87 Apr 920 316 354 41,223 ,748 6,984 32,491 Mar 1,971 1,866 705 108 345 94 May 1,019 346 406 41,751 ,789 6,981 32,981 Apr 1,993 2,022 787 106 385 103 June 1,107 379 461 42,333 ,833 6,995 33,505 May 2,087 2,151 845 113 418 120 July 1,180 374 511 42,866 ,901 7,012 33,953 June 2,192 2,275 910 110 429 140 Aug 1,180 373 538 43,423 ,940 7,034 34,449 July 2,291 2,543 986 125 491 165 Sept 1,215 401 537 43,997 >,007 7,031 34,959 Aug 2,413 2,535 995 130 476 169 Oct .... 1,290 428 570 44,602 > 084 7,053 35,465 Sept 2,488 2,596 1,022 136 493 170 Nov 1,053 345 469 45,067 2,155 7,062 35,850 Oct 2,576 2,857 1,086 150 558 175 Dec 1,136 376 488 45,599 2,210 7,093 36,296 Nov 2,652 2,432 932 128 474 154 Dec 2,629 2,629 983 143 508 165 1959 1959 Jan 1,013 317 442 46,009 2,277 7,109 36,623 Jan 2,352 870 121 454 123 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 agaist 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 421 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month mortgages Proj- P e r r o ty p- mortgages G un o d v e e r r w nm rit e t n en tim- End of Con- Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m a ty g o p e r e s t- i p lo m r a o e n v n s e t 2 - Total 3 p e N r r t o e i w e p s - p e is E r r t t o i x i n e p - g s - q ye u a a r r t o er r Total FHA- VA- ti v o e n n a - l Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1950 4,343 1,637 856 1,157 694 3,072 1,865 1,202 1945 18.6 4.3 4.1 .2 14.3 1951 3,220 1,216 713 582 708 3,614 2,667 942 1952 3,113 969 974 322 848 2,719 1,823 890 1950 .. 45.2 18.9 8.6 10.3 26.3 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1951 51.7 22.9 9.7 13.2 28.8 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1952 58.5 25.4 10.8 14.6 33.1 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1953.. 66.1 28.1 12.0 16.1 38.0 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1954 75.7 32.1 12.8 19.3 43.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88.2 38.9 14.3 24.6 49.3 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 1958—Feb 386 115 164 43 64 142 129 13 1958? 118.0 50.2 19.7 30.5 67.8 Mar 435 127 192 62 53 123 110 13 Apr 423 119 186 57 61 85 72 13 1957_June 103.4 45.9 15.9 30.0 57.5 May 431 110 201 55 65 73 57 15 Sept 105.7 46.5 16.1 30.4 59.2 June 551 126 217 128 81 97 71 27 Dec 107.6 47.2 16.5 30.7 60.4 July 524 132 236 98 58 127 83 43 599 128 243 170 58 156 91 64 1958—Mar.*. ... 109.3 47.7 17.1 30.6 61.6 Sent .. . 756 160 320 146 130 189 107 82 June*.... 111.7 48.3 17.7 30.6 63.4 Oct 641 174 327 58 83 239 140 99 Sept.*'.... 114.8 49.2 18.6 30.6 65.6 Nov 559 165 292 31 71 216 135 81 Dec.? 118.0 50.1 19.7 30.4 67.9 Dec 624 190 320 24 89 257 174 82 1959 Jan . .. 700 217 369 37 77 276 194 81 9 Preliminary. Feb 598 196 311 37 54 238 174 64 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 ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) (during mit- Ad- Repay- End of year period) ments Year or month ments or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu du r in s s- e - d Total S te h r o m rt 1 - L te o r n m g 2 - 1945 278 213 195 176 19 1950 1,347 169 1,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 1,714 411 62 76 1955 1,251 702 1,417 991 426 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 1957 3,974 1,237 2,737 1,119 2 764 1957 1,116 1,079 1,265 731 534 1958 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 1958—Feb 4,071 1.319 2,752 56 9 761 1958—Feb., 41 158 790 451 339 Mar ... 4,073 ,346 2,726 45 29 745 Mar. 53 146 696 394 302 Apr 4,019 ,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 3 , , 7 6 0 8 3 3 1 , ,2 3 9 0 8 0 2 2 , , 3 4 8 0 5 3 2 1 2 7 5 2 1 3 1 1 , , 3 5 0 4 8 3 J A u u ly g . . 1 1 0 0 0 8 1 6 3 2 7 9 90 3 1 9 4 3 2 9 7 2 5 5 1 0 2 9 Sept 3 693 1,320 2,373 37 8 1,674 Sept. 119 48 ,010 490 520 Oct 3,729 1,353 2,376 59 1,669 Oct.. 126 52 ,083 545 538 Nov 3,791 1,405 2,386 82 1 1,640 Nov. 86 47 ,123 576 547 Dec 3,901 1,483 2,418 134 1,541 Dec. 229 53 ,298 685 613 1959 Jan 4 032 I 564 2,468 150 1,432 1959—Jan.. 98 251 ,146 599 547 Feb 4,188 [,664 2,523 176 1,291 Feb. 50 94 ,101 559 542 i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities 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

422 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 il r - e l co p g O n a o s p t o u h e d m e r s r i er e a r n R l n o d i e a z p m n a a t s i o i o 2 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 e s n - t a C cc h o a u rg n e ts S c e r r e v d ic it 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—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 1959—Jan.. 44,415 33,768 14,155 8,881 2,125 8,607 10,647 3,464 4,504 2,679 Feb. 44,071 33,751 14,223 8,767 2,116 8,645 10,320 3,563 4,004 2,753 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 o o f n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n c m 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 i s t p f s i c C a n u o n a m o m i n n e e c - - s r e 1 Other i Total D s m t e o p e re a n s r t t 2 - F st 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 l e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4 503 3,065 1 079 1,197 132 657 1 438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1 605 320 496 206 188 395 1945 2 462 1,776 745 300 102 629 686 131 240 17 28 270 1951. ... 15,294 12,124 5,771 3,654 635 1 555 509 3 170 024 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 1,124 2,137 777 4 042 [ 064 1 004 377 527 1.070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1.072 4 508 L 511 1,044 365 487 1,101 1956 31,827 27,084 11,707 9,100 2,014 3,056 1,207 4,743 1,408 1,187 377 502 1,269 1957 . . 34,095 29,427 12,753 9,573 2,429 3,333 1,339 4,668 1,393 1,210 361 478 1,226 1958 33,865 28,943 12,730 8,740 2,664 3,381 1,428 4,922 ,702 1,220 360 425 1,215 1958 Feb 33,278 28,907 12,451 9,405 2,404 3,307 I 340 4 371 I 326 1,140 351 464 I 090 Mar 32,940 28,646 12,333 9,284 2,410 3,287 1,332 4 294 [,343 1,103 347 455 1,046 32,888 28,724 12,444 9,200 2,452 3,292 1,336 4,164 1,241 1,091 342 450 1,040 May 32,910 28,703 12,467 9,129 2,478 3,277 1,352 4 207 I 278 1 092 341 446 1,050 June • 33,008 28,774 12,520 9,105 2,510 3,283 1,356 4,234 1,310 1,093 339 444 1,048 July 33,074 28,917 12,606 9,121 2,545 3,292 1,353 4,157 1,241 1,093 338 443 1,042 Aug 33,165 28,983 12,655 9,083 2,578 3,294 1,373 4 182 I 251 1,110 340 440 I 041 Sept 33,079 28,758 12,607 8,891 2,591 3,280 1,389 4,321 1,393 1,110 344 433 1,041 Oct . 33,052 28,666 12,612 8,777 2,613 3,274 1,390 4,386 1,426 1,126 346 427 1,061 Nov 33,126 28,648 12,617 8,708 2,628 3 281 [ 414 4 478 474 1 149 351 424 080 Dec 33,865 28,943 12,730 8,740 2,664 3,381 1,428 4 922 702 1,220 360 425 1,215 1959_jan 33,768 29,016 12,856 8,733 2,639 3,374 1,414 4,752 1,615 1,183 356 425 1,173 Feb 33,751 29,070 12,884 8,724 2,661 3,372 I 429 4,681 1,611 1,166 350 427 I 127 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 423 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - ch P A a u u s r e t - p d o a m pe o D r b i i r l e e ct s g O p u c o a o t m o p h n d e e e - r r s r e R m l r o t a e n i a n p o o i n z d a d n a i s - r - s l P o o a e n r n a - s l E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m i R z lo o a a e d a n p ti n e d a o r s i n n r - l s o P o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 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 1,227 23 567 1956 11,707 3,651 2,075 2,394 1,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,753 4,130 2,225 2,467 1,580 2,351 1958 8,740 6,404 1,567 19 750 1958 12,730 3,938 2,191 2,324 1,613 2,664 1958—Feb.. 9,405 7,237 1,464 20 684 1958—Feb 12,451 4,038 2,202 2,304 ,537 2,370 Mar. 9,284 7,080 1,492 19 693 Mar 12,333 3,974 2,195 2,259 ,520 2,385 Apr., 9,200 6,968 ,515 20 697 Apr 12,444 3,961 2,210 2,306 ,518 2,449 May, 9,129 6,888 ,520 20 701 May 12,467 3,954 2,214 2,289 ,531 2,479 June, 9,105 6,844 ,532 20 709 June 12,520 3,957 2,223 2,281 ,540 2,519 July. 9,121 6,795 ,592 21 713 July 12,606 3,967 2,228 2,300 ,551 2,560 Aug. 9,083 6,730 ,612 23 718 Aug 12,655 3,977 2,221 2,304 ,570 2,583 Sept. 8,891 6,601 ,551 20 719 Sept 12,607 3,948 2,198 2,274 ,583 2,604 Oct.. 8,777 6,477 ,560 19 721 Oct 12,612 3,925 2,178 2,287 ,603 2,619 Nov. 8,708 6,395 ,571 19 723 Nov 12,617 3,917 2,169 2,296 ,614 2,621 Dec.. 8,740 6,404 ,567 19 750 Dec 12,730 3,938 2,191 2,324 ,613 2,664 1959—Jan.. 8,733 6,391 ,566 19 757 1959—Jan 12,856 3,962 2,216 2,372 ,605 2,701 Feb.. 8,724 6,394 ,548 19 763 Feb 12,884 3,993 2,239 2,342 ,594 2,716 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 s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m i R z lo o a a e d p n a ti n e a d o r s i n r n- s l P o o a e n r n a - s l E o n r d m of o n y t e h ar i c T m n n r s o o e e t n t d n a a - i l t l t - C m ( o s m i e n n - g t l e 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 i 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—Feb 7,051 1,089 602 484 4,876 1957 10,679 2,937 428 876 3,953 2,485 Mar 7,029 1,089 589 480 4,871 1958 11,200 3,057 486 907 4,111 2,639 Apr 7,080 1,102 589 479 4,910 May 7,107 1,111 588 487 4,921 1958—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 Sept 7,260 1,152 599 504 5,005 June 10,071 2,998 484 575 3,437 2,577 Oct 7,277 1,157 605 506 5,009 July 9,849 2,968 405 533 3,394 2,549 Nov .. . 7,323 ,161 607 513 5,042 Aug 9,963 2,980 473 546 3,410 2,554 Dec 7,473 1,173 619 513 5,168 Sept 10,065 2,965 530 600 3,433 2.537 Oct 10,112 2,977 437 623 3,568 2.507 1959_jan 7,427 ,161 616 501 5,149 Nov 10,338 2,998 501 669 3.628 2,542 Feb 7,462 ,170 623 503 5,166 Dec 11,200 3,057 486 907 4,111 2,639 1959_jan 10,647 3,030 434 757 3,747 2.679 NOTE.—Institutions represented are consumer finance companies, credit Feb . 10,320 3,075 488 637 3,367 2,753 unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. 1 Includes mail-order houses. 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424 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n s a t d e - 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 1958—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 J,077 1,100 Aug 3,416 3,385 1,142 1,193 1,018 976 142 151 ,114 1,065 Sept 3,326 3,297 1,082 1,105 1,005 993 142 158 ,097 1,041 Oct 3,451 3,475 1,199 1,173 1,005 1,075 143 159 ,104 1,068 Nov 3,594 3,338 1,276 1,091 1,041 1,054 142 141 ,135 1,052 Dec 3,720 4,350 1,420 1,360 1,002 1,435 134 131 ,164 1,424 1959—Jan 3,799 3,321 1,437 1,248 1,047 146 111 ,169 1,076 Feb 3,816 3,247 1,454 1,258 1,057 839 141 111 ,164 1,039 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 1958—Feb.. 3,388 3,177 1,311 ,219 959 932 130 123 988 903 Mar.. 3,384 3,494 1,294 ,331 963 999 130 133 997 ,031 Apr.. 3,390 3,387 1,326 ,313 919 931 135 133 1,010 ,010 May. 3,338 3,349 1,284 ,277 940 966 124 123 990 983 June. 3,391 3,379 1,278 ,280 961 941 138 136 ,014 ,022 July.. 3,365 3,417 1,275 ,304 948 949 132 133 ,010 ,031 Aug.. 3,403 3,294 1,276 ,246 947 919 124 121 ,056 ,008 Sept.. 3,376 3,383 1,246 ,287 949 935 140 142 ,041 ,019 Oct.., 3,418 3,502 ,281 ,341 964 976 134 138 ,039 ,047 Nov.. 3,447 3,264 ,243 ,189 ,001 937 124 123 ,079 ,015 Dec. 3,414 3,611 ,262 ,295 953 956 129 132 ,070 ,228 1959_jan.. . 3,412 3,418 ,252 ,224 956 1,012 130 131 ,074 ,051 Feb.. 3,483 3,264 ,281 ,190 981 953 127 120 ,094 ,001 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 1958—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 +94 + 196 1959—Jan.. +387 -97 + 185 +24 +91 -126 + 16 -20 +95 +25 Feb.. +333 -17 + 173 +68 +76 -114 + 14 +70 +38 i Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of records of retail outlets and financial institutions and often include charges incurred under the instalment contract. Renewals and refinancing of t b h e e r B 1 U 9 L 5 L 7 E , T p I p N . f 1 o 4 r 2 O 0- c 2 to 2 b , e a r n d 1 9 N 5 o 6 v ; e fo m r b 1 e 9 r 5 1 5 9 -5 5 7 8 , , i p n p t . h 1 e 3 B 4 U 4- L 4 L 5 E . TINS for Decem- loans, repurchases and resales of instalment paper, and certain other A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit a description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 425 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 Tota Commercial banks companies institutions Retailoutlets 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 1958 Feb * 3,221 2,742 1,145 1,009 766 642 813 725 497 366 Mar * 3,188 3,156 1,107 ,133 738 724 805 825 538 474 Apr 1 3,261 3,335 1,201 ,285 766 759 834 866 460 425 3,246 3,371 1,150 ,227 712 743 820 827 564 574 3,262 3,477 1,168 ,278 685 116 841 872 568 551 July 3,328 3,483 1,255 ,320 753 851 853 875 467 437 3,416 3,385 1,249 ,235 714 756 889 858 564 536 3,326 3,297 1,206 ,209 632 656 873 831 615 601 Oct 3,451 3,475 1,272 ,261 732 738 885 864 562 612 3,594 3,338 1,321 ,160 758 687 911 857 604 634 Dec 3,720 4,350 1,330 ,357 827 855 935 1,143 628 995 1959 Jan 3,799 3,321 1,443 ,333 883 753 903 803 570 432 Feb i 3,816 3,247 1,395 ,227 865 723 922 824 634 473 Repayments 1951 22,985 8,385 5,524 4,385 4 691 1952 25,405 9,370 5,925 5,012 5,098 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 40,158 14,259 9,727 9,673 6 499 1958 40,727 14,551 9,774 9,958 6,444 1958 Feb 1 3,388 3,177 1,233 1,148 819 758 797 734 539 537 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 [,225 801 800 823 830 547 524 July 3,365 3,417 1,203 1,234 828 835 821 834 513 514 3,403 3,294 1,220 1,186 806 794 845 803 532 511 Sept l 3,376 3,383 1,197 [,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 Dev 3,414 3,611 1,196 [,244 782 823 864 993 572 551 1959 Jan 3,412 3,418 1,210 1,207 789 760 870 849 543 602 Feb 1 3,483 3,264 1,262 1,175 793 732 857 789 571 568 Change in outstanding credit2 1QC1 + 591 -27 -57 +403 +272 1952 +4,109 + 1,753 + 1,057 +647 + 652 1953 + 3,602 + 1,474 + 1,216 +692 +220 + 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 + 1,046 +473 +824 -75 230 23 -833 + 372 +254 1958 Feb * -167 -435 -145 -196 +4 -59 + 16 -9 -42 -171 Mar i -196 -338 -122 -118 -75 -121 -16 -22 + 17 -77 Anr l .... -129 -52 + 38 + 111 -94 -84 + 18 + 51 -91 -130 May -92 +22 -47 +23 -118 -71 + 18 +27 +55 +43 -129 +98 -52 + 53 -116 -24 + 18 +42 +21 +27 July -37 +66 +52 +86 -75 + 16 + 32 +41 -46 -77 + 13 +91 +29 +49 -92 -38 +44 + 55 +32 +25 Sept l -50 -86 -33 -48 -197 -192 + 36 + 15 + 144 + 139 Oct + 33 -27 +42 + 5 -68 -114 +44 + 17 + 15 +65 Nov + 147 +74 +93 + 5 -27 -69 +56 +46 +25 +92 Dec +306 +739 + 134 + 113 +45 +32 +71 + 150 +56 +444 1959 Jan + 387 -97 +233 + 126 +94 -7 + 33 -46 +27 -170 Feb * +333 -17 + 109 +28 +72 -9 +65 +35 +87 -71 1 Data on extensions and repayments have been adjusted to avoid A discussion of the composition and characteristics of the data and duplications resulting from large transfers of other consumer goods paper. a description of the methods used to derive the estimates are shown As a result, the differences between extensions and repayments for some in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment types of holders do not equal the changes in outstanding credit. credit extended and repaid are based on information from accounting 2 Obtained by subtracting instalment credit repaid from instalment records of retail outlets and financial institutions and often include charges credit extended, except as indicated in note 1. incurred under the instalment contract. Renewals and refinancing of NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of l a o c a ti n o s n , s r ep m u a rc y h i a n s c e r s e a a s n e d r t e h s e a le a s m o o f u i n n t s ta o l f m e b n o t t h p a c p r e e r d , i a t n e d x c te e n rt d a e in d o a th n e d r t c r r a e n d s i - t the BULLETIN for October 1956; for 1955-57, in the BULLETINS for Decem- repaid without adding to the amount of credit outstanding. ber 1957, pp. 1420-22, and November 1958, pp. 1344-45. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 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 ti ) o * n aw C a o r c d n o e s n d t t r r u ( a v c c a ti l s o u n e)i Employment and payrolls2 Depart or Y m e o ar nth Total Tota M l an r D u a f b u a l - c e ture N r s a d o b u n l - e - M era in ls - Total R d t e i e a n s l i - - o A th l e l r p N m t a c e u l g m u o o e r r l n a n y i - - - l t - - pr E o M m d m u a p e n c l n t u o i t f y o a - n c t w ur o in r P r k g o a e l y r ls s - F i l r n c o e a g a i r g s d - * h - t v s ( m s r a a t e l l o e t e u a n r s e e i t * ) l p s C r u i m o c n e e - s r 2 m p W c r s o o i h a c d m l o e e i l s t - 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 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 18 53.6 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 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 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 90 135 120 2 117 6 1958 *>136 111 114 108 115.5 94.3 148.8 78 136 1958 Mar 128 129 129 135 124 112 102 99 105 114 8 91 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 73 134 121 6 119 5 June 132 131 134 139 129 112 144 126 156 115.0 92.8 92.3 144.9 77 133 123 7 119 2 July 134 125 136 141 132 116 136 144 130 115 2 93 1 91 8 144 8 70 140 123 9 119 2 136 136 138 144 133 120 130 134 128 115.6 93.2 94 1 150 0 79 147 123 7 119 1 Sept 137 140 139 145 133 123 121 135 111 116.1 94.8 96.5 155.7 80 135 123 7 119 1 Oct 138 143 140 146 134 122 125 148 109 115 6 93.4 94 8 152 5 83 135 123 7 119 0 Nov 141 144 143 151 135 123 98 112 88 116.3 96.0 96 9 158 4 83 137 123 9 119 2 Dec 142 140 144 152 135 r124 86 91 82 116.2 96.1 96.5 160.4 82 143 123 7 119 2 1959 Jan 143 142 145 153 137 r124 87 95 82 r116.7 96 5 95 8 r158 2 84 138 123 8 119 5 Feb 145 147 148 156 139 123 87 99 78 116.9 97.0 96 6 160.6 84 ^139 123 7 119 5 P147 nso ^140 nn A ^97.7 85 et41 119.6 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. i 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 427 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 a A v n e n r u a a g l e 1958 1959 Industry portion 1957 *1958 Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 143 134 130 128 126 128 132 134 136 137 138 141 142 143 145 MANUFACTURES—TOTAL 90.02 145 136 131 129 128 130 134 136 138 139 140 143 144 145 148 Durable Manufactures—Total 45.17 160 141 137 135 131 134 139 141 144 145 146 151 152 153 156 Primary metals 6.70 131 104 95 91 86 91 103 102 109 113 122 123 123 125 138 Metal fabricating 28.52 176 155 755 150 146 148 757 754 156 755 755 753 755 166 755 Fabricated metal products 5.73 139 128 124 122 118 120 125 129 132 135 133 136 136 136 136 Machinery 13.68 168 145 144 141 137 137 141 144 147 148 147 150 152 154 158 Nonelectrical machinery 9.04 150 127 127 126 122 122 125 125 126 129 130 133 132 •"132 138 Electrical machinery 4.64 204 179 177 170 166 167 171 181 188 186 180 183 190 199 199 Transportation equipment 7.54 213 187 185 183 178 182 185 185 186 178 183 203 204 204 204 Autos, trucks, and parts 4.80 128 99 99 93 86 93 95 96 96 82 91 119 123 124 123 Other transportation equipment 2.74 344 319 313 316 316 314 320 318 321 322 321 327 322 '322 322 Instruments and related products 1.29 172 164 163 160 159 158 160 162 162 166 169 173 175 176 178 Clay, glass, and lumber products 5.91 133 129 120 120 121 123 128 132 735 735 134 737 735 '735 737 Stone, clay, and glass products 2.82 155 145 134 133 135 139 145 152 150 157 149 151 148 '147 150 Lumber and products 3.09 114 115 108 109 107 109 113 114 120 118 120 125 125 '124 124 Furniture and misc. manufactures 4.04 132 127 120 121 121 122 126 129 130 732 134 134 73/ 735 735 Furniture and fixtures 1.64 120 119 111 111 110 113 116 119 123 126 127 129 127 133 133 Miscellaneous manufactures 2.40 140 133 127 128 129 129 132 135 134 137 138 137 134 137 137 Nondurable Manufactures—Total. . . . 