Federal Reserve Bulletin, 1959-06

FEDERAL RESERVE June 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 Public Debt Management 581 Member Bank Earnings, 1958 586 Law Department 590 Current Events and Announcements 591 National Summary of Business Conditions 593 Financial and Business Statistics, U. S. (Contents on p. 595) 597 International Financial Statistics (Contents on p. 661) 662 Board of Governors and Staff 678 Open Market Committee and Staff; Federal Advisory Council 679 Federal Reserve Banks and Branches 679 Federal Reserve Board Publications 681 Index to Statistical Tables 685 Map of Federal Reserve System Inside back cover Volume 4$; Number 6 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, Cost Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay Peru El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address 50 cents per copy per month, or $5.00 for 12 months. ' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Public Debt Management AT THE OUTSET, I should like to state One consequence of affluence is expothat the Board of Governors of the Federal sure to instability in the pace of general ac- Reserve System agrees that the debt man- tivity and also in interest rates which rise agement proposals transmitted to you by in periods of boom and decline in periods of the President are necessary and desirable recession. In a very primitive economy, and we urge their favorable consideration. where everyone must work as hard as he can There are only a few points that I would to eke out a bare living, additions to stock of like to make, but before turning to them, capital are largely made by diverting effort I think it is important that you should un- directly to production of capital goods. Such derstand that I come before you in con- borrowing and lending as does take place is nection with these proposals not as spokeseffected at interest rates which we would man for the Administration, but as Chairregard as fantastically high. In this type of man of the Board of Governors. economy, there is little threat of instability We are living today in a country of unexcept from natural causes. A drought or precedented wealth. It is wealthy, in part, an unusually good season may produce relabecause of abundant natural resources; and, tive poverty or plenty. But the range of ecoin part, because of the energy and initiative nomic fluctuation will tend to be fairly of our people. An even more important dissmall. tinction between the United States and most The greater the accumulation of wealth other countries is the size and quality of the the greater are the possibilities for ecoaccumulated stock of capital goods in the nomic fluctuation. These may stem from hands of producers and consumers. Due shifts in the peoples' preferences among the to past saving, we enjoy the benefits which wide range of expenditure opportunities flow from a reservoir of housing and durable open to them, from changing attitudes togoods in the hands of consumers, of public ward saving and investment, from overfacilities, such as highways, school buildspeculation which undermines the solvency ings, and waterways, and of industrial plant of financial institutions, or, perhaps on some and equipment. The society in which we occasions, simply from the arrival at a point live has been popularly characterized as where even a high rate of technical innoaffluent, and despite our proper concern for vation fails to induce investment decisions certain depressed areas—both economic and adequate to sustain capital expansion. geographic—I am sure that we can all agree with this characterization. It is not surprising that, in a free and wealthy economy, we are unable to counterbalance perfectly, through changes in pub- NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal lic policy, the wide shifts that can take place. Reserve System, before the Ways and Means Com- We always have had, and, I think, always mittee of the House of Representatives, June 11, 1959. 581 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 FEDERAL RESERVE BULLETIN • JUNE 1959 will have, changes in the pace of our eco- centage points since the low point reached nomic progress. We can and should work shortly after the end of the war. Yields now to reduce these fluctuations and strive for range from 4 to AV2 per cent on U. S. Govthe goal of stable growth. At the same time, ernment securities of long- and mediumhowever, we must recognize that it is highly term, over AVi per cent on many outstandunlikely that we shall ever achieve perfec- ing Aaa corporate bonds, and average over tion. 5 per cent on outstanding Baa corporate Fluctuations in our economy express bonds. New issues necessarily have to be themselves in various ways, and we attempt offered to investors at higher rates. to gauge them by various statistical meas- Despite their recent upward movement, ures. If we look at the movements in any interest rates in the United States are still of the broad measures of economic activity at levels comparable with those prevailing and compare