Federal Reserve Bulletin, 1959-05

FEDERAL RESERVE B U LLETIN May 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 Recovery in the Labor Market 471 Survey of Common Trust Funds, 1958 477 Law Department 483 Current Events and Announcements 491 National Summary of Business Conditions 492 Financial and Business Statistics, U. S. (Contents on p. 495) 497 International Financial Statistics (Contents on p. 555) 556 Board of Governors and Staff 573 Open Market Committee and Staff; Federal Advisory Council 574 Federal Reserve Banks and Branches 574 Federal Reserve Board Publications 576 Index to Statistical Tables 578 Map of Federal Reserve System Inside back cover Volume 4-C Number r 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, :>0 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET CONDITIONS have improved a great deal since business turned up N0NA6IICULTUIAL EMPLOYMENT a year ago. In recent months increases in Seasonally adjusted, millions of parsons employment have been large, and in many industries a record number of persons are at work. The workweek has lengthened and involuntary part-time work has declined. The civilian labor force has been growing at a rapid rate, partly in response to rising demands for labor. Recovery in employment has been widespread, but has varied among industries, occupations, and geographic areas. Nonindustrial lines, paced by further growth in State and local government activities, have - 22 continued to expand job opportunities. In the industrial sector, where recession cutbacks were most severe, employment is still 20 1953 1955 1957 1959 below pre-recession levels. As is usual during recovery periods, employment has grown less NOTE.—Bureau of Labor Statistics data. Industrial reprerapidly than output, because of a longer sents manufacturing, mining, construction, transportation, and public utilities. Nonindustrial represents trade, service, finance, and government. Domastic service and unpaid workweek and large gains in productivity. family workers and the self-employed ate excluded. Latest figures shown are for April. Unemployment in April, at 3.6 million, was 1.5 million less than a year earlier. The EMPLOYMENT AND HOURS number of jobseekers, however, is still above Nonf arm employment turned up in May last the 1955-57 level. Unemployment has been year, along with general economic activity, acute, in terms of both extent and duration, and advanced during the summer. Expanin a number of industrial areas. sion in employment slackened later in the Labor income has been rising since last year although output continued to increase spring, as both wage rates and hours worked vigorously. This spring, gains in employhave increased. With consumer prices rel- ment have been sizable. Rising demands for atively stable, the purchasing power of aver- steel and other metals, improvement in retail age money earnings has advanced to record sales, increased spending for producers' durlevels. For an extended period prior to able goods, and record levels of construction 1958, much of the increase in money earn- activity have strengthened demands for ings had been absorbed by higher prices. labor. In April, employment in nonfarm 471 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

472 FEDERAL RESERVE BULLETIN • MAY 1959 establishments (BLS series, seasonally ad- Employment in machinery-producing indusjusted), at 51.8 million, was 1.7 million tries moved upward this spring, as demands larger than at the cyclical low a year earlier. for capital goods increased. In nondurable Short workweeks have become far less goods lines, which are less volatile cyclically, common titan they were a year ago and the gains in employment have been less marked. number of full-time nonfarm employees Nonindustrial activities. Employment in working less than 35 hours a week because trade, service, and government has risen by of slack work is only half as large as it was 700,000 over the past year. State and local then. In manufacturing, average weekly government activity is the only major line hours reached a cyclical low of 38.4 in Feb- in which employment continued to expand ruary 1958 and began to rise earlier than during the recession. Such employment was either employment or production. In April more than half a million higher in April of this year the workweek averaged more than it had been before the recession in midthan 40 hours, about the same as in 1956. 1957. In private service industries employ- Industrial activities. More than half the ment is also at a new high, but recent gains increase in nonfarm employment since April have been at a much slower rate than in 1958 has been in manufacturing. Employ- earlier years. In wholesale and retail trade, ment in construction is also much higher employment is considerably higher than a than it was in the spring of 195 8. In mining year ago. Federal civilian employment has and on railroads, on the other hand, employ- changed little over the past six years. ment is still below last year's sharply reduced The growth in job opportunities during levels despite substantial increases in business activity. YOUNG PERSONS EMPLOYED Manufacturing establishments employed CHANOI IN INDUSTIT DISTRIBUTION, 1»4» TO 19S9 16.1 million persons in April, 900,000 more Per cent than at the recession low a year earlier. Production workers accounted for most of the increase. With the workweek also lengthened, production-worker manhours were up 13 per cent. Nonproduction staffs, having been well maintained during recession, have not required much expansion for the subsequent sharp increase in output. Total manufacturing employment in April was one million below the late 1956 high, and 1.4 million below the postwar peak of mid-1953. Gains in manufacturing employment since April 1958 have been widespread among SERVICE OTHER industries. The largest over-the-year increases have been in the steel, automobile, NOTE.—Bureau of the Census data for persons 14-24 years of age Who are employed in nonagricultural activities; and other metal-working industries, where domestic service, and unpaid family workers and the selfemployed are included. Service represents private and much of the recession decline was centered. domestic services and government educational and health services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN THE LABOR MARKET 473 the postwar period has been mainly in non- increase in the labor force among men in industrial activities. Employment in these this age group, the decline in unemployment activities is one-third or 7 million higher has been directly related to the increase in than in 1947, while industrial employment jobs. Among women 25 or more years of is up only slightly. age, unemployment has declined relatively This shift in the structure of employment less as employment gains have been partly has resulted in changes in the age distribu- offset by large additions to the labor force. tion of workers in the major nonfarm indus- The unemployment rate has been reltries. An increasing proportion of young atively high for workers under 25 years of workers have been finding their initial jobs age, reflecting in part large additions to the in trade and private and government serv- labor force as a result of the increasing birth ices. In contrast, industrial activities, where rates of the early 1940's. Additional inemployment has been drifting down and fluences include low seniority, lack of skill where seniority rules prevail, have become and experience, and frequent shifting of less important sources of jobs for new work- jobs. On the other hand, younger people ers. As may be seen in the chart, the larg- have generally experienced shorter periods est proportion, one-third, of those 14-24 of unemployment than older workers. years of age were in manufacturing indus- Improvement in the labor market is tries in 1948, compared with one-fourth in indicated by a decline in the number of long- 1959. Private and government services have term unemployed from 2.0 million last sumbecome the largest employers of younger mer to 1.1 million in April, after allowance workers. There was little change in the in- for seasonal influences. Unemployment for dustrial distribution of older workers over 15 weeks or more has been more extensive the period. during the recent contraction and recovery than in either 1949-50 or 1954-55. Another favorable development this spring UNEMPLOYMENT has been the significant reduction in lay- Unemployment has declined sharply from offs. New claims for unemployment benethe postwar high reached in 1958. On a fits have been declining more than seasonseasonally adjusted basis, 5.3 per cent of the ally and in April were sharply below last civilian labor force was unemployed in year's levels and about the same as in April April, compared with 7.5 per cent a year 1955 and 1957. If this trend in new layoffs earlier and a range of 3.9 to 4.4 per cent continues, the seasonally adjusted unemploybetween mid-1955 and mid-1957. Although ment rate can be expected to decline further unemployment has declined about as rapidly in the months ahead. as in previous postwar upturns, the unemployment rate is higher than in the corre- LABOR FORCE sponding phases of the 1949-50 and 1954- Recent changes in the labor market have re- 55 periods of economic recovery. flected longer run forces as well as shorter The reduction in unemployment has been run cyclical influences. The labor force has greatest among men 25 or more years of age, grown continuously throughout the postwar the group that had been hit hardest by the period and demands for labor have generally recession layoffs. Since there has been little been strong. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 FEDERAL RESERVE BULLETIN • MAY 1959 An expanding labor force has continued Growth this year and next may be more to find increasing job opportunities in pro- rapid, possibly one million annually, as fessional, managerial, and other white collar increasing numbers of those born duroccupations. The upward trend of employ- ing the war period reach working age. From ment in these occupations has been little 1961 to 1965, the labor force is expected to affected by contractions in business activity. increase by more than 1.2 million a year. In contrast, employment of unskilled and The composition of the labor force consemiskilled production and maintenance tinues to show marked changes. The numworkers has shown large cyclical swings and ber of men in the labor force who are 25 ox has tended downward since its postwar high more years of age has not increased appreciin 1953. ably since 1955, as the chart shows. In part, The civilian labor force in April amounted this lack of expansion reflects the reduced to almost 70 million persons, or 57 per cent birth rates of the late l920*s and the 193O's. of the population 14 or more years of age- Another f aeter has been the downward trend Labor force growth in any year depends on in labor force partieipatibtt rates by men 65 economic conditions, differential rates of or more years of age. This decline accelerpopulation growth by age-sex groups, num- ated during the recession. Only a third of bers attending school, and changes in social this oldest age group is now in the labor security and pension programs. Additions force, compared with almost one-half in the to the labor force so far this year have been immediate postwar period. at a higher rate than in either 1957 or 1958. The number and proportion of women in Annual additions to the labor force since the labor force have continued to grow, World War II have averaged about 900,000. along with expansion in employment in CIVILIAN LABOR FORCE LA»O« FORCE Millions EMPIOYMINT Millions UNEMPLOYMENT Millioni of persons of persons of persons . TOTAl 69 - 68 MEN 25 AND OVER 40 39 1956 '57 '58 '59 1956 "58 '59 1956 '57 '58 '59 NOTE.—Bureau of the Centos data, adjusted for seasonal ice, and unpaid family workers and the self-employed, variation. Employment includes agricultural, domestic serv- Latest figures shown are for April. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN THE LABOR MARKET 475 white collar and service occupations. In other premium payments have increased and April, women accounted for 33 per cent of employment gains have been largest in the the civilian labor force compared with 28 higher paying durable goods industries. In per cent in 1947. Increases in labor force addition, negotiated wage gains have been participation and employment have been reported in a number of industries, such as greatest among older married women. petroleum and textiles, in which no general increases were granted during 1958. LABOR INCOME Average hourly earnings in manufactur- In most nonfarm activities, weekly earnings ing were $2.23 in April, 5.5 per cent higher have risen steadily over the past year to a than a year earlier compared with a new high in April, reflecting lengthening of 2.5 per cent increase during the preceding the workweek and further advances in hourly year. Owing to a lengthening of the workearnings. Aggregate wage and salary in- week, weekly earnings have increased much come in April reached an annual rate of more than hourly earnings and at $90 in $253 billion, $12 billion above the pre- April were 11 per cent higher than a year recession high in 1957 and $21 billion earlier. In the preceding year, when hours above the recession low in April 1958. were curtailed sharply, weekly earnings had Increases in average earnings have accom- declined. panied rapid growth in productivity. Con- Earnings in the nonindustrial sector, much sistent with the pattern of other recovery of which is outside the sphere of direct union periods, the rise in hourly earnings in the bargaining, have also advanced steadily since past year has been less than the gain in outlast April, but the rate of advance has not put per manhour. The recent decline in been much different from that in 1957-58. unit labor costs has contributed to a widen- The response of earnings to cyclical changes ing of profit margins from their reduced rehas been less marked in the nonindustrial cession levels and to a limiting of upward area than in manufacturing because employprice pressures. ment and weekly hours have been less vola- Consumer prices have been relatively tile. The postwar uptrend in earnings, stable over the past year, and wage advances however, has been similar to that in manuunder escalator clauses have been unnecesfacturing. sary or have been small. During the first About 3 million workers—mostly in transfour months of 1959, for instance, workers portation and electrical equipment indusin the railroad, electrical machinery, airtries, trucking, and construction—will recraft, chemical, and automobile industries ceive automatic wage increases in 1959 on received no upward cost-of-living adjustthe basis of labor-management contracts ment, whereas an increase of 2-4 cents an negotiated earlier. In most instances, these hour was given in the comparable period increases will be in the range of 6-10 cents of 1958. an hour. Negotiations are scheduled this Recent increases in earnings. In manuyear on expiration of long-term contracts in facturing, average hourly earnings of prosuch important industries as steel, nonferduction workers have risen at a more rapid rous metals, metal mining, railroads, and rate over the past year than during the premeatpacking. ceding recession months. Overtime and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 FEDERAL RESERVE BULLETIN • MAY 1959 , The advance in hourly AVEIAGE HOURLY EARNINGS earnings in both industrial and nonindustfllCTED INDUSTRIES trial activities during this recovery is about in line with average annual increases of 4-5 APRIL PERCENTAGE INCREASE, INDUSTRY 1959 1953 - 59 per cent since the end of the Korean War. Gains have tended to be largest in periods MIMAUr MiTAlS UTILITIES 2.54 of rising consumer prices or low unemploy- PfTtOlCUM ment, and smallest in recession. There is FOOD little indication that this uptrend is being PAPit 2.17 •UILOIHO CONSTIUCTION 3.17 either accelerated or dampened. TELEPHONE 1.11 Over the past six years, workers in a large BITUMINOUS COM 1.1* TKANSPOtTATION COUIPMENT I.»4 proportion of nonfarm activities have re- ItUSSIl IM ceived increases in hourly earnings averag- MACHINEUT 2.4S ing between 25 and 30 per cent. Gains • ETAIL HADE 1.74 PtINTINO 2.«7 exceeding 30 per cent have occurred in IUMBEI 1.93 primary metals, utilities, petroleum, and LAUNDHIES 1.15 FUlNITUtE 1.91 food. Earnings in these industries have APPAtEL 1.52 been influenced in varying degree by TEXTILE-MIll 1.57 strongly rising product demands, large 10 40 productivity gains, and effective labor organizations. The smallest gains have been NOTE.—Burean of Labor Statistics data. Embus for nonin industries where demands for products mannfactiirliit industries are for March 1959. Percentage for manufacturing are from April to April; for and workers have been relatively weak. from Bfardi to Mardi. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Common Trust Funds, 19$8 THE AGGREGATE MARKET VALUE of the other than new ones covers 12 months. For investment holdings of 322 common trust funds that began operating during 1958, infunds at the end of 1958 was $2,434 million. vestments are included in end-of-year tabu- The increase of $469 million in such hold- lations of holdings and also in tabulations of ings during the year was the largest for any purchases and sales; the cash and U. S. Govyear since surveys of common trust funds ernment nonmarketable securities placed were started in 1955. Appreciation in mar- with the new funds by fiduciary accounts are ket value of holdings amounted to $299 included in tabulations of net additions to million, or nearly two-thirds of the total principal. growth for the year; net additions of $157 For classification purposes, a discretionmillion to principal accounted for most of ary common trust fund is one in which all the remainder. These are the findings of the of the investments of the fund—both as to Fourth Annual Survey of Common Trust individual securities and as to proportions Funds conducted by the Board of Governors of classes of investments—are made at the of the Federal Reserve System as part of a sole discretion of the trustee. Legal common program to provide information about printrust funds differ from State to State decipal uses of savings. pending on the plan under which they oper- The Survey includes all common trust ate: In all States except New York and New funds operated by banks and trust com- Jersey, a legal common trust fund is one in panies in the United States and Hawaii and administered under subsection (c) of Sec- which the plan limits investments to those tion 17 of the Board's Regulation F. The authorized by State statute as legal for funds reporting date for each fund is the valuation held in individual fiduciary accounts. In date falling in the fourth quarter of the New York and New Jersey, funds designated calendar year. The reporting period of funds by their plan as legal common trust funds are specifically restricted by statute.1 A special common trust fund is one that is re- NOTE.—This article was prepared by Charles W. Bryson of the Board's Division of Bank Operations. stricted by plan or institutional policy to one For results of the three previous Surveys of Common type or class of investment, that is, fixed- Trust Funds, see the BULLETIN for August 1956, June 1957, and May 1958. As defined bv Section 584(a) of the Internal Revenue Code of 1954, a "common trust fund" is a fund 1 "Legal investment" statutes fall into two general maintained by a bank or trust company "(1) exclucategories: (1) those that restrict all or part of the sively for the collective investment and reinvestment of moneys contributed thereto by the bank in its investments to specific investments or specific classes capacity as a trustee, executor, administrator, or of investments, and (2) those that limit investment in guardian; and (2) in conformity with the rules and nonlegal securities to a given percentage of the regulations, prevailing from time to time, of the account or fund. The statutory limitations on invest- Board of Governors of the Federal Reserve System ment in nonlegal securities range from 30 per cent to pertaining to the collective investment of trust funds 50 per cent of the market value (in one State, inby national banks." ventory value) of the fund. 477 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 FEDERAL RESERVE BULLETIN • MAY 1959 TABLE 1 INVESTMENT HOLDINGS, PURCHASES, AND SALES OF COMMON TRUST FUNDS, 19581 [Dollar amounts in millions] Holdings, at Holdings, at end of 1957 Cost of Proceeds end of 1958 purchases from sales Type of holding2 and other and At As per- acqui- redemp- At As permarket centage sitions tions market centage value of total value of total Total holdings (including principal cash). $1,965.5 100.0 $456.7 $304,8 $2,434.4 100.0 Bonds, notes, and certificates—total. . .. 780.8 39.7 288.1 209.2 868.0 35.6 U. S. Government -total 211.4 I0.H 107.6 140.7 173.9 7.1 Marketable, maturing: Within one year or less 13.3 0.7 46.8 53.1 11.3 0.5 After one year 96.7 4.9 57.2 41.6 105.0 4.3 Nonmarketable 101.4 5.2 46.0 57.5 2.4 3.6 State and political subdivision 43.4 2.2 4.5 47.1 1.9 6.9 Domestic corporate—total., 485.9 24.7 54.0 597.5 24.5 Manufacturing 111.9 5.7 155.5 15.7 154.3 6.3 Public utility 253.7 12.9 52.9 22.9 309.3 12.7 R O a th il e r r oad 5 62 7 . . 9 3 2 3 . . 9 2 7 7 4 . . 5 8 1 4 1 . . 0 4 6 72 1 . . 2 6 2 3 . . 5 0 20.4 Other*. 40.1 2.0 10.0 49.6 2.0 18.1 Preferred stocks—total. 204.6 10.4 27.1 19.8 221.2 9.1 Manufacturing 99.5 5.1 13.0 12.8 102.7 4.2 Public utility 89.0 4.5 12.4 5.5 101.1 4.2 Railroad 4.2 0.2 0.2 0.6 4.0 0.2 Financial 5.2 0.3 0.8 0.7 5.7 0.2 Trade 6.7 0.3 0.5 0.2 7.5 0.3 Other 0.2 0.2 Common stocks—total.. 936.3 47.7 131.4 69.5 1,292.5 53.1 Manufacturing 582.9 29.7 82.2 43.0 796.1 32.7 Public utility 207.4 10.6 25.0 14.3 286.7 11.8 Railroad 11.2 0.6 1.9 0.4 17.7 0.7 Financial 88.8 4.5 14.1 6.2 126.2 5.2 Trade 36.5 1.9 6.5 3.2 55.2 2.3 Other 9.3 0.5 2.4 10.4 0.4 1.7 Real estate loans 29.8 1.5 6.1 33.4 1.4 9.8 Savings accounts 0.4 0.2 0.5 0.3 Principal cash 13.8 0.7 18.8 0.8 i 1 Survey of common trust funds operated under Sec. 17(c) of of securities received. Stock rights held at beginning or end of Regulation F of Board of Governors. Except for funds beginning reporting period are included in appropriate investment category at operation during 1958, data are for 12 months; reporting dates market value. Proceeds from sales of such rights are included in range from Oct. 10 through Dec. 31, 1958. proceeds from sales of securities during period. Details may not 2 Nonmarketable U. S. Government securities are valued at cost add to totals because of rounding. and other holdings at market value. Purchases are shown at cost 3 Mainly quasi-governmental issues and foreign issues. and sales at proceeds realized. Conversions and exchanges of 4 Less than $50,000. securities are treated as sales of securities surrendered and purchases 5 Less than .05 of one per cent. income investments or common stocks; it appreciation in market value of holdings.2 may be either discretionary or legal. Activity decreased in all major categories except U. S. Government securities, where INVESTMENT ACTIVITY there was a slight increase. Gross investment transactions of common Holdings of domestic corporate bonds trust funds, shown in Table 1, totaled $762 and of common stocks expanded in 1958 million in 1958, $28 million less than in the previous 12 months. Transaction activity of 2 For this purpose, transaction activity is measured the aggregate portfolio declined about 14 by dividing the average of gross purchases and gross sales by the average of holdings at the beginning and per cent from 1957, largely because of the end of the reporting period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1958 479 but holdings of U. S. Government securities in the proportion placed in common stocks declined as they had in the two previous and decreases in the proportions invested in years. Holdings of preferred stock in- bonds, preferred stocks, and real estate loans. creased, as shown in Table 2; this was the first increase in such investments since 1955. GROWTH IN FUNDS The net amount of new money coming Expansion in common trust funds may be into common trust funds during 1958 was measured by changes in the number of funds $157 million, $55 million more than in and by changes in the number and average the previous year; new participations of size of their participating fiduciary accounts. $267 million in 1958 were only partly off- Number. At the end of 1958 there were set by withdrawals of $110 million. It is 322 common trust funds in 44 of the 49 estimated that 50 per cent of the net amount jurisdictions (47 States, the District of of new money was invested in bonds, 5 per Columbia, and Hawaii) that permit common cent in preferred stocks, 40 per cent in com- trust funds, compared with 277 funds in mon stocks, and 2 per cent in real estate 43 jurisdictions at the end of 1957. The loans. The balance was held in cash. Com- net increase in number during 1958 was 45, pared with 1957 this represents an increase or 16 per cent. TABLE 2 MARKET VALUE OF INVESTMENT HOLDINGS OF COMMON TRUST FUNDS, BY TYPE OF FUND, 1957-58' [In millions of dollars] Special funds Ml funds Diversified discretionary Diversified legal funds funds Discretionary Legal Type of holding2 In- In- In- In- Increase, crease, crease, crease, crease, 1958 1957 or de- 1958 1957 or de- 1958 1957 or de- 1958 1957 or de- 19581957 or decrease crease crease crease crease Total holdings 2,434.4 1,965. 468.9 1,804. 1,543.8 260.3342.6 ->934 49 ->268.8 115.0 153 8 18 9n 3 5.6 Bonds, notes, and certificatestotal 868.0 780.8 87.3 592.8 561.7 31.1 162.5 148 4 14 1 97.6 59.9 37 715 410 8 4.6 U S Govt 173.9 211.4 -37.5 117.8 155.8 -38.1 34.6 41 2 -6 .6 15.1 8.8 6 3 6.3 5.5 0.8 State and political subdivision 47 1 43 4 3.7 19.5 21 4 — 1.9 7.3 6 8 0 16.3 12.5 3 8 4 0 -> 7 1 .3 Domestic corporate 597.5 485.9 111.6 421.2 356.0 65.2 108.5 91 1 17.4 63.3 36.7 26 6 4.6 2.1 2.5 Other3 49.6 40. 1 9.5 34.? 28.5 5.7 12.1 9 3 2 8 2.9 1.9 10 0 4 0 S -0.1 Stocks total 1,513.61,140.8 372.8 1,182.1 955.6 226.5 168.7 135 9 32.8 159.8 47.1 112 7 3.0 2.2 0.8 Preferred 221.2 204 6 16.6 144.0 154 2 -10.1 52.0 46 5 5 s 24.1 3.1 21 0 1 1 0 8 0.3 Common 1,292.5 936. 3 356.2 1,038.1 801.4 236.6 116.8 89.4 27 4 135.7 44.0 91 7 1 l) 1 4 0.5 Real estate loans and savings accounts 33.9 30.? 3.8 19.0 17.0 2.0 6.4 6 0 0 4 8.5 7.1 1 4 0 1 0 1 Principal cash 18.8 13.8 5.0 10.4 9.5 0.9 5.0 3 1 .9 3.0 1.0 2 0 0.4 0.2 -0.2 Factors affecting change during | year: Net additions to principal funds 157.0 99.7 *>() -; "P -> 4.8 Net appreciation in market value of investments 299.0 240.7 25 7 0.3 Net realized capital gains P 9 7 5 4 0 1 0.1 Net transfers due to splits, reclassifications etc -87.6 -0 .8 88 0 0.4 1 See Table 1, note 1. 3 See Table 1, note 3. 2 See Table 1, note 2. 4 Less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

480 FEDERAL RESERVE BULLETIN • MAY 1959 TABLE 3 SIZE DISTRIBUTION OF COMMON TRUST FUNDS, 19581 [Dollar amounts in millions] All Diversified Diversified Special funds discretionary funds egal funds funds Size of fund (total holdings, in millions of dollars)2 Number ho T l o d t in al gs Number ho T l o d t i a n l g s 1 Number ho T l o d t i a n l gs Number ho T l o d t i a n l gs AH funds 322 $2,434.4 180 $1,804.1 1 73 $342.6 69 $287.7 Under 1 85 34.3 34 15.1 21 7.9 30 11.4 1-2 52 74.5 20 28.0 17 25.7 15 20.7 2 5 69 212.2 45 141.0 13 39.3 31.9 5-10 51 352.3 34 235.2 11 75.7 6 41.4 10-25 42 644.6 27 390.6 10 165.3 5 88.7 25-50 . 15 538.0 13 468.4 1 i 28.7 1 40.9 50 and over 8 578.6 7 525.8 52.8 i See Table I, note 1. 2 See Table1, note2. TABLE 4 the largest for any year since Section 17 of COMMON TRUST FUNDS AND THEIR INVESTMENT Regulation F went into effect in June 1937. HOLDINGS, BY CLASS OF BANK, 19581 Mergers and splits also affected the number of funds in operation in 1958. Each Market Num- Num- h v o a l l d u i e n g o s f 3 of four previously existing funds was split Class of bank ber of ber of (in milfunds banks2 lions of into two separate funds, and in three indollars) stances two existing funds within the same All banks—total 322 246 $2,434.4 bank were merged. Since such changes do Diversified discretionary. 180 174 1,804.1 Diversified legal 73 72 342.6 not affect investment holdings, they are Special 69 43 287.7 treated separately for statistical purposes. State member banks—total 113 80 1,525.4 Diversified discretionary 65 63 1,128.8 Diversified legal 32 31 268.8 The sharp growth in the number of com- Special 16 10 127.7 mon trust funds during the two years 1957- National banks—total 164 132 619.9 Diversified discretionary. 95 91 463.5 58 seems to indicate a growing awareness of Diversified legal 35 35 65.8 Special 34 22 90.6 the adaptability of such funds in handling Ins D u i r v e e d r s n if o ie n d m e d m is b cr e e r ti b o a n n a k ry s . --total 2 1 9 2 2 1 3 2 2 5 9 0 . . 3 2 the investments of a large number of small Diversified legal 6 6 8.0 Special 11 7 13.0 fiduciary accounts. Their use permits the Noninsured nonmember banks--total. 16 11 239.0 trust institution to handle the investments Diversified discretionary 8 182.5 Diversified legal of the small individual fiduciary account at Special 56.4 lower cost and with greater diversification 2 1 D Se e e ta T il a s b d le o 1 n , o n t o a t d e d 1 . to totals because some banks operate two or in holdings than would be possible if investmore funds. * See Table 1, note 2. ments of individual accounts were handled separately. Forty-four new funds were established in Fiduciary accounts. Expansion in terms 1958. The aggregate holdings of these of fiduciary accounts, the second measure funds at the year-end amounted to $25 of growth, was at a rate of 14 per cent for million. This compares with 35 new funds number and 9 per cent for average account. in 1957, which had aggregate holdings of At the end of 1958 there were 104,000 of $13 million on December 31 of that year. these accounts, 13,000 more than at the end The 1958 increase in number of funds was of 1957. These figures do not make allow- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1958 481 ances however, for accounts that may be participations and net appreciation in the ? invested in more than one fund, that is, those market value of their common stock holdsplit between fixed-income and common ings. This is in contrast with 1957, when stock funds. The average participation was net depreciation in the market value of $23,000, compared with $22,000 at the end common stock holdings resulted in a net of 1957. decline in the market value of total holdings. The large increase in holdings of special CHANGES IN HOLDINGS funds during 1958 resulted from greater use All types of common trust funds experienced of "split funding." Under this arrangement, net increases in the market value of their banks set up separate funds to invest in total holdings in 1958, as shown in Table fixed-income assets and in common stocks, 2. The size of holdings of individual funds respectively. Such an arrangement permits also increased during the year. Holdings of participation in either fund or in both funds funds classified by size are shown for De- in varying proportions, in accordance with cember 31, 1958, in Table 3. the needs and requirements of the individual Most of the growth in holdings of funds fiduciary accounts. The number of banks during 1958 occurred in diversified discre- using the split-funding arrangement intionary and special discretionary funds. For creased from 13 in 1957 to 24 in 1958 and these two groups in particular, the growth the holdings in these funds increased from reflected increases in the net amount of new $85 million to $230 million. TABLE 5 STATE DISTRIBUTION OF COMMON TRUST FUNDS, BY TYPE, 19581 Number of funds Number of funds State, with year of State, with year of legaliza tr t u io s n t f o u f n d co s mmon Total D d s i i i s f v c ie e r d e r- - D si i f v ie e d r- Special legaliz t a r t u io s n t f o u f n c d o s mmon Total d D s i i i s f v i c e e r d e r- - D si i f v ie e d r- Special tionary legal D tio is n c a r r e y - Legal tionary legal D tio is n c a r r e y - Legal 44 States, incl. D. C. and Montana (1955) 2 2 Hawaii 322 180 73 56 13 Nebraska (1953) 1 New Hampshire (1953).. . . 2 1 1 Alabama (1943) 3 2 1 New Jersey (1945) 11 1 4 2 2 Arizona (1941) 3 1 New Mexico (1953) 1 Arkansas (1947) 1 California (1947) 15 8 7 New York (1937) 43 17 21 4 1 Colorado (1947) 8 4 3 1 North Carolina (1939) 6 4 2 North Dakota (1955) 2 1 C D F D l o e i o s n l r a t n . i w d e o a c a f t r ( i e C c 1 u 9 ( o 1 t 4 l 9 u 1 ( 3 m 1 ) 5 9 b ) 4 i 3 a ) (1949).. 1 4 3 8 0 1 2 3 0 2 2 O O Or h k e i l g o a h o ( n o 1 m 9 ( 4 1 a 3 9 ) 5 (1 1 9 ) 49) 8 2 2 7 1 1 I G ll e in o o rg is i a ( 1 ( 9 1 4 9 3 43 ) ) 7 7 7 6 6 1 P S R e o h n u o n t d h s e y C l I v s a a l r a n o n i l a d in ( a ( 1 1 9 ( 9 1 3 5 9 9 6 5 ) ) 5) 5 4 2 3 1 >T 0 •) 32 3 8 3 I K M n e d a n i i a n tu n e c a k ( 1 y ( 9 1 5 ( 9 1 1 3 9 ) 7 3 ) 8) 8 3 3 ""3 3 ' 8 S T o en u n th e s D se a e k ( o 1 t 9 a 5 ( 3 1 ) 941) 8 6 1 2 Maryland (1945) 7 5 •y Texas(1947) 10 10 Utah (1951) 2 2 Massachusetts (1941) 18 18 Vermont (1933) 1 Michigan (1941) 7 7 Virginia (1944) T y 6 M Mi i s n s n is e s s i o p t p a i ( ( 1 1 9 9 3 5 7 0 ) ) 6 2 2 4 1 Washington (1943) 1 4 5 3 1 Missouri (1940)2 8 5 3 West Virginia (1943) 1 1 Wisconsin (1943) 7 2 1 Hawaii (1947) 4 4 1 See Table 1, note 1. 2 By court decision; legislation was enacted in 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 FEDERAL RESERVE BULLETIN • MAY 1959 GEOGRAPHIC DISTRIBUTION tively, as shown in Table 5—and on the basis of amounts held they ranked in the During the four years covered by the Surveys, same order. the number of common trust funds has in- While 56 per cent of the assets and 40 per creased in all geographic sectors. During cent of the number of funds are in the 1958 the two largest increases in number of Boston, New York, and Philadelphia Fednew funds (ten and five) were in Pennsyleral Reserve Districts, the rate of increase vania and Virginia, respectively, and the in volume of assets and number of funds confirst fund was established in New Mexico. tinued to be slower in these districts than Pennsylvania, New York, and Massachusetts elsewhere. The distribution of funds by Fedhad the largest number of funds on Decem- eral Reserve district at the end of 1958 is ber 31, 1958—with 53, 43, and 18, respec- shown in Table 6. TABLE 6 TYPES OF COMMON TRUST FUNDS AND INVESTMENT HOLDINGS, BY FEDERAL RESERVE DISTRICT, 19581 [Dollar amounts in millions] investment holdings Number of funds Bonds, notes, and certificates Stocks Fede d ra is l tr R ic e t serve Total D s t c i d i a f i o r i r v i e s e n y e - - d - r- D s l i e i f g v ie a e d l r- t D c io r i e S s n - - - peci L a e l gal Total 2 Total G U m er o e . n S v n - . - t p S d s a i o t u c i n a v l a b d i t i l t - e - - C r p a o o t r e - - o A th l e l r Total fe P r r r e e - d C m o o m n - l e R o s e a t e t a c n a t . s l e , P c c i a r p i s n a h l ary sion All districts 322 180 73 56 13 |$2,434.4 $868.0 $173.9 $47.1$597.5 $49.6 $1,513.6 $221.2 $1,292.5 $33.9 $18.8 Boston 32 31 282.1 93.4 20.6 67.9 4.9 186.0 10.5 175.5 0.8 1.9 New York 50 22 23 509.7 226. 25.3 () 188.7 12.1 277.0 23.9 253.1 1.6 5.0 P C h le il v a e d l e a l n p d hia 4 2 8 5 1 1 3 0 2 1 5 0 5 2 7 3 7 6 . . 9 3 1 9 5 7 3 . . 2 2 5 1 2 9 . . 6 1 3 1 0 3 . . 7 2 7 40 5 . . 9 0 1 6 2 . . 4 5 4 1 2 3 0 5 . . 6 0 1 2 1 7 8 . . 0 5 3 1 0 0 2 8 . . 0 1 (3 1 ) .7 4 2 . . 0 4 Richmond 37 22 190.7 64.9 13.9 1.1 45.8 4.1 109.9 9.7 100.2 14.8 Atlanta 26 20 68.9 28.7 3.7 1.2 22.4 1.4 38.2 7.4 30.7 1.5 0.6 Chicago 28 16 126.5 53.2 10.6 0.2 40.0 2.5 71.5 6.9 64.6 0.3 1.5 St. Louis 12 139.3 50.5 6.3 0.3 43.7 0.1 85.0 2.1 82.8 3.7 0.1 Minneapolis... 11 3 19.0 7.2 1.3 (3) 5.7 0.1 11.7 0.5 11.1 0.1 Kansas City... 14 10 61.2 17.5 5.9 0.2 9.5 2.0 35.2 2.3 32.8 7.2 1.3 Dallas 10 10 31. 10.4 3.31.... 6.5 0.6 20.6 2.8 17.8 0.6 0.2 San Francisco. 29 15 191.0 65.7 11.2| (3) 51.5 3.0 123. 9.5 113.6 1.6 0.6 1 See Table I, note 1. 3 Less than $50,000. 2 See Table I, note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Amendments to Regulations T and U count or by increases in margin requirements. (The margin requirement of a stock is the differ- The Board of Governors of the Federal Reence between its prescribed maximum loan value serve System has adopted, effective June 15, and its current market value.) Securities can be 1959, amendments to its Regulation T and Reguwithdrawn from these "restricted" accounts lation U, and is filing these amendments with the through sale or otherwise if there is a specified Federal Register. Regulation T and Regulation reduction in the debt owing in the account. U relate respectively to "Credit by brokers, dealers Under the previous regulation, when a security and members of national securities exchanges" was withdrawn from a "restricted" account, the and "Loans by banks for the purpose of purchasamount by which the debt in the account had to ing or carrying registered stocks." be reduced worked out to be the same as the The amendments as filed with the Federal maximum loan value of the security at the time. Register, including brief descriptions, are given This percentage automatically changed with each below. change in margin requirements. TITLE 12—BANKS AND BANKING The amendment to Section 3(b)(2) (the sec- CHAPTER II—FEDERAL RESERVE SYSTEM ond paragraph of Section 3(b) of Regulation T) provides for a new method of limiting with- SUBCHAPTER A BOARD OF GOVERNORS OF THE drawals from "restricted" accounts. The amend- FEDERAL RESERVE SYSTEM ment provides for a separate figure which repre- [REG. T] sents the "retention requirement" of a registered nonexempted security (i.e., in the case of a with- Part 220. Credit by Brokers, Dealers, and drawal of securities, the percentage of market Members of National Securities Exchanges value that must be deposited in the account; or, Withdrawals of Cash or Securities in the case of a sale, the percentage of sale pro- 1. Part 220 (Regulation T), issued by the ceeds that must be left in the account). In a Board of Governors of the Federal Reserve Sys- new paragraph (c) of Section 8 (the Supplement tem pursuant to the authority cited therein, to Regulation T) the "retention requirement" is prescribes the conditions upon which credit may set at 50 per cent of the market value of the be extended and maintained by brokers, dealers, securities involved. This "retention requirement" and members of national securities exchanges. may be changed by the Board from time to time. Effective June 15, 1959, the Board has adopted The effect of the amendment may be illustrated certain amendments to Part 220 (Regulation T) by an example in which $1,000 of registered nonin order more effectively to prevent the excessive exempted securities held in a "restricted" account use of credit for purchasing or carrying securities. are sold or withdrawn. Under the previous regu- Specifically, amendments to Section 3(b)(2) and lation and current level of margin requirements, to Section 8 (the second paragraph of Section the debt in the account would have to be reduced 3(b) of Regulation T and the Supplement to by only $100. Under the amendment, so long as Regulation T) further restrict withdrawals of cash the account remains "restricted," the debt would or securities from so-called "restricted" accounts have to be reduced by $500. (i.e., accounts in which more credit is outstanding The amendment does not alter existing provion the securities in the account than would be per- sions that allow a purchase of registered nonmitted in a new purchase of those securities under exempted securities to be made in a "restricted" current margin requirements). account without additional margin if the purchase Accounts can become "restricted" by declines is made on the same day that an equal or greater in market value of the securities held in the ac- market value of such securities is sold in the 483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

484 FEDERAL RESERVE BULLETIN • MAY 1959 account and the proceeds applied to the purchase. (c) § 220.3(g) (Section 3(g) of Regulation Conforming amendments have been made to T) is hereby amended to read as follows: paragraphs (e) and (g) of Section 3. § 220.3 General accounts. 2. The amendments to Part 220 (Regulation T) set forth herein shall become effective June (g) Transactions on given day. For the purposes 15, 1959. of paragraph (b) of this section, the question of (a) §220.3(b)(2) (the second paragraph of whether or not an excess of the adjusted debit balance of a general account over the maximum loan value Section 3(b) of Regulation T) is hereby amended of the securities in the account is created or increased to read as follows: on a given day shall be determined on the basis of all the transactions in the account on that day exclusive § 220.3 General accounts. of any deposit of cash, deposit of securities, covering :': * * # transaction or other liquidation that has been effected on the given day, pursuant to the requirements of (b) General rule. * * * paragraphs (b) or (e) of this section, in connection (2) Except as permitted in this subparagraph, no with a transaction on a previous day. In any case in withdrawal of cash or registered or exempted securi- which an excess so created, or increase so caused, by ties shall be permissible if the adjusted debit balance transactions on a given day does not exceed $100, of the account would exceed the maximum loan value the creditor need not obtain the deposit specified of the securities in the account after such withdrawal. therefor in subparagraph (b)(l) of this section. Any The exceptions are available only in the event no transaction which serves to meet the requirements of cash or securities need to be deposited in the account paragraph (e) of this section or otherwise serves to in connection with a transaction on a previous day permit any offsetting transaction in an account shall, and none would need to be deposited thereafter in to that extent, be unavailable to permit any other connection with any withdrawal of cash or securities transaction in the account. For the purposes of this on the current day. The permissible exceptions are: part (Regulation T), if a security has maximum loan (i) registered or exempted securities may be with- value in the account under subparagraph (c)(l) of drawn upon the deposit in the account of cash (or this section, a sale of the same security (even though registered or exempted securities counted at their not the same certificate) in the account shall be maximum loan value) at least equal to the "retention deemed to be a long sale and shall not be deemed to requirement" of any registered or exempted securities be or treated as a short sale. withdrawn, or (ii) cash may be withdrawn upon the deposit in the account of registered or exempted (d) § 220.8 (the Supplement to Regulation T) securities having a maximum loan value at least equal is hereby amended by adding a new paragraph, to the amount of cash withdrawn, or (iii) upon the sale (other than short sale) of registered or exempted § 220.8(c) to read as follows: securities in the account, there may be withdrawn in cash an amount equal to the difference between the § 220.8 Supplement. current market value of the securities sold and the "retention requirement" of those securities. The (c) Retention requirement for general accounts. "retention requirement" of an exempted security is In the case of a general account which would have an the same as its maximum loan value, and the "retenexcess of the adjusted debit balance of the account tion requirement" of a registered nonexempted secuover the maximum loan value of the securities in the rity is prescribed from time to time in § 220.8(c) (the account following a withdrawal of cash or securities Supplement to Regulation T). from the account, the "retention requirement" of a registered security (other than an exempted security), (b) §220.3(e) (Section 3(e) of Regulation pursuant to § 220.3(b)(2), shall be 50 per cent of its T) is hereby amended to read as follows: current market value. § 220.3 General accounts. 3. These amendments are issued pursuant to $: s-s :•? :!s :Js the Securities Exchange Act of 1934, particularly (e) Liquidation in lieu of deposit} In any case Section 7 thereof (48 Stat. 886; 49 Stat. 704; in which the deposit required by paragraph (b) of 15 U.S.C. 78g). Drafts of these amendments this section, or any portion thereof, is not obtained by the creditor within the four-day period specified were published in 24 F. R. 1988-1989 as protherein, registered nonexempted securities shall be posed rules, to afford interested persons an opporsold (or, to the extent that there are insufficient tunity to participate in the rule making through registered nonexempted securities in the account, other liquidating transactions shall be effected in the submission of written data, views and arguments. account), prior to the expiration of such four-day After consideration of all relevant matter preperiod, in such amount that the resulting decrease in the adjusted debit balance of the account exceeds, by sented, the Board has adopted these amendments an amount at least as great as such required deposit to become effective June 15, 1959. All the foreor the undeposited portion thereof, the "retention going has been done pursuant to Section 4 of the requirement" of any registered or exempted securities sold. Administrative Procedure Act (60 Stat. 238; 5 U.S.C. 1003) and Section 2 of the Board's Rules lThis requirement relates to the action to be taken when a customer fails to make the deposit required by § 220.3 (b), of Procedure (12 CFR 262.2). and it is not intended to countenance on the part of customers the practice commonly known as "free-riding," to prevent which (Sec. 11, 38 Stat. 262; 12 U.S.C. 248. Interthe principal national securities exchanges have adopted certain rules. See the rules of such exchanges and § 220.7(e). prets or applies Sees. 2, 3, 7, 8, 23, 48 Stat. 881, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 485 882, 886, 888, 901, as amended; 15 U.S.C. 78b, loans to borrowers importantly engaged in relend- 78c, 78g, 78h, 78w.) ing for stock market purposes shall comply with this part (Regulation U) even though the bank BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM loans are not secured by any stock; and (7) add a new Section 3(r) to require loans originally for (Signed) MERRITT SHERMAN, the purchase of convertible securities to be [SEAL] Secretary. brought into conformity with the margin requirements within 30 days after conversion into a TITLE 12—BANKS AND BANKING registered stock takes place. The amendments also make conforming changes at several places CHAPTER II—FEDERAL RESERVE SYSTEM in the regulation. Withdrawals of collateral. Loans can become SUB CHAPTER A—BOARD OF GOVERNORS OF "restricted" by declines in market value of the THE FEDERAL RESERVE SYSTEM stocks securing the loan or by increases in margin requirements. (The margin requirement of a [REG. U] stock is the difference between its prescribed Part 221. Loans by Banks for the Purpose maximum loan value and its current market of Purchasing or Carrying Registered Stocks value.) Stock securing a "restricted" loan can be withdrawn through sale or otherwise if there Withdrawals of Collateral; Statement of is a specified reduction in the loan. Purpose of Loan; "Carrying" of Registered Under the former rule, if a stock securing a Stocks; Reports from Unregulated Lenders; "restricted" loan was withdrawn, the amount by Loans Relying on Collateral Which Has which the loan had to be reduced worked out to Served to Permit a Purpose Loan; be the same as the maximum loan value of the Exemption Discontinued for Certain Unsecured stock at the time. This percentage automatically Loans; Loans to Purchase Convertible Bonds changed with each change in margin require- 1. Part 221 (Regulation U), issued by the ments. Board of Governors of the Federal Reserve Sys- The amendment to the third paragraph of Sectem pursuant to the authority cited therein, pre- tion 1 provides for a new method of limiting withscribes requirements for the making and main- drawals of collateral securing "restricted" loans. tenance of loans by a bank for the purpose of The amendment provides for a separate figure purchasing or carrying any stock registered on a which represents the "retention requirement" of national securities exchange ("purpose loans"). a stock (i.e., in the case of a sale or other with- Effective June 15, 1959, the Board has adopted drawal of collateral, the amount, stated as a certain amendments to Part 221 (Regulation U) percentage of the market value of the collateral, in order more effectively to prevent the excessive by which the loan must be reduced). In a new use of credit for purchasing or carrying securities. paragraph (b) of Section 4 (the Supplement to Specifically these amendments will: (1) amend Regulation U) the "retention requirement" is set the third paragraph of Section 1 in order further at 50 per cent of the market value of the stocks to restrict withdrawals of collateral against so- involved. This "retention requirement" may be called "restricted" loans (i.e., stock-collateralled changed by the Board from time to time. loans which are larger than would be permitted The effect of the amendment may be illustrated in the case of a new loan to purchase registered by an example in which $1,000 of registered stocks under current margin requirements); (2) stocks securing a "restricted" loan are withdrawn. strengthen the provisions of Section 3(a) regard- Under the previous regulation and the current ing statements accepted by a bank as to the pur- level of margin requirements, the loan would have pose of a loan; (3) broaden the provision relating to be reduced by only $100. Under the amendto "carrying" in Section 3(b)(l); (4) provide for ment, so long as the loan remains "restricted," reports from certain nonbank lenders by amend- the loan would have to be reduced by $500. ing Section 3(j); (5) prohibit, in Section 3(n), Statement of purpose of loan. The former Secthe weakening of collateral behind a "purpose" tion 3(a) provided that a bank could rely upon a loan which occurs when that same collateral is statement signed by an officer of the bank or by also used as the basis of a "nonpurpose" loan; the borrower as to the purpose of a loan, if the (6) add a new Section 3(q) to require that bank statement was accepted by the bank in good faith. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 FEDERAL RESERVE BULLETIN • MAY 1959 Under that section, a bank could accept a state- to waive any lien, nor does it apply to loans to ment that a loan was not for the purpose of pur- meet emergency expenses not reasonably foreseechasing or carrying a registered stock without able provided the circumstances are suitably ascertaining affirmatively the purpose for which documented. the loan was to be used. The amendment re- Exemption discontinued for certain unsecured quires that the statement be signed by both loans. The regulation previously exempted all borrower and lending officer. If the statement loans that were not secured, directly or indirectly, merely states what is not the purpose of the loan, by at least some stock. The new Section 3(q) the lending officer must provide a memorandum discontinues this exemption as to loans made to or notation describing the purpose of the loan. companies engaged principally, or as one of the The amendment also emphasizes the alertness and company's important activities, in making loans diligence required of the bank before a statement on an exempt basis to finance the purchase of can be said to be accepted in good faith. registered stocks. Conforming amendments have "Carrying" of registered stocks. The former been made to Section 1 and Section 3(m). Section 3(b) (1) excluded from loans for the pur- Loans to purchase convertible securities. The pose of "carrying" registered stocks all loans regulation previously did not apply to loans for except a limited group specified in that section, purchasing or carrying convertible bonds. The principally loans to enable the borrower to reduce new Section 3(r) requires the entire transaction or retire indebtedness originally incurred to pur- to be brought into conformity with margin rechase such stock. The net effect was to exclude quirements prevailing at the time when converfrom regulation a large number of loans which sion into a registered stock occurs, allowing, howwere closely related to the financing of positions ever, 30 days for this to be done. A conforming in stocks. The amendment strikes this earlier, amendment has been made to Section 3(d). narrower approach and instead describes affirm- 2. The amendments to Part 221 (Regulation atively certain situations in which a loan will not U) set forth herein shall become effective June be deemed to be for the purpose of "carrying" 15, 1959. registered stocks. (a) §221.1 (Section 1 of Regulation U) is Reports from unregulated lenders. The former hereby amended to read as follows: Section 3(j) required banks to make such reports as the Board of Governors may require. The § 221.1 General rule, (a) No bank shall make any loan secured directly or indirectly by any stock for the amendment expands this requirement to include, purpose of purchasing or carrying any stock registered in addition, "every person engaged in the business on a national securities exchange (and no bank shall make any loan described in § 221.3 (q) regardless of of extending credit who, in the ordinary course of whether or not such loan is secured by any stock) in business, extends credit for the purpose of pur- an amount exceeding the maximum loan value of the chasing or carrying" registered stocks. collateral, as prescribed from time to time for stocks in § 221.4 (the Supplement to Regulation U) and as Loans relying on collateral which has served to determined by the bank in good faith for any colpermit a purpose loan. Part 221 (Regulation U) lateral other than stocks. (b) For the purpose of this part, the entire inallows a bank to lend a specified portion, curdebtedness of any borrower to any bank incurred at rently 10 per cent, of the market value of a stock any time for the purpose of purchasing or carrying used as collateral where the loan is to purchase stocks registered on a national securities exchange shall be considered a single loan; and all the collateral or carry registered stocks. However, after the securing such indebtedness shall be considered in bank made such a loan, unless the borrower was determining whether or not the loan complies with this part. a broker or dealer, the regulation previously (c) While a bank maintains any such loan, whenallowed the bank to lend as much more as it ever made, the bank shall not at any time permit any pleased on the same collateral for any other pur- withdrawal or substitution of collateral unless either (1) the loan would not exceed the maximum loan pose. The former Section 3(n) forbade such value of the collateral after such withdrawal or subdouble use of collateral when the borrower was a stitution, or (2) the loan is reduced by at least the amount by which the maximum loan value of any broker or dealer. The amendment expands this collateral deposited is less than the "retention reprohibition to forbid such double use in the case quirement" of any collateral withdrawn. The "retenof loans to all borrowers under Part 221 (Regula- tion requirement" of nonstock collateral is the same as its maximum loan value, and the "retention retion U), just as it is already forbidden in all cases quirement" of stock collateral is prescribed from time under Part 220 (Regulation T). The amendment to time in § 221.4 (the Supplement to Regulation U). If the maximum loan value of the collateral securing does not, however, require the bank to forego or the loan has become less than the amount of the loan, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 487 the amount of the loan may nevertheless be increased (f) §221.3(m) (Section 3(m) of Regulation if there is provided additional collateral having maxi- U) is hereby amended to read as follows: mum loan value at least equal to the amount of the increase. § 221.3 Miscellaneous provisions. (b) §221.3(a) (Section 3(a) of Regulation * * * * * (m) Indebtedness "subject to § 221.1" is indebted- U) is hereby amended to read as follows: ness which is secured directly or indirectly by any § 221.3 Miscellaneous provisions, (a) In deter- stock (or made to a person described in paragraph mining whether or not a loan is for the purpose (q) of this section), is for the purpose of purchasing specified in § 221.1 or for any of the purposes speci- or carrying any stock registered on a national securified in § 221.2, a bank may rely upon a statement ties exchange, and is not excepted by § 221.2. with respect thereto only if such statement (1) is (g) §221.3(n) (Section 3(n) of Regulation signed by the borrower; (2) is accepted in good faith and signed by an officer of the bank as having been U) is hereby amended to read as follows: so accepted; and (3) if it merely states what is not § 221.3 Miscellaneous provisions. the purpose of the loan, is supported by a memorandum or notation of the lending officer describing * « :|s * >I; the purpose of the loan. To accept the statement in (n)(l) The bank shall identify all the collateral good faith, the officer must be alert to the circum- used to meet the collateral requirements of § 221.1 stances surrounding the loan and the borrower and (entire indebtedness being considered a single loan must have no information which would put a prudent and collateral being similarly considered, as required man upon inquiry and if investigated with reasonable by §221.1) and shall not cancel the identification diligence would lead to the discovery of the falsity of of any portion thereof except in circumstances that the statement. would permit the withdrawal of that portion. Such identification may be made by any reasonable method, and in the case of indebtedness outstanding at the (c) §221.3(b)(l) (Section 3(b)(l) of Reguopening of business on June 15, 1959 need not be lation U) is hereby amended to read as follows: made until immediately before some change in that or other indebtedness of the borrower or in collateral § 221.3 Miscellaneous provisions. therefor. (2) Only the collateral required to be so identified (b) (1) A loan made to a borrower when he has shall have loan value for purposes of § 221.1 or be owned a stock registered on a national securities ex- subject to the restrictions therein specified with respect change free of any lien for a continuous period of as to withdrawals and substitutions; and much as one year need not be treated as a loan for (3) For any indebtedness of the same borrower the purpose of "carrying" that stock unless the loan that is not subject to § 221.1 (other than a loan deis for the purpose of reducing or retiring indebtedness scribed in §221.2(d), (f), (g) or (h)), the bank incurred to purchase that stock. A loan also need not shall in good faith require as much collateral not so be treated as a loan for the purpose of "carrying" a identified as the bank would require (if any) if it stock registered on a national securities exchange if held neither the indebtedness subject to § 221.1 nor the loan is for the purpose of meeting emergency the identified collateral. This shall not be construed, expenses not reasonably foreseeable or meeting re- however, to require the bank, after it has made any curring expenses the borrower has customarily met loan, to obtain any collateral therefor because of any by temporary borrowing. deficiency in collateral already existing at the opening of business on June 15, 1959, or any decline in the (d) §221.3(d) (Section 3(d) of Regulation value or quality of the collateral or in the credit U) is hereby amended to read as follows: rating of the borrower. It also does not require a bank to waive or forego any lien. In addition, it § 221.3 Miscellaneous provisions. shall not apply to a loan to enable the borrower to meet emergency expenses not reasonably foreseeable, provided the loan is supported by a statement of the borrower describing the circumstances, accepted in (d) Except as provided in paragraph (r) of this section, the renewal or extension of maturity of a good faith and signed by an officer of the bank as loan need not be treated as the making of a loan if having been so accepted. the amount of the loan is not increased except by the (h) §221.3 (Section 3 of Regulation U) is addition of interest or service charges on the loan or of taxes on transactions in connection with the loan. hereby amended by adding at the end thereof a new § 221.3(q) reading as follows: (e) § 221.3(j) (Section 3(j) of Regulation U) is hereby amended to read as follows: § 221.3 Miscellaneous provisions. * * * * * § 221.3 Miscellaneous provisions. (q) Any loan to a person not subject to this part (Regulation U) or to Part 220 (Regulation T) engaged principally, or as one of the person's important (j) Every bank, and every person engaged in the activities, in the business of making loans for the business of extending credit who, in the ordinary purpose of purchasing or carrying stocks registered course of business, extends credit for the purpose of on a national securities exchange, is a loan for the purchasing or carrying securities registered on a na- purpose of purchasing or carrying stocks so registered tional securities exchange, shall make such reports unless the loan and its purposes are effectively and as the Board of Governors of the Federal Reserve unmistakably separated and disassociated from any System may require to enable it to perform the func- financing or refinancing, for the borrower or others, tions conferred upon it by the Securities Exchange of any purchasing or carrying of stocks so registered. Act of 1934 (48 Stat. 881; 15 U.S.C. Chapter 2B). Any loan to any such borrower, unless the loan is so Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 FEDERAL RESERVE BULLETIN • MAY 1959 separated and disassociated or is excepted by § 221.2, Board has adopted these amendments to become is a loan "subject to § 221.1" regardless of whether effective June 15, 1959. All the foregoing has or not the loan is secured by any stock; and no bank shall make any such loan subject to § 221.1 to been done pursuant to Section 4 of the Adminisany such borrower on or after June 15, 1959 without trative Procedure Act (60 Stat. 238; 5 U.S.C. collateral or without the loan being secured as would 1003) and Section 2 of the Board's Rules of be required by this Part 221 if it were secured by any stock. Any such loan subject to § 221.1 to any such Procedure (12 CFR 262.2). The reporting and borrower, whether or not made after June 15, 1959, record-keeping requirements contained herein shall be subject to the other provisions of this Part 221 applicable to loans subject to § 221.1, including have been approved by the Bureau of the Budget provisions regarding withdrawal and substitution of in accordance with the Federal Reports Act of collateral. 1942. (i) §221.3 (Section 3 of Regulation U) is (Sec. 11, 38 Stat. 262; 12 U.S.C. 248. Interhereby amended by adding at the end thereof a prets or applies Sees. 2, 3, 7, 17, 23, 48 Stat. 881, new § 221.3(r) reading as follows: 882, 886, 897, 901, as amended; 15 U.S.C. 78b, 78c, 78g, 78q, 78w.) § 221.3 Miscellaneous provisions. * * * ** BOARD OF GOVERNORS OF THE (r) If, on or after June 15, 1959, a loan is made FEDERAL RESERVE SYSTEM for the purpose of purchasing or carrying a security other than a stock registered on a national securities (Signed) MERRITT SHERMAN, exchange and the loan is secured by the security, but [SEAL] Secretary. subsequently there is substituted as direct or indirect collateral for the loan a stock so registered which is acquired by the borrower through the conversion or Reports of Indebtedness of Executive Officers exchange of the security pursuant to its terms, the loan shall thereupon be deemed to be for the purpose under Revolving Personal Loan Accounts of purchasing or carrying a stock so registered. In any such case, the amount of the outstanding loan, The opinion of the Board of Governors has been or such amount plus any increase therein to enable requested, relative to Section 22(g) of the Federal the borrower to acquire the stock so registered, shall not be permitted on the date such stock is substituted Reserve Act and Section 5 of the Board's Regulaas collateral to exceed the maximum loan value of the tion O, as to the type of reports which are required collateral for the loan on such date, and thereafter such indebtedness shall be treated as subject to of executive officers of member banks who avail § 221.1; provided, however, that any reduction in the themselves of a form of credit described as cerloan or deposit of collateral required on that date to tain revolving personal loan programs operated meet this requirement may be brought about within 30 days of such substitution. by a number of banks. It is assumed that the resulting indebtedness is to a bank other than the (j) § 221.4 (the Supplement to Regulation U) executive officer's bank. is hereby amended to read as follows: The question presented indicates that there are § 221.4 Supplement—(a) Maximum loan value of a number of these plans which operate under stocks. For the purpose of § 221.1, the maximum various designations although they are similar in loan value of any stock, whether or not registered on a national securities exchange, shall be 10 per cent nature and combine the revolving loan account of its current market value, as determined by any with prearranged credit which is used by the borreasonable method. rower by drawing checks against the credit. When (b) Retention Requirement. For the purpose of the loan account is opened, a maximum credit is § 221.1, in the case of a loan which would exceed the maximum loan value of the collateral following a agreed upon as well as the amount of monthly withdrawal of collateral, the "retention requirement" payments. A continuing loan credit is thus estabof a stock, whether or not registered on a national securities exchange, shall be 50 per cent of its current lished for an indefinite period. Each monthly paymarket value, as determined by any reasonable ment replenishes the credit and makes additional method. money available for the borrower's use up to the 3. These amendments are issued pursuant to maximum amount of the credit. the Securities Exchange Act of 1934, particularly The above described revolving loan programs Section 7 thereof (48 Stat. 886; 49 Stat. 704; 15 are similar to merchants' bank-financed charge U.S.C. 78g). Drafts of these amendments were plans. The Board has taken the position that published in 24 F. R. 1989-1991 as proposed if an executive officer of a member bank who rules, to afford interested persons an opportunity has been approved for credit under such a bankto participate in the rule making through submis- financed charge plan makes a written report to sion of written data, views and arguments. After the directors of his bank within ten days after consideration of all relevant matter presented, the approval of such credit, stating the nature and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 489 purpose of the credit, the maximum amount ing laws, the Court will consider this motion as thereof, and the period allowed for repayment, one for summary judgment. such report will be considered to be in compliance The Board refused to approve the operation with the requirements of Regulation O relating to by plaintiff of the additional branches on the the reporting of indebtedness to other banks, and ground that this would probably have an adverse no additional reports would be required unless effect upon competition in the Grand Rapids area. the maximum amount originally approved is in- The source of the Board's authority in approving creased or the credit actually extended exceeds that the operation of branch banks is derived from amount. Section 9 of the Federal Reserve Act, as amended It is the opinion of the Board that similar re- (12 U.S.C.A. § 321), which reads in part as ports with respect to revolving personal loan follows: accounts of the kind here involved would satisfy the requirements of Section 5 of Regulation O. "Any such State bank which on February 25, 1927, has established and is operating a branch or branches in conformity with the State law, may retain and Litigation Regarding Board's Branch Authority operate the same while remaining or upon becoming a stockholder of such Federal Reserve Bank; but On August 1, 1958, a suit for declaratory judg- no such State bank may retain or acquire stock in a Federal Reserve Bank except upon relinquishment ment was filed against Members of the Board of of any branch or branches established after February Governors of the Federal Reserve System by Old 25, 1927, beyond the limits of the city, town, or village in which the parent bank is situated: Provided, how- Kent Bank and Trust Company, Grand Rapids, ever, That nothing herein contained shall prevent any Michigan, in the United States District Court for State member bank from establishing and operating the District of Columbia, challenging, among other branches in the United States or any dependency or insular possession thereof or in any foreign country, things, the statutory authority of the Board to on the same terms and conditions and subject to the approve or disapprove the operation of branches same limitations and restrictions as are applicable to the establishment of branches by national banks exacquired by a State member bank as a result of a cept that the approval of the Board of Governors of merger and the authority of the Board to consider the Federal Reserve System, instead of the Comptrolcompetitive effects in passing upon the operation ler of the Currency, shall be obtained before any State member bank may hereafter establish any branch of such branches. On April 22, 1959, the District and before any State bank hereafter admitted to Court granted a motion for summary judgment membership may retain any branch established after February 25, 1927, beyond the limits of the city, town, in favor of the Board and denied a cross-motion or village in which the parent bank is situated. The for summary judgment filed by plaintiff. On April approval of the Board shall likewise be obtained before any State member bank may establish any new 30, an order to this effect was signed and filed. branch within the limits of any such city, town, or The text of the Court's opinion follows: village (except within the District of Columbia)." Thus, the statute requires that State member banks OPINION obtain the approval of the Board before they may This is an action for a declaratory judgment "establish" branches and, under certain circumbrought by the Old Kent Bank and Trust Com- stances, before they may "retain" branches. It pany of Grand Rapids, Michigan, a State member seems clear from ordinary usage as well as from bank of the Federal Reserve System, to obtain a the context of this statute that when plaintiff ruling from this Court that the Federal Reserve began operating as its own the former branches Board exceeded its statutory powers when it de- of Peoples Bank, it was "establishing" new clined to approve the plaintiff's operation of branches. It would be difficult to argue that it several additional branches or branch offices which was "retaining" branches because before the merplaintiff had acquired as a result of a merger with ger these branch facilities did not form any part Peoples National Bank of Grand Rapids, Michi- of plaintiff's organization. Furthermore, no pergan, a national banking association. Defendants, suasive showing has been made that Congress inwho are members of the Federal Reserve Board, tended to make any distinction, when it chose the moved to dismiss the complaint or, in the alterna- word "establish," between plaintiff's creating new tive, moved for summary judgment. Plaintiff branch facilities where none had existed before, then filed a cross-motion for summary judgment. and acquiring the pre-existing branches of another Since there seems to be no genuine issue of material bank in order to operate them as its own. In either fact and since the essential issue is the lawful- case, the party concerned ends up with a greater ness of the Board's action under the Federal bank- number of branches than before. It is this act of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