44.85 130 130 125 124 125 126 129 132 133 133 134 135 135 137 139 Textiles and apparel 11.87 105 103 97 95 98 99 102 107 108 109 111 110 110 111 112 Textile mill products 6.32 99 98 91 92 92 92 95 101 103 103 104 104 104 106 108 Apparel and allied products 5.55 111 110 103 99 106 106 110 115 114 116 118 117 116 '117 118 Rubber and leather products 3.20 118 113 105 106 102 104 777 114 116 779 779 725 723 r124 729 Rubber products 1.47 135 125 114 116 112 113 125 125 132 136 133 141 140 '142 151 Leather and products 1.73 104 102 98 98 94 97 100 104 103 104 108 113 108 109 Paper and printing 8.93 148 147 144 142 143 143 146 148 750 750 753 752 750 753 755 Paper and allied products 3.46 158 160 153 149 152 153 157 163 166 167 171 168 166 168 172 Printing and publishing 5.47 141 139 139 138 137 137 138 138 140 140 142 142 139 '144 145 Newsprint consumption 1.85 131 126 124 124 123 124 125 126 128 127 131 130 120 129 131 Job printing and periodicals 3.62 146 146 146 145 145 144 145 145 147 146 148 149 150 '152 152 Chemical and petroleum products 9.34 172 170 164 163 164 165 168 777 174 174 775 777 750 182 183 Chemicals and allied products 6.84 184 184 177 176 178 178 181 184 186 187 189 192 194 196 197 Industrial chemicals 2.54 203 195 187 184 182 182 187 193 196 204 209 212 214 216 Petroleum and coal products 2.50 141 134 129 127 127 129 131 136 139 135 137 139 142 143 2444' Foods, beverages, and tobacco 11.51 112 115 114 113 113 114 116 116 775 775 775 777 777 118 720 Food and beverage manufactures 10.73 112 115 114 113 113 114 116 116 116 115 115 116 117 '118 120 Food manufactures 8.49 112 115 112 112 115 114 116 116 116 116 115 116 116 '117 120 Beverages 2.24 113 116 120 114 108 114 116 114 115 114 115 119 121 121 Tobacco manufactures .78 111 118 112 112 117 115 116 121 121 121 120 126 126 121 MINERALS—TOTAL 9.98 128 117 118 112 109 108 112 116 120 123 122 123 124 '124 123 Mineral fuels 8.35 128 117 118 111 108 108 112 775 121 723 723 723 rl24 '723 722 Coal 2.68 83 68 70 70 63 62 66 65 68 70 69 72 '73 '69 72 Anthracite .36 49 42 43 41 40 41 45 38 41 44 39 37 48 45 37 Bituminous coal 2.32 88 72 74 74 67 65 69 69 73 74 74 77 '77 '73 77 Crude oil and natural gas 5.67 150 140 141 130 129 130 134 141 146 149 148 147 148 '148 ^146 Crude oil 4.12 138 129 128 116 117 118 122 128 137 140 138 135 135 '137 Natural gas and gas liquids .70 198 196 194 196 193 192 191 200 198 198 ^200 *200 P199 ^198 Metal, stone, and earth minerals 1.63 129 117 119 119 113 707 772 773 773 77P 720 124 725 '729 730 Metal mining .82 116 91 106 100 88 73 80 80 83 90 92 101 108 113 117 Stone and earth minerals .81 142 143 133 138 139 142 145 146 144 149 148 148 142 '145 143 Preliminary r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Annual 1947-49 average 1958 1959 Industry proportion 1957 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL. 100.00 143 134 131 129 127 127 131 125 136 140 143 144 140 142 147 MANUFACTURES—TOTAL 90.02 145 136 133 131 129 129 133 127 138 141 145 146 141 144 149 Durable Manufactures—Total 45.17 160 141 139 138 133 133 138 132 140 146 149 155 152 '154 159 Primary Metals 6.70 131 104 99 95 89 93 106 90 102 111 123 124 119 127 143 Ferrous metals 5.03 130 99 91 89 81 87 100 85 98 106 117 120 117 125 142 Pig iron and steel 3.51 140 105 94 92 83 91 105 92 105 114 129 129 127 136 156 Pig iron .37 137 99 91 90 80 83 93 87 97 106 119 124 123 127 139 Steel 3.05 139 105 93 91 82 91 105 92 105 114 129 128 127 136 156 Carbon steel 2.62 138 104 92 90 83 91 108 94 106 113 126 127 125 133 151 Alloy steel .43 143 106 100 95 77 86 91 81 101 118 144 138 135 157 191 Ferrous castings and forgings 1.52 108 85 85 83 78 78 87 70 80 87 90 99 93 '98 111 Iron and steel castings 1.29 107 85 83 83 79 79 88 72 81 88 91 101 93 '98 111 Steel forgings .23 113 81 92 86 74 70 81 58 75 80 85 88 96 101 110 Nonferrous metals 1.67 136 121 122 114 112 112 124 102 115 125 140 137 126 '134 147 Primary nonferrous metals .38 164 146 157 149 146 141 133 126 128 138 150 157 162 '163 170 Copper smelting .09 129 120 128 122 124 112 105 90 95 111 138 144 130 '132 139 Copper refining .06 135 121 140 128 122 114 110 108 99 110 111 130 144 135 155 Lead .04 114 99 116 96 94 105 102 86 88 99 101 93 98 97 97 Zinc .10 123 97 106 101 101 99 95 90 86 91 90 93 105 105 ^108 Aluminum .09 275 268 273 271 261 256 241 240 254 261 283 295 308 317 318 Secondary nonferrous metals .13 111 93 88 94 83 88 74 90 94 111 105 102 Nonferrous shapes and castings 1.16 129 116 113 106 102 105 125 97 114 124 141 133 117 127 Copper mill shapes .63 104 94 92 83 77 84 110 74 96 102 128 114 87 103 123 Aluminum mill shapes .20 198 193 174 170 189 187 212 198 190 207 219 202 -203 '204 224 Nonferrous castings .33 136 110 117 111 99 98 101 83 103 116 118 130 123 129 Metal Fabricating 28.52 176 155 156 154 148 146 149 144 150 156 158 167 168 168 172 Fabricated metal products 5.73 139 128 124 111 118 119 125 123 133 141 136 136 136 '135 136 Structural metal parts 2.68 152 140 138 135 131 132 138 137 143 148 144 144 148 '144 144 Stampings and misc. metal products 2.12 124 108 105 103 99 98 101 100 104 115 115 119 125 124 123 Tin cans .30 146 150 126 139 120 137 160 171 232 208 161 130 104 Furnaces, gas ranges, and heaters .63 99 106 94 97 97 96 110 87 115 132 133 128 104 Machinery 13.68 168 145 148 146 139 135 138 133 142 151 150 153 152 156 162 Nonelectrical machinery 9.04 150 127 131 131 126 124 125 120 119 128 127 131 133 134 142 Farm and industrial machinery 8.13 146 121 126 124 121 118 117 114 114 119 118 121 125 '128 132 Farm machinery 1.02 84 79 81 83 84 81 80 80 77 80 83 65 72 '80 97 Industrial and commercial machinery.. 7.11 155 127 132 130 126 123 123 119 119 124 124 129 133 '135 137 Machine tools and presses .68 182 119 133 128 119 115 114 112 109 114 115 113 116 116 119 Laundry and refrigeration appliances .69 151 148 144 158 131 137 159 131 123 170 163 179 163 155 194 Electrical machinery 4.64 204 179 181 174 165 159 162 158 186 195 194 197 190 199 203 Electrical apparatus and parts 3.23 201 177 183 179 172 168 168 166 170 178 177 182 192 '192 194 Radio and television sets .74 205 166 159 139 125 112 123 115 214 223 221 212 163 193 200 Transportation equipment 7.54 213 187 191 189 181 181 183 175 173 170 184 211 214 '211 212 Autos, trucks, and parts 4.80 128 99 108 101 92 94 94 84 77 69 92 132 134 131 133 Autos 1.50 146 101 122 106 89 99 100 87 53 37 71 160 161 154 149 Trucks .66 104 90 92 95 90 96 91 76 78 67 89 112 100 '110 132 Light trucks .22 100 82 85 83 79 78 79 68 61 49 75 123 120 '114 123 Medium trucks .19 50 24 29 26 26 26 29 23 16 12 12 33 30 28 32 Heavy trucks .14 194 203 210 226 213 239 210 164 189 155 221 221 173 227 308 Truck trailers .07 137 116 102 104 103 111 113 106 120 131 132 135 134 145 Auto and truck parts 2.58 123 104 100 Other transportation equipment 2.74 344 319 316 320 316 311 316 312 317 322 321 327 329 325 325 Aircraft and parts 1.30 608 572 562 566 561 553 568 561 573 583 582 591 595 '587 586 Shipbuilding and repair .81 129 128 124 128 127 131 130 128 127 126 128 130 128 131 129 Railroad equipment .53 77 39 56 58 51 39 32 28 30 30 20 29 32 28 35 Railroad cars 24 24 .35 80 34 56 59 49 34 19 22 20 15 19 19 26 Instruments and related products 159 176 1.29 172 164 163 161 160 157 157 160 168 171 174 176 178 Clay, Glass and Lumber Products 133 126 5.91 133 129 117 118 121 125 126 142 143 143 139 127 133 Stone, clay, and glass products 145 135 148 148 153 145 '141 145 Glass and pottery products 2.82 155 125 130 131 118 141 123 123 155 160 155 127 124 '126 134 Flat glass and vitreous products 1.09 141 138 128 124 131 118 130 133 131 136 122 141 144 '142 149 Flat and other glass .60 161 139 143 137 129 126 132 135 141 154 123 141 144 '142 151 Glass containers .47 164 135 144 137 126 127 144 139 146 160 120 130 116 '126 138 Home glassware and pottery .26 136 82 132 134 78 133 81 82 147 142 145 86 80 .23 92 84 81 78 84 84 91 Cement .32 148 155 92 105 146 172 183 175 186 192 193 170 139 109 109 Structural clay products .35 128 118 99 102 112 116 121 122 126 132 133 127 120 112 Brick .12 114 113 77 87 115 121 123 122 126 134 136 123 110 96 Clay, firebrick, pipe, and tile .20 140 123 115 114 111 114 121 125 129 134 133 132 129 126 126 Concrete and plaster products .48 188 187 155 163 170 183 195 200 209 209 207 199 187 182 182 Misc. stone and earth manufactures .58 174 157 151 151 147 153 150 157 163 169 169 171 172 174 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 429 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Industry 19 p 4 r 7 o - - 49 A av n e n ra u g a e l 1958 1959 portion 1957 H958 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 114 115 105 106 107 110 120 106 130 127 131 126 109 113 122 Lumber 2.05 96 94 87 89 88 93 100 88 107 105 105 101 87 Millwork and plywood. .60 187 202 189 182 192 186 201 176 235 220 240 234 193 89 98 Millwork .39 112 110 95 95 91 99 120 101 141 133 134 133 103 "iio" iio' Softwood plywood... .12 312 356 346 328 360 330 334 301 390 364 416 403 341 Wood containers .29 84 76 69 73 73 77 79 77 77 80 80 78 77 "77' "75' Furniture and Misc. Manufactures. 4.04 132 127 121 121 118 118 123 121 131 138 141 139 135 132 136 Furniture and fixtures 1.64 120 119 112 111 108 108 113 113 124 130 132 132 132 132 134 Household furniture 1.10 120 122 113 113 108 108 113 115 127 134 138 137 138 137 140 Fixtures and office furniture. 120 114 109 109 106 108 112 108 119 123 120 120 122 120 121 .54 Miscellaneous manufactures 140 133 127 127 125 125 130 126 135 143 147 144 137 133 137 2.40 Nondurable Manufactures—Total. 130 130 126 125 125 124 128 123 135 137 142 138 130 135 140 44.85 Textiles and Apparel 105 103 103 101 100 99 100 92 110 107 115 112 103 113 120 11.87 Textile mill products 99 98 95 94 94 93 94 86 103 103 109 107 100 107 111 Cotton and synthetic fabrics. 6.32 105 104 103 103 96 98 100 86 107 111 112 118 106 119 121 Cotton consumption 3.72 95 91 94 93 86 89 88 72 94 96 98 99 86 101 103 Synthetic fabrics 2.30 119 115 107 109 104 99 105 107 117 124 125 137 141 135 ?135 Fabric finishing .97 94 98 97 102 106 107 75 104 109 101 115 87 115 119 .45 Wool textiles .97 75 69 61 64 67 71 82 67 76 75 75 71 62 Wool apparel yarns. .16 78 72 69 71 68 77 81 71 81 78 73 72 62 79 Wool fabrics .75 75 69 60 63 67 70 83 67 76 75 76 71 63 Knit goods 1.15 104 104 98 98 98 101 103 98 114 113 116 115 96 109 111 Hosiery .65 93 92 94 91 90 91 86 80 99 97 102 102 75 101 99 Full-fashioned hosiery. .45 89 84 91 88 87 87 79 72 89 86 89 92 66 90 87 Seamless hosiery .20 102 108 103 99 98 100 103 97 123 123 132 127 98 125 127 Knit garments .50 118 120 104 107 107 115 125 122 134 135 134 132 124 120 127 Floor coverings1. .48 Woven carpets. .31 71 64 70 69 62 48 50 36 61 70 79 76 75 76 91 Apparel and allied products... 5.55 111 110 113 109 108 105 106 99 117 113 121 117 105 120 128 Men's outerwear 1.78 102 100 100 104 95 104 101 77 110 106 108 107 93 119 123 Men's suits and coats.... .73 86 75 74 71 74 83 81 52 91 78 79 84 67 81 82 Men's suits .50 87 73 78 73 72 77 73 47 82 72 76 84 70 87 86 Men's outercoats .13 61 66 41 45 64 89 91 59 104 86 73 62 38 37 46 Shirts and work clothing. .99 112 115 116 125 107 117 113 91 122 123 128 121 109 145 151 Women's outerwear 1.85 112 112 129 114 117 106 109 107 120 112 120 113 90 119 141 Women's suits and coats. .76 128 129 156 137 96 94 123 138 153 139 150 101 151 175 138 Misc. apparel and allied mfrs.... 1.92 117 117 114 113 106 106 112 112 121 126 129 126 125 130 128 Rubber and Leather Products. 3.20 118 113 113 112 104 101 110 97 117 120 125 118 T129 139 125 Rubber products 1.47 135 125 120 118 115 112 111 103 127 137 143 145 137 150 159 Tires and tubes .70 123 113 112 108 103 102 117 96 110 117 129 128 128 138 154 Auto tires .40 134 120 118 115 112 113 131 105 118 122 131 131 132 149 167 Truck and bus tires .30 107 103 104 98 91 88 99 85 99 109 125 124 122 124 137 Miscellaneous rubber products. .77 147 136 127 128 125 121 127 108 142 156 156 160 146 161 Leather and products. . . 1.73 104 102 108 107 95 92 99 92 108 105 109 108 102 110 Leather .44 89 84 88 82 79 81 84 68 85 83 91 93 85 90 Cattlehide leathers. .29 98 91 97 89 85 88 90 72 94 92 101 102 94 97 Skin leathers .15 72 68 72 69 65 68 70 61 65 65 72 74 69 75 Shoes and slippersl .90 Miscellaneous leather products. .39 94 94 92 90 82 82 90 92 100 100 105 107 104 Paper and Printing. 8.93 148 147 145 146 146 144 146 148 152 160 155 145 150 156 Paper and allied products 3.46 158 160 158 155 156 153 159 145 168 169 181 170 153 166 111 Pulp and paper 1.76 154 154 156 152 152 147 153 137 159 159 171 164 148 162 111 Wood pulp .51 176 176 177 173 171 166 171 156 179 180 199 188 168 190 195 Paper and board 1.25 145 145 147 144 145 139 146 129 151 150 160 154 140 150 161 Printing paper .22 133 133 135 131 137 134 138 121 136 131 138 132 127 138 141 Fine paper .14 139 142 145 148 145 138 146 116 143 145 151 152 145 145 159 Coarse paper .20 127 125 126 123 124 113 120 109 129 129 142 139 120 129 141 Miscellaneous paper .18 179 178 183 176 184 170 175 158 176 174 195 186 175 193 200 Paperboard .41 153 154 155 151 146 145 154 136 163 164 173 166 146 157 173 Building paper and board. .10 124 129 120 115 126 131 133 130 141 145 145 128 115 124 132 Converted paper products. 1.70 163 166 160 158 160 159 165 154 177 179 192 176 158 171 183 Shipping containers .51 157 157 149 148 146 151 156 146 173 175 184 168 148 160 172 Sanitary paper products. .11 179 191 192 185 201 183 191 176 185 188 213 199 187 203 213 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Industry 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1958 1959 portion 1957 *>1958 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued 5.47 141 139 137 140 140 139 137 132 136 142 147 146 140 139 143 PriNnetiwngs parnindt pcuobnlsisuhminpgtion 1.85 131 126 121 129 131 132 125 110 115 128 141 142 119 119 127 Job printing and periodicals 3.62 146 146 145 147 145 143 143 143 147 149 149 149 151 '150 151 Chemical and Petroleum Products 9.34 172 170 167 165 165 164 165 163 170 174 179 180 181 184 186 Chemicals and allied products 6.84 184 184 180 179 180 177 177 174 182 187 195 195 195 '198 201 Industrial chemicals 2.54 203 195 190 188 186 184 184 183 190 202 211 214 '217 218 Basic inorganic chemicals .57 202 198 199 202 202 193 185 179 182 196 210 219 '210 209 Industrial organic chemicals.. 1.97 204 195 188 183 181 181 183 184 193 204 212 213 219 '220 225 Plastics materials .24 272 284 269 263 262 261 266 244 276 316 336 328 320 329 Synthetic rubber .11 245 230 233 216 196 197 197 199 225 242 260 273 262 280 292 Synthetic fibers .59 199 180 172 164 159 160 164 174 178 189 199 200 215 Miscellaneous organic chemicals 1.03 186 179 174 173 174 172 174 175 178 183 185 187 192 '195 198 Vegetable and animal oils .64 130 131 136 126 124 117 110 108 117 117 162 159 '149 157 157 Vegetable oils .48 121 124 130 122 118 110 99 98 107 108 161 155 148 156 152 Grease and tallow .16 154 149 154 135 139 138 145 138 148 146 164 171 '151 161 174 Soap and allied products .71 112 109 107 108 101 97 106 88 122 126 120 114 '104 117 Paints . . . . . .. .66 121 116 111 111 111 112 118 119 120 119 117 118 119 '116 117 Fertilizers .23 132 132 126 161 189 174 118 102 106 118 126 115 119 134 141 Petroleum and coal products 2.50 141 134 130 125 124 127 131 133 140 138 137 140 144 146 ^145 Petroleum refining 1.97 150 145 144 137 134 136 141 146 149 148 147 151 159 160 Gasoline 1.04 162 161 155 149 148 152 162 167 170 166 160 168 173 170 p164 Automotive gasoline .98 157 156 151 145 144 149 157 162 163 159 154 161 167 165 Aviation gasoline . .06 249 251 223 212 223 202 237 255 293 297 275 286 275 257 Fuel oil .56 147 136 140 132 125 128 126 131 133 138 140 140 153 163 ,163 Distillate fuel oil .30 194 183 182 175 166 173 171 175 181 189 193 192 207 226 Residual fuel oil .26 93 81 91 83 78 75 75 80 79 80 79 80 90 91 Kerosene .10 98 99 125 110 89 74 76 74 87 93 103 115 123 137 Lubricating oil .17 113 103 101 95 100 103 104 105 109 102 108 106 112 104 Coke .26 105 76 75 72 66 65 68 66 72 78 85 90 92 94 Asphalt roofing and siding .15 94 103 57 77 107 132 137 115 165 130 121 92 49 58 Foods, Beverages, and Tobacco 11.51 112 115 104 104 106 110 119 118 127 130 129 120 110 110 108 Food and beverage manufactures 10.73 112 115 104 104 105 110 119 119 126 131 129 120 110 109 Food manufactures 8.49 112 115 103 102 104 106 114 116 127 134 130 121 112 107 110 Meat products ... 1.48 128 125 121 120 123 115 121 115 120 130 138 134 133 '111309 140 Beef .46 148 139 134 129 131 133 144 141 141 147 150 134 134 141 132 Pork .83 110 111 107 109 111 99 102 94 101 113 123 126 126 130 136 Dairy products... . . .. .69 111 110 97 106 119 137 146 133 121 103 93 89 87 92 100 Butter . . . .. .14 109 105 112 120 118 134 137 111 91 79 80 88 92 103 106 Natural cheese .07 119 121 108 119 135 157 165 138 119 109 104 101 103 102 108 Concentrated milk .19 102 99 87 99 116 143 142 117 95 84 77 70 76 83 88 Ice cream .28 111 112 89 96 111 122 142 149 149 122 104 94 84 87 99 Canned and frozen foods 1.13 126 134 85 82 91 98 122 163 236 242 175 125 105 92 93 Grain-mill products 1.16 100 104 101 101 98 99 106 105 109 110 109 104 101 105 102 Wheat flour .46 87 90 92 93 84 84 87 85 92 93 97 97 88 94 90 Cereals and feeds .70 108 112 107 107 106 109 118 118 120 121 117 110 109 113 111 Bakery products 1.64 100 101 98 98 98 100 103 104 102 102 103 101 101 98 99 Sugar 27 122 131 65 54 68 83 82 74 72 103 293 311 233 r112 Cane sugar .11 112 115 104 106 114 112 125 126 136 125 117 114 107 '103 Beet sugar .13 125 138 26 3 23 53 41 23 11 79 439 476 336 '114 Confectionery .71 112 113 124 109 104 92 95 86 103 154 140 134 96 121 128 Miscellaneous food preparations. . 1.41 108 115 109 108 108 114 119 119 120 119 118 118 116 '113 116 Beverages . . . 