them with fluctuations in in- during much of our history. Long-term terest rates, the conclusion is inescapable rate movements since last summer have been that interest rates tend generally to move within the range of the period from the upward in periods of prosperity and down- early part of this century through 1930. ward in times of recession or arrested The level is still substantially lower than growth. Hence, concerned as we may be during most of the nineteenth century. about the impact of rising interest rates on From an historical viewpoint, the present the burden of the public debt or on neces- level of rates can hardly be regarded as "out sitous borrowers, we must recognize that of line" for a period of wide prosperity and rising interest rates are, in fact, a symptom growth. of broad prosperity and rapid economic In comparing present rate levels with growth. those of past periods, one of the important Since the stabilization of monetary sys- things sometimes overlooked is the effect tems in key countries after World War II, of our necessarily high tax structure on the interest rates have been higher in most other effective rate of interest. For example, if industrial countries than in the United States. both the borrower and lender are subject to This has been a period of great economic the 52 per cent tax on corporate profits, the growth, very active demands for credit, fur- borrowers' net cost and the lenders' net ther monetary expansion, and continuing, return is a little less than half of the exthough perhaps abating, inflationary pres- pressed rate. Thus, a market rate of say, 4 sures. This past year's rise in interest rate per cent, implies for both parties a net rate levels here, accompanying economic recov- of a little less than 2 per cent. On its own ery, has been in contrast to some decline in taxable bonds, the Federal Government, interest rate levels in Western European through the income tax, recaptures a subcountries, where a modest recession came stantial share of the interest it pays. When somewhat later than in the United States we look at interest rates in long-term perand Canada. spective, we must bear in mind that net In the United States, the rise in interest yields after taxes are lower today than a rates has affected all types and maturities of comparison of market rates would suggest, debt instruments. Yields on long-term se- because of the fact that taxes are higher. curities have generally risen by about 2 per- Aggressive demands for financing, which. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PUBLIC DEBT MANAGEMENT 583 as I have said, are characteristic of pros- the potential threat of inflationary boom, the perous times, represent efforts to attract Federal Reserve should not be in the posiresources away from current consumption in tion of encouraging an undue expansion return for the payment of interest. In a free of bank credit and money. Hence, the apeconomy, no matter how affluent, it follows propriate discount rate under present cirthat, when borrowers attempt to attract a cumstances is one that does not encourage larger share of the total product for their member bank borrowing and is generally purposes, they will have to pay for doing it. above current rates on short-term market The presence of strong demands on the obligations, such as bills. credit markets from borrowers of all kinds It is sometimes asserted that the Federal does create a difficult financial problem. Reserve System should step in and halt the Recently credit demands have been press- upward trend of interest rates resulting from ing on the banking system, and the banks active demands for loans by supplying sufhave been accommodating a growing vol- ficient Federal Reserve credit in one form ume of loans. As borrowers have sought or another to keep interest rates from rising. accommodation, banks have raised their This cannot be done without promoting inprime rate from 4 to AVi per cent. This flation—indeed without converting the Fedis the interest rate that banks charge top- eral Reserve System into an engine of inquality customers on short-term loans. flation. More recently, the discount rate of the When such a program was adopted during Federal Reserve Banks has been raised and following the war, it did succeed for a from 3 to 3Yi per cent. The discount rate time in actually pegging interest rates on is the interest rate that is charged by a Fed- Government obligations. But, at the same eral Reserve Bank when a member bank time it promoted and facilitated the dangerborrows money from it. This money is ous bank credit and monetary expansion often called high-powered money. It is that developed under the harness of direct high-powered because it is credited directly price, wage, and material controls. The to the reserve account of a member bank, suppressed inflation that resulted, we are and, unless used to finance a payment of now well aware, burst forth eventually in currency into public circulation or an out- a very rapid depreciation of the dollar and flow of