490 FEDERAL RESERVE BULLETIN • MAY 1959 increasing the number of branches that requires ORDER EXTENDING TIME FOR COMPLETION OF prior approval by the Board. ACQUISITION OF VOTING SHARES OF OLD DOMINION BANK In addition, when Congress empowers an agency to "approve" an action, it normally requires the There having come before the Board of Govagency to consider the probable effects of the action ernors pursuant to Section 3 (a) (2) of the Bank within the area of agency responsibility. The exist- Holding Company Act of 1956 (12 USC 1843) ence of too much or too little competition may and Section 4(a) (2) of the Board's Regulation Y cause serious harm in banking as it may in other (12 CFR 222.4(a)(2)), an application on behalf areas of business. Thus, it is important for the of The First Virginia Corporation, whose princi- Board to consider whether an applicant may be pal office is in Arlington, Virginia, for the Board's seeking to establish a large number of branches prior approval of the acquisition of from 51 to 92 in order to give it an undue competitive advantage per cent of the 40,500 outstanding voting shares over other member or nonmember banks in a of Old Dominion Bank, Arlington, Virginia; a given locality. Notice of Tentative Decision referring to a Tenta- When it denied plaintiff's application, the Board tive Statement on said application having been had substantial evidence before it to warrant a con- published in the Federal Register on December 9, clusion that plaintiff's operation of the proposed 1958; the said Notice having provided interested branches would be likely to have an adverse ef- persons an opportunity, before issuance of the fect on banking competition in the Grand Rapids Board's final order, to file objections or comments area. upon the facts stated and the reasons indicated in For the above reasons, the defendants' motion the Tentative Statement; and the time for filing for summary judgment is granted and plaintiff's such objections and comments having expired cross-motion for summary judgment is denied. and no such objections or comments having been filed; Counsel will prepare an appropriate order. And such application having been granted pur- (Signed) JOHN J. SIRICA suant to order of the Board, dated January 7, United States District Judge 1959, provided the acquisition is completed within three months from the date of the Board's order, Order under Section 3 of Bank Holding Company Act IT IS HEREBY ORDERED, that the time in which such acquisition may be completed is extended to The Board of Governors of the Federal Re- July 6, 1959. serve System, on March 26, 1959, issued the following Order extending the time for comple- Dated at Washington, D. C, this 26th day of tion of the acquisition of voting shares of a bank March, 1959. by a bank holding company: FIRST VIRGINIA CORPORATION By order of the Board of Governors. In the Matter of the Applicatioin of The First Virginia Corporation Pursuant to Section 3(a)(2) (Signed) KENNETH A. KEN YON, of the Bank Holding Company Act of 1956 [SEAL] Assistant Secretary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements AMENDMENTS TO REGULATIONS T AND U The revised series carries back to 1896 in a The Board of Governors has amended its Regula- condensed form the Federal series that has been tions T and U, effective June 15, 1959. The amend- compiled semiannually by the Federal Deposit ments, including brief descriptions, are given in the Insurance Corporation since 1947 pursuant to Law Department, beginning page 483. arrangements made by the three Federal bank supervisory agencies in that year. Summary PUBLICATION OF ALL-BANK STATISTICS figures for 1956 and later years are available in The Board of Governors of the Federal Reserve recent publications of the Federal Deposit In- System has ready for distribution a volume surance Corporation, and detailed data are availentitled All-Bank Statistics, 1896-1955. able upon request from that agency. This volume is the result of a project initiated All-Bank Statistics, 1896-1955 includes 1,229 some years ago by the Board of Governors to pages, of which about one-fifth is text and fourrevise the basic historical banking data of the fifths tables; the page size is the same as that United States. The Comptroller of the Currency used in the Federal Reserve BULLETIN. The price and the Federal Deposit Insurance Corporation is $4.00 per copy. Reprints of the summary chapter collaborated in the project. Its purpose was to are available upon request. provide a comparable and consistent record for Orders for the volume and requests for the use by Federal and State bank supervisory reprint should be addressed to the Division of agencies, bankers, students of money and banking, Administrative Services, Board of Governors of and others. The new series provides a reliable the Federal Reserve System, Washington 25, basis for relating banking and monetary forces to D. C. changing levels of economic activity over the past ADMISSION OF NATIONAL BANK IN HAWAII TO 60 years. MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Briefly, the specific advantages of the revised On April 13, 1959, the Bishop National Bank series over presently existing series are: fuller of Hawaii, Honolulu, Hawaii, was admitted to coverage as well as greater consistency of balancemembership in the Federal Reserve System. sheet items annually for more than half a Hawaii is in that portion of the Twelfth Federal century; major breakdowns of principal balance- Reserve District served by the San Francisco sheet items on a standard basis (for example, head office. On December 31, 1958, Bishop segregation of loans into real estate, collateral, National Bank had assets of almost $260 million, and other loans for the period 1896-1938 and deposits of $240 million, capital of $6 million, into a larger number of items beginning with and surplus of $9 million. 1939); and inclusion of data on hundreds of un- Under the provisions of Section 19 of the Fedincorporated (private) banks. The revised staeral Reserve Act, national banks in Hawaii, tistics, together with descriptive and explanatory dependencies, and insular possessions, may be materials, are provided in convenient form for nonmember banks or, with the consent of the major categories of banks in each State as well Board of Governors of the Federal Reserve Sysas for the United States. tem, become member banks. 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication May 15 Economic activity continued to increase in April. business equipment output continued, with signifi- Industrial production rose further and housing cant gains in industrial machinery and motor starts remained at an exceptionally high level. trucks. Production of consumer durable goods— Gains in employment were widespread and the furniture, television, and autos—also advanced. decrease in unemployment was considerably more Schedules for May indicate a further rise in auto than seasonal. Consumer incomes and buying were assemblies. at record levels. Commercial bank loans and the Output of textile, paper, and chemical products seasonally adjusted money supply increased fur- continued to expand in April, but activity in the ther. Wholesale prices of industrial commodities rubber products industry was curtailed by work continued to advance. stoppages. Production of crude oil and coal changed little while activity increased in other INDUSTRIAL PRODUCTION mining industries. The Board's seasonally adjusted index of indus- CONSTRUCTION trial production advanced two points in April to 149 per cent of the 1947-49 average. Activity in Private nonfarm housing starts in April were at the durable goods industries rose substantially and a seasonally adjusted annual rate of nearly 1.4 equaled the advanced level of early 1957. Output million units, unchanged from the advanced rate of nondurable manufactures also increased and in March. Total new construction put in place minerals production continued to show little declined somewhat from the record March level, change. Utility output of electricity and gas in- to a seasonally adjusted annual rate of $53.9 bilcreased further to 262 per cent of the 1947-49 lion. Commercial building activity rose further but average. public highway, private residential, and industrial Gains were widespread among durable goods construction declined. industries in April. Output of building materials was in record volume. Steel ingot production EMPLOYMENT showed a slight, contra-seasonal rise to a new high, Seasonally adjusted nonfarm employment inand was 93 per cent of capacity. Expansion in creased 370,000 in April and, at 51.8 million, was 700,000 below the pre-recession high in the sum- INDUSTRIAL PRODUCTION 1947-49-100 mer of 1957. While gains in durable goods manufacturing and construction accounted for more than half the April rise, employment also expanded in most other activities. Average weekly earnings of factory workers increased again to a new high as both average weekly hours and hourly earnings continued to rise. Unemployment declined sharply further, to 3.6 million, and the seasonally adjusted rate was 5.3 per cent of the civilian labor force compared with 5.8 per cent in March. DISTRIBUTION U- Seasonally adjusted retail sales, which had increased 2 per cent in March to a record high, Federal Reserve indexes, seasonally adjusted. Monthly figures; latest shown are for April. changed little in April and were 9 per cent above 492 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 493 a year earlier. Sales at automotive, furniture, and justed money supply—demand deposit and curappliance stores rose further, while sales at most rency holdings of businesses and individuals— other groups of retail stores were maintained at increased $700 million further. advanced levels. Total retail inventories at the Member bank borrowings from the Federal beginning of April were unchanged from both a Reserve over the four weeks ending May 13 month and a year earlier and were somewhat below averaged $700 million and excess reserves $465 the high reached at the end of 1957. million, both somewhat higher than in the previous four weeks. In the recent period reserves were COMMODITY PRICES absorbed mainly by gold and currency outflows, and were supplied principally by Federal Reserve Wholesale prices of industrial commodities conpurchases of U. S. Government securities and a tinued to advance in April and early May. Rising reduction in required reserves. business orders and activity were reflected in further increases in prices of lumber, textiles, and SECURITY MARKETS rubber. Prices of primary metals changed little, but increases were reported for some fabricated Common stock prices declined in early May products. Average prices of farm products and and then advanced to new highs. Between midfoods continued relatively stable. April and mid-May, bond yields generally rose further while the market rate on 3-month Treasury bills declined—from 3 to 23A per cent. In early BANK CREDIT AND RESERVES May the Treasury auctioned for cash $3.5 billion Total commercial bank credit increased about of December tax and special April bills. On May $2.5 billion in April. Loan growth accounted for 15 it refunded a maturing certificate with a oneabout three-fourths of the rise. The seasonally ad- year certificate to yield 4.05 per cent. RETAIL TRADE INTEREST RATES 1947-49—100 Per cent TOTAL RETAIL SALES LONG -TERM GOVERNMENT SECURITIES ! 1 ! ! DEPARTMENT STORES STOCKS V SALES Federal Reserve indexes, seasonally adjusted; retail sales Weekly average market yields for long-term U. S. Governbased on Department of Commerce data. Monthly figures; ment IV2. per cent bonds and for longest Treasury bills; latest latest shown for stocks is March, for other series, April. shown are for week ending May 15. 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. 497 Reserve Bank discount rates; reserve requirements; margin requirements. 500 Federal Reserve Banks. . . 501 Bank debits; currency in circulation. 504 All banks: consolidated statement of monetary system; deposits and currency. 506 All banks, by classes. 507 Commercial banks, by classes. 510 Weekly reporting member banks. 512 Commercial loans; commercial paper and bankers' acceptances 514 Interest rates 515 Security prices; stock market credit. 516 Savings institutions 517 Federal business-type activities 518 Federal finance. . 520 Security issues. 524 Business finance. 525 Real estate credit 527 Short- and intermediate-term consumer credit. 530 Selected indexes on business activity. 534 Production 535 Employment and earnings. 542 Department stores . 544 Foreign trade . . 545 Wholesale and consumer prices 546 National product and income series. 548 Banking and monetary statistics, 1958 550 Deposit Turnover . 554 Index to statistical tables. 578 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. 495 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 0 35 CURRENCY IN CIRCULATION A 30 RESERVE BANK CREDIT A 25 GOLD STOCK TREASURY CASH AND DEPOSITS 1 Nm. aO ^^N A. Mv A EA ^M iBER DEPOSITS U.S. GOVERNMENT SECURITIES 20 DISCOUNTS AND ADVANCES 1 1 - FEDERAL RESERVE FLOAT I J J\ / 1953 1954 1955 1956 1957 1958 1959 Latest averages shown are for week ending April 29. See p. 497. 496 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank e W nd e i e n k g T U o . t S al . G B o r o o i v g u u t h t . g - t h se t cu r a u c H e r g n h i p t e r d a i u e l e s e d e r e s r - - c v D o a a a n u n i d s c d n - - e ts s Float Total s G to o c ld k T s r o c t u i r e a u n u e r n n r g y t a c - - d s y - - r c C t e c u i i n u o i n l r c a r n - - y - T h c i u r o n a e r g l s y a d h s s - - Tr u w e r a i y t s h - r F es . F e e o i R r g r v . n - e B s, a O nk th s er c O F o . a t u c h R - n e t . r s Total q re u s R i e r e r e - v d e 2 s c E es x s - 2 ment Averages of daily figures 1958 Mar. 5 23,256 23,251 118 892 24,309 22,686 5,169 30,563 701 486 270 320 ,15118,674 18,084 590 12 23,466 23,432 131 816 24,456 22,615 5,174 30,641 712 479 273 293 ,14818,699 18,096 603 19 23,500 23,480 126 97324,638 22,541 5,178 30,592 804 257 257 368 ,15018,930 18,332 598 26 23,552 23,518 167 98324,742 22,498 5,180 30,524 790 580 258 400 ,14318,725 18,037 688 Apr. 2. 3,625 23,625 144 776 24,586 22,394 5,184 30,637 724 523 277 368 ,10918,526 17,830 696 9. 23,628 23,628 90 879 24,638 22,294 5,187 30,744 729 479 269 493 ,10618,300 17,673 627 16. 23,633 23,611 199 829 24,701 22,199 5,192 30,733 731 457 319 381 ,10418,369 17,754 615 23. 23,712 23,704 112 990 24,854 22,081 5,193 30,617 721 417 242 376 ,10218,654 18,055 599 30. 23,626 23,612 125 777 24,566 22,024 5,194 30,520 732 601 235 397 ,05118,249 17,654 595 M.y i7. 2 2 3 3 , , 7 9 9 3 9 1 2 23 3 , , 9 7 3 9 1 9 1 12 1 3 8 7 8 6 0 0 8 2 2 4 4 , , 7 8 6 5 3 4 2 21 1 , , 8 9 8 6 6 7 5 5 , , 1 19 9 9 7 3 3 0 0 , , 6 8 5 1 9 2 7 74 3 1 8 4 5 7 3 0 3 2 2 8 9 7 4 3 38 8 6 6 , ,0 0 4 4 6 91 1 8 8 , , 2 1 7 9 6 0 1 17 7 , , 5 6 2 4 8 7 6 62 6 9 2 21. 23,876 23,876 104 994 25,016 21,779 5,200 30,822 732 459 309 381 ,04318,248 17,545 703 28. 24,053 24,053 119 780 24,994 21,661 5,201 30,813 722 437 276 391 ,02318,194 17,513 681 June 4. 24,194 24,194 135 869 25,240 21,594 5,201 30,989 709 411 238 484 ,05718,147 17,574 573 11. 24,397 24,391 6 184 81525,440 21,594 5,203 31,052 709 424 267 370 ,13918,274 17,687 587 18. 24,682 24,581 101 175 036 25,939 21,540 5,204 31,070 698 459 331 359 ,14618,619 17,984 635 25. 25,002 24,891 111 99 024 26,170 21,374 5,204 30,975 698 440 280 229 ,14418,983 18,314 669 July 25,422 25,419 97 81526,380 21,349 5,203 31,163 687 446 268 405 ,10518,859 18,204 655 25,456 25,456 143 94726,589 21,306 5,202 31,385 677 489 265 377 ,097 18,809 18,051 758 25,262 25,262 115 979 26,398 21,300 5,202 31,375 686 497 358 371 ,09518,518 17,949 569 25,157 25,157 85 1,04526,328 21,280 5,203 31,217 692 465 293 340 ,09118,712 17,924 788 25,035 25,035 108 82326,005 21,252 5,206 31,086 697 543 300 333 ,04118,462 17,824 638 25,240 25,240 112 828 26,212 21,195 5,207 31,171 696 662 291 350 ,14818,296 17,738 558 25,646 25,626 20 229 774 26,685 21,154 5,210 31,291 699 504 300 329 ,16618,760 18,073 687 20.... 25,406 25,406 216 1,00826,665 21,086 5,210 31,295 696 528 259 301 ,23318,648 18,027 621 27.... 25,257 25,257 271 85726,417 21,086 5,211 31,249 688 486 234 320 ,212 18,526 17,953 573 Sept. 3.... 25,353 25,353 461 792 26,638 21,011 5,211 31,381 691 539 305 324 ,17518,446 17,899 547 10.... 25,233 25,233 514 88326,661 21,012 5,213 31,433 694 478 330 319 ,15318,479 17,873 606 17.... 25,001 25,001 563 1,049 26,644 20,939 5,215 31,393 694 304 397 282 ,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 25,143 25,143 434 911 2:6,519 20,830 5,219 31,352 691 447 299 343 ,11918,318 17,753 565 25,498 25,353 145 472 922 2266,925 20,764 5,220 31,498 689 386 327 412 ,12118,475 17,989 486 22 25,242 25,242 369 1,40127,046 20,724 5,220 31,435 681 464 308 332 ,11718,652 18,086 566 29 25,300 25,300 456 977 "2'6,767 20,690 5,221 31,299 681 512 270 321 ,08018,515 17,993 522 Nov. 5 25,459 25,380 79 403 796 26,694 20,679 5,222 31,422 681 325 283 391 ,07818,416 18,008 408 12 25,660 25,614 46 470 934 27,100 20,652 5,225 31,660 687 371 297 375 ,078 18,510 17,891 619 19 25,411 25,392 19 453 188 27,087 20,680 5,225 31,754 692 475 316 341 ,07418,340 17,900 440 26 25,734 25,578 156 430 199 27,399 20,616 5,225 31,825 686 455 243 337 ,06318,631 18,225 406 Dec. 3 26,143 26,033 110 580 1,087 27,844 20,609 5,228 32,057 693 465 222 401 ,10318,740 18,232 508 10 26,282 26,250 32 415 1,112 27,847 20,593 5,229 32,218 696 376 232 328 ,19118,629 18,160 469 17 26,315 26,223 92 519 1,439 28,311 20,576 5,229 32,394 693 428 263 335 ,16118,844 18,374 470 24 ... 26,272 26,188 84 631 1,944 28,889 20,536 5,231 32,533 684 540 239 328 1,172 1199,160 18,548 612 31 26,437 26,241 196 808 1,618 28,910 20,526 5,232 32,458 692 521 332 333 1,16519,167 18,511 656 1959 Jan. 7 26,184 26,090 94 644 1,401 28,275 20,534 5,234 32,008 701 446 279 356 1,122 19,131 18,588 543 14 25,922 25,817 105 730 1,011 27,708 20,526 5,234 31,710 704 390 297 345 1,121 18,901 18,340 561 21 25,580 25,580 457 ,288 2277,368 20,515 5,234 31,385 712 401 357 373 1,118 18,769 18,234 535 28 25,471 25,471 507 i;074 27,094 20,515 5,235 31,150 714 404 298 343 1,118 18,817 18,424 393 Feb. 4 25,673 25,592 81 433 946 27,092 20,476 5,235 31,120 723 442 278 344 1,146 18,749, 18,345 404 11 25,657 25,621 36 553 27,136 20,476 5,236 31,193 727 364 304 333 1,185 18,742 18,189 553 18 25,529 25,523 6 583 96027,112 20,475 5,238 31,205 741 398 313 391 1,214 18,562 18,120 442 25 25,399 25,394 5 474 1,05026,965 20,474 5,239 31,111 724 443 308 448 1,255 18,389 17,979 410 Mar. 4 25,355 25,294 61 548 95126,892 20,479 5,241 31,129 721 534 298 339 1,214 18,375 17,957 418 11 25,366 25,331 35 722 84926,976 20,448 5,242 31,215 716 454 311 336 1,212 18,421 17,868 553 18 25,471 25,419 52 543 1,00027,048 20,442 5,244 31,287 727 437 290 340 1,214 18,439 18,051 388 25 25,510 25,461 49 619 96127,123 20,442 5,246 31,231 714 456 295 339 1,218 18,558 18,100 458 Apr. 1 25,494 25,46! 3: 629 99827,151 20,442 5,247 31,229 709 523 364 512 ,18118,323 17,855 468 8 25,722 25,484 238 690 91 27,35^ 20,442 5,250 31,280 709 524 296 348 ,18018,711 18,302 409 15 25,789 25,545 244 721 81627,35' 20,440 5,253 31,365 712 471 279 343 ,18118,698 18,254 444 22 25,544 25,511 33 76' 1,13027,47: 20,409 5,254 31,332 705 456 286 362 ,17818,817>18,261 29 25,608 25,608 673 90027,21: 20,330 5,257 31,244 705 560 271 333 ,13618,551^18,137 Preliminary. For other notes see following page. 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 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 Treas- reserves, reserves P d e o a ri r t o e d T U o . t a S l . G B o r o o i v g u u t h t g . - t h s t ecu r u c H r e h n i p t e a d i u l e s e d r s e r - v c a D o a a n n u d i c s d n - - e ts s Float Total i s G to o c ld k s r o c e t u i a n u n u r n g r c y t- - d y - r c C t e c u i i n i o u n l r c a n r - - y - T h c i u o n r a e r g l s y d a h s s - - T u r w e ry a it s h - F. e F i o R g r . n - Ba O n t k h s er c O F o a . t u c h n R - e t . r s Total qu R ir e e - d2 c E es x s - 3 agreement Averages of daily figures 1958 Apr 23 649 23,638 11 130 864 24,682 22,166 5,191 30,654 728 494 267 410 1,092 18 394 17 772 622 May 23,939 23,939 119 841 24,939 21,801 5,200 30,798 731 466 286 401 1,036 18,223 17,557 666 June . 24 749 24,698 51 142 916 25,851 21,490 5,203 31,039 701 442 281 350 1 13218 600 17 974 626 July 25,218 25,218 109 942 26,310 21,285 5,203 31.264 687 498 302 358 1 08118 609 17 953 656 25,410 25,406 4 252 858 26,554 21,112 5,210 31.268 694 541 274 324 1,194 18,580 17,946 634 Sept 25,051 25,051 476 99026,548 20,940 5,215 31,342 691 445 325 325 1,151 18,425 17,854 571 Oct 25,296 25,260 36 425 1,035 26,789 20,750 5,220 31,390 685 449 299 352 1,108 18,476 17,95* 521 Nov 25,650 25,562 88 488 1,039 27,211 20,648 5,225 31,732 688 410 276 369 1.068 18.540 18,034 506 Dec 26 312 26,216 96 564 1,496 28,412 20,563 5,230 32,371 691 470 262 337 1 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 12018 893 18 396 497 Feb 25,532 25,503 29 526 961 27,059 20,475 5,238 31,158 729 417 303 378 1,211 18 577 18,117 460 Mar 25,446 25,400 46 620 954 27,055 20,448 5,244 "31,227 '717 477 312 377 1,208 18,429 17,968 461 Apr 25 661 25,538 123 694 937 27,323 20,403 5,253 31,304 708 505 283 347 1 16818 664 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 2,215 867 774 586 291 12 450 9 365 3 085 1945 Dec 24 262 24 262 249 578 25,091 20,065 4 339 28,515 2 287 977 862 446 495 H 015 14 457 1 458 1947_Dec 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 563 17^899 16,400 1,499 1950 Dec. ... 20 778 20 725 53 67 1,368 22,216 22,706 4,636 27,741 1,293 668 895 565 714 17 681 16 509 1 172 1955—Dec 24,785 24,391 394 108 1,585 26,507 21.690 5,008 31,158 767 394 402 554 925 19 005 18,903 102 1956 Dec 24 915 24 610 305 50 1.665 26,699 21,949 5.066 31,790 775 441 322 426 901 19 059 19 089 — 30 1957—June 23,035 22,994 41 558 1,199 24,816 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 10 014 19,091 -57 End of month 1958 Apr 23 681 23,681 156 79724,672 21,996 5,196 30,565 734 594 257 411 050 18 254 17,686 568 May 24 162 24 162 144 965 25,313 21,594 5,201 30,994 703 382 234 624 994 i S'17fi 17 543 633 June ... . 25 438 25 438 41 758 26,283 21,356 5,203 31,172 692 410 269 420 1,096 18 784 18 158 626 July 24 480 24 480 94 868 25,477 21,210 5,207 31,171 685 617 288 329 1 03917 764 17 801 — 37 Aus 25 346 25,346 555 805 26,739 21,011 5,211 31,371 684 540 313 332 1,184 18 538 17 860 678 Sept 24,986 24.986 255 86026,130 20,874 5,219 31,245 684 371 258 395 1.122 18,147 17,785 362 Oct 25 443 25,373 70 407 78826.675 20.690 5,222 31,386 674 363 288 335 1,079 18 462 18 009 453 Nov 26 229 26 069 160 717 1,026 28,006 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 1,122 18 504 18,574 -70 1959 Jan 25,715 25,611 104 462 979 27,197 20,476 5,235 31,125 721 447 274 345 1,118 18.878 18,355 523 Feb 25,350 25,295 55 632 999 27,020 20,479 5,241 31,129 718 492 310 334 1,215118^540 17,972 568 Mar 25 497 25,497 327 862 26,716 20,442 5,247 31,250 689 398 308 388 1,180 18 192 17 815 377 Apr 25,703 25,623 80 500 943 27,176^20,305^5,258*>31,356 *>705 539 266 341 1,136 18,396P18,155 J>241 Wednesday 1959 Feb 4 25 662 25 599 63 408 916 27,024 20,476 5,236 31,100 728 422 287 352 1 18518 662 18 335 327 11 25 558 25,543 15 356 876 26,827 20,476 5,238 31,241 741 427 307 330 1.184 18 311 18 206 105 18 25,475 25,470 5 481 1,070 27,067 20,475 5,238 31,116 740 396 328 352 1,255 18,593 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 18 153 17 918 235 11 25,354 25,339 15 506 712 26,607 20,443 5,243 31,230 722 390 304 342 1,212 18 093 17 978 115 18 25,497 25,419 78 986 993 27,509 20,442 5,245 31,241 730 423 269 345 [,218 18,970 18,185 785 25 25,474 25,452 22 589 74626,841 20,442 5,246 31,173 714 517 340 372 1,219 18,194 17,920 274 Apr 1 25,478 25,478 357 85326,719 20,442 5,247 31,211 715 534 297 380 1,179 18,092 17,872 220 8 25 726 25 493 233 775 73027,262 20,441 5,252 31,311 713 397 288 344 18018 722 18 289 433 15.. 25,801 25,588 213 918 823 27,571 20,431 5,253 31,355 708 499 257 343 1 [ 18018 913 18 ^21 592 22 25,563 25,563 1,014 US 27,384 20,331 5,255 31,246 710 496 247 333 1,178 18,760"18,199 ^561 29 25,623 25,623 534 801 26,987 20,330 5,257 31,276 710 466 274 335 1,136 18,378*18,156 ^222 P Preliminary. r Revised. dates in subsequent tables on Federal Reserve Banks. i Includes industrial loans and acceptances; these items are not shown 2 These figures are estimated. separately in this table, but are given for end-of-month and Wednesday Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 499 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve Item and period b m a A b e n e m l k r l s - Ne c w ity ban C k h s i- b s c R a e i r n e t v - y k e s C ba o tr n u y k n s - Item and period b m a A b e n e m l k r l s - Ne c w ity ban C k h s i- b s c R a e i n r e t v - y k e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1958—Mar 18,730 4.272 ,098 7,701 5,659 1958—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 ,113 721 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 ,679 Sept 571 27 65 474 Oct 18,476 3,935 .061 7,755 ,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 1959—Jan 497 12 56 428 Feb 18.577 3,968 ,052 7,777 780 Feb 460 15 55 390 Mar 18,429 3,994 ,029 7,702 5,704 Mar 461 30 49 381 Week ending: Week ending: 1959__Mar. 18 18,439 3,996 ,034 7,728 5.681 1959_Mar. 18 388 2 356 25 18,558 4,017 ,028 7,774 5,738 25 458 2 395 18,323 4,007 ,007 7,660 5,649 Apr- i::::::: 468 3 343 Apr- !:::::::: 18,711 4,065 ,046 7,848 5,752 409 3 352 15 18.698 3,996 ,038 7,856 5,809 15 444 -1 406 22 18,817 3,997 1,040 7,867 5,912 22 4 29 18,551 3,995 1,037 7,808 5,711 29!!!!!!!!! 2 Required reserves:2 Borrowings at Federal Reserve Banks 1958—Mar 18,097 4,228 1,087 7.603 5,179 Apr 17,772 4.107 .049 7,572 5,043 1958—Mar.. 138 2 36 71 May 17,557 3,977 ,046 7,482 5,051 Apr.. 130 18 35 67 June 17,974 4,186 ,099 7,619 5,070 May. 119 2 42 74 July 17,953 4,101 ,084 7.667 5,101 June. 142 21 45 74 Aug 17,946 3,987 ,094 7,731 5,134 July.. 109 16 49 44 Sept 17,854 3.923 ,058 7,667 Aug.. 252 48 90 Oct 17,955 3,909 ,055 7,700 Sept.. 476 106 266 96 Nov 18,034 3,866 ,055 7,750 Oct... 425 35 9 253 128 Dec 18,383 4,010 ,070 7,883 5,419 Nov.. 486 60 16 258 152 Dec.. 557 103 39 254 162 1959__jan 18,396 4,018 ,065 7,873 5,440 Feb 18,117 3,953 ,051 7,723 5,390 1959—Jan.. 557 77 54 279 147 Mar 17,968 3,965 1,027 7,653 5,323 Feb.. 508 43 27 250 188 Mar. 601 13 124 277 187 Week ending: Week ending: 1959—Mar. 18 18,051 4,000 1.033 7.693 5,325 25 18,100 4,001 1,026 7,730 5,343 1959_Mar. 18. 525 54 106 201 164 25. 600 207 250 143 Apr. 1 17,855 3,936 1,004 7,609 5,306 8 18,302 4,059 1,043 7,800 5,400 Apr. 1 612 146 242 224 15 18,254 3,994 1.039 7.818 5,403 8 672 68 162 303 139 22 18,26! 3.982 1.036 7.824 ?5,419 15 703 112 61 314 216 29 ^18,137 3,977 1,035 7,753 ^5,372 22 749 195 46 335 173 29 656 37 23 347 249 March 1958 Free reserves:2 4 Deposits: 1958—Mar.. 495 42 -18 62 408 Apr.. 493 -3 -7 44 459 Gross demand deposits: May. 547 51 7 89 399 Total 115,393 23.792 5,957 44,922 40,722 June. 484 7 12 57 408 Interbank 12,837 4,091 1,194 6,198 1,354 July.. 546 16 4 56 471 Other 102,556 19,701 4,763 38,724 39,368 Aug.. 383 -22 -22 426 Net demand deposits 3 . .. 99,069 20.655 5.267 38.223 34,923 Sept.. 95 -79 -3 -201 378 Time deposits 49,238 4,819 1,396 19,765 23,259 96 -8 -3 -198 305 Demand balances due Nov 20 -43 -16 -189 268 from domestic banks. . 6,478 75 94 2,020 4,290 Dec -41 -80 -31 -198 268 1959__Tan -59 -65 -53 -223 281 March 1959 Feb -47 -28 -26 -195 202 Mar -140 16 -122 -228 194 Gross demand deposits: Week endin) Total 119,687 23,752 6,090 47,350 42,494 Interbank 12.834 4,070 1,144 6,300 1,320 1959_Mar. 18 137 -58 -104 -166 192 Other 106,852 19.682 4.946 41,050 41,175 25 142 16 -205 -206 252 Net demand deposits 3 . .. 02,472 20,556 5,307 39.800 36.809 Time deposits 53,928 5,291 1,428 21,720 25,488 Apr. 1 144 71 -143 -192 119 Demand balances due 8 263 -62 -159 -254 213 domestic banks 6,324 78 98 2,084 4,063 15 259 -110 -62 -276 190 77 \93 -180 -42 -292 2*319 29 -19 -21 -292 P91 P Preliminary. banks and of country banks are estimates. 1 Averages of daily dosing 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

500 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 Apr. 30 beginning— rate Apr. 30 beginning— rate Apr. 30 beginning- rate Boston Mar. 10,1959 21/2 Mar. 10, 1959 Mar. 10,1959 4 New York. . . Mar. 6,1959 21/z Mar. 6, 1959 Nov. 7,1958 3% Philadelphia.. Mar. 6,1959 18 Mar. 6, 1959 Sept. 19,1958 Cleveland Mar. 13,1959 Mar. 13, 1959 Oct. 30,1958 Richmond. . . Mar. 13,1959 Mar. 13, 1959 Mar. 13,1959 Atlanta Mar. 16,1959 IB Mar. 16, 1959 Oct. 28,1958 3% Chicago Mar. 6,1959 Mar. 6, 1959 Mar. 6,1959 4 S M K D t a a . i l n n L l s n a o a s e u s a i p s C o i l t i y s . . . . M M M M a a a a r r r r . . . . 1 1 1 6 3 6 3 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 9 9 9 9 2 2 2 1 1 i/ / / 2 2 2 M M M M a a a a r r r r . . . . 1 1 1 6 3 3 6 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 9 9 9 9 M O M M c a a a t r r r . . . . 1 1 1 2 3 6 3 4 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 9 9 9 8 4 3 4 4 % lA San Francisco Mar. 12,1959 21/2 Mar. 12, 1959 Mar. 12,1959 4 1 i Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES i MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Range F. R. Range F. R. Net demand deposits1 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 9 1 2 5 3 6 0. . . . . . 2 2 1 3 / ,4 2 - - 3 3 2 23 V /4 4 A M p a r y 1 . 9 1 58 9 8 . . . . . . 1* 1 4 34 -214 1 1 3 3 4 4 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 r k v s e C ba o tr n u y k n s - r r b e e a c a s s i e e n n t r r d y k v v s e e C ba o tr n u y k n s - Aug. 24... 234-3 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 3 Aug. 9... 3 -31/2 3 Oct. 24... 2 -2% 2 23... 3% 3% Nov. 7... 21/2 2% 1936—Aug. 16 19% 15 10% r4% Nov. 15. .. 3 -3% 3 1937—Mar. 1 2234 £* 1214 Dec. 2... 3 3 1959 May 1 26 14 6 Mar. 6... 21/2-3 3 1938—Apr. 16 2234 12 5 1958 Mar. 16... 3 3 Jan. 22... 23^-3 3 1941_Nov. 1 26 171/4 14 6 6 24... 234-3 234 In effect 1942_Aug. 20 24 Mar. 7... 2^-3 21/4 Apr. 30... Sept. 14 22 20 13... 1V4-2V4 18 Oct. 3 20 21. .. 1V4 1948_Feb. 27 22 June 11 24 1 Under Sees. 13 and 13a (as described in table above). For data for Sept. 16,24*.... 26 22 16 7V4 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*.... §* 191/4 13 5 count rate except in the following periods (rates in percentages): 1955— Aug. 16, 18*.... i* 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 18% 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* 19% 17* 11% Prescribed in accordance with 1958- 1958- tive Mar. 20, Apr. 1* 19 11 Securities Exchange Act of 1934 Aug. 4, Oct. 15, Oct. 16, Apr. 17 18% 1958 1958 1958 Apr. 24 18 161/2 In effect May 1, 1959 . . 18 16% 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 * First-of-month or midmonth dates are changes at country banks, and on a security by prescribing a maximum loan value, which is a specified other dates (usually Thurs.) are at central reserve or reserve city banks. percentage of its market value at the time of extension; margin require- 1 Demand deposits subject to reserve requirements which, beginning ments are the difference between the market value (100%) and the maxi- Aug. 23, 1935, have been total demand deposits minus cash items 'in mum loan value. process of collection and demand balances due from domestic banks (also minus war loan and Series E bond accounts during the period Apr. 13, 1943-June 30, 1947). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 501 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1959 1959 1958 April 29 April 22 April 15 April 8 April April March April Assets Gold certificate account 8,829,89218,829,89118,929,89218,939,89118,939,89018,804,89518,939,89120,563,392 Redemption fund for F. R. notes.. 910,544 914,228 914,229 917,029 920,587 910,543 920,587 845,331 Total gold certificate reserves. 9,740,436 19,744,11919,844,12119,856,92019,860,47719,715,43819,860,478 21,408,723 F. R. notes of other Banks 388,900 415,232 391,447 411,100 447,862 373.687 427,588 441,098 Other cash 394,063 397,687 392,414 401,179 418,027 395,952 427,053 418,116 Discounts and advances: For member banks 516,168 996,461 900,601 757,681 339,665 481,975 309,082 155,939 For nonmember banks, etc 17,600 17,600 17,600 17,600 17,600 17,600 17,600 Industrial loans 4 4 4 5 5 4 5 503 Acceptances—Bought outright 28,984 28,984 28,982 29,980 29,981 30,442 30,234 37,416 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills [,621,900 1,562,300 1,587,200 1,492,000 1,477,000 ,621,900 ,496,000 945,710 Certificates—Special Other 18,649 18,649,72618,649,726 18,649,726 18,649,72618,649,72618,649,72619,946,105 Notes 2,867 2,867,565 2,867,565 2,867; 2,867,565 2,867,565 867,565 Bonds 2,483 2,483,771 2,483,771 2,483 2,483,771 2,483,771 483,771 "2,,789 ',257 Total bought outright 25,622,962 25,563,362 25,588 262 25,493,062 25,478,062 25,622,96225,497,062 23,681,072 Held under repurchase agreement. 212 900 232,900 80,000 Total U. S. Government securities. 25,622,962 25,563,362 25,801,162 25,725,962 25,478,062 25,702,962 25,497,062 23,681,072 Total loans and securities 26,185,718 26,606: 26,748,349 26,531,22825,865,313 26,232,983 25,853,983 23,874,930 Due from foreign banks. 15 15 15 15 15 15 15 Uncollected cash items. . 5,355.334 5,648,727 6,140,586 4,700,950 5,225,495 5,315,785 ,665,830 4,839,288 Bank premises 95;243 95 213 95; 9"4', '983 94,920 95,150 94,932 86,568 Other assets 214i932 202;410 189; 177,152 163,699 216,969 161,512 245,975 Total assets. 52,374,64153,109,81453,801,777 52,173,527 52,075,808 52,345,979 51,491,39151,314,713 Liabilities Federal Reserve notes 26,921,659 26,926,906 27,006,499 27,000,167 26,962,785 26,983,368 26,965,377 26,374,600 Deposits: Member bank reserves 18,378,235 18,760 18,912,606 18,722,306 18 092,427 18,395 18,191,815 18253,947 U. S. Treasurer—general account. 465,859 495; 4—99 ; ' ' 3—97 233 533,867 539 398; 594,134 Foreign 273,515 247 257 287; 631 297,290 265 307; 256,792 Other 334,964 332; 342; 343711 379,996 340, 387; 411,218 Total deposits. 19,452,573 19,835,82120,012,171 19,750,881 19,303,580 19,541,51819,285,405 19,516,091 Deferred availability cash items 4,554,086 4,871. 5,318,045 3,970,477 ,372,090 4,372 3,804,029 4,041,975 Other liabilities and accrued dividends. 32,023 29, 30,156 29,317 26,154 32 27,135 18,453 Total liabilities 50,960,341 51,663,713 52,366,87150,750,842 50,664,609 50,929,86150,081,946 49,951,119 Capital Accounts Capital paid in. 377,401 376,233 376,076 374,993 374,790 377.469 374,545 350,377 Surplus 868,410 868,410 868,410 868,410 868,410 868,410 868,410 1836,741 Other capital accounts. 168,489 201,458 190,420 179,282 167,999 170,239 166,490 176,476 Total liabilities and capital accounts. 52,374,64153,109,814 53,801,777 52,173,527 52,075,808 52,345,979 51,491,391 51,314,713 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 42.6 42.2 42.2 42.5 42.9 42.4 42.9 46.7 Contingent liability on acceptances purchased for foreign correspondents 56,212 56,910 58,092 60,286 60,463 56,068 59,908 131,461 Industrial loan commitments 360 360 360 360 360 360 360 998 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advances--total. 533,768 ,014,061 918,201 775,281 357,265 499,575 326,682 155,939 Within 15 days 509,590 991,281 895,845 753,152 330,610 476,045 300,947 153,410 16 days to 90 days 24,049 22,714 22,280 22,051 26,557 23,402 25,637 2,515 91 days to 1 year 129 66 76 78 98 128 98 14 Industrial loans—total 4 4 4 5 5 4 5 503 Within 15 days 1 1 1 1! 145 16 days to 90 days 3 3 3 3 177 91 days to 1 year 1 1 1 81 Over 1 year to 5 years 100 Acceptances—total 28,984 28.984 28,982 29,980 29,981 30,442 30,234i 37,416 Within 15 days 9,248 11,102 12,468 9,730 8,518 9,823 8,0811 10.530 16 days to 90 days.... 19,736 17,882 16,514 20,250 21,463 20,619 22,153 26,886 U. S. Government securities—total. 25,622,962 25 563,362 25,801,162 25 725,962 25,478,062 25 702,962 25,497,062 23,681,072 Within 15 days 416,290 415,890 531,700 583,200 252,600 422,290 163,500 262,350 16 days to 90 days 969,310 956,010 ,081,600 976,100 ,043,100 933,310 ,149,000 683,360 91 days to 1 year 18.886,026 18,840,126 ,836,526 815,326 18,831,026 18,996,026 ,833,226 20,285,201 Over 1 year to 5 years 3,881,179 3,881,179 ,881,179 881,179 3,881,179 3,881,179 ,881,179 ,035,304 Over 5 years to 10 years 206,495 206.495 206,495 206,495 206,495 206,495 206,495 56,610 Over 10 years 1,263,662 1,263,662 ,263,662 263,662 1,263,662 1,263,662 ,263,662 ,358,247 1 Includes, prior to Sept. 2, 1958, Section 13b surplus of $27,543,000. within 15 days in accordance with maximum maturity of the agreements. 2 Holdings under repurchase agreements are classified as maturing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