2.24 113 116 104 110 110 122 138 128 122 119 124 113 104 95 Bottled soft drinks .54 1.70 103 107 99 106 101 112 125 107 104 108 124 111 94 91 Beer and ale 1.02 101 103 94 102 102 116 136 127 107 99 90 85 90 85 88 Liquor distilling .17 83 91 95 94 85 74 58 33 47 116 172 125 109 104 Liquor bottling .37 111 115 105 113 99 114 124 91 116 118 166 154 92 92 Xobacco manufactures .78 111 118 112 112 112 118 125 109 130 125 130 128 103 111 Cigarettes .46 116 124 116 117 119 126 134 119 138 129 132 128 108 123 Cigars .17 106 114 111 109 104 109 113 92 122 124 137 140 102 128 Preliminary. r Revised. For other see notes end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 431 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average 1958 1959 Industry proportion 1957 *1958 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 128 117 118 111 109 109 115 110 120 123 124 123 124 123 123 MINERALS—TOTAL 8.35 128 117 121 112 109 108 113 108 119 122 122 124 "127 126 125 Mineral Fuels 2.68 68 70 67 60 61 72 46 70 73 75 75 '76 '73 72 Coal .36 42 44 36 36 37 47 30 42 47 43 40 50 50 39 Anthracite 2.32 72 74 71 64 65 75 48 75 77 80 81 '80 '76 77 Cr O B ud i i C N t l e u a r a m o u n t i u d i d l n e r a o a g n l o u a d i s s g l a n e c s a o x t a t a u r l n a ra d c l t i g o g a n a s s liquids 4 4 5 . . . . . 6 1 8 3 7 7 2 2 4 0 2 1 1 1 1 1 5 3 9 4 2 0 8 8 6 1 1 1 1 4 9 2 3 0 6 9 8 2 2 1 1 1 3 1 4 3 4 7 5 0 0 2 2 2 1 1 1 0 3 3 2 3 4 0 4 0 2 2 1 1 1 1 1 3 3 9 2 3 2 1 3 1 1 1 1 1 1 3 8 2 1 9 0 2 9 9 7 1 1 1 1 1 3 8 9 2 3 3 2 8 2 0 1 1 1 1 1 3 8 2 9 3 7 4 6 7 4 1 1 1 1 1 4 9 4 8 3 2 5 1 6 3 2 1 1 1 1 0 4 3 4 9 1 5 6 4 0 P 1 1 1 1 9 4 3 4 4 4 4 3 *> 1 1 1 2 4 3 4 0 7 4 4 6 »2 1 1 1 1 5 3 4 0 8 3 7 1 1 1 3 5 5 8 0 2 ^150 Oil a N N nd a a t t u g u a r r a a s l l w g g e a a l s s l d li r q i u ll i i d n s g . .8 3 5 6 1 17 8 1 4 J 1 7 5 9 2 1 1 5 8 9 3 1 1 8 4 0 3 1 1 7 3 3 6 1 1 6 4 8 0 1 1 6 5 7 0 1 15 7 1 3 1 1 7 4 8 9 1 1 7 5 9 0 1 1 8 5 1 4 1 1 8 5 8 9 1 1 9 6 3 5 1 1 6 9 3 2 152 Metal, Stone, and Earth Minerals.. 1.63 129 117 103 103 108 115 125 121 124 132 131 121 110 108 112 Metal mining .82 116 91 85 79 81 86 100 91 96 107 107 93 81 86 93 Iron ore .33 114 73 43 39 39 69 108 109 110 118 107 53 38 43 P52 Nonferrous metal mining .49 117 103 113 106 109 98 94 78 86 101 107 119 110 114 121 Copper mining .24 133 121 131 129 125 112 105 88 100 123 132 145 135 139 145 Lead mining .09 85 68 78 56 78 71 72 62 59 59 62 73 64 69 71 Zinc mining .06 84 65 71 69 77 67 67 54 57 59 61 65 60 66 77 Stone and earth minerals .81 142 143 121 128 136 144 150 151 153 158 156 151 139 131 130 P Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, 1 Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-71. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953, group in addition to the groups shown. Certain types of combat materiel pp. 1247-93 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] 1947_49 A av n e n ra u g a e l 1958 1959 Industry proportion 1957 1958 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. ELECTRICITY AND GAS—TOTAL.. 100.00 233 243 238 138 '239 '236 '237 241 242 '245 '248 250 249 252 *>257^261 Residential 41 34 261 282 275 279 282 '279 '278 '282 '281 '285 '288 289 285 286 Nonresidential 58.66 213 215 '211 '210 208 205 208 '213 214 217 220 223 224 228 Electricity 76 18 233 243 236 '237 238 235 237 242 '242 '247 '250 '251 '248 252 257 P261 Residential 27.48 273 295 285 290 295 291 290 296 294 '300 '304 '305 '298 300 313 Industrial 23 68 213 208 205 202 '198 197 199 203 '206 210 216 217 216 221 220 General industrial 23.49 193 189 186 183 179 178 180 184 '187 192 197 198 198 202 202 Atomic energy 19 '2670 2570 2590 2590 2610 2590 2590 2580 2570 2550 2550 2560 '2550 2540 2560 Commercial and other 25.02 208 219 212 '213 214 209 214 220 220 224 224 224 224 228 230 Gas 23 82 232 243 '243 '241 240 '238 '238 '239 '239 '240 '242 247 251 253 p256 ^259 Residential 13.86 236 256 256 257 256 '255 '254 '255 '256 '257 '257 ?V7 258 258 Industrial ' . . .. 6 16 230 231 '227 '221 221 '222 '225 '227 '229 '231 233 241 245 250 j Commercial and other 3.80 218 215 221 218 214 206 203 199 '196 '196 '201 222 236 238 » Preliminary. ' Revised. Indexes without seasonal adjustment may be obtained from the Division NOTE.—For description and back figures see BULLETIN for October of Research and Statistics. 1956, pp. 1055-69. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 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 1958 1959 Product portion 1957 1958 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. SEASONALLY ADJUSTED CONSUMER DURABLES TOTAL ... 100.00 130 113 110 104 97 105 111 114 115 103 108 133 134 134 133 69.72 138 114 111 103 94 104 111 116 116 99 105 142 143 141 139 32.10 146 101 107 92 81 96 99 99 95 56 67 139 143 139 130 M^aior household 200ds 36.13 132 127 117 114 107 113 123 133 137 138 141 148 r144 145 150 15.32 114 115 106 106 104 106 109 116 117 120 124 127 127 132 133 Household furniture 11.31 120 122 113 113 111 114 116 121 126 129 130 133 134 140 140 4.01 15.60 127 127 115 115 102 iii 125 129 132 i37 148 159 156 143 153 Major appliances 11.88 133 131 117 118 101 113 128 133 139 144 157 168 161 141 155 Ranges 2.60 89 00 81 80 82 79 79 81 77 84 98 114 118 99 Refrigeration appliances 4.98 140 140 129 122 106 121 140 145 152 155 173 184 180 150 177 Laundry appliances 2.51 180 170 142 159 116 140 157 174 185 202 208 215 187 188 186 Heating apparatus 3.72 104 115 110 107 105 110 116 115 112 113 123 131 138 148 P147 Radio and television sets 5.21 205 166 151 133 131 138 155 191 207 197 166 174 162 187 190 3.42 75 61 55 44 46 42 51 64 75 86 65 75 65 73 72 Television sets 1.79 453 365 335 302 293 320 355 435 459 408 359 363 346 406 415 30.28 111 110 107 108 106 105 111 111 112 113 114 113 114 118 119 14.00 Ivlisc home and personal goods 16.28 114 109 104 105 103 104 106 111 110 114 114 114 113 114 115 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES TOTAL 100.00 130 113 116 111 101 103 109 100 100 103 116 143 137 136 140 69.72 138 114 120 114 100 103 109 97 94 96 113 155 147 146 151 32.10 146 101 122 106 89 99 100 87 53 37 71 160 161 154 149 36.13 132 127 121 122 110 108 119 108 130 150 151 153 138 141 155 Furniture and floor coverinss .. 15.32 114 115 108 108 104 101 105 105 118 126 131 130 130 130 135 Household furniture 11.31 120 122 113 113 108 108 113 115 127 134 138 137 138 137 140 4.01 Appliances and heaters 15.60 127 127 121 131 112 115 132 109 114 150 147 156 137 134 160 11.88 133 131 128 140 116 118 135 111 110 150 148 162 146 137 169 Ranges . 2.60 89 88 91 93 86 75 84 62 68 92 102 114 108 96 Refriseration aooliances 4.98 140 140 137 152 135 139 165 134 111 149 138 156 153 145 187 Laundry appliances 2.51 180 170 161 175 120 133 141 124 155 228 229 241 189 183 212 Heating apparatus 3.72 104 115 99 103 101 106 123 102 128 149 145 136 r108 125 P132 Radio and television sets 5.21 205 166 159 139 125 112 122 114 214 222 221 212 163 193 199 Radio sets 3.42 75 61 56 47 44 41 39 40 64 80 82 99 79 73 73 Television sets 1.79 453 365 355 314 279 246 281 257 500 493 485 429 322 422 440 Other Consumer Durables 30.28 111 110 105 105 103 102 108 107 115 119 123 117 113 115 117 Auto parts and tires 14.00 Misc home and oersonal soods ... 16.28 114 109 104 104 100 100 103 103 112 118 123 122 114 110 115 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] ]*rivate Public Year or month Total Business Other Total d R en es ti i a - l Total Indus- Com- Public n d re o e s n n i - - - Total M ta i r l y i- H w ig ay h- s C t e i r o o v n n a - - o A th l e l r trial mercial utility tial 1950 29,955 22,954 14,100 5,680 1,062 1,288 3,330 3 174 7 001 177 2 272 942 3 610 1951 32,739 23,320 12,529 7,217 C2,117 1,371 3,729 3,574 9 419 887 2 518 912 5 102 1952 34,750 23,849 12,842 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2 820 900 5'793 1953 37,118 25,724 13,777 8,436 2,229 1,791 4 416 3 511 11 394 1 307 3 160 892 6 035 1954 39,601 27,679 15,379 8,526 2,030 2,212 4,284 3 774 11 922 1 030 3 870 773 6 249 1955 44,581 32,620 18,705 10,160 2,399 3,218 4,543 3,755 11 961 1 313 4'050 701 5 897 1956 46,292 33,287 17,677 11,828 3,084 3,631 5,113 3,782 13 005 1 395 4 655 826 6 129 1957 48,115 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 1,004 7,444 1958 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 1 189 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 I 204 86 426 85 607 July 3,981 2,760 1,434 948 187 308 453 378 I 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 I 335 118 470 88 659 Nov 4,378 3,015 1,682 941 175 302 464 392 1,363 120 505 87 651 Dec 4,473 3,049 1,715 945 173 305 467 389 1,424 125 538 82 679 1959—Jan » 4,539 3,095 1,787 933 170 288 475 375 1,444 130 559 87 668 Feb.? 4,537 3,120 1,817 930 167 287 476 373 1 417 129 552 86 650 Mar * 4,544 3,106 811 925 164 293 468 370 1 438 130 557 87 664 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 433 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o r m cia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 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 14,696 1,400 3,197 2,908 3,444 9,446 1958 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 1,053 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 Aug . .. 3 467 1,233 2,234 1,451 142 356 280 301 937 Sent 3,216 1,049 2,167 1,460 113 303 240 237 863 Oct 3,309 1,071 2,238 1,595 135 288 248 284 759 Nov . 2 594 927 1 667 .206 96 238 198 243 613 Dec 2,282 887 1,395 981 88 227 206 226 553 1959—Jan . . 2,319 800 1,519 1,022 105 282 171 261 479 Feb 2,307 800 1,507 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 districts 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—Dec 1,982 67 213 80 204 113 211 316 68 68 129 178 336 1958—Jan 2,066 85 329 85 154 183 216 236 99 35 100 164 379 Feb 1,953 72 214 58 143 169 234 210 110 56 158 140 388 Dec 2,282 96 302 99 162 138 254 256 117 61 171 159 466 1959—Jan 2,319 87 276 92 159 214 268 243 106 53 133 201 487 Feb 2,307 100 253 86 143 198 311 231 124 60 137 203 462 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] p T ri o v t a a t l e Metro- Non- Private Government-underwritten* Year or month a ( n s a e n d a u j s u a o l s n t r e a a d l t ly e) Total p a o r l e it a a 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 u i l l t y i- Public Total FHA VA 1951. 1,091 777 315 1,020 892 40 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. 1,209 827 382 1,142 933 39 173 68 429 327 102 1958_Mar 918 81 55 27 77 62 3 12 4 20 17 3 Apr 983 99 67 32 94 77 4 14 5 29 24 5 May 1,039 109 74 35 101 84 4 17 7 33 27 6 June 1,057 113 77 36 101 85 3 14 12 40 31 8 July 1,174 113 81 32 109 88 3 17 4 43 32 11 Aug 1,228 124 83 41 115 96 4 15 9 48 35 13 Sept 1,255 121 85 36 111 93 3 14 10 50 35 14 Oct 1,303 115 79 36 113 94 4 15 2 54 39 15 Nov 1,427 109 74 36 107 85 4 18 2 40 29 11 Dec 1,432 91 64 27 90 70 3 16 2 38 29 9 1959—Jan P1,350 61 25 n.a. n.a. n.a. 29 22 Feb ^1,320 62 28 n.a. n.a. n.a. '28 '21 Mar ^1,390 81 39 pin n.a. n.a. n.a. 41 31 10 P Preliminary. r Revised. n.a. Not available. sure or guaranteee tthe mortgages. VA figures after June 1950 and all FHA 1 Data from Federal Housing Administration and Veterans' Administra- figures are basedi oonn mfileeud oomfficcee rreeppoorrttss ooif nfirrssit ccoommpplliiaannccee iinnssppeeccitions; tion represent units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Year or month in T s o t t i a tu l t n io o n n a l T la o b t o a r l Employed1 Not in the Une m m en p t loypopulation force Total In nonagri- In U pl n o e y m ed - (per cent)2 Total cultural industries agriculture 1951. 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 3.0 1952 113,119 66,410 62,966 61 293 54,488 6,805 1,673 46,710 2.7 1953. 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 2.5 1954. 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 5.0 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 4.0 1956 118,734 70,387 67,530 64,979 58,394 6,585 2,551 48,348 3.8 19573 120,445 70 746 67,946 65 011 58 789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1958 Mar 121,555 70,158 67,510 62,311 57,239 5,072 5,198 51,397 7.0 Apr 121,656 70,681 68,027 62,907 57,349 5,558 5,120 50,975 7.5 May 121,776 71,603 68,965 64 061 57 789 6,272 4,904 50,173 7.2 June 121,900 73,049 70,418 64,981 58,081 6,900 5,437 48,851 6.8 July 121,993 73,104 70,473 65,179 58,461 6,718 5,294 48,889 7.3 Aue 122,092 72,703 70,067 65,367 58,746 6,621 4,699 49,389 7.6 Sept 122,219 71,375 68,740 64,629 58,438 6,191 4,111 50,844 7.2 Oct 122,361 71,743 69,111 65 306 58,902 6,404 3 805 50,618 7.1 Nov 122,486 71,112 68,485 64,653 58,958 5,695 3,833 51,374 5.9 n«r 122 609 70 701 68,081 63 973 59 102 4 871 4 108 51,909 6.1 1959—Jan 122,724 70,027 67,430 62,706 58,013 4,693 4,724 52,697 6.0 Feb 122,832 70,062 67,471 62,722 58,030 4,692 4,749 52,770 6.1 Mar 122,945 70,768 68,189 63,828 58,625 5,203 4,362 52,177 5.8 1 Includes self-employed, unpaid family, and domestic service workers. and waiting to start new jobs (previously included as employed) are clas- 2 Per cent of civilian labor force. Monthly data are seasonally sified as not in the labor force. adjusted. NOTE.—Information relating to persons 14 years of age and over is 3 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. 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 ns o t n r t u r c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15,995 111 2 593 4 009 10,520 2,122 5,664 6 751 1955 50,056 16,563 in 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 50,543 15,468 721 2,648 3,903 11,141 2,374 6,395 7,893 SEASONALLY ADJUSTED 1958 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 AUK 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 50,844 15,701 709 2,550 3,859 11,143 2,385 6,448 8,049 1959_jan 51,039 15,764 704 2,603 3,894 11,216 2,387 6,443 8,028 Feb 51,113 15,825 694 2,544 3,877 11,278 2,395 6,462 8,038 Mar . . 51,357 15,963 687 2,689 3,889 11,234 2,395 6,438 8,062 WITHOUT SEASONAL ADJUSTMENT Feb 49,777 15,593 747 2,173 3,944 10,948 2,343 6,240 7,789 1958 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 Aufi 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 51,935 15,749 713 2,486 3 881 11 976 2 373 6 384 8 373 1959 Jan 50,310 15,674 704 2,343 3,836 11,052 2,363 6,314 8,024 Feb 50,306 15,772 694 2,251 3,832 10,989 2,371 6,333 8,064 Mar 50,812 15,925 687 2,420 3,869 11,055 2,383 6,374 8,099 NOTE.—Data include all full- and part-time employees who worked family workers, and members of the armed forces are excluded. Figures during, or received pay for, the pay period ending nearest the 15 th of the for February and March 1959 are preliminary. Back data may be month. Proprietors, self-employed persons, domestic servants, unpaid obtained from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 435 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1958 1959 1958 1959 Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Total 11,571 11,941 11,993 12,119 11,542 11,855 11,949 12,088 Durable goods 6,478 6,754 6,794 6,889 6,502 6,739 6,805 6,913 Ordnance and accessories 68 73 73 73 68 73 73 73 Lumber and wood products 531 579 571 570 515 547 545 553 Furniture and fixtures 287 308 310 314 290 313 316 317 Stone, clay, and glass products 405 422 419 436 403 411 413 434 Primary metal industries 881 947 976 1,008 885 952 981 1,013 Fabricated metal products 779 812 808 822 787 820 816 830 Machinery except electrical 1,074 1.047 1,072 1,093 1,090 1,057 1.088 1,109 Electrical machinery 742 783 789 793 749 791 797 801 Transportation equipment 1,153 1,216 1,204 1,204 1,153 1,216 1,204 1,204 Instruments and related products 206 208 212 210 208 209 212 212 Miscellaneous manufacturing industries 352 359 360 366 354 350 360 368 Nondurable goods 5,093 5,187 5,199 5,230 5,040 5,116 5,144 5,175 Food and kindred products 1,040 1,036 1.045 1,053 942 950 944 949 Tobacco manufactures 83 77 81 80 74 79 77 71 Textile-mill products 836 852 850 857 844 856 859 866 Apparel and other finished textiles 984 1,041 1,040 1,044 1,018 1,051 1,076 1,081 Paper and allied products 438 442 442 444 436 440 440 442 Printing, publishing and allied industries 547 544 548 550 547 544 545 550 Chemicals and allied products 511 512 517 520 519 515 520 528 Products of petroleum and coal 158 157 153 157 156 154 151 155 Rubber products 184 197 198 201 184 199 199 201 Leather and leather products 312 329 325 324 320 329 333 332 NOTE.—Data covering production and related workers only (full- and are preliminary, Back data may be obtained from the Bureau of Labor part-time) who worked during, or received pay for, the pay period ending Statistics, nearest the 15th of the month. Figures for February and March 1959 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 Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Total 81.45 87.38 88.00 88.62 38.6 39.9 40.0 40.1 2.11 2.19 2.20 2.21 Durable goods 87.75 94.94 95.11 95.99 39.0 40.4 40.3 40.5 2.25 2.35 2.36 2.37 Ordnance and accessories 99.72 105.00 103.73 105.16 40.7 41.5 41.0 41.4 2.45 2.53 2.53 2.54 Lumber and wood products 70.80 74.84 74.26 77.14 38.9 39.6 39.5 40.6 1.82 1.89 1.88 1.90 Furniture and fixtures 68.32 72.54 72.32 72.90 38.6 40.3 40.4 40.5 1.77 1.80 1.79 1.80 Stone, clay, and glass products 81.72 86.83 87.89 90.39 39.1 40.2 40.5 40.9 2.09 2.16 2.17 2.21 Primary metal industries 95.35 110.80 112.72 114.24 37.1 40.0 40.4 40.8 2.57 2.77 2.79 2.80 Fabricated metal products 87.42 93.96 94.13 95.41 39.2 40.5 40.4 40.6 2.23 2.32 2.33 2.35 Machinery except electrical 93.22 99.31 100.37 101.02 39.5 40.7 40.8 40.9 2.36 2.44 2.46 2.47 Electrical machinery 83.67 88.88 88.44 88.18 39.1 40.4 40.2 39.9 2.14 2.20 2.20 2.21 Transportation equipment 97.32 106.63 105.59 105.18 39.4 40.7 40.3 40.3 2.47 2.62 2.62 2.61 Instruments and related products 85.50 91.17 91.13 90.90 39.4 40.7 40.5 40.4 2.17 2.24 2.25 2.25 Miscellaneous manufacturing industries .. 72.13 75.79 75.98 75.79 39.2 40.1 40.2 40.1 1.84 1.89 1.89 1.89 Nondurable goods 73.53 77.81 78.01 78.41 38.1 39.3 39.4 39.4 1.93 1.98 1.98 1.99 Food and kindred products 79.60 84.65 83.39 84.21 39.6 40.5 39.9 40.1 2.01 2.09 2.09 2.10 Tobacco manufactures 58.99 63.63 63.36 63.88 37.1 38.8 38.4 37.8 1.59 1.64 1.65 1.69 Textile-mill products 56.40 60.89 61.66 62.87 37.6 39.8 40.3 40.3 1.50 1.53 1.53 1.56 Apparel and other finished textiles 51.70 55.08 56.15 55.69 34.7 36.0 36.7 36.4 1.49 1.53 1.53 1.53 Paper and allied products 86.11 91.58 92.23 92.01 41.4 42.4 42.5 42.4 2.08 2.16 2.17 2.17 Printing, publishing and allied industries.. 97.02 99.94 100.70 102.26 37.9 38.0 38.0 38.3 2.56 2.63 2.65 2.67 Chemicals and allied products 92.39 97.00 97.17 96.76 40.7 41.1 41.0 41.0 2.27 2.36 2.37 2.36 Products of petroleum and coal 109.07 113.70 114.45 116.81 40.1 40.9 40.3 40.7 2.72 2.78 2.84 2.87 Rubber products 87.02 100.28 101.75 102.17 38.0 41.1 41.7 41.7 2.29 2.44 2.44 2.45 Leather and leather products 56.83 62.56 62.24 61.28 36.2 39.1 38.9 38.3 1.57 1.60 1.60 1.60 NOTE.—Data are for production and related workers. Figures for February and March 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