gold or some other development even threatened to destroy our free econwhich drains the member bank reserve base, omy. it forms the basis for a multiple expansion This experience is very recent and the of bank credit and money. effects are widely and well remembered. It For some months, we have been having is now very doubtful whether the Federal rapid expansion of bank credit and money, Reserve System could, in fact, peg interest based largely on borrowed reserve funds. rates on Government obligations under to- The seasonally adjusted money supply— day's conditions even if we accepted the demand deposits at banks plus currency in inflationary costs, which would be high and circulation—has increased by more than $2 would eventually lead to severe collapse. billion in the last four months, an annual It is certain that the Federal Reserve could rate of growth of about 5 per cent. In the not extend interest rate stability to all face of developing high-level prosperity and markets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 FEDERAL RESERVE BULLETIN • JUNE 1959 The trouble is that the world has learned People who save will be unwilling to lend from wartime inflationary experience. It their money at low interest rates even when now knows that inflation follows any effort they expect the depreciation in the value of to keep interest rates low through money their dollars to be limited. This is undercreation as the night follows the day. Any standable. Take, for example, a corporate attempt on the part of the Federal Reserve financial institution subject to a 52 per cent to peg rates today would be shortly followed tax. The after-tax income from a bond by an acceleration of the outflow of gold in yielding 4V4 per cent interest would amount response to demands from abroad, by fur- to just a little over 2 per cent with the dollar ther diversion of savings from investment in stable in value. If this potential investor bonds and other fixed interest obligations had reason to fear that the value of the dollar into stocks and other equities, and by a would depreciate even 1 per cent a year, he mounting of demands for borrowed funds in would anticipate a very low real return. If order to speculate in equities and to beat the investor had reason to expect a price rise the higher prices and costs anticipated in of just over 2 per cent a year, he would forethe future. see a negative real return. Investors are Those familiar with the investment mar- alert today to this way of figuring interest kets will confirm to you that such develop- returns. ments would inevitably follow a Federal It might be added that to suggest hold- Reserve attempt to peg interest rates. A ing interest rates down by supplying the simply tremendous volume of bank reserves banking system with reserves through Fedwould have to be thrown into the market eral Reserve open market purchases of Govthrough Federal Reserve open market pur- ernment securities, on the one hand, and chases in the attempt to stem the upward taking them away with higher reserve repressure on interest rates. As these reserves quirement increases, on the other, repreenhanced inflationary pressures even fur- sents a fundamental misunderstanding of ther, the rush from money and fixed obli- how the credit system functions. Obviously, gations into gold and physical property, as if the net effects on the credit base are, in well as the mounting demands for credit to fact, offsetting, they make no net addition reap speculative profits and to hedge against to the total supply of bank credit, nor do future inflation, would overwhelm even the they reduce the demands of borrowers. If most heroic efforts to hold interest rates they are not fully offsetting, the net result down. Ultimately, if the gold reserve re- is inflationary. We are all acutely aware quirements to which the Federal Reserve of the gigantic size of the publicly held debt is now subject were eliminated, the System that is outstanding and available to provide might acquire a large proportion of publicly a basis for such monetary inflation. There held Government debt of over $200 billion is no magic formula by which we can eat in this way. True, the interest rate on Gov- our cake and have it too. ernment obligations might be said in some If the Federal Government should substidistorted sense to have been stabilized by tute artificially created money for savings such an operation. Interest rates generally, in an effort to prevent interest rates from however, would spiral upward as they alrising, it would have a reverse effect. It ways have in every major inflation. would worsen the very situation that the ac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PUBLIC DEBT MANAGEMENT 585 tion was intended to relieve. If you really Government will be able to use savings want to encourage rising interest rates, you bonds and marketable bonds effectively as have only to follow the prescription of those parts of its program of debt management. who argue that interest rates on Government The forthright management