502 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1959 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificate account 799,670 5,173,4461,058,6831,599,443 970,663 879,955 3,341,049 750,800 424,886 698,726 694,189 2,413,385 Redemption fund for F. R. notes 55,757 190,254 57,274 84,883 76,762 55,002 169,385 43,742 22,388 42,751 29,243 83,102 Total gold certificate reserves 855,427 5,363,700 ,115,957 ,684,3261,047,425 934,957 3,510,434 794,542 447,274 741,477 723,432 2,496,487 F. R. notes of other Banks.. 32,773 91,319 20,259 23,311 38,160 67,926 23,881 8,914 11,512 6,257 19,118 30,257 Other cash 31,020 72,197 17,836 37,824 25,687 32,078 63,622 23,876 12,714 13,363 16,577 49,158 Discounts and advances: Secured by U. S. Govt. securities 47,328 47,165 20,575 14,108 78,374 63,950 45,430 25,650 15,075 100,046 11,325 11,900 Other 1,132 4,928 1,162 1,584 880 827 2,796 651 1,017 786 915 1,971 Industrial loans 4 Acceptances: Bought outright 30,442 Held under repurchase agreement U. S. Govt. securities: Bought outright ,389,149 6,448,070 ,461,1752,218,3851,642,1241,350,432 4,434,1051,042,086 583,6141,104,4781,022,7152,926,629 Held under repurchase agreement 80,000 Total loans and securities. .. 1,437,609 6,610,6051,482,912 2,234,0771,721,3781,415,209 4,482,3311,068,387 599,710 ,205,310 ,034,955 2,940,500 Due from foreign banks.... 1 14 1 1 1 2 () 1 1 Uncollected cash items 359,455 976,864 335,232 497,553 411,245 462,288 882,004 222,555 148,923 255,077 268,018 496,571 Bank premises 4,566 10,212 4,159 9,358 6,970 9,540 12,661 6,948 5,189 4,743 8,298 12,506 Other assets 11,911 53,257 12,112 19,107 13,775 12,419 36,922 9,008 4,900 10,154 8,702 24,702 Total assets. 2,732,76213,178,1582,988,468 4,505,5573,264,6412,934,4189,011,8572,134,2311,230,222 2,236,382 2,079,1016,050,182 Liabilities F. R. notes 1,558,624 6,303,024 ,701,330 2,471,145 2,024,137 ,451,064 5,151,857 ,195,266 601,0721,090,048 763,017 ,672,784 Deposits: Member bank reserves 720,619 5,266,024 867,3291,445,138 772,131 968,002 2,854,348 656,084 433,111 835,974 970,7332,606,008 U. S. Treasurer—general account 31,853 81,561 38,468 35,555 37,992 33,317 58,817 40,807 27,124 34,563 26,548 92,508 O Fo th re e i r gn 14 1, , 2 3 0 0 4 0 2 3 8 7 8 8 , , 8 7 8 9 2 9 17 1, , 2 1 7 6 9 0 23 1 , ,0 4 6 0 9 0 1 2 3 , , 8 0 8 0 4 0 12 1, , 2 2 3 2 4 0 38 1 , ,0 4 3 8 3 0 9 1 , ,0 6 0 2 4 0 6,2 3 4 63 0 10, 5 1 8 4 1 0 1 1 3 , , 2 5 0 2 4 0 4 2 0 9 , , 1 1 6 2 8 0 Total deposits 767,976 5,715,266 924,2361,505,162 826,007 ,014,7732,952,678 707,515 466,838 881,2581,012,005 2,767,804 Deferred availability cash items 324,900 763,826 267,785 398,292 339,712 398,785 692,718 175,560 126,389 207,210 229,958 447,654 Other liabilities and accrued 1,724 8,552 1,580 3,209 1,547 1,655 5,189 1,151 1,118 1,277 1,216 3,968 dividends Total liabilities 2,653,22412,790,6682,894,9314,377,8083,191,4032,866,2778,802,4422,079,4921,195,4172,179,7932,006,1965,892,210 Capital Accounts Capital paid in 18,449 109,457 22,330 35,819 16,852 19,252 51,678 12,626 8,607 15,358 21,776 45,265 50,116 238,902 59,607 76,643 44,846 39,474 132,159 33,746 20,785 32,935 43,436 95,761 Surplus 10,973 39,131 11,600 15,287 11,540 9,415 25,578 8,367 5,413 8,296 7,693 16,946 Other capital accounts.. Total liabilities and capital accounts 2,732,76213,178,1582,988,468 4,505,557 3,264,6412,934,4189,011,8572,134,2311,230,2222,236,382 2,079,1016,050,182 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 36.8 44.6 42.5 42.4 36.7 37.9 43.3 41.8 41.9 37.6 40.8 45.9 Contingent liability on acceptances purchased for foreign correspondents 3,091 415,604 3,709 5,058 2,810 2,642 8,318 2,079 1,349 2,192 2,922 6,294 Industrial loan commitments.. 20 340 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $40,464,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $187,200,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 503 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1959 1959 1958 April 29 April 22 April 15 April8 April i April March April F R notes outstanding (issued to Bank) 27,964,21527 918,64327,957 27527,954 24227,981,23327,934,01428,012 93727,432,587 Collateral held against notes outstanding: Gold certificate account 10755 00010755 00010 75500010 75500010755 00010755 00010755 000P 058 000 Eligible paper 128,561 162,279 133267 173036 91,061 141,271 87 526 38,538 U. S. Government securities 18,685,000 18 685,000 18,685,000 18,685 00018,685,00018,685,000 18,685 00017,145,000 Total collateral 29,568 561 29 60? ?79 29,573 ?67 29,613 036 ?9 531 061 ,581 971 527 526 29,241,538 EACH FEDERAL RESERVE BANK ON APRIL 30, 1959 Item Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- 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) ,647,129 6,541,4061,746,460 2,534,418 2,104,799 ,511,5345,256,4381,241,691615,0761,117,920 811,885 2,805,268 Collateral held: Gold certificate acct.. 580,000 2,9'20,000 640,000 920,000 700,000 475,000 2,000,000 430,000 200,000 300,000 290,000 [,300,000 Eligible paper 15,575 25,650 100,046i U. S. Govt. securities. 1,150,000 4,OOO^OOO1,200,0001,750,0001,500,000 1,100,0003,500,000 935,000 425^666 850,0001575,000 1,700,000 Total collateral 1,730,000 6,920,0001,855,575 2,670,000 2,200,000,1,575,000 5,500,000 1,390,650 625,0001,250,046 865,00013,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n t o o h f r N b u A e m r a p p - t p o p l i r c d o A a a v t t m i e e o d o ns unt (a b p p m c l u r e o o t o t v m e n u e d - o n d i t t) ( s a t L a m o n o o u d a u t 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 it g t - ) o ( i s n a p P f t ta u m g a a o f n i t r i t u o i i n d t o o n i t u a i c - n n s n n n i t s s g - c i t - ) - 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 e a rt e r i a d o n n - a u o a A b n v n u a o d t a d t m e m s r d i e e l r t i r e a a o o t a n b n i w u g o g l t d n e s u e n r i t e r a n a t s e r l g o - - 1953 3,765 803,429 1,951 1,900 3,569 3,469 1953 1,294 2,358 805 666 364 1954 3,771 818.224 520 719 1,148 1,027 1954 ,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 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 ,516 2,952 326 252 168 June 3 787 843,321 75 343 991 799 June ,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 ,528 3,069 299 229 199 Sept 3,787 843,321 339 1,032 816 Sept ,531 3,071 298 228 190 Oct 3,787 843,321 338 1,019 810 Oct 1,538 3,089 304 231 184 Nov 3,787 843,321 337 1,015 807 Nov 1,540 3,090 303 231 182 Dec 3,787 843,321 335 975 806 Dec 1,543 3,105 310 236 168 1959 1959 Jan 3,787 843,321 334 960 785 Jan 1,548 3,116 324 246 147 Feb 3,787 843,321 333 360 384 Feb 1,549 3,118 329 250 141 Mar 3,787 843,321 332 360 383 Mar 1,550 3,120 335 254 128 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 guranteeing 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

504 BANK DEBITS MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [Per cent per annum] [In effect Apr. 30] 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 1 9 c n 9 3 . . 5 6 3 - 6 1 1 , , E J f a f 1 e n 9 c . 5 ti 7 1 v , e Fee I s n P st a i y tu a t b i l o e 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 by o f F L in o a a n n cing Guarantee fee Percentage of Percentage of (percentage of any commitment Savings deposits 2*4 2fc 3 loan guaranteed interest payable fee charged by borrower) borrower Postal Savings deposits 21,1 3 Other time deposits payable: 70 or less 10 10 In 6 months or more 1* 3 75 15 15 In 90 days to 6 months % 2% 80 20 20 In less than 90 days 85 25 25 1 90 30 30 95 35 35 NOTE.—Maximum rates that may be paid by member banks as estab- Over 95 40-50 40-50 lished by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any •event exceed the maximum rate payable by State banks or trust companies Maximum Rates Financing Institution May Charge Borrower on like deposits under the laws of the State in which the member bank is [Per cent per annum] located. Maximum rates that may be paid by insured nonmember banks as established by the F.D.I.C, effective Feb. 1, 1936, are the same as those in effect for member banks. Interest rate Commitment rate. i Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors. BANK DEBITS AND DEPOSIT TURNOVER [Debit in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposits accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Year or month Without seasonal adjustment Seasonally adjusted 3 Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers * centers2 City centersi centers2 City centers* centers * 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 Feb 181,729 72,803 36,188 72,738 55.4 30.1 22.8 54.9 30.5 22.9 Mar 203,870 84,409 40,363 79,098 56.2 31.3 22.2 54.7 29.0 22.5 Apr 204,126 85,510 39,354 79,262 56.6 30.2 22.1 57.8 29.3 22.7 May . 195,116 77,315 38,645 79,156 51.2 28.2 22.0 52.0 28.2 22.1 June 219,465 95,473 41,228 82,765 65.7 31.4 23.8 62 7 30 7 23 5 July 206,524 82,214 40,701 83,609 54.8 29.6 22.9 55.9 30.0 22.9 AUK 185,849 68,620 37,942 79,287 46.4 27.4 21.7 51 6 29 4 22 7 Sept .. .. 195,205 70,887 40,520 83,798 49.4 30.3 23.6 50.1 30.7 23.3 Oct 212,894 79,620 43,594 89,680 50.1 29.8 23.1 52 6 31 6 23 7 Nov 183,092 64,804 38,224 80,064 47.4 30.0 23.8 47.4 29.4 22.6 Dec 238,975 92,711 48,690 97,573 58.2 33.2 24.9 52.4 32.2 23.8 1959 Jan 221,960 86,507 44,505 90,948 54.0 30.3 23.2 53.1 31.0 23.2 Feb 195,770 74,346 39,635 81,789 54.1 31.0 24.1 53.6 31 4 24 2 Mar . '223,374 84,710 47,485 r91,179 54.5 34.2 23.9 53.1 31.6 24.2 Apr 226,367 88,049 46,955 91,362 56.2 57.3 ^32.8 P 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 Seasonal adjustment factors have been revised for the period 1943 to date. Angeles. For back figures on the revised basis, see p. 554 of this BULLETIN. 2 Prior to April 1955, 338 centers. NOTE.—For description see BULLETIN for April 1953, pp. 355-57. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 505 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 262 556 24 46 1945 28,515 20,683 1,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 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 ,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 Mar 30 666 21,652 2,066 1,293 78 2 047 6,377 9,792 9,014 2,689 5,656 277 381 3 8 Apr 30,565 21,565 2,075 1,305 81 2,035 6,319 9,750 9,000 2,682 5,651 275 379 3 9 May .. 30,994 21,977 2,090 1,349 81 2,081 6,465 9,910 9,018 2,690 5,662 275 378 3 8 June 31,172 22,138 2,101 [,368 81 2,081 6,489 10,019 9,033 2,701 5,669 275 377 3 9 July 31,171 22,134 2,108 1,376 81 2,064 6,450 10,056 9,037 2,705 5,671 274 376 3 8 Aug ... 31 371 22,296 2,117 1,398 80 2 082 6,502 10,117 9,075 2,711 5,703 274 376 3 8 Sept 31,245 22,154 2,127 1,417 80 2,072 6,433 10,025 9,091 2,704 5,726 274 376 3 8 Oct 31,386 22,264 2,142 1,426 80 2,091 6,477 10,048 9,122 2,707 5,759 273 371 3 8 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 [,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959_jan 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 Mar 31,250 22,111 2,164 1,414 80 2,075 6,410 9,968 9,139 2,704 5,789 270 366 3 8 i Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation1 Held by Total out- F. R. Kind of currency standing As security For Banks Mar. 31, against F. R. and Mar. 31, Feb. 28, Mar. 31, 1959 gold and Treasury Banks agents 1959 1959 1958 silver cash and certificates agents Gold 20 442 19 892 2550 Gold certificates . 19 892 17,045 2,816 31 3i 32 Federal Reserve notes 28,013 77 1 475 26,461 26,400 26,011 Treasury currency—total 5,247 12,417 62 427 4,758 4,699 4,624 Standard silver dollars 488 168 32 8 280 278 263 Silver bullion . 2,249 2,249 S S i u lv b e si r d c ia er r t y i fi s c il a v te e s r c a o n i d n Treasury notes of 1890.... 3 1 2 ,4 4 1 6 7 8 n" 3 7 0 1 3 2 1 , , 1 38 1 0 4 2 1 , ,3 0 6 7 5 9 2 1 , ,3 0 2 6 2 6 Minor coin '524 8 12 504 501 481 United States notes 347 5 32 310 304 309 Federal Reserve Bank notes 113 1 112 113 123 National Bank notes 58 58 58 60 Total Mar 31 1959 1 22 309 689 17 045 4 718 31 250 Feb 28 1959 22 334 718 17*078 5,001 31,129 Mar 31 1958 24,235 722 18,989 4,818 30,666 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. 498. 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 seserves against other types, a grand total of all types has no special at least 25 per cent against its Federal Reserve notes in actual circularignificance 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 n in o te g s o l a d r e c i e n r t p if r i o c c a e te s s s . of F r e e d ti e r r e a m l e R n e t. serve Bank notes and national bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, 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 ta) 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 es d e e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d n si c t y s c m o n a u i c e n s - 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 ,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2.254 ,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128.417 101,288 24.262 ,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81.199 22,559 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 ,899 20,670 244,135 224,943 19,193 1956—Dec. 31. 21.949 5,066 223,742 110,120 93,161 66.523 24,915 ,723 20,461 250.757 230,510 20,246 1957_ D ju e n c e . 3 6 1 . . 2 22 2 , , 7 6 8 2 1 0 5 5 , , 1 1 4 0 6 6 2 2 2 2 1 9 , , 4 4 5 7 4 0 1 1 1 1 5 0, , 9 1 3 5 8 7 9 8 1 9 , . 3 1 7 1 0 4 6 6 5 4 . , 7 5 9 4 2 8 2 2 4 3 , , 2 0 3 1 8 6 , , 3 5 4 5 0 0 2 2 2 1 , , 9 4 4 0 3 2 2 2 5 4 7 9 , , 3 1 9 8 7 0 2 2 2 3 7 6 , . 5 3 7 7 6 2 2 2 1 1 , . 6 0 0 2 5 3 1958—Apr. 30. 22,000 5,200 234,400 114,400 95,300 70,300 23,700 ,300 24.800 261,600 239,200 22,500 May 28. 21,600 5,200 234,900 114,000 95,900 70,600 24.100 ,300 25,000 261,700 238,900 22,800 June 23. 21,356 5,204 240,451 116,842 97,849 71,611 25,000 ,238 25,760 267,011 244,131 22,880 July 30. 21,200 5,200 238,600 115,400 97.800 71,600 24,900 ,300 25,500 265,100 241,900 23,200 Aug. 27. 21,100 5,200 241,100 115,300 100,000 73,500 25,200 ,300 25,800 267,400 243,400 24,100 Sept. 24. 20,900 5,200 240,400 115,900 98,200 72,100 24,900 ,200 26,300 266,500 242,600 23,900 Oct. 29" 20,700 5,200 243,300 117,000 100,100 73,500 25,400 ,200 26,200 269,200 245,100 24,100 Nov. 26 r 20,600 5,200 246,200 118,200 102,000 75,000 25,800 ,200 26,000 272,000 248,200 23,800 Dec. 31 r 20,534 5,234 249,082 121,602 101,207 73,641 26,347 ,219 26,273 274,850 252,022 22,829 1959—Jan. 28 r 20,500 200 247,300 119,800 101,500 74,900 25,400 ,200 26,000 273,100 249,600 23,500 Feb. 25' 20,500 200 245,300 119,800 99,400 72,900 25,300 ,200 26,100 271,000 247,100 23,900 Mar. 25 ' 20,400 200 244,900 121,400 97,200 70,600 25,500 ,100 26,300 270,600 246,700 23,900 Apr. 29? 20,300 5,300 247,700 123,400 97,700 71,000 25,600 ,100 26,600 273,300 250,000 23,300 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series' For- Date p b e o d n a i s e g e n T i n t t k s, T h c i r o n a e l g s a 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 g s a 2 s 3 l S S P a y o v s s i t n t e a g m l s p m o D d s a e e i n - - t d s* b r C o e s a i n u u n d c t r k e - - y s c a d d u d e T e r j a p m u o r n o e s t a d s n a t n e i l c t d d y s j p m u D o d a s a d e s e t n ; i e - - t d d s b r C o e s a i n u u n d c t r k e - - y s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40,828 21,656 10,849 9,621 ,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63,253 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., 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31.. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 ",416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30.. ,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) 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—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 (5)) () July 30. 4,000 700 4,300 600 232,400 96,500 62.300 32,900 ,200108,100 27,900 137,600 109,,5500 28,100 Aug. 27. 700 5,800 500 232,500 97,000 62,700 33,100 ,200107,500 28,000 137,300 109,200 28,100 Sept. 24. 700 4,500 500 233,100 97.200 62,700 33,300 .200108.100 27,900 136,700 108,900 27.800 Oct. 29 r, 700 3,700 500 236,400 97,500 62,900 33,400 ,200111,000 28,000 138,100 110,200 27,900 Nov. 26 r 700 5,900 500 237,500 96,800 62,100 33,500 ,100111,900 28,800 138,800 110,600|28,200 Dec. 31 r 3,870 683 4,558 358 242,553 98,306 63,166 34,006 ,134115,507 28,740 139,400 111,300128,100 1959—Jan. 28 r 3,800 700 4,800 500 239,800 98,400 63,400 33,800 ,100113,800 27,600 138,500 110,700 27,800 Feb. 25r. 3,700 700 4,500 500 237,700 98,700 63,700 34,000 ,100111,300 27,700 139,100 111,200 27,900 Mar. 25 r 3,900 700 3,900 500 237,600 99,500 64,100 34,300 ,100110,300 27,900 140,300 112,200 28,100 Apr. 29P, 3,700 700 4,600 500 240,500 99,900 64,500 34,300 ,100112,800 27,900 141,000 112,800 28,200 Preliminary. r Revised to benchmark data. NOTE.—For description of statement and back figures, see BULLETIN Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24^-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, * Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank des 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 507 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b i o l o . i v n S g t a s . . - O s r e i t t c h i u e e s - r a C ss a e s t h s2 c c b T o a i a l a u l o p i i n a c t n t i - - d i t a t e a l s s l 3 Total 2 m D In a e n t - e d rba T n i k m 2 e U.S D . ema O O n t t d h h e e r r Time r B in o 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 r ks - Govt. Al^banks: 1939—Dec. 30 50,884 22,165 19,417 302 23 9,874 32,516 25,852 26 ,194 15,035 1941—Dec. 31 61,126 26,615 25,511 999 27 10,982 44,355 26,479 23 ,414|14,826 1945—Dec. 31 140,227 30,362 101,288 577 35 177,332 14,065 105,935 45,613 227 ,542 14,553 1947—Dec. 3H 134,924 43,002 81,199 723 38 175,091161,86512,7931 240 1,346 94,38153,105 66 ,94814,714 1950—Dec. 30 148,021 60,386 72,894 14,74141,086 191,317175,29613,5771 462 2,809 936 56,513 9013,83714.650 1956—Dec. 31 197,063 110,079 66,52320,46149,641250,770 227! 16,133 1,462 3,736 308 80,908 7819,24914,167 1957—Dec. 31 203,849 115,115 65,792 22 49,318257 864 233; 15,636 1,386 3,903 993 88,102 80 20,428 14',090 1958—Apr. 30 210,290 115,220 70,310 24 43,730 259;000 232,36013,930 2,390 5,180 190 92,670 1,000 20,910 14,071 June 23 215,179 117,808 71,61125;760 44,423 264,525 237,20413,789 2,497 9,209 113 94,596 1,137 21.35914,055 Sept. 24 215,470 117,060 72,140 26 270 42,190 262,558800 223344;,42014,010 2,400 4,220 460 96,330 1,560 21;66014,034 Oct. 29r 217,690 117,960 73,500 26 23043020 265 490 237 14,000 2,340 3,440 060 96,610 1,400 21,71014,028 Nov. 26r 220,210 119,230 74,950 26,03045; 130 270,180 241 13,590 2,360 5,600 610 95,910 2,150 21,82014,033 Dec. 31r 221,485 121,571 73,64126,27349,911276,'430 250 15,799 2,374 4,253 132 97,498 8121,705,14,020 1959—Jan. 28 r 221,920 121,030 74,85026,04043 200 270 100 241 13,110 2,410 4,490 240 97,580 1,770 21,780 14,030 Feb. 25 r 220,340 121,370 72,880 26090 43; 560 268750 239; 12,850 2,290 4,150 520 97,930 2,210 21,860 14,022 Mar. 25 T 219,690 122,850 70,580 26 240 266 880 238; 13,030 2,340 3,590 480 98,710 2,050 21,980 14,012 Apr. 29^ 222,490 124,930 70,960 ~2'6^00 43^90 271 340 242; 12,870 2,360 4,300 123 810 99,120 2,090 22,100 14,010 All commercial banks: 1939—Dec. 30 668 17,238 16,316 114 22,474 65,216 57,718 9,874 32,513 15,331 26 i,88514,484 1941_Dec. 31 746 21,714 21,808 26,:551 79,104 71,283 10,982 44,349 15,952 23 ,173 14,278 1945—Dec. 31 019 26,083 90,606 34,806160,312150,227 14,065 105,921 30.241 219 ,95014,011 1947_Dec. 3H 284 38,057 69,221 37,502155,377144,10312,792 240 l,343i 94 36735,360 6510,05914,181 1950—Dec. 30 ,675 52,249 62,027 399 40; 168,932155,26513,577 462 2,806101,91736,503 9011,,559900 _1.4,,_1_2_1 1956—Dec. 31 123 90,302 58,552 269 48 217,460197,51516,133 1,460 3,733125,282 50,908 7516,302 13,640 1957—Dec. 31 068 93,899 58,23917,930 428 222,696 201,32615,636 1,385 3,898123,96756,440 771177,33668813,568 1958—Apr. 30 560 93,450 62,83019,280 850 222,870199,85013,930 2,390 5,180 160 60,190 1,00017,81013,551 June 23 905 95,571 64,194 20.14043,507227,847 204,33513,789 2,495 9,205 086 61,759 1,13618,17813,535 Sept. 24 ,510 94,230 64,720 20;560 330 225,260 201,05014,010 2,400 4,220 430 62,990 1,56018,41013,515 Oct. 29r ,670 94,970 66,170 20.530 160 228,130 203,99014,000 2,340 3,440 030 63,180 1,40018,47013,509 Nov. 26' ,050 96,060 67,660 20;33044,310232,700 207,57013,590 2,360 5,600 580 62,440 2,150 18,55013,514 Dec. 31 r ,165 98,214 66,376 20;57548,990238,651216,01715,799 2,372 4,250 104 63,493 7318,48613,501 1959—Jan. 28 r ,620 97,710 67,530 20.38042,400 232,470 207,96013,110 2,410 4,490 124210 63,740 1,770 18,57013,512 Feb. 25 r ,840 97,890 65,520 20;43042,740 230,900 205,76012,850 2,290 4,150 122490 63,980 2,210 18,62013,504 Mar. 25 r ,940 99,190 63,160 20;590 41,380228,710 203,85013,030 2,340 3,590 ,450 64,440 2,050 18,73013,494 Apr. 29*> ,580101,090 63,610 2088042,940233,130208,12012,870 2,360 4,300 ,780 64,810 2,090 18,87013,492 All member banks: 1939—Dec. 30 33,941 13,962 14,328 19 49,340 9,257 154 743 489 11,699 3 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 23 61,71710,385 140 ,709 13612,347 4 5,886 6,619 1945_Dec. 31 107,183 22,775 78,338 29;845138,304129,67013,576 64 22,179 640 24,210 208 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 304 32,845132,060122,52812,353 50 ,176 609 28,340 54 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 35535,524144,660 133,08913,106 341 ,523 78329,336 79 9,695 6,873 1956—Dec. 31 138,768 78,034 47,575 159 42,906184,874167,90615,567 1.289 3,292 850 40,909 4813,655 6,462 1957—Dec. 31 142,353 80,950 47,079 42,746188,828170,63715,082 1,246 3,472 547 45,290 5714,554 6,393 1958—Apr. 30 147,485 80,423 51,505 37,834189,304169,55113,466 2,254 4,818 584 48,429 94914,918 6,372 June 23 151,589 82,146 53,165 38,489194,003173,90413,274 2,266 658 812 49,893 1,07815,181 6,357 Sept. 24 150,684 80,798 53,285 36,191 190,784170,031 13.458 2,174 782 764 50,852 1,514 1155,375 6,339 Oct. 29 152,102 81,375 54,166 37,020192,945172,301 13,450 2,108 023 102,76450,956 1,31715,437 6,328 Nov. 26 153,854 82,225 55,328 39,140196,851 175,26013,026 2,130 003 104777 50,324 2,05515,498 6.324 Dec. 31 r 154,865 84,061 54,299 504 43,188202,017182,81615,227 2,187 822'110 448 51,132 5415,460 6,312 1959—Jan. 28 155,054 83,588 55,136 37,336196,333175,36412,619 2,224 979(105 220 51,322 1,684 15,509 6,302 Feb. 25 153,504 83,728 53,403 37,681195,014173,45912,394 2,102 716I103 749 51,498 2,083 15,556 6,295 Mar. 25 r 152,813 84,882 51,392 36,38: 193,065171,78512,582 2,155 2031101 9'8"8" 51,857 1,949 15,642 6,289 Apr. 29P 155,112 86,590 51,715 37,786196,977175,59812,405 2,175 876,104,93252,210 1,941 15,778 6,292 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. 3H 18,641 4,944 11,978 1,718 886 19,714 17,763 3 1417,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 3 1920,009 2,247 529 1956—Dec. 31 31.940 19,777 7.971 4,192 920 33,311 30,032 3 2530,001 2.947 527 1957—Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 4 26 3" 1,662 3,059 522 1958—Apr. 30 34,730 21,770 7,480 5,480 880 36,130 32,510 30 32,480 3,100 520 June 23 35,274 22.237 7,417 5,620 916 36,678 32.869 26 32,,:837 3,181 520 Sept. 24 35,960 22,830 7,420 5,710 860 37,320 33,370 (5) (5) 30 33,,340 8 3,250 519 N O o ct v . . 2 2 6 9 3 36 6 , , 1 0 6 2 0 0 2 2 3 2 , , 1 9 7 9 0 0 7 7 , . 3 2 3 9 0 0 5 5 , , 7 7 0 0 0 0 8 8 2 6 0 0 3 3 7 7 , , 4 3 8 6 0 0 3 33 3 . , 5 4 0 6 0 0 8 3 30 0 3 33 3 ,, . 4. 4 3 7 0 0 3,240 5 51 1 9 9 1959—J D a e n c. . 2 3 8 1 r r 3 3 6 6 , , 3 3 0 2 0 0 2 2 3 3 , , 3 3 2 5 0 7 7 7 , , 2 3 6 2 5 0 5 5 , , 6 6 9 6 8 0 9 8 2 0 1 0 3 3 7 7, , 7 6 7 3 9 0 3 3 3 4 , ,0 8 4 7 0 0 8 30 3 3 4 3 , , 0 8 0 4 6 0 (5) 5 5 1 1 8 9 Feb. 25r 36,500 23,480 7,360 5,660 820 37,850 33,980 30 33,950 518 Mar. 25r 36,750 23,660 7,420 5,670 860 38,170 34,300 8 30 34,270 518 Apr. 29^ 36,910 23,840 7,350 5,720 750 38,210 34,340 30 34,310 3,230 518 * Preliminary. r Revised. Stock savings banks a ( nd 5 ) 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). figures for classes of banks is affected somewhat by changes in Federal All banks comprise all commercial banks and all mutual savings banks. Reserve membership, insurance status, and the reserve classifications of All commercial banks comprise (1) all nonmember commercial and cities and individual banks, and by mergers, etc. (2) all member banks. Member banks include (1) seven national banks in 2 Beginning June 30, 1942, excludes reciprocal balances, which on Alaska (one became a member on Apr. 15J1954, and six on Apr. 3,1959); Dec. 31, 1942, aggregated $513 million at all member banks and $525 (2) one in the Virgin Islands (May 31, 1957); and (3) one in Hawaii million at all insured commercial banks. (Apr. 13, 1959), and (4) a noninsured nondeposit trust company, but 3 Includes other assets and liabilities not shown separately. exclude 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

508 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i— Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i S v g . t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l p o i n i a t i t d i t a - e a l s l Total 2 D In e t - erbank2 Dema O n t d her r B i o n o w g r s - - c c T a o o p u t i n a ta t l s l N ba b u o n e m f k r s tions ac- mand Time Time counts 3 U.S. Govt. Other Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,231 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—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—Apr. 30 25,891 16,360 7,252 2,279 7,973 35,177 30,120 4,477 1,725 1,537 19,045 3,336 255 3,200 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 r 25,966 16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739 968 20,704 3,482 3,282 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 Apr. 29*> 25,886 16,307 6,971 2,608 7,521 34,533 29,410 3,991 1,740 889 19,243 3,547 519 3,290 17 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,225 174 4,604 1,103 490 13 1956—Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 1.364 184 5,069 1,319 4 660 14 1957—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_Apr. 30 6,647 3,592 2,434 621 1,873 8,600 7,665 1,272 302 4,671 1,372 103 705 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. 31r 6,830 3,637 2,562 631 2,158 9,071 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 Apr. 29* 6,602 3,575 2,344 683 1,883 8,575 7,616 1,153 306 4,733 1,393 90 738 14 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,565 120 435 9,004 4,616 1 828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1 967 351 1945—Dec. 31 40,108 8,514 29,552 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,69513,998 55,369 51,437 6,391 57 976 32,36611,647 3,322 336 1956—Dec. 31 53,915 31,783 17,368 4,764 1-7.716 72,854 66,524 7,584 294 1,201 40,64716,797 21 5,076 289 1957—Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67,483 7,241 301 1,358 39,96018,623 21 5,370 278 1958—Apr. 30 57,243 32,012 19,627 5,60415,356 74,086 66,642 6,331 463 1,886 38,02819,934 418 5,506 278 June 23 59,273 32,851 20,436 5,98615,443 76,155 68,672 6,397 416 3,150 38,0-0"3 2-0.706 350 5.617 280 Sept. 24 59,327 32,830 20,455 6,041 15,247 75,976 67,918 6,795 382 ',492 243 21,005 947 5; 675 277 Oct. 29 59,471 32,984 20,508 5,979 1155,448 76,383 68,474 6,657 374 ,074 370 20,999 705 5,714 277 Nov. 26 60,181 33,393 20,891 5,897 16,276 77,940 69,723 6,476 378 ,944 184 20,741 910 5,729 275 Dec. 31r 60,558 34,003 20,645 5,910 17,701 79,781 72,647 7,506 377 ,429 259 21,075 14 5,760 274 1959_jan. 28 60,698 34,083 20,776 5,83915.626 77,845 69,800 6,232 382 ,439 452 21,295 832 5,782 273 Feb. 25 60,033 34,279 19,928 5,82615,672 77,155 68,876 6,011 336 ,479 708 21,342 932 5,802 272 Mar. 25 r 59,524 34,720 18,946 5,85815,381 76,360 68,272 6,122 316 ,226 233 21,375 839 5,845 273 Apr. 29^ 60,441 35,491 19,109 5,841 15,715 77,780 69,514 5,965 367 ,457 256 21,469 909 5,907 273 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 572 26 154 7,158 5,852 3 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 1,056 17 432 28,37814,560 23 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,19311,571 52,689 48,897 1,121 12 922 31,97714,865 9 3,532 6,501 1956—Dec. 31 54,571 26,491 22,037 6,042 1144,390 69,945 64,289 1,597 22 1,160 41, 1"94 -2,0317 21 5,046 6,141 1957—Dec. 31 56,820 28,191 21,815 6,81414,139 72,062 65,991 1,640 18 1,181 40,724 22,429 30 5,359 6,083 1958_Apr. 30 57,704 28,459 22,192 7,05312,632 71,441 65,124 1,386 18 1,093 38,840 23,787 173 5,507 6,062 June 23 58,225 28,937 22,000 7,288 12,860 72,255 65,741 1,282 38 1,857 38,286 24,277 164 5,641 6,045 Sept. 24 59,550 29,099 22,943 7,507 12,765 73,505 66,877 1,368 44 1,197 39,326 24,941 126 5,747 6,030 Oct. 29 60,573 29,361 23,693 7,51912,835 74,514 67,747 1,395 38 1,173 40,,050 25,091 251 5,744 6,019 Nov. 26 61,394 29,748 24,056 7,590 13,034 75,536 68,717 1,376 44 1,712 40,778 24,807 252 5,769 6,017 Dec. 31 r 61,511 30,257 23,606 7,64814,031 76,767 70,277 1,578 36 1,175 42,349 25,137 37 5,685 6,006 1959—Jan. 28 61,746 30,061 24,099 7,58612,515 75,424 68,678 1,352 44 1,414 40,725 25,143 241 5,729 5,997 Feb. 25 61,285 30,145 23,542 7,59812,433 74,839 67,957 1,256 44 1,189 40,195 25,273 349 5,748 5,991 Mar. 25 r 60,936 30,464 22,873 7,59912,190 74,314 67,448 1,246 36 1,063 39,62125,482 301 5,792 5,984 Apr. 29? 62,183 31,217 23,291 7,67512,667 76,089 69,058 1,296 37 1,224 40,7"0"0 -2"5,801 423 5,843 5,988 ^ 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 509 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io l o . i S n 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 s 2 c c b T o a i a l a l u o p i n i c a t n i t d i - t a - t e a s l s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e G U o .S D v . t e . ma O O n t t d h h e e r r Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f k r s - All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 41,298 15,699 10 6,84413,426 1945—Dec. 31 121,809 25,765 88,912 7,13134,292157,544 147,775 13,883 80,276129,876 215 8,67113,297 1947_Dec. 31 114,274 37,583 67,941 750 36,926152,733141,85112,615 54 92,97534,882 61 9,73413,398 1956—Dec. 31 163,601 89,831 57,837 933 48,352 215,514195,95315,981 1,301 124,346 50,608 5615,98813,195 1957—Dec. 31 168,595 93,430 57,580 585 48,127 220,865199,87615,489 1,264 123,12756,137 66 1177,05113,142 1958—June 23 178,330 95,105 63,489 ,735 43,243 225,945 202,81913,632 2,288 116,308 61,429 ,12517,857 1133,121 Dec. 31 183,596 97,730 65,669 20,198 48689 236,724214,48515,653 2,209 129,214 63,168 6718,15413,101 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,80614,977 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 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 ,006117,345107,161 9,322 522 2,074 67,434 "2~7810 19 8,450 4,651 1957—Dec. 31 91,201 50,350 31,234 9,61726,786120,153109,091 8,958 517 2,166 66,546 30,904 38 9,070 4,620 1958—June 23 95,898 50,744 34,49810.656 23;964 122,100110,065 7,849 825 4.751 62,886 33,754 492 9,451 4,599 Dec. 31 99,277 52,627 35,71410,93626,781128,397116,714 9,035 767 2,292 69,80834,812 43 9,643 4,578 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,12510,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1956—Dec. 31 50,291 29,924 16,007 4,35915,900 67,530 60,744 6,245 767 1,218 39,41613,098 29 5,205 1,811 1957—De<\ 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 36,92616,140 586 5,730 1,758 Dec. 31 55,588 31,435 18,585 5,56816,407 73,620 66,102 6,192 1,420 1,530 40,64016,320 10 5,817 1,734 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—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 Dec. 31 28.759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,76612,063 2,696 6,793 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 18 1.392 478 325 783 1956—Dec. 31 1,521 471 714 336 369 1,946 1,562 152 159 16 936 300 313 444 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 39 840 303 317 425 1958—June 23 1,575 466 704 405 264 1.902 1,516 157 207 44 778 330 321 413 Dec. 31 1 484 707 377 301 1,927 1,532 146 163 9 890 325 332 399 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 9SQ 3,113 5,817 32,613 29,635 566 171 440 18,43310,024 2,649 7,181 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,42011,176 2,817 7,178 1958—June 23 28,343 13,438 11.040 3,865 5,020 33,873 30,458 515 229 548 17,27411.892 3,000 7,181 Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 185 428 19,65512,387 3,028 7,192 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945_Dec. 31 10,846 3,081 7.160 606 429 11,424 10,363 12 10,351 1,034 192 1947_Dec. 31. 12,683 3,560 8,165 958 675 13,499 12,207 2 1212,192 1,252 194 1956—Dec. 31 24.170 15,542 5.518 3,110 739 25.282 22,886 3 23 "2"2,857 2,130 223 1957_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 18.132 5.234 4,503 745 29,021 26,082 2 26 26,052 2,433 239 Dec. 31 28,980 19,180 5,215 4,585 752 30,189 27,277 28 27,243 2,473 241 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3.522 641 180 5,596 5,022 2 5,020 558 350 1947—Dec. 3H 5.957 1,384 3.813 760 211 6,215 5,556 1 5,553 637 339 1956—Dec. 31 7,770 4.235 2.453 1.082 182 8,028 7,146 1 7,143 817 304 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 1 6,671 751 283 1958—June 23 7,404 4,104 2.183 1,116 171 7,657 6,787 1 6,785 748 281 Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 1 6,762 746 278 For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, sec BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Com- 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 States Other 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- Guar- p a o n l d it- s r e it c ie u s mar- al brok- To loans vid- Total cates an- ical p k a e - t a e n rs d o e t r h s - uals Bills o d f e b in t- - Notes Bonds teed s d u iv b i - per deal- ed- sions ers ness All commercial banks 3 1947_Dec. 31.. 116,284 38.057 18,167 1,660 830 ,220 9,393 5,7231,063 78,22669,2212,193 7,789 6,034 53,191 5,276 3729 1956—Dec. 31.. 165,123 90.30238,720 4,1612,589 ,691 22,509 18,850 3.34•3" 74,82158,552 "5,924 1,997 11,823 38,796 12,9013; 368 1957—Dec. 31.. 170,06893,899 40,526 4^066 22,601 ,620123,110 20,2173,53376,16958,2395,405 4,813 10,608 37,406 13,915 4,014 1958—June 23.. 179,90595.571 38,8864 552 3,699 .y-^- .j\-<-i .j,6\j9y3j 2<0i,.\0i,9\J1?i 4,562 o4, j^-r 64,1944.502 3.883 12,348 43,456 15.716 4,424 Dec. 31.. 185,165 98,214 40,425 4 973 2,832 ,829 25,255 20,698 4,156 86,95166,376 6,294 7,399 13,396 39,281 16,505 4,070 All insured commercial banks: 1941—Dec. 31.. 49,290121,259 9,214 1,450 614 662 4,773 4,545 28,03121,046 3,15912,797 ,102 3,6513,333 1945—Dec. 31... 121,80925,765 9,4611,314 3,164 ,606 4,677 2,361 ,1.8_1. 96,04388,9122.45519,07116,04551,321 22 3,873 ,258 1947—Dec. 31... 114,27437,583 18,012 1,610 823 190 9,266 5,654 028 76,69167,9412,124 7,552 5,918 5"2",334 14 5,129 3,621 1956—Dec. 31... 163,60189,831 38,571 4,101 2,565 669 22,3.9.4 . 18,,76 53^25 73,77057,8375,763 1,98111, ,358 1312,,675 3,258 1957—Dec. 31... 168,59593,430 40,380 4,015 2,569 601123,000033 20,122 3,513 75,16457, 58'0 5,290 4,75810,493 37,031 713,,688 3,897 1958—June 23.. 178,33095.105 38,750 4,499 3,677 907!23.585 19,9814•. 5-41 • 83,22463,4894.416 3,84112,213 43,013 515.457 4,278 Dec. 31.. 183,59697,730 40,289 4,913 2,797 810 25,14820,589 4,134 85,86665,6696,159 7,36213,240 38,902 616,,266 3,932 Member banks, total: 1941—Dec. 31.. 43,52118,021 8,671 972 594 598 3.494 3,692 25,50019,539 971 3,00711,729 ,832 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 8553,1333,378 3,455 1,900 1 104 84,40878,3382,27516,98514,27144,792 16 3, ,815 1947_Dec. 31.. 97,846 32,628 16,962 1,046 8111,065 7,130 4,662 '952 65,21857,9141,987 5,816 4,815 4455,286 10 4,199 3,105 1956—Dec. 31.. 138,768 78,034 36,296 2,,447788 2,4471,47317,81115,765 3,147 60,73447,5754,383 1,469 ,493 32,218 1210,494 2,665 1957—Dec. 31.. 142,353 80,950 37,868 2..447722 2,4481,40918,23116,775 3,316 61,40347,"0"7"9 3,948 3,534 8,560 31,031 711,2353,089 1958—June 23.. 151,58982,146 36,1252,774 3,5741,706 18,71216,544 4,336 69,44353,1653,574 2,90510,480 36,201 512 3,492 Dec. 31.. 154,865 84,061 37,4443,052 2,7301,599 20,01317,028 3,920 70,80454,299 4,644 6,14311,11732,390 613,4053,100 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 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 111 564 33013,21411,9721,002 640 558 9,771 638 604 1956—Dec. 31.. 23,809 15,987 11,266 1,409 402 617 1,5581,049 7,822 6,057 724 194 976 4,160 1,406 358 1957—Dec. 31.. 23,828 16,10211,651 1,280 387 565 1,5131,053 7,726 5.f 648 214 1,093 3,924 1,435 411 1958—June 23.. 27,149 16,764 10,978 2,164 420 557 1,4371,56610,385 8,0351,023 286 1,729 4,996 1,748 602 Dec. 31.. 25,966|l6,16510,928 ,652 382 641 1,5021,424 9,802 7,486 643 1,106 1,602 4,135 1,869 446 Chicago:* 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1956—Dec. 31.. 6,473 3,772 2,781 203 97 134 439 178 2,113 112 42 316 1,643 440 148 1957—Dec. 31.. 6,446 3,852 2,903 200 97 143 425 180 2,032 65 126 313 1,528 408 154 1958—June 23.. 6,942 3,594 2.618 178 100 143 336 318 2,694 268 145 490 1,791| 495 159 Dec. 31.. 6,830 3,637 2,628 266 97 161 357 220 3,193 2,562 232 361 522 1,446! 491 140 Reserve citv banks: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 1,459 8551 404 31.59423,552 ,034 6,982 5,65315,878 5 1,126 916 1947_Dec. 31.. 36,040133,449 7,088 225 170 484 3,147 1,969| 366 22,59120,196 373 2,358 1,90115,560 3 1,3421,053 1956—Dec. 31.. 53,91531,78315,170 489 501 712 7,654 6,5121,289 22,132 17,368 ,185 441 3,74211,995 4 3,820 944 1957—Dec. 31.. 55,,225599 32",80515,702 494 603 673 7,667 6,893|1,370 22,454 17,352 .009 1,285 3,29711,760 2 4,0271,075 1958—June 23.. 59,27332,85114,789 611 881 904 7,841 6,741 1,706 26,42220.436 874 1,009 4,410 1'4 ',142 2 4,7671,218 Dec. 31.. 60',,5"58 34,00315,808 669 518 851 8,405 6,930 1,492 26,55520,645 ,293 2,370 4,49712,482 3 4,8641,047 Country banks: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1.530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,40726,999 630 5,102 4,54416,713 9 1,342 1,067 1947—Dec. 31.. 36,324100,199 3.096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,10817,681 6 2,006 1,262 1956—Dec. 31.. 54,57126.491 7,080 1,972 334 261 9.407 7,256 63128,08022,0372,362 792 4.45814,420 4 4,827 1,215 1957—Dec. 31.. 56,820 28,191 7,613 1,970 365 252 9,856 7,944 713 28,62921.8152,226 1,909 3,85713,819 4 5,365 1,449 1958—June 23.. 58,22528,937 7,739 2 351 28210.172 8,030 746J29,2i 22.0001,409 1.465 3,85215.272 3 5,775 1,513 Dec. 31.. 61,51130,257 8,080 2,368 294 26810,806 8,239 784 31,25423,6062,475 2,306 4,49514,327 3 6,181 1,467 Nonmember commercial banks:3 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 13,02111,318 206 1,973 1,219 7,916 1,078 625 1956—Dec. 31.. 26,381112,279 2,424 1,683 143 218 4,708 3,085 19614,10210,9891,541 528 2,330 6,588 2,409 704 1957—Dec. 31.. 27,74112,961 2,657 1,594 153 211 4,891 3,442 21714,78011,1721.457 1,279 2,049 6,385 2,682 926 1958—June 23.. 28,34313,438 2.761 1,778 125 219 4,994 3,547 22514,90511.040 927 978 1,868 7,266 2,932 933 Dec. 31.. 30,327.14,165 2,981 1,921 102 230 5,256 3,671 23516,16112,0881,651 1,255 2,280 6,901 3,102 971 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 511 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 d f a b te ank F B s s w e e R e a d r r i n e v t e v - k h e r e s s al C va i a n u s l h t b m a a w d n e n o i c s k t - e t h s i s c 5 ju p m o s d a a t e d s e n - i - t d d s 6 m D e I s o n d t - t e i e c p r 5 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 t l s a i 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 c r r c i d t . s d - k i ' - s, a p v n s a p i t I d h i d r n o o t u i d r n p c n a a i o e s s l - - , s r r - - , I b n a t n er k - P G U i s a o n o a . n s g v v t d S s a - t . . l v S s p i a u i s t o c a n i b l a o t i d d e l t n - i s s - p a v n s a p t I i h i d d r n o o t i u d r n p c n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p - l n i t - s All commercial banks:3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1956—Dec. 31.... 18,706 3,261 12,813111,405 14,338 1,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 75 16,302 1957—Dec. 31.... 18,972 3,335 12,342110,266 13,867 1,769 3,898 10,693 3,620 109,653 1,385 301 2,773 53,366 77 17,368 1958—June 23.... 18,568 3,017 10,904106,178 12,141 1,648 9,205 10,892 3.741 102,453 2,495 286 4,100 57,3721,136 18,178 Dec. 31.... 18,427 3,249 12,609115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 73 18,486 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 ,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1956—Dec. 31.... 18,706 3,237 12,490110,487 14,226 1,755 3,717 10,350 3,744 110,252 1,301 330 2,329 47,949 56 15,988 1957—Dec. 31.... 18,972 3,311 12,079109,439 13,752 1,736 3,859 10,594 3,597 108,936 1,264 301 2,717 53,120 66 17,052 1958—June 23.... 18,568 2,997 10.682105,419 12.022 1,610 9.162 10,800 3,715 101,793 2,288 286 4,032 57,1101,125 17,857 Dec. 31.... 18,427 3,227 12,353114,645 14,025 1,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 67 18,154 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 ,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6.270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1956—Dec. 31.... 18,707 2,487 8,124 93,320 13,818 1,749 3,292 8,211 3,475 95,163 1,289 301 1,839 38,769 48 13,655 1957—Dec. 31.... 18,973 2,536 7,806 92,191 13,356 1,726 3,472 8,412 3,331 93,804 1,246 275 2,170 42,845 57 14,554 1958—June 23.... 18,570 2,277 6,913 89,186 11,676 1,597 8,658 8,628 3,482 87,703 2,266 259 3,296 46,3391,078 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 3^535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 ,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 ,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 ifn 968 329 1,540 18,835 1,739 36 100 3,345 3,282 Chicago:4 1941—Dec. 31 1,021 43 298 2,215 ,027 8 127 233 34 2,152 476 288 1945_Dec. 31 942 36 200 3,153 292 20 1,552 237 66 3,160 719 377 1947_Dec. 31 1,070 30 175 3,737 ,196 21 72 285 63 3,853 2 9 902 426 1956—Dec. 31.... 1,158 37 174 4,272 ,318 46 184 294 85 4,690 7 5 12 1,302 4 660 1957—Dec. 31.... 1,071 39 148 4,084 ,293 40 195 333 77 4,493 15 3 10 1,332 4 689 1958—June 23.... 1,183 31 128 4,089 .211 38 705 456 75 4,095 39 4 10 1,389 80 708 Dec. 31 1,058 36 185 4,271 ,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 31 774 4,690 18,085 521 45 440 2 238 310 15 885 171 29 546 9,449 27 2,649 1957—Dec 31 799 4 536 18 075 511 43 427 2,282 289 15,849 138 27 603 10,546 21 2,818 1958—June 23 740 3 993 16 992 465 50 548 2,265 260 14.749 229 28 805 11,059 58 3,000 Dec. 31 808 4,633 19,300 528 43 428 2,325 331 16,999 185 27 747 11,613 20 3,027 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