436 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C la le n v d e- m Ri o c n h d - la A n t t - a Chi- Lo S u t. is M ap i o n l n is e - K C a i n ty sas Dallas F c S i r s a a c n n o - SALESi 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 136 122 127 133 127 149 167 125 137 128 146 159 142 SEASONALLY ADJUSTED 1958—Feb 124 111 115 114 118 134 149 115 125 121 135 143 135 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 June , 133 115 124 129 122 146 176 119 133 123 141 162 143 July 140 129 133 141 132 153 174 131 139 129 147 162 140 Aug 147 137 137 143 140 163 183 136 151 137 158 172 148 Sept 135 119 125 129 129 145 167 124 144 126 147 162 140 Oct 135 125 128 140 126 151 165 122 131 123 144 159 141 Nov 137 122 125 135 125 149 170 125 133 130 149 166 149 Dec 143 132 133 142 139 156 176 134 148 136 150 160 148 1959_jan 138 119 129 134 123 160 173 124 138 127 150 168 150 Feb 120 127 133 133 159 ^167 129 141 132 162 154 WITHOUT SEASONAL ADJUSTMENT 1958—Feb 1 9 1 5 6 1 8 0 4 0 1 9 1 1 3 11 8 8 6 1 r 0 91 8 1 9 2 6 6 1 1 2 5 2 0 10 8 7 6 1 9 1 6 7 1 9 0 0 9 12 9 1 9 1 13 1 7 2 1 11 0 5 4 Mar 123 109 114 125 113 136 153 112 123 117 131 143 130 Apr 130 117 120 128 120 144 158 122 137 121 145 159 135 May 126 115 120 121 115 135 153 117 124 119 136 147 135 June 112 93 97 103 107 123 144 103 114 103 130 144 124 July 129 107 105 115 124 139 165 121 136 130 152 160 144 Aug 137 127 129 135 129 151 160 129 143 135 149 156 140 Sept 141 127 135 143 129 158 173 129 144 142 149 165 142 Oct 166 149 160 179 154 186 197 154 161 150 173 190 173 Nov 251 240 235 251 244 286 305 228 250 227 260 277 262 Dec 1959—Jan 106 94 104 101 96 113 135 r94 105 93 112 133 119 Feb 90 100 101 103 114 ^137 97 109 99 P112 126 118 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 148 136 136 154 129 171 197 139 140 137 153 165 155 SEASONALLY ADJUSTED 1958—Feb 146 134 135 151 130 '167 199 135 142 138 150 163 151 Mar 142 129 133 149 126 163 193 131 140 132 148 160 149 Apr 143 131 134 149 124 167 190 131 141 129 145 163 151 May 144 133 133 152 128 169 191 133 140 133 146 164 152 June 147 135 136 157 126 173 191 138 144 136 152 168 156 July 148 140 135 152 131 171 192 142 145 135 149 163 156 Aug 148 137 135 153 128 172 192 144 143 137 152 163 152 Sept 150 141 137 155 132 175 198 145 136 142 155 164 158 Oct 152 142 142 157 131 176 202 146 136 141 159 170 159 Nov 153 142 140 159 130 180 207 143 137 140 165 172 160 Dec 150 139 141 157 128 172 205 140 134 137 159 163 157 1959—Jan 152 137 r141 r155 139 177 200 141 144 136 159 168 160 ^139 153 P199 P\60 Feb WITHOUT SEASONAL ADJUSTMENT 139 126 127 145 125 160 197 127 138 132 144 158 142 1958—Feb 147 131 137 153 130 173 202 132 146 136 153 168 150 Mar 149 136 139 160 130 175 200 139 149 132 153 169 154 Apr 146 135 136 155 131 170 193 137 140 132 148 163 151 May 140 126 127 146 120 160 182 134 134 128 146 156 150 June 139 126 122 137 121 156 179 136 135 129 142 155 150 July 144 133 132 147 123 167 188 138 141 134 151 163 153 Aug 157 147 144 163 137 181 206 151 143 148 159 174 164 Sept 170 161 160 181 147 201 221 160 153 156 173 187 178 Oct 173 166 161 183 147 205 234 163 153 159 184 190 180 Nov 136 130 130 141 117 157 178 123 121 127 144 152 148 Dec 1959—Jan 136 124 126 137 123 158 182 129 128 126 143 148 144 Feb 147 H65 P197 ^154 P149 * 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 437 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t a o f o l o n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) i m o ( s e r O t o n i d a n n d u n e g t t d r - h o s - ) l f m c ( e t o R f i o o p n e t r t t a - s h l 2 ) m o ( r N t o d f o o e n e t r w r t a h s l ) 3 Stocks s o O t r i a d n u n e g t d r - s - S o st p o r t i a o d l u n 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 1951 391 1,202 460 390 379 3.2 1.3 4.4 1952 397 1,097 435 397 401 2.9 1.2 4.1 1 19 9 5 5 4 3 4 40 0 9 6 1 ' , , 1 1 6 4 3 0 4 3 2 8 1 8 4 4 0 1 8 0 4 4 0 1 1 2 3 3 . . 0 0 i!o 4 4 . . 1 0 1955 437 ,195 446 444 449 2.9 1.1 4.0 1956 454 ,286 470 459 458 3.0 1.1 4.1 1957 459 ,338 461 461 458 3.1 1.1 4.1 1958 462 ,320 436 461 463 3.0 1.0 4.1 Month: 1958—Feb.. 309 ,261 398 r371 4.1 1.3 5.4 .2 Mar. 416 ,299 350 456 408 3.1 0.8 4.0 .1 Apr.. 416 ,344 310 461 421 3.2 0.7 4.0 .1 May. 441 ,308 319 405 414 3.0 0.7 3.7 0.9 June. 402 ,230 481 324 486 3.1 1.2 4.3 0.8 July. 366 ,216 563 352 434 3.3 1.5 4.9 .0 Aug.. 420 ,276 534 480 451 3.0 1.3 4.3 .1 Sept. 451 ,395 553 570 589 3.1 1.2 4.3 .3 Oct.. 502 ,516 545 623 615 3.0 1.1 4.1 .2 Nov. 538 ,567 462 589 506 2.9 0.9 3.8 .1 Dec. 911 ,231 332 575 445 1.4 0.4 1.7 0.6 1959—Jan. 379 ,217 412 365 445 3.2 1.1 4.3 1.0 341 ,276 441 400 429 3.7 1.3 5.0 1.2 p Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1958, 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 i n ta d r i y s - e a i e d x p sh o i r p ts m e e x n c t l s u 2 ding Merchandise imports3 Period 1957 1958 1959 1957 1958 1959 1957 1958 1959 Jan 1,681 1,505 1,400 1,584 1,396 1,286 1,115 1,096 1,154 Feb 1,616 1 345 1,280 1 495 1,245 1,184 993 956 1,118 Mar 2,154 1,553 2,024 1,438 1,133 1,072 Apr 1,866 1,530 1,783 1,408 1,119 1,057 May 1,817 1,638 1,715 1,507 1,106 1,061 June . .. 1,790 1,406 1,656 1,308 986 1,031 July 1,697 1,416 1,510 1,287 1,148 1,049 Aug 1,681 1,396 1,540 1,283 1,043 950 Sept 1,544 1,361 1,441 1,239 1,007 1,074 Oct 1,680 1,599 1,606 1,418 1,148 1,142 Nov 1 688 1 596 1 601 1 408 1 043 1 089 Dec 1,636 1,514 1,541 1,379 1,142 1,253 Jan -Feb 3,297 2,850 2,680 3,079 2,641 2,470 2,108 2,052 2,272 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 Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 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 All Foods Gas Solid House- House- p A ar p e - l T po ra rt n a s - - M ic e a d l - s P o e n r a - l a in n g d g a o n o d ds Total Rent and fuels fur- hold tion care care recrea- servelec- and nish- opera- tion ices tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55.6 1945 76.9 68.9 90.9 76.3 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.1 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1957 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1958—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 123.3 120.8 127.5 137.1 115.9 136.7 103.9 130.7 106.8 138.7 142.3 128.3 117.0 127.2 123.5 121.6 127.7 137.3 116.0 134.2 104.0 130.9 106.7 138.3 142.7 128.5 117.0 127.2 M*ay.''.'.'.'.'. 123.6 121.6 127.8 137.5 116.5 131.6 104.0 130.9 106.7 138.7 143.7 128.5 116.6 127.2 June 123.7 121.6 127.8 137.7 116.9 131.7 104.1 131.1 106.7 138.9 143.9 128.6 116.7 127.2 July 123.9 121.7 127.7 137.8 117.0 132.3 104.0 131.2 106.7 140.3 144.6 128.9 116.6 127.2 Aug 123.7 120.7 127.9 138.1 117.5 133.6 103.3 132.1 106.6 141.0 145.0 128.9 116.7 127.1 Sept 123.7 120.3 127.9 138.2 118.0 135.2 103.6 132.2 107.1 141.3 146.1 128.7 116.6 127.1 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 1959—Jan 123.8 119.0 128.2 138.8 118.2 138.9 103.2 133.1 106.7 144.1 147.6 129.4 117.0 127.3 Feb 123.7 118.2 128.5 139.0 118.5 140.0 103.8 133.1 106.7 144.3 148.6 129.8 117.1 127.4 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 All Tex- Fuel, Ma- Furni- Non- Year or com- Farm Proc- tile Hides,power,Chem- Rub- Lum- Pulp, Metals chin- ture memonth modi- prod- essed prod- skins, and icals ber ber paper, and ery and tallic Misties ucts foods Total ucts and light- and and and and metal and other min- cellaand leather ing allied prod- wood allied prod- mo- house-erals— bottled neous ap- prod- ma- prod- ucts prod- prod- ucts tive hold strucparel ucts terials ucts ucts ucts prod- dura- tural ucts bles 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 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 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 1953 110. 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 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 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 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 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 1958 Feb 119.0 96.1 109.9 125 94. 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 94.0 99.5 112.4 110.7 144.6 115.5 130.5 149.8 149.2 123.5 135.3 128.0 94.3 119.3 97.7 111.5 125 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 M^y" .'.*;."; 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 93.2 111.3 126.1 100.5 113.7 110.0 144.4 118.6 131.0 150.8 149.5 123.0 135.2 128.0 95.6 Sept 119.1 93.1 111.1 126.2 100.2 114.1 109.9 145.2 120.4 131.7 151.3 149.4 123.0 136.7 128.0 192.5 Oct 119.0 92.3 110.0 126.4 101.4 113.0 110.2 146.1 120.8 131.9 152.2 149.9 123.0 136.7 128.8 91.2 Nov 119.2 92.1 109.5 126.8 102.3 112.6 110.2 146.6 120.0 131.9 153.0 151.2 122.7 136.7 128.7 93.2 Dec 119.2 90.6 108.8 127.2 93.3 103.6 112.9 110.0 146.3 119.8 131.3 153.0 151.5 122.8 136.9 128.6 100.9 1959 Jan 119.5 91.5 108.7 127.5 93.3 r104.1 113.9 110.2 r146.0 120.5 131.5 152.9 151.8 123.3 '137.2 128.6 100.8 Feb 119.5 91.1 107.6 127.7 93.7 105.4 114.8 109.9 146. 122.1 1 IJ 3 l 1 .J . i T 1J4 1 .7 53.4 1 J 1 1 . O 5 2 1 . Z 0 .J ! . J 1 i 2 1 3 J . / 4 . 1Z. 137.5 128.9 98.5 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 439 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1958 1959 1958 1959 Subgroup Subgroup Feb. Dec. Jan. Feb. Feb. Dec. Jan Feb. Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce 127.0 99.2 102.5 105.9 Grains 79.9 76.1 76.1 77.0 Paperboard 136.3 136.2 136.2 136.2 Livestock and poultry 91.1 87.6 90.3 88.4 Converted paper and paperboard... 127.2 127.8 127.7 127.6 Plant and animal fibers 102.8 99.6 99 A 99.1 Building paper and board 141.7 143.7 i43.9 144.2 Fluid milk 98.0 96.2 95.7 95.5 Eggs 74.2 77.7 72.5 69.3 Metals and Metal Products: Hay and seeds 79.0 75.0 76.4 78.0 Other farm products 142.2 136.4 134.5 134.8 Iron and steel 167.6 171.7 172.0 172.5 Nonferrous metals 127.8 133.2 133.2 134.0 Processed Foods: Metal containers 152.8 159.8 156.3 156.3 Hardware 168.6 172.6 172.8 172.9 Cereal and bakery products 118.1 117.4 117.5 117.7 Plumbing equipment 125.9 124.8 124.9 126.0 Meats, poultry, and fish 102.7 101.4 103.3 100.9 Heating equipment 121.3 121.8 121.8 122.0 Dairy products and ice cream 114.2 113.5 113.0 113.0 Fabricated structural metal products 134.7 133.9 134.0 134.0 Canned, frozen fruits, and vegetables 105.7 113.0 110.8 110.6 Fabricated nonstructural metal Sugar and confectionery 114.2 117.0 115.3 113.8 products 146.7 r145.0 145.3 145.8 Packaged beverage materials 173.3 157.9 154.0 149.7 Other processed foods 95.2 r96.8 96.2 97.2 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 138.3 142.7 142.9 143.0 Cotton products 89.3 88.6 88.7 89.6 Construction machinery and equip- Wool products 103.8 97.5 97.4 97.5 ment 165.6 170.3 170.9 171.3 Synthetic textiles 81.2 79.4 79.3 79.8 Metal working machinery 170.7 170.6 170.8 171.0 Silk products 117.5 105.1 104.7 109.3 General purpose machinery and Apparel 99.2 99.3 99.3 99.3 equipment 159.6 162.3 163.0 163.9 Other textile products 74.2 75.9 76.7 78.0 Miscellaneous machinery 148.8 148.4 148.6 149.0 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 151.3 152.4 152.6 152.6 Motor vehicles 139.1 143.1 143.1 143.1 Hides and skins 51.2 66.6 68.7 73.0 Leather 90.6 99.2 99.3 101.0 Furniture and Other Household Dura- Footwear 122.0 123.1 123.2 123.3 bles: Other leather products 98.5 98.2 r99.2 100.7 Household furniture 123.3 123.9 124.1 124.2 Fuel, Power, and Lighting Materials: Commercial furniture 154.2 155.0 155.0 155.0 Floor covering 130.1 126.5 126.5 126.6 Coal 126.2 123.7 125.3 126.2 Household appliances 105.3 103.8 105.0 105.0 Coke 161.9 161.9 163.1 170.4 Television, radios, phonographs 94.7 92.5 r93.2 93.2 Gas fuels (Jan. 1958= 100) 101.5 107.8 112.7 112.1 Other household durable goods 155.0 155.5 155.5 156.0 Electric power (Jan. 1958= 100) 100.1 100.7 100.7 100.8 Petroleum and products 118.9 117.2 118.2 119.5 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.7 135.2 135.2 135.2 Concrete ingredients 139.0 139.2 140.2 140.2 Industrial chemicals 123.6 123.7 124.0 123.7 Concrete products 127.8 128.4 128.6 128.9 Prepared paint 128.4 128.2 128.2 128.4 Structural clay products 155.5 158.8 159.3 159.6 Paint materials 104.7 102.8 102.5 101.4 Gypsum products 127.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics... 93.6 93.2 93.0 93.1 Prepared asphalt roofing 124.6 118.5 118.5 119.8 Fats and oils, inedible 62.9 61.5 '59.9 58.9 Other nonmetallic minerals 131.1 131.4 131.4 131.7 Mixed fertilizers 111.6 109.4 109.6 109.5 Fertilizer materials 110.4 105.3 107.6 107.5 Tobacco Manufactures and Bottled Other chemicals and products 106.9 106.2 106.7 106.5 Beverages: Rubber and products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.6 106.6 106.6 Crude rubber 131.2 137.8 138.9 139.4 Other tobacco products 144.3 139.7 139.7 148.3 Tires and tubes , 152.1 152.8 151.9 151.9 Alcoholic beverages 120.1 121.7 121.7 121.7 Other rubber products 143.3 143.5 143.4 143.6 Nonalcoholic beverages 149.3 148.9 148.9 148.9 Lumber and Wood Products: Miscellaneous: Lumber , 116.2 120.1 121.0 122.7 Toys, sporting goods, small arms 119.5 118.6 117.8 117.9 Millwork 127.6 130.5 130.2 130.2 Manufactured animal feeds 65.7 86.4 86.2 82.2 Plywood , 93.6 99.1 r99.7 102.8 Notions and accessories 97.5 97.5 97.5 97.5 Jewelry, watches, photo equipment.. 107.3 107.9 108.1 108.1 Pulp, Paper, and Allied Products: Other miscellaneous 131.7 132.4 132.6 132.4 Woodpulp , 121.2 121.2 121.2 121.2 Wastepaper 83.6 95.8 101.0 107.1 Paper 143.1 142.1 142.1 142.1 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Depar tment of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1957 1958 1929 1933 1941 1950 1954 1955 1956 1957 1958 Gross national product 104.4 56.0 125.8 284.6 363.1 397.5 419.2 440.3 437.7 438.9 427.1 430.4 439.8 453.0 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 28.8 32.0 34.7 37.7 39.6 38.5 38.9 39.3 39.7 40.4 Indirect business tax and nontax liability 7.0 7. 11.3 23.7 30.2 32.9 35.6 37.6 38.6 37.7 38.0 38.3 38.6 39.4 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 1.3 1 1 . . 5 0 - 1 .9 .5 1. . 6 7 1.6 1. . 6 7 1.6 1.6 1.6 1.6 Plus: Subsidies less current surplus of gov- -.7 .9 -1.2 -1.5 -1.2 -3.0 ernment enterprises -.1 .0 .1 .0 1.0 1.3 1.2 1.6 .2 -.2 1.5 1.6 1.5 1.5 Equals: National income 87.8 40.2 104.7 330.2 349.4 364.0 361.5 241.9 301.8 360.5 351.7 353.9 364.3 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 33.7 43.1 42.9 41.9 36.2 38.8 31.3 32.5 38.0 Contributions for social insurance .2 .3 2.8 6.9 9.7 11.0 12.3 14.2 14.4 14.2 14.2 14.2 14.7 14.6 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .8 .8 -1.5 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 15.0 16.0 17.1 19.9 24.3 21.3 22.5 24.6 25.2 24.9 Net interest paid by government 1.0 1.2 1.3 4.8 5.4 5.4 5.7 6.2 6.2 6.2 6.3 6.2 6.2 6.2 Dividends 5.8 2.1 4.5 9.2 9.8 11.2 12.0 12.4 12.3 12.0 12.5 12.4 12.5 11.8 Business transfer payments .6 .7 .5 1.3 1.5 1.5 1.6 1.6 1.6 1.6 1.6 1.6 1.6 Equals: Personal income 85.8 47.2 96.3 228.5 289.8 310.2 330.5 347.9 354.4 349.7 348.3 351.3 358.6 359.5 Less: Personal tax and related payments 2.6 7.5 3.3 20.8 32.9 35.7 40.1 42.7 42.8 43.0 42.3 42.3 43.5 43.7 Federal 1.3 .5 2.0 18.2 29.2 31.5 35.2 37.4 37.0 37.5 36.6 36.5 37.6 37.8 1.4 1.0 1.3 2.6 3.8 4.2 4.8 5.4 5.8 5.5 5.8 5.9 5.9 State and local 5.7 83.1 45.7 93.0 207.7 256.9 274.4 290.5 305.1 311.6 306.8 309.0 315.1 315.8 Equals: Disposable personal income 306.1 79.0 46.4 81.9 195.0 238.0 256.9 269.4 284.4 290.6 287.2 288.3 291.5 295.9 Less: Personal consumption expenditures.... 286.2 4.2 -.6 11.1 12.6 18.9 17.5 21.1 20.7 21.0 19.6 20.7 23.6 19.9 Equals: Personal saving 19.9 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1957 1958 1929 1933 1941 1950 1954 1955 1956 1957 1958 National income 87.8 40.2 104.7 241.9 301.8 330.2 349.4 364.0 360.5 361.5 351.7 353.9 364.3 Compensation of employees 51.1 29.5 64.8 154.2 207.6 223.9 241.8 254.6 253.8 254.8 250.9 250.7 255.3 258.4 Wages and salariesl 50.4 29.0 62.1 146.4 196.3 210.9 227.3 238.1 237.1 238.0 234.4 234.2 238.4 241.3 Private 45.5 23.9 51.9 124.1 161.9 174.9 189.3 198.0 194.3 197.4 192.7 191.8 195.0 197.6 Military .3 .3 1.9 5.0 10.0 9.8 9.7 9.6 9.8 9.5 9.4 9.6 10.0 10.0 Government civilian 4.6 4.9 8.3 17.3 24.4 26.2 28.4 30.5 33.1 31. 32.3 32.8 33.4 33.7 Supplements to wages and salaries. .7 .5 2.7 7.8 11.3 13.0 14.5 16.5 16.7 16.8 16.5 16.4 16.9 17.1 Proprietors' and rental income2. 20.2 7.6 20.9 46.6 51.3 52.8 53.3 54.8 57.4 55.0 56.4 57.7 57.7 57.9 Business and professional 8.8 3.2 10.9 23.5 27.8 30.4 30.8 31.4 31.0 31.3 30.6 30.7 31.1 31.8 Farm 6.0 2.4 6.5 14.0 12.7 11.8 11.6 11.6 14.2 11.5 13.7 14.9 14.4 13.7 Rental income of persons 5.4 2.0 3.5 9.0 10.9 10.7 10.9 11.8 12.2 12.2 12.1 12. 12.2 12.3 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 33.7 43.1 42.9 41.9 36.2 38.8 31.3 32.5 38.0 Corporate profits before tax 9.6 .2 77.0 40.6 34.1 44.9 45.5 43.4 36.4 39.9 31.7 32.0 37.9 Corporate profits tax liability , 1.4 .5 7.6 17.9 17.2 21.8 22.4 21.6 18.6 19.9 16.1 16.3 19.3 Corporate profits after tax 8.3 -.4 9.4 22.8 16.8 23.0 23.1 21.8 17.9 20.0 15.5 15.7 18.6 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.3 -1.7 -2.6 -1.5 -.2 -1.1 -.3 .5 .2 Net interest 6.4 5.0 4.5 5.5 9.1 10.4 11.3 12.6 13.2 12.9 13.0 13.1 13.2 13.3 1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 441 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters 1957 1958 1929 1933 1941 1950 1954 1955 1956 1957 1958 Gross national product 104.4 56.0 125.8 284.6 363.1 397.5 419.2 440.3 437.7 438.9 427.1 430.4 439.8 453.0 Personal consumption expenditures 79.0 46.4 81.9 195.0 238.0 256.9 269.4 284.4 290.6 287.2 286.2 288.3 291.5 295.9 Durable goods 9.2 3.5 9.7 30.4 32.4 39.6 38.4 39.9 36.8 39.6 36.4 35.6 36.1 38.9 Nondurable goods 37.7 22.3 43.2 99.8 119.3 124.8 131.4 138.0 141.9 138.8 139.8 141.4 142.9 143.3 Services 32.1 20.7 29.0 64.9 86.3 92.5 99.6 106.5 111.9 108.7 110.1 111.3 112.5 113.6 Gross private domestic investment 16.2 1.4 18.1 50.0 48.9 63.8 68.2 65.3 54.4 61.5 50.9 50.7 54.5 61.6 New constructionl 8.7 1.4 6.6 24.2 29.7 34.9 35.7 36.5 36.5 57.7 36.3 34.9 36.3 38.6 Residential, nonfarm 3.6 .5 3.5 14.1 15.4 18.7 17.7 17.0 17.8 17.6 17.1 16.2 17.9 20.1 Other 5.1 1.0 3.1 10.1 14.3 16.2 18.1 19.5 18.7 19.6 19.2 18.7 18.4 18.5 Producers' durable equipment 5.9 1.6 6.9 18.9 20.8 23.1 27.0 27.9 22.6 26.7 22.9 22.3 22.3 23.0 Change in business inventories 1.7 -1.6 4.5 6.8 -1.6 5.8 5.4 1.0 -4.7 -2.3 -8.2 -6.5 -4.2 .0 Nonfarm only -1.4 4.0 6.0 2 5.5 5.9 .2 -5.8 -3.1 -9.3 -7.8 -5.4 -.9 Net exports of goods and services2 3.8 3.2 31.1 .6 1.0 1.1 2.8 4.9 1.4 3.3 1.7 1.7 1.7 .4 Exports 7.0 2.4 6.0 13.1 17.5 19.4 23.0 26.0 22.3 24.9 21.9 22.4 22.8 22.1 Imports 6.3 2.3 4.8 12.5 16.5 18.3 20.2 21.0 20.9 21.6 20.2 20.8 21.2 21.7 Government purchases of goods and services 8.5 8.0 24.8 39.0 75.3 76.5 78.8 85.7 91 86.9 88.3 89.7 92.0 95.2 Feder N al ational defense4 1.3 2 2 . . 0 0 ' 1 1 6 3 . . 9 8 1 1 9 4 . . 3 3 4 4 7 1 . . 5 2 4 3 5 9 . . 3 1 4 4 5 0 . . 7 3 4 4 9 4 . . 4 3 5 4 1 4 . . 7 4 4 4 3 9. . 1 9 4 4 9 3 . . 7 7 5 4 0 4 . . 7 1 5 4 2 4 . . 2 5 5 4 4 5 . . 2 3 Other 1.3 5.2 6.7 6.6 5.7 5.5 7.6 5.7 6.3 6.9 8.0 9.3 Less: Government sales5 .0 .0 .1 .3 .4 .3 .4 .3 .5 .3 .3 .3 2 State and local 7.2 .60 7.8 19.7 27.7 30.3 33.1 36.3 39.6 37. 38.6 39.1 39.9 41.0 1 Includes expenditures for crude petroleum and natural gas drilling. 4 This category corresponds closely to the major national security 2 Series revised on basis of definitional changes in two components of classification in the Budget of the United States Government for the fiscal the gross national product estimates; for explanation see United States In- year ending June 30, 1960. come and Output (a supplement to the Survey of Current Business for 5 Consists of sales abroad and domestic sales of surplus consumption 1959) and the December 1958 issue of the Survey of Current Business. goods and materials. 3 Net exports of goods and services and net foreign investments have been equated, since foreign net transfers by government were negligible during the period 1929-45. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Divi- Less Pro- dends persona Year or month1 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 in u i tr s t d i i t e u v ri s s e b - - S in e tr d r i v e u i s s c - e G m er o e n n v - t - in O l c a o t b h m o e r r e2 p in r r c i e a e o n n t m t o d a r e l s 3 ' i i n n s p c a o te e o n n r r m d a e - l s e t m T p f r e e a a n r y n t - - s s - 4 b c i a s u o n o n f t s n o c i c u o t i r e r a r n i 5 - l - s i a n g N t c u r o o i r m c a n u l - e l - 6 1929 85.8 50.4 21.5 15.6 8 4 4.9 .6 20.2 13.2 1.5 77 7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8 1 10.2 .7 20.9 10.3 3.1 .8 88.0 1953 288.3 198.1 88.1 51.8 24.3 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 6.7 336.5 1958 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 M^ay 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 6.8 343.2 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 363.0 245.4 102.1 64 8 34 5 44 0 9.4 58.1 32.1 25.8 7.7 345.8 Feb 365.4 246.9 102.7 65.3 34.7 44.2 9.5 58.3 32.3 26.1 7.7 348.2 Mar r 368.6 249.6 104.6 65.8 34.9 44.3 9.5 58.6 32.6 26.1 7.8 351.2 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