of the public or any other obligations can be pegged by debt is an essential part of any program to inflating the money supply. encourage saving and lower interest rates. In connection with this discussion, it We should not force the Treasury to resort should be re-emphasized that the Federal to undesirable expedients in order to com- Reserve System does not "like" high rates ply with arbitrary ceilings on either the size of interest. We are anxious, always, that of the debt or the rate of interest it pays. interest levels be as low as is consistent with International levels of interest rates sustained high levels of economic activity, among industrial countries are now more with a steady rise in our national well-being, closely aligned than in earlier postwar years. and with reasonable stability for value for This realignment, together with removal of the dollar. We cannot, moreover, put in- most restrictions on the movement of capiterest rates where we would whatever our tal, reflects progress towards a closer rela- "likes." Federal Reserve policies can, of tionship among international money marcourse, influence interest rates to some ex- kets, which is the financial counterpart of tent through their influence on the rate at progress toward sustained growth in output which the banking system can add to the and trade in the free world generally. It credit and money supply. The effectiveness also signifies a state of affairs in which capiof Federal Reserve policies is always sub- tal demands are becoming international in ject to the reaction of borrowers and savers scope and in which they will converge rapas expressed through the market. idly on the market that is cheapest and most In an economy in which people are alert readily prepared to accommodate them. and sensitive to price changes, the only way Under these circumstances, interest rates in to bring about a lower level of interest rates this country must increasingly reflect worldis to increase the flow of real savings or to wide as well as domestic conditions. decrease the amount of borrowing. One We need to remember that today the important way to do this is to reduce sub- dollar is the anchor of international financial stantially the deficit at which the Govern- stability. That anchor must be solid. Rement is operating. This will not only relieve alistic financial policies of Government are immediately some of the demand pressures essential to that end as well as to the end that are pushing interest rates up in credit of a wealthy and strong domestic economy. markets, it will also reassure savers as to the At this juncture of world development, the future value of the money they put in bonds least evidence of an irresponsible attitude and savings institutions and thus increase on the part of the United States toward its the flow of savings into interest bearing financial obligations or of its unwillingness obligations. to face squarely the issues that confront it The proposals before you do not relate to in meeting greater demand pressures on rethe levels of rates that will prevail in the sources and prices, would have very serious market, but rather to whether or not the repercussions throughout the free world. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1958 FOR THE YEAR 1958 member banks re- net addition of $96 million contrasted with ported $2,510 million of net current earn- a net reduction of $485 million in 1957. ings before income taxes, $39 million less Larger provisions for Federal and State inthan in 1957.x The decline reflected a larger come taxes offset part of the gain for 1958. increase in operating expenses than in cur- Larger profits on sales of securities in rent earnings. Net profits nevertheless were 1958 were the major factor in the shift from $288 million higher than the year before, a loss to a gain on nonoperating transacfor nonoperating transactions resulted in a tions. In other postwar years member banks reported net gains from these transactions only in 1946 and 1954. NOTE.—This article was prepared by Theodore A. Veenstra, Jr., of the Board's Division of Bank Opera- Net profits rose at a faster rate than total tions. capital accounts in 1958. As a result the xNet current earnings are gross current operating ratio of net profits to average total capital earnings less gross current operating expenses, before adjustments for losses, profits on sales of securities, accounts increased from 8.3 per cent in recoveries, and transfers to and from valuation re- 1957 to 9.7 per cent in 1958. Declarations serves, and before taxes on net income. MEMBER BANK EARNINGS, 1947-58 [Dollar amounts in millions] Item 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 Earnings $2,579 $2,828 $2,986 $3,265 $3,669 $4,120 $4,590 $4,826 $5,343 $6,078 $6,771 $7,127 On U. S. Government securities.... 921 855 859 865 832 929 1,011 1,066 1,118 1,101 1,168 1,266 On other securities 149 158 169 190 211 235 252 273 296 308 339 411 On loans 1,044 1,308 1,427 1,634 2,003 2,306 2,632 2,711 3,083 3,725 4,208 4.326 Service charges on deposit accounts. 