512 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 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 d n a s t s t s l - j i L m u n a s a o v e n t d a e e n d - n s d t t s s 1 - j L us a o t d a e - n d s 1 C i m t n a c r o n d e i i m a d a r u - 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 d S n v a - . b s - t d . r e o O c a k t s u l t i e e e h e r - r r s i e s s - 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 e h r r - s s i e - r e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c n C t f e a e i e e d f t b s r i - e i - - t s n 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 Apr 92,936 91,324 53,053329,986 457 2,571 1,293 8,723311,176 29,3972,031 1,150 6,187 20,029 3,87- 1,612 1959 Mar 95,716 94,099 54,51630,262 578 1,883 1,338 9,777 11,91330,2242,216 3,322 6,799 17,887 9,359 1,617 96,809 95,159 55,58330,587 596 2,203 1,379 9,89312,162 29,9862,322 2,626 7,174 17,864 9,590 1,650 Apr 1959 95,459 93,790 53,90929,724 577 1,904 1,331 9,74311,86330,6272,235 3,576 6,882 17,934 9,254 1,669 Mar. 4 95,923 94,248 54,24530,097 574 1,847 1,330 9,76611,86530,6082,333 3,539 6,845 17,891 9,395 1,675 11 96,161 94,728 55,01830,632 583 1,968 1,344 9,78811,9"39 30,2962,212 3,430 6,760 17,894 9,414 1,433 18 95,321 93,631 54,89330,594 576 1,816 1,347 9,81311,985 29,3652,082 2,742 6,710 17,831 9,373 1,690 25 Apr. 1 97,445 95,522 55,48330,589 583 2,275 1,388 9,834 12,05130,5432,552 2,690 7,306 17,995 9,496 1,923 8 96,647 95,168 55,18130,420 589 2,090 1,369 9,86312,08730,3802,521 2,693 7,209 17,957 9,607 1,479 15 97,117 95,526 55,72430,670 605 2,255 1,377 9,90212,1'5"3 30,0912,378 2,655 7,166 17,892 9,711 1,591 22 96,366 94,917 55,71530,631 598 2,200 1,387 9,92012,218 29,6402,128 2,574 7,132 17,806 9,562 1,449 96,474 94,666 55,81430,624 606 2,198 1,375 9,947 12,30129,2762,032 2,516 7,057 17,671 9,576 1,808 29 New York City 1958 25,381 24,569 15,59311,204 662 967 45 380 520 2,168 6,725 756 182 1,349 4,438 2,251 812 Apr 1959 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 25,944 25,149 15,42910,723 3071,236 394 671 2,432 7,1141,016 547 1,934 3,617 2,606 795 Apr 1959 25,581 24,548 14,89910,513 2671,032 378 646 2,391 7,268 958 882 ,761 3,667 2,381 1,033 25,872 24,883 15,02710,647 2201,074 378 649 2,389 7,407 1,105 909 ,756 3,637 2,449 989 Mar. 4 25,801 25,155 15,35210,913 2581,083 388 648 2,396 7,3301,070 895 ,765 3,600 2,473 646 11 25,503 24,507 15,18910,841 1791,064 386 651 2,402 6,877 909 600 ,784 3,584 2,441 996 18 25 26,272 25,217 15,45410,780 4431,105 383 649 2,427 7,260 1,078 594 ,939 3,649 2,503 1,055 Apr. 1 25,891 25,198 15,31910,690 2711,185 394 672 2,440 7,2731,122 575 ,909 3,667 2,606 693 8 26,028 25,391 15,48310,731 3071,279 397 677 2,425 7,197 1,058 572 ,930 3,637 2,711 637 15 25,729 25,037 15,42810,712 2561,289 400 677 2,429 7,000 925 509 ,944 3,622 2,609 692 22 25,803 24,904 15,46210,702 2571,323 397 680 2,438 6,842 896 483 ,949 3,514 2,600 899 29 Outside New York City 1958 Apr 67,555 66,755 37,460318,782 456 942 868 8,20339,00822,6721,275 968 4,838 15,591 6,623 800 1959 Mar 70,027 69,326 39,40019,533 577 589 916 9,129 9,51923,0031,205 2,500 5,033 14,265 6,923 701 70,865 70,010 40,15419,864 595 660 947 9,222 9,73022,8721,306 2,079 5,240 14,247 6,984 855 Apr 1959 69,878 69,242 39,01019,211 576 605 910 9,097 9,47223,3591,277 2,694 5,121 14,267 6,873 636 Mar. 4 70,051 69,365 39,21819,450 573 553 911 9,117 9,47623,2011,228 2,630 5,089 14,254 6,946 686 11 70,360 69,573 39,66619,719 582 627 919 9,140 9,5'4"3 2"2,966 1,142 2,535 4,995 14,294 6,941 787 18 69,818 69,124 39,70419,753 575 573 924 9,162 9,583 22,4881,173 2,142 4,926 14,247 6,932 694 25 Apr. 1 71,173 70,305 40,02919,809 582 727 966 9,185 9,624 23,2831,474 2,096 5,367 14,346 6,993 868 8 70,756 69,970 39,86219,730 588 634 936 9,191 9,64723,1071,399 2,118 5,300 14,290 7,001 786 15 71,089 70,135 40,24119,939 604 669 941 9,225 9,72822,8941,320 2,083 5,236 14,255 7,000 954 22 70,637 69,880 40,28719,919 597 655 950 9,243 9~7"89 22,6401,203 2,065 5,188 14,184 6,953 757 29 70,671 69,762 40,35219,922 605 618 941 9,267 9',863 22,4341,136 2,033 5,108 14,157 6,976 909 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 items are shown gross. See also NOTE on opposite page. 2 Includes guaranteed obligations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 513 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 v e n t R - h e k . s s C va a i u n s l h t b m a B w n d a e a n c o i s t l e - k t h - i s s c j m p u D o a d s a t d s e e n e i - - - t d d s 1 s p I p u n v c 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 t i o u c i a o n v l b a t n i d i e l t - - s - s c C h c o f a e e e e i f n t e c f r r c i d d t s k . - i ' s - , G U o .S v . t. s p I p u n c v h a n o a a o e i n i d r d r l p r r d a s t i - - - s - - , - , S p s d s a i t i o u c i a o n v l b a t n i d e i l t - - s - s G P U i s a n o o a n . g s v S v d t s - . a t. l m D t D i e o c s - e - man F ei d o g r n - Time F B F r a . o R n 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 Apr 13,166 942 2,629 55,584 57,595 4,563 2,350 3,070 23,203 1,624 14111,193 1,512 2,189 130 951 9,805 1959 Mar 12,835 969 2,429 56,879 60,149 4,070 2,232 2,196 24,794 ,530 17710,567 1,588 2,040 521 1,20610,244 13,009 978 2,598 57,212 60,505 4,401 2,455 3,215 24,825 ,503 17710,774 1,467 2,102 561 1,19310,300 Apr 1959 12,620 906 2,427 56,206 59,375 4,202 2,372 183 24,725 ,533 17710,711 1,545 2,053 404 ,28610,258 Mar. 4 12,556 998 2,44157,665 61,083 4,009 2,175 ,804 ,530 17710,685 1,585 2,029 337 ,19610,248 11 13,426 974 2,519 5"" 7;001199 6600,702 4,000 2,432 ,814 ,556 17610,749 1,644 1,995 902 ,02010,231 18 12,737 999 2,330 56628 59,436 4,068 1,950 320 24,834 ,501 18010,125 1,579 2,081 442 ,32310,238 25 Apr. 1 12,568 938 3,06155,889 59,211 4,429 2,663 4,926 24,840 ,519 17811,176 1,556 2,061 236 ,34210,290 8 13,133 951 2,353 56^1759,452 4,048 2,300 3,377 24,855 ,490 17610,803 1,517 2,091 634 ,07810,303 15 13,306 976 2,759 57,,..7 93. 6622,489 4,419 2,517 2,604 24,783 ,477 17711,500 1,482 2,112 752 ,10510,299 22 13,157 998 2,38157,858 61,069 4,403 2,442 2,365 24,789 ,500 17610,271 1,408 2,148 841 ,11510,288 12,879 1,029 2,434 57^804 6"0,292 4,714 2,356 2,80124,856 ,529 17810,118 1,373 2,100 344 ,32610,322 29 New York City 1958 4,180 136 73 15,47816,919 392 1,339 1,146 3,052 181 23 3,072 1,216 1,689 28 489 3,152 Apr 1959 3,977 145 52 15,70917,426 292 1,130 711 3,372 143 2,913 1,251 1,688 516 3,250 Mar 4,019 142 140 15,80517,541 366 1,298 1,030 3,352 144 2,967 1,145 1,714 552 3,261 Apr 1959 3,777 140 15,462 17,124 308 ,281 725 3,327 132 2,927 1,237 1,678 4 520 3,255 3,828 154 16,13117,848 267 ,088 454 3,388 133 2,892 1,260 1,681 5 412 3,252 Mar. 4 4,300 142 15,63417,488 291 ,260 972 3,370 153 2,972 1,291 1,660 180 612 3,248 11 4,004 142 15,61017,243 303 892 693 3,403 153 2,863 1,216 1,734 7 518 3,245 18 25 3,707 138 49215,89617,784 307 ,486 1,611 3,383 150 2,929 1,190 1,715 5 275 3,260 Apr. 1 4,184 142 4466 1155,70017,177 274 ,227 1,115 3,366 149 2,879 1,199 1,701 18 679 3,262 8 4,186 143 5815,67517,753 405 ,286 799 3,326 143 3,287 1,174 1,709 169 672 3,263 15 4,059 139 5500 1155,83517,516 371 ,216 747 3,323 142 2,826 1,087 1,746 190 607 3,263 22 3,959 148 5515,91917,477 475 ,273 876 3,361 135 2,915 1,073 1,701 528 3,259 29 Outside New York City 1958 Apr 8,986 2,556 40,106 40,676 4,171 1,011 1,924 20,151 1,443 118 8,121 296 500 102 462 6,653 1959 Mar 8,858 824 2,377 41,170 42,723 3,778 1,102 1,485 21,422 1,387 150 7,654 337 352 472 690 6,994 8,990 836 2,458 41,407 42,964 4,035 1,157 2,185 21,473 1,359 150 7,807 322 388 485 641 7,039 Apr 1959 8,843 766 2,368 40,744 42,251 3,894 1,091 1,458 21,398 1,401 150 7,784 308 375 400 766 7,003 Mar. 4 8,728 844 2,39141,534 43,235 3,742 1,087 899 21,416 1,397 150 7,793 325 348 332 784 6,996 11 9,126 832 2,464 4"1 i338855 4433,214 3,709 ,172 1,95521,444 1,403 149 7,777 353 335 722 408 6,983 18 8,733 857 2,285 41018 42,193 3,765 ,058 1,|6'2"7 21,431 1,348 153 7,262 363 347 435 805 6,993 Apr- 25 J::::::::::: 8,861 800 2,569 39993 41,427 4,122 ,177 3,31521,457 1,369 151 8,247 366 346 231 1,067 7,030 8,949 809 2,307 4^001177 4422,275 3,774 ,073 2,22626 22211,489 1,341 149 7,924 318 390 616 399 7,041 15 9,120 833 2,701 118 44,736 4,014 ,231 1,80521,457 1,334 150 8,213 308 403 583 433 7,036 22 9,098 859 2,331 023 43,553 4,032 ,226 1,61821,466 1,358 149 7,445 321 402 651 508 7,025 29 8,920 881 2,379 41;885 42,815 4,239 ,083 1,92521,495 1,394 151 7,203 300 399 344 798 7,063 i Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 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 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 x a n t a t h i d r l e e e r l s , , M p m u a r c e e n o t t t s d d a a 3 l - l s ch P l e c e a e m o u n t a r m d i o l c , , - al, Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u p P t ( t t r o i i u i a l n o r b i n c t n t l i a s l i ) e . - c - s s C t t i r o o u n n c - - bu o ty s A t o i h p 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 c r w h e i a a e i n p a n n e n d o l g k d l g ' r l l t y e - rubber banks4 1956—Jan.-June -302 238 1,362 424 369 171 -386 -322 365 54 149 2,124 42,243 July-Dec 822 -6 -71 428 72 178 739 98 350 -66 176 2,719 2,459 1957—Jan.-June -456 148 935 291 214 -1 -539 366 513 -12 -54 1,404 1,249 July-Dec 331 -159 -496 150 -161 -8 420 -108 183 -49 58 161 -296 1958 Jan.-June5 -658 84 146 -140 157 6-158 -283 -853 -177 56 69 6-1,758 6-1,938 July-Dec. 5 522 -232 -454 -14 -121 6162 410 294 234 50 362 61,214 61,017 1959 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 Apr -128 12 43 -29 16 125 -51 139 -208 17 20 -43 30 Weekending: 1959—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 -1 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 Apr. 1 -22 3 60 -6 7 -6 115 -131 1 4 25 -5 8 -59 -1 -34 9 5 20 -11 -57 -28 -3 -15 -175 -169 15 -19 8 14 15 8 80 -20 53 25 4 29 196 250 22 -15 2 -18 -32 -2 -5 41 -17 10 -18 -54 -39 29 -13 21 -13 -1 26 -9 -13 -57 4 20 -35 7 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold about 95 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and about loans. 75 per cent of those of all commercial banks. 5 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 P di l r a e c c e t d - Total Banks p I o m rt - s p E o x rt - s Dollar ship p p o e i d n ts b e i t n w : een Total through ly Others into from exdealers i ( p f a in p a e n r c ) e 2 T ta o- l O bi w ll n s bo Bi u l g l h s t O ac w ct n . c e F o i o r g r r n - . U St n a i t t e e s d U St n a 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 i n es 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 ,307 287 194 94 66 76 878 278 456 46 296 232 1958—Mar. 3,485 862 2,623 ,529 422 318 104 39 132 936 263 432 139 471 224 Apr. 3,658 919 2,739 ,479 459 350 109 37 131 852 278 416 131 416 239 May 3,709 946 2,763 ,441 474 372 102 42 119 806 296 396 130 371 247 June 3,373 965 2,408 ,352 396 292 104 45 113 798 282 375 121 325 248 July. 3,627 966 2,661 ,353 426 328 98 34 108 785 269 380 141 313 251 Aug. 3,371 981 2,390 ,363 416 340 75 33 91 824 256 385 131 337 254 Sept. 3,146 958 2,188 ,281 385 319 65 28 75 792 236 355 136 319 235 Oct.. 3,294 961 2,333 ,255 347 273 73 36 71 802 246 354 117 296 242 Nov. 33.203 940 32,263 ,209 290 234 55 34 75 810 251 348 94 265 251 Dec. 2,744 840 1,904 ,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 ,161 309 232 77 39 62 751 275 339 112 183 252 Mar. 3,267 883 2,384 1,054 271 227 44 30 60 692 278 329 111 82 253 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 515 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 Prime com- Prime All mo Y w n e e t a h e r k , , or m 4 m p - c o a e o t p r n o m c e t i h r - 6 a , s l - 1 3 p d p - p l i a a r a l t y p e o c n c , e e y t 6 r d - - a a b d c n e a a c 9 c r n y e 0 s e k p s ' s 1 - 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 t s o o u n e 1 t s h 2 3 - 3 is - y s e t u o a e r s 5 4 - Annua A l re a a v e a ra n g d e s p , eriod loans 1 1 - 0 1 1 0 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r monthsx yield issues 19 large cities: 1956 4.2 5.2 4.8 4.4 4.0 1957 4.6 5.5 5.1 4.8 4.5 1956 average 3.31 3.06 2.64 2.62 2.658 2.83 3.12 1958 4.3 5.5 5.0 4.6 4.1 1957 average 3.81 3.55 3.45 3.23 3.267 3.53 3.62 1958 average 2.46 2.12 2.04 1.78 1.839 2.09 2.90 Quarterly:1 19 large cities: 1958—Apr 1.90 1.59 1.52 1.13 1.126 1.35 2.33 1958—June 4.17 5.45 4.88 4.40 3.95 May 1.71 1.38 1.30 .91 1.046 1.21 2.25 Sept 4.21 5 45 4.90 4.47 4.00 June 1.54 1.38 1.13 .83 .881 .98 2.25 Dec 4.50 5.49 5.06 4.68 4.33 July 1.50 1.31 1.13 .91 .962 1.34 2.54 1959_Mar 4.51 5.53 5.09 4.74 4.32 Aug 1.96 1.52 1.65 1.69 1.686 2.14 3.11 New York City: Sept 2.93 2.47 2.39 2.44 2.484 2.84 3.57 1958—June 3.88 5.18 4.72 4.13 3.74 Oct 3.23 2.87 2.75 2.63 2.793 2.83 3.63 Sept 4.00 5.19 4.74 4.28 3.87 Nov 3.08 2.75 2.75 2.67 2.756 2.92 3.60 Dec 4.29 5.38 4.94 4.52 4.18 Dec 3.33 2.94 2.75 2.77 2.814 3.24 3.65 1959—Mar 4.29 5.30 4.93 4.56 4.18 7 Northern & Eastern 1959—Jan 3.30 3.05 2.75 2.82 2.837 3.26 3.86 cities: Feb 3.26 3.00 2.75 2.70 2.712 3.38 3.85 1958—June 4.17 5.48 4.85 4.39 3.99 Mar 3.35 3.22 2.88 2.80 2.852 3.56 3.88 Sept 4.21 5.48 4.90 4.42 4.03 Apr 3.42 3.36 2.98 2.95 2.960 3.66 4.03 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 Apr. 4... 3.38 3.31 2.88 2.84 2.841 3.50 3.96 cities: 11. .. 3.38 3.31 2.88 2.96 2.948 3.52 3.99 1958—June 4.58 5.56 4.99 4.57 4.31 18. . . 3.38 3.31 2.98 3.09 3.075 3.70 4.04 Sept 4.54 5.55 4.99 4.63 4.23 25. .. 3.48 3.41 3.05 2.98 3.105 3.78 4.09 Dec 4.79 5.53 5.12 4.79 4.59 May 2. . . 3.50 3.44 3.13 2.81 2.831 3.80 4.08 1959—Mar 4.84 5.62 5.20 4.87 4.60 1 Average of daily prevailing rates. 2 Except for new bill issues 1 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, 3 Consists of certificates of indebtedness and selected note and bond issues. pp. 228-37. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS1 [Per cent per annum] Corporate bonds 3 Stocks 5 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 Dividend / Earnings / Year, month, or week bonds ratings groups price ratio price ratio t ( e lo rm ng ) - 2 Total4 Indus- Rail- Public Pre- Com- Com- Total4 Aaa Aaa trial road utility ferred mon mon •II — I Mil Number of issues. 4-7 20 5 120 30 30 40 40 40 14 500 500 1956 average 3.08 2.94 2.51 3.50 3.57 3.36 3.88 3.50 3.65 3.54 4.25 4.09 7.17 1857 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 5.14 1958—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 Aug 3.60 3.50 3.07 4.07 4.17 3.85 4.67 3.94 4.42 4.16 4.45 3.78 Sept.... 3.75 3.74 3.28 4.32 4.39 4.09 4.87 4.24 4.52 4.41 4.58 3.69 *5.'63" Oct 3.76 3.69 3.23 4.25 4.42 4.11 4.92 4.25 4.56 4.46 4.64 3.54 Nov 3.70 3.59 3.17 4.11 4.40 4.09 4.87 4.23 4.56 4.40 4.65 3.42 Dec.. . . 3.80 3.57 3.12 4.10 4.38 4.08 4.85 4.24 4.52 4.39 4.63 3.33 5." i4' 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 Apr 4.01 3.53 3.12 4.02 4.47 4.23 4.86 4.35 4.56 4.49 4.51 3.26 Week ending: Apr. 4. 3.95 3.47 3.07 3.97 4.42 4.17 4.84 4.30 4.53 4.44 4.49 3.31 11 . 3.97 3.49 3.09 3.98 4.43 4.20 4.84 4.31 4.54 4.45 4.48 3.30 18. 4.01 3.51 3.09 3.98 4.45 4.22 4.83 4.33 4.54 4.46 4.52 3.26 25. 4.05 3.58 3.14 4.06 4.49 4.26 4.88 4.39 4.58 4.51 4.54 3.22 May 2. 4.05 3.61 3.18 4.09 4.52 4.30 4.91 4.41 4.59 4.57 4.54 3.22 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

516 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Vol- Standard and Poor's series Securities and Exchange Commission series ume (index, 1941-43= 10) (index, 1939= 100) tr o a f d- 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 (h r i M c a i i g d u p h e - a - ) l 3 g ( C r h r p a a i o o g d t r - e h e - ) - 3Total d t I r u n ia s - - l R ro a a i d l- P u i l u t t i i b y c l - - Total Tot M al anu r D a fa b u c l - t e urin N ra d g o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y b c l- - T n s a a r e i f n c a n i r - v e d d c - e e , , M in i g n- s s t h i h a n ( a o n o i r g n f d u e * 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—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 Apr.. 86.21 102.2 97.0 57.10 60.92 35.94 45.12 419 514 481 536 360 226 405 340 3,449 Week ending: Apr. 4 86.90 103.1 97.6 55.80 59.40 35.00 44.99 415 509 477 528 355 224 400 344 3,128 11 86.72 102.8 97.5 56.34 60.00 35.46 45.26 413 505 472 526 357 224 404 338 3,125 18 86.20 102.4 97.1 57.09 60.88 36.18 45.24 425 521 483 546 366 232 408 345 3,565 25 85.70 101.7 96.6 57.97 61.88 36.48 45.18 425 523 491 543 362 226 408 334 3,558 May 2 85.68 101.0 96.1 57.80 61.83 36.19 44.66 423 523 491 543 360 224 403 328 3,555 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 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 e o 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 i S b r t m a o l c s a k n i c E e x s c w ha it n h ge ch b B a ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e r y a o l i e n th r 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 t 5 i o + ) ns U S ob e . c l S i u g . r a e G t d i o o b v n y t s . S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o on 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 n t s . se o c O u th r n i e t r ies ba c l r a e n d c it es 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—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 Mar. 4,597 153 3,305 55 1,292 218 1,977 1,257 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 517 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets United State and gages estate loans assets Total States local Foreign 2 Total Bonds Stocks (U. S.) End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945.... 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 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—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 Feb... . 108,583 11.596 7,414 2.774 1,408 46,829 43,442 3,387 37,350 3,414 4,253 5,141 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 o 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—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 ,007 130 Oct.. 53,590 44,602 3,734 2,187 3,067 46,376 ,082 113 Nov. 54,251 45,067 3,784 2,231 3,169 46,853 ,121 115 Dec, 55,114 45,599 3,821 2,569 3,125 47,926 ,297 154 3,857 1959—Jan.. 55,467 46,009 4,117 2,269 3,072 48,360 ,145 125 3,864 Feb.. 56.045 46,436 4.214 2,243 3,152 48,768 ,100 113 3,873 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

518 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1957 1958 19512 19522 19532 1954 1955 1956 2* Loans, by purpose and agency: To aid agriculture, total 4,161 5,070 6,811 6,929 6,715 6,752 6,827 6,466 6,681 7,605 6,931 Banks for cooperatives 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 Farmers Home Administration 539 596 648 701 681 724 866 880 832 906 c903 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 Other agencies 40 31 23 18 1 (4) (4) (4) (4) To aid home owners, total 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 V O e th te e r r a a n g s e A nc d i m es inistration \ 292 362 f { 3 1 0 6 0 8 3 6 8 3 3 48 8 0 4 4 1 6 4 4 5 5 1 2 2 1 3 6 1 9 8 1 2 770 1 820 1 851 1 To industry; total 589 598 588 431 678 619 640 652 674 645 654 Treasury Department... 174 353 306 209 211 254 251 224 222 C O o th m e m r a e g rc e e n c D ie e s partment. 589 598 \ 413 79 f t 2 1 6 1 1 2 2 1 1 9 9 1 2 2 1 1 9 0 2 1 1 8 6 2 2 2 1 0 7 6 2 2 0 1 3 9 2 1 4 9 1 1 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 Other agencies 155 126 145 160 155 140 149 90 159 167 180 Foreign, total 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 Departments 3,750 3,667 3,620 3,570 3,519 3,470 3,470 3,470 3,470 3,470 3,470 International Cooperation Administration. 61,515 1,537 1,624 1,767 1,995 2,084 2,139 2,195 2,338 2,412 Other agencies 58 53 1 57 52 51 49 46 45 All other purposes, total 75 119 166 256 213 338 306 344 393 449 Housing and Home Finance Agency. 5 29 127 209 156 275 246 283 331 383 Other agencies 69 90 39 47 57 60 60 62 62 65 Less: Reserves for losses -173 -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 3,739 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 Other agencies 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 3,385 3,385 3,385 3,385 3,385 3,385 Other securities1 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 Defense Department 11,004 11,105 11,157 11,136 10,866 10,344 O G t e h n e e r r a a l g e S n e c rv ie i s ces Administration. 288 303 428 550 609 / \ 6 , 2 5 0 1 1 7 7,0 17 2 1 2 7,0 1 9 75 2 7,2 1 8 85 2 7,5 1 2 7 8 5 7,7 1 0 86 0 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 Commerce Dept. (primarily maritime activities). 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 Bonneville Power Administration 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 Other agencies 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 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 519 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 interagencyi terns1 interagency items1 Date, and fund or activity Total Cash L c a r e o b e i a l v - e n - s t v o I e r n i n - e - s P s d e u e c b b I u m l n t i - c v e e n O s s t t s e - t c h u e - r L e s t m u t a q a r r n e u u n e n d i c d s p t - , , - Other a B t G u n a o b r t u n e y e n d a e s d r d s - p d , a e n O b y o e a t t h n b e e - l s e r , l O i i a t t i b h e i e s l r - G i U n e o t . s e S v t r . t - . o v in P w a e t t r s n e e i t - l r e y - d 1 rities rities U.S. AH activities 1954—Dec. 31 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 1,068 4,183 35,610 508 1955—Dec. 31 45,304 1,338 ~2~0238 4,356 3,236 3,414 7,822 4,900 2,379 2,703 39,583 596 1956—Dec. 31 * 69,653 4,996 20657 21,375 3,739 3,669 9,985 5,232 2,711 3,659 62,516 699 1957—June 30* 69,059 3,98120,980 21,,450 3,881 3,725 9,979 5,063 3,497 3,32561,144 1,037 Sept. 30 70,175 469221,3320 21,514 3,762 3,725 9,974 5,186 3,647 2,63462,778 1,056 Dec. 31....... 71,139 4,29122,395 21,,628 3,804 3,718 9,962 5,340 4,662 2,91662,391 1,121 1958—Mar. 31 72,242 4,115588 23,147 21,206 4,523 3,75310,020 5,436 4,749 3,47262,789 1,183 Jun« 30* 72,677 4,793 22383 21,540 4,467 3,731 10,459 5,304 3,812 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 4,552 878 143 3,671 1,386 47 804 2,024 18,049 Farm Credit Administration: Federal Farm Mortgage Corporation 1 Agricultural Marketing Act, revolving fund 186 44 "\42 186 Agriculture Department: Commodity Credit Corporation 5,171 27 1,353 3,310 152 329 806 4,366 Disaster loans, etc., revolving fund 125 35 85 5 125 All other 43 30 6 7 35 Housing and Home Finance Agency: Public Housing Administration 143 40 90 3 40 103 Federal Housing Administration. 878 32 536 308 46 143 688 Federal National Mortgage Association 2,412 18 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 3 '293 10 16 290 Small Business Administration 343 103 235 4 341 Export-Import Bank 3,130 5 3,094 () 30 58 3,072 Tennessee Valley Authority 2,070 66 49 152 39 2,032 Panama Canal Company 460 31 8 396 25 18 442 Veterans Administration 903 152 695 4 48 2 2 35 868 General Services Administration 1,372 46 1,152 125 49 43 1,329 Treasury Department 221 6 208 7 (4) 221 P In o t s e t r i O or ff i D ce e p D a e rt p m ar e t n m t ent—postal fund 1, 2 1 6 4 8 0 4 4 6 3 0 1 6 6 6 1 3 4 7 1 2 6 6 6 39 1 4 7 7 2 4 5 6 0 All other 960 429. 6 382 120 348 611 Intragovernmental Funds—Total 12,853 2,056 10,478 229 91 547 12,306 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 12: 4 81 278 Certain Other Activities—Total 30,915 759 9,817 6,510 3,563 6,560 3,699 22230,693 G A e g n 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 88 426 Interior Department 444 32 370 36 435 International Cooperation Administration 2,481 61 2,412 8 2,481 Treasury Department 10,132 3,480 3,563 83,088 10,132 Commerce Department—maritime activities 5,078 201 235 3 4,589 49 140 4,938 All other 163 26 1 [4)6 117 13 20 144 Certain Deposit Funds—Total 4,915 85 1,337 3,439 24 30 662 1,271 2,128 854 B Fe a d n e k r s a l f o D r e c p o o o s p it e r I a n t s iv u e ra s nce Corporation 2, 4 0 7 4 6 6 1 2 7 407 (4) 2,03 4 0 3 1 9 2 207 13 3 8 1, 2 9 2 0 0 7 45 Federal home loan banks 2,394 65 1,366 24 455 1,130 "809 Certain Trust Revolving Funds—Total 3,069 248 2,579 (4) 143 2,347 88 284 9350 Federal National Mortgage Association 1,404 62 1,333 1,165 50 150 939 Federal intermediate credit banks 1,359 13 1,228 100 1,181 24 134 920 Office of Alien Property 214 154 1 9213 All other 91 19 18 44 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 8319,247 5,596 1,765 32,521 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

520 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period r B ec u N e d e i g p t e t t s re T P f c u r l e n u u i d s s p : t ts t I G r L n a e o t n s r v s s a t . : - . 1 E p T r f u q e r t b o u o h c l a t m t e i a s l c l s . 2 : B p t u e u e n d r x e d g - s i e - t p T P f e u e r l n u x u n d s - d s : i t - A m L d e e j n s u t s s s : t 3 - E p p t T q o u a o u b y t t a h l t a l i s e l s c . : t p p o f u a r t o o h ( y b r m - t e li s ) c . , ( c ( c o - d r d r r I e ) e i e n r a a , d b e - s i s e c t n e e - t , a in G g N v e o n . e v . t b t. & y Less: O n ca t o h s n e h - r b E r i o e n q c N r p g a u r a e s a o y h o t l w s t r . : - & agen.) tr. funds debt* () 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—Mar 9,501 1,127 135 10,485 5,749 1,564 803 6,509 3,976 -2,168 14 -67 -2,114 Apr 3,496 1,331 194 4,626 6,122 1,479 786 6,814 -2,188 2,380 -181 -125 2,686 May.... 4,925 2,131 144 6,908 5,846 1,363 187 7,021 -114 591 618 68 -96 June.... 10,785 2,069 1,167 11,685 6,621 1,562 169 8,015 3,670 -150 140 -6 -285 July 2,946 1,111 271 3,784 6,613 1,786 487 7,912 -4,128 -835 -337 70 -569 Aug 4,838 1,956 236 6,554 6,198 1,412 16 7,594 -1,040 3,017 391 51 2,575 Sept 7,208 885 155 7,936 6,633 1,397 -253 8,283 -348 -1,650 -338 63 -1,374 Oct 2,769 1,025 195 3,596 7,144 1,597 713 8,028 -4,432 3,640 -571 183 4,027 Nov 4,962 1,486 214 6,231 6,237 1,310 346 7,200 -969 2,867 -276 141 3,003 Dec 6,180 1,171 556 6,791 7,080 1,419 -24 8,522 -1,732 -166 -363 145 51 1959_jan 4,528 759 236 5,049 6,776 1,883 1,074 7,585 -2.536 2,801 -846 101 3,546 Feb 6,576 1,637 212 7,998 6,331 1,462 -232 8,025 -28 -434 128 64 -627 Mar.*... 8,426 1,322 174 9,569 6,461 1,451 800 7,112 2,457 -3,016 92 145 -3,253 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period s B d u u e N r o 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 o s a ( G s g + b N a u e o l r ) a i e n k v g o n t c e a t c f y . t - e i i n & s a n G e g v N c e . o F t . n e r v e ( u c t b t d - s y . y ) . t I d n ( p e d g - c c u i r r ) o r r o b e e , e r a s l i c a i n s s c s t e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a D a a . v b n e a l R p k e il . s o - sits T T a L in r u x o e — r a a y a n s n - d O as n t s h e e t e ts r tions5 funds 5 debt funds) Accts. Fiscal year—1955.. -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 ,471 1956.. 1,626 2,250 309 173 -2,617 -1,623 -213 331 6,546 522 4,633 ,391 1957.. 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 ,010 1958.. -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 ,121 Semiannually: 1957—Jan.-June.. 7,328 543 -36 1,090 -1,603 -6,101 60 1,163 5,590 498 4,082 ,010 July-Dec.., -6,735 34 159 1,007 21 4,371 -160 -984 4,606 481 3,084 ,041 1958—Jan.-June.. 3,916 228 511 -440 -218 1,445 300 5,143 9,749 410 8,218 ,121 July-Dec.. -11,004 -1,286 -232 -121 1,144 6,579 -131 -4,788 4,961 358 3,468 ,135 Monthly: 1958—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 2 314 -1,810 -450 -1,269 5,099 371 3,535 ,193 N O D o e c c v t - - 4 1 - , , 3 2 9 7 7 0 6 4 0 - -2 5 1 4 7 7 8 2 7 -6 5 1 0 1 1 1 1 1 - - - 3 3 2 7 2 8 5 2 2 1 1 3 9 2 9 3 2 - , , 1 5 8 3 4 4 8 6 8 -1 1 1 4 6 3 6 1 -1 1 - , , 5 5 9 6 9 6 5 1 4 4 6 4 , , , 5 9 5 3 6 2 4 1 5 4 3 3 2 6 5 4 3 8 2 4 3 , , , 9 8 4 1 7 6 6 9 8 , , , 2 2 1 5 2 3 5 2 5 1959—Jan -2,248 -1,124 462 -4 1,047 2,879 54 957 5,918 447 4,054 ,417 Feb 245 175 -477 57 47 -697 -7 -644 5,274 492 3,454 ,328 Mar 1,965 -130 507 6 -70 -3,069 45 -836 4,438 398 2,787 ,253 » Preliminary. n.a. Not available. Budget expenditures, and payroll deductions for Federal employees re- 1 Consists primarily of interest payments by Treasury to trust accounts tirement funds. and to Treasury by Govt. agencies, transfers to trust accounts representing 2 Small adjustments to arrive at this total are not shown separately. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 521 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 f d - 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 i x x s e e - s t p m a E l x o e m e n y - s t - 7 O ce r t i e h p - e ts r Liquor b T ac o- co a t M a n i d l f e r r r s s e . * - ' age way re- re- With- ration f t u r n u d s t 6 t f r u u n s d t m a ti c r e c e n t - . t ceipts held Other 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—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 2 4 2 1 5 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 Feb 6,576 949 182 71 374 8,152 4,356 846 362 906 1,281 401 209 141 Mar 8,426 799 152 43 1,301 10,722 2,213 725 5,459 927 857 540 n.a. n.a. Budget expenditures8 Major national security Agri- Vet- culture Period a I ff n a t i l r . s Inter- e s r e a r n v s - ' Labor a a g n r d i- N ur a a t l - m Co er m ce - G er e a n l - Total Total 9 M de i f l e it n a s r e y M a a s il 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 e f 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_j J a u n l . y -J -D un e e c. 3 3 5 6 , , 6 0 3 6 2 0 2 2 2 1 , , 6 7 7 2 6 4 1 1 9 9 , , 8 3 9 7 2 0 1 1, , 0 4 3 3 1 9 1 1 , , 0 0 6 8 0 0 1 1 , , 0 2 4 1 3 6 3 3 , , 7 9 2 1 1 2 2 2, , 4 5 0 0 0 2 1 1 , , 5 6 4 3 5 6 2 2 , ,6 3 5 9 1 9 5 8 6 5 0 0 1, 5 0 7 0 4 3 6 66 0 1 8 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—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 Feb 6,331 3,596 3,218 143 203 176 636 440 -52 610 114 320 500 3 Consists primarily of (1) intra-Governmental transactions as de- 8 The 1960 Budget document showed certain revisions in fiscal year data. scribed in note 1, (2) net accruals over payments of interest on savings When the revisions were in classification of functions—such as the shift bonds and Treasury bills, (3) Budget expenditures involving issuance of of defense-support activities from military assistance and major national Federal securities, (4) cash transactions between International Monetary security to international affairs—the revisions were made in monthly and Fund and the Treasury, (5) reconciliation items to Treasury cash, and semiannual data. Other fiscal year revisions not available for monthly (6) net operating transactions of Govt. sponsored enterprises. and semiannual periods. 4 Primarily adjustments 2, 3, and 4, described in note 3. For more details, see the 1960 Budget document and the Treasury 5 Excludes net transactions of Govt. sponsored enterprises, which are Bulletin, Table 4. included in the corresponding columns above. 9 Includes stockpiling and defense production expansion not shown 6 Includes transfers to Federal disability insurance trust fund. separately. 7 Represents the sum of taxes for old-age insurance, railroad retire- For other notes, see opposite page. ment, and unemployment insurance. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketable Total E m n o d n t o h f d d g i e r r o b e s t c s 2 t Total Total Bills c C i 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 el a ig n i k - Bond B s r a e n - k 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 i T s a n a n a g v d x s - S i p ss e u c e ia s l ble* stricted notes 1941 Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 '"38!2* 23.0 68.4 "*52'.2' 56.9 48.2 8.2 20.0 1947 Dec . 257 0 256 9 225 3 165 8 15.1 21 2 11.4 68 4 49.6 59.5 52.1 5.4 29.0 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954 Dec 278.8 278 8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956 Dec 276 7 276 6 228 6 160 4 25 2 19 0 35.3 80 9 10.8 57.4 56.3 45.6 1957—Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958 Apr 275.2 275.1 228.0 166.0 22.4 31.1 24.7 87.7 9.0 53.0 52.2 45.4 May 275.7 275.7 227.9 166.0 22.4 31.1 24.8 87.7 9.0 53.0 52.1 46.1 June 276.4 276.3 228.5 166.7 22.4 32.9 20.4 90.9 8.9 52.9 52.0 46.2 TUly 275.6 275 5 228.0 166.4 22.4 32.9 20.5 90.6 8.8 52.8 51.9 45.9 Aug 278 6 278 5 230 6 169 2 22 4 38 5 20 7 87 7 8 6 52 8 51.9 46.3 Sept 276 8 276 7 229 0 167 7 22 7 38 5 20.7 85 8 8.5 52.8 51.8 46.0 Oct 280.3 280.2 233.2 172.2 25.9 38.5 21.9 85.8 8.4 52.7 51.7 45.4 Nov 283.2 283.1 236.3 175.4 29.1 38.5 21.9 85.8 8.4 52.6 51.7 45.1 Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959 Jan 285 9 285 8 239.9 179 8 30.3 36.4 28.9 84.2 8.2 51.9 51.0 43.9 Feb 285.2 285.1 239.4 179.3 31.8 38.0 25.3 84.2 8.1 51.9 51.0 43.9 Mar 282 2 282 0 236 1 176 3 32 2 34 4 25.4 84 2 8 0 51 9 51.0 43 9 Apr .. 285.5 285.4 240.2 180.7 34.2 34.4 27.2 84.9 7.8 51.7 50.8 43.3 1 Includes some debt not subject to statutory debt limitation (amounting * Includes Treasury bonds and minor amounts of Panama Canal and to $420 million on Apr. 30, 1959) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which « Less than $50 million. aggregated $9,767 million on Mar. 31, 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 i Insur- State Individuals month ing guar- Federal Com- Mutual ance Other Misc. s a e n ti c t e e u s e r ) i d - S is p s e u c e ia s l P is u s b u l e i s c Total R B e a s n er k v s e m ba e n r k ci s a 2 l s b a a v n in k g s s p c a o n m ie - s r c a o t r io p n o- s g lo o c v a t' l s S b a o v n in d g s s se O cu th ri e ti r es i t n o v r e s s 3 - 1941_Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945 Dec 278.7 20 0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947 Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952 Dec . 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.5 12.7 49.4 15.5 13.2 1954—Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.2 14.4 50.0 13.7 13.9 1955 Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 '23.5 15.1 50.2 '15.1 15.6 1956 Dec 21 S.I 45.6 8.4 222.7 24.9 59.3 8.0 12.8 '19.1 16.1 50.1 '16.3 16.1 1957__june 270.6 46.8 8.7 215.1 23.0 55.8 7.9 12.3 '16.1 16.9 49.1 '18.0 16.0 Dec 275.0 45.8 9.4 219.8 24.2 59.1 7.6 12.0 '17.2 17.0 48.2 '17.9 16.5 1958—Feb 274.8 46.0 9.4 219.4 23.2 59.4 7.6 11.9 '17.8 17.3 48.2 '18.0 15.9 Mar 272.7 45.8 9.5 217.4 23 6 59.4 7.6 11.8 r16.0 17.3 48.1 r18 1 15 4 Apr 275.2 45.4 9.7 220.0 23.7 63.2 7.6 11.8 r15.2 17.1 48.1 '17.7 15.7 May 275.7 46.1 9.7 220.0 24.2 63.6 7.5 11.7 15.3 17.0 48.1 '17.5 15.4 June 276.4 46.2 9.7 220.5 25.4 64.9 7.4 11.7 '13.9 16.9 48.0 '17.1 15.2 July 275.6 45.9 9.7 220.0 24.5 65.0 7.4 11.8 r14.5 17.0 47.9 r16 8 15.0 Aug 278.6 46.3 9.7 222.6 25.3 66.4 7.5 11.9 '15.3 17.0 47.9 '16.3 14.9 Sent 276.8 46.0 9.6 221.2 25.0 65.5 7.4 11.9 '15.0 17.0 47.9 '16.2 15.3 Oct 280.3 45.4 9.7 225.3 25.4 66.7 7.4 12.1 r16.8 17.2 47.8 r16.2 15.8 Nov 283.2 45.1 9.7 228.4 26.2 67.7 7.3 12.1 '18.0 17.2 47.8 '16.0 16.0 Dec. 283.0 44.8 9.6 228.6 26.3 67.2 7.3 12.1 '18.2 17.3 47.7 '16.1 16.5 1959—Jan 285.9 43.9 9.6 232.4 67.9 12.4 '20.3 17.7 47.7 '16.6 16.7 Feb 285.2 43.9 9.8 231.6 2 2 5 5 . . 7 3 66.0 77..43 12.2 21.2 17.8 47.6 16.7 17.3 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings bv banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $293 million on Dec. 31, 1958. 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 523 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, APRIL 30, 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. M M a a y y 1 7 4, , 1 1 9 9 5 5 9 9 . . . . 1 1 , , 4 4 0 0 1 0 S O e c p t. t . 24 1 , , 1 1 9 9 5 5 9 9 4 4 0 0 0 0 A O u ct g . . 1 1 , , 1 1 9 9 6 6 1 1 11/ 4 2 2,6 3 0 3 9 2 D Fe e b c . . 1 1 5 5 , , 1 1 9 9 6 6 4 3 -68... 2 y 3 2 2 3 , , 8 8 1 5 9 4 May 15, 1959.. 2,735 Oct. 8,1959 400 Feb. 15, 1962 3% 647 June 15, 1964-69...21/2 3,743 May 21, 1959.. 1,400 Oct. 15, 1959 400 Feb. 15, 1962 4 1,435 Dec. 15, 1964-69... 2 Vi 3,818 May 28, 1959.. 1,400 Oct. 22, 1959 400 Apr. 1,1962 V/i 551 Feb. 15, 1965 2% 6,896 J J u u n n e e 1 4 1 , , 1 1 9 9 5 5 9 9 . . . . 1 1, , 7 5 0 0 1 0 J O a c n t . . 2 1 9 5 , , 1 1 9 9 5 6 9 0 2, 4 00 0 6 0 A O u ct g . . 1 1 5, , 1 1 9 9 6 6 2 2 \y2 4 2,0 5 0 9 0 0 A M u a g r . . 1 15 5 , , 1 19 9 6 6 6 5 -70.. .2i/2 3 4 1 , , 6 4 9 8 9 4 J J J J J J u u u u u u l n n l l n y y y e e e 2 2 1 1 2 5 2 8 9 6 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 9 9 9 9 9 9 * . . . . . . . . . . 2 1 1 1 1 1 , , , , , , 7 9 7 6 6 6 0 9 0 0 0 0 1 7 0 0 0 0 Ce A N M F rt e u i o a f b g v i y . c . . a 1 1 1 te 1 5 5 5 s , , , , 1 1 1 1 9 9 9 9 5 5 5 6 9 9 9 0 3 3 \ i y y % ^ A 8 1 1 7 3 1 1 , , , , 7 8 3 5 1 1 6 0 1 7 3 0 N A F O M O e o c p c a b t t v r y . . . . . 1 1 1 5 1 1 5 1 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 2 3 3 4 3 3 3 1 1 2 I 1 1 V 3 % / / 4 2 2 4 i 3 1 1 , , , 9 1 7 5 5 7 2 4 4 3 0 1 0 3 3 3 6 D J S N M O u e e o c n a p c t v r e . t . . . . 1 1 1 1 1 5 1 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 7 6 6 6 6 9 4 6 7 7 7 - - - - 7 7 7 7 2 1 2 2 . . . . . . . . . . . 2 3 2 2 . 1 2 1 % i / / ^ / 2 4 2 i 2 2 3 1 1 , , , , , 9 7 6 6 8 2 4 1 9 3 5 7 6 6 9 4 3 6 July 23, 1959., 1,401 Treasury notes Feb. 15, 1980 4 884 J A A A S A u e u u u u l p y g g g g t . . . . . 2 2 3 1 6 0 7 0 3 3 , , , , , , 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, 4 4 4 4 3 4 0 0 0 0 9 0 1 0 0 0 5 2 A O N M A M p c o p a a t r v r y y . . . . 1 1 1 1 5 1 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 l \ \ 1 i 1 Y y y / / 4 2 2 2 2 2 2 2 1 , , , 4 7 1 1 1 0 9 3 8 1 9 9 6 8 4 9 8 Tr D e J D N S u a e e e o s n p c c u v e t . . . . r y 1 1 1 1 1 5 5 5 5 B 5 , , , , , o 1 1 1 1 1 n 9 9 9 9 9 d 6 6 6 5 5 s 0 0 1 9 9 - - - 6 6 6 5 2 2 3 . . . . . . . . 2 2 2 2 2 3 1 3 i y / 4 4 4 4 8 2 5 3 3 1 , , , , , 2 2 4 8 4 3 6 8 5 0 9 6 5 5 6 Pa J F F M n u e e a a n b m b y e . . a 1 1 1 1 C 5 5 5 5 a , , , , 1 n 1 1 1 9 a 9 9 9 l 9 9 8 7 5 0 L 5 8 o -8 a 3 n .. . . . 3 3 3 . 1 . 1 1 / 3 4 3 4 2 2 1 1 1 , , , , 1 7 7 6 5 3 2 0 4 0 5 7 3 0 Sept. 10, 1959., 400 Oct. 1,1960 1% 278 Nov. 15, 1961 2i/2 11,177 Convertible bonds S Se e p p t t . . 2 1 1 7 , , 1 1 9 9 5 5 9 9 * .. 1, 4 5 0 0 0 2 A M p a r y . 1 1 5 , , 1 1 9 9 6 6 1 1 1 3 1 % /2 4,0 1 7 4 8 4 J A u u n g e . 1 1 5 5 , , 1 1 9 9 6 6 3 2 -67... 2 2 1 y /2 2 2 6 . , 1 7 1 5 1 5 I A n p v r e . s tm 1 e , n 1 t 9 S 7 e 5 r - ie 8 s 0 B ... 2 34 7,816 * Tax anticipation series. * Direct public issues. 3 Partially tax-exempt. 2 Sold on discount basis. See tables on Money Market Rates, p. 515. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk d le e s t 2 - v b e C o r o t n i n b d - l s e Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r rs 10 AH 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 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 Feb 28 187,432 31,832 37,957 25,299 84,220 8,124 179,308 71,191 60,501 14,797 32,819 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 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 Feb 28 9,602 205 488 1,314 4,864 2,731 6,871 795 1,816 1,158 3,102 Federal Reserve Banks: 1 1 9 9 5 5 6 7 j J U u n n e e 3 3 0 0 2 2 3 3 , , 7 0 5 3 8 5 2 8 8 5 7 5 1 1 0 1 , , 9 3 4 6 4 7 9 8 , , 1 5 5 7 7 9 2 2 , , 8 8 0 0 2 2 2 23 3 ,7 0 5 3 8 5 2 2 0 0 ,2 2 4 4 2 6 1,0 6 8 8 7 1 1,0 7 1 5 4 0 1 1 ,4 3 1 5 5 8 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 » Feb 28 25,350 1,323 18,672 2,872 2,484 25,350 19,994 3,885 206 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 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 Feb 28 57,996 4,815 6,176 12,687 34,189 128 57,868 11,411 34,422 7,609 4,426 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 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 Feb 28 7,098 183 176 580 5,313 845 6,252 382 1,363 883 3,624 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 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1 650 1,004 5J074 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 Feb 28 11,125 669 406 669 7,369 2,013 9,113 1,109 2 169 1 097 4 737 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 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 Feb. 28 76,261 24,638 12,040 7,176 30,000 2,407 73,854 37,500 16,844 3,843 15,667 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