442 BANKS AND BRANCHES NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1958 All banks, by class of bank All b (e a x n c k e s p m t b a a in n t k a i i n n g in f g a c b il r i a t n ie c s h ), e s b y o r c l a a d s d s i o ti f o n b a a l n k o f i fices Commercial banks Commercial banks Mutual sav- Mutual sav- State Member Nonmember ings banks Member Nonmember ings banks Total banks banks Total banks banks Total Total ti N on a- al m S b t e a e m r te - su In re - d s N u i o n re n - d - su In re - d s N u i o n re n - d - ti N on a- al m S b t e a e m r te - su In re - d s N u i o n re n - d - su In re - d s N u i o n re n - d - United States2 14,02013,501 4,578 31,734 6,793 399 3241 278 2,187 2,010 739 352 899 20 107 70 Alabama 239 239 69 24 146 18 18 14 2 Arizona 8 8 3 1 3 5 5 2 1 Arkansas 237 237 55 20 157 27 27 5 20 California 124 124 46 25 48 55 55 17 21 Colorado 181 181 77 17 63 1 1 1 Connecticut 151 80 30 11 29 65 52 33 11 16 Delaware 29 27 7 2 17 9 8 4 District of Columbia 13 13 5 4 4 12 12 3 Florida 280 280 103 12 160 Georgia 410 410 52 13 291 19 19 Idaho 28 28 9 8 11 Illinois 946 946 395 129 416 Indiana 463 459 123 3110 220 99 99 53 Iowa 670 670 97 71 460 121 121 115 Kansas 593 593 169 43 345 11 11 4 Kentucky 360 360 20 241 56 56 29 Louisiana 186 186 41 11 133 62 62 34 Maine 87 55 29 6 14 10 31 29 10 Maryland 149 142 53 12 76 1 57 52 25 Massachusetts 356 170 107 23 35 178 137 78 19 54 Michigan 393 393 75 150 166 111 111 49 Minnesota 687 686 179 30 467 2 2 Mississippi 194 194 27 8 156 62 62 "47 Missouri 613 613 75 98 423 2 2 Montana 115 115 41 44 29 Nebraska 423 423 123 17 244 1 Nevada 6 6 3 2 1 5 5 New Hampshire 109 75 51 1 14 22 3 2 New Jersey 283 262 167 55 37 124 115 New Mexico 53 53 27 18 21 21 New York 561 433 258 118 46 128 222 154 68 North Carolina 203 203 43 4 155 91 91 North Dakota 155 155 38 2 112 19 19 Ohio 609 606 228 157 220 164 162 Oklahoma 387 387 197 27 156 10 10 Oregon 56 55 11 6 36 17 17 2 Pennsylvania 750 743 485 78 167 179 175 107 Rhode Island 17 9 4 1 2 11 7 3 South Carolina 144 144 25 6 106 35 35 14 South Dakota 172 172 34 26 112 28 28 4 Tennessee 298 298 75 208 63 63 24 Texas 971 971 458 117 371 3 3 Utah 49 49 7 13 24 13 13 Vermont 64 58 32 1 24 12 11 Virginia 312 312 131 71 110 95 95 Washington 93 89 25 10 52 22 20 West Virginia 183 183 77 35 68 Wisconsin 556 552 97 3 65 387 91 91 Wyoming 52 52 25 14 13 Alaska2 1 1 Virgin Islands2 1 1 Banking facilities are shown separately; see note 4. the Treasury Department; they are operated by 179 banks, 80 of which 2 Excludes banks in United States territories and possessions except have no other type of branch or additional office. one national bank in Alaska, with no branches, that became a member 5 Each bank is reported once only—according to the widest area in of the Federal Reserve System on Apr. 15, 1954 and one national bank in which it operates branches or additional offices. the Virgin Islands, with one branch, that became a member of the Federal 6 Includes one national bank in the Virgin Islands, with one branch, Reserve System on May 31, 1957. that became a member of the Federal Reserve System on May 31, 1957. 3 Figures for member (commercial) banks and those for mutual savings NOTE.—Each branch and additional office is located in the same State (noncommercial) banks both include one mutual savings bank in Indiana as its parent bank except that one national bank in New Jersey has a and two in Wisconsin. The all-bank total includes such banks only branch in Pennsylvania, one national bank in California has two branches once, and the total for commercial banks excludes them. State member in Washington and one in Oregon, and one noninsured (unincorporated) bank figures also include one noninsured trust company without deposits, bank in New York has one branch in Massachusetts and one in Pennwh 4 i c B h a i n s k n in o g t i f n ac c i l l u it d i e e d s ( w o i t t h h e r n o th n a in n s u b r r e a d n c n h o e n s) m t e h m at b a er r e b p a r n o k v s i . ded at military l s o y c lv a a ti n o i n a , . ra I t n h e t r h e th t a a n b l t e h a th t e o s f e t b h r e a n p c a h re e n s t a b re a n s k h . own according to their own and other Government establishments through arrangements made by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES 443 NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1958—Continued All branches and additional offices (except banking facilites), by class of bank ! All branches and additional offices (except banking facilities), by location1 Bank- Commercial banks ing, Mutual facili- State savings Outside head office city ties at Total M b e a m nk b s er Non b m an e k m s ber banks In e G s o ta v b t - . Total o h f e fi a c d e In head In con- I c n o n n t o ig n - - m l e is n h t - s4 Na- State In- Non- In- Non- city office tiguous uous tional member sured insured sured insured county counties counties United States 9,038 8,613 4,341 2,360 1,873 39 305 120 3,724 2,708 1,213 1,393 248 Alabama 56 56 50 3 3 29 15 4 8 6 Arizona 137 137 104 7 21 5 28 38 43 28 6 34 34 8 3 23 2 27 4 1 California 1,427 1,427 1 074 205 144 4 269 157 247 754 39 Colorado 1 1 1 5 Connecticut 201 159 76 49 34 3 39 68 97 33 3 1 Delaware 45 43 1 18 22 2 1 12 20 13 1 District of Columbia.. 55 55 28 16 11 55 5 Florida 13 Georgia 68 68 41 17 10 52 1 6 9 8 Idaho 80 80 66 8 6 5 6 13 56 Illinois 4 Indiana 244 244 124 37 83 129 114 i 4 Iowa 163 163 5 156 2 120 43 Kansas 11 11 7 4 11 3 Kentucky 113 113 53 23 37 68 42 3 3 152 152 83 17 52 93 50 6 3 4 M^aine 119 116 35 41 29 1 \ 3 25 50 39 5 4 228 195 57 62 74 2 33 106 51 56 15 13 Massachusetts . 418 320 167 103 49 17 81 237 172 8 1 3 491 491 174 233 83 271 150 60 10 2 Minnesota 6 6 6 6 Mississippi 121 121 17 13 91 38 53 24 6 3 2 2 2 2 2 Montana 1 Nebraska 1 1 1 1 1 Nevada 31 31 19 8 4 7 4 6 14 2 New Hampshire 3 2 1 1 1 3 1 New Jersey 380 360 207 119 34 20 162 218 7 New Mexico 38 38 19 19 23 11 3 5 New York 1,358 1,220 385 765 66 4 138 862 344 114 38 14 North Carolina 407 407 86 60 258 3 112 70 106 119 5 North Dakota 27 27 1 1 25 16 11 Ohio 562 548 264 218 66 14 307 246 9 3 Oklahoma 10 10 8 2 10 5 Oregon 165 165 143 4 18 29 17 19 100 Pennsylvania 707 663 377 198 85 3 44 280 259 167 1 8 Rhode Island .. •. 105 83 47 17 18 1 22 33 40 16 16 2 South Carolina 122 122 87 35 34 23 13 52 6 South Dakota 53 53 23 30 23 19 11 Tennessee 177 177 102 17 58 105 57 7 8 6 Texas 3 3 3 3 20 Utah 63 63 37 17 9 11 15 6 31 5 Vermont 30 29 16 3 10 i 2 13 12 3 1 217 217 106 44 67 142 39 27 9 17 ^Vashington 254 247 224 16 7 7 75 43 46 90 6 West Virginia Wisconsin .... 152 152 16 8 128 19 107 26 Wyoming 1 Virgin Islands 1 1 1 1 Nonmember Mutual Member banks commercial banks savings banks Distribution by location of branches with respect to head office Total Non- Non- National St£ite Insured insured Insured insured Banks with branches oradditionaloffices (except banking facilities) 5 6 .. 2,187 739 352 899 20 107 70 In head office city. 657 258 120 161 5 85 28 Outside head officecity but not beyond head office count} 1,121 368 164 536 8 10 35 Outside head officecounty but not beyond cont guous coiinties 315 70 45 177 4 12 7 In counties not coritiguous to head office count) 94 43 23 25 3 Branches and additiona offices (except banking facilities) 9,038 4,341 2,360 1,873 39 305 120 In head office city. 3,724 1,605 1,331 461 15 255 57 Outside head officecity: In head officecounty. . 2,708 1,150 594 873 12 24 55 In contiguouscounties, 1,213 519 288 364 8 26 8 In noncontiguous count 1,393 1,067 147 175 4 Bankins facilities at military and ather Gov(?rnment establishmetits4 248 193 30 25 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 446 Net gold purchases and gold stock of the United States. 454 Estimated foreign gold reserves and dollar holdings. 455 Reported gold reserves of central banks and governments. 456 Gold production. 457 International Bank and Monetary Fund. 458 United States balance of payments 459 Money rates in foreign countries. 459 Foreign exchange rates 461 Index to statistical tables 468 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. 445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date G T r o a t n a d l t t i e i n I o r s n n n t - a i a - l - Foreign countries m R G F a e e e n d p r y - . . , Italy U K d n i o i n m t g ed - E O u t r h o e p r e E T u o r t o a p l e Canada Am La er ti i n ca Asia O A th ll er tutions 2 Total Official of 1954—Dec. 31 12,919 1,770 11,149 6,770 ,373 579 640 3,030 5,621 1,536 1,906 1,821 265 1955—Dec. 31 13,601 1,881 11,720 6,953 ,454 785 550 3,357 6,147 1,032 2,000 2,181 360 1956—Dec. 31 14,939 1,452 13,487 8,045 ,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 ,557 1,079 ,275 3,231 7,142 1,623 2,575 1,946 355 1958_Feb. 28 15,310 1,471 13,840 8,120 ,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 ,511 1,066 ,260 3,501 7,338 1,626 2,474 2,002 365 Apr. 30 15,059 1,373 13,685 7,953 ,551 1,129 1,021 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 ,468 1,071 1,060 3,358 6,957 2,001 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 2,052 2,385 2,107 266 Sept. 30 15,642 1,483 14,160 8,403 1,733 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 16,052 1,485 14,567 8,638 1,755 1,132 977 3,792 7,656 2,071 2,407 2,148 285 Dec. 31 16,164 1,544 14,620 8,663 1,755 1,122 875 3,961 7,712 2,011 2,401 2,216 279 1959_jan. 31? 16,238 1,538 14,701 8,524 1,693 1,156 1,080 3,787 7,715 2,074 2,384 2,246 282 Feb. 28^ 16,606 1,541 15,065 8,746 1,697 1,166 1,133 3,922 7,919 2,121 2,383 2,347 295 Table la. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a en rk - l F a i n n d - France Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l w a e n r it - d z- T k u e r y - Y sl u av g i o a - ot A he ll r 4 1954_Dec. 31 3,030 273 100 71 41 715 113 249 103 91 71 141 672 8 9 371 1955—Dec. 31 3,357 261 108 60 49 1,081 176 164 82 132 104 153 757 9 13 209 1956—Dec. 31 3,089 296 117 65 53 626 111 134 67 137 43 217 836 20 17 282 1957—Dec. 31 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 11 349 1958—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 3,792 413 107 156 64 492 121 328 113 165 36 281 786 16 9 704 Dec. 31 3,961 411 115 169 69 532 126 339 130 163 36 303 853 20 9 685 1959_jan. 31P 3,787 408 109 142 74 517 129 356 113 148 31 280 789 18 8 665 Feb. 28^ 3,922 410 105 129 76 636 132 345 115 157 32 280 796 20 6 682 Table lb. Latin America Neth- Date A L m i a c t a e i r n - 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 i D R c u a i o e b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l I W a a n e n n d r e d d - s ie s t s a p P R m u a e b n a - - - , Peru U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r lic Suri- lic of nam 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—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 2,407 141 21 132 73 176 280 42 23 43 413 81 145 73 83 542 139 Dec. 31 2,401 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 131 1959—Jan. 31* 2,384 149 23 164 96 178 281 40 31 40 393 72 147 72 92 464 144 Feb. 28* 2,383 188 20 166 85 199 267 38 33 43 389 76 156 72 89 410 152 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 447 Table 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Ko- Date Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R l u e i e b a c - - , P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total A tra u l s i - a C g B o i e n a l n g - o Egypts A U S f n o o r i u i f o c t a n h Other of 1954_Dec. 31 1,821 61 87 100 31 41 721 96 257 34 123 270 265 48 44 47 33 94 1955—Dec. 31 2,181 55 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956—Dec. 31 2,415 66 76 186 20 45 1,017 99 272 61 148 425 346 84 44 50 53 114 1957—Dec. 31 1,946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 40 38 153 1958—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 52 925 133 158 99 133 367 285 76 31 20 30 127 Dec. 31 2,216 63 77 108 43 56 939 145 181 99 134 371 279 79 30 16 30 125 1959—Jan. 31 P.... 2,246 62 78 108 53 54 962 144 161 98 135 391 282 83 31 17 31 121 Feb. 28P.... 2,347 58 86 112 51 60 1,021 147 173 96 139 403 295 81 31 17 37 129 Table Id. Supplementary Areas and Countries6 End of year End of year Area or country Area or country 1955 1956 1957 1958 1955 1956 1957 1958 Other Europe: Other Asia (Cont.): Albania .4 .3 .1 n.a. Burma. 19.1 7.0 6.7 n.a. British dependencies .4 .4 .3 .4 Cambodia 13.1 17.2 20.0 24.9 Bulgaria .7 .2 .6 .3 Ceylon 32.9 41.2 34.2 n.a. Czechoslovakia 7 .7 .5 .7 .6 China Mainland7 36.2 35.5 36.3 36.0 Eastern Germany 1.3 1.2 3.1 1.4 Iraq 14.7 16.9 19.6 18.0 Estonia 1. 1.9 1.7 1.7 Jordan. 1.2 2.0 1.6 2.8 Hungary 1.0 .7 .9 Kuwait 3.5 5.3 5.9 10.3 Iceland 4.8 3.1 2.9 3.5 Laos 23.1 37.3 33.1 n.a. Ireland, Republic of 13.7 9.1 9.0 n.a. Lebanon 18.0 22.3 28.2 37.9 Latvia 1.0 .6 .5 .6 Malaya, Fed. of 1.6 1.4 1.6 n.a. Lithuania .3 .4 .5 .7 Pakistan 5.7 20.2 12.8 5.6 Luxembourg 3.1 13.2 16.4 16.1 Portuguese dependencies. 2.0 2.7 3.1 3.1 Monaco 5.6 4.3 5.4 5.9 Ryukyu Islands 34.0 30.6 32.7 15.2 Poland? 2.5 3.3 3.2 4.9 Saudi Arabia 79.5 97.4 94.8 60.2 Rumania7 8.1 .9 Syria 5 13.1 17.1 3.5 4.7 Trieste 1.4 1.4 1.2 .5 Viet-Nam 62.3 50.1 58.5 48.8 U. S. S. R.7 .7 .7 2.2 All other: Other Latin America: British dependencies 3.8 2.3 1.8 British dependencies 16.6 24.1 24.0 40.9 Ethiopia and Eritrea 24.2 35.1 27.8 Costa Rica 17.6 14.6 16.4 24.5 French dependencies 10.5 10.7 6.5 Ecuador 14.9 18.0 22.7 17.4 Liberia 23.7 23.0 13.0 French West Indies and French Guiana. .6 1.0 .8 .5 Libya 3.7 10.7 6.4 Haiti 12.1 8.9 11.2 7.7 Morocco: Honduras 9.7 10.2 12.6 6.3 Morocco (excl. Tangier) 13.6 32.2 25.4 Nicaragua 12.8 11.8 12.7 11.3 Tangier 22.4 19.2 18.1 Paraguay 3.6 4.0 5.1 3.4 New Zealand 2.2 1.9 6.9 Portuguese dependencies 2.8 4.4 4.0 Other Asia: Somalia .9 1.3 n.a. Afghanistan 4.1 5.3 4.7 n.a. Spanish dependencies .3 .7 .4 Bahrein Islands .5 1.7 .9 .9 Sudan .4 1.7 5.2 British dependencies. 7.4 8.0 4.3 Tunisia .5 .3 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 Feb. 28, 1959. 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 Banks for International Settlements. firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Payable in Date, or area Total foreign and country 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 1,543 184 56 40 1956 Dec. 31 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957 Dec. 31 15,158 12,847 5,875 5,840 1,132 2,252 1,766 278 209 59 1958 Feb. 28 15,310 13,066 6,331 5,472 1,263 2,196 1,736 249 211 49 Mar. 31 15,182 12,907 6,641 5,056 1,210 2,204 1,800 213 190 71 Apr 30 15,059 12,776 6,792 4,820 1,164 2,196 1,812 217 167 87 May 31 15,214 12,963 6,905 4,935 1,123 2,164 1,824 184 156 87 June 30 15,270 12,959 7,092 4,731 1,135 2,235 1,919 184 132 77 July 31 15,386 13,127 7,110 4,905 1,112 2,190 1,932 135 122 69 Aug 31 15,681 13,389 7,092 5,209 1,088 2,219 1,889 210 120 72 Sept 30 15,642 13,305 6,705 5,505 1,095 2,258 1,893 230 136 79 Oct. 31 15,946 13,576 6,711 5,767 1,097 2,293 1,897 242 154 77 Nov 30 16,052 13,627 6,736 5,769 1,122 2,359 1,929 258 172 66 Dec 31 16,164 13,664 6,774 5,817 1,073 2,441 1,961 306 174 59 1959 Jan 31p 16,238 13,733 6,806 5,842 1,085 2,453 1,960 304 189 52 Feb 28*> 16,606 14,076 6,797 6,184 1,095 2,468 1.943 344 181 62 Area and country detail, December 31, 1958 Europe: 411 409 392 16 3 3 C1) 115 66 52 2 13 48 40 3 6 0) 169 155 86 55 15 13 12 1 1 0) Pin land 69 68 48 16 4 1 France 532 472 222 225 25 59 53 4 3 1 Germany, Fed. Rep. of.... 1,755 1,734 327 1,222 185 19 15 3 1 2 Greece 126 115 81 35 (i) 11 11 (i) Italy 1,122 1,088 126 672 290 33 25 8 1 (i) Netherlands 339 315 141 158 16 23 19 3 1 1 130 86 67 18 1 44 42 2 0) 0) Portugal 163 124 115 9 39 38 (1) (1) 36 18 18 1 18 17 (i) (1) (1) Sweden 303 292 77 186 30 11 10 Switzerland 853 706 422 124 160 144 98 17 29 3 Turkey 20 18 17 1 2 2 0) United Kingdom 875 513 237 260 17 334 128 164 42 27 Yugoslavia 9 9 7 2 0) 0) Other Europe 685 660 172 357 131 1 2 0) 22 Total Europe 7,712 6,850 2,607 3,329 915 828 535 206 86 35 2,011 1,667 1,094 567 6 332 228 73 31 13 Latin America: Argentina 150 92 91 1 58 58 0) 0) 0) Bolivia • 22 7 7 0) 15 15 0) 138 42 39 (V)' ' 4 96 91 1 4 Chile 100 39 39 0) 61 60 0) 0) 0) Cuba 2 1 8 6 6 9 1 14 0 4 2 1 1 0 01 1 40 4 1 6 42 7 1 6 37 6 1 5 (1) Dominican Republic 40 18 17 0) 22 22 0) El Salvador 26 11 9 15 15 (!) Guatemala 42 24 16 3 5 18 18 (1) Nfexico 418 276 251 24 2 141 132 8 2 0) Neth. W. Indies and Suri- 79 45 26 9 9 35 15 6 13 Panama, Rep. of 146 29 29 0) 0) 117 92 4 21 Peru 77 32 32 (l) 45 41 1 3 (1) Uruguay 82 43 42 0) 39 36 0) 3 0) Venezuela 494 332 332 0) 162 160 0) Other Latin America 131 57 41 8" 69 67 1 5 Total Latin America. 