119 141 158 172 187 198 219 252 274 310 354 389 Other earnings 346 367 373 403 436 452 477 523 572 634 702 734 Expenses 1,650 1,795 1,889 2,020 2,232 2,501 2,782 2,999 3,265 3,680 4,222 4,617 Salaries and wages 797 876 926 1,000 1,125 1,244 1,371 1,463 1,571 1,735 1,877 1,981 Interest on time deposits 236 250 261 271 306 365 425 494 543 650 927 1.123 Taxes other than income 88 90 96 109 115 118 125 140 149 157 172 185 Other expenses 529 579 605 640 686 775 860 902 1,002 1,138 1.246 1327 Net current earnings before income taxes. 929 1,033 1,097 1,245 1,437 1,619 1,809 1,828 2,077 2,398 2,549 2,510 Profits on securities 90 55 64 82 52 29 35 375 51 28 57 612 Recoveries 1 142 135 91 93 87 84 86 117 113 124 102 142 Losses and charge-offs2 251 195 166 149 202 226 332 254 426 577 468 315 Net increase in valuation reserves .... 173 125 121 128 68 40 165 139 229 177 342 Profits before income taxes 910 854 961 1,150 1,247 1,437 1,558 1,900 1,676 1,744 2,063 2,606 Taxes on net income 257 234 275 369 491 608 692 804 691 718 895 1,148 Net profits 653 621 686 781 756 829 865 1,096 985 1,027 1,169 1,457 Cash dividends declared4. 281 294 313 346 371 390 419 456 501 547 604 646 Ratio of net profits to average total capital accounts (per cent) 7.9 7.2 7.6 8.3 7.6 7.9 7.8 9.3 7.9 7.7 9.7 Number of banks at end of year 6,923 6,918 6,892 6,873 6,840 6,798 6,743 6.660 6,543 6.462 6,393 6,312 1 Beginning with 1948, includes recoveries credited either to un- 3 Not reported separately; transfers to these reserves were included divided profits or to valuation reserves; see note 3. with losses, and transfers from these reserves were included with re- 2 Beginning with 1948, includes losses charged either to undivided coveries. profits or to valuation reserves; see note 3. 4 Includes interest on capital notes and debentures. 586 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1958 587 of cash dividends by member banks were 1957 and other loan categories were also $42 million higher than in 1957. Average larger. Most of the expansion in member total capital accounts represented the same bank holdings of Government securities was proportion of average total assets in 1958 as in Treasury notes and certificates, and alin 1957, 7.9 per cent. most all of the increase in other securities A summary of factors contributing to the was in State and local government issues. increase in net profits of member banks in All items of current operating earnings in- 1958 appears in the accompanying table. creased, as in most other recent years, but the over-all increase of 5 per cent was the FACTORS IN HIGHER NET PROFITS smallest since 1954. Earnings on loans ac- [In millions of dollars] counted for $ 118 million of the growth for 1958. The average rate of return on loans Change Item from 19571 rose from 5.32 to 5.35 per cent, and the average amount of loans held expanded $1.8 Increase in net profits +288 Factors increasing net profits, total. + 1,160 billion. Increase in operating earnings 356 Earnings on U. S. Government securities On loans 118 On U. S. Government securities. 98 were $98 million larger than in 1957. This On other securities 72 Miscellaneous current earnings. . 67 growth was due to the increase of $5.5 bil- Nonoperating transactions 804 Increase in profits on sales of securities 554 lion in average holdings during the year. Decrease in net losses on securities 2 191 Smaller net increase in valuation reserves on loans. 34 Although member banks expanded their Increase in miscellaneous recoveries 14 Decrease in net losses on loans2 portfolios of U. S. Government securities, 11 Factors decreasing net profits, total. their holdings of the lower yielding, short- -872 Increase in operating expenses term issues—bills, notes, and certificates— 395 No C no h p a e n r g a e t in fr g o m tr a n n e s t a c d t e io c n re s ase to net increase in valua- 223 expanded more than holdings of longer term tion reserves on securities Increase in miscellaneous losses 199 issues. As a result of this and of the gen- 24 Increase in provision for taxes on net income 254 eral decline in yields on Government securities during 1958, the average rate of return 1 Details may not add to totals because of rounding. 2 Includes recoveries credited and losses charged either to undivided on Government security portfolios declined profits or to valuation reserves. to 2.45 per cent from 2.53 per cent in 1957. EARNING ASSETS AND EARNINGS An increase of $72 million in earnings on Earning assets of member banks rose $12.5 other securities reflected a higher average billion during 1958 to a total of $155 bil- rate of return and larger average holdings. lion at the year-end. Loans accounted for The major sources of member bank earn- $3.1 billion of this growth, U. S. Govern- ings have changed since 1947, as the table ment securities for $7.2 billion, and other on the preceding page shows. Earnings on securities for $2.2 billion. The increases in loans have increased from 40 to 61 per cent these items from the end of 1957 to the end of total earnings, while earnings on U. S. of 1958 were larger than those in average Government securities have declined from holdings over the year as a whole. 