524 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 i l - e - Others Total Total o B P f l f i u o e c r b l n e y - d d s p v l P a a t r c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey 7 l p M p a c o o u e n u i s l r s e s e - - - - s m e b d t R i t o e a e r c e f e b n n . - « - k t t , m s r t i e i o t r e c i e f e n u - s t - 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 ,047 11,555 9,684 6,333 3,351 551 1,320 11,373 10,790 9,936 854 583 1958_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 7 Feb.. 2,063 420 881 61 701 413 187 225 55 234 685 673 531 142 12 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital1 ° secu- capital* 0 secu- capital 1 ° 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—Feb.. 171 3 26 48 366 35 205 Mar. 196 41 47 63 409 797 49 Apr.. 620 12 62 86 293 22 40 37 40 May. 163 26 24 23 303 37 11 30 74 June. 267 49 29 106 390 16 12 78 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 4 45 c> 67 294 26 205 2 Feb.. 127 7 108 79 176 59 123 4 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. 1 ° 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 525 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 8,375 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 3,649 3,825 5,231 4,880 5,109 4,013 1,339 1,107 1,232 852 872 893 1,395 Dividends 2,154 2,384 2,827 2,980 3,113 3,016 757 757 849 755 747 741 774 Nondurable goods industries (94 corps.):] Sales 20,694 20,620 23,106 24,784 26,27825,645 6,524 6,558 6,560 6,133 6,203 6,526 6,783 Profits before taxes 3,028 753 3,413 3,457 3,438 2,920 873 841 111 648 619 770 883 Profits after taxes 1,526 ,581 1,918 1,979 2,019 1,728 503 491 474 377 362 448 541 Dura D b i l v e id g e o n o d d s s industries (106 corps.):2 972 ,064 1,202 1,248 1,323 1,316 318 319 371 326 325 322| 343 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 5,346 ,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 ,244 3,313 2,901 3,090 2,285 836 616 758 475 510 445 854 Dividends 1,182 .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 ,411 5,476 5,833 6,299 6,620 6,730 1,642 1.669 1,691 1,616! 1,663 I,699| 1,752 Profits before taxes 465 462 499 557 600 624 154 158 153 140i 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 i,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 ,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 156J 154 153 164 Petroleum refining (14 corps.): Sales ,883 6,015 6,556 7,185 7,814 7.462 1,941 1,920 1,906 1,8011 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 750 11,522 14,952 16,062 16,07313.122 4,270 3,856 3,675 3,047 3,161 3,236 3,677 Profits before taxes 1,357 2,377 2,370 2,313 1,621 652 512 473 302 371 385 562 Profits after taxes 705 1,195 1,232 1,193 835 327 264 260 157 191 200 287 Dividends 407 522 606 651 590 157 158 179 147 146 145 153 Machinery (27 corps.): 1 Sales :,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 ,011 914 912 942 1,175 1,172 305 28720 306 227 263 297 384 Profits after taxes 402 465 465 458 577 590 148 135i 152 111 132 155 193 Dividends 237 263 281 321 329 327 81 86 83 81 81 82 Automobiles and equipment (15 corps.): Sales 14,13718,826 16,336 17,48014,172 4,522 3,689 4,277 3,853 3,542 2,599 4,177 Profits before taxes 1.789 3,023 1,984 2,110 1.171 603 291 506 346 271 53 500 Profits after taxes 863 1,394 942 1.059 615 292 151 279 161 137 24 293 Dividends 536 693 656 670 642 166 164 173 164| 160 159 159 Public Utility i Railroad: Operating revenue 10,664 9.37110,106 10,551 10,4911 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 2721 366 Profits after taxes 903 682 927 876 734| 602 183 191 199 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 2.4711 2.599 Profits before taxes K895 2,049 2,304 2,462 2,557 2,701 596 600 630 768i 615 650i 667 Profits after taxes 1.030 1,134 1,244 1,326 1,403 1,517 327 326 357 421i 349 3571 390 Dividends 780 868 942 1,022 1,077 1,134 270 265 273 281; 287 276! 290 Telephone: Operating revenue 4.525 4,902 5,425 5,966 6,467 6,939 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 387i 400 402 454 494 510 Profits after taxes 452 525 638 715 788 921 195 195 203 200 226 244 251 Dividends 412 448 496 552 613 674 150 155 160 164i 166 171 173 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and 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 ooerating 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 t>er cent of all railroad operations) and are obtained from reports before Federal income taxes and dividends. For detailed description of of the Interstate Commerce Commission. series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 Electric power. Figures are for Class A and B electric utilities (which (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public account for about 95 per cent of all electric power operations) and are utilities); and p. 908 of the BULLETIN for September 1944 (electric power). obtained from reports of the Federal Power Commission, except that Revised data annually beginning with 1939 and quarterly beginning with quarterly figures on operating revenue and profits before taxes are partly 1946 are available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES! [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 r e a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e t s s d - Y qu e a a r r t o er 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 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 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 2 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 3,575 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 i Reflects cash transactions only. As contrasted with data shown on p. 524, new issues 4 45.2 23.0 22.2 11.8 10.4 exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements NOTE.—Quarterly data are at seasonally adjusted include the same types of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 524. 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 r p k 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 G U o o . t v r S e e t . s c .2 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 G U o o . t v S e p t . s . a 3 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 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 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 3 111.3 241.6 33.4 16.4 2.4 99.4 83.4 6.6 130.3 2.6 81.9 14.4 31 4 4 111.7 242.0 34.7 17.2 2.8 98.3 82.3 6.7 130.2 2.3 81.2 15.7 31.1 1958 1 113.4 234.9 32.3 16.0 2.7 95.4 81.5 7.0 121.5 2.1 76.5 12 4 30 4 2 115.0 232.9 34.2 13.9 2.6 96.6 78.4 7.1 117.9 1.9 75.3 9.8 30.8 3 . 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 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1 [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Year Total f M a i c a n t n u g u r- - M in i g n- T R ra a n il s - port O a t t h io e n r P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i c n n 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 1.5 3.9 1.5 5.6 1953 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 1958—1 7.3 3.1 .7 1.2 2.3 1 1 9 9 5 5 5 4 2 2 6 8 . . 8 7 1 11 1 . . 4 0 1 1 . . 0 0 . . 9 9 1 1 . . 5 6 4 4 . . 2 3 2 1 . . 0 7 6 7. . 5 5 2 3 7 7 . . 8 4 2 3 . . 9 2 .5 6 I 1 . 5 6 2 2 .4 5 1 1 9 9 5 5 6 7 3 3 7 5 . . 0 1 1 1 5 6 . . 0 0 1 1 . . 2 2 11..24 11..78 4 6. . 2 9 23..70 7 8 . . 4 4 4 8.0 3 2 6 [ 7 2 5 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 1959_14 7.0 2.8 .6 I 2 2.4 I9594 31.8 12.3 .9 .8 1.9 6.1 9.8 24 8.2 3.4 .7 5 2.6 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. * Anticipated bv business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 527 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties ]^onfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial properties1 or quarter All Finan- All A11 Finanh e o r l s d- tu in c ti i s o a t l i n - s S F e a e l g e d e c e n t r e - a d l v I i a d n n u d d a i- ls h e o r l s d- Total F i i n c n i s a a t l i n - - O ho th ld e - r Total F in i c n i s a a ti l n - - O ho th ld e - r h e o r l s d- tu in c ti i s o a t l i n - s h O ol t d h e e r r s2 cies others tutions ers tutions ers 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 171.3 131.5 4.8 35.0 160.1 117.8 98.9 18.9 42.3 28.3 14.0 11.2 4.2 7 0 1957 Sept 153.7 117.7 4.5 31.6 143.3 105.7 88.5 17.2 37.5 25.2 12.4 10.4 4.0 6.4 Dec 156.6 119.7 4.7 32.1 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958 Mar * 159 1 121 5 4 9 32 7 148.5 109.3 91.2 18.1 39.2 26.3 12.9 10.6 4 1 6 6 Junep 162.6 124.5 4.6 33.5 151.7 111.6 93.5 18.1 40.1 26.9 13.2 10.9 4.1 6.7 Sept p 166.7 127.9 4.6 34.2 155.6 114.6 96.2 18.4 41.0 27.5 13.5 11.1 4.2 6.9 Dec.** 171 3 131 5 4 8 35 0 160.1 117.8 98.9 18.9 42.3 28.3 14.0 11.2 4 2 7 0 1959 Mar.P 175.5 134.3 5.3 35.9 164.0 120.6 101.0 19.6 43.4 29.0 14.4 11.5 4.3 7.2 * Preliminary. Federal agencies represent HOLC, FNMA, and VA (the bulk of the 1 Derived figures, which include negligible amount of farm loans held amounts through 1948 held by HOLC, since then by FNMA). Other by savings and loan associations. Federal agencies (amounts small and separate data not readily available 2 Derived figures, which include debt held by Federal land banks and currently) are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings 3 End of year Residential Residential or quarter Other Other Total non- Farm Total non- Farm FHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 4,906 3,292 1 048 566 4 812 3 884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1951 14,732 11,270 3,421 2,921 4,929 2,458 1.004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12 943 11,334 3 489 3 053 4 792 1 556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 ,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 1,367 21,169 19,010 4,669 7,790 6,551 2 102 57 1958? 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,265 20,936 5,501 8,360 7,07r4 2,276 53 1957 Sept 23,105 17,070 4,750 3,660 8,660 4,660 1,375 20,812 18,687 4,575 7,660 6,452 2 068 57 Dec 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 Mar P 23,400 17,125 4,825 3,485 8,815 4,880 ,395 21 565 19 371 4 810 7 937 6 624 2 135 57 Junep 23,960 17,460 4,970 3,405 9,085 5,060 1,440 22,165 19.927 5,047 8,160 6 720 2 181 57 Sept.p 24,700 18,055 5,205 3,355 9,495 5,184 ,461 22,746 20,460 5,280 8,276 6,904 2,231 55 Dec.P 25,523 18,591 5,476 3,335 9,780 5,461 1.471 23,265 20,936 5,501 8,360 7,074 2,276 53 1959—Mar.P 26,130 19,012 5,660 3,317 10,035 5,633 1,485 23,638 21,282 5,674 8,423 7,185 2,305 51 P Preliminary. based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member Sources.—All-bank series prepared by Federal Deposit Insurance Bank Call Report and from weekly reporting member banks. Corporation from data supplied by Federal and State bank supervisory 3 Figures for 1941 and 1945, except for the grand total, are estimates agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 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 Mar .. 390 344 92 22 230 46 35,727 33,117 6,906 7,723 18,488 2,610 Apr 402 360 94 26 240 42 35,840 33,213 6,948 7 719 18 546 2 627 May 380 348 96 16 236 32 35,956 33,316 6,995 7,699 18,622 2,640 June 368 341 95 20 226 27 36,060 33,409 7,038 7,677 18,694 2,651 July 428 398 103 16 279 30 36,183 33,519 7,076 7,651 18,792 2,664 Aug 437 406 109 5 292 31 36,323 33,645 7,123 7,619 18,903 2,678 Sept 451 421 125 7 289 30 36,472 33,786 7,212 7.561 19,013 2,686 Oct 516 485 141 9 335 31 36,648 33,955 7,282 7,527 19,146 2 693 Nov 429 397 121 268 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 Feb 420 364 141 9 214 56 37,350 34,635 7,623 7,392 19,620 2 715 Mar 473 410 130 10 270 63 37,486 34,753 7,693 7,347 19,713 2,733 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDING OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) By type of lender Total (without seasonal adjustment) Y m e o a n r th or Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e 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- s W e a a d it s j h o u o n s u t a - t l in l S o g a a s v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed l 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 ,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 ,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 ,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 ,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 ,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 Feb 704 233 289 40,490 ,686 7,011 31,793 Mar 819 281 318 40,825 1,715 7,004 32,106 Feb 1,959 1,701 638 101 304 87 Apr 920 316 354 41,223 1,748 6,984 32,491 Mar 1,971 1,866 705 108 345 94 May 1,019 346 406 41,751 1,789 6,981 32,981 Apr 1,993 2,022 787 106 385 103 June 1,107 379 461 42,333 1,833 6,995 33,505 May 2,087 2,151 845 113 418 120 July 1,180 374 511 42,866 1,901 7,012 33,953 June 2,192 2,275 910 110 429 140 Aug 1,180 373 538 43,423 1,940 7,034 34,449 July 2,291 2,543 986 125 491 165 Sept 1,215 401 537 43,997 2,007 7,031 34,959 Aug 2,413 2,535 995 130 476 169 Oct 1,290 428 570 44,602 2,084 7,053 35,465 Sept 2,488 2,596 1,022 136 493 170 Nov 1.053 345 469 45,067 l,\55 7,062 35,850 Oct 2,576 2,857 1,086 150 558 175 Dec i; 136 376 488 45,599 1,210 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 Feb 1,012 326 429 46,436 2,331 7.. 127 36,978 Jan 2,677 2,352 870 121 454 123 Feb 2,245 865 106 426 113 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 1 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning 1958 includes shares pledged against mortgage loans. serve. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 529 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 P e r c o t j - - P e i r m r o ty p - - mortgages End of G un o d v e e r r w nm rit e t n en t- 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- * p l m o ro a 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 y u ea a r r t o er r Total FHA- VA- ti v o e n n a - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1950 4,343 1,637 856 1,157 694 3,072 1,865 1,202 1945 18.6 4.3 4.1 2 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 6 103 26 3 1953 3,882 1,259 1,030 259 ,334 3,064 2,044 1,014 1951 51.7 22.9 9.7 132 28 8 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 7 5 6 8 4 3 3 3 3 6 , , , , , 4 7 0 3 8 6 1 6 4 0 1 5 6 9 7 1 1 1 1 , , , , 8 0 1 2 6 3 3 6 8 6 5 3 9 0 6 2 1 1 1 , , , , 9 3 8 5 8 7 8 0 0 1 1 7 5 5 6 2 9 5 1 7 3 2 9 3 6 2 9 5 0 6 6 8 8 8 9 4 6 9 6 1 6 9 2 8 4 7 5 3 1 , , , , , 2 1 7 8 8 5 5 6 6 6 6 7 5 1 8 4 2 2 3 1 , , , , , 5 6 8 9 31 1 8 9 8 1 0 6 0 2 2 1 1 , , , 5 5 8 9 5 6 4 6 6 4 6 3 8 4 9 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 6 3 4 5 2 . . .. 9 6 7 5 8 9 5 8 6 8 . . ! . . 0 2 5 7 1 4 2 2 3 3 3 8 5 8 2 ! . . . . 9 1 1 4 9 1 1 1 1 14 5 2 0 2 ! . . . . 5 0 8 8 3 2 2 1 1 1 8 4 9 4 6 ! . 4 6 6 3 1 4 4 5 3 3 3 9 5 3 8 0 3 1 1 1957 107. 47.2 16.5 30 7 60 4 1958—Mar 435 127 192 62 53 123 110 13 1958p 117.s 50.1 19.7 304 67 7 Apr 423 119 186 57 61 85 72 13 May 431 110 201 55 65 73 57 15 1957—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 Aug 599 128 243 170 58 156 91 64 1958—Mar.p... 109 3 47.7 17.1 30 6 61 6 Sept 756 160 320 146 130 189 107 82 June p .. 111 6 48.3 17.7 30 6 63 3 O N D c o ec t v 6 5 6 4 5 2 1 9 4 1 1 1 6 7 9 5 4 0 2 3 3 9 2 2 2 7 0 5 2 3 8 4 1 7 8 8 1 3 9 2 2 2 3 1 5 9 6 7 1 1 1 3 4 7 5 0 4 9 8 8 9 1 2 D Se e p c t. . * p 3 . . . . . . 1 11 1 7 4 6 8 4 5 9 0 . . 1 1 1 1 8 9 . . 6 7 3 3 0 0 4 5 6 6 5 7 . . 5 7 1959—Mar.p... 120.6 51.3 20.9 30 4 69.3 1959—Jan 700 217 369 37 77 276 194 81 Feb 598 196 311 37 54 238 174 64 Mar 643 211 319 33 81 260 201 59 » Preliminary. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Sources.—Federal Home Loan Bank Board, Federal loans in amounts of more than $1,000 need be secured. Housing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. 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 vances ments or month Total F su H in re A - d - a g n V u t A e a e r - - d Pur- Sales bu d u r i n s s - e - d Total S te h r o m rt 1 - L te o r n m g - 2 chases 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 ,237 2,737 1,119 2 764 1957 1,116 1,079 1,265 731 534 1958 3,901 ,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 1958—Mar 4,073 ,346 2,726 45 29 745 1958_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 ,001 May 56 68 803 288 515 June 3,753 1,309 2,444 22 176 ,142 June, 178 50 929 372 557 July 3,703 ,300 2,403 17 51 ,308 July. 108 137 901 392 509 Aus 3,683 ,298 2,385 22 23 ,543 Aug. 100 62 939 427 512 Sept 3,693 ,320 2,373 37 8 1,674 Sept. 119 48 1,010 490 520 Oct 3,729 ,353 2,376 59 1 1,669 Oct.. 126 52 1,083 545 538 Nov 3,791 ,405 2,386 82 ,640 Nov. 86 47 1,123 576 547 Dec 3,901 1,483 2,418 134 1 1,541 Dec. 229 53 1,298 685 613 1959 Jan 4,032 ,564 2,468 150 ,432 1959_jan.. 98 251 1,146 599 547 Feb 4,188 1,664 2,523 176 1,291 Feb.. 50 94 1,101 559 542 Mar 4,340 ,740 2,600 175 1 ,182 Mar. 83 96 1,087 531 556 1 Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e 1 co p g O n a o s p t o u h e d m e r s r 1 er e a r n R l n o d i e a z p m n a a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 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—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 10,075 476 4,010 2,589 June. 43,079 33,008 14,590 8,190 2,048 8,180 10,071 482 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 ,453 3,956 2,554 Sept. 43,144 33,079 14,332 8,312 2.107 8,328 10,065 ,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 Mar. 44,203 33,943 14,375 8,721 2,127 8,720 10,260 3,618 3,883 2,759 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1947, of purchasing automobiles and other consumer goods, whether held by and a general description of the series are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1948-57, in the BULLETINS individuals of automobiles or other consumer goods that may be used for October 1956, pp. 1035-42, December 1957, pp. 1420-22, and Novemin part for business. ber 1958, pp. 1344-45. A detailed description of the methods used to 2 Represents repair and modernization loans held by financial institu- derive the estimates may be obtained from Division of Research and tions; holdings of retail outlets are included in other consumer goods Statistics. paper. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n c m k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i C c a n u o n a o m i m n n e e c s - - r e ! Other 1 Total D s m t e o p e re a n s r t t 2 - F s t t u u o r r r n e e i s - H s a h a t o p o n o u p r c l l s 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 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 I 082 1953 23,005 18,963 8,998 5,927 1,124 2,137 111 4,042 1,064 1.004 377 527 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 Ml 463 I 052 1955 28,958 24,450 10,601 8,443 1,678 2,656 ,072 4,508 1,511 1,044 365 487 I 101 1956 31,827 27,084 11,707 9,100 2,014 3,056 ,207 4,743 1,408 1,187 377 502 1,269 1957 34,095 29,427 12,753 9,573 2,429 3,333 ,339 4,668 1,393 1,210 361 478 226 1958 33,865 28,943 12,730 8,740 2,664 3,381 1,428 4,922 1,702 1,220 360 425 I 215 1958 Mar 32,940 28,646 12,333 9,284 2,410 3,287 ,332 4,294 1,343 1 .103 347 455 [,046 Apr 32 888 28 724 12 444 9 200 2,452 3,292 ,336 4 164 1 241 091 ^42 450 I 040 May 32,910 28,703 12,467 9,129 2,478 3,277 1,352 4,207 1,278 092 ^41 446 1 050 June 33,008 28,774 12,520 9,105 2,510 3,283 1,356 4,234 1,310 ,093 339 444 1,048 July 33,074 28,917 12,606 9,121 2,545 3,292 1,353 4,157 1,241 ,093 338 443 1,042 Aug 33 165 28,983 12,655 9,083 2,578 3,294 ,373 4,182 1,251 ,110 340 440 I 041 Sept 33,079 28,758 12,607 8,891 2,591 3,280 1,389 4,321 1,393 ,110 344 433 I 041 Oct 33 052 28 666 12 612 8,777 2,613 3 274 1,390 4 386 1 426 126 346 497 061 Nov . . 33,126 28,648 12,617 8,708 2,628 3,281 ,414 4 478 1,474 1*149 351 424 I 080 Dec 33,865 28,943 12,730 8,740 2,664 3,381 1,428 4,922 1,702 1,220 360 425 I 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 [ 173 Feb 33,751 29,070 12,884 8,724 2,661 3,372 1,429 4,681 1,611 1 .166 350 427 I 127 M^ar 33,943 29,324 13,028 8,780 2,700 3,371 .445 4,619 1,581 1,129 348 430 3 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 531 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 or 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 s u r e - t p d o a m pe o D r b i i r l e e ct s g p O c u o a t o m o p h n d e e e - r s r r e R m l r t o a e n i o a n p o iz n d d n a a s - ir - l s P o o a e n n r a - s l E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - m A pa o u p b t e o il r - e s g p O c u o a t o m o p h n d e e e - r s r r m i R z lo o a e a a d n t p i d n e a o s r i n r n- l s P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 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 1,277 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—Mar. 9,284 7,080 1,492 19 693 1958—Mar 12,333 3,974 2,195 2,259 1,520 2,385 Apr. 9,200 6,968 1,515 20 697 Apr 12,444 3,961 2,210 2,306 1,518 2,449 May 9,129 6,888 1,520 20 701 May 12,467 3,954 2,214 2,289 1,531 2,479 June 9,105 6,844 ,532 20 709 June 12,520 3,957 2,223 2,281 1,540 2,519 July. 9,121 6,795 1,592 21 713 July 12,606 3,967 2,228 2,300 1,551 2,560 Aug. 9,083 6,730 ,612 23 718 Aus; 12,655 3,977 2,221 2,304 1,570 2,583 Sept. 8,891 6,601 ,551 20 719 Sept 12,607 3,948 2,198 2,274 1,583 2,604 Oct.. 8,777 6,477 1,560 19 721 Oct 12,612 3,925 2,178 2,287 1,603 2,619 Nov. 8,708 6,395 1,571 19 723 Nov 12,617 3,917 2,169 2,296 1,614 2,621 Dec. 8,740 6,404 1,567 19 750 Dec 12,730 3,938 2,191 2,324 1,613 2,664 1959—Jan.. 8,733 6,391 1,566 19 757 1959—Jan 12.856 3,962 2,216 2,372 1,605 2,701 Feb. 8,724 6,394 ,548 19 763 Feb . 12,884 3,993 2,239 2,342 1,594 2,716 Mar. 8,780 6,429 1,561 21 769 Mar. 13,028 4,049 2,282 2,340 1,598 2,759 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 o o f n y t e h ar i c T m n r s o e e t t d n a a i l t l t - 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 l o o a e a d n a p ti e n d a o r s i n n r - l s 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 t d n n a a i - l t l t - C m c m ( o i s e a m i e r n l - n - g t le lo -p O a a n t y h s - ) er m p D a e a e r n c ( t - - c t c h o a u r n g O t e s t ) her S c e r r e v d i i c t e 1939 789 81 24 15 669 banks stores1 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 I945 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 ,106 622 491 4,882 1954 8,724 2,096 312 793 3,515 2,008 1958 7,473 ,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—Mar 7,029 ,089 589 480 4,871 1957 10,679 2,937 428 876 3,953 2,485 Apr 7,080 ,102 589 479 4,910 1958 11,200 3,057 486 907 4,111 2,639 May 7,107 ,111 588 487 4,921 June 7,149 ,122 587 488 4,952 1958—Mar 9,560 2,881 516 573 3,006 2,584 July 7,190 ,134 591 489 4,976 Apr 9,729 2,896 456 580 3,192 2,605 Aug 7,245 ,146 596 498 5,005 May 10,075 2,933 543 584 3,426 2,589 Sept 7.260 ,152 599 504 5,005 June 10,071 2,998 484 575 3,437 2,577 Oct 7.277 ,157 605 506 5,009 July 9,849 2,968 405 533 3,394 2,549 Nov 7; 323 ,161 607 513 5,042 Aug 9,963 2,980 473 546 3,410 2,554 Dec 7,473 ,173 619 513 5,168 Sept 10,065 2,965 530 600 3,433 2,537 Oct 10,112 2,977 437 623 3,568 2,507 1959_ F ja e n b 7 7 , , 4 4 2 6 7 2 , , 1 1 6 7 1 0 6 6 2 1 3 6 5 5 0 0 1 3 5 5 , , 1 1 4 6 9 6 D N e o c v 1 1 0 1 , , 3 2 3 0 8 0 2 3 , , 9 0 9 5 8 7 4 5 8 0 6 1 9 6 0 6 7 9 4 3 , , 1 6 1 2 1 8 2 2, , 6 5 3 4 9 2 Mar 7,516 ,185 631 508 5,192 1959 Jan 10,647 3,030 434 757 3,747 2,679 Feb . 10,320 3,075 488 637 3,367 2,753 NOTE.—Institutions represented are consumer finance companies, credit Mar 10,260 3,100 518 608 3,275 2,759 unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. 1 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a i t r i o a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1951 23,576 8,956 7,485 841 6,294 1952 29,514 11,764 9,186 ,217 7,347 1953 31,558 12,981 9,227 ,344 8,006 1954 31,051 11,807 9,117 ,261 8,866 1955 39,039 16,745 10,634 ,388 10,272 1956 40,063 15,563 11,590 ,568 11,342 1957 42,426 16,545 11,626 ,662 12,593 1958 40,497 14,154 11,747 ,620 12,976 1958—Mar.. 3,188 3,156 1,062 ,094 985 901 122 111 ,019 ,050 Apr.. 3,261 3,335 1,143 ,211 923 876 132 131 ,063 ,117 May. 3,246 3,371 1,094 ,199 992 1,000 134 144 ,026 ,028 June. 3,262 3,477 1,095 ,257 968 973 135 146 ,064 ,101 July.. 3,328 3,483 1,151 ,281 965 956 135 146 ,077 ,100 Aug.. 3,416 3,385 1,142 ,193 1,018 976 142 151 ,114 ,065 Sept.. 3,326 3,297 1,082 ,105 1,005 993 142 158 ,097 ,041 Oct.. 3,451 3,475 1,199 ,173 1,005 1,075 143 159 ,104 ,068 Nov.. 3,594 3,338 1,276 ,091 1,041 1,054 142 141 ,135 ,052 Dec. 3,720 4,350 1,420 ,360 1,002 1,435 134 131 ,164 ,424 1959—Jan.. 3,799 3,321 1,437 ,248 1,047 886 146 111 ,169 ,076 Feb.. 3,816 3,247 1,454 ,258 1,057 839 141 111 ,164 ,039 Mar.. 3,749 3,786 1,414 ,476 1,058 982 151 141 ,126 ,187 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—Mar 3,384 3,494 1,294 1,331 963 999 130 133 997 1,031 Apr 3,390 3,387 1,326 1,313 919 931 135 133 1,010 1,010 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 1,014 1,022 July 3,365 3,417 1,275 ,304 948 949 132 133 1,010 1,031 Aug 3,403 3,294 1,276 ,246 947 919 124 121 1,056 1,008 Sept 3,376 3,383 1,246 ,287 949 935 140 142 1,041 1,019 Oct 3,418 3,502 1,281 ,341 964 976 134 138 1,039 1,047 Nov 3,447 3,264 1,243 ,189 1,001 937 124 123 1,079 1,015 Dec 3,414 3,611 1,262 ,295 953 956 129 132 1,070 1,228 1959—Jan 3,412 3,418 1,252 ,224 956 1,012 130 131 1,074 1,051 Feb 3,483 3,264 1,281 ,190 981 953 127 120 1,094 1,001 Mar 3,431 3,594 1,265 ,324 983 1,028 126 130 1,057 1,112 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—Mar.. -196 -338 -232 -237 + 22 -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 -9 +70 + 38 Mar... + 318 + 192 + 149 + 152 + 75 -46 +25 +69 + 75 + 11 1 Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of records of retail outlets and financial institutions and often include charges the BULLETIN for October 1956; for 1955-57, in the BULLETINS for Decem- incurred under the instalment contract. Renewals and refinancing of ber 1957, pp. 1420-22, and November 1958, pp. 1344-45. loans, repurchases and resales of instalment paper, and certain other A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit a description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 533 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] Total Commercial banks S c a o le m s p f a in n a i n es ce Ot i h n e s r t it f u i t n i a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1951 23,576 8,358 5,467 4,788 4,963 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 Mar l 3,188 3,156 1,107 1.133 738 724 805 825 538 474 Apr i 3,261 3,335 ,201 ,285 766 759 834 866 460 425 May 3,246 3,371 ,150 ,227 712 743 820 827 564 574 June 3,262 3,477 ,168 ,278 685 776 841 872 568 551 JUly 3,328 3,483 ,255 ,320 753 851 853 875 467 437 Aug 3,416 3,385 ,249 1,235 714 756 889 858 564 536 Sept i 3,326 3,297 ,206 ,209 632 656 873 831 615 601 Oct 3,451 3,475 ,272 ,261 732 738 885 864 562 612 Nov 3,594 3,338 ,321 ,160 758 687 911 857 604 634 Dec 3,720 4,350 ,330 ,357 827 855 935 1,143 628 995 1959 Jan 3,799 3,321 ,443 1,333 883 753 903 803 570 432 Feb i 3,816 3,247 ,395 ,227 865 723 922 824 634 473 Mar 3,749 3,786 1,367 1,426 883 883 900 941 599 536 Repayments 1951 22,985 8,385 5,524 4,385 4,691 1952 25,405 9,370 5,925 5,012 5,098 1953 27,956 10,625 6,344 5,683 5 304 1954 30,488 11,469 7,043 6 511 5 465 1955 33,649 12,304 7,901 7,553 5,891 1956 37,194 13,320 8,943 8,603 6 328 1957 40,158 14,259 9,727 9,673 6,499 1958 40,727 14,551 9,774 9,958 6 444 1958 Mar l 3,384 3,494 1.211 1,233 813 845 821 847 539 569 Apr l 3,390 3,387 1,203 1,214 860 843 816 815 511 515 May 3,338 3,349 ,197 1,204 830 814 802 800 509 531 June 3,391 3,379 1,220 1,225 801 800 823 830 547 524 July 3,365 3,417 1,203 1,234 828 835 821 834 513 514 Aug 3,403 3,294 1,220 1,186 806 794 845 803 532 511 Sept l 3,376 3,383 ,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 ,228 ,155 785 756 855 811 579 542 Dev 3,414 3,611 .196 ,244 782 823 864 993 572 551 1959 Jan 3,412 3,418 1,210 ,207 789 760 870 849 543 602 Feb i 3,483 3,264 1,262 ,175 793 732 857 789 571 568 Mar 3,431 3,594 1,238 ,282 781 827 846 887 566 598 Ch<inge in outstanding credit2 1951 +591 — 27 -57 +403 +272 1952 +4,109 + 1,753 + 1,057 +647 +652 1953 + 3 602 + 1,474 + 1,216 +692 +220 1954 + 563 -202 +217 +472 +76 1955 + 5 390 + 1,805 +2,299 +896 + 390 1956 +2,869 + 1,106 +657 +871 +235 1957 + 2,268 + 1,046 +473 +824 -75 1958 -230 -23 -833 + 372 -4-254 1958 Mar l .... -196 -338 -122 -118 -75 -121 -16 -22 + 17 -77 Apr l -129 -52 + 38 + 111 -94 -84 + 18 + 51 -91 -130 May -92 +22 -47 +23 -118 -71 + 18 +27 +55 +43 June -129 +98 -52 +53 -116 -24 + 18 +42 +21 + 27 July -37 +66 + 52 +86 -75 + 16 + 32 +41 -46 -77 Aug • • • + 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 i + 333 -17 + 109 +28 +72 -9 +65 + 35 + 87 -71 Mar + 318 + 192 + 129 + 144 + 102 + 56 + 54 + 54 + 33 -62 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 loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit 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

534 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= loo, unless otherwise noted. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Industrial production Co c n o s n t t r r u a c c t t i s on Employment and payrolls2 (physical volume)* awarded (value) i Depart- Freight ment Whole- Manufactures N ag o r n i- - pro M du an c u ti f o a n c t w ur o in rk g ers l c o a a r d - - s s a t l o e r s e * p s C r u i o m ce n e s - r 2 m c s o o a d m le it - y or Y m e o ar nth Total Total Du- N d o u n - - M era in ls - Total R d t e e ia n s l i - - o A th l e l r p t c e u l m u o r l y a - - - l Employ- Pay- ings* v (r a e l t u a e i ) l prices 2 rable rable ment ment rolls Ad- Unad- Ad- Ad- Ad- Ad- Unad Unad- Unad Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.3 68.7 31.1 90 27 74 0 1920 41 39 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64.3 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67.5 65.5 33.0 115 37 75.6 65.0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62.0 1928 53 52 53 51 63 73 76 70 67.9 64.2 32.8 112 37 73.3 62.9 1929 .. . 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65.0 47.4 1932 31 30 19 42 42 15 8 20 53.4 42.6 14.8 59 24 58.4 42.1 1933 37 36 24 48 48 14 18 53.6 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65.8 63.9 27.2 81 32 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50.1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941. 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56.8 1942 •». 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 49 69.7 64.2 1943 127 133 162 103 87 37 24 45 96 3 121.4 99 0 104 56 74 0 67 0 1944 .... . 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95 5 96.4 1948 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97 2 88 99 101 8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 107 102.8 103.1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 112 111.0 114.8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 114 113 5 111.6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151 4 96 118 114 4 110 1 1954 125 127 137 116 111 215 232 204 110 7 101 8 137 7 86 118 114 8 110 3 1955 139 140 155 126 122 261 280 248 114.4 105.6 152.9 95 128 114 5 110.7 1956 143 144 159 129 129 199 199 199 118.3 106.7 161.4 97 135 116.2 114.3 1957 143 145 160 130 128 101 101 101 119.2 104.4 162.7 90 135 120.2 117.6 1958 111 114 108 115.5 94.3 148.8 78 136 119.2 1958 Apr 126 127 128 131 125 109 109 115 104 114.4 92.5 91.4 139.6 72 130 123 5 119 3 May 128 127 130 134 126 108 128 124 130 114.6 92.3 90.9 140 9 73 134 123 6 119 5 June 132 131 134 139 129 112 144 126 156 115.0 92.8 92.3 144.9 77 133 123.7 119.2 July 134 125 136 141 132 116 136 144 130 115.2 93.1 91.8 144.8 70 140 123 9 119 2 Aug 136 136 138 144 133 120 130 134 128 115.6 93.2 94.1 150.0 79 147 123.7 119.1 SeDt 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 142 140 144 152 135 124 86 91 82 116.2 96.1 96.5 160.4 82 143 123.7 119.2 1959 Jan 143 142 145 153 137 124 87 95 82 116.7 96.5 95.8 158.2 84 138 123 8 119 5 Feb 145 147 148 '157 139 87 99 78 116.9 r96.8 r96.5 '160.4 84 140 123.8 119.5 Mar 147 149 150 160 139 122 126 143 114 117.5 98.2 97.9 165.1 85 ^139 123 7 119 6 Apr ^152 ^123 H66.5 e139 e Estimated. » Preliminary. r Revised. 2 The indexes of employment and payrolls, wholesale commodity prices, * Average per working day. and consumer prices are compiled by the Bureau of Labor Statistics. 1 Indexes beginning 1956 are based on data for 48 States from F. W. Nonagricultural employment covers employees only and excludes person- Dodge Corporation, 1956-57= 100. Figures for earlier years are three- nel in the armed forces. The consumer price index is the revised series, month moving averages, based on data for 37 States east of the Rocky reflecting, beginning January 1953, the inclusion of some new series and Mountains, 1947-49= 100; the data for 1956 on this basis were: Total, revised weights; prior to January 1953, indexes are based on the "interim 268; Residential, 271; and all other, 266. A description of the old index, adjusted" and "old" indexes converted to the base 1947-49= 100. including seasonal adjustments, may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 535 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] Annual 9 p 4 r 7 o- -49 average 1958 1959 Industry portion 1957 "1958 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 00.00 143 134 128 126 128 132 134 136 137 138 141 142 143 145 147 MANUFACTURES—TOTAL 90.02 145 136 129 128 130 134 136 138 139 140 143 144 145 148 150 Durable Manufactures—Total 45.17 160 141 135 131 134 139 141 144 145 146 151 152 153 157 160 Primary metals 6.70 131 104 91 86 91 103 102 109 113 122 123 123 125 138 146 Metal fabricating 28.52 176 155 750 146 148 757 154 755 755 755 755 755 755 755 770 Fabricated metal products 5.73 139 128 122 118 120 125 129 132 135 133 136 136 136 '135 139 Machinery 13.68 168 145 141 137 137 141 144 147 148 147 150 152 154 158 159 Nonelectrical machinery 9.04 150 127 126 122 122 125 125 126 129 130 133 132 132 138 141 Electrical machinery 4.64 204 179 170 166 167 171 181 188 186 180 183 190 199 r198 194 Transportation equipment 7.54 213 187 183 178 182 185 185 186 178 183 203 204 204 204 207 Autos, trucks, and parts 4.80 128 99 93 86 93 95 96 96 82 91 119 123 124 123 128 Other transportation equipment 2.74 344 319 316 316 314 320 318 321 322 321 327 322 322 322 322 Instruments and related products 1.29 172 164 160 159 158 160 162 162 166 169 173 175 176 r179 180 Clay, glass, and lumber products 5.91 133 129 720 727 725 725 752 755 755 134 757 755 r755 757 143 Stone, clay, and glass products 2.82 155 145 133 135 139 145 152 150 157 149 151 148 147 r149 158 Lumber and products 3.09 114 115 109 107 109 113 114 120 118 120 125 125 r127 r126 129 Furniture and misc. manufactures 4.04 132 127 727 727 722 725 72P 750 752 134 134 757 755 755 755 Furniture and fixtures 1.64 120 119 111 110 113 116 119 123 126 127 129 127 133 r132 135 Miscellaneous manufactures 2.40 140 133 128 129 129 132 135 134 137 138 137 134 137 137 141 Nondurable Manufactures—Total. . . . 44.85 130 130 124 125 126 129 132 133 133 134 135 135 137 139 139 Textiles and apparel 11.87 105 103 95 98 99 102 107 108 109 111 110 110 777 r113 113 Textile mill products 6.32 99 98 92 92 92 95 101 103 103 104 104 104 106 108 110 Apparel and allied products 5.55 111 110 99 106 106 110 115 114 116 118 117 116 117 r117 117 Rubber and leather products 3.20 118 113 705 702 104 777 114 775 779 779 725 725 124 -725 729 Rubber products 1.47 135 125 116 112 113 125 125 132 136 133 141 140 142 '150 156 Leather and products 1.73 104 102 94 97 100 104 103 104 108 113 108 109 109 Paper and printing 8.93 148 147 742 143 143 146 148 750 750 755 752 750 755 755 154 Paper and allied products 3.46 158 160 149 152 153 157 163 166 167 171 168 166 r167 172 169 Printing and publishing 5.47 141 139 138 137 137 138 138 140 140 142 142 139 144 145 145 Newsprint consumption 1.85 131 126 124 123 124 125 126 128 127 131 130 120 129 131 130 Job printing and periodicals 3.62 146 146 145 145 144 145 145 147 146 148 149 150 152 152 153 Chemical and petroleum products 9.34 172 770 163 164 755 755 777 174 174 775 777 750 752 r184 755 Chemicals and allied products 6.84 184 184 176 178 178 181 184 186 187 189 192 194 196 M99 200 Industrial chemicals 2.54 203 195 184 182 182 187 193 196 204 209 212 214 216 222 Petroleum and coal products 2.50 141 134 127 127 129 131 136 139 135 137 139 142 143 144 Foods, beverages, and tobacco 11.51 112 775 113 775 114 775 775 775 775 775 777 777 775 r121 120 Food and beverage manufactures 10.73 112 115 113 113 114 116 116 116 115 115 116 117 118 120 119 Food manufactures 8.49 112 115 112 115 114 116 116 116 116 115 116 116 117 120 118 Beverages 2.24 113 116 114 108 114 116 114 115 114 115 119 121 121 121 Tobacco manufactures .78 111 118 112 117 115 116 121 121 121 120 126 126 121 130 MINERALS—TOTAL 9.98 128 117 112 109 108 112 116 120 123 122 123 124 124 124 122 Mineral fuels 8.35 128 777 777 705 705 772 775 727 725 725 725 124 725 '123 727 Coal 2.68 83 68 70 63 62 66 65 68 70 69 72 73 69 HA 71 Anthracite .36 49 42 41 40 41 45 38 41 44 39 37 48 45 37 39 Bituminous coal 2.32 88 72 74 67 65 69 69 73 74 74 77 77 73 r79 76 Crude oil and natural gas 5.67 150 140 130 129 130 134 141 146 149 148 147 148 rJ49 146 Crude oil 4.12 138 129 116 117 118 122 128 137 140 138 135 135 135 Natural gas and gas liquids .70 198 196 196 193 192 191 200 198 198 P200 P199 137 ^206 Metal, stone, and earth minerals 1.63 129 777 779 113 707 772 775 775 779 720 124 725 729 '128 757 Metal mining , .82 116 91 100 88 73 80 80 83 90 92 101 108 113 114 114 Stone and earth minerals .81 142 143 138 139 142 145 146 149 148 148 142 145 143 149 Preliminary r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Annual 1947-49 average 1958 1959 Industry proportion 1957 *1958 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 100.00 143 134 129 127 127 131 125 136 140 143 144 140 142 147 149 MANUFACTURES—TOTAL 90.02 145 136 131 129 129 133 127 138 141 145 146 141 144 150 152 Durable Manufactures—Total 45.17 160 141 138 133 133 138 132 140 146 149 155 152 154 159 164 Primary Metals 6.70 131 104 95 89 93 106 90 102 111 123 124 119 127 144 154 Ferrous metals 5.03 130 99 89 81 87 100 85 98 106 117 120 117 125 142 154 Pig iron and steel 3.51 140 105 92 83 91 105 92 105 114 129 129 127 136 156 170 Pig iron .37 137 99 90 80 83 93 87 97 106 119 124 123 127 139 152 Steel 3.05 139 105 91 82 91 105 92 105 114 129 128 127 136 156 170 Carbon steel 2.62 138 104 90 83 91 108 94 106 113 126 127 125 133 151 164 Alloy steel .43 143 106 95 77 86 91 81 101 118 144 138 135 157 191 205 Ferrous castings and forgings 1.52 108 85 83 78 78 87 70 80 87 90 99 93 98 rl\2 117 Iron and steel castings 1.29 107 85 83 79 79 88 72 81 88 91 101 93 98 117 Steel forgings .23 113 81 86 74 70 81 58 75 85 96 101 115 Nonferrous metals 1.67 136 121 114 112 112 124 102 115 125 140 137 126 r133 147 Primary nonferrous metals .38 164 146 149 146 141 133 126 128 138 150 157 162 163 r169 167 Copper smelting .09 129 120 122 124 112 105 90 95 111 138 144 130 132 '136 145 Copper refining .06 135 121 128 122 114 110 108 99 110 111 130 144 135 155 138 Lead .04 114 99 96 94 105 102 86 88 99 101 93 98 97 97 87 Zinc .10 123 97 101 101 99 95 90 86 91 90 93 105 105 108 110 Aluminum .09 275 268 271 261 256 241 240 254 261 283 295 308 317 318 318 Secondary nonferrous metals .13 111 94 83 74 90 94 111 105 102 Nonferrous shapes and castings 1.16 129 116 106 102 105 125 97 114 124 141 133 117 127 145 H55 Copper mill shapes .63 104 94 83 77 84 110 74 96 102 128 114 87 103 123 132 Aluminum mill shapes .20 198 193 170 189 187 212 198 190 207 219 202 203 204 224 245 Nonferrous castings .33 136 110 111 99 98 101 83 103 116 118 130 123 129 140 Metal Fabricating 28.52 176 155 154 148 146 149 144 150 156 158 167 168 168 172 175 Fabricated metal products 5.73 139 128 111 118 119 125 123 133 141 136 136 136 134 135 139 Structural metal parts 2.68 152 140 135 131 132 138 137 143 148 144 144 148 144 144 146 Stampings and misc. metal products 2.12 124 108 103 99 98 101 100 104 115 115 119 125 124 123 128 Tin cans .30 146 150 139 120 137 160 171 232 208 161 130 104 118 126 Furnaces, gas ranges, and heaters .63 99 106 97 97 96 110 87 115 132 133 128 104 r107 116 Machinery 13.68 168 145 146 139 135 138 133 142 151 150 153 152 156 162 164 Nonelectrical machinery 9.04 150 127 131 126 124 125 120 119 128 127 131 133 134 142 147 Farm and industrial machinery 8.13 146 121 124 121 118 117 114 114 119 118 121 125 128 132 137 Farm machinery 1.02 84 79 83 84 81 80 80 77 80 83 65 72 80 r99 105 Industrial and commercial machinery. 7.11 155 127 130 126 123 123 119 119 124 124 129 133 135 137 141 Machine tools and presses .68 182 119 128 119 115 114 112 109 114 115 113 116 116 118 122 Laundry and refrigeration appliances . .. .69 151 148 158 131 137 159 131 123 170 163 179 163 155 194 200 Electrical machinery 4.64 204 179 174 165 159 162 158 186 195 194 197 190 199 '202 198 Electrical apparatus and parts 3.23 201 177 179 172 168 168 166 170 178 177 182 192 192 r193 196 Radio and television sets .74 205 166 139 125 112 123 115 214 223 221 212 163 193 200 173 Transportation equipment 7.54 213 187 189 181 181 183 175 173 170 184 211 214 211 212 216 Autos, trucks, and parts 4.80 128 99 101 92 94 94 84 77 69 92 132 134 131 133 139 Autos 1.50 146 101 106 89 99 100 87 53 37 71 160 161 154 149 163 Trucks .66 104 90 95 90 96 91 76 78 67 89 112 100 110 r133 138 Light trucks .22 100 82 83 79 78 79 68 61 49 75 123 120 114 123 124 Medium trucks .19 50 24 26 26 26 29 23 16 12 12 33 30 28 32 31 Heavy trucks .14 194 203 226 213 239 210 164 189 155 221 221 173 227 308 327 Truck trailers .07 137 116 104 103 111 113 106 120 131 132 135 134 145 163 170 Auto and truck parts 2.58 123 100 Other transportation equipment 2.74 344 319 320 316 311 316 312 317 322 321 327 329 325 r326 326 Aircraft and parts 1.30 608 572 566 561 553 568 561 573 583 582 591 595 587 r587 584 Shipbuilding and repair .81 129 128 128 127 131 130 128 127 126 128 130 128 131 -"128 132 Railroad equipment .53 77 39 58 51 39 32 28 30 30 20 29 32 28 35 35 Railroad cars 24 24 27 .35 80 34 59 49 34 19 22 20 15 19 19 26 Instruments and related products 159 176 182 1.29 172 164 161 160 157 157 160 168 171 174 176 179 Clay, Glass and Lumber Products.... 133 126 140 5.91 133 129 US 121 125 126 142 143 143 139 128 r134 Stone, clay, and glass products 2.82 145 131 135 148 148 145 141 145 157 Glass and pottery products 1.09 155 125 124 118 141 123 123 155 160 155 153 124 125 '133 142 Flat glass and vitreous products .60 141 138 137 131 118 130 133 131 136 122 127 144 142 r147 166 Flat and other glass .47 161 139 137 129 126 132 135 141 154 123 141 144 142 '148 171 Glass containers .26 164 135 134 126 127 144 139 146 160 120 141 116 126 138 137 Home glassware and pottery .23 136 82 81 78 133 81 82 147 142 145 130 80 79 89 86 92 78 84 84 91 86 Cement .32 148 155 105 146 172 183 175 186 192 193 170 139 109 109 143 Structural clay products .35 128 118 102 112 116 121 122 126 132 133 127 120 112 115 Brick .12 114 113 87 115 121 123 122 126 134 136 123 110 96 101 Clay, firebrick, pipe, and tile .20 140 123 114 111 114 121 125 129 134 133 132 129 126 126 130 Concrete and plaster products .48 188 187 163 170 183 195 200 209 209 207 199 187 182 182 193 Misc. stone and earth manufactures .58 174 157 151 147 147 153 150 157 163 169 169 171 172 '175 180 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 537 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 9 p 4 r 7 o - - 49 A av n e n ra u g a e l 1958 1959 portion 1957 *>1958 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 114 115 106 107 110 120 106 130 127 131 126 109 116 124 125 Lumber 2.05 96 94 89 88 93 100 88 107 105 105 101 87 89 98 101 Millwork and plywood. .60 187 202 182 192 186 201 176 235 220 240 234 193 225 243 234 Millwork .39 112 110 95 91 99 120 101 141 133 134 133 103 110 120 118 Softwood plywood... .12 312 356 328 360 330 334 301 390 364 416 403 341 419 448 429 Wood containers .29 84 76 73 73 77 79 77 77 80 80 78 77 77 75 78 Furniture and Misc. Manufactures. 4.04 132 127 121 118 118 123 121 131 138 141 139 135 132 136 138 m Furniture and fixtures 1.64 120 119 111 108 108 113 113 124 130 132 132 132 134 135 Household furniture 1.10 120 122 113 108 108 113 115 127 134 138 137 138 137 140 141 Fixtures and office furniture. .54 120 114 109 106 108 112 108 119 123 120 120 120 '120 122 122 Miscellaneous manufactures 2.40 140 133 127 125 125 130 126 135 143 147 144 133 137 139 137 Nondurable Manufactures—Total. 44.85 130 130 125 125 124 128 123 135 137 142 138 135 140 141 130 Textiles and Apparel 11.87 105 103 101 100 99 100 92 110 107 115 113 120 121 103 Textile mill products 6.32 99 98 94 94 93 94 86 103 103 109 107 107 113 113 Cotton and synthetic fabrics. 3.72 105 104 103 96 98 100 86 107 111 112 118 100 119 '122 122 Cotton consumption 2.30 95 91 93 86 89 88 72 94 96 98 99 106 101 103 102 Synthetic fabrics .97 119 115 109 104 99 105 107 117 124 125 137 86 135 138 148 Fabric finishing .45 94 98 102 88 106 107 75 104 109 101 115 141 115 119 108 87 Wool textiles .97 75 69 64 67 71 82 67 76 75 75 71 62 Wool apparel yarns. .16 78 72 71 68 77 81 71 81 78 73 72 62 79 j 85 84 Wool fabrics .75 75 69 63 67 70 83 67 76 75 76 71 63 Knit goods 1.15 104 104 98 101 103 98 114 113 116 115 96 109 111 Hosiery .65 93 92 91 90 91 86 80 99 97 102 102 75 101 99 94 Full-fashioned hosiery. .45 89 84 88 87 87 79 72 89 86 89 92 66 90 87 83 Seamless hosiery .20 102 108 99 98 100 103 97 123 123 132 127 98 125 127 120 Knit garments .50 118 120 107 107 115 125 122 134 135 134 132 124 120 126 133 Floor coverings1. .48 Woven carpets. .31 71 64 69 62 48 50 36 61 70 79 76 75 76 91 Apparel and allied products... 5.55 111 110 109 108 105 106 99 117 113 121 117 105 120 128 129 Men's outerwear 1.78 102 100 104 95 104 101 77 110 106 108 107 93 119 123 117 Men's suits and coats.... .73 86 75 71 74 83 81 52 91 78 79 84 67 81 82 81 Men's suits .50 87 73 73 72 77 73 47 82 72 76 84 70 87 86 83 Men's outercoats .13 61 66 45 64 89 91 59 104 86 73 62 38 37 46 52 Shirts and work clothing. .99 112 115 125 107 117 113 91 122 123 128 121 109 145 151 142 Women's outerwear 1.85 112 112 114 117 106 109 107 120 112 120 113 90 119 138 Women's suits and coats. .76 128 129 137 96 94 123 138 153 139 150 138 101 151 175 147 Misc. apparel and allied mfrs.... 1.92 117 117 113 106 106 112 112 121 126 129 128 126 125 130 129 Rubber and Leather Products. 3.20 118 113 112 104 101 110 97 117 120 125 125 118 129 Rubber products 1.47 135 125 118 115 112 122 103 127 137 143 145 137 150 158 159 Tires and tubes .70 123 113 108 103 102 117 96 110 117 129 128 128 138 154 155 Auto tires .40 134 120 115 112 113 131 105 118 122 131 131 132 149 167 171 Truck and bus tires .30 107 103 98 91 88 99 85 99 109 125 124 122 124 137 133 Miscellaneous rubber products. .77 147 136 128 125 121 127 108 142 156 156 160 146 161 161 163 Leather and products... 1.73 104 102 107 95 92 99 92 108 105 109 108 102 110 120 Leather .44 89 84 82 79 81 84 68 85 83 91 93 85 90 94 Cattlehide leathers. .29 98 91 89 85 88 90 72 94 92 101 102 94 97 102 Skin leathers .15 72 68 69 65 68 70 61 65 65 72 74 69 75 78 Shoes and slippers1 .90 Miscellaneous leather products. .39 94 94 90 82 82 90 92 100 100 105 107 104 Paper and Printing. 8.93 148 147 146 146 144 146 137 148 152 160 155 145 150 156 159 Paper and allied products 3.46 158 160 155 156 153 159 145 168 169 181 170 153 166 111 176 Pulp and paper 1.76 154 154 152 152 147 153 137 159 159 171 164 148 161 171 170 Wood pulp .51 176 176 173 171 166 171 156 179 180 199 188 168 187 194 195 Paper and board 1.25 145 145 144 145 139 146 129 151 150 160 154 140 150 162 160 Printing paper .22 133 133 131 137 134 138 121 136 131 138 132 127 138 "142 145 Fine paper .14 139 142 148 145 138 146 116 143 145 151 152 145 145 160 161 Coarse paper .20 127 125 123 124 113 120 109 129 129 142 139 120 129 140 135 Miscellaneous paper .18 179 178 176 184 170 175 158 176 174 195 186 175 193 200 194 Paperboard .41 153 154 151 146 145 154 136 163 164 173 166 146 157 173 170 Building paper and board. .10 124 129 115 126 131 133 130 141 145 145 128 115 124 137 143 Converted paper products., 1.70 163 166 158 160 159 165 154 177 179 192 176 158 171 183 182 Shipping containers .51 157 157 148 146 151 156 146 173 175 184 168 148 160 172 175 Sanitary paper products. .11 179 191 185 201 183 191 176 185 188 213 199 187 203 213 202 1 Preliminary. ' Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average^ 100] Industry 19 p 4 r 7 o - - 49 A av n e n r u ag a e l 1958 1959 portion 1957 P1958 Mar Apr. May June July Aug. Sept Oct. Nov Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued 5.47 141 139 140 140 139 137 132 136 142 147 146 140 139 142 148 1.85 131 126 129 131 132 125 110 115 128 141 142 119 119 127 136 Job printing and periodicals 3.62 146 146 147 145 143 143 143 147 149 149 149 151 150 150 154 Chemical and Petroleum Products 9.34 172 170 165 165 164 165 163 170 174 179 180 181 184 r187 189 Chemicals and allied products 6.84 184 184 179 180 177 177 174 182 187 195 195 195 198 '202 204 Industrial chemicals 2 54 203 195 188 186 184 184 183 190 202 211 214 217 218 226 Basic inorganic chemicals .57 202 198 202 202 193 185 179 182 196 210 219 210 209 223 1.97 204 195 183 181 181 183 184 193 204 212 213 219 r221 ••227 229 Plastics materials . .24 272 284 263 262 261 266 244 276 316 336 328 320 r332 351 Synthetic rubber .11 245 230 216 196 197 197 199 225 242 260 273 262 280 292 287 .59 199 180 164 159 160 164 174 178 189 199 200 215 ^218 Miscellaneous organic chemicals.... 1.03 186 179 173 174 172 174 175 178 183 185 187 192 195 196 199 Vegetable and animal oils .64 130 131 126 124 117 110 108 117 117 162 159 149 157 157 146 Vegetable oils .48 121 124 122 118 110 99 98 107 108 161 155 148 156 152 144 .16 154 149 135 139 138 145 138 148 146 164 171 151 161 174 155 SoaD and allied r>roducts 71 112 109 108 101 97 106 88 122 126 120 114 104 117 120 Paints .66 121 116 111 111 112 118 119 120 119 117 118 119 116 117 118 Fertilizers .23 132 132 161 189 174 118 102 106 118 126 115 119 134 142 174 Petroleum and coal products 2.50 141 134 125 124 127 131 133 140 138 137 140 144 146 145 1.97 150 145 137 134 136 141 146 149 148 147 151 159 160 157 Gasoline 1.04 162 161 149 148 152 162 167 170 166 160 168 173 170 162 Automotive gasoline .98 157 156 145 144 149 157 162 163 159 154 161 167 165 156 Aviation gasoline .06 249 251 212 223 202 237 255 293 297 275 286 275 257 268 .56 147 136 132 125 128 126 131 133 138 140 140 153 163 165 Distillate fuel oil .30 194 183 175 166 173 171 175 181 189 193 192 207 226 229 Residual fuel oil .26 93 81 83 78 75 75 80 79 80 79 80 90 91 92 Kerosene .10 98 99 110 89 74 76 74 87 93 103 115 123 137 137 Lubricating oil .17 113 103 95 100 103 104 105 109 102 108 106 112 104 104 Coke .26 105 76 72 66 65 68 66 72 78 85 90 92 94 102 107 Asphalt roofing and siding .15 94 103 77 107 132 137 115 165 130 121 92 49 58 80 Foodsy Beverages9 and Tobacco.. . 11.51 112 115 104 106 110 119 118 127 130 129 120 110 108 mi 111 Food and beverage manufactures 10.73 112 115 104 105 110 119 119 126 131 129 120 110 107 109 109 Fo M od e a m t a p n r u o f d a u c c tu ts res 8 1 . . 4 4 9 8 1 1 2 1 8 2 1 1 2 1 5 5 1 12 0 0 2 1 12 0 3 4 1 11 0 5 6 1 1 2 1 1 4 1 11 1 5 6 1 1 2 2 7 0 1 1 3 3 4 0 1 1 3 3 8 0 1 12 3 1 4 1 1 3 1 3 2 1 1 3 1 9 0 1 1 4 1 0 0 1 1 0 3 8 3 Beef. .46 148 139 129 131 133 144 141 141 147 150 134 134 141 132 132 Pork .83 110 111 109 111 99 102 94 101 113 123 126 126 130 136 127 Dairy products .69 111 110 106 119 137 146 133 121 103 93 89 87 92 100 109 Butter .14 109 105 120 118 134 137 111 91 79 80 88 92 103 106 110 Natural cheese .07 119 121 119 135 157 165 138 119 109 104 101 103 102 108 119 Concentrated milk .19 102 99 99 116 143 142 117 95 84 77 70 76 83 88 99 .28 111 112 96 111 122 142 149 149 122 104 94 84 87 99 109 Canned and frozen foods 1.13 126 134 82 91 98 122 163 236 242 175 125 105 92 93 98 Grain-mill products 1.16 100 104 101 98 99 106 105 109 110 109 104 101 105 102 102 Wheat flour .46 87 90 93 84 84 87 85 92 93 97 97 88 94 90 89 Cereals and feeds .70 108 112 107 106 109 118 118 120 121 117 110 109 113 111 110 Bakery products .... 1.64 100 101 98 98 100 103 104 102 102 103 101 101 98 99 98 Sugar .27 122 131 54 68 83 82 74 72 103 293 311 233 112 72 Cane sugar ... . .11 112 115 106 114 112 125 126 136 125 117 114 107 103 104 Beet sugar .13 125 138 3 23 53 41 23 11 79 439 476 336 114 40 Confectionery .71 112 113 109 104 92 95 86 103 154 140 134 96 121 128 103 Miscellaneous food preparations 1.41 108 115 108 108 114 119 119 120 119 118 118 116 113 116 117 2.24 113 116 110 110 122 138 128 122 119 124 113 104 95 105 Bottled soft drinks .54 1.70 103 107 106 101 112 125 107 104 108 124 111 94 91 100 1.02 101 103 102 102 116 136 127 107 99 90 85 90 85 88 Liquor distilling .17 83 91 94 85 74 58 33 47 116 172 125 109 104 107 Liquor bottling .37 111 115 113 99 114 124 91 116 118 166 154 92 92 116 Tobacco manufactures .78 111 118 112 112 118 125 109 130 125 130 128 103 121 130 Cigarettes .46 116 124 117 119 126 134 119 138 129 132 128 108 123 127 Cigars .17 106 114 109 104 109 113 92 122 124 137 140 102 129 150 Preliminary. r Revised. For other see notes end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 539 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 1958 1959 1947-49 average Industry proportion 1957 *>1958 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 128 117 Ill 109 109 115 110 120 123 124 123 124 '124 123 MINERALS—TOTAL Mineral Fuels 8.35 128 117 112 109 108 113 108 119 122 122 124 127 r127 r126 123 Coal 2 68 83 68 67 60 61 72 46 70 73 75 75 16 73 68 .36 49 42 36 36 37 47 30 42 47 43 40 50 50 39 34 Bituminous coal 2.32 88 72 71 64 65 75 48 75 77 80 81 80 76 '79 73 Crude oil and natural gas 5.67 150 140 134 132 130 133 137 142 145 144 147 150 152 150 Oil and gas extraction 4.82 146 138 132 131 129 130 134 141 144 143 144 148 150 150 #149 4.12 138 129 120 121 119 122 126 133 136 134 134 137 138 138 ^138 Natural gas and gas liquids .70 198 196 204 193 182 182 184 186 190 P194 *>206 *>213 P221 Natural gas .34 212 230 213 197 198 197 195 201 Natural gas liquids .36 184 179 180 173 168 167 173 178 179 181 188 193 192 200 Oil and gas well drilling 171 152 143 136 140 150 151 149 150 154 159 165 163 152 146 .85 Metal, Stone, and Earth Minerals 129 117 103 108 115 125 121 124 132 131 121 110 108 mi 114 1.63 116 91 79 81 86 100 91 96 107 107 93 81 86 '91 90 Iron ore.... .. . ..3832 114 73 39 39 69 108 109 110 118 107 53 38 43 52 Nonferrous metal mining .49 117 103 106 109 98 94 78 86 101 107 119 110 114 '118 118 .24 133 121 129 125 112 105 88 100 123 132 145 135 139 '141 146 Lead mining .09 85 68 56 78 71 72 62 59 59 62 73 64 69 71 65 Zinc mining .06 84 65 69 77 67 67 54 57 59 61 65 60 66 '75 70 Stone and earth minerals .81 142 143 128 136 144 150 151 153 158 156 151 139 131 130 139 * Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, i Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-71. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953, group in addition to the groups shown. Certain types of combat materiel pp. 1247-93 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] 1947-49 A av n e n ra u g a e l 1958 1959 Industry proportion 1957 1958 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. ELECTRICITY AND GAS—TOTAL 100 00 233 243 239 236 237 241 242 245 248 250 249 252 ,257 ^258 ,260 Residen tial 41.34 261 282 282 279 278 282 281 285 288 289 285 286 Nonresidential . . 58.66 213 215 208 205 208 213 214 217 220 223 224 228 Electricitv 76.18 233 243 238 235 237 242 242 247 250 251 248 252 257 257 ^260 Residential 27 48 273 295 295 291 290 296 294 300 304 305 298 300 313 310 Industrial 23.68 213 208 198 197 199 203 206 210 216 217 216 221 220 224 General industrial . . ... 23 49 193 189 179 178 180 184 187 192 197 198 198 202 202 206 Atomic energy .19 2670 2570 2610 2590 2590 2580 2570 2550 2550 2560 2550 2540 2560 2590 Commercial and other . . ... 25.02 208 219 214 209 214 220 220 224 224 224 224 228 230 230 Gas 23.82 232 243 240 238 238 239 239 240 242 247 251 253 ^256 Residential . 13 86 236 256 256 255 254 255 256 257 257 257 258 258 Industrial 6.16 230 231 221 222 225 227 229 231 233 241 245 250 Commercial and other 3.80 218 215 214 206 203 199 196 196 201 222 236 238 v Preliminary. r Revised. Indexes without seasonal adjustment may be obtained from the Division NOTE.—For description and back figures see BULLETIN for October of Research and Statistics. 1956, pp. 1055-69. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] 1947_49 A av n e n ra u g a e l 1958 1959 pro- Product portion 1957 1958 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL 100.00 130 113 104 97 105 111 114 115 103 108 133 134 133 133 135 Major Durables 69.72 138 114 103 94 104 111 116 116 99 105 142 143 140 139 141 Autos 32.10 146 101 92 81 96 99 99 95 56 67 139 143 139 130 142 36.13 132 127 114 107 113 123 133 137 138 141 148 144 143 148 142 Furniture and floor coverings . .. 15.32 114 115 106 104 106 109 116 117 120 124 127 127 132 133 134 Household furniture 11.31 120 122 113 111 114 116 121 126 129 130 133 134 140 140 141 4.01 Aooliances and heaters 15.60 127 127 115 102 112 125 129 132 137 148 159 156 140 150 Major appliances . 11.88 133 131 118 101 113 128 133 139 144 157 168 161 141 155 145 2.60 89 88 80 82 79 79 81 77 84 98 114 118 99 103 101 Refrigeration aoDliances 4.98 140 140 122 106 121 140 145 152 155 173 184 180 150 177 164 Laundrv arjDliances 2.51 180 170 159 116 140 157 174 185 202 208 215 187 188 186 169 Heating apparatus 3.72 104 115 107 105 110 116 115 112 113 123 131 138 137 134 Radio and television sets 5.21 205 166 133 131 138 155 191 207 197 166 174 162 187 190 166 Radio sets 3.42 75 61 44 46 42 51 64 75 86 65 75 65 73 72 67 Television sets . 1.79 453 365 302 293 320 355 435 459 408 359 363 346 406 415 355 Other Consumer Durables 30.28 111 110 108 106 105 111 111 112 113 114 113 114 118 119 121 Auto parts and tires 14.00 Misc. home and personal goods 16.28 114 109 105 103 104 106 110 114 114 114 113 114 114 117 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 130 113 111 101 103 109 100 100 103 116 143 137 136 140 144 M«ior Durables 69.72 138 114 114 100 103 109 97 94 96 113 155 147 145 150 156 32.10 146 101 106 89 99 100 87 53 37 71 160 161 154 149 163 Minor household eoods 36.13 132 127 122 110 108 119 108 130 150 151 153 138 140 154 153 Furniture and floor coverings 15.32 114 115 108 104 101 105 105 118 126 131 130 130 130 135 136 Household furniture 11.31 120 122 113 108 108 113 115 127 134 138 137 138 137 140 141 4.01 Appliances and heaters 15.60 127 127 131 112 115 132 109 114 150 147 156 137 131 158 Major appliances 11.88 133 131 140 116 118 135 111 110 150 148 162 146 137 169 173 Ranges 2.60 89 88 93 86 75 84 62 68 92 102 114 108 96 115 117 Refrigeration aDDliances 4.98 140 140 152 135 139 165 134 111 149 138 156 153 145 187 205 Laundrv aooliances . .. 2.51 180 170 175 120 133 141 124 155 228 229 241 189 183 212 186 Heating aooaratus 3.72 104 115 103 101 106 123 102 128 149 145 136 108 112 121 Radio and television sets 5.21 205 166 139 125 112 122 114 214 222 221 212 163 193 199 173 Radio sets 3.42 75 61 47 44 41 39 40 64 80 82 99 79 73 73 70 Television sets 1.79 453 365 314 279 246 281 257 500 493 485 429 322 422 440 369 Other Consumer Durables 30.28 111 110 105 103 102 108 107 115 119 123 117 113 115 117 117 14 00 Misc home and oersona.1 Roods 16.28 114 109 104 100 100 103 103 112 118 123 122 114 109 114 115 ^ 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 obtained from the Division of Research and Statistics. NOTE.—For a description of these indexes, see BULLETIN for May 1954, pp. 438-47. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Private Public Business Other Year or month Total Total d R en e t s i i a - l Total In tr d i u al s- m C e o rc m ia - l P u u ti b li l t i y c n d r t e o e i s a n n i l - - - Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r 1950 29,955 22,954 14,100 5,680 1,062 1,288 3,330 3.174 7,001 177 2,272 942 3,610 1951 32,739 23,320 12,529 7,217 2,117 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 I 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 ,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 ,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 .235 5,350 1,004 7,444 1958 Apr . . . 3,881 2,699 1,351 984 222 294 468 364 1 182 88 414 83 597 M^ay 3,879 2,696 1,348 978 210 302 466 370 1,183 90 410 81 602 June 3 929 2,725 1,386 965 195 311 459 374 1 204 86 426 85 607 July 3,981 2,760 1,434 948 187 308 453 378 1,221 94 424 84 619 Aug 4,041 2,799 1,496 926 179 294 453 377 1,242 102 432 88 620 Sent 4,119 2,847 1,540 923 172 291 460 384 1,272 112 436 86 638 Oct 4,279 2,944 1,623 932 172 296 464 389 1,335 118 470 88 659 Nov 4,378 3,015 1,682 941 175 302 464 392 1,363 120 505 87 651 Dec 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 P 4,537 3,120 1,817 930 167 287 476 373 1,417 129 552 86 650 Marp .... 4 544 3,106 1,811 925 164 293 468 370 1 438 no 557 87 664 Apr.? 4.495 3,095 1.803 925 159 305 461 367 1,400 130 531 88 651 v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 541 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 rc m i - al E ti d o u n c a a l - Other u p t u il b it l i i e c s 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 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 ,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 ,451 142 356 280 301 937 Sept 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 1,206 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 1,073 139 198 177 190 530 Mar . ... ... 3 340 I 541 128 286 217 283 886 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 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 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 - 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 Mar 2,721 145 291 111 208 218 291 348 122 93 167 191 537 1959—Jan 2,319 87 276 92 159 214 268 C247 106 c49 133 201 487 Feb 2,307 100 253 86 143 198 311 231 124 60 137 203 462 Mar 3,340 125 342 164 248 231 516 372 209 103 204 209 615 c Corrected. 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-underwritten1 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 a o r l e it a a s n Total fam 1- ily fam 2- ily f M am u i l l t y i- Public Total FHA VA 1951 1,091 111 315 1,020 892 40 88 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 463 192 271 1957 1,042 700 342 993 840 33 120 49 313 185 128 1958 . 1,209 827 382 1,142 933 39 173 68 429 327 102 1958—Apr 983 99 67 32 94 77 4 14 5 29 24 5 May 1 039 109 74 35 101 84 4 14 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 \\ 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 1,364 87 62 25 84 64 3 17 3 29 22 Feb ^1,320 P89 62 28 *88 n.a. n.a. n.a. n 28 '22 Mar ^1,390 ^120 81 39 n\i n.a. n.a. n.a. 41 31 10 Apr . . ^1,390 ^137 96 41 ^133 n.a. n.a. n.a. H 46 35 v Preliminary. r Revised. n.a. Not available. sure or guarantee the mortgages. VA figures after June 1950 and all FHA 1 Data from Federal Housing Administration and Veterans'Administra- figures are based on filed office reports of first compliance inspections; 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