2,401 1,292 1,172 84 36 1,104 1,025 25 54 6 Preliminary. i Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 449 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 re b i l g e n country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n ry d Other Total Deposits T bi r l e ls a s a u n r d y Other certificates certificates Area and country detail, December 31, 1958—Continued Asia: Hong Kong 63 36 33 3 27 27 0) 0) India 77 61 58 2 16 16 Indonesia 108 106 59 46 1 2 2 Iran 43 39 39 4 4 Israel . .... 56 53 32 9 12 3 3 C1) Japan . 939 923 585 302 35 17 16 0) C1) 0) Korea, Rep. of 145 143 142 1 i 2 Philippines 181 159 137 12 10 21 21 0) 0) C1) T T a h i a w il a a n n d .. 1 9 3 9 4 1 9 3 2 0 9 5 2 2 0 70 ) 0) 4 6 4 6 C1) Other Asia 371 330 262 46 282 40 39 0) 0) 1 Total Asia 2,216 2,072 1,491 486 95 142 141 1 1 J All other: Australia 79 73 33 38 3 4 3 0) 0) 2 Belgian Congo 30 29 13 10 6 1 1 0) Egypt2 16 15 15 1 1 C1) 0) Union of South Africa 30 27 23 4 0) 2 2 Other 125 95 83 0) 12 29 27 0) 0) 1 Total other countries.. 279 239 167 52 21 35 33 2 4 International 1,544 1,544 244 1,300 0) 0) Grand total . 16,164 13,664 6,774 5,817 1,073 2,441 1,961 306 174 59 i Less than $500,000. 2 Part of the United Arab Republic since February 1958. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding, in millions of dollars] Date Total France R m G F e a e p e n d . r y - . o , f Italy S l w a e n r i - t d z- U K d n i o n i 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 56 34 98 211 654 154 956 386 50 1958 Feb 28 2,222 98 126 51 30 97 227 628 154 990 406 44 Mar. 31 2,275 104 130 50 27 86 258 655 186 1,006 383 44 Apr 30 2,410 92 134 45 30 84 274 660 220 1,023 460 48 May 31 2,480 93 140 41 27 84 111 663 229 1,051 465 71 June 30 2,448 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 J 049 462 78 Sept 30 2.542 90 109 39 36 127 315 716 256 1,041 450 79 Oct 31 2.577 93 103 36 38 115 316 700 276 I 078 442 81 Nov 30 2,487 96 88 35 35 120 301 675 232 [,064 438 79 Dec 30 2,542 102 77 36 42 124 315 696 243 1,099 435 69 1959 Jan 31P 2,423 102 68 31 38 107 287 634 241 1.073 396 79 Feb 28p 2,379 100 68 29 35 102 288 622 218 055 422 63 P Preliminary. foreigners; drafts drawn against foreigners that are being collected by 1 Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year: loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 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 ia s- g B iu el m - m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u a g vi o a - o A th l e l r 1954 Dec 31 109 (2) 20 10 3 3 16 2 (2) 4 4 41 1 5 1955 Dec 31 158 2 16 13 3 4 11 9 5 7 78 2 7 IQ^fi Dec 31 216 7 28 12 4 4 21 23 2 8 13 88 (2) 7 1957 Dec 31 211 6 25 11 4 6 29 23 2 8 10 76 (2) 10 19*>R Feb 28 227 9 27 9 3 6 32 25 2 23 11 71 1 8 Mar 31 258 9 25 8 6 7 39 27 2 36 13 75 (2) 11 Apr 30 274 8 25 6 5 7 42 29 2 42 17 81 10 May 31 .... 277 5 27 7 5 7 46 24 2 46 18 81 1 9 June 30 263 8 16 8 4 7 41 26 2 44 16 78 9 July 31 267 8 18 7 4 8 44 25 2 44 16 79 1 11 Aug 31 • • 312 9 67 6 3 8 43 25 2 57 14 67 1 9 Sept 30 315 9 63 8 3 8 44 22 2 59 13 72 (2) 10 Oct 31 316 9 64 7 4 10 49 20 2 55 13 72 1 11 Nov 30 301 8 68 10 5 8 53 21 2 31 15 69 (2) 9 Dec 31 315 7 65 14 6 7 56 22 2 30 24 72 9 1959 Jan 31p 287 6 64 15 6 6 51 20 2 26 16 64 I 10 Feb 28*> 288 5 64 16 6 5 59 18 2 25 16 60 1 9 Table 3b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a P p i R c m u a e n b o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e n r r nam 1954—Dec. 31 728 6 3 273 14 107 71 3 10 4 116 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—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 1,064 34 3 138 47 51 155 19 11 10 294 6 23 31 54 139 49 Dec. 31 1,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959—Jan. 31* 1,073 38 4 176 51 49 151 20 6 12 271 4 21 28 50 140 52 Feb. 28^ 1,055 39 3 176 48 48 150 23 6 11 260 3 24 30 43 139 53 Table 3c. Asia and All Other Asia All other Date Total H K o o n n g g India Iran Israel Japan ip P p h i i n l e - s Tai- T la h n a d i- Other Total t A ra u l s ia - C g B o i e n a l n g - o U S n o o i u f o t n h Other Africa 1954_Dec. 31 143 16 11 50 7 39 37 14 10 1955_Dec. 31 233 18 10 103 19 60 43 11 17 1956—Dec. 31 337 20 16 170 16 9 91 43 11 17 1957—Dec. 31 386 22 24 146 53 14 110 50 13 12 19 1958—Feb. 28 406 26 21 148 58 13 122 44 13 7 16 Mar. 31 383 28 21 139 53 12 108 44 13 12 12 Apr. 30 460 40 19 214 42 12 112 48 13 14 14 May 31 465 29 19 224 45 16 114 71 13 36 14 June 30 450 29 18 229 32 17 106 77 14 38 17 July 31 463 31 18 224 38 16 119 76 12 39 16 Aug. 31 462 29 19 222 39 14 122 78 12 41 17 Sept. 30 450 27 21 209 41 14 121 79 13 41 17 Oct. 31 442 29 22 196 39 14 123 81 14 37 23 Nov. 30 438 27 27 186 41 16 120 79 13 29 29 Dec. 31 435 27 23 179 67 13 111 69 13 23 27 1959—Jan. 31^ 396 29 25 168 38 14 105 79 12 24 38 Feb. 28*> 422 28 22 175 42 13 124 63 12 24 22 P Preliminary. 2 Less than $500,000. 1 See note 1 on preceding page. 3 Part of the United Arab Republic since February 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 451 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 a a n t d e , c o o r u n a t r r e y a t t e o rm tal — i Total Loans to: C t o io ll n e s c- Deposits Total Banks and out- Other Total with Other i o n f s fi t c it i u al - Others standing foreigners tions 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.. 1,167 2,199 2,052 627 303 423 699 147 132 15 1958—Feb. 28.. ,212 2,222 2,098 603 329 432 734 125 110 15 Mar. 31.. ,211 2,275 2,119 599 344 441 735 156 140 16 Apr. 30.. ,258 2,410 2,239 712 343 448 736 171 157 14 May 31.. ,240 2,480 2,314 777 349 455 732 166 153 14 June 30.. ,256 2,448 2,276 764 349 432 730 172 159 13 July 31.. ,268 2,491 2,310 776 364 430 740 181 166 15 Aug. 31.. ,323 2,563 2,385 871 370 423 720 178 165 13 Sept. 30.. ,321 2,542 2,325 862 376 406 680 217 204 13 Oct. 31.. ,334 2,577 2,347 859 394 428 666 230 212 18 Nov. 30.. ,373 2,487 2,298 806 418 420 654 189 174 16 Dec. 31.. ,363 2,542 2,344 840 428 421 656 198 181 16 1959—Jan. 31 P. ,373 2,423 2,273 780 408 417 667 150 135 15 Feb. 28*. ,363 2,379 2,228 745 412 413 658 152 138 13 Area and country detail, December 31, 1958 Europe: Austria... 26 7 7 2 4 Belgium.. 30 65 64 52 6 Denmark. 1 14 14 1 11 Finland. . 3 6 6 5 France... 21 102 99 86 Germany, Fed. Rep. of., 77 67 10 20 35 Greece () 7 7 2 () 5 (2) Italy 24 36 35 10 11 11 Netherlands 26 56 54 4 32 13 5 128 22 22 6 3 13 Norway 1 Portugal 2 2 2 () Spain 6 30 29 18 1 Sweden.... 24 24 19 2 5 T Sw ur i k tz e e y rland. 2 4 7 2 2 7 3 2 5 6 1 9 5 12 4 5 United Kingdom. 89 124 29 14 95 91 Yugoslavia 1 1 Other Europe 'ii' 9 9 4 (2) Total Europe. 405 696 571 201 69 104 198 125 119 Canada 99 243 181 13 137 6 24 62 58 Latin America: Argentina i 40 40 22 11 Bolivia 3 3 1 2 () Brazil 148 147 37 26 67 Chile 52 52 26 9 10 7 Colombia 30 51 51 6 9 21 15 Cuba 92 166 166 106 23 14 22 Dominican Republic 3 19 19 5 3 3 El Salvador 1 10 10 3 1 3 3 Guatemala 1 12 12 (2) 1 7 3 Mexico 107 293 291 115 59 25 92 Netherlands W. Indies and Surinam Panama, Rep. of 24 23 23 18 4 Peru 13 31 31 4 16 Uruguay 2 52 52 16 3 3 30 Venezuela 50 142 137 17 37 46 38 Other Latin America 52 53 53 4 16 25 7 Total Latin America. 658 ,099 ,092 364 208 218 303 P Preliminary. 2 Less than $500,000. 1 Represents mainly loans with an original maturity of more than one year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- Area and term— Loans to: country totall Total C t o io ll n e s c- Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, December 31, 1958—Continued Asia: Hong Kong 1 6 5 3 1 2 (2) 8 India 6 4 4 1 3 1 Indonesia . (2) Iran 5 27 27 1 27 (2) Israel 14 23 23 6 1 2 15 Japan 13 179 177 63 4 22 89 1 (2) 1 Korea Rep of 1 1 1 Philippines 16 67 67 49 (2) 2 16 (2) (2) (2) Taiwan 6 6 5 1 Thailand .. . 13 13 13 8 3 2 Other Asia 27 109 109 98 9 1 (2) (2) (2) Total Asia 95 435 434 234 7 70 124 2 1 All other: Australia 15 13 12 1 5 6 1 1 B Eg el y g p ia t3 n Congo 2 4 3 4 2 i" 3 C2) (2) Union of South Africa.... 12 23 23 13 2 7 (2) (22 Other 78 27 26 13 5 8 1 Total other countries.. 106 69 67 29 7 24 7 2 ! ' International Grand Total 1,363 2,542 2,344 840 428 421 656 198 181 16 1 Represents mainly loans with an original maturity of more than 2 Less than $500,000. one year. 3 Part of the United Arab Republic since February 1958. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u ,o - r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , — o r- r ) c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e t s 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 1958 1,224 1,188 36 1,759 1,798 -38 889 1,915 -1,026 467 804 — 336 1958_Feb 246 133 113 98 100 -2 54 143 -89 122 202 — 80 Mar 65 52 13 129 128 1 39 87 -48 22 40 -18 Apr 79 95 -16 104 126 -21 52 115 — 62 25 34 g May 43 92 -48 115 118 -3 81 368 -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 Sect 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 17 51 -34 192 182 11 56 129 -73 37 67 — 30 Dec 58 53 5 206 203 3 104 231 -127 38 73 — 35 1959—Jan.*> 127 23 104 213 195 18 134 186 -52 45 135 — 90 Feb v 78 81 -2 181 164 17 99 183 -84 41 73 -32 Preliminary. 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 453 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 Total2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o n i m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- ot A h l e l r2 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 -38 -56 18 -3 2 -8 19 1 11 -86 23 14 1958—Feb -2 -8 6 1 -5 -4 -2 3 10 3 -9 3 i Mar 1 -14 15 2 1 2 3 8 -11 4 Apr -21 — 14 — 7 1 2 -8 -3 1 -13 -10 1 May -3 -3 1 1 -1 2 3 -9 -1 3 June. . -17 -2 -15 1 1 -2 -3 -10 -5 1 July 5 14 -9 -1 3 -9 -3 8 1 Aug -12 -16 4 -4 -2 -4 -6 Sept . 1 n 8 4 4 -6 2 p\ O N c o t v 1 7 1 3 1 4 0 -1 2 1 5 3 -4 2 -1 1 9 5 - - 7 6 6 6 2 2 Dec 3 -3 6 4 -4 14 -7 -3 3 -6 3 3 1959—Jan.*> 18 19 -2 1 1 -1 17 -6 1 13 3 2 Feb." 17 15 2 2 2 -1 7 2 2 15 2 » 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 CORRESPONDENTS1 [Net sales, ( —). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A L i m a c t a e in r- Asia o A th l e l r Date Deposits tutions tries U. S. Govt. Miscelsecurities2 laneous 3 1955 -27 — 4 -46 74 24 -49 <y 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 -805 -72 -543 5 -45 -150 1958—Mar. 31 266 3,315 421 Apr. 30 257 3,068 422 1958—Feb.... -13 -157 -64 -93 2 -3 2 May 31 234 3,037 405 Mar.... A -63 -23 -36 0) -3 0) June 30 269 2,974 491 Apr... . -17 -55 7 -49 4 -3 -13 July 31 288 3,167 541 May... -156 -154 1 -130 4 -4 -25 Aug. 31 313 3,344 523 June... -91 31 82 -44 2 2 -5 Sept. 30 258 3,609 493 July.... -17 -84 -26 -55 1 -4 0) Oct. 31 288 3,777 481 Aug.... -15 -51 -11 -30 -8 -1 -1 Nov. 30 226 3,822 487 Sept.... 3 -31 12 -10 2 -2 -33 Dec. 31 272 3,695 480 Oct.. . . -11 -50 -32 -10 -1 -3 -5 N De o c v . . . . . . . . - - 9 6 6 - - 9 6 7 6 - - 3 9 - - 6 1 7 4 -6 0) - - 6 8 - -3 2 1 2 1959__ F ja e n b . . 3 2 1 8 2 3 7 1 4 0 3 3 , , 6 8 8 5 1 7 5 5 1 0 0 9 Mar. 31 307 3,593 509 1959—Jan.?'... -44 -99 -37 -59 5 -9 1 Feb.?. . 6 -123 -13 -64 -3 -41 -2 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of next page. For total gold under earmark Preliminary, at Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 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 1951 1952 1953 1954 1955 1956 1957 1958 Oct.- Jan.- Apr.- July- Oct.- Dec. Mar. June Sept. Dec. Continental Western Europe: -6.2 -84.2 -25.9 -58.3 1-18.3 i-5.8 1-94.8 3.4 3.4 -329.4 -14.2 -143.6 -113.4 -58.3 France -20.0 -67.5 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Italy ... . "-i68.8 '"*6'3 Netherlands -4.5 -100.0 -65.0 25.0 -260.9 -41.9 -62.9 -46^4 -109.7 Portugal -34.9 -5.0 -59.9 -54.9 -5.6 -20.0 -20.0 Sweden . -32.0 -20.0 -15.0 Switzerland -15.0 22.5 -65.0 -15.5 -8.0 -215.2 -5.0 -135.1 -75.1 Bank for Int'l Settlements -30.4 -94.3 -20.0 -178.3 -15.1 -74.4 -60.7 -28.0 Other . -29.7 -17.3 -17.5 8.8 4.0 3.0 339.3 38.4 331.3 -18.5 -2.3 329.2 Total -184.8 -115.6 -546.4 -328.3 -78.5 -20.2 67.7 -1,428.3 31.3 -76.2 -623.2 -447.5 -281.4 Sterling Area: United Kingdom 469.9 440.0 -480.0 -50.0 100.3 -900.0 -300.0 -450.0 -50.0 -100.0 52 1 11.5 Other 3.6 -.3 -.5 -.5 -.1 Total 525.6 451.2 -480.5 -50.5 -.1 100.3 -900.0 -300.0 -450.0 -50.0 -100.0 Canada .. . • -10.0 7.2 14.6 5.2 Latin America: Argentina -49.9 -20.0 -84.8 115.3 75.4 67.2 40.2 12.0 55.2 Mexico -60.2 87.7 -28.1 80.3 -.9 -30.0 -200.0 Other . -15.0 -io.i -18.8 12.2 14.0 56.4 5.5 1.8 6.4 -.1 -.4 -.3 2.6 Total -126.0 57.5 -131.8 62.5 14.0 -28.3 80.9 69.0 46.6 -.1 -.4 11.7 57.8 Asia -53.7 -6.7 -5.7 -9.9 -4.9 -.2 18.0 4-27.1 14.9 -.6 -.4 -2.7 4-23.4 All other -76.0 -.4 1.0 14.1 -.2 n -.5 -.1 -.1 Total foreign countries. . 75.2 393.6 -1,164.3 -326.6 -68.5 80.2 171.6 -2,287.1 92.8 -377.4 -1,074.1 -488.5 -347.1 200.0 600.0 -7.1 — 7 1 Grand total 75.2 393.61-1,164.3 — 326.6| -68.5 280.2 771.61-2,294.2 92.8-377.4 -1,081.2 -488.5 -347.1 1 Includes sales of gold to Belgian Congo as follows (in millions): 1951, $31.5; and 1958, $31.7. $8.0; 1952, $2.0; and 1953, $9.9. 4 Includes sale of $30 million of gold to Japan. 2 Less than $50,000. 5 Figures represent purchase of gold from, or sale to ( —), International 3 Includes purchases of gold from Spain as follows (in millions): 1957, Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( r u G e e r n a y o d s l - d o f S T t y o o e c a t k a r) l i I i n n s g c t r o o t 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 s d - e e e - d e , - D p ti r c o t o i m g o d o u n e l c s d - - Month ( T e u r n G e r d a o y 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 o r to e c ld 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 s - e d e e - d e , - D p ti r c o t o i m g o d o n u e l c s d - - 1946 20,529 20,706 623.1 311.5 465.4 51.2 1958—Mar 22,394 22,487 -248.7 6 0 — 252 0 4 3 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Apr 21,996 22,042 -445.1 26.0 -471.5 4 5 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 May 21,594 21,674 -367.8 17.9 -355.2 4.6 1949 24,427 24,563 164.6 686.5 -495.7 67.3 June 21,356 21,412 -262.4 3.4 -285.0 4.9 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 July 21,210 21,275 -136.5 18.0 -164.3 6 1 Aug 21,011 21,082 -193.1 3.7 -196.7 5.4 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Sept 20,874 20,929 -153.2 71 2 — 220 2 6 2 1952. 23,187 23,252 379.8 684.1 -304.8 67.4 Oct 20,690 20,741 -188.4 5.4 -189 0 6 7 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 Nov 20,609 20,653 -88.0 11.7 -96.9 5.5 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 Dec 20,534 20,582 -70.7 12.2 -79.3 5.9 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 1956 21,949 22,058 305.9 106.1 318.5 65.3 1959_jan 20,476 20,527 -55.5 10.3 -65.6 4.2 1957 22 781 22 857 798.8 104.3 600.1 63.0 Feb 20,479 20,520 -6.7 9 9 — 13 0 (3) 1958 20,534 20,582 -2,275.1 259.6 -2,515.0 63.0 Mar ^20,442^20,486 P-33.7 4-48.0 v Preliminary. 2 Net after payment of $687.5 million in gold as United States gold sub- 1 Includes gold in Exchange Stabilization Fund. Gold in active portion scription to the International Monetary Fund. of this Fund is not included in regular statistics on gold stock (Treasury 3 Not yet available. gold) used in the Federal Reserve statement "Member Bank Reserves, 4 Gold held under earmark at the Federal Reserve Banks for foreign Reserve Bank Credit, and Related Items" or in the Treasury statement and international accounts amounted to $8,664.3 million on Mar. 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 455 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1956 Dec. 31, 1957 Mar. 31, 1958 June 30, 1958 Sept. 30, 1958 Dec. 31, 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 367 452 458 466 7 554 605 7 Belgium-Luxembourg (and Belgian Congo). 1,227 1,182 1,259 1,393 7 1,471 1,522 6 Denmark 96 143 162 145 6 193 200 6 Finland 88 99 96 82 5 98 104 1 France (and dependencies) i 1,505 946 911 890 26 1,019 1,134 12 Germany (Federal Republic of) 3,329 4,099 3,971 4,043 12 4,330 4,394 13 Greece 187 167 167 135 125 139 Italy 1,268 1,531 1,528 1,678 1,934 2,208 Netherlands (and Netherlands West Indies and Surinam) 1,071 9 1,044 14 1,260 14 1,289 13 1,389 13 1,497 15 Norway 117 87 138 105 150 95 151 89 144 97 173 120 Portugal (and dependencies) 628 651 (2) 658 (2) 678 (2) 694 707 Spain (and dependencies) 176 126 130 132 134 106 3 Sweden 483 () 479 5 461 8 458 4 496 507 10 Switzerland 2,512 131 2,685 128 2,624 118 2,689 88 2,738 2,778 76 T O u th rk e e r3 y 9 1 1 6 7 4 (2) 8 1 5 6 1 2 8 9 1 6 5 3 7 1,1 15 3 6 2 1,1 1 6 5 5 4 1,3 1 7 6 1 4 3 12 Total. 14,135 298 14,755 319 14,955 296 15,517 269 16,638 259 17,609 274 Sterling Area: United Kingdom :,812 203 2,875 205 3,460 241 3,810 220 3,851 216 3,725 194 United Kingdom dependencies. 103 4 104 4 102 101 4 100 4 110 4 Australia 191 (2) 211 218 222 (2) 228 241 India 323 329 326 328 320 324 Union of South Africa 277 1 255 231 183 1 216 241 Other 228 14 228 230 230 35 233 251 41 Total. 3,934 223 4,002 245 4,567 284 4,874 261 4,948 263 4,892 240 Canada 2,629 367 2,738 457 2,722 441 3,087 345 3,032 346 3,089 341 Latin America: Argentina 370 263 270 265 244 203 Brazil 549 456 440 450 458 463 Chile. 137 115 1 117 126 124 1 140 Colombia 210 215 (2) 200 () 192 () 207 (2) 241 () Cuba 347 371 1154 371 1146 417 86 409 86 366 86 Guatemala 91 92 93 2 91 (2) 75 (2) 69 (22 Mexico 600 566 536 ( ) 485 517 4562 Panama, Republic of.. 109 136 144 134 143 1 146 Peru 119 88 82 93 92 (2) 96 2 Uruguay 259 235 266 257 262 262 Venezuela 1,058 1,554 1,428 2 1,460 1,233 2 1,213 Other 274 277 300 12 304 272 12 247 11 Total. 4,123 190 4,368 176 4,247 168 4,274 108 4,036 108 4,008 106 Asia: Indonesia... 231 190 128 127 129 145 Iran 158 193 190 202 181 184 Japan 1,145 714 833 932 1,011 1,098 Philiopines. 294 181 196 175 191 191 Thailand. . . 260 269 269 260 252 246 Other 707 777 773 765 723 777 Total. 2,795 17 2,324 16 2,389 15 2,461 14 2,487 12 2,641 14 All other: Egypt 5.. 238 228 216 192 192 190 Other... 129 162 170 152 7 136 140 Total 367 390 7 386 344 7 328 330 Total foreign countries6. 