36 to 18 per cent of the total. Commercial and industrial loans, the largest loan category, declined for the first EXPENSES time in recent years, but real estate loans All categories of member bank expenses were $1.8 billion larger than at the end of continued to rise in 1958, and for the year Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 FEDERAL RESERVE BULLETIN • JUNE 1959 CHANGES IN MEMBER BANK LOANS AND INVESTMENTS average compensation of officers and em- 1958 ployees continued to expand. [Dollar amounts in millions] Change from PROFITS, RECOVERIES, LOSSES, AND Amount Dec. 31, 1957 TRANSFERS TO VALUATION RESERVES Item Dec. 31, 1958 Amount Percentage Profits and recoveries on loans and securities exceeded losses, charge-offs, and net trans- Total loans and investments $154,865 +$12,512 -f 8.8 fers to valuation reserves in 1958 for the Loans * 84,061 + 3,112 + 3.8 Commercial and industrial 37,444 425 - 1.1 first time since 1954; the last gain previous Agricultural 3,052 + 580 +23.4 For purchasing and carry- to that year had been in 1946. These noning securities 4,329 472 + 12.2 O Re th a e l r e s lo ta a t n e s to individuals 2 1 0 7 , , 0 0 1 2 3 8 1,7 2 8 5 1 3 + + 9 1 . . 8 5 operating transactions added $96 million to All other 3,920 605 + 18.2 member bank profits during 1958; additions U. S. Government securities 54,299 + 7,220 +15.3 Treasury bills, notes, and of $346 million from transactions in securicertificates 21,904 ,862 + 36.5 Bonds2 32,396 ,358 + 4.4 ties were offset to the extent of $200 million Other securities 16,504 ,181 +15.2 by transactions in loans and $49 million by State and local government. . . 13,405 ,170 + 19.3 Other 3,100 11 + .3 transactions in all other assets. In 1957 1 Totals are net (after deduction of valuation reserves); individual these nonoperating transactions had reduced loan items are gross and do not add to totals. 2 Includes small amount of guaranteed obligations. net profits by $485 million. Valuation reserves on loans were inas a whole current operating expenses tocreased by $153 million in 1958, and those taled $4,617 million, 9 per cent more than on securities by $189 million. For loans in 1957. Interest payments on time dethe increase represented a continuation of posits continued to expand at a sharp rate the upward trend of the last decade, but it and in 1958, as in 1957, these payments acwas the smallest rise since 1954. Valuacounted for about half of the increase in all tion reserves on securities, on the other current operating expenses. hand, have declined in most of the last 10 The accelerated growth in interest payyears, and the current increase was the first ments during 1957-58 reflected a rapid rate since 1954. of expansion in average time deposits outstanding—by $6.5 billion in 1958 and $3.4 INCOME TAXES billion in 1957 compared with $1.2 billion in 1956—as well as further advances in the Provision for taxes on net income increased average rate of interest paid. By 1958 this $254 million in 1958. This was 44 per average rate was 2.20 per cent compared cent of profits before income taxes, comwith 2.08 in 1957 and 1.58 in 1956. Total pared with 43 per cent in 1957. interest expense on time deposits was 73 per cent larger in 1958 than in 1956. The in- CASH DIVIDENDS crease in this expense for the two years com- Cash dividends declared in 1958 totaled bined absorbed 45 per cent of the total $646 million, $42 million more than in growth in gross current operating earnings 1957; they represented only 44 per cent of during the period. net profits compared with 52 per cent in Salaries and wages accounted for $104 the earlier year. The ratio of cash dividends million of the increase in operating expenses to average total capital accounts was 4.3 during 1958. Both the number and the per cent, the same as in 1957. Retained Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1958 589 earnings increased $246 million to $811 securities increased for member banks in all million and accounted for 89 per cent of reserve classes. Earnings on loans increased the increase in total capital accounts, com- at reserve city and country banks, but depared with 63 and 55 per cent in 1957 and clined at central reserve city banks. Cur- 1956, respectively. rent operating expenses rose for all classes of member banks. EARNINGS AND PROFITS BY Nonoperating transactions increased net CLASS OF BANK profits at all reserve classifications of banks Net profits increased by an average of 25 except country banks, where the effect of per cent for all member banks, with in- such transactions was to reduce net profits by creases ranging from 21 per cent at reserve $2 million. The ratio of net profits to avercity banks to 34 per cent at central reserve age total capital accounts, and the amounts city banks in Chicago. The sharp increase of cash dividends and retained earnings, infor the Chicago banks occurred despite a creased at all classes of member banks. decline in their gross current operating earn- Summary data by class of bank are shown ings. For banks in all other reserve classi- in the accompanying table. Detailed figures fications such earnings rose in 1958. on earnings and related items appear on Earnings on U. S. Government and other pages 650-58 of this BULLETIN. MEMBER BANK EARNINGS, BY CLASS OF BANK, 1958 AND 1957 [Dollar amounts in millions] Central reserve city banks Total Reserve Country city banks banks New York Chicago 1958 1957 1958 1957 1958 1957 1958 1957 1958 1957 Earnings , $7,127 $6,771 $1,164 $1,136 $272 $274 $2,835 $2,664 $2,856 $2,697 On U. S. Government securities. 