542 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 i T ns o t t i a tu l t n io o n n a l T la o b t o a r l Employed1 Not in the Une m m e p n l t oypopulation force Total Total In c n u o lt n u a ra g l ri- In U pl n o e y m ed - labor force (per r a c t e e nt)2 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—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 Aug . . 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 Dec 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 Apr 123,059 71,210 68,639 65,012 59,163 5,848 3,627 51.849 5.3 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 n o st n r t u r c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 777 2,759 4,062 10,846 2,219 5,916 6,914 1956 51,766 16,903 807 2,929 4,161 11,221 2,308 6,160 7,277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 1958 50,543 15,468 721 2,648 3,903 11,141 2,374 6,395 7,893 SEASONALLY ADJUSTED 1958—Apr 50,054 15,243 723 2,624 3,890 11,050 2,356 6,352 7,816 May 50,147 15,202 718 2,698 3,877 11,087 2,370 6,360 7,835 June 50,315 15,275 713 2,698 3,888 11,105 2,367 6,392 7,877 July 50,411 15,312 709 2,693 3,877 11,121 2,363 6,433 7,903 Aug 50,570 15,330 701 2,711 3,867 11,175 2,377 6,420 7,989 Sept 50,780 15,529 707 2,698 3,858 11,151 2,392 6,440 8,005 Oct 50,582 15,358 708 2,698 3,887 11,154 2,392 6,399 7,986 Nov 50,877 15,693 708 2,690 3,875 11,119 2,386 6,426 7,980 Dec 50,844 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 51,117 15,819 693 2,549 3,880 11,279 2,395 6,462 8,040 Mar 51,394 15,998 686 2,677 3,885 11,248 2,398 6,442 8,060 Apr 51,763 16,137 698 2,773 3,884 11,294 2,404 6,472 8,101 WITHOUT SEASONAL ADJUSTMENT 1958—Apr 49,726 15,104 716 2,493 3,883 10,940 2,356 6,384 7,850 May 49,949 15,023 711 2,685 3,874 10,961 2,370 6,455 7,870 June 50,413 15,206 717 2,806 3,904 11,035 2,391 6,488 7,866 July 50,178 15,161 705 2,882 3,907 10,984 2,410 6,465 7,664 Aug 50,576 15,462 708 2,955 3,897 11,011 2,413 6,452 7,678 Sept 51,237 15,755 711 2,927 3,886 11,151 2,392 6,472 7,943 Oct 51,136 15,536 708 2,887 3,897 11,225 2,380 6,463 8,040 Nov 51,432 15,795 712 2,784 3,885 11,382 2,374 6,426 8,074 Dec 51,935 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 50,315 15,771 693 2,256 3,835 10,990 2,371 6,333 8,066 Mar 50,851 15,961 686 2,409 3,865 11,069 2,386 6,378 8,097 Apr , 51,338 15,991 691 2,634 3,877 11,099 2,404 6,504 8,138 NOTE.—Data include all full- and part-time employees who worked family workers, and members of the armed forces are excluded. Figures during, or received pay for, the pay period ending nearest the 15th of the for March and April 1959 are preliminary. Back data may be obtained month. Proprietors, self-employed persons, domestic servants, unpaid from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 543 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 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Total 11,438 11,979 12,146 12,267 11,310 11,937 12,114 12,130 Durable goods 6,338 6,783 6,911 6,993 6,337 6,794 6,934 6,990 Ordnance and accessories 69 72 74 73 69 72 74 73 Lumber and wood products 533 562 567 572 520 537 550 558 Furniture and fixtures , 284 309 312 317 283 315 315 315 Stone, clay, and glass products 402 419 435 441 402 413 433 441 Primary metal industries 849 974 1,009 1,039 849 979 1,014 1,039 Fabricated metal products , 766 809 822 842 766 817 830 842 Machinery except electrical 1,045 1,074 1,095 1,103 1,061 1,090 1,111 1,120 Electrical machinery 729 788 793 802 729 796 801 802 Transportation equipment 1,103 1,203 1,224 1,219 1,103 1,203 1,224 1,219 Instruments and related products 203 213 214 214 204 213 216 215 Miscellaneous manufacturing industries. 355 360 366 371 351 360 368 367 Nondurable goods 5,100 5,196 5,235 5,274 4,973 5,143 5,180 5,140 Food and kindred products 1,034 1,043 1,050 1,049 949 943 947 958 Tobacco manufactures 81 80 81 80 70 76 72 69 Textile-mill products 837 851 858 870 837 860 867 870 Apparel and other finished textiles 1,007 1,042 1,049 1,070 987 1,078 1,086 1,049 Paper and allied products 438 442 444 448 434 440 442 444 Printing, publishing and allied industries 548 548 551 555 545 545 551 552 Chemicals and allied products 514 515 520 529 519 518 528 534 Products of petroleum and coal 159 152 157 157 157 150 155 155 Rubber products 179 198 202 189 176 199 202 186 Leather and leather products 303 325 323 327 300 333 331 324 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 March and April 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 earning (dollars per week) (per week) (dollars per hour) Industry group 1958 1959 1958 1959 1958 1959 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Total 80.81 88.00 89.24 89.87 38.3 40.0 40.2 40.3 2.11 2.20 2.22 2.23 Durable goods 87.30 95.11 97.10 97.99 38.8 40.3 40.8 41.0 2.25 2.36 2.38 2.39 Ordnance and accessories 100.12 103.57 104.74 103.98 40.7 41.1 41.4 41.1 2.46 2.52 2.53 2.53 Lumber and wood products 71.39 74.26 77.55 78.74 38.8 39.5 40.6 40.8 1.84 1.88 1.91 1.93 Furniture and fixtures 67.26 72.32 73.31 72.58 38.0 40.4 40.5 40.1 1.77 1.79 1.81 1.81 Stone, clay, and glass products 81.51 87.67 90.61 91.91 39.0 40.4 41.0 41.4 2.09 2.17 2.21 2.22 Primary metal industries 95.20 112.72 114.93 116.31 36.9 40.4 40.9 41.1 2.58 2.79 2.81 2.83 Fabricated metal products 87.14 94.13 95.65 96.76 38.9 40.4 40.7 41.0 2.24 2.33 2.35 2.36 Machinery except electrical 92.75 100.61 102.01 102.67 39.3 40.9 41.3 41.4 2.36 2.46 2.47 2.48 Electrical machinery 83.46 88.84 89.06 89.47 39.0 40.2 40.3 40.3 2.14 2.21 2.21 2.22 Transportation equipment 97.07 105.59 107.04 109.30 39.3 40.3 40.7 41.4 2.47 2.62 2.63 2.64 Instruments and related products 85.72 91.13 91.30 91.76 39.5 40.5 40.4 40.6 2.17 2.25 2.26 2.26 Miscellaneous manufacturing industries .. 72.15 75.39 75.60 76.97 39.0 40.1 40.0 40.3 1.85 1.88 1.89 1.91 Nondurable goods 73.14 78.01 78.61 78.61 37.7 39.4 39.5 39.5 1.94 1.98 1.99 .99 Food and kindred products 79.80 83.60 84.42 84.23 39.7 40.0 40.2 40.3 2.01 2.09 2.10 .09 Tobacco manufactures 62.70 63.53 64.39 66.22 38.0 38.5 38.1 38.5 1.65 1.65 1.69 .72 Textile-mill products 54.90 61.66 63.43 63.43 36.6 40.3 40.4 40.4 1.50 1.53 1.57 .57 Apparel and other finished textiles 51.75 56.15 55.69 55.63 34.5 36.7 36.4 36.6 1.50 1.53 1.53 .52 Paper and allied products 85.69 92.01 92.66 92.66 41.0 42.4 42.7 42.7 2.09 2.17 2.17 2.17 Printing, publishing and allied industries.. 96.14 100.44 102.26 101.73 37.7 37.9 38.3 38.1 2.55 2.65 2.67 2.67 Chemicals and allied products 92.39 97.64 97.23 97.06 40.7 41.2 41.2 41.3 2.27 2.37 2.36 2.35 Products of petroleum and coal 110.97 114.86 117.96 118.24 40.5 40.3 41.1 41.2 2.74 2.85 2.87 2.87 Rubber products 85.88 101.09 103.32 104.06 37.5 41.6 42.0 42.3 2.29 2.43 2.46 2.46 Leather and leather products 53.54 62.08 60.80 59.09 34.1 38.8 38.0 36.7 1.57 1.60 1.60 1.61 NOTE.—Data are for production and related workers. Figures for March and April 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

544 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district Year or month United States Phil- San Boston Y N o e r w k a p d h e i l a - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c r is a c 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 Mar 131 114 127 126 119 138 160 123 134 132 144 154 137 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 140 120 127 134 133 159 168 129 141 133 154 162 155 Mar »139 116 123 129 128 146 130 P144 141 ^155 166 155 WITHOUT SEASONAL ADJUSTMENT 1958 Mar 116 100 113 118 108 126 152 107 117 109 121 137 115 Apr 123 109 114 125 113 136 153 112 123 117 131 143 130 May . 130 117 120 128 120 144 158 122 137 121 145 159 135 June 126 115 120 121 115 135 153 117 124 119 136 147 135 July 112 93 97 103 107 123 144 103 114 103 130 144 124 Aug • . • 129 107 105 115 124 139 165 121 136 130 152 160 144 Sept 137 127 129 135 129 151 160 129 143 135 149 156 140 Oct 141 127 135 143 129 158 173 129 144 142 149 165 142 Nov 166 149 160 179 154 186 197 154 161 150 173 190 173 Dec 251 240 235 251 244 286 305 228 250 227 260 277 262 1959 Jan 106 94 104 101 96 113 135 94 105 93 112 133 119 Feb 107 90 100 101 103 114 138 r96 109 99 112 126 119 M^ar ... 103 112 124 117 138 114 118 ^133 151 131 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 Mar 143 129 133 149 126 164 193 131 140 132 147 161 150 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 AUK 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 152 137 141 155 139 177 200 141 144 136 159 168 160 Feb . ... 150 139 138 153 127 172 198 141 138 142 155 168 161 Mar 137 153 127 171 138 138 139 WITHOUT SEASONAL ADJUSTMENT 1958 Mar 147 131 137 153 130 174 202 132 146 136 153 169 151 Apr . . . 149 136 139 160 130 175 200 139 149 132 153 169 154 May 146 135 136 155 131 170 193 137 140 132 148 163 151 June 140 126 127 146 120 160 182 134 134 128 146 156 150 July 139 126 122 137 121 156 179 136 135 129 142 155 150 AUK .... 144 133 132 147 123 167 188 138 141 134 151 163 153 Sept 157 147 144 163 137 181 206 151 143 148 159 174 164 Oct 170 161 160 181 147 201 221 160 153 156 173 187 178 Nov . 173 166 161 183 147 205 234 163 153 159 184 190 180 Dec 136 130 130 141 117 157 178 123 121 127 144 152 148 1959—Jan 136 124 126 137 123 158 182 129 128 126 143 148 144 Feb 143 131 130 147 122 166 196 133 134 136 148 163 151 Mar ^138 141 158 131 182 139 143 143 156 P164 37 Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginning 1 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 545 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t a o f o o l n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) i o m ( s e r O t o n d a d u n e n r t t d - s h o - ) f 1 m c ( e t o R i o p n e t t t - a s h l 2 ) o m ( r N t o d f o o e n e t r w t a r h s l ) 3 Stocks o s O t r a d u n e t d r - s - S s o t p o r t i a o d l n u n u c e g t d s k - rs - s ce R i e p - ts Annual average: 1950 376 1,012 495 391 401 2.8 1.4 4.2 1.1 1951 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4.0 1.0 1955 437 1,195 446 444 449 2.9 1.1 4.0 1.0 1956 454 1,286 470 459 458 3.0 1.1 4.1 1.0 1957 459 1,338 461 461 458 3.1 1.1 4.1 1.0 1958 462 1,320 436 461 463 3.0 1.0 4.1 1.0 Month: 1958—Mar.. '415 '1,321 '358 '475 '435 '3.2 4.0 1.1 Apr... 416 1,344 310 461 421 3.2 0.7 4.0 1.1 May.. 441 1,308 319 405 414 3.0 0.7 3.7 0.9 June.. 402 1,230 481 324 486 3.1 1.2 4.3 0.8 July.. 366 1,216 563 352 434 3.3 1.5 4.9 1.0 Aug.. 420 1,276 534 480 451 3.0 1.3 4.3 1.1 Sept.. 451 1,395 553 570 589 3.1 1.2 4.3 1.3 Oct.. 502 1,516 545 623 615 3.0 1.1 4.1 1.2 Nov.. 538 1,567 462 589 506 2.9 0.9 3.8 1.1 Dec... 911 1,231 332 575 445 1.4 0.4 1.7 0.6 1959—Jan. . 379 1,217 412 365 445 3.2 1.1 4.3 1.0 Feb... 342 1,278 449 403 ! 440 3.7 1.3 5.0 1.2 Mar." 434 1,359 423 515 489 3.1 1.0 4.1 1.2 * Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United * 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 BULdepartment store sales. LETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exportsl Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1957 1958 1959 1957 1958 1959 1957 1958 1959 Jan . 1 681 J 505 1 400 1 S84 I 396 1,286 1 115 1,096 1,154 Feb 1,616 1,345 1,280 ,495 1,245 1,184 993 956 1,118 Mar 2,154 1,553 1,456 2,024 1,438 1,375 1,133 1,072 1,301 Apr I 866 I 530 783 I 408 1 119 1 057 May 1,817 I 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 ,287 1,148 1,049 Aug . . 1,681 1,396 1,540 1,283 1,043 950 Sept 1,544 [,361 ,441 1,239 1,007 1,074 Oct 1,680 I 599 -606 418 1,148 1,142 Nov ,688 1,596 1,601 [,408 1,043 1,089 Dec .636 514 1 -541 379 1,142 1,253 Jan.-Mar 5,451 4,403 4,136 5,103 4,079 3,845 3,241 3,124 3,573 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-ai d 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

546 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a d c s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s 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 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 May 123.6 121.6 127.8 137.5 116.5 131.6 104.0 130.9 106.7 138.7 143.7 128.5 116.6 127.2 June 123.7 121.6 127.8 137.7 116.9 131.7 104.1 131.1 106.7 138.9 143.9 128.6 116.7 127.2 July 123.9 121.7 127.7 137.8 117.0 132.3 104.0 131.2 106.7 140.3 144.6 128.9 116.6 127.2 Aug 123.7 120.7 127.9 138.1 117.5 133.6 103.3 132.1 106.6 141.0 145.0 128.9 116.7 127.1 Sept . .... 123.7 120.3 127.9 138.2 118.0 135.2 103.6 132.2 107.1 141.3 146.1 128.7 116.6 127.1 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 Mar 123.7 117.7 128.7 139.1 118.5 140.3 103.8 133.7 107.0 144.9 148.8 129.7 117.3 127.3 NOTE.—Revised index, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - p F u r a c o r t d m s - P f e o s r o s o e d c d s - Total p p T u a t r a a i e c n o p l r x t e d d - e s - l - l H s p e u k a a r i n c i o t d n h t d d e s s e s - , r ,p l t F o i m a e i g w n u n r h i a e g d a e t - l l r - s ,C p a i u a c h r l c n l o a e i t l e d d m s s d - - p R u a b r u n c o e b t d d r s - - L p w u a b r u o c n o e m o t d d r s d - - p p a P u a a l r u l n c o p ie l t d d e p s d r - ,M m p u a r e e n c o t t t d d a a s l - l s p c M m u a t e r h i c n o v r i o a t y n d d e - s - - - h F d o h t b a o u u t u o n l h u r r e r l n d s e a e d s e i r - - - e s N t r t m m t a u a r o l l r u i e s l n a n i c - — c - l - - b b e m o b a T a ra e t n f c o t r g v l c d - s e e - o . d s n c M e e o l i l s u a - - s 1950 103.1 97.5 99.8 105.0 99. 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95. 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 89.6 1958 Mar 119.7 110.5 110.7 125.7 94.0 99.5 112.4 110.7 144.6 115.5 130.5 149.8 149.2 123.5 135.3 128.0 94.3 Apr 119.3 97.7 111.5 125.5 93.7 99.7 111.0 111.0 144.5 115.7 130.5 148.6 149.4 123.4 135.4 128.0 97.8 May 119.5 98.5 112.9 125.3 93.5 99.9 110.3 110.8 143.8 115.9 130.5 148.6 149.4 123.2 135.7 128.0 96.2 June 119.2 95.6 113.5 125.3 93.3 100.3 110.7 110.7 144.2 116.4 130.5 148.8 149.5 123.0 135.5 128.0 93.7 July 119.2 95.0 112.7 125.6 93.3 100.3 111.9 110.4 144.7 116.8 131.0 148.8 149.5 123.2 135.3 128.0 97.2 Aug 119.1 93.2 111.3 126.1 93.3 100.5 113.7 110.0 144.4 118.6 131.0 150.8 149.5 123.0 135.2 128.0 95.6 Sept 119.1 93.1 111. 126.2 93.3 100.2 114. 109.9 145.2 120.4 131.7 151.3 149.4 123.0 136.7 128.0 192.5 Oct 119.0 92.3 110.0 126.4 93. 101.4 113.0 110.2 146.1 120.8 131.9 152.2 149.9 123.0 136.7 128.8 91.2 Nov 119.2 92.1 109.5 126.8 93.1 102.3 112.6 110.2 146.6 120.0 131.9 153.0 151.2 122.7 136.7 128.7 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. 108.7 127.5 93. 104. 113.9 110.2 146.0 120.5 131.5 152.9 151.8 123.3 137.2 128.6 100.8 Feb.. 119.5 91. 107.6 r127.8 93. 105.4 114.8 109.9 146.1 r122.5 131.7 153.4 152.0 '123.3 137.5 128.9 98.5 Mar.. 119.6 90.9 107.2 128.1 93.8 108.5 115.0 109.8 146.7 124. 132.0 153.7 152. 123.4 137.7 132.1 97.0 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 547 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1958 1959 1958 1959 Subgroup Subgroup Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Farm Products: Pulp, Paper, and Allied Products (Co/if.): Fresh and dried produce 142.5 102.5 105.9 93.6 Grains 82.2 76.1 77.0 77.7 Paperboard 136.2 136.2 136.2 136.2 Livestock and poultry 95.8 90.3 88.4 91.1 Converted paper and paperboard 127.2 127.7 127.6 127.6 Plant and animal fibers 101.7 99.4 99.1 99.5 Building paper and board 142.5 143.9 144.2 144.2 Fluid milk 95.7 95.7 95.5 93.7 Eggs 93.6 72.5 69.3 70.5 Metals and Metal Products: Hay and seeds 79.4 76.4 78.0 78.4 Other farm products 143.4 134.5 134.8 133.8 Iron and steel 167.3 172.0 172.5 171.9 Nonferrous metals 127.0 133.2 134.1 136.3 Processed Foods: Metal containers 155.7 156.3 156.3 156.3 Hardware 168.9 172.8 172.9 173.0 Cereal and bakery products 117.8 117.5 117.7 119.0 Plumbing equipment 124.8 124.9 126.0 129.2 Meats, poultry, and fish 105.9 103.3 100.9 99.6 Heating equipment 120.7 121.8 122.0 121.9 Dairy products and ice cream 113.4 113.0 113.0 113.0 Fabricated structural metal products. 134.5 134.0 134.0 133.0 Canned, frozen fruits, and vegetables 106.8 110.8 110.6 111.1 Fabricated nonstructural metal Sugar and confectionery 113.1 115.3 113.8 112.9 products 146.7 145.3 145.8 145.9 Packaged beverage materials 168.4 154.0 149.7 148.0 Other processed foods 96.4 96.2 97.2 95.7 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 138.3 142.9 143.0 143.3 Cotton products 89.0 88.7 89.6 90.2 Construction machinery and equip- Wool products 102.8 97.4 '97.7 97.6 ment 165.4 170.9 '171.4 171.6 Synthetic textiles 81.0 79.3 79.8 80.0 Metal working machinery 170.7 170.8 171.0 172.0 Silk products 116.1 104.7 109.3 112.1 General purpose machinery and Apparel 99.3 99.3 99.3 99.3 equipment 159.2 163.0 163.9 163.8 Other textile products 73.8 76.7 78.0 76.1 Miscellaneous machinery 148.9 148.6 149.0 149.3 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 151.3 152.6 '152.5 152.6 Motor vehicles 139.1 143.1 143.2 143.2 Hides and skins 51.2 68.7 73.0 87.7 Leather 91.0 99.3 101.0 103.6 Furniture and Other Household Dura- Footwear 121.9 123.2 123.3 123.6 bles: Other leather products 97.5 99.2 r101.0 103.7 Household furniture 122.8 124.1 '124.1 124.1 Fuel, Power, and Lighting Materials: Commercial furniture 154.2 155.0 155.0 155.0 Floor covering 129.4 126.1 '126.3 127.2 Coal 126.2 125.3 126.2 124.6 Household appliances 105.3 105.0 '104.8 104.8 Coke 161.9 163.1 170.4 170.4 Television, radios, phonographs 94.7 93.2 93.2 93.2 Gas fuels (Jan. 1958= 100) 101.1 112.7 112.0 113.1 Other household durable goods 155.0 155.5 156.0 156.0 Electric power (Jan. 1958= 100) 100.1 100.7 100.8 100.9 Petroleum and products 117.0 118.2 119.5 119.9 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.7 135.2 135.2 135.2 Concrete ingredients 138.7 140.2 140.2 140.2 Industrial chemicals 123.7 124.0 123.7 123.6 Concrete products 127.9 128.6 129.0 129.1 Prepared paint 128.4 128.2 128.4 128.4 Structural clay products 155.5 159.3 159.6 159.9 Paint materials 104.4 102.5 101.4 101.3 Gypsum products 133.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics... 94.0 93.0 '93.0 92.8 Prepared asphalt roofing 107.2 118.5 119.8 119.8 Fats and oils, inedible 64.2 59.9 58.9 60.3 Other nonmetallic minerals 131.1 131.4 131.7 132.7 Mixed fertilizers 111.3 110.2 r109.8 110.0 Fertilizer materials 110.3 107.6 107.5 107.5 Tobacco Manufactures and Bottled Other chemicals and products 106.8 106.7 106.5 106.1 Beverages: Rubber and products: Cigarettes , 134.8 134.8 134.8 134.8 Cigars 106.6 106.6 106.6 106.6 Crude rubber 131.3 138.9 139.4 142.4 Other tobacco products 139.7 139.7 148.3 150.9 Tires and tubes 152.1 151.9 151.9 151.9 Alcoholic beverages 120.1 121.7 121.7 121.7 Other rubber products 143.3 143.4 143.6 143.6 Nonalcoholic beverages 149.3 148.9 148.9 171.1 Lumber and Wood Products: Miscellaneous: ,_ , '[.A f > i" Lumber 115.9 121.0 '123.1 125.4 Toys, sporting goods, small arms 119.1 117.8 117.9 117.1 Millwork 127.6 130.2 130.2 130.2 Manufactured animal feeds 74.6 86.2 82.2 79.6 Plywood 99.7 '103.6 103.9 Notions and accessories 97.5 97.5 97.5 97.5 Jewelry, watches, photo equipment.. 107.4 108.1 108.1 108.2 Pulp, Paper, and Allied Products: Other miscellaneous 131.9 132.6 132.4 132.6 Woodpulp 121.2 121.2 121.2 121.2 Wastepaper 75.3 101.0 107.1 115.7 Paper 143.0 142.1 142.1 142.1 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters 1958 1959 1929 1933 1941 1950 1954 1955 1956 1957 1958 1 2 3 4 1 Gross national Droduct 104.4 56.0 125.8 284.6 363.1 397.5 419.2 440.3 437.7 427.1 430.4 439.8 453.0 467.0 Less • Capital consumption allowances 8.6 7.2 9.0 19.1 28.8 32.0 34.7 37.7 39.6 38.9 39.3 39.7 40.4 41.0 Indirect business tax and nontax liability .. . 7.0 7.1 11.3 23.7 30.2 32.9 35.6 37.6 38.6 38.0 38.3 38.6 39.4 40.4 Business transfer payments .6 .7 .5 .8 1.3 1.5 1.5 1.6 1.6 1.6 1.6 1.6 1.6 1.6 Statistical discrepancy .3 .9 4 — 7 .9 1.0 -.9 .7 r-1.5 — 1 5 — 1 2 -3.0 -.3 Plus: Subsidies less current surplus of government enterprises 0 1 2 — .2 .0 1.0 1.3 1.5 1 6 1 5 1 5 1 6 1 4 Eouals" National income 87.8 40.2 104.7 241.9 301.8 330.2 349.4 364.0 '360.8 351.7 353.9 364.3 373.5 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 33.7 43.1 42.9 41.9 '36.4 31.3 32.5 38.0 44.0 Contributions for social insurance .2 .3 2.8 6.9 9.7 11.0 12.3 14.2 14.4 14.2 14.2 14.7 14.6 16^4 Excess of wage accruals over disbursements .. .0 .0 .0 .0 .0 .0 .0 .0 .0 .8 .8 -1.5 .0 .0 Plus* Government transfer payments .9 1.5 2.6 14.3 15.0 16.0 17.1 19.9 24.3 22.5 24.6 25.2 24.9 24.3 Net interest paid by government 1.0 1.2 1.3 4.8 5.4 5.4 5.7 6.2 6.2 6.3 6.2 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 12.5 12.4 12.5 11.8 12.5 Business transfer payments .6 .7 .5 .8 1.3 1.5 1.5 1.6 1.6 1.6 1.6 1.6 1.6 1.6 85.8 47.2 96.3 228.5 289.8 310.2 330.5 347.9 354.4 348.3 351.3 358.6 359.5 365.7 Less: Personal tax and related payments.... 2.6 7.5 3.3 20.8 32.9 35.7 40.1 42.7 42.8 42.3 42.3 43.5 43.7 44.8 Federal 1.3 .5 70 18.2 29.2 31.5 35.2 37.4 37.0 36.6 36.5 37.6 37.8 38.6 State and local 1.4 1 0 1 3 2 6 3 8 4 2 4 8 5 4 5 8 5 7 5 8 5 9 6.2 Equals * Disposable personal income . 83.1 45.7 93.0 207.7 256.9 274.4 290.5 305.1 311.6 306.1 309.0 315.1 315.8 320.9 Less: Personal consumption expenditures.... 79.0 46.4 81.9 195.0 238.0 256.9 269.4 284.4 290.6 286.2 288.3 291.5 295.9 300.5 Equals: Personal saving 4.2 -.6 11.1 12.6 18.9 17.5 21.1 20.7 21.0 19.9 20.7 23.6 19.9 20.4 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1958 1959 1929 1933 1941 | 1950 1954 1955 1956 1957 1958 National income.. 87.8 40.2 104.7 241.9 301.8 330.2 349.4 364.0 360.8 351.7 353.9 364.3 373.5 Compensation of employees 51.1 29.5 64.8 154.2 207.6 223.9 241.8 254.6 253.8 250.9 250.7 255.3 258.4 265.5 Wages and salariesl 50.4 29.0 62.1 146.4 196.3 210.9 227.3 238.1 237.1 234.4 234.2 238.4 241.3 247.3 Private 45.5 23.9 51.9 124.1 161.9 174.9 189.3 198.0 194.3 192.7 191.8 195.0 197.6 203.1 Military .3 .3 1.9 5.0 10.0 9.8 9.7 9.6 9.8 9.4 9.6 10.0 10.0 9.9 Government civilian 4.6 4.9 8.3 17.3 24.4 26.2 28.4 30.5 33.1 32.3 32.8 33.4 33.7 34.3 Supplements to wages and salaries. .7 .5 2.7 7.8 11.3 13.0 14.5 16.5 16.7 16.5 16.4 16.9 17.1 18.2 Proprietors' and rental income2. 20.2 7.6 20.9 46.6 51.3 52.8 53.3 54.8 57.4 56.4 57.7 57.7 57.9 58.3 Business and professional 8.8 3.2 10.9 23.5 27.8 30.4 30.8 31.4 31.0 30.6 30.7 31.1 31.8 32.4 Farm 6.0 2.4 6.5 14.0 12.7 11 11.6 11.6 14.2 13.7 14.9 14.4 13.7 13.4 Rental income of persons 5.4 2.0 3.5 9.0 10.9 10.7 10.9 11.8 12.2 12.1 12. 12.2 12.3 12.5 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 33.7 43.1 42.9 41.9 '36.4 31.3 32.5 38.0 44.0 Corporate profits before tax 9.6 .2 17.0 40.6 34.1 44.9 45.5 43.4 r36.7 31.7 32.0 37.9 45.2 Corporate profits tax liability 1.4 .5 7.6 17.9 17.2 21.8 22.4 21.6 r18.7 16.1 16.3 23.0 Corporate profits after tax 8.3 -.4 9.4 22.8 16.8 23.0 23.1 21.8 r18.0 15.5 15.7 22.2 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.3 -1.7 -2.6 -1.5 -.2 -.3 .5 -1.2 Net interest 6.4j 5.0 4.5j 5.5 9.1 10.4 11.3 12.6 13.2 13.0 13.1 13.2 13.3 13.6 r Revised. 2 Includes noncorporate inventory valuation adjustment. 1 Includes employee contributions to social insurance funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 549 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters 1958 1959 1929 1933 1941 1950 1954 1955 1956 1957 1958 1 2 3 4 1 Gross national product 104.4 56.0 125.8 284.6 363.1 397.5 419.2 440.3 437.7 427.1 430.4 439.8 453 0 467 0 Personal consumption expenditures 79.0 46.4 81.9 195.0 238.0 256.9 269.4 284.4 290.6 286.2 288.3 291.5 295.9 300.5 Durable goods . 9.2 3.5 9.7 30.4 32.4 39.6 38.4 39.9 36.8 36.3 35.6 36.1 38.9 40.1 Nondurable goods.... . ... 37.7 22.3 43.2 99.8 119.3 124.8 131.4 138.0 141.9 139.8 141.4 142 9 143 3 145 2 Services 32.1 20.7 29.0 64.9 86.3 92.5 99.6 106.5 111.9 110.1 111.3 112.5 113 6 115 1 16.2 1.4 18.1 50.0 48.9 63.8 68.2 65.3 54.4 50.9 50.7 54.5 61 6 70 2 New construction ^ . . 8.7 1.4 6.6 24.2 29.7 34.9 35.7 36.5 36.5 36.3 34.9 36.3 38.6 40.0 Residential nonfarm 3.6 .5 3.5 14.1 15.4 18.7 17.7 17.0 17.8 17.1 16.2 17 9 20 1 21 7 Other 5.1 1.0 3.1 10.1 14.3 16.2 18.1 19.5 18.7 19.2 18.7 18.4 18.5 18.3 Producers' durable equipment 5.9 1.6 6.9 18.9 20.8 23.1 27.0 27.9 22.6 22.9 22.3 22.3 23.0 24.5 Change in business inventories 1.7 -1.6 4.5 6.8 -1.6 5.8 5.4 1.0 -4.7 -8.2 -6.5 -4.2 .0 5.7 Nonfarm only 1 8 — 1 4 4.0 6.0 -2.1 5.5 5.9 .2 -5 8 — 9 3 — 7 8 — 5 4 — 9 5 0 Net exports of goods and services2 • 3 8 3 2 31.1 .6 1.0 1.1 2.8 4.9 1.4 1 7 1 7 1 7 4 3 Exports 2.4 6.0 13.1 17.5 19.4 23.0 26.0 22.3 21 9 22.4 22 8 22 1 21 5 Imoorts 6.3 2.3 4.8 12.5 16.5 18.3 20.2 21.0 20.9 20.2 20.8 21.2 21.7 21.8 Government purchases of goods and services 8.5 8.0 24.8 39.0 75.3 75.6 78.8 85.7 91.2 88.3 89.7 92.0 95.2 96.6 F L e e d s e s r O N • a l G t a h t o e io v r n er a n l m d e e n f . e t . n . s s . a e l 4 es 5 } 1 1 . . 3 0 3 2 2 . . 0 0 0 / \1 1 1 6 3 3 . . . 9 2 o 8 1 1 5 9 4 . . . . 3 2 1 3 4 4 7 6 1 . . . . 5 7 2 3 4 3 5 6 9 . . . . 3 6 4 1 4 4 5 5 0 . . . . 7 7 3 3 4 4 9 5 4 . . . . 4 5 3 4 5 4 7 7 4 . . 4 3 6 7 4 4 9 6 3 . .3 7 7 3 5 4 0 6 4 . . 1 3 7 9 5 4 2 8 4 .5 2 3 0 5 4 4 9 5 .3 2 2 3 5 4 4 5 O .8 3 3 o State and local 7.2 .60 7.8 19.7 27.7 30.3 33.1 36.3 39.6 38.6 39.1 39.9 41.0 42.3 1 Includes expenditures for crude petroleum and natural gas drilling. been equated, since foreign net transfers by government were negligible 2 Series revised on basis of definitional changes in two components of during the period 1929-45. the gross national product estimates; for explanation see United States In- 4 This category corresponds closely to the major national security come and Output (a supplement to the Survey of Current Business for classification in the Budget of the United States Government for the fiscal 1959) and the December 1958 issue of the Survey of Current Business. year ending June 30, 1960. 3 Net exports of goods and services and net foreign investments have 5 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Divi- Less Pro- dends personal Year or month 1 in s P c o e o n r m a - l e Total p d m i C r n u o o g s o d d t m r i u i i n t e - c y - s - D i u n i t s r t d i i t e u v r s i e s b - - S in e tr r d i v u e i s s c - e G m er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r c i e a e o n n t m t d o a r e l s 3 ' i i n n s p a c o te e n o n r r d m a e - l s e t m T p r f e e a a n r y n - t - s s - 4 b c i s a u o n o n f t n s o c i c u o t i r e r a r n i 5 - l - s i a n g N t c u r o o i r c m n a u l - e l- 6 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 1953 288.3 198.1 88.1 51.8 24.3 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—Apr 349.7 232.0 95.0 62.4 33.4 41.2 8.9 57.7 31.7 26.1 6.6 331.0 May 351.4 233.1 95.6 62.6 33.4 41.5 8.9 58.0 31.7 26.4 6.7 332.4 June 353.4 235.8 96 6 63.3 33.6 42.4 8.9 57.6 31.8 26.0 6.7 335.1 July 360.1 242.2 97.1 63.5 33.7 48.0 9.0 57.6 31.8 26.5 7.0 342.0 Aus 357.2 238.5 97.7 63.6 33.8 43.4 9.1 57.7 31.9 26.8 6.8 339.2 Sent 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 369 5 250 2 105 1 65.8 34.9 44.4 9.5 58.9 32.6 26.1 7.8 352.1 Apr p 372.7 252.9 107.3 66.0 35.1 44.5 9.6 59.0 32.8 26.2 7.9 355.2 p 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

550 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Date T u re r a y s- U. S. Government obligations n T e o t t — al Capital cur- liabil- Total and Gold s r t o e a n u n c t d - y - Total Lo n a e n t s, m C e o rc m ia - l Federal O s ri e t t c h ie u e s - r ca i a p t n i i e t d s al, c d u e r a p r n o e d s n i c t y s c m o a u i c s n - c t . s, ing Total and Reserve Other net net 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 1951—Dec. 31 22,695 4,709 181,323 67,597 97,808 71,343 23,801 2,664 15,918 208,727 193,410 15,317 1952—Dec. 31.... 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—Dec. 31 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 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—June 30.... 21,799 5,032 216,563 105,420 90,511 64,917 23,758 1,836 20,632 243,394 223,585 19,807 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—Jan. 29.... 22,800 5,200 225,600 112,500 89,900 65,200 23,400 1,300 23,100 253,500 231,800 21,800 Feb. 26.... 22,700 5,200 226,700 112,700 90,500 65,800 23,400 1,300 23,500 254,600 232,500 22,100 Mar. 26.... 22,500 5,200 230,000 113,900 91,900 67,100 23,500 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. 29.... 20,700 5,200 243,300 117,000 100,100 73,500 25,400 1,200 26,200 269,200 245,100 24,100 Nov. 26 20,600 5,200 246,200 118,200 102,000 75,000 25,800 1,200 26,000 272,000 248,200 23,800 Dec. 31.... 20,534 5,234 249,082 121,602 101,207 73,641 26,347 1,219 26,273 274,850 252,022 22,829 Details of Deposits and Currencj U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 Date p b e o n d a i s g e e n i - t n t k s, T h c i u r o n a e r l g s a y d h s s - - m s b a c a e a v o A n r n i m c n t d k i g - a s s l B F a . A n R t k . s Total Total m T b C e a i o m r n c m k e ia s - l de M s p b a o a v u n s i t i k n u t s g s a 3 2 s l S S P a y o v s i s t n e ta g m l s p m o D d a s e e i n - - t d s4 b r C s e a o i n u n u d c r k t e y - s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i c l t d d y s j p m u D o a d s a d s e e t n i - e - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29 365 204 381 36 54 790 28 611 19 557 8 905 149 22 540 3,639 1933—June 30 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14, 411 4,761 1939—Dec. 30 1,217 2,409 846 634 63 253 27 059 15 258 10,523 1,278 29 793 6,401 1941—Dec. 31 1,498 2,215 1.895 867 76,336 27,729 15,884 10,532 1,313 38, 992 9,615 1945—Dec. 31 2 141 2 287 24 60S 977 150 793 48 452 30 135 15 385 2 932 75 851 26 490 1947—Dec. 31.... 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87, 121 26,476 111,100 85,20C 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 1951—Dec. 31.... 2,279 1,270 3,615 247 185,999 61,450 37,859 20,887 2,704 98, 234 26,315 120,100 94,50C 25,600 1952—Dec. 31.... 2,501 1,270 5,259 389 194,801 65,799 40,666 22,586 2,547 101,508 27,494 124,700 97.80C 26,900 1953—Dec. 31 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359 102,451 28,091 126,800 99,50C 27,300 1955—Dec. 31.... 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 109,914 28,285 133,200 105,80C 27,400 1956—June 30 3,115 768 5,537 522 213,643 80,615 49,698 29,152 1,765 104,744 28,284 134,300 106,70C 27,600 Dec. 31.... 3,306 775 4,038 441 221,950 82,224 50,577 30,000 1,647 111,391 28,335 134,400 106,70C 27,700 1957—June 6.... 3,247 792 3,625 473 219,439 85,715 53,605 30,647 1,463 105,706 28,018 Dec. 31.... 3,270 761 4,179 481 227,681 89,126 56,139 31,662 1,325 no,254 28,301 133,200 105,10C) 28,100 1958—Jan. 29.... 3,300 800 2,400 500 224,800 89,800 56,600 31,900 1,300 107,600 27,300 132,200 104,70C) 27,500 Feb. 26.... 3,700 700 3,800 400 223,900 90,900 57,600 32,100 1,300 105,600 27,400 133,100 105,50C) 27,600 Mar. 26.... 3,900 700 5,800 600 224,500 92,500 58,800 32,400 1,300 104,600 27,400 134,000 106,40C) 27,600 Apr. 30.... 4,000 700 5,400 600 228,400 93,600 59,900 32,500 1,200 107,200 27,600 135,000 107,20C) 27,800 May 28.... 4,000 700 5,700 400 228,100 94,600 60,700 32,700 1,200 105,800 27,800 135,500 107,60C) 27,900 June 23.... 3,953 700 9,471 524 229,483 95,524 61,473 32,837 1,214 106,169 27,790 (5) (5) July 30.... 4,000 700 4,300 600 232,400 96,500 62,300 32,900 1,200 108,100 27,900 137,600 109,50C) 28,100 Aug. 27.... 3,900 700 5,800 500 232,500 97,000 62,700 33,100 1,200 107,500 28,000 137,300 109,20C) 28,100 Sept. 24.... 3,800 700 4,500 500 233,100 97,200 62,700 33,300 1,200 108,100 27,900 136,700 108,90C) 27,800 Oct. 29.... 3,800 700 3,700 500 236,400 97,500 62,900 33,400 1,200 111,000 28,000 138,100 110,20() 27,900 Nov. 26.... 3,700 700 5,900 500 237,500 96,800 62,100 33,500 1,100 111,900 28,800 138,800 110,60() 28,200 Dec. 31.... 3,870 683 4,558 358 242,553 98,306 63,166 34,006 ,134 115,507 28,740 139,400 111,30C) 28,100 1 1 Represents all commercial and savings banks, Federal Reserve Banks, NOTE.—For description of statement and back figures, see BULLETIN Postal Savings System, and Treasury currency funds (the gold account, for January 1948, pp. 24-32. The composition of a few items differs Treasury currency account, and Exchange Stabilization Fund). slightly from the description in the BULLETIN article: stock of Federal 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, Reserve Banks held by member banks is included in other securities and open account; and deposits of Postal Savings System in banks. in capital and miscellaneous accounts, net, and balances of the Postal 3 Prior to June 30, 1947, includes a small amount of demand deposits. Savings System and the Exchange Stabilization Fund with the U. S. 4 Demand deposits other than interbank and U. S. Govt., less cash Treasury are netted against capital and miscellaneous accounts, net, items reported as in process of collection. instead of against U. S. Govt. deposits and Treasury cash. Total deposits 5 Seasonally adjusted series begin in 1947 and are available only for and currency shown in the monthly Chart Book excludes foreign bank delast Wednesday of the month. For back figures, see BULLETIN for posits, net, and Treasury cash. Except on call dates, figures are rounded July 1957, pp. 828-29, and this table in subsequent issues. to nearest $100 million and may not add to the totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 551 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i v g S t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c b T a i a l l o p i i n a t t i d i - t a e a l s l Total 2 D In e t - erbank 2 Dema O n t d her B r 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 b N a b u o n e m f k r s tions co a u c n - ts3 mand Time U. S. Time Govt. Other All banks: 1939—Dec. 30. . 50,884 22,165 417 ,302 23. 9,874 32,516 25,852 26 15,035 1941—Dec. 31.. 61,126 26,615 511 ,999 27; 10,982 44,355 26,479 23 8, 14,826 1945—Dec. 31.. HO,221 30,362 101,288 8,577 35,415177,322 14,065 105,935 45,613 22710,54214,553 1947—Dec. 314. 134,924 43,002 "81',19910,72338,388175,091161,865 793 240 1,346 94,38153,105 6611,94814,714 1950—Dec. 30. . 148,021 60,386 72,89414,74141,086191,317175.296 577 462 2,809 ,936 56,513 9013,83714,650 1951—Dec. 31. . 154,869 67,608 71,34315918 45,531202,903185,756 536 551 3,362 282 59,025 3514,62314,618 1952—Dec. 31.. 165,626 75,512 ,740 17374 45; 584 213; 837195,552 575 746 4,944 690 63,598 18815,36714,575 1953—Dec. 31 . . 171,497 80,518 ,610 18370 45 140 201 788 1,169 4,149 ,639 68,354 6216,11814,509 1955—Dec. 31.. 190,780100,057 ,052 20670 47; 803 242;oo8 220; 059 1,587 3,712 ,238 76,844 16318,11214,243 1 19 9 5 5 7 6 — — D D J J u u e e n n c c e e . . 3 3 3 1 1 0 6 . . . . . . . . 2 1 1 1 0 9 9 9 3 7 7 1 , , , , 8 0 4 0 4 6 6 7 9 3 5 41 1 1 1 0 1 1 1 5 5 0 1 , , , , 5 1 0 5 2 1 1 7 5 5 5 9 66, 9 7 5 5 1 2 9 4 7 3 2 8 2 2 2 2 0 0 2 1 , , : 4 4 9 6 6 4 0 3 1 2 3 2 4 4 4 4 3 9 0 99 , , , , 3 6 3 8 6 1 4 3 1 8 1 4 2 2 5 4 7 2! , , , , 1 6 8 7 3 4 6 7 3 7 4 0 2 2 2 2 2 3 1 1 7 3 5 6 ; ; ; ; 6 8 6 1 6 2 3 3 5 6 6 3 1 1 1 1 , , , , 6 3 5 4 1 8 5 6 5 6 7 2 5 3 3 3 , , , , 2 9 3 7 3 0 2 3 5 3 0 6 , , , , 9 6 3 8 9 5 0 5 3 9 8 0 7 8 8 8 9 8 0 4 , , , , 9 1 1 5 0 0 8 8 8 2 2 4 1,4 3 7 5 8 5 8 0 0 6 2 1 1 1 0 8 9 9 , , , , 4 8 2 8 2 1 4 7 8 1 9 9 1 1 1 1 4 4 4 4 , , , , 1 2 0 1 6 0 9 4 7 6 0 4 1958—Jan. 29 . . 201,780113.400 65,240 23,140 41.950 248,540 222. 13,130 1,700 2,150 116,680 888,770 1,150 20,560 14,081 Feb. 26. . 202,880113,580 65,770 23530 42;290 250,060 223; 13,000 2,130 3,500115,040 899,920 1,070 20 ,700 14,0"7-6' Mar. 26. . 205,990114,610 67,120 24260 42;220 253,130 226; 13,260 2,300 5,560114,210 911,480 900 20 830 14,078 Apr. 30. . 210,290115,220 70,310 24760 43;730 259,000 232; 13,930 2,390 5,180 118,190 922,670 1,000 20910 14,071 May 28. . 210,440114,890 70,570 24980 42;000 257,240 230; 13,530 2,450 5,420115,260 933,620 040 14,065 June 23.. 215,179117,808 71,61125760 44;423 264,525 237; 13,789 2,497 9,209 117,113 944,596 1,137 21 14,055 July 30. . 213,100116,020 71,560 25520 42;730 260,800 233; 14,290 2,390 4,000 117,620 955,580 810 21 14,040 Aug. 27. . 215,740116,390 73,510 25840 42;110 262,700 234; 14,150 2,380 5,490 116,830 966,090 1,300 21 14,036 Sept. 24. . 215,470117,060 72,140 26270 42;190 262,580 234; 14,010 2,400 4,220 117,460 966,330 1,560 21 660 14,034 Oct. 29. . 217,690117,960 73,500 26230 43;020 265,490 237; 14,000 2,340 3,440121,060 966,610 1,400 21 710 14,028 Nov. 26.. 220,210119,230 74,950 2603045;130 270,180 241; 13,590 2,360 5,600123,610 955,910 2,150 21 820 14,033 Dec. 31.. 221,485121,571 73,64126273 49;911276,430 250; 15,799 2,374 4,253 130 132 977,498 8121,70514,020 All commercial banks 1939—Dec. 30. . 40,668 17,238 16,316 7,114 22 9,874 32,513 15,331 26 6,88514,484 1941—Dec. 31.. 50,746 21,714 21,808 7,225 26; 10,982 44,349 15,952 23 7,17314,278 1945_Dec. 31.. 124,019 26,083 90,606 7,33134,806 160,312 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 314. 116,284 38,057 69,221 9,006 37,502155,377144,10312. 240 1,343 367 35,360 6510,05914,181 1950—Dec. 30. . 126,675 52,249 62,02712,399 40,289168,932155,26513; 462 2,806 ;917 36,503 9011,59014,121 1951—Dec. 31., 132,610 57,746 61,52413,339 44,645179,465164,84014; 550 3,359 ,259 38,137 3412,21614,089 1952—Dec. 31., 141,624 64,163 63,31814,143 44;666 188;,6_.03_ 172,93114; 744 4,941 ,659 41,012 18812,88814,046 1953—Dec. 31 . 145,687 67,593 63,42614,668 44,828193,010 176,70214; ,167 4,146 ,604 43,997 6213,55913,981 1955—Dec. 31. 160,881 82,601 61,59216,688 46,838 210; 192,25415 ,585 3,709 ,187 48,715 15915,30013,716 1956—June 30. 160,008 86,887 56,62016,502 42,,444 205 186,326 ,613 5,232 ,824 50,030 35415,92713,679 Dec. 31 . 165,123 90,302 58,55216,269 48,720 217,460 197,51516J33 ,460 3,733 ,282 50,908 7516,30213,640 1957—June 6. 164,515 91,028 56,64216,84539,995208,393186,308 ,556 3,318 ,633 53,937 1,44616,83713,619 Dec. 31. 170,068 93,899 58,23917,930 48,428 222,696 201,326 ,385 3,898 ,967 56,440 7717,36813,568 1958—Jan. 29. 167,650 92,020 57,700 17.930 41070 213,050 190,47013,130 1,700 2,150 650 56,840 ,15017,47013,561 Feb. 26. , 168,580 92,090 58,260 18;230 41340 214,320191,48013,000 2,130 3,500 Old 57,840 ,07017,58013,556 Mar. 26. , 171,410 92,980 59,550 18;880 41290 217,090194,40013,260 2,300 5,560 114180 59,100 90017,71013,558 Apr. 30. . 175,560 93,450 62,830 280 42850 222,870199,85013,930 2,390 5,180 118160 60,190 ,000 17,810 13,551 May 28. . 175,440 92,900 63,140 400 41 120 220,840197,59013,530 2,450 5,420 230 60,960 ,1"1"0 '1"7,,920 13,545 June 23., 179,905 95,571 64,194 20140 43507227,847 *2"0'4 33513,789 2,495 9,205 086 61,759 ,13618,17813,535 July 30. . 177,600 93,610 64,130 19860 41880 223,970 200,92014,290 2,390 4,000 117590 62,650 81018,19013,521 Aug. 27. . 179,990 93,760 66,06020170 41270 225,620 201,84014,150 2,380 5,490 116800 63,020 1,300 188,,31013,517 Sept. 24. . 179,510 94,230 64,720 20560 41330 225,260 201,05014,010 2,400 4,220 117430 62,990 1,560 188,,41013,515 Oct. 29. , 181,670 94,970 66,170 20530 42 160 228.130 203,99014,000 2,340 33,444400 112211030 63,180 1,400 18,470 13,509 Nov. 26. . 184,050 96,060 67,660 20330 44310 232700 20757013,590 2,360 55,660000 123580 62,440 2,150 188,, 5"5"0"13,514 Dec. 31 . . 185,165 98,214 66,376 20575 48990 238;651216,01715,799 2,372 4,250 130,104 63,493 7318,48613,501 All member banks: 1939—Dec. 30. . 33,941 13,962 14,328 49. 9,257 154 743 27,48911,699 3 5,522 6,362 1941_Dec. 31 . . 43,521 18,021 19,539 61, 10,385 140 1,709 37,13612,347 4 5,886 6,619 1945—Dec. 31 .. 107,183 22,775 78,338 070 29; 138,304129,67013,576 64 22,179 640 24,210 208 7,589 6,884 1947_Dec. 31.. 97,846 32,628 57,914 304 32; 132;060 12252812,353 50 ,176 609 28,340 54 8,464 6,923 1950—Dec. 30. . 107,424 44,705 52,365 355 35; 144660 13308913,106 341 ,523 783 29,336 79 9,695 6,873 1951—Dec. 31 . . 112,247 49,561 51,621 065 39; 153;43914i;01514,003 422 101 867 30,623 2610,218 6,840 1952—Dec. 31 .. 119,547 55,034 52,76311,75139,255 160,826147,52714,025 592 567 95,45332,890 16510,761 6,798 1953—Dec. 31.. 122,422 57,762 52,60312057 39,381163,983150,16414,149 1,021 ,756 024 35,213 4311,316 6,743 1955—Dec. 31.. 135,360 70,982 50,69713680 41,416 179;414163,75714,512 1,353 327 400 39,165 13712,783 6,543 1956—June 30. . 134,428 74,783 46,22613419 37 13,137 1,370 806 904 40,171 30213,293 6,499 Dec. 31 . . 138,768 78,034 47,575 159 421,906184,874167,90615,567 1,289 292 850 40,909 4813,655 6,462 1957—June 6.. 137,808 78,448 45,82913^53135,270 176,507157,59312,367 1,369 932 612 43,313 1,37414,058 6,445 Dec. 31. . 142,353 80,950 47,07914,324 42;746188,828170,63715,082 1,246 472 547 45,290 5714,554 6,393 1958—Jan. 29. . 140,122 79,160 46,599 363 36. 180,150160,79312,671 1,566 1,855 109 45,592 1,07214,630 6,390 Feb. 26. . 141,130 79,225 47,280 625 36; 181,522161,90812,559 1,991 3,163 759 46,436 1,02214,721 6,382 Mar. 26. . 143,874 80,089 48,572 213 36; 184,191164,74512,814 2,163 5,097 14147,530 85514,828 6,380 Apr. 30. . 147.485 80,423 51,505 ,557 37; 189,304169,55113,466 2,254 4,818 584 48,429 94914,918 6,372 May 28. . 147,272 79,713 51,916 ,643 36; 187,301167,36713,090 2,312 4,891 000 49,074 1,040 1155,009 6,364 June 23.. 151,589 82,146 53,165 ,277 38; 194,003173,90413,274 2,266 8,658 812 49,893 1,07815,181 6,357 July 30.. 149,280 80,179 53,028 ,073 36; 190,132170,42513,757 2,164 3,626 ,262 50,616 75515,208 6,346 Aug. 27. . 151,259 80,299 54,634 326 36 191,358171,01213,594 2,153 4,992 412 50,861 1,21315,299 6,341 Sept. 24.. 150,684 80,798 53,28516,600 36,191190,784170,03113,458 2,174 3,782 99,76450,852 1,51415,375 6,339 Oct. 29. . 152,102 81,375 54,166 16,56137,020192,945172,30113,450 2,108 3,023102,764 50,956 1,31715,437 6,328 Nov. 26.. 153,854 82,225 55,32816,30139,140196,851175,26013,026 2,130 5,003104,77750,324 2,05515,498 6,324 Dec. 31.. 154,865 84,061 54,29916,504 43,188 202,017182,81615,227 2,187 3,822110,448 51,132 5415,460 6,312 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i v n g S s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l u p o i n i c a t i n t - d i t - a e t a l s s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S e . ma O O nd t t h h e e r r Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e f m r ks - Govt. All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1.309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10.533 6 10,527 1.241 548 1945—Dec. 31 16.208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1.592 542 1947_Dec. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 1 14 17,745 1.889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 19 20,009 2.247 529 1951—Dec. 31 22,259 9,862 9,819 2,579 886 23,439 20,915 2 23 20,i .407 529 1952—Dec. 31 24,003 11,349 9,422 3,231 918 25,233 22,621 2 3022,586 ,479 529 1953—Dec. 31 25,810 12,925 9,184 3,701 983 27,130 24,398 2 35 24,358 .559 528 1955—Dec. 31 29,898 17,456 8,460 3,982 965 31.274 28,187 2 28,129 ,812 527 1956—June 30 31,066 18,639 8,297 4,130 917 32,421 29,184 2 26 29,152 ,885 527 Dec. 31 31.940 19,777 7,971 4,192 920 33,311 30,032 2 2530,001 2.947 527 1957—June 6 32,950 20.487 7,906 4,557 839 34,254 30,678 1 27 30,647 3,042 525 Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 1 26 31,662 3,059 522 1958—Jan. 29 34,130 ,380 7,540 5,210 35,490 31,960 30 31,930 3.090 520 Feb. 26 34,300 ,490 7,510 5,300 950 35,740 32,110 30 32,080 3,120 520 Mar. 26 34,580 ,630 7,570 5,380 930 36,040 32,410 30 32,380 3,120 520 Apr. 30 34,730 ,770 7,480 5,480 880 36,130 32,510 30 32,480 3.100 520 May 28 35,000 ,990 7,430 880 36,400 32,690 30 32,660 3,120 520 June 23 35,274 ,237 7,417 916 36,678 32,869 26 32,837 3,181 520 July 30 35,500 ,410 7,430 850 36,830 32,960 30 32,930 3,200 519 Aug. 27 35,750 ,630 7,450 840 37,080 33,100 30 33,070 3,230 519 Sept. 24 35,960 ,830 7,420 860 37,320 33,370 30 33,340 3,250 519 Oct. 29 36,020 ,990 7,330 860 37.360 33,460 30 33,430 3,240 519 Nov. 26 36,160 ,170 7,290 820 37.480 33,500 30 33,470 3,270 519 Dec. 31 36,320 ,357 7,265 5,698 921 37.779 34,040 2934,006 3,219 519 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 1951—Dec. 31 21,379 11,146 8,129 2,104 8.564 30.464 26,859 4,514 318 858 19,490 1,679 5 2,425 22 1952—Dec. 31 22,130 12,376 7,678 2,076 8.419 31.053 27,309 4,500 465 1,143 19,361 1,840 132 2.505 22 1953—Dec. 31 22,058 12,289 7,765 2,004 8.074 30.684 27,037 4.383 831 778 18,895 2,150 23 2.572 22 1955—Dec. 31 23,583 14,640 6,796 2,148 8.948 33.228 29,378 4.515 ,085 756 20,719 2,303 1 2,745 18 1956—June 30 23,270 15,373 6,011 1,885 7.753 31.801 27,775 4,269 ,058 1,166 18,902 2,381 38 2.805 18 Dec. 31 23,809 15,987 6,057 1,765 8.629 33.381 29.149 5.022 965 747 19,940 2,475 2 2,873 18 1957—June 6 23,293 15,895 5,738 1,660 6.692 30.993 26,322 4.025 ,009 688 17,836 2,765 326 2,907 18 Dec. 31 <23,828 16,102 5,* 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 3,136 18 1958—Jan. 29 23,181 15,501 5,690 1,990 7.134 31.612 26,600 4,177 ,151 266 18,081 2,925 296 3,152 18 Feb. 26 23,964 15,934 5,934 2,096 7.327 32.622 27,412 4,136 ,487 602 18,089 3,098 377 3,166 18 Mar. 26 25,006 16,367 6,414 2,225 7.656 33.959 28,965 4,172 ,670 1,381 18,454 253 3,161 18 Apr. 30 25,891 16.360 7,252 2,279 7,973 35,177 30,120 4,477 ,725 1,537 19,045 255 3.200 18 May 28 25.540 15,833 7,569 2,138 7.023 33,777 28,796 4,268 ,794 1.128 18,219 264 3,210 18 June 23 27,149 16,764 8,035 2,350 8.272 36,664 31,469 4,345 ,774 2,946 18,898 483 3.214 18 July 30 25,803 15,550 7,905 2,348 7,185 34,240 29,180 4,427 .717 939 18,539 275 235 18 Aug. 27 25.673 15,174 8,039 2,460 6.652 33,562 28,386 4,184 ,696 1,203 17,801 365 3,250 18 Sept. 24 25,230 15.464 7,350 2,416 6.309 32.782 27,608 3.993 ,710 847 17,553 385 3.240 18 Oct. 29 25,444 15,604 7,418 2,422 6.850 33,465 28,387 4,155 ,660 584 18,518 319 3,259 18 Nov. 26 25.552 15,666 7,694 2,192 7.763 34,501 28,958 4.005 .677 945 18,956 736 3.276 18 Dec. 31 25,966 16,165 7,486 2,315 9,298 36.398 31,679 4,786 ,739 968 20,704 3,482 3.282 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3.595 3.330 1,867 495 250 14 1941_Dec. 31 2.760 954 1,430 376 1,566 4.363 4,057 ,035 127 2.419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1.489 7,459 7,046 ,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1.739 6.866 6,402 ,217 72 4,201 913 426 14 1950—Dec. 30 5.569 2,083 2,911 576 2.034 7.649 7,109 ,225 3 174 4,604 ,103 490 13 1951—Dec. 31 5.731 2,468 2,711 552 2.196 7.972 7,402 ,307 1 242 4,710 ,143 513 13 1952—Dec. 31 6.240 2,748 2,912 581 2.010 8:297 7.686 ,345 5 343 4,789 ,205 541 13 1953—Dec. 31 6.204 2,776 2,856 572 2.115 8.366 7,724 ,378 9 259 4,836 ,242 566 13 1955—Dec. 31 6.542 3,342 2,506 695 2.132 8.720 8,010 ,286 11 222 5,165 ,327 3 628 13 1956—June 30 6.336 3,572 2,088 676 1,959 8.349 7.631 ,185 10 350 4,781 ,304 1 639 13 Dec. 31 6,473 3.772 2,113 588 2.171 8.695 7.943 .364 7 184 5.069 .319 4 660 14 1957__ D jU e n c e . 3 6 1 6 6. . 4 2 4 6 6 6 3 3 , ; 8 7 5 8 2 9 2 1 , , 0 88 3 4 2 5 5 6 9 2 3 1 2 . , 8 0 2 8 1 3 8 8 . , 1 5 4 9 7 5 7 7 . . 2 7 8 9 4 2 , , 1 3 6 3 8 3 1 1 6 5 1 9 9 7 5 4 4 . , 6 9 9 0 1 4 , ,3 3 4 1 5 2 10 4 1 6 6 6 8 5 9 1 1 4 4 1958—Jan. 29 6.211 3.600 2,050 561 1.862 8.137 7.291 ,149 21 86 4,695 ,340 46 14 Feb. 26 6.261 3,487 2,201 573 l,927j 8.256 7.374 ,170 41 203 4.612 .348 69 693 14 Mar. 26 6,492 3.481 2,404 607 1.8081 8.374 7.390 .227 45 351 4,418 ,349 174 700 14 Apr. 30 6.647 3,592 2,434 621 1.873 8.600 7.665 .272 48 302 4,671 ,372 103 705 14 May 28 6.484 3.417 2.434 633 1.985 8.553 7.692 .274 43 292 4,708 ,375 21 709 14 June 23 6.942 3,594 2,694 654 1.914 8.929 8.022 ,249 39 705 4,626 .403 80 708 14 July 30 6.576 3.329 2.611 636 1.938 8.589 7,759 ,344 40 229 4,751 .395 2 714 14 Aug. 27 6.701 3,329 2,719 653 1.961 8.738 7.1 .310 36| 337 4,744 .401 73 718 14 Sept. 24 6.577 3,405 2,537 636 1.869 8.522 7.628 ,302 38 i 247 4.642 ,399 55! 714 14 Oct. 29 6,614 3,426| 2.547 641 1.887 8.583 7.693 .243 36 192 4,826 .396 42 720 14 Nov. 26 6.727 3,418 2,687 622 2.067, 8.874 7.862 .169 31 402 859 ,401 157 724 14 Dec. 31 6,830 3,637 2.562 631 2.1581 9.071 8.214 .3571 34 249 5,136 .438 3 733 14 I For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 553 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— 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 q l . i n v g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b 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 e . mand Time r B i o n o w g r s - - c c a o p u i n ta ts l ba b o n e f k r s Govt. Other Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,565 120 435 9,004 4,616 1,828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947_Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 2; 405 28,99011,423 1 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,69513,998 55,369 51,437 6,391 57 976 32,36611,647 3,322 336 1951—Dec. 31 42,694 19,651 19,194 3,84915,199 58,654 54,466 6.887 90 1.124 34,09412,272 4 3,521 321 1952—Dec. 31 45,583 21,697 19,624 4,26215,544 61,941 57,357 6,891 109 1,814 35.28113,261 8 3,745 319 1953—Dec. 31 46.755 22,763 19,559 4,43415,925 63,547 58,663 7,088 166 ,504 35.77314,132 3,984 319 1955—Dec. 31 52,459 28,622 18,826 5,01116,994 70,478 64,733 7,207 239 ,288 39,83516,164 82 4,641 292 1956—June 30 52,071 30,122 17,051 4,89815,361 68,524 62,392 6,347 286 ,918 37,32416,517 179 4,902 291 Dec. 31 53,915 31,783 17,368 4,76417,716 72,854 66,524 7,584 294 .201 40,64716,797 21 5,076 289 1957—June 6 53,137 31,435 16,797 4,90514,532 68,965 61,796 5,914 314 .051 36,87417,642 681 5,182 282 Dec. 31 55,259 32,805 17,352 5,10217,540 74,196 67,483 7,241 301 ,358 39,96018,623 21 5,370 278 1958—Jan. 29 . . 54,294 32,076 17,156 5,06: 14,715 70,471 63,244 6,000 364 610 37,59118,679 457 5,394 278 Feb. 26. . 54,626 31,815 17,672 5,13914,934 71,012 63,710 5,959 433 ,349 36,92419,045 414 5,428 278 Mar. 26. . 55,711 32,072 18,210 5,42914,629 71,802 64,626 6.106 430 .960 36.64619,484 257 5,469 278 Apr. 30. . 57,243 32,012 19,627 5,60415,356 74,086 66,642 6,331 463 ,886 38,02819,934 418 5,506 278 May 28. . 57,687 32.042 19,869 5,77615,030 74,174 66,492 6,302 457 ,884 37.46520,384 509 5.573 281 June 23.. 59.273 32,851 20,436 5,98615,443 76,155 68,672 6,397 416 3,150 38,003 20706 350 5.617 280 July 30. . 58,639 32,336 20,367 5,93615,207 75,340 67,887 6,665 389 ,349 38.47721,007 335 5,645 279 Aug. 27. . 59,762 32,758 21,055 5,94914,944 76,131 68,428 6,727 403 .968 38,264 21,066 545 5,663 278 Sept. 24. . 59,327 32,830 20,455 6,04115,247 75,976 67,918 6,795 382 .492 38,24321,005 947 5,675 277 Oct. 29. . 59,471 32,984 20,508 5,97915,448 76,383 68,474 6,657 374 .074 39,370 20,999 705 5,714 277 Nov. 26. . 60,181 33,393 20,891 5,89716,276 77,940 69,723 6,476 378 .944 40,18420,741 910 5,729 275 Dec. 31. . 60,558 34,003 20,645 5,91017,701 79,781 72,647 7,506 377 ,429 42,25921,075 14 5,760 274 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4, 15,666 13,762 572 26 154 7,158 5,852 3 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,40810,632 46,059 43,418 ,207 17 5.465 24,235 12,494 11 2,525 6,476 1947—Dec. 31 36.324 10,199 22,857 3,26810,778 47,553 44,443 ,056 17 432 28.378 14,560 23 2.934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 ,121 12 922 31,977 14,865 9 3.532 6.501 1951—Dec. 31 42,444 16,296 21,587 4,561 13,292 56,349 52,2: ,296 13 876 34,572 15,530 16 3.760 6,484 1952—Dec. 31 45,594 18,213 22,549 4,83213,281 59,535 55,175 ,289 13 ,267 36,022 16,585 25 3,970 6,444 1953__Dec. 31 47,404 19,934 22,423 5,04713,268 61,385 56,740 ,300 15 .216 36,519 17,690 20 4.194 6,389 1955—Dec. 31 52,775 24,379 22,570 5,82613,342 66,988 61,636 ,505 18 ,061 39.681 19,372 52 4.769 6,220 1956—June 30 52,752 25,716 21,076 5,95912,463 66,147 60,591 ,336 17 ,372 37,897 19,969 84 4,947 6,177 Dec. 31 54.571 26,491 22,037 6,04214,390 69,945 64,289 ,597 22 .160 41,194 20,317 21 5.046 6,141 1957—June 6 55.112 27,330 21,409 6,37312,224 68,404 62,192 .260 30 1.097 38,21121.594 267 5.304 6,131 Dec. 31 56,820 28,191 21,815 6,81414,139 72,062 65,991 ,640 18 1.181 40,724 .429 30 5,359 6,083 1958—Jan. 29 56,436 27,983 21,703 6,75012,440 69,930 63,658 ,345 30| 893 38..742 22,648 273 5,396 6,080 Feb. 26 56,279 27,989 21,473 6,81712,269 69,632 63,412 ,294 30 1,009 38,134 22,945 162 5,434 6,072 Mar. 26 56,665 28,169 21,544 6,95212,302 70,056 63,764 ,309 18 1.405 37,623 23,409 171 5.498 6.070 Apr. 30 57,704 28,459 22,192 7,05312,632 71,441 65,124 ,386 18 1.093 38,84023,787 173 5,507 6,062 May 28 57.561 28,421 22,044 7,09612,172 70,797 64.387 ,246 18 1,587 37,608 23 928 246 5,517 6,051 June 23 58.225 28,937 22,000 7,288 12,860 72,255 65,741 ,282 38 1.857 38,286 24,277 164 5,641 6,045 July 30 58.262 28,964 22,145 7,153 12.534 71,963 65,599 ,321 18 1.109 38,49524,656 143 5,614 6,035 Aug. 27 59,123 29,038 22,821 7,264 12.672 72.927 66,370 ,373 18 1.484 38,60324,892 230 5,668 6,031 Sept. 24 59,550 29.099 22,943 7,507112,765 73.505 66,877 ,368 44 1.197 39.32624.941 126 5.747 6,030 Oct. 29 60.573 29,361 23,693 7,519|12,835 74.514 67,747 ,395 38 1,173 40,050 2"5,091 251 5.744 6,019 Nov. 26 61.394 29.748 24,056 7,590 13,034 75.536 68,717 .376 44 1,712 40,778 24,807 252 5,769 6,017 Dec. 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 ,578 36 1,175 42,34925,137 37 5,685 6,006 1 All banks in the United States. All banks comprise all commercial 2 Beginning June 30, 1942, excludes reciprocal balances, which on banks and all mutual savings banks. All commercial banks comprise Dec. 31, 1942, aggregated $513 million at all member banks and $525 all nonmember commercial banks and all member banks (including (1) million at all insured commercial banks. one bank in Alaska and one in the Virgin Islands that became members 3 Includes other assets and liabilities not shown separately. on April 15, 1954, and May 31, 1957, respectively, and (2) a noninsured 4 Beginning with Dec. 31, 1947, the all-bank series was revised as annondeposit trust company, but excluding three mutual savings banks nounced in November 1947 by the Federal bank supervisory agencies, that became members in 1941.) Stock savings banks and nondeposit At that time a net of 115 noninsured nonmember commercial banks trust companies are included with commercial banks. Number of banks with total loans and investments of about $110 million was added, and includes a few noninsured banks for which asset and liability data are 8 banks with total loans and investments of $34 million were transferred not available. Comparability of figures for classes of banks is affected from noninsured mutual savings to nonmember commercial banks. somewhat by changes in Federal Reserve membership, insurance status, 5 Less than $5 million. and the reserve classifications of cities and individual banks, and by NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN mergers, etc. for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 DEPOSIT TURNOVER REVISED FIGURES FOR TURNOVER OF DEMAND DEPOSITS EXCEPT INTERBANK AND U. S. GOVERNMENT DEPOSITS [Annual rates, adjusted for seasonal variation] Year, or factor Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. New York City 1943 19.3 18.8 17.9 23.9 24.5 18.6 18.6 19.2 24.0 22.0 20.9 18.3 1944 21.0 23.3 22.5 20.5 19.2 23.2 23.9 23.0 22.4 21.8 22.9 23.9 1945 25.5 24.0 22.3 21.5 23.1 26.4 24.5 23.8 23.2 23.6 24.3 25.2 1946 26.6 25.2 26.2 28.1 26.2 23.2 25.3 25.0 24.9 23.8 24.2 24.2 1947 22.6 24.0 23.6 22.7 22.7 23.7 23.5 23.1 23.7 26.2 25.1 25.0 1948 24.5 25.2 26.0 27.4 27.0 27.1 26.4 27.3 28.4 28.6 27.4 28.0 1949 28.4 27.2 27.4 27.2 28.5 28.7 28.2 28.8 28.7 27.0 27.7 27.9 1950 28.9 29.9 29.4 28.7 30.6 29.4 29.8 38.8 32.7 31.5 32.9 31.8 1951 32.6 30.8 34.0 33.0 31.5 31.4 31.8 31.2 30.4 32.5 32.2 31.9 1952 31.3 32.6 32.4 34.4 33.4 35.4 35.1 33.1 35.7 38.1 34.1 37.0 1953 34.5 35.2 35.8 35.9 36.3 36.6 36.8 36.8 40.6 36.8 38.6 38.0 1954 42.7 42.9 43.1 41.9 42.3 41.9 42.7 44.8 41.1 40.8 42.2 42.8 1955 41.4 41.8 40.3 38.1 43.1 42.6 41.8 42.4 44.0 46.8 45.4 46.1 1956 44.9 40.7 46.0 46.3 46.7 44.8 46.8 49.3 45.4 47.4 48.3 46.6 1957 47.5 48.4 47.4 47.9 47.8 49.0 50.5 49.7 52.9 52.4 51.3 53.0 1958 53.7 54.9 54.7 57.8 52.0 62.7 55.9 51.6 50.1 52.6 47.4 52.4 1959 53.1 53.6 53.1 57.3 Seasonal adjustment factor (per cent)1 101.7 101.0 102.7 98.0 98.5 104.8 98.1 90.0 98.6 95.3 99.9 111.1 6 other centers 2 1943 17.7 17.1 17.3 21.2 18.2 16.4 17.1 17.7 21.3 18.1 17.3 16.7 1944 18.3 19.2 18.6 17.7 16.8 19.1 19.2 18.2 17.4 18.0 18.4 18.8 1945 17.8 17.0 17.1 17.3 17.4 19.7 17.3 16.6 16.6 16.7 16.8 18.8 1946 17.6 17.1 17.8 18.5 18.3 17.3 18.5 18.9 18.9 18.7 18.8 19.0 1947 19.1 19.6 19.6 18.7 19.1 19.9 19.5 19.6 19.8 20.8 20.9 20.1 1948 20.9 21.6 20.7 21.4 21.4 21.3 21.8 22.5 22.0 22.0 21.8 22.2 1949 21.6 21.0 21.6 21.2 21.5 21.0 20.9 20.4 20.7 20.7 20.6 20.8 1950 21.1 21.4 21.7 21.5 22.1 22.9 22.1 24.0 23.7 23.7 23.7 24.0 1951 25.1 24.3 24.2 24.9 24.4 23.5 23.8 24.1 23.7 23.8 24.1 23.3 1952 23.8 24.0 23.4 23.6 23.1 24.2 24.7 22.4 24.5 26.3 23.8 25.7 1953 25.0 25.1 25.9 25.6 26.3 25.8 26.3 25.5 26.2 25.2 25.9 25.7 1954 25.3 26.2 26.4 26.5 25.6 26.1 25.3 26.7 25.7 25.0 25.8 27.2 1955 26.3 27.0 27.4 26.2 28.1 27.8 27.0 27.8 27.8 28.1 28.4 27.3 1956 30.2 27.9 27.5 29.2 28.7 28.3 30.0 29.4 27.8 30.1 30.4 29.0 1957 30.7 30.6 29.6 29.4 30.5 29.7 31.0 30.5 31.8 31.4 29.9 31.3 1958 30.7 30.5 29.0 29.3 28.2 30.7 30.0 29.4 30.7 31.6 29.4 32.2 1959 31.0 31.4 31.6 *>32.8 Seasonal adjustment factor (per cent) i 97.8 98.6 108.1 103.0 100.0 102.3 98.6 93.3 98.7 94.3 102.1 103.0 337 other reporting centers3 1943 15.7 14.9 15.1 17.0 16.0 14.6 14.8 14.7 17.1 15.5 14.3 14.2 1944 15.0 15.4 14.7 14.8 14.3 15.7 15.0 14.3 14.1 13.7 14.0 14.4 1945 13.9 13.6 13.5 13.4 13.7 15.2 13.7 13.1 12.7 12.4 13.0 13.8 1946 13.5 13.5 13.7 13.7 13.7 13.3 14.1 14.5 14.6 14.8 14.8 14.8 1947 15.0 15.3 15.4 15.2 15.3 15.3 15.2 15.4 15.6 16.1 16.1 15.8 1948 16.1 16.3 16.2 16.5 16.5 16.8 16.8 16.9 16.8 16.7 17.1 16.7 1949 16.3 16.1 16.3 16.1 16.2 15.9 15.9 15.7 16.0 15.7 15.6 15.9 1950 16.1 16.0 16.1 16.2 16.6 17.0 17.4 18.1 18.0 18.2 18.1 18.1 1951 18.8 18.5 18.6 19.1 18.7 18.3 18.3 18.3 17.9 18.3 18.6 18.1 1952 18.3 18.6 18.2 18.3 18.3 18.6 18.4 17.9 18.6 18.8 18.3 18.9 1953 18.6 19.0 19.3 18.9 19.1 18.9 19.5 18.7 19.1 18.7 19.1 18.8 1954 18.8 19.3 19.6 19.3 19.0 19.4 18.9 19.4 19.2 19.0 19.7 20.1 1955 19.8 19.7 20.0 19.8 20.7 20.6 20.4 20.8 20.8 20.9 21.0 20.7 1956 21.7 21.1 21.1 22.1 21.8 21.3 22.4 22.3 21.7 22.7 22.5 22.3 1957 22.9 23.1 22.8 23.0 23.3 22.8 23.6 23.1 23.8 23.3 22.4 23.6 1958 23.3 22.9 22.5 22.7 22.1 23.5 22.9 22.7 23.3 23.7 22.6 23.8 1959 23.2 24.2 24.2 ^25.0 Seasonal adjustment factor (per cent) i 100.1 99.4 98.7 97.3 99.4 101.4 100.1 95.6 101.3 97.3 105.1 104.5 P Preliminary. 3 Prior to April 1955, 338 centers. 2 1 B Se o a s s to o n n , a l P a h d i j l u a s d t e m lp e h nt i a, f ac C to h r i s c a f g o o r , ye D a e rs tr o b i e t g , in S n a i n n g F w r i a t n h c 1 is 9 c 5 o 6 , . and Los of N N O e T w E .— Yo S r e k a , s o o n n a ll b y a s a i d s ju o s f t e u d n a d d a j t u a s te c d o m d p a il t e a d co b m y p F il e e d d e r b a y l R th e e s e B rv o e a r B d an o k f Angeles. Governors. Seasonal factors revised beginning with 1943. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 556 Net gold purchases and gold stock of the United States. 564 Estimated foreign gold reserves and dollar holdings. 565 Reported gold reserves of central banks and governments 566 Gold production. 567 International Bank and Monetary Fund. 568 United States balance of payments. 569 Money rates in foreign countries. 569 Foreign exchange rates. 571 Index to statistical tables 578 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. 555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 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 - i a a - - l Foreign countries m R G F a e e e n p d r y . - . , Italy U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i 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—Mar. 31 15,182 1,377 13,805 8,018 ,511 1,066 ,260 '3,497 '7,334 1,626 '2,478 2,002 365 Apr. 30 15,060 1,373 13,686 7,953 ,551 1,129 ,021 '3,418 '7,119 1,662 '2,558 2,004 343 May 31 15,215 1,522 13,693 7,947 ,598 ,121 ,056 '3,269 '7,044 1,789 '2,504 2,044 312 June 30 '"15,271 1,454 13,817 7,931 ,468 ,071 ,060 '3,353 '6,951 2,001 '2,506 2,072 288 July 31 15,384 1,463 13,921 8,101 ,590 1,054 ,098 '3,392 '7,134 1,962 '2,407 2,134 285 Aug. 31 15,679 1,437 14,242 8,415 ,675 1,093 ,006 '3,652 '7,427 2,052 '2,390 2,107 266 Sept. 30 15,648 1,483 14,165 '8,411 ,733 1,087 ,076 '3,664 '7,560 1,944 '2,291 '2,092 277 Oct. 31 15,945 1,436 14,508 8,664 ,761 1,152 945 3,785 7,643 2,060 '2,394 2,126 286 Nov. 30 16,052 1,485 14,567 '8,637 ,755 ,132 977 3,792 7,656 2,071 2,407 2,148 285 Dec. 31 16,159 1,544 14,615 8,663 ,755 1,121 875 '3,960 '7,710 '2,019 2,401 '2,205 279 1959—Jan. 31 16,230 1,538 14,693 8,528 ,693 1.159 ,078 3,784 7,713 2,081 2,381 2,235 282 Feb. 28* 16,606 1,541 15,065 8,746 ,697 i; 166 ,133 3,922 7,919 2,121 2,383 2,347 295 Mar. 31* 16,636 1,673 14,963 8,614 1,370 1,231 ,125 4,005 7,731 2,087 2,519 2,337 290 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - m D a e r n k - 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 e e n - S l w a e n r i - t d z- T k u ey r- Y sl u av g i o a - ot A h l e l r4 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—Mar. 31 '3,497 355 110 131 61 319 154 323 107 155 28 258 '900 13 7 574 Apr. 30 '3,418 353 118 142 59 322 142 295 108 157 27 257 '870 12 5 550 May 31 '3,269 354 114 143 50 249 131 292 104 153 34 251 '822 15 9 549 June 30 '3,353 363 109 114 47 298 122 293 108 154 31 254 '827 12 6 617 July 31 '3,392 377 101 127 51 314 116 285 101 161 28 268 '807 11 9 637 Aug. 31 '3,652 397 157 149 59 357 109 350 98 158 41 281 '811 11 11 664 Sept. 30 '3,664 418 106 162 63 413 112 337 101 157 33 292 '799 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 '3,960 411 115 169 69 532 126 339 130 163 36 303 '852 20 9 685 1959—Jan. 31 3,784 408 109 142 74 518 129 356 112 148 31 280 786 18 8 666 Feb. 28* 3.922 410 105 129 76 636 132 345 115 157 32 280 796 20 6 682 Mar. 31* 4,005 417 117 138 75 644 138 347 108 175 30 294 846 20 6 650 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b o m ia - - Cuba p m i D R c u l Q i i a e b c n - - n - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- 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 b n o - a - - , f 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 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—Mar. 31 '2.478 144 116 77 135 235 48 31 66 378 66 148 62 86 709 152 Apr. 30 '2,558 139 " 120 78 125 266 50 37 62 379 66 143 62 '83 770 155 May 31 a, 504 137 22 139 77 120 271 49 36 64 361 67 141 74 '77 712 156 June 30 '2,506 140 23 125 86 125 281 53 33 64 332 62 140 73 '78 740 150 July 31 '2.407 147 21 126 74 129 278 54 30 59 322 67 144 74 '78 664 142 Aug. 31 '2,390 133 21 159 78 144 292 49 26 54 351 73 139 75 '75 580 142 Sept. 30 '2.291 131 21 133 84 137 274 48 25 48 370 72 148 72 '80 514 136 Oct. 31 '2,394 134 22 130 74 170 276 42 26 45 383 76 147 70 '82 582 135 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 2,381 149 22 164 95 178 281 40 31 40 393 72 147 72 92 464 143 Feb. 28* 2,383 188 20 166 85 199 267 38 33 43 389 76 156 72 89 410 152 Mar. 31* 2,519 180 20 178 95 186 263 41 33 43 401 73 156 74 96 508 170 * Preliminary. ' Revised. 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. 557 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 AH Other Asia All other Ko- Date Total K H o o n n g g India I n n e d s o ia - Iran Israel Japan p r R l e u i e a c b - , - P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total A tra u l s i - a C g B o i e n a l n g - o Egypt 5 A S U f o n o r u i i f c o t a h n Other of 1954—Dec. 31 1,821 61 87 100 31 41 721 96 257 34 123 270 265 48 44 47 33 94 1955—Dec. 31 2,181 55 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956—Dec. 31 2,415 66 76 186 20 45 1,017 99 272 61 148 425 346 84 44 50 53 114 1957—Dec. 31 1,946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 40 38 153 1958—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 '2,092 65 73 91 43 40 r889 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 r2,205 r62 77 108 43 56 r935 145 r176 99 r133 371 279 79 30 16 30 125 1959—Jan. 31 2,235 61 78 108 53 54 957 144 156 98 134 391 282 82 31 17 31 121 Feb. 28*.... 2,347 58 86 112 51 60 1,021 147 173 96 139 403 295 81 31 17 37 129 Mar. 31* 2,337 62 90 119 55 62 998 147 173 94 138 400 290 83 33 16 28 130 Table Id. Supplementary Areas and Countries6 End of year End of year Area or country Area or country 1955 1956 1957 1958 1956 1957 Other Europe: Other Asia (Cont.): Albania .4 .3 n.a. Burma. 19.1 7.0 6.7 n.a. British dependencies. .4 .4 .4 Cambodia 13.1 17.2 20.0 24.9 Bulgaria .7 .2 .3 Ceylon 32.9 41.2 34.2 n.a. Czechoslovakia7 .7 .5 .6 China Mainland7. 36.2 35.5 36.3 36.0 Eastern Germany.. .. 1.3 1.2 Iraq 14.7 16.9 19.6 18.0 Estonia 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 Poland7 2.5 3.3 3.2 4.9 Saudi Arabia 79.5 97.4 94.8 60.2 Rumania7 8.1 .9 .8 .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 2.4 3.8 2.3 British dependencies 16.6 24.1 24.0 40.9 Ethiopia and Eritrea 23.7 24.2 35.1 27.8 Costa Rica 17.6 14.6 16.4 24.5 French dependencies 8.0 10.5 10.7 6.5 Ecuador 14.9 18.0 22.7 17.4 Liberia 13.1 23.7 23.0 13.0 French West Indies and French Guiana. .6 1.0 .8 .5 Libya 9.9 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). 14.8 13.6 32.2 25.4 Nicaragua 12.8 11.8 12.7 11.3 Tangier 33.5 22.4 19.2 18.1 Paraguay 3.6 4.0 5.1 3.4 New Zealand 1.9 2.2 1.9 6.9 Portuguese dependencies... 5.3 2.8 4.4 4.0 Other Asia: Somalia .2 .9 1.3 n.a. Afghanistan 4.1 5.3 4.7 n.a. Spanish dependencies .7 .3 .7 .4 Bahrein Islands .5 1.7 .9 .9 Sudan n.a. .4 1.7 5.2 British dependencies. 8.2 7.4 8.0 4.3 Tunisia .7 .5 .8 .3 " Preliminary. r Revised. n.a. Not available. 5 Part of the United Arab Republic since February 1958. 1 Short-term liabilities reported in these statistics represent principally <s 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 Mar. 31, 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

558 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 D an a d te , c o or u n a t r r e y a Total u. s. U.S. c in u P r a r f y e o a n r b e c i l i g e e n s Total Deposits Treasury Other Total Deposits Treasury Other bills and bills and certificates certificates Total amounts outstanding iq^4 r>ec 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 1Q56 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 Mar 31 15,182 12,907 6,641 5,056 1,210 2,204 1,800 213 190 71 Apr. 30 r15,060 12,776 6,792 4,820 1,164 r2,197 1,812 217 r168 87 May 31 15,215 12,963 6,905 4,935 1,123 r2,165 1,824 184 r157 87 June 30 r15,271 12,959 7,092 4,731 1,135 r2,236 1,919 184 r133 77 July 31 r15,384 13,127 7,110 4,905 1,112 %189 L932 135 122 69 Aug 31 r15,679 13,389 7,092 5,209 1.088 r2,218 1,889 210 r119 72 Sept 30 r15,648 r13,312 6,705 r5,512 1,095 r2,257 1,893 r229 r135 79 Oct 31 r15,945 13,576 6,711 5,767 1,097 r2,292 1,897 242 r153 77 Nov 30 16,052 r13,606 6,736 r5,748 1,122 r2,380 1,929 r279 172 66 Dec 31 r16,159 r13,669 r6,772 r5,823 r1,075 r2,430 rl,951 306 174 59 1959 Jan 31 16,230 13,716 6,802 5,826 1,088 2,463 1,946 328 189 52 Feb 28p 16,606 14,076 6,797 6,184 1,095 2,468 1,943 344 181 62 16,636 14,095 6,934 6,062 1.099 2,486 1,969 313 205 54 Area and country detail, January 31, 1959 Europe: 408 405 391 (l) 14 3 3 109 63 46 14 46 37 3 6 0) 142 128 81 42 6 14 12 2 1 74 72 47 22 3 1 m 518 457 221 218 18 60 52 6 2 1 Germany, Fed. Rep. of 1,693 1,675 291 1,219 164 15 13 2 1 3 129 119 79 40 (i) 10 10 Italy 1,159 1,130 121 682 327 29 21 8 1 356 331 158 153 20 24 21 3 1 j 112 72 56 15 1 40 38 2 0) 0) 148 108 98 10 41 40 1 (1) (1) 31 14 13 1 17 17 (i) (1) (1) 280 268 67 172 30 12 11 1 (1) 786 639 326 138 176 143 92 18 33 4 18 16 15 2 2 0) United Kinedom 1,078 687 348 328 11 363 124 195 44 29 8 8 7 (l) (l) Other Europe 666 642 174 338 129 24 21 1 2 0) Total Eurooe 7,713 6,831 2,539 3,368 924 845 516 239 91 37 Canada 2,081 1,752 1,198 547 7 318 209 72 38 11 Latin America: Arsentina 149 90 89 59 58 0) 0) 0) Bolivia • • • 22 6 6 (l) 16 15 (1) Brazil 164 64 60 0) 4 100 94 0) 5 (i) Chile .. • 95 35 35 (i) 60 60 (1) (i) Colombia 178 113 112 66 65 (1) (i) 281 144 99 40 5 137 132 1 4 (i) Dominican Reoublic 40 12 12 0) 28 28 0) F1 Salvador 31 14 13 (i) 17 16 n\ Cxiiatemala. 40 22 14 1 7 18 18 (1) n\ Mexico 393 252 227 24 2 141 137 3 2 (l) Neth. W. Indies and Surinam 72 40 23 9 8 32 15 4 13 Panama Reo of 147 29 28 0) 0) 118 90 4 24 0) Peru 72 27 26 45 41 1 3 (1) Uruguay 92 51 49 0) 2 41 38 0) 3 0) 464 291 290 (i) 173 172 1 (i) (1) Other Latin America 143 64 47 8 9 79 77 2 0) C1) Total Latin America.. 2,381 1,252 1,130 82 41 1,128 1,055 16 57 1 p Preliminary. r Revised. i Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 559 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Area and Total 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 ry d Other certificates certificates Area and country detail, January 31, 1959—Continued Asia: Hong Kong 61 32 29 3 29 29 0) 0) 0) Indonesia 1 7 0 8 8 1 6 0 2 6 6 5 0 5 50 2 1 1 2 6 1 2 6 C1) C1) Iran 53 49 49 0) 4 4 Israel 54 51 25 16 10 3 3 C1) 957 945 606 302 37 13 13 C1) 0) 144 142 140 1 2 2 T T a h i a w il a a n nd 1 1 9 5 3 8 6 4 1 1 9 3 3 0 9 1 1 9 6 2 0 0 0 0 6 9 7 ) C 1 1 1 ) 1 3 8 7 1 7 3 7 0 C1 ) ) 0) C C 1 1 ) ) Other Asia 391 352 280 46 26 38 38 0) 0) 0) Total Asia 2,235 2,099 1,513 491 96 135 134 1 1 All other: Australia. • 82 78 35 39 4 3 3 G) Belgian Congo 31 30 14 10 6 0) Egypt2 17 16 16 C1) 1 0) 0) Union of South Africa 31 30 26 4 0) 1 1 0) Other 121 90 78 2 11 30 27 0) (3} 0) Total other countries.. 282 244 168 55 21 36 33 0) 3 2 International .. 1,538 1,537 254 1,283 0) C1) 0) Grand total 16,230 13,716 6,802 5,826 1,088 2,463 1,946 328 189 52 1 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 i n m t g e - d E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1954 Dec 31 1,387 14 70 20 16 173 109 402 76 728 143 37 1955 Dec 31 . 1,549 12 88 30 26 109 158 423 144 706 233 43 1956 Dec 31 1,946 18 157 43 29 104 216 568 157 840 337 43 1957 Dec 31 2,199 114 140 56 34 98 211 654 154 956 386 50 1958 Mar 31 '2,274 104 130 50 27 86 258 655 186 '1,005 383 44 Apr 30 . '2,409 92 134 45 30 84 274 660 220 '1,021 460 48 May 31 '2,479 93 140 41 27 84 277 663 229 '1,050 465 71 June 30 .. r2,446 84 123 44 35 96 263 646 251 '1,023 450 77 July 31 '2,489 86 117 43 31 103 267 647 271 '1,033 463 76 Aug 31 r2,562 84 111 43 33 126 312 709 265 '1,048 462 78 Sept. 30 '2,540 90 109 39 36 127 315 716 256 '1,040 450 79 Oct 31 2,577 93 103 36 38 115 316 700 276 1,078 442 81 Nov. 30 2,487 96 88 35 35 120 301 675 232 1,064 438 79 Dec 30 . 2,542 102 77 36 42 124 315 696 243 1,099 435 69 1959 Jan 31 2,432 102 68 31 38 107 297 644 241 1,072 407 68 Feb 28*> 2 379 100 68 29 35 102 288 622 218 1 055 422 63 Mar 31^ 2,419 102 60 36 39 88 264 589 246 1,069 454 61 P Preliminary. ' Revised. foreigners; drafts drawn against foreigners that are being collected by i Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year: loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m 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 av g i 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 2 5 7 78 2 7 1956 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 » 10 1958 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 1 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 1 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 1 9 1959 Jan 31 297 6 66 15 6 6 58 20 2 26 18 64 1 10 Feb 28*> 288 5 64 16 6 5 59 18 2 25 16 60 1 9 Mar. 31*> 264 5 63 12 5 6 52 15 2 27 16 50 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 ia - Brazil Chile l C o b m i o a - - Cuba m p 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 t s 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 m i a t c h t e a i e r n r lic Suri- lic of 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—Mar. 31 1,005 26 3 168 40 85 116 12 6 9 r222 3 24 35 47 157 51 Apr. 30 1,021 23 3 184 42 82 114 10 6 9 r243 3 23 37 43 152 48 May 31 1,050 22 3 202 50 80 123 11 6 9 '255 3 21 38 37 141 50 June 30 1,023 37 3 189 54 71 105 7 7 8 r252 3 25 33 39 136 54 July 31 1,033 49 3 216 49 54 105 11 7 8 r240 3 23 30 42 138 55 Aug. 31 1,048 48 3 200 48 54 132 12 7 8 r243 3 26 30 45 134 55 Sept. 30 1,040 48 3 183 47 49 127 14 10 9 r274 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 1,072 38 4 176 51 49 151 20 6 12 269 4 22 28 50 140 52 Feb. 28* 1,055 39 3 176 48 48 150 23 6 11 260 3 24 30 43 139 53 Mar. 3\P 1,069 38 6 169 50 49 149 25 5 9 263 4 25 34 45 144 53 Table 3c. Asia and All Other Asia All other Date Total K H o o n n g g India Iran Israel Japan ip P p h in il 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 a n l n g - o Egypt3 U S n o o u i 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—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. 407 29 25 168 38 14 116 68 12 24 27 Feb. 28" 422 28 22 175 42 13 124 63 12 24 22 Mar. 31^ 454 34 19 204 34 14 130 61 11 21 23 P Preliminary. r Revised. 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. 561 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 Date, or area Longand country term— Loans to: totali Total Total Ba i o n n f s f k i t c s it i a u a l - nd Others s C ta t o o i n o u l d l n t e i - s n c- g Other Total f D or e e w p ig i o t n h si e t r s s Other tions 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—Mar. 31. ^1,213 '2,274 '2,117 599 '342 441 735 156 140 16 Apr. 30. '1,259 '2,409 '2,238 712 '341 448 736 171 157 14 May 31. 1,242 '2,479 '2,312 777 '348 455 732 166 153 14 June 30. '1,257 '2,446 '2,274 764 '348 432 730 172 159 13 July 31. '1,268 '2,489 '2,308 776 '363 430 740 181 166 15 Aug. 31. '1,325 '2,562 '2,384 871 '368 423 720 178 165 13 Sept. 30. '1,322 '2,540 '2,324 862 '375 406 680 217 204 13 Oct. 31. 1,334 2,577 2,347 859 394 428 666 230 212 18 Nov. 30. 1,373 2,487 2,298 806 418 420 654 189 174 16 Dec. 31. '1,362 2,542 2,344 840 428 421 656 198 181 16 1959—Jan. 31. 1,359 2,432 2,281 780 416 417 667 151 136 15 Feb. 28* 1,363 2,379 2,228 745 412 413 658 152 138 13 Mar. 31*3 1,362 2,419 2,258 746 424 428 660 161 146 15 Area and country detail, January 31, 1959 Europe: Austria... 25 6 6 2 2 Belgium.. 33 66 64 48 7 6 Denmark. 1 15 15 3 12 Finland. . 3 6 6 () 1 5 France... 20 102 101 4 7 87 Germany, Fed. Rep. of.. 68 63 11 1 18 32 Greece () 6 6 (2) 4 (2) Italy 22 31 31 7 4 9 11 Netherlands 25 58 57 4 36 11 5 Norway 125 20 19 5 3 10 1 Portugal 2 2 2 () 1 () Spain 6 26 25 14 1 1 10 Sweden.... 23 18 17 6 4 6 T Sw ur i k tz e e y rland. 2 6 3 4 8 6 3 4 0 6 1 1 1 11 4 3 3 9 United Kingdom. 90 107 44 26 14 63 58 Y O u th g e o r s l E av u i r a ope.... ii 1 1 0 10 3 4 Total Europe. 401 644 559 193 76 97 192 85 79 Canada 98 241 188 28 137 6 17 53 50 Latin America: Argentina 38 38 21 11 4 Bolivia () 4 4 1 2 1 Brazil 268 176 176 38 24 97 Chile 7 51 51 25 9 10 6 Colombia 29 49 49 6 6 22 14 Cuba 95 151 151 102 14 15 20 Dominican Republic 20 20 3 4 El Salvador 6 6 3 3 Guatemala 1 12 12 () 7 3 Mexico 106 269 267 109 58 23 78 Netherlands W. Indies and Surinam Panama, Rep. of 23 22 22 () 18 3 Peru 14 28 28 4 15 Uruguay 50 50 16 3 2 28 Venezuela 45 140 136 14 34 46 41 Other Latin America 52 52 52 6 14 25 Total Latin America. 650 ,072 1,065 345 189 214 317 p Preliminary. ' Revised. 2 Less than $500,000. 1 Represents mainly loans with an original maturity of more than one year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- Area and term— Loans to: country total1 Total Collec- Total Ba i o n n f s f k i t c s it i a u a l - nd Others sta t o i n o u d n t i - s ng Other Total f D or e w e p i i g o t n h si e t r s s Other tions Area and country detail, January 31, 1959—Continued Asia: Hong Kong 1 6 6 3 2 «? (2) India 5 4 4 1 2 /2\ Indonesia (2) (2) Iran 5 29 28 28 (2) h) 14 25 25 5 1 2 16 13 168 167 43 3 24 97 1 (2) 1 Korea Reo of ... 2 2 2 Philippines 15 38 38 20 2 16 C2) C2) (2) Taiwan 7 7 5 2 Thailand 13 14 14 10 2 Other Asia 27 114 113 102 1 11 (2) (2) (2) Total Asia 94 407 405 188 6 76 135 2 2 All other: 15 12 11 5 5 1 E B g el y g p ia t3 n Congo 2 2 3 2 3 1 3 (2) Union of South Africa.... 22 24 24 14 2 8 (2) Other 77 27 24 10 5 8 3 3 (2) Total other countries.. 116 68 64 26 7 24 6 4 3 1 International Grand Total 1,359 2,432 2,281 780 416 417 667 151 136 15 i Represents mainly loans with an original maturity of more than 2 Less than $500,000. one year. 3 Part of the United Arab Republic since February 1958. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPESi [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u .o - r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u ,o - r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1957 666 718 -52 1,617 1,423 194 699 1,392 -693 593 622 -29 1958 1,224 1,188 36 1,759 1,798 '-39 889 1,915 -1,026 467 804 -336 1958—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 Sept. 38 36 3 154 153 1 43 39 4 49 81 -32 Oct.. 80 31 49 r226 220 r6 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. P 78 81 _2 181 164 17 99 183 -84 41 73 -32 37 15 22 231 224 7 63 89 -26 45 84 -39 P Preliminary. r Revised. 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 563 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 Neth- Stocks Bonds Belgium France er- lands 1955 156 128 29 14 9 -21 1956 291 256 35 23 23 -7 1957 194 143 51 14 8 35 1958 r39 -56 r17 -3 2 -8 1958—Mar 1 -14 15 2 1 Apr -21 -14 -7 -2 -1 -1 May -3 -3 JPs (3) 1 1 J Ju u l n y e . -17 5 -2 14 1(3) 3 1 i Aug -12 -16 -9 1 S O N e c o p t v t 1 r6 1 1 -7 3 r3 4 8 ( ( 3 3 ) ) (3 1 ) Dec 3 -3 160 4 1959—Jan 18 19 -2 1 1 Feb P 17 15 2 2 2 7 2 5 1 II I S l w a e n r i - t d z- 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 ro ta p l e Canada A L m i a c t a e in r- ot A h l e l r2 142 30 10 183 -80 27 26 147 87 7 280 -53 38 27 101 77 20 255 -99 23 15 19 r10 -86 23 14 2 3 (3) 8 -11 4 -8 1 -13 -10 1 (3) 2 3 -9 -1 3 -3 1 -2 o -10 -5 1 (3) 3 -9 -3 8 -2 C3) -4 -6 1 4 5 -1 i? r4 4 - - 6 7 2 6 2 13 -4 9 -6 6 2 14 n -31 3 -6 3 3 17 -6 1 13 3 2 7 2 2 15 2 1 20 -12 1 8 -6 2 3 p Preliminary. r Revised. 2 Includes transactions of international institutions. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (-). In millions of dollars] [In millions of dollars] Y m e o ar n th or na I i n n ti t s o e t n i r - - al f c o T o r o e u t i n a g l - n Europe C a a d n a - A L i m a c t a i e n r- Asia o A th l e l r Date Deposits Assets in custody tutions tries U. S. Govt. Miscelsecurities2 laneous3 1955 -27 —4 -46 74 24 -49 -7 1956 .... -33 -478 8 -447 17 -40 -16 1957—Dec. 31 356 3,729 353 1957 -384 -338 231 -552 15 -45 13 1958 -558 -805 -72 -543 5 -45 -150 1958—Apr. 30 257 3,068 422 May 31 234 3,037 405 1958—Mar.... -4 -63 -23 -36 0) -3 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 T -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 — i -3 -5 N De o c v .. . . . . . . - - 9 6 6 - - 6 9 6 7 - -9 3 - - 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 Apr. 30 266 3,559 504 Feb.P. . 6 -123 -13 -64 -3 -41 -2 -5 -60 -22 -24 -9 -8 3 * Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of next page for total gold under earmark p Preliminary. at Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 3 C U o . n S s . i s T ts r e o a f s b u a ry n k b e i r l s ls ' , a c c c e e rt p if t i a c n a c te e s s , o co f m in m d e e r b c t i e a d l n p e a s p s, e r n , o a t n e d s f a o n r d e ig b n o n a d n s d . international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals 1957 1958 Area and country 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 31—5 8 1-94.8 3.4 3.4 -329.4 -14.2 -143.6 -113.4 -58.3 20 0 -67.5 -33.8 Germanv (Fed Reo oO -10.0 -130.0 -225.6 -10.0 Italy " - 348'. 8 -168.8 -123.8 -56.3 Netherlands -4.5 -100.0 -65.6 25.6 -260.9 -41.9 -62.9 -46.4 -109.7 Portusal -34.9 -5.0 -59.9 "-54 .'9 "-5.0 -20.0 -20.0 32 0 -20.0 -15.0 15.2 Switzerland -15.0 22.5 -65.0 -15.5 -8.0 -215.2 -5.0 -135.1 -75.1 -30.4 (2) -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 Union of South Africa 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 — 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 -10.2 -18.8 12.2 U.6 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 -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 (2) -.4 1.0 14.1 -.2 -.7 (2) -.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 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 771.6 -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 t d r r t t, g m c o c o r E l r a r e d e r a a : a i k r n s s - d e e - e d e , - D p ti r c o t o i m g d o o n u e l c s d - - Month ( T e r u n G e r d a y o s l o - d f S m T to o o c n t k a th l i ) I i n n s g c t r o o 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_Apr 21,996 22,042 -445.1 26 0 — 471 5 4 5 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 May 21,594 21,674 -367.8 17.9 -355.2 4.6 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 June 21,356 21,412 -262.4 3.4 -285.0 4.9 1949 24 427 24 563 164.6 686.5 -495.7 67.3 July 21,210 21,275 -136.5 18 0 — 164 3 6 1 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Aug 21,011 21,082 -193.1 3 7 -196 7 5 4 Sept 20,874 20,929 -153.2 71.2 -220.2 6.2 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Oct 20,690 20,741 -188.4 5 4 — 189 0 6 7 1952 23,187 23,252 379.8 684.1 -304.8 67.4 Nov 20,609 20,653 -88.0 11.7 -96.9 5.5 1953 22,030 22.091 -1,161.9 2.0 -1,170.8 69.0 Dec 20,534 20,582 -70.7 12.2 -79.3 5.9 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 1959—Jan 20,476 20,527 -55.5 10.3 -65.6 4.2 1956 21,949 22,058 305.9 106.1 318.5 65.3 Feb 20,479 20,520 -6.7 9 9 -13.0 4.1 1957 22,781 22,857 798.8 104.3 600.1 63.0 Mar 20,442 20,486 -33.6 18 3 — 48 0 3 8 1958 . ... 20,534 20,582 -2,275.1 259.6 -2,515.0 63.0 Apr *>20,305^20,358 P-128.6 4-127.5 P Preliminary. 2 Net after payment of $687.5 million in gold as United States gold sub- 1 Includes gold in Exchange Stabilization Fund. Gold in active portion scription to the International Monetary Fund. of this Fund is not included in regular statistics on gold stock (Treasury 3 Not yet available. gold) used in the Federal Reserve statement "Member Bank Reserves, 4 Gold held under earmark at the Federal Reserve Banks for foreign Reserve Bank Credit, and Related Items" or in the Treasury statement and international accounts amounted to $8,791.7 million on Apr. 30,1959. "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 565 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1956 Dec. 3I, 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 10 452 8 458 7 466 7 554 7 605 7 Belgium-Luxembourg (and Belgian Congo).. 1,227 12 1,182 8 1,259 7 1,393 7 1,471 6 1,522 6 Denmark 96 6 143 6 162 6 145 6 193 6 200 6 Finland 88 5 99 5 96 5 82 5 98 5 104 1 1,505 7 946 9 911 10 890 26 1,019 11 1,134 12 Germanv (Federal Republic of) 3,329 14 4,099 14 3,971 15 4,043 12 4,330 13 4,394 13 Greece 187 167 167 135 125 139 Italy 1,268 1,531 2 1,528 2 1,678 4 1,934 2,207 2 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) 628 651 658 678 694 707 Spain (and dependencies) 176 3 126 3 130 3 132 3 134 3 106 ^ I Sweden 483 479 5 461 8 458 4 496 3 507 10 Switzerland 2,512 131 2,685 128 '2,620 118 '2,684 88 '2,733 88 2.777 76 Turkey 164 162 157 156 154 164 Other3 917 12 851 12 '962 6 '1,131 5 1,165 6 1,370 3 Total. 14,135 298 14,755 319 '14,950 296 '15,511 269 '16,633 25 17,606 274 Sterling Area: TInited Kinsdom 2,812 203 2,875 205 3,460 241 3,810 220 3,851 216 3,725 194 United Kingdom dependencies . 103 4 104 4 102 4 101 4 100 4 109 4 Australia 191 211 218 222 228 241 323 1 329 1 326 1 328 1 320 1 324 •2\ Union of South Africa 277 1 255 1 231 183 1 216 1 241 1 Other 228 14 228 34 230 37 230 35 233 41 251 41 Total 3,934 223 4,002 245 4,567 284 4,874 261 4,948 263 4,891 240 Canada 2 629 367 2 738 457 2,722 441 3,087 345 3,032 346 3.097 341 Latin America: Argentina 370 263 270 265 '245 203 Brazil 549 456 1 440 1 450 458 1 463 I Chile 137 1 115 1 117 1 126 1 124 1 140 n\ Colombia 210 215 200 192 207 241 (2) Cuba 347 167 371 154 371 146 417 86 409 86 366 86 Guatemala 91 92 93 91 75 69 M^exico 600 4 566 3 536 3 485 3 517 3 561 4 Panama Reoublic of 109 1 136 1 '148 2 '140 '148 1 146 2 Peru 119 88 82 93 92 96 (2) Urusuav . • . 259 1 235 1 266 1 '258 '260 2 262 (2) Venezuela 1 058 3 1 554 2 1,428 2 1,460 2 1,233 2 1,213 Other 274 12 277 13 300 12 304 12 272 12 248 j j Total . 4,123 190 4,368 176 '4,251 168 '4,281 108 '4,040 108 4,008 106 Asia: Indonesia 231 190 128 127 129 (2) 145 Iran 158 193 (2) 190 202 181 184 n\ Japan 1,145 714 2 833 2 932 1 '1,018 1,094 1 Philiooines . .. 294 6 181 5 196 5 175 5 191 3 186 3 Thailand 260 1 269 1 269 260 1 252 1 245 1 Other 707 6 111 8 773 7 765 7 723 7 778 9 Total 2,795 17 2,324 16 2,389 15 2,461 14 '2,494 12 2,632 14 All other: Egypt4 • . 238 228 216 192 192 190 Other 129 8 162 (2^ 8 152 7 136 8 140 8 Total 367 8 390 7 '387 8 344 7 328 8 330 8 Total foreign countries 5 27,983 1,103 28,577 1,220 29,266 1,212 '30,558 1,004 '31,475 996 32,564 983 International institutions 3,144 391 2,697 222 2,563 356 2,696 446 '2,790 462 2,876 495 Grand total5 31,127 1,494 31,274 1,442 31,829 1,568 '33,254 1,450 '34,265 1,458 35,440 1,478 P Preliminary. ' Revised. 5 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 Part of the United Arab Republic since February 1958. of more than one year; these estimates are based on a survey of selected U. S. banks and on monthly reports of security transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- Bel- E m n o d n t o h f w m t o o a r t t l a e d l d * M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u i s a - C g o i n an go 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 QQ6 42 86 1954 Dec 37,080 1,740 21,793 13,545 372 138 62 115 778 322 ,080 42 86 1955 Dec 37,740 1,808 21,753 14,180 372 144 71 116 929 323 1,141 44 86 1955 Dec 38,245 1,692 22,058 14,495 224 107 71 122 928 324 1,113 46 57 1957 Dec 38,970 1,180 22,857 14,935 126 126 103 81 913 324 ,115 40 62 1958 Mar 39,135 1,186 22,487 15,460 126 136 103 86 998 324 ,096 40 65 Apr 1,238 22,042 126 iS 103 85 1,028 324 ,101 40 65 May 1,241 21,674 126 103 84 1,099 324 ,089 40 66 June 39,395 1,242 21,412 16,740 125 103 83 1,143 325 ,086 40 67 July 1,242 21,275 125 147 107 82 1,182 325 ,096 40 68 A. UK ,247 21,082 125 115530 125 82 1,213 325 ,088 40 69 Sept 39,545 ,307 20,929 17,310 114 154 136 82 1,228 325 ,088 40 70 Oct 307 20 741 74 157 144 83 1 251 325 085 40 70 Nov 311 20,653 160 155 83 1,270 325 ,089 40 71 Dec P39,865 1,332 20,582 *17,950 162 194 83 1,270 325 .078 40 72 1959 Jan 1,332 20,527 200 78 1,248 325 1,076 40 72 Feb 1 349 20 520 208 69 1 225 r326 1 082 40 72 Mar 20,486 212 1,246 326 1,072 40 Ger- Domin- many, 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* E v l a d S o a r l- l F a i n n d - France3 R F e e p d u er b a li l c Greece G m a a u l t a e- India I n n e d si o a 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 Mar 136 31 11 22 174 31 35 575 2,460 13 27 247 39 Apr 136 31 11 22 174 31 35 575 2,492 27 247 38 May 136 31 11 22 174 31 35 575 2,499 27 247 38 June 136 31 11 22 174 31 35 575 2,575 27 247 38 July 136 31 11 22 174 31 35 589 2,581 27 247 38 Aug . .. 136 31 11 22 174 31 35 589 2,587 27 247 38 Sept 135 31 11 22 174 31 35 589 2,597 27 247 38 Oct 135 31 11 22 174 31 35 589 2,633 27 247 38 Nov 120 31 11 22 174 31 35 589 2,639 27 247 38 Dec 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 2,678 27 247 37 Mar 31 11 22 174 31 38 589 2,678 247 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- es 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 Mar 138 25 18 462 91 158 847 33 43 49 20 8 454 Apr 138 25 18 417 91 156 862 33 43 49 20 8 454 May 138 25 18 491 91 154 881 33 43 49 20 10 474 June 138 25 18 607 91 153 910 33 43 49 20 11 474 July 138 25 18 677 91 150 920 33 43 49 20 12 474 Aus 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 34 18 1,086 91 143 1,050 33 43 49 19 10 493 1959 Jan 141 14 18 91 1 125 33 43 49 19 11 498 Feb 141 18 95 1,145 33 43 49 19 7 498 Mar 18 102 1,164 33 43 49 19 7 501 P Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 567 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Bank Euro- E m n o d n t o h f A So fr u ic th a Sweden Sw la i n tz d er- Syria 2 T la h n a d i- Turkey U K d n o 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 o tt t r l 'l e- m p P e e a a n y n t - s ments Union 1952—Dec 170 184 1,411 14 113 143 1,846 207 373 12 196 158 1953 Dec 176 218 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 Mar 193 203 1,720 24 112 144 2,770 180 719 14 182 126 Apr 179 203 L770 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 1,929 24 112 144 3,089 180 719 15 171 SeDt 188 204 1,934 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 1,993 112 144 3,111 180 719 17 312 Feb 211 204 I 993 112 144 3,156 180 719 17 351 Mar 193 204 1,935 144 3,139 180 17 378 P Preliminary. 2 Part of the United Arab Republic since February 1958. 1 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 Morth and South America Other month (ervr> 1 Total U.S.S.R. A So fr u ic th a R de h s o ia - Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 1 Brazil Chile Co b l i o a m- t A ra u l s ia - India 1950 864.5 781.7 408.2 17.9 24.1 12.0 80.1 155.4 14.3 8.0 4.6 6.7 13.3 30.4 6.7 1951 840.0 763.1 403.1 17.0 22.9 12.3 66.3 153.7 13.8 8.8 4.8 6.1 15.1 31.3 7.9 1952 868.0 785.7 413.7 17.4 23.8 12.9 67.4 156.5 16.1 8.9 4.9 6.2 14.8 34.3 8.9 1953 864.5 780.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 9.1 4.0 4.6 15.3 37.7 7.8 1954 913.5 830.4 462.4 18.8 27.5 12.8 65.1 152.8 13.5 8.2 4.2 4.4 13.2 39.1 8.4 1955 959.0 877.7 510.7 18.4 23.8 13.0 65.7 159.1 13.4 8.1 3.9 4.3 13.3 36.7 7.4 1956 994.0 914.8 556.2 18.8 21.9 13.1 65.3 153.4 12.3 7.6 4.3 3.3 15.3 36.1 7.3 1957 1,036.7 r956.3 596.2 18.8 27.7 13.1 63.0 r155.2 12.1 6.9 4.2 3.6 11.4 37.9 6.3 1958 Feb .... 75.9 47.5 1.5 2.5 .9 4.4 12.5 1.1 .5 .3 .2 1.0 2.9 .5 Mar 80 1 50.1 6 2.5 .9 4.3 13.7 1.4 .5 .4 .2 .9 3 0 5 79.7 50.3 1.6 2.4 1.2 4.5 13.4 .9 .6 .3 .2 1.0 2.9 .5 May 81.3 51.6 6 2.4 1.0 4.6 13.3 .9 .6 .4 .3 1.1 3.2 4 81.5 50.6 1.6 2.5 1.4 4.9 13.4 .9 .6 .3 .3 1.2 3.3 .5 July . 52.4 5 2.5 .9 6.1 13.2 .7 .4 1.3 3.7 .5 Aug 52.6 1.6 2.5 1.2 5.4 12.8 .7 .3 .9 3.0 .5 Sept ... 53.0 7 2.5 1.1 6.2 13.1 .6 .4 .9 3.5 .5 Oct 54 0 f, 2.4 .9 6.7 14 0 .6 .3 1.3 3.3 5. Nov .... 53.3 1.7 2.5 1.0 5.5 12.9 .6 .3 1.0 3.1 .5 Dec 53.1 1.7 2.2 .7 5.9 13.2 .6 .3 .5 1959 Jan . 54.1 1.6 2.6 1.2 4.2 13.1 .5 .3 Feb .... 52.8 2.6 .9 4.1 .8 .3 r Revised. Ghana, Belgian Congo and Brazil, data for which are from American 1 Gold exports, representing about 90 per cent of total production. Bureau of Metal Statistics. For the United States, annual figures are 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) Bureau of Metal Statistics. Production reported monthly: reports from individual countries except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 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 1958 1959 Item Item Jan. Apr. July Oct. Jan. Mar. June Sept. Dec. Mar. Gold 1,180 1,238 1,242 1,307 1,332 Dollar deposits and U. S. securities. 683 917 900 943 937 Investments9 200 200 200 200 200 Other currencies and securities *.... 767 752 747 693 636 Currencies ;i E O f t f h e e c r ti v a e s s l e o ts a * ns2 2,79 9 5 0 2,82 9 9 3 2,99 9 9 1 3,2 1 7 0 5 1 3,40 9 8 2 O U t n h i e te r d States 5,9 7 9 6 2 9 6,0 6 6 9 0 6 6,1 6 1 6 9 4 6,0 7 2 1 5 7 5,9 7 5 8 8 0 Unpaid member subscriptions 874 898 873 958 979 IBRD bonds outstanding 1,405 1,658 1,687 1,792 1,840 Other assets 8 8 8 9 9 Undisbursed loans 699 675 753 910 893 Other liabilities 24 27 27 24 28 Member subscriptions 9,016 9,088 9,088 9,193 9,228 R C e a s p e i r ta v l e * s 1,8 3 7 3 2 5 1,8 3 8 5 1 0 1,9 3 0 6 4 6 1,9 3 0 8 4 2 1,9 4 1 0 1 1 A Re c s c e u r m ve u s l a a t n e d d l n i e a t b i i l n it c i o es me 4 3 (10) 18 C'0) (1 3 0 0 ) Loans by country, Mar. 31, 1959 Quota Cumulative net drawings on the Fund Outstanding Country Area and member country4 Paid 1958 1959 Prin- Dis- Re- Total in cipal bursed paid Sold gold Total to Feb. Jan. Feb. others5 Argentina 150 38 75 Co A B n e u t t i l o s n g t t e i r a u n i l a m ta l a n W d e L st u e x rn e m E b u o r u o r p g e .. , 1,3 1 6 9 7 4 2 3 1,1 1 5 6 5 8 0 0 23 1 0 9 9 1 2 6 3 8 0 1 10 3 4 8 3 C B B B h o r u a l i r i z l m v e il i a a 1 5 5 1 1 0 0 0 5 3 9 8 1 7 3 1 5 7 8 5 1 4 1 1 2 9 3 2 1 4 1 1 2 9 3 2 N I N D F F t i r a o e e n a l t r n y l n h w a m c e n a e r a d y l r a k nds 2 2 2 1 7 3 3 6 6 0 5 8 6 7 0 2 2 2 1 4 3 6 6 5 6 0 6 7 2 8 5 1 2 5 1 3 5 3 0 5 2 1 4 8 6 4 3 6 3 6 1 4 5 2 2 2 1 4 2 9 2 3 2 D C H C Fr u o e a a i n l b n t o a m i c m e a b r i k a 52 5 5 6 5 8 0 0 8 10 1 1 2 6 8 3 3 26 2 3 3 3 5 4 5 1 3 2 9 3 4 5 9 4 0 39 2 3 4 4 5 0 T Y u u r g k o e s y lavia 6 6 1 1 5 6 8 1 5 5 2 3 I In n d d o ia nesia 4 1 0 1 0 0 2 1 8 6 20 5 0 5 20 5 0 5 2 5 0 5 0 Ste A rl u in st g r a a l r ia ea, total 1,3 3 8 1 6 8 1,1 3 4 1 2 8 12 3 9 1 1,0 2 1 8 3 6 11 32 7 I N ra ic n aragua 3 8 5 9 2 25 1 2 7 17 I P C U U O n a e t n n d k h y i i i i e t o l a s e o r n t d n a n o K f i S n . g A do f m rica 5 1 1 1 2 0 3 8 9 2 5 7 2 5 3 6 4 1 1 1 8 2 3 6 1 0 0 1 2 9 3 ( 3 3 1 6 7 0 9 5 ) 3 1 1 6 8 2 3 1 1 5 0 5 0 4 2 2 2 3 5 6 3 1 1 P P T P S h e u a u r r i d r l u a k a i g p e n u p y a in y es 4 2 1 1 3 5 8 0 5 4 2 3 3 1 1 6 5 9 0 5 3 1 1 6 5 9 2 5 7 Union of South La C E M C E B ti c l h o r n e a u i l S x l z u A a e a i i m d c l l m v o o b a e r i d r a i o c r a, total 2 9 1 1 7 4 5 0 3 1 8 4 6 5 9 2 9 6 6 1 1 4 9 5 2 7 5 1 6 8 9 3 5 6 2 1 2 2 0 5 6 8 3 5 1 1 7 5 2 3 5 4 1 2 6 2 8 0 2 1 19 Y U U U u n n n A p g i i i u t t t f o e e e b r s d d d i l c l i a a c S K v A t i a i a r n t a e g b s d o R m e . - 2 1 , ,3 7 1 0 5 6 6 0 0 0 0 0 0 2 68 2 3 1 8 5 6 0 n-l,95 5 2 6 3 6 3 2 0 n-l,9 5 2 2 4 3 3 8 3 5 6 0 n-1,9 5 2 2 4 3 3 6 3 5 6 0 Nicaragua 23 20 14 P U O e t r r h u u e g r uay 4 6 6 8 2 4 4 5 3 0 4 6 4 2 3 6 6 4 rep 2 1 a R C ym e u p r e r r n e e t n s s e c , n ie t t h s s e i p n n r c i e n l t u c d i a p e m a d l o e u o m f n a t a n u o d t u h t o o s b r ta l i i z n g e d a d i t n i l o g o n a s o n n h s , e l l l o d e a s i n s n s l o l s i a e o n u ld s o n f o o r d t e a y p g e o r t e s e i e t d f s f . e t c o t iv b e e , sold to others, and exchange adjustment. As I J L M i r a a e a p a t b n o ( l a a e a t n n a x y l c o a l n uding Sterling area), 5 2 1 2 5 7 3 7 7 4 5 6 2 1 ( 7 8 5 6 4 5 6 2 ) 11 2 1 ( 7 7 4 6 4 5 5 7 ) 2 1 0 5 2 3 4 5 6 7 * I L I L I E n n n e o x c c c s a l c l s l u u n u l u d d s t d h d e e e t a s e s o s n s a $ $ d u l 7 $ 2 s e n 8 5 o 4 p c 0 7 e m a e 0 n f l m , i f l d 0 l e e l e i 0 c d i l n o 0 t l i i c n p . v o i o e n e i r s n l t n o i a l o o a o r t n e n a s g s n i u n s o a a c g f n l r r u c o a e a d n t e p e t d y e d i e t e t a t o d w l e b i s b f t e u f h y e b s c m t s o t h c i l v e e d r e m i p B . b b t u a i e o t n r n k n . s . o . t yet disbursed. T Ph h i a l i i l p a p n i d nes 10 1 7 9 4 1 4 0 3 1 8 0 9 i ° U T . r S an . s T f r e e r a re s d u ry to b g il e l n s e p r u al r c r h e a se s r e v d e . with proceeds from sale of gold. Afric a a r ea) ( , e t x o c t l a u l ding Sterling 63 23 for 1 l 1 o R ca e l p c re u s r e re n n ts c i s e a s l , e l s e s o s f r U ep . u S rc . h d a o s l e l s a r o s f b s y u c t h h e c u F r u r n en d c i t e o s m w e i m th b d e o r ll c a o r u s. ntries Ethiopia 24 11 Sudan 39 12 Total 74,238 3,268 475 2,793 8267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 569 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 Services2 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 -373 -243 -218 -328 -174 Foreign capital and gold (net) 218 621 445 661 -189 -377 305 -256 164 608 1,097 898 826 Increase in foreign short-term assets and Government securities 168 508 391 678 -275 -195 503 -247 212 219 27 441 444 Increase in other foreign assets.... 58 125 157 147 113 166 127 18 50 19 e -26 35 Gold sales by United States -12 -103 -164 -27 -348 -325 -27 -98 370 483 347 1,075 Errors and omissions 129 153 212 323 362 262 360 -108 170 73 220 -82 v Preliminary. 2 Including military transactions. i Excluding military transfers under grants. 3 Minus sign indicates net outflow. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Sw la i n tz d er- Month 3 T m re b o a i n l s l u t s h r s y i D m a o d y n a - e y t y o 2 - 3 B a a a c m n n c o c k e e p n e s t r t - h s' s 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - e y t y o 3 - Tr d 6 e b 0 a a i - y l s 9 l s u s 0 4 ry D m a 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 5.61 3.18 5.07 4.94 4.15 3.50 3.55 4.75 4.81 3.48 3.23 1.50 1957_Dec 5.65 3.60 6.67 6.43 5.67 5.00 5.72 3.75 3.25 4.64 3.33 2.50 1958 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 L75 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 .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 L00 2.10 3.67 3.46 2.97 2.32 5.26 2.38 2.88 2.40 1.79 2.50 Dec 5.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 1.50 2.50 1959—Jan 5.34 2.07 3.28 3.12 2.73 2.00 4.39 2.25 2.38 2.04 1.58 2.50 Feb 5.70 2.96 3.23 3.09 2.66 2.00 4.23 2.25 2.94 1.75 1.26 2.50 Mar i1.16 4.00 3.41 3.30 2.67 2.00 2.25 2.44 1.68 1.42 2.25 1 Based on average yield of weekly tenders during month. figures are averages of rates on government and private securities. 2 Based on weekly averages of daily closing rates. 4 Rate in effect at end of month. 3 Beginning January 1957, rate shown is on private securities. Previous 5 Based on average of lowest and highest quotation during month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 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 Apr. 30, 1958 Rate Country 1958 1959 Ap as r . o 3 f 0, Per Month 1959 cent effective May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 6.0 Dec. 1957 6.0 Austria 5.0 Nov. 1955 4.5 4.5 4.25 Mar. 1958 4.0 3.75 3.5 3 25 3.25 Brazil2 10.0 Apr. 1958 10.0 Burma 3.0 Feb. 1948 3.0 1.62 Apr. 1958 1.79 1.97 1.12 1.74 2.52 3.08 3.13 3.74 3.53 4.32 4.55 5.01 5.01 Ceylon 2.5 June 1954 2.5 Chile2 6.0 Feb. 1957 6.0 4.0 July 1933 4.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 5.5 Denmark .. 5.0 Apr. 1958 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 Prance 5.0 Aug. 1957 4.5 4.25 4.0 4.0 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 India5 4.0 May 1957 4.0 Indonesia2 3.0 Apr. 1946 3.0 Iran 4.0 Aug. 1948 4.0 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 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 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 3.0 July 1948 4 0 4.0 Peru2 6.0 Nov. 1947 6.0 Philippine 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 S witzerland 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 lA 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 571 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month (peso) (p t A r o a u u l s n i - a 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 in ar la k n 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—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 3.8536 2.0050 103.645 21.020 .3118 Sept.. 5.556 2.025 223.37 3.8536 2.0056 102.357 21.016 .3118 Oct.. 5.556 1.656 223.67 3.8536 2.0061 103.005 21.049 .3118 Nov.. 5.556 1.386 223.55 3.8536 2.0056 103.253 21.039 .3118 Dec.. 15.556 11.518 223.41 3.8536 2.0057 103.660 21.032 .3118 1959—Jan.., 21.5187 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 Apr.. 1.3680 224.42 3.8487 2.0037 103.774 21.089 .3114 1 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 s l i l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - r s ) 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—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 Apr.. .2039 23.913 21.101 281.65 .1610 .2779 32.975 8.006 26.501 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 - ) (p A 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 ( e S fr r w a la n i n t c - d ) ( U K p d n o i o i n u m t g n ed - 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—Apr.. 278.92 14.008 49.695 3.4900 280.65 2.3810 19.328 23.335 281.71 May. 278.78 14.008 49.695 3.4900 280.52 2.3810 19.328 23.335 281.57 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. 277.78 14.008 49.695 3.4900 279.51 2.3810 19.328 23.300 280.55 Dec. 277.60 14.009 49.695 3.4900 279.33 2.3810 19.329 23.317 280.38 1959_Jan.. 277.87 14.012 49.695 3.4917 279.60 2.3810 19.326 23.190 280.65 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 Apr.. 278.86 14.048 49.695 3.5026 280.60 2.3810 19.330 23.134 281.65 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, 1957, 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 LEGAL DIVISION GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director HOWARD H. HACKLEY, General Counsel JAMES C. SMITH, Assistant Director FREDERIC SOLOMON, Assistant General Counsel DAVID B. HEXTER, Assistant General Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve Examiner G. HOWLAND CHASE, Assistant General Counsel THOMAS J. O'CONNELL, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser GUY E. NOYES, Adviser ROLAND I. ROBINSON, Adviser DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Associate Adviser ALBERT R. KOCH, Associate Adviser JOSEPH E. KELLEHER, Director KENNETH B. WILLIAMS, Associate Adviser LEWIS N. DEMBITZ, Research Associate OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser OFFICE OF THE CONTROLLER ROBERT L. SAMMONS, Associate Adviser J. J. CONNELL, Controller DIVISION OF BANK OPERATIONS SAMPSON H. BASS, Assistant Controller JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director OFFICE OF DEFENSE PLANNING M. B. DANIELS, Assistant Director JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 573 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 FEDERAL RESERVE BULLETIN • MAY 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 O F- 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 575 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 Robert V. Roosa H. L. Sanford William F. Treiber Charles A. Coombs Robert G. Rouse Todd G. Tiebout Marcus A. Harris Walter H. Rozell, Jr. R. B. Wiltse Herbert H. Kimball 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 E. A. Fink Martin Morrison Donald S. Thompson J. J. Balles Clyde HarreU Paul C. Stetzelberger Roger R. Clouse L. Merle Hostetler 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 G. R. Murff L. G. Pondrom Harry A. Shuford Thomas A. Hardin Thomas W. Plant Morgan H. Rice 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, 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 ALL-BANK STATISTICS, 1896-1955. Revised statis- FUNCTIONS. April 1954. 208 pages. tics for all banks in the United States, by class of bank, together with descriptive and explanatory ANNUAL REPORT OF THE BOARD OF GOVERNORS material. Part I, U. S. Summary. Part II, Sum- OF THE FEDERAL RESERVE SYSTEM. maries by States and other areas. April 1959. FEDERAL RESERVE BULLETIN. Monthly. Sub- 1,229 pages. $4.00. scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, THE FEDERAL RESERVE ACT, as amended through Costa Rica, Cuba, Dominican Republic, Ecua- December 31, 1956, with an Appendix condor, Guatemala, Haiti, Republic of Honduras, taining provisions of certain other statutes af- Mexico, Nicaragua, Panama, Paraguay, Peru, fecting the Federal Reserve System. 385 pages. El Salvador, Uruguay, and Venezuela is $6.00 $1.00. per annum or 60 cents per copy; elsewhere FLOW OF FUNDS IN THE UNITED STATES, 1939-53. $7.00 per annum or 70 cents per copy. Group A new accounting record designed to picture subscriptions in the United States for 10 or the flow of funds through the major sectors of more copies to one address, 50 cents per copy the national economy. December 1955. 390 per month, or $5.00 for 12 months. pages. $2.75. FEDERAL RESERVE CHART BOOK ON FINANCIAL A STATISTICAL STUDY OF REGULATION V LOANS. AND BUSINESS STATISTICS. Monthly. Annual September 1950. 74 pages. 25 cents per copy; subscription includes one issue of Historical in quantities of 10 or more copies for single Supplement. Subscription price in the United shipment, 15 cents each. States and the countries listed above is $6.00 per annum; 60 cents per copy, or 50 cents each BANKING AND MONETARY STATISTICS. Statistics of in quantities of 10 or more of a particular banking, monetary, and other financial developissue for single shipment; elsewhere $7.00 per ments. November 1943. 979 pages. $1.50. annum or 70 cents each. RULES OF ORGANIZATION AND RULES OF PROCE- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE DURE—Board of Governors of the Federal Re- CHART BOOK. Issued annually in September. serve System. 1946. 31 pages. Annual subscription to monthly chart book in- REGULATIONS OF THE BOARD OF GOVERNORS OF cludes one issue of Supplement. In the United THE FEDERAL RESERVE SYSTEM. States and countries listed above under Federal Reserve Bulletin, single copies 60 cents each or ADMINISTRATIVE INTERPRETATIONS OF REGULAin quantities of 10 or more for single shipment TION F—SECTION 17—COMMON TRUST FUNDS. 50 cents each; elsewhere 70 cents each. 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. 576 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 577 REPRINTS REVISION OF MONTHLY DEPARTMENT STORE IN- (From Federal Reserve Bulletin unless preceded DEXES. December 1957. 30 pages. by an asterisk) SEASONAL FACTORS AFFECTING BANK RESERVES. THE MONETARY SYSTEM OF THE UNITED STATES. February 1958. 12 pages. February 1953. 16 pages. 1958 SURVEY OF CONSUMER FINANCES. March, INFLUENCE OF CREDIT AND MONETARY MEASURES July, and September 1958. 51 pages. (Similar ON ECONOMIC STABILITY. March 1953. 16 Surveys are available for earlier years from pages. 1952, 1953, 1955, 1956, and 1957 BULLETINS.) FEDERAL FINANCIAL MEASURES FOR ECONOMIC MEMBER BANK LENDING TO SMALL BUSINESS, STABILITY. May 1953. 7 pages. 1955-57. April 1958. 19 pages. *DETAILED DESCRIPTION OF SOURCES AND METH- REVISED WEEKLY INDEX OF DEPARTMENT STORE ODS USED IN REVISION OF SHORT- AND INTER- SALES. April 1958. 10 pages. MEDIATE-TERM CONSUMER CREDIT STATISTICS. GROWTH AND STRUCTURE OF TIME DEPOSITS. April 1953. 25 pages. April 1958. 5 pages. DEPARTMENT STORE SALES AND STOCKS, BY MONEY AND CREDIT IN THE RECESSION. July 1958. MAJOR DEPARTMENTS (Revised Indexes). No- 7 pages. vember 1953. 65 pages. INTEREST RATES IN LEADING COUNTRIES. Sep- FEDERAL RESERVE MONTHLY INDEX OF INDUStember 1958. 8 pages. TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. THE 1957-58 RECESSION IN WORLD TRADE. October 1958. 8 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED AND CURRENCY OUTSIDE OPEN MARKET OPERATIONS IN LONG-TERM SE- BANKS. March 1955. 4 pages. CURITIES. November 1958. 15 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- MONEY AND CREDIT IN 1958. February 1959. 7 COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- pages. ber 1955. 40 pages. GOLD AND DOLLAR FLOWS IN 1958. March 1959. SURVEY OF BANK LOANS FOR COMMERCIAL AND 6 pages. INDUSTRIAL PURPOSES. Business Loans of 1959 SURVEY OF CONSUMER FINANCES. PRE- Member Banks. April 1956. 14 pages. Credit LIMINARY FINDINGS. March 1959. 4 pages. Lines and Minimum Balance Requirements. OWNERSHIP OF DEMAND DEPOSITS. April 1959. June 1956. 7 pages. 3 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. June 1956. 9 pages. MEMBER BANK TERM LENDING TO BUSINESS, 1955-57. April 1959. 16 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also, similar reprint *PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a descripfrom April 1953 BULLETIN.) tion of revised statistics for all banks in the INDEX OF ELECTRICITY AND GAS OUTPUT. Oc- United States, by class of bank, together with tober 1956. 15 pages. revised statistics. April 1959. 100 pages. AGRICULTURAL LOAN SURVEY. November 1956 BANKING AND MONETARY STATISTICS, 1958. Seand January, February, and March 1957 BULlected series of banking and monetary statistics LETINS. 52 pages. for 1958 only. February and May 1959. 12 UNITED STATES BANKING ORGANIZATION ABROAD. pages. (Similar reprint of 1957 data, February December 1956. 16 pages. and May 1958 BULLETINS.) SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. SURVEY OF COMMON TRUST FUNDS, 1958. May April 1957. 20 pages. 1959. 6 pages. (Also, similar reprints from SURVEY OF FINANCE COMPANIES, MID-1955. August 1956, June 1957, and May 1958 BUL- April 1957. 17 pages. LETINS.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 514, 515 Demand deposits—Continued Agricultural loans of commercial banks, 510, 512 Banks, by classes, 507, 513, 551 Agriculture, Govt. agency loans, 518, 519 Type of holder, at commercial banks, 511 Assets and liabilities (See also Foreign liabilities and Department stores: claims reported by banks): Merchandising data, 545 Banks and the monetary system, consoli- Sales and stocks, 534, 544 dated, 506, 550 Deposits (See also specific types of deposits): Corporate, current, 526 Adjusted, and currency, 506, 550 Domestic banks, by classes, 507, 510, 512, 551 Banks, by classes, 507, 511, 513, 551 Federal business-type activities, Federal Reserve Banks, 501, 502, 563 by fund or activity, 518, 519 Postal savings, 504, 506, 550 Federal Reserve Banks, 501, 502 Turnover of, 504, 554 Automobiles: Deposits, reserves, and borrowings, by class of Consumer instalment credit, 530, 531, 532 member bank, 499 Production index, 536, 540 Discount rates, 500, 570 Discounts and advances by Federal Reserve Bankers' balances, 511, 513 Banks, 497, 501 (See also Foreign liabilities and claims reported Dividends, corporate, 525, 526 by banks) Dollar assets, foreign, 563, 565 Banking and monetary statistics for 1958, 550 Dwelling units started, 541 Banks and the monetary system, consolidated statement, 506, 550 Earnings and hours, manufacturing indus- Bonds (See also U. S. Govt. securities): tries, 534, 543 New issues, 524, 526 Employment, 534, 542, 543 Prices and yields, 515, 516 Export-Import Bank, loans, etc., 518, 519 Brokers and dealers in securities, bank loans to, 510, 512 Farm mortgage loans, 518, 527, 528 Business expenditures on new plant and equip- Federal business-type activities, assets and liabilities, ment, 526 by fund or activity, 518, 519 Business indexes, 534 Federal Deposit Insurance Corporation, Business loans (See Commercial and industrial loans) assets, etc., 518, 519 Federal finance: Capital accounts: Cash transactions, 520 Banks, by classes, 507, 511, 513, 551 Receipts and expenditures, 521 Federal Reserve Banks, 501, 502 Treasurer's balance, 520 Carloadings, 534 Federal home loan banks, loans, etc., 518, 519, 529 Central banks, foreign, 566, 570 Federal Housing Administration, Coins, circulation of, 505 loans, etc., 518, 519, 527, 528, 529 Commercial banks: Federal National Mortgage Association, Assets and liabilities, 507, 510, 551 loans, etc., 518, 519, 529 Consumer loans held, by type, 531 Federal Reserve Banks: Number, by classes, 507, 551 Condition statement, 501, 502 Real estate mortgages held, by type, 527 U. S. Govt. securities held by, 497, Commercial and industrial loans: 501, 502, 522, 523 Commercial banks, 510 Federal Reserve credit, 497, 501, 502 Weekly reporting member banks, 512, 514 Federal Reserve notes, 501, 502, 503, 505 Commercial paper, 514, 515 Finance company paper, 514, 515 Commodity Credit Corporation, loans, etc., 518, 519 Foreign central banks, 566, 570 Condition statements (See Assets and liabilities) Foreign deposits in U. S. banks, 497, 501, Construction, 534, 540, 541 502, 506, 511, 513, 550 Consumer credit: Foreign exchange rates, 571 Instalment credit, 530, 531, 532, 533 Foreign liabilities and claims reported by Major parts, 530, 532 banks, 556, 558, 561, 563 Noninstalment credit, by holder, 531 Foreign trade, 545 Consumer durable goods output indexes, 540 Consumer price indexes, 534, 546 Gold: Consumption expenditures, 548, 549 Earmarked, 564 Corporate sales, profits, taxes, and divi- Net purchases by U. S., 564 dends, 525, 526 Production, 564, 567 Corporate security issues, 524, 526 Reserves of central banks and governments, 566 Corporate security prices and yields, 515, 516 Reserves of foreign countries and international Cost of living (See Consumer price indexes) institutions, 565 Currency in circulation, 497, 505 Stock, 497, 506, 550, 564 Customer credit, stock market, 516 Gold certificates, 501, 502, 503, 505 Govt. debt (See U. S. Govt. securities) Debits to deposit accounts, 504 Gross national product, 548, 549 Demand deposits: Adjusted, banks and the monetary Home owners, Govt. agency loans, 518, 519 system, 506, 550 Hours and earnings, manufacturing indus- Adjusted, commercial banks, by classes, 511 tries, 534, 543 578 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 579 Industrial advances by Federal Reserve Real estate loans—Continued Banks, 501, 502, 503 Type of property mortgaged, 527, 528, 529 Industrial production indexes, 534, 535, 540 Regulation V, loan guarantees, 503, 504 Instalment loans, 530, 531, 532, 533 Reserve requirements, member banks, 500 Insurance companies, 517, 522, 523, 528 Reserves: Insured commercial banks, 509, 510 Commercial banks, 511 Interbank deposits, 507, 511, 513, 551 Federal Reserve Banks, 501, 502 Interest rates: Foreign central banks and governments, 566 Bond yields, 515 Foreign countries and international institu- Business loans by banks, 515 tions, 565 Federal Reserve rates, 500 Member banks, 497, 499, 501, 502, 511, 513 Foreign countries, 569, 570 Residential mortgage loans, 527, 528, 529 Open market, 515, 569 Regulation V loans, 504 Sales finance companies, consumer Stock yields, 515 loans of, 530, 531, 533 Time deposits, maximum rates, 504 Savings, 548 International capital transactions of the U. S., 556 Savings deposits (See Time deposits) International financial institutions, 564, 565, 566, 568 Savings institutions, principal assets, 517 Inventories, 549 Savings and loan associations, 517, 528 Investments (See also specific types of investments): Securities, international transactions, 562, 563 Banks, by classes, 507, 510, 512, 551 Security issues, 524, 526 Federal Reserve Banks, 501, 502 Silver coin and silver certificates, 505 Govt. agencies, etc., 518, 519 State member banks, 509 Life insurance companies, 517 State and municipal securities: Savings and loan associations, 517 New issues, 524 Prices and yields, 515, 516 Labor force, 542 States and political subdivisions: Loans (See also specific types of loans): Deposits of, 511, 513 Banks, by classes, 507, 510, 512, 551 Holdings of U. S. Govt. securities, 522 Federal Reserve Banks, 497, 499, 501, 502, 503 Ownership of obligations of, 510, 517 Govt. agencies, etc., 518, 519 Stock market credit, 516 Insurance companies, 517, 528 Stocks: Sayings and loan associations, 517, 528 New issues, 524 Loans insured or guaranteed, 503, 527, 528, 529 Prices and yields, 515, 516 Manufacturers, production indexes, 534, 535, 540 Tax receipts, Federal, 521 Margin requirements, 500 Time deposits, 499, 504, 506, 507, 511, 513, 550, 551 Member banks: Treasurer's account balance, 520 Assets and liabilities, by classes, 507, 510, 551 Treasury cash, 497, 506, 550 Borrowings at Federal Reserve Banks. 497, 499 Treasury currency, 497, 505, 506, 550 Deposits and reserves, by classes, 499 Treasury deposits, 497, 501, 502, 520 Number, by classes, 507, 551 Reserve requirements, by classes, 500 Reserves and related items, 497 Unemployment, 542 Weekly reporting series, 512 U. S. balance of payments, 569 Minerals, production indexes, 534, 535 U. S. Govt. balances: Money rates (See Interest rates) Commercial bank holdings, by classes, 511, 51? Mortgages (See Real estate loans) Consolidated monetary statement, 506, 550 Mutual savings banks, 506, 507, 509, 522, Treasury deposits at Federal Reserve 523, 527, 550, 552 Banks, 497, 501, 502, 520 U. S. Govt. securities: National banks, 509 Bank holdings, 506, 507, 510, 512, 522, National income, 548 523, 550, 551 National security expenditures, 521, 549 Federal Reserve Bank holdings, 497, 501, Nonmember banks, 501, 509, 510 502, 522, 523 Foreign and international holdings, 565 Payrolls, manufacturing, index, 534 International transactions, 562, 563 Personal income, 549 New issues, gross proceeds, 524 Postal Savings System, 504, 506, 550 Outstanding, by type of security, 522, 523 Prices: Ownership of, 522, 523 Consumer, 534, 546 Prices and yields, 515, 516 Security, 516 United States notes, outstanding and in circulation, 505 Wholesale commodity, 534, 546 Utility output index, 539 Production, 534, 535, 539, 540 Profits, corporate, 525, 526 Veterans Administration, loans, etc., 518, 519, Real estate loans: 527, 528, 529 Commercial banks, 510, 512, 527 Type of mortgage holder, 527, 528, 529 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 Jan.3,/959 -J>ram bif % H? Qalvin, Cart 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