27,983 1,103 28,577 1,220 29,266 1,212 30,557 ,004 31,469 996 32,569 983 International institutions 3,144 391 2,697 222 2,563 356 2,696 446 2,789 462 2,876 495 Grand total6 31,127 1,494 31,274 1,442 31,829 1,568 33,253 ,450 34,258 1,458 35,445 ,478 p Preliminary. 6 Excludes gold reserves of the U. S. S. R., other Eastern European 1 Excludes gold holdings of French Exchange Stabilization Fund. countries, and China Mainland. 2 Less than $500,000. NOTE.—Gold and short-term dollars include reported and estimated 3 Includes Yugoslavia, Bank for International Settlements (both for official gold reserves, and total dollar holdings as shown in Short-term its own and European Payments Union account), gold to be distributed Liabilities to Foreigners Reported by Banks in the United States by by the Tripartite Commission for Restitution of Monetary Gold, and Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. unpublished gold reserves of certain Western European countries. bonds and notes represent estimated holdings with original maturities 4 Includes latest reported figure (Nov. 30) for gold reserves. of more than one year; these estimates are based on a survey of selected 5 Part of the United Arab Republic since February 1958. U. S. banks and on monthly reports of security transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] E m n o d n t o h f w m E t o o a s r t t t a l e i d - l d l M F I ta u n o r n t n y ' d l e- U S n ta i t t e e s d r m w e E s a o s t t r t e i l o - d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- C g B o i n e a l n g - o g B iu e m l- 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 1,702 22,091 12,640 372 117 52 101 776 321 996 42 86 1954 Dec 37,080 1,740 21,793 13,545 372 138 62 115 778 322 1,080 42 86 1955 Dec 37,740 1,808 21,753 14,180 372 144 71 116 929 323 1.141 44 86 1956 Dec 38,245 1,692 22,058 14,495 224 107 71 122 928 324 ,113 46 57 1957 Dec 38,970 1,180 22,857 14,935 126 126 103 81 913 324 ,115 40 62 1958 Feb 1.182 22,736 126 133 103 78 967 324 ,086 40 64 Mar 39,135 ,186 22,487 15,460 126 136 103 86 998 324 ,096 40 65 Apr I 238 22,042 126 103 85 J.028 324 101 40 65 May 1,241 21,674 126 143 103 84 1,099 324 ,089 40 66 June 39,395 1,242 21,412 16,740 125 147 103 83 1,143 325 ,086 40 67 July 1,242 21,275 125 150 107 82 1,182 325 096 40 68 Aug 1,247 21,082 125 153 125 82 1,213 325 ,088 40 69 Sent 39,545 1,307 20,929 17,310 154 136 82 1,228 325 ,088 40 70 Oct ,307 20,741 157 144 83 1,251 325 085 40 70 Nov 1,331 20,653 160 155 83 1,270 325 ,089 40 71 Dec ^39,865 .332 20,582 *>17,950 162 194 83 1,270 325 1,078 40 72 1959 jan 1 332 20 527 200 78 1 248 325 I 076 40 72 Feb 20,520 208 1,225 325 1,082 40 Domin- Ger- E m n o d n t o h f Cuba m De a n rk - R i e c p a u n b- E d c o u r a- Egypt 2 E v l a d S o al r - 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 1958 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 Aus 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 80 31 11 22 174 31 35 589 2,639 27 247 37 1959 Jan 31 11 22 174 31 35 589 2,678 27 247 37 Feb 31 11 22 174 31 38 589 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 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 g 454 Apr 138 25 18 417 91 156 862 33 43 49 20 g 454 May 138 25 18 491 91 154 881 33 43 49 20 10 474 June .. 138 25 18 607 91 153 910 33 43 49 20 11 474 July 138 25 18 677 91 150 920 33 43 49 20 12 474 138 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 18 907 91 146 999 33 43 49 19 15 486 Nov 141 34 18 995 91 144 1,026 33 43 49 19 9 486 Dec 141 18 1,086 91 1,050 33 43 49 19 10 493 1959 Jan 141 18 91 1 125 33 43 49 19 11 498 Feb 141 18 95 1,145 33 43 49 19 7 498 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 457 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Bank Euro- E m n o d n t o h f A So fr u ic th a Sweden Sw la i n tz d er- Syria2 T la h n a d i- Turkey U K d n o i i n m t g e 4 - d g U u 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—Feb 212 209 1,733 24 112 144 2,539 180 719 12 162 Mar 193 203 1,720 24 112 144 2,770 180 719 14 182 126 Apr 179 203 1,770 24 112 144 2 914 180 719 14 212 May 161 203 1,836 24 112 144 3,039 180 720 14 254 June 159 204 1 .857 24 112 144 3,076 180 720 14 200 126 July 167 204 1,907 24 112 144 3 084 180 719 14 167 Aug 180 204 I 929 24 112 144 3 089 180 719 15 171 Sent 188 204 ,934 24 112 144 3,120 180 719 15 187 126 Oct 201 204 1,935 24 112 144 3,174 180 719 15 198 Nov 210 204 1,924 24 112 144 3,215 180 719 17 238 Dec 211 204 1,925 112 144 3,069 180 719 17 339 126 1959 Jan 212 204 1,993 144 3,111 180 719 17 312 Feb 211 204 1,993 144 3,156 719 17 351 P Preliminary. 2 Part of the United Arab Republic since February 1958. i Excludes U.S.S.R., other Eastern European countries, and China 3 Represents holdings of Bank of France (holdings of French Exchange Mainland. Stabilization Fund are not included). Represents reported gold holdings of central banks and governments 4 Beginning with December 1958, represents Exchange Equalization and international institutions, unpublished holdings of various central Account gold and convertible currency reserves, as reported by British banks and governments, estimated holdings of British Exchange Equaliza- Government; prior to that time represents reserves of gold and United tion Account based on figures shown for United Kingdom, and esti- States and Canadian dollars. mated official holdings of countries from which no reports are received. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa ]^orth and South America nno nth (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- 1950. 864.5 781.7 408 ? 17.9 24.1 17 0 80.1 155 4 14 1951 840.0 763.1 403.1 17.0 22.9 1? 3 66.3 153.7 13 8 1952. 868.0 785.7 413 7 17.4 23.8 12.9 67.4 156.5 16.1 1953 864.5 780.5 417 9 17.5 25.4 130 69.0 142.4 169 1954 913.5 830.4 462 4 18.8 27.5 1? 8 65.1 152.8 13 5 1955 959.0 877 7 510 7 18 4 23.8 13 0 65.7 159.1 13 4 1956. 994.0 914.8 556 18.8 21.9 13 1 65.3 153.4 1? 3 1957 1,036.7 955.8 596.2 18.8 27.7 1 63.0 154.7 1? 1 1958 Tfln 80 0 49 6 1 5 2.5 1 4 4.4 13. 1 0 Feb. . . 75.9 47 1.5 2.5 9 4.4 12.5 1 279 9 50 1 1 6 2.5 9 4.3 13.7 1 4 Apr 279.5 50 3 1.6 2.4 1.2 4.5 13.4 May.... 281.1 51 6 1.6 2.4 .0 4.6 13.3 June 281.2 50 6 1.6 2.5 1.4 4.9 13.4 July 52 4 1.5 2.5 9 6.1 13. Aug 52 6 1.6 2.5 1.2 5.4 12.8 Sept 530 1.7 2.5 1.1 6.2 13. Oct 540 1 6 2.4 9 6.7 14.0 Nov 53 1 7 2 5 1 0 5 5 12 Q Dec 53 1 1 7 2 2 7 5 9 13 1 1959- Jan 54 1 1 2 4 2 ON ON ON Other r N ag ic u a a - ! Brazil Chile Co b l i o a m- t A ra u l s ia - India 8 0 4.6 6.7 13 3 30 4 6 7 8 8 4.8 6.1 31 3 7 9 8 9 4.9 6.2 14.8 34 3 8.9 9 1 4.0 4.6 3 37 7 7 8 8 ? 4.2 4.4 13 39.1 8 4 8 1 3 9 4.3 13 36 7 7 4 7 6 4.3 3.3 3 36 1 7 3 6.9 4.2 3.6 11 4 37 9 6 3 6 .4 .3 1 5 5 5 .3 .2 1 0 2 9 5 S .4 9 3 0 5 .6 .3 1.0 2.9 .5 .6 .4 1 3.2 .4 .6 .3 \l 3.3 .5 7 .4 3 3.7 5 .7 .3 .9 30 .5 .6 .4 .9 3 5 .5 6 .3 3 5 6 3 3 1 6 .3 5 1 Gold exports, representing about 90 per cent of total production. Ghana, Belgian Congo and Brazil, data for which are from American 2 Excluding Chile. Bureau of Metal Statistics. For the United States, annual figures are Sources.—World production: estimates of the 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

458 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] 1958 1959 1957 1958 Item Item Jan. Apr. July Oct. Jan. Dec. Mar. June Sept. Dec. Gold 1,180 1,238 1,242 1,307 1,332 Dollar deposits and U. S. securities 602 683 917 900 943 Investments9 200 200 200 200 200 Other currencies and securities1... 813 767 752 747 693 Currencies: i Effective loans* 2,606 2,795 2,829 2,999 3,275 United States 769 696 664 717 780 Other assets3 75 90 93 91 101 Other 5,992 6,060 6,119 6,025 5,958 Unpaid member subscriptions 874 898 873 958 979 IBRD bonds outstanding 1,269 1,405 1,658 1,687 1,792 Other assets 8 8 8 9 9 Undisbursed loans 620 699 675 753 910 Other liabilities 21 24 27 27 24 Member subscriptions 9,016 9,088 9,088 9,193 9,228 Reserves 319 335 350 366 382 Accumulated net income 3 (10) (10) Capital 1,867 1,872 1,881 1,904 1,904 Reserves and liabilities 4 18 23 Loans by country, Feb. 28, 1959 Quota Cumulative net drawings on the Fund Area and member country4 Outstanding Country Paid 1958 1959 Prin- Dis- Re- Total in cipal bursed paid Sold gold Total to Jan. Dec. Jan. others5 Argentina 150 38 75 75 Continental Western Europe, Bolivia 10 3 7 9 9 total 1,327 1,142 228 915 106 Brazil 150 38 75 113 113 Austria 92 59 59 4 Burma 15 1 15 12 12 Belgium and Luxembourg.. 173 145 18 127 34 Chile 50 9 31 42 42 Denmark 60 40 5 35 4 Finland 65 58 15 43 2 Colombia 50 13 25 30 30 France 267 267 23 244 12 Cuba 50 13 25 25 25 Italy 238 158 3 155 19 Denmark 68 6 34 9 9 Netherlands 236 236 150 86 29 France 525 108 263 394 394 Norway 75 61 1 60 2 Haiti 2 1 4 4 Turkey 61 58 5 53 Yugoslavia 61 61 52 India 400 28 200 200 200 Indonesia 110 16 55 55 55 Sterling area, total 1,386 1,095 122 973 119 Iran 35 9 25 17 17 Australia 318 314 26 288 35 Nicaragua 2 2 2 Ceylon 25 13 12 1 India 507 379 3 349 31 Paraguay 2 6 6 Pakistan 126 77 62 3 Peru 25 3 10 10 Union of S. Africa 185 165 15 128 24 Philippines 15 4 15 15 U Ot n h i e te r d Kingdom 1 3 9 2 3 1 2 2 0 8 3 7 7 12 1 1 3 26 S T u u d rk a e n y 4 1 3 0 3 5 9 3 5 9 La B ti r n a z A il merica, total 9 2 0 5 9 5 6 1 5 7 0 0 1 2 0 7 5 2 5 1 4 4 8 6 ( 19 6) Un A io fr n ic a of South 100 25 36 36 C C o hi l l u e mbia 1 7 1 4 9 4 9 5 8 26 8 7 3 2 7 2 1 Un p i u te b d li c Arab Re- 60 10 30 30 30 Ecuador 46 10 10 (6) United Kingdom. 1,300 236 562 545 545 El Salvador 32 23 22 (6) United States.... 2,750 688 H-1,943 n-l,916 n-l,928 Mexico 186 156 141 8 Yugoslavia 60 23 23 23 Nicaragua 23 20 15 O P U e t r h r u u e g r uay 4 6 6 8 2 4 5 3 3 3 9 6 4 2 3 5 6 4 2 3 2 1 R C e u p rr r e e n se c n ie t s s i p n r c in lu c d ip e a d l e o m f a a n u d t h o o b ri l z ig e a d t io lo n a s n h s, e l l d e s i s n l o li a e n u s o n f o d t e y p e o t s i e t f s f . ective, repayments, the net amount outstanding on loans sold or agreed to be Asia (excluding Sterling area), sold to others, and exchange adjustment. Ira t n otal 51 7 7 5 27 7 7 5 26 7 6 5 20 5 3 4 L E o x a c n lu s d t e o s d u e n p c e a n ll d e e d n c p i o e r s t i a o r n e s i n o c f l u c d ap ed it a w l i s t u h b m sc e r m ip b ti e o r n . s. Japan 254 147 142 12 5 Includes also effective loans agreed to be sold but not yet disbursed. T L M Ph h e a i b a l l i a i a l p n y a p o a n i n d nes 1 2 3 0 1 7 6 7 9 ( 4 6 9 3 3 ) ( 3 6 9 3 7 ) 7 9 6 8 i o I I U L n n e T . c c s r l l S s u a u . n d d t h T s e e f a s s r e n e r $ $ a r 5 2 $ s e u 5 4 5 d r 7 0 y m 0 to m , i b 0 l i l g i 0 l i l l e o l 0 i s n o n . e n p r i u n a n r l o c l r o h t e a a s g n s e u s e r a d v n r e a o w . n t i t t y e h e e d t p r e b o f y f c e e c t e h t d i e v s e B . fr a o n m k . sale of gold, Africa (excluding Sterling 11 Represents sales of U. S. dollars by the Fund to member countries area), total 63 20 or local currencies, less repurchases of such currencies with dollars. Ethiopia 24 11 Sudan 39 9 Total 74,201 3,185 464 2,721 268 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 459 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1955 1956 1957 1958 Exports of goods and services, total1.. 5,462 5,347 5,952 5,698 6,521 6,698 6,944 6,252 6,582 '5,546 '5,885 5,544 6,100 Merchandise 3,851 3,954 4,412 4,096 4,859 5,096 5,143 4,447 4,641 4,053 4,186 3,804 4,164 Services* 1,611 1,393 1,540 1,602 1,662 1,602 1,801 1,805 1,941 1,493 1,699 1,740 1,936 Imports of goods and services, total... 4,652 4,855 5,043 5,069 4,843 5,027 5,289 5,299 5,092 4,850 5,211 5,318 5,312 Merchandise 3,119 3,254 3,172 3,154 3,211 3,298 3,342 3,266 3,385 3,143 3,170 3,117 3,514 Services 838 859 1,041 1,262 947 880 1,071 1,340 1,005 878 1,137 1,357 1,010 Military expenditures 695 742 830 653 685 849 876 693 702 829 904 844 788 Balance on goods and services1 810 492 909 629 1,678 1,671 1,655 953 1,490 '696 '674 226 788 Unilateral transfers (net) 3 -590 -567 -616 -517 -632 -561 -665 -506 -575 -547 -596 -549 -615 Private remittances and pensions... -154 -151 -157 -158 -171 -170 -173 -172 -179 -168 -170 -181 -111 Government nonmilitary grants.... -436 -416 -459 -359 -461 -391 -492 -334 -396 -379 -426 -368 -438 U. S. long- and short-term capital (net)3 -567 -550 -891 -985 -1,180 -1,095 -1,557 -551 -971 -927 -1,248 -795 -917 Private, total -549 -417 -683 -801 -1,079 -840 -1,363 -410 -598 -684 -1,030 -467 -743 Direct investment -272 -288 -342 -512 -697 -402 -993 -339 -338 -159 -419 -157 -400 Portfolio and short-term investment -277 -129 -341 -289 -382 -438 -370 -71 -260 -525 -611 -310 -343 Government -18 -133 -208 -184 -101 -255 -194 -141 -243 -328 -174 -373 -218 Foreign capital and gold (net) 218 621 445 661 -189 -377 305 -256 '608 898 826 Increase in foreign short-term assets 164 1,097 and Government securities 168 508 391 678 -275 -195 503 -247 '219 441 444 Increase in other foreign assets 58 125 157 147 113 166 127 18 212 19 '27 -26 35 Gold sales by United States -12 -103 -164 -27 -348 -325 -27 50 370 -5 483 347 -98 1,075 Errors and omissions 129 153 212 323 362 262 360 -108 170 73 220 -82 v Preliminary. ' Revised. 2 Including military transactions. 1 Excluding military transfers under grants. 3 Minus sign indicates net outflow. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Sw la i n tz d er- Month Bankers' Bankers' Treasury 3 T m re b o a il s n l u s th ry sl D m a o d y n a - y e t y o 2 - 3 a a c m n c o c e e n p s t t - hs 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 d ll e o p o w o n a si n t c s e D m a o d y n a - y e t y o 3 - d 6 b a 0 i y - l 9 l s s 0 4 m Da o d y n a - y e t y o 5 - 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 - d P is r r i c a v o t a e u t n e t 1956—Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 4.75 4.81 3.48 3.23 1.50 1957 Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 3.75 3.25 4.64 3.33 2.50 1958—Feb 2.99 3.05 6.17 6.02 5.57 5.00 5.25 3.25 3.63 3.88 3.26 2.50 Mar 2.44 2.61 5.98 5.78 5.23 4.65 5.96 3.25 3.44 3.14 2.77 2.50 Apr 1.65 1.64 5.47 5.28 4.71 4.00 6.78 3.25 3.56 3.18 2.93 2.50 May 1.56 1.55 5.24 5.02 4.53 3.85 10.04 3.25 3.38 2.97 2.39 2.50 June 1.75 1.72 4.65 4.45 3.95 3.30 7.51 2.75 3.44 2.90 2.34 2.50 July 1.31 1.18 4.31 4.15 3.62 3.00 6.85 2.63 2.88 2.88 2.49 2.50 Aug 1.29 .67 3.98 3.81 3.36 2.70 6.97 2.50 2.56 2.62 2.08 2.50 Sept 2.02 .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 3.00 2.10 3.67 3.46 2.97 2.32 5.26 2.38 2.88 2.40 1.79 2.50 Dec 3.46 '2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 1.50 2.50 1959—Jan 3.34 2.07 3.28 3.12 2.73 2.00 4.39 2.25 2.38 2.04 1.58 2.50 Feb 3.70 2.96 3.23 3.09 2.66 2.00 2.25 2.94 1.75 1.26 ' Revised. figures are averages of rates on government and private securities. 1 Basseedd oonn aagv eragye yield of weeyk ly tenders durging month. 4 Rate in effect at end of month. 22 BBads ed on weekkll y averages off ddiali ly clil osing rtates. 5 Based on average of lowest and highest quotation during month. 3 Beginning January 1957, rate shown is on private securities. Previous Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Rate as of Changes during the last 12 months Mar. 31, 1958 Rate Country 1958 1959 as of Mar. 31, Per Month 1959 cent effective Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Argentina2 6.0 Dec. 1957 6.0 Austria 5.0 Nov. 1955 5.0 Belgium 4.25 Mar. 1958 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 2.52 Mar. 1958 1.62 1.79 1.97 1.12 1.74 2.52 3.08 3.13 3.74 3.53 4.32 4.55 4.55 Ceylon 2.5 June 1954 2.5 Chile2 6.0 Feb. 1957 6.0 Colombia2 ... . 4.0 July 1933 4.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 5.5 5.5 May 1955 5.0 4.5 4.5 Ecuador 10.0 May 1948 10.0 Egypt 3.0 Nov. 1952 3.0 El Salvador2 . 4.0 Apr. 1957 4.0 Finland2 6.5 Apr. 1956 6.0 6.0 France 5.0 Aug. 1957 4.5 4 25 4.25 Germanv 3.5 Jan. 1958 3 0 2 75 2.75 Greece 10.0 May 1956 10.0 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 7.0 India 5 4.0 May 1957 4.0 Indonesia2 3.0 Apr. 1946 3.0 Iran 4.0 Aug. 1948 4.0 Ireland 5.5 Mar. 1958 5 0 4 5 4 25 4.25 Israel 6.0 Feb. 1955 6.0 Italy 4.0 Apr. 1950 3 5 3.5 8.4 May 1957 7.67 7.3 6 94 6.94 ^Mexico 4.5 June 1942 4.5 Netherlands 4.0 Mar. 1958 3 5 3 0 2 75 2.75 New Zealand 7.0 Oct. 1955 7.0 Nicaragua 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 Pakistan 3.0 July 1948 4 0 4.0 Peru2 6.0 Nov. 1947 6.0 Philippine Republic2 4.5 Sept. 1957 6 5 6.5 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 2.0 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 6.0 June 1956 6.0 United Kingdom 6.0 Mar. 1958 5.5 5.0 4.5 4.0 4.0 Venezuela 2.0 May 1947 2.0 1 Rates shown represent mainly those at which the central bank either national public securities; El Salvador—3 per cent for agricultural and discounts or makes advances against eligible commercial paper and/or industrial paper and 2 per cent for special cases; Finland—rates ranging government securities for commercial banks or brokers. For countries up to 7.25 per cent for longer term paper (rate shown is for 3 months with more than one rate applicable to such discounts or advances, the commercial paper); Indonesia—various rates depending on type of paper, rate shown is the one at which the largest proportion of central bank collateral, commodity involved, etc.; Japan—penalty rates (exceeding credit operations is understood to be transacted. In certain cases other the basic rate shown) for borrowings from the Central bank in excess rates for these countries are given in note 2. of an individual bank's quota; Peru—4 per cent for industrial paper and 2 Discounts or advances at other rates include: Argentina—3 and 5 mining paper, and 3 per cent for most agricultural paper; and Philippine per cent for certain rural and industrial paper, depending on type of Republic—4.5 per cent for crop loan paper and 5 per cent for export transaction; Brazil—8 per cent for secured paper and 4 per cent for packing credit paper. certain agricultural paper; Chile—rates of more than 6 per cent for 3 Since Nov. 1, 1956, the discount rate has been set each week at rediscounts in excess of 50 per cent of the rediscounting bank's capital VA of one per cent above the latest average tender rate for Treasury bills; and reserves, and 2 and 4 per cent for certain types of agricultural paper; end-of-month rate shown. Colombia—3 per cent for agricultural paper and for loans on products 4 Rate shown is for advances only. in bonded warehouses; Costa Rica—5 per cent for paper related to com- 5 Since May 16, 1957, this rate applies to advances against commercial mercial transactions (rate shown is for agricultural and industrial paper); paper as well as against government securities and other eligible paper. Cuba—4.5 per cent for sugar loans and 4 per cent for loans secured by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 461 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- Year or month (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r l k an k d a) 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—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 May. 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 Aug.. 5.556 2.221 223.51 8536 2.0050 103.645 21.020 .3118 Sept.. 5.556 2.025 223.37 8536 2.0056 102.357 21.016 .3118 Oct... 5.556 1.656 223.67 8536 2.0061 103.005 21.049 .3118 Nov.. 5.556 1.386 223.55 8536 2.0056 103.253 21.039 .3118 Dec.. 15.556 U.518 223.41 8536 2.0057 103.660 21.032 .3118 1959—Jan... 21.5187 223.62 3.8444 2.0003 103.402 21.046 .3115 Feb.. 1.5242 223.85 3.8481 2.0004 102.583 21.063 .3114 Mar.. 1.4703 224.12 3.8484 1.9997 103.117 21.074 .3114 Year or month F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a si l l a l 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 - s r) 1953. 21.049 281.27 32.595 11.607 26.340 1954. 23.838 21.020 280.87 32.641 9.052 26.381 1955. 23.765 20.894 279.13 32.624 8.006 26.230 1956. 23.786 20.934 279.57 .2779 32.582 8.006 26.113 1957. .2376 23.798 20.910 279.32 .2779 32.527 8.006 26.170 1958. 3.2374 23.848 21.048 280.98 .2779 32.767 8.006 26.418 1958—Mar.. .2376 23.793 21.086 281.54 .2779 32.811 8.006 26.378 Apr.. .2376 23.808 21.101 281.71 .2779 32.830 8.006 26.388 May. .2376 23.858 21.092 281.57 .2779 32.821 8.006 26.388 June. .2376 23.853 21.062 281.11 .2779 32.775 8.006 26.380 July.. .2379 23.856 21.000 280.40 .2779 32.688 8.006 26.391 Aug.. .2382 23.861 21.019 280.51 .2779 32.701 8.006 26.409 Sept.. .2381 23.867 21.003 280.33 .2779 32.672 8.006 26.434 Oct.. .2381 23.892 21.029 280.70 .2779 32.744 8.006 26.508 Nov.. .2381 23.897 21.026 280.55 .2779 32.828 8.006 26.508 Dec. 3.2330 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 Feb... .2037 23.928 21.059 280.93 .2779 32.892 8.006 26.500 Mar.. .2039 23.914 21.073 281.27 4.1610 .2779 32.917 8.006 26.488 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 r e o d n e a n ) z ( S e fr r w a la n it n c - d ) ( U K p d n o i o i n u m t g n 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—Mar. 278.75 14.008 49.695 3.4900 280.49 2.3810 19.328 23.335 281.54 278.92 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 June. 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., 211.13 14.008 49.695 3.4900 279.46 2.3810 19.328 23.335 280.51 Sept. 277.55 14.008 49.695 3.4900 279.28 2.3810 19.328 23.335 280.33 Oct.. 277.93 14.008 49.695 3.4900 279.66 2.3810 19.328 23.300 280.70 Nov. 211.IS 14.008 49.695 3.4900 279.51 2.3810 19.328 23.300 280.55 Dec. 277.60 14.009 49.695 3.4900 279.33 2.3810 19.329 23.317 280.38 1959—Jan.. 211.81 14.012 49.695 3.4917 279.60 2.3810 19.326 23.190 280.65 Feb.. 278.15 14.018 49.695 3.4974 279.88 2.3810 19.327 23.184 280.93 Mar. 278.49 14.029 49.695 3.4980 280.22 2.3810 19.325 23.133 281.27 1 Based on quotations through Dec. 29, 1958. was extended to all foreign exchange transactions on Oct. 28, 1957, and 2 Effective Jan. 12, 1959, the Argentine Government established a on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc single exchange rate for the peso in place of the former official and free was further devalued to 493.706 francs per U. S. dollar. rates. 4 Based on quotations beginning Mar. 2, 1959. 3 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957i 5 Based on quotations beginning Jan. 2, 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman M. S. SZYMCZAK J. L. ROBERTSON CHAS. N. SHEPARDSON A. L. MILLS, JR. G. H. KING, JR. 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 GLENN M. GOODMAN, Assistant Director LEGAL DIVISION HENRY BENNER, Assistant Director HOWARD H. HACKLEY, General Counsel JAMES C. SMITH, Assistant Director FREDERIC SOLOMON, Assistant General Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve DAVID B. HEXTER, Assistant General Counsel Examiner G. HOWLAND CHASE, Assistant General Counsel THOMAS J. O'CONNELL, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser GUY E. NOYES, Adviser ROLAND I. ROBINSON, Adviser DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Associate Adviser ALBERT R. KOCH, Associate Adviser JOSEPH E. KELLEHER, Director KENNETH B. WILLIAMS, Associate Adviser LEWIS N. DEMBITZ, Research Associate OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director J. HERBERT FURTH, Associate Adivser 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 463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 FEDERAL RESERVE BULLETIN • APRIL 1959 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman CARL E. ALLEN J. A. ERICKSON J. L. ROBERTSON C. CANBY BALDERSTON DELOS C. JOHNS CHAS. N. SHEPARDSON FREDERICK L. DEMING G. H. KING, JR. M. S. SZYMCZAK A. L. MILLS, JR. WINFIELD W. RIEFLER, Secretary HOMER JONES, Associate Economist ELLIOTT THURSTON, Assistant Secretary ARTHUR W. MARGET, Associate Economist MERRITT SHERMAN, Assistant Secretary GEORGE W. MITCHELL, Associate Economist KENNETH A. KENYON, Assistant Secretary FRANKLIN L. PARSONS, Associate Economist HOWARD H. HACKLEY, General Counsel ROBERT V. ROOSA, Associate Economist FREDERIC SOLOMON, Assistant General Counsel PARKER B. WILLIS, Associate Economist WOODLIEF THOMAS, Economist RALPH A. YOUNG, Associate Economist ROBERT G. ROUSE, Manager, 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 465 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 Herbert H. Kimball Walter H. Rozell, Jr. William F. Treiber John Exter Robert V. Roosa Todd G. Tiebout Marcus A. Harris Robert G. Rouse R. B. Wiltse 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 James L. Cauthen Thomas W. Plant Morgan H. Rice Harry A. Shuford Thomas A. Hardin L. G. Pondrom Charls E. Walker G. R. Murff 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 Carl H. Moore 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 y 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 1483-86 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. Subscription price in the United States and its pos- taining provisions of certain other statutes afsessions, Bolivia, Canada, Chile, Colombia, fecting the Federal Reserve System. 385 pages. Costa Rica, Cuba, Dominican Republic, Ecua- $1.00. dor, Guatemala, Haiti, Republic of Honduras, FLOW OF FUNDS IN THE UNITED STATES, 1939-53. Mexico, Nicaragua, Panama, Paraguay, Peru, A new accounting record designed to picture El Salvador, Uruguay, and Venezuela is $6.00 the flow of funds through the major sectors of per annum or 60 cents per copy; elsewhere the national economy. December 1955. 390 $7.00 per annum or 70 cents per copy. Group pages. $2.75. subscriptions in the United States for 10 or more copies to one address, 50 cents per copy A STATISTICAL STUDY OF REGULATION V LOANS. per month, or $5.00 for 12 months. September 1950. 74 pages. 25 cents per copy; in quantities of 10 or more copies for single FEDERAL RESERVE CHART BOOK ON FINANCIAL shipment, 15 cents each. AND BUSINESS STATISTICS. Monthly. Annual subscription includes one issue of Historical BANKING AND MONETARY STATISTICS. Statistics of Supplement. Subscription price in the United banking, monetary, and other financial develop- States and the countries listed above is $6.00 ments. November 1943. 979 pages. $1.50. 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. 466 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 467 REPRINTS SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. (From Federal Reserve Bulletin unless preceded April 1957. 20 pages. by an asterisk) SURVEY OF FINANCE COMPANIES, MID-1955. THE MONETARY SYSTEM OF THE UNITED STATES. April 1957. 17 pages. February 1953. 16 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- INFLUENCE OF CREDIT AND MONETARY MEASURES DEXES. December 1957. 30 pages. ON ECONOMIC STABILITY. March 1953. 16 SEASONAL FACTORS AFFECTING BANK RESERVES. pages. February 1958. 12 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC 1958 SURVEY OF CONSUMER FINANCES. March, STABILITY. May 1953. 7 pages. July, and September 1958. 51 pages. (Similar * DETAILED DESCRIPTION OF SOURCES AND METH- Surveys are available for earlier years from ODS USED IN REVISION OF SHORT- AND INTER- 1952, 1953, 1955, 1956, and 1957 BULLETINS.) MEDIATE-TERM CONSUMER CREDIT STATISTICS. MEMBER BANK LENDING TO SMALL BUSINESS, April 1953. 25 pages. 1955-57. April 1958. 19 pages. DEPARTMENT STORE SALES AND STOCKS, BY REVISED WEEKLY INDEX OF DEPARTMENT STORE MAJOR DEPARTMENTS (Revised Indexes). No- SALES. April 1958. 10 pages. vember 1953. 65 pages. GROWTH AND STRUCTURE OF TIME DEPOSITS. FEDERAL RESERVE MONTHLY INDEX OF INDUS- April 1958. 5 pages. TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. SURVEY OF COMMON TRUST FUNDS, 1957. May 1958. 5 pages. (Also, similar reprints from NEW INDEXES OF OUTPUT OF CONSUMER DUR- August 1956 and June 1957 BULLETINS.) ABLE GOODS. May 1954. 15 pages. MONEY AND CREDIT IN THE RECESSION. July 1958. SEASONAL ADJUSTMENT FACTORS FOR DEMAND 7 pages. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. INTEREST RATES IN LEADING COUNTRIES. September 1958. 8 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- THE 1957-58 RECESSION IN WORLD TRADE. October 1958. 8 pages. ber 1955. 40 pages. OPEN MARKET OPERATIONS IN LONG-TERM SE- SURVEY OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of CURITIES. November 1958. 15 pages. Member Banks. April 1956. 14 pages. Credit MONEY AND CREDIT IN 1958. February 1959. 7 Lines and Minimum Balance Requirements. pages. June 1956. 7 pages. BANKING AND MONETARY STATISTICS, 1958. Se- FINANCING OF LARGE CORPORATIONS, 1951-55. lected series of banking and monetary statistics June 1956. 9 pages. for 1958 only. February 1959. 8 pages. (Similar reprint of 1957 data, February and May REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also, similar reprint 1958 BULLETINS.) from April 1953 BULLETIN.) GOLD AND DOLLAR FLOWS IN 1958. March 1959. 6 pages. INDEX OF ELECTRICITY AND GAS OUTPUT. October 1956. 15 pages. 1959 SURVEY OF CONSUMER FINANCES. PRE- LIMINARY FINDINGS. March 1959. 4 pages. AGRICULTURAL LOAN SURVEY. November 1956 and January, February, and March 1957 BUL- OWNERSHIP OF DEMAND DEPOSITS. April 1959. LETINS. 52 pages. 3 pages. UNITED STATES BANKING ORGANIZATION ABROAD. MEMBER BANK TERM LENDING TO BUSINESS, December 1956. 16 pages. 1955-57, April 1959. 16 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 406, 407 Department stores: Agricultural loans of commercial banks, 402, 404 Merchandising data, 437 Agriculture, Govt. agency loans, 410, 411 Sales and stocks, 426, 436 Assets and liabilities (see also Foreign liabilities and Deposits (See also specific types of deposits): claims reported by banks): Adjusted, and currency, 398 Banks and the monetary system, consoli- Banks, by classes, 399, 403, 405 dated, 398 Federal Reserve Banks, 393, 394, 453 Corporate, current, 418 Postal savings, 396, 398 Domestic banks, by classes, 399, 402, 404 Turnover of, 396 Federal business-type activities, Deposits, reserves, and borrowings, by class of memby fund or activity, 410, 411 ber bank, 391 Federal Reserve Banks, 393, 394 Discount rates, 392, 460 Automobiles: Discounts and advances by Federal Reserve Consumer instalment credit, 422, 423, 424 Banks, 389, 393 Production index, 428, 432 Dividends, corporate, 417, 418 Dollar assets, foreign, 453, 455 Bankers' balances, 403, 405 Dwelling units started, 433 (See also Foreign liabilities and claims reported by banks) Earnings and hours, manufacturing indus- Banks and branches, number, by class and State, 442 tries, 426, 435 Banks and the monetary system, consolidated state- Employment, 426, 434, 435 ment, 398 Export-Import Bank, loans, etc., 410, 411 Bonds (See also U. S. Govt. securities): New issues, 416, 418 Farm mortgage loans, 410, 419, 420 Prices and yields, 407, 408 Federal business-type activities, assets and liabilities, Brokers and dealers in securities, bank by fund or activity, 410, 411 loans to, 402, 404 Federal Deposit Insurance Corporation, Business expenditures on new plant and equip- assets, etc., 410, 411 ment, 418 Federal finance: Business indexes, 426 Cash transactions, 412 Business loans (See Commercial and industrial loans) Receipts and expenditures, 413 Treasurer's balance, 412 Capital accounts: Federal home loan banks, loans, etc., 410, 411, 421 Banks, by classes, 399, 403, 405 Federal Housing Administration, loans, etc., 410, 411, Federal Reserve Banks, 393, 394 419, 420, 421 Carloadings, 426 Federal National Mortgage Association, Central banks, foreign, 456, 460 loans, etc., 410, 411, 421 Coins, circulation of, 397 Federal Reserve Banks: Commercial banks: Condition statement, 393, 394 Assets and liabilities, 399, 402 U. S. Govt. securities held by, 389, 393, 394, Consumer loans held, by type, 423 414, 415 Number, by classes, 399, 442 Federal Reserve credit, 389, 393, 394 Real estate mortgages held, by type, 419 Federal Reserve notes, 393, 394, 395, 397 Commercial and industrial loans: Finance company paper, 406, 407 Commercial banks, 402 Foreign central banks, 456, 460 Weekly reporting member banks, 404, 406 Foreign deposits in U. S. banks, 389, 393, 394, 398, Commercial paper, 406, 407 403, 405 Commodity Credit Corporation, loans, etc., 410, 411 Foreign exchange rates, 461 Condition statements (See Assets and liabilities) Foreign liabilities and claims reported by Construction, 426, 432, 433 banks, 446, 448, 451, 453 Consumer credit: Foreign trade, 437 Instalment credit, 422, 423, 424, 425 Major parts, 422, 424 Gold: Noninstalment credit, by holder, 423 Earmarked, 454 Consumer durable goods output indexes, 432 Net purchases by U. S., 454 Consumer price indexes, 426, 438 Production, 454, 457 Consumption expenditures, 440, 441 Reserves of central banks and governments, 456 Corporate sales, profits, taxes, and dividends, 417, 418 Reserves of foreign countries and international Corporate security issues^ 416, 418 institutions, 455 Corporate security prices and yields, 407, 408 Stock, 389, 398, 454 Cost of living (See Consumer price indexes) Gold certificates, 393, 394, 395, 397 Currency in circulation, 389, 397 Govt. debt (See U. S. Govt. securities) Customer credit, stock market, 408 Gross national product, 440, 441 Debits to deposit accounts, 396 Home owners, Govt. agency loans, 410, 411 Demand deposits: Hours and earnings, manufacturing indus- Adjusted, banks and the monetary system, 398 tries, 426, 435 Adjusted, commercial banks, by classes, 403 Banks, by classes, 399, 405 Industrial advances by Federal Reserve Banks, 393, Type of holder, at commercial banks, 403 394, 395 468 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 469 Industrial production indexes, 426, 427, 432 Regulation V, loan guarantees, 395, 396 Instalment loans, 422, 423, 424, 425 Reserve requirements, member banks, 392 Insurance companies, 409, 414, 415, 420 Reserves: Insured commercial banks, 401, 402, 442 Commercial banks, 403 Interbank deposits, 399, 403, 405 Federal Reserve Banks, 393, 394 Interest rates: Foreign central banks and governments, 456 Bond yields, 407 Foreign countries and international institu- Business loans by banks, 407 tions, 455 Federal Reserve rates, 392 Member banks, 389, 391, 393, 394, 403, 405 Foreign countries, 459, 460 Residential mortgage loans, 419, 420, 421 Open market, 407, 459 Regulation V loans, 396 Sales finance companies, consumer loans of, 422, Stock yields, 407 423, 425 Time deposits, maximum rates, 396 Savings, 440 International capital transactions of the U. S., 446 Savings deposits {See Time deposits) International financial institutions, 454, 455, 456, 458 Savings institutions, principal assets, 409 Inventories, 441 Savings and loan associations, 409, 420 Investments {See also specific types of investments): Securities, international transactions, 452, 453 Banks, by classes, 399, 402, 404 Security issues, 416, 418 Federal Reserve Banks, 393, 394 Silver coin and silver certificates, 397 Govt. agencies, etc., 410, 411 State member banks, 401, 442 Life insurance companies, 409 State and municipal securities: Savings and loan associations, 409 New issues, 416 Labor force, 434 Prices and yields, 407, 408 Loans {See also specific types of loans): States and political subdivisions: Banks, by classes, 399, 402, 404 Deposits of, 403, 405 Federal Reserve Banks, 389, 391, 393, 394, 395 Holdings of U. S. Govt. securities, 414 Govt. agencies, etc., 410, 411 Ownership of obligations of, 402, 409 Insurance companies, 409, 420 Stock market credit, 408 Stocks: Savings and loan associations, 409, 420 Loans insured or guaranteed, 395, 419, 420, 421 New issues, 416 Prices and yields, 407, 408 Manufacturers, production indexes, 426, 427, 432 Margin requirements, 392 Tax receipts, Federal, 413 Member banks: Time deposits, 391, 396, 398, 399, 403, 405 Assets and liabilities, by classes, 399, 402 Treasurer's account balance, 412 Borrowings at Federal Reserve Banks, 389, 391 Treasury cash, 389, 398 Deposits and reserves, by classes, 391 Treasury currency, 389, 397, 398 Number, by classes, 399, 442 Treasury deposits, 389, 393, 394, 412 Reserve requirements, by classes, 392 Reserves and related items, 389 Weekly reporting series, 404 Unemployment, 434 Minerals, production indexes, 426, 427 U. S. balance of payments, 459 Money rates {See Interest rates) U. S. Govt. balances: Mortgages {See Real estate loans) Commercial bank holdings, by classes, 403, 405 Mutual savings banks, 398, 399, 401, 414, 415, Consolidated monetary statement, 398 419, 442 Treasury deposits at Federal Reserve Banks, 389, 393, 394, 412 National banks, 401, 442 U. S. Govt. securities: National income, 440 Bank holdings, 398, 399, 402, 404, 414, 415 National security expenditures, 413, 441 Federal Reserve Bank holdings, 389, 393, 394, Nonmember banks, 393, 401, 402, 442 414, 415 Foreign and international holdings, 455 Payrolls, manufacturing, index, 426 International transactions, 452, 453 Personal income, 441 New issues, gross proceeds, 416 Postal Savings System, 396, 398 Outstanding, by type of security, 414, 415 Prices: Ownership of, 414, 415 Consumer, 426, 438 Prices and yields, 407, 408 Security, 408 United States notes, outstanding and in circula- Wholesale commodity, 426, 438 tion, 397 Production, 426, 427, 431, 432 Utility output index, 431 Profits, corporate, 417, 418 Real estate loans: Veterans Administration, loans, etc., 410, 411, 419, Commercial banks, 402, 404, 419 420, 421 Type of mortgage holder, 419, 420, 421 Type of property mortgaged, 419, 420, 421 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

•* (c THE FEDERAL RESERVE SYSTEM g) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Minneapolis^1] Jan.3,/959 'Dram h/HW. (jafvm, Cart J\ 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