1,266 1,168 170 137 58 46 478 426 560 558 On other securities 411 339 61 47 17 15 151 128 183 149 On loans 4,326 4,208 699 727 157 172 1,759 1,694 1,712 1,615 All other 1,123 1,056 234 225 40 41 447 415 401 374 Expenses 4,617 4,222 636 592 142 136 1,823 1,666 2,016 1,827 Salaries and wages 1,981 1,877 300 293 68 65 111 731 836 788 Interest on time deposits 1,123 927 110 80 25 23 474 398 515 427 All other 1,512 1,418 227 220 49 49 572 537 664 613 Net current earnings before income taxes. 2,510 2,549 528 544 130 137 1,012 998 840 870 Profits on securities 612 57 92 11 48 7 280 24 192 15 Recoveries 1 142 102 19 13 8 4 45 37 70 49 Losses and charge-offs2 315 468 25 97 21 25 113 166 157 180 Net increase in valuation reserves. 342 177 39 29 25 30 171 43 108 74 Profits before income taxes. 2,606 2,063 576 442 140 93 1,053 849 837 679 Taxes on net income 1,148 895 276 209 69 41 490 385 313 260 Net profits 1,457 1,169 300 233 71 53 563 464 524 419 Cash dividends declared 3. 646 604 160 152 26 24 258 242 202 186 Ratios (per cent): Net current earnings before income taxes to Average total capital accounts 16.6 18.1 16.4 18.2 18.4 20.6 18.1 19.2 15.0 16.5 Average total assets 1.32 1.42 1.55 1.70 1.51 1.65 1.35 1.42 1.16 1.26 Net profits to— Average total capital accounts. 9.7 8.3 9.3 7.8 9.9 7.9 10.1 8.9 9.4 8.0 Average total assets 0.77 0.65 0.88 0.73 0.82 0.64 0.75 0.66 0.72 0.61 1 Includes recoveries credited either to undivided profits or to 2 Includes losses charged either to undivided profits or to valuation valuation reserves. reserves. 3 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Investment of Common Trust Funds in Investment tion, an inquiry has been received regarding the Trust Shares application of the amended regulation to a purchase of unregistered nonexempted securities in The Board of Governors has been requested to such a "restricted account." express an opinion whether the investment by a Unregistered nonexempted securities have no common trust fund in shares of an investment loan value under the regulation, are not subject trust would be contrary to the provisions of Secto the restrictions of the withdrawal rules, and tion 17 of Regulation F. are not referred to in those rules. Purchase of In defining common trust funds, and indicating an unregistered security without a deposit of a the purposes of their authorization and the limitasum equal to the cost would amount to a withtions on their use, Section 17 makes it clear that drawal of the cost of the security. such funds are authorized as investment trusts for This supersedes that portion of the interpretaa special and restricted fiduciary purpose, under tion at page 938 of the 1949 Federal Reserve the exclusive management of the bank maintaining BULLETIN dealing with a similar question. such funds. Having in mind the special purpose The 1949 interpretation also dealt with two and use of common trust funds, the Board is imother points. One was the treatment of certain pressed with the administrative inconsistency of transactions as short sales. That portion of the investing any portion of such funds in investment interpretation was superseded by the June 15, trust shares. Furthermore, it is specifically pro- 1959 amendments to the regulation. The other vided in subsection 8, Section 17(c), that a bank point was that the "good faith loan value" speciadministering a common trust fund "shall have the fied for an exempted security means the amount exclusive management thereof" and that such bank which the broker would customarily lend on the "shall not pay a fee, commission, or compensation security, and that the figure cannot be arbitrarily out of the common trust fund for management." reduced merely for the purpose of permitting a In the opinion of the Board, the use of invest- later substitution of registered securities for exment trust shares for common trust fund invest- empted securities. That principle continues to ment would involve a delegation of investment apply and is of increased significance under the management and payment of compensation for amendments. investment management services which would be both inconsistent with the stated purposes and uses Purchase-and-Sale Substitution on Same Day of such funds and in violation of the quoted prounder Amended Regulation U visions of the Regulation. This opinion, of course, only concerns itself with the investment of the Amendments to Regulation U, effective June 15 funds of a common trust fund in investment trust y 1959, deal, among other things, with changes in shares and is not intended to express any view as collateral for a "restricted loan," i.e., a bank loan to the propriety of such an investment for indithat exceeds the maximum loan value of the colvidually invested trusts. lateral therefor. In connection with those amendments an inquiry has been received as to whether Transactions in Restricted Accounts under the bank may permit a substitution of collateral Amended Withdrawal Rules of Regulation T for such a loan under the amended regulation in Amendments to Regulation T, effective June 15, a case in which the excess of the loan over the 1959, deal with withdrawals of collateral from a maximum loan value is not thereby increased and "restricted account," i.e., a general account in the substitution occurs in the form of a purchase which the adjusted debit balance exceeds the maxi- and sale of collateral, both the purchase and sale mum loan value of the securities. In that connec- orders being executed on the same day. 590 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 591 The bank may permit such a purchase-and-sale order, and not the bank's receipt or release of substitution under the amended Regulation U stock certificates. It may be noted that the result without additional collateral or reduction in the is substantially similar to that under the June 15, loan if it reasonably ascertains, and has evidence 1959 amendments to Regulation T. Substitutions thereof in its records, that the purchase and sale that do not involve a same-day purchase and sale orders were executed on the same day. The controlling events which must occur on the same day are subject to the withdrawal limitations under are the executions of the purchase order and sale both regulations. Current Events and Announcements INCREASE IN FEDERAL RESERVE DISCOUNT RATES Class B directorship at the head office. As a di- Within the past few weeks, the Board of Governors rector of the San Francisco Bank, he succeeds of the Federal Reserve System has approved action Mr. Reese H. Taylor, Chairman of the Board of by the directors of the 12 Federal Reserve Banks the Union Oil Company of California, Los increasing the discount rate at those Banks to Angeles, California, who recently resigned. 2>Vi per cent. The effective dates at the several banks were as follows: APPOINTMENT OF BRANCH DIRECTOR On May 8, 1959, the Federal Reserve Bank of New York May 29, 1959 Atlanta appointed Mr. A. L. Ellis, a director of its Chicago May 29, 1959 Jacksonville Branch, for the unexpired portion of St. Louis May 29, 1959 a term ending December 31, 1961. Mr. Ellis Minneapolis May 29, 1959 is Chairman of the Board of the First National Dallas May 29, 1959 Bank in Tarpon Springs, Tarpon Springs, Florida. Boston June 2, 1959 As a director of the Jacksonville Branch, he suc- Atlanta June 2, 1959 ceeds Mr. J. N. Greening, Vice Chairman, The Philadelphia June 5, 1959 First National Bank of Bradenton, Bradenton, Kansas City June 5, 1959 Florida, who died recently. San Francisco June 11, 1959 Cleveland June 12, 1959 RESIGNATION OF BRANCH DIRECTOR Richmond June 12, 1959 Mr. Anthony Haswell, who had served as a direc- The rate previously in effect at all 12 Reserve tor of the Cincinnati Branch of the Federal Re- Banks was 3 per cent. serve Bank of Cleveland since January 1, 1954, resigned effective May 31, 1959. Mr. Haswell is ELECTION OF DIRECTOR president of The Dayton Malleable Iron Company, The Federal Reserve Bank of San Francisco on Dayton, Ohio. June 16 announced the election of Mr. Joseph Rosenblatt as a Class B director of the Bank to STUDY OF THE FEDERAL FUNDS MARKET serve for the remainder of a term expiring Decem- The Federal Funds Market, a Study by a Federal ber 31. 1960. Mr. Rosenblatt, who is president of Reserve System Committee, is now available for the Eimco Corporation, Salt Lake City, Utah, has distribution by the Board of Governors of the been serving as a director of the Salt Lake City Federal Reserve System. This pamphlet gives a Branch of the Federal Reserve Bank of San Fran- cross-section view of an important segment of the cisco since January 15, 1953, and has resigned short-term money market by presenting informafrom that directorship in order to accept the tion about the structure of the Federal funds Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 FEDERAL RESERVE BULLETIN • JUNE 1959 market, the volume of operations in the market, The price of the revised pamphlet of 144 pages and the use of the market by banks and others. is $1.00 for a single copy, and 85 cents each for The study is based primarily on data collected by 10 or more copies in single shipment. Orders a special survey in November 1956, and on in- should be addressed to the Division of Adminisformation obtained from interviews with officials trative Services, Board of Governors of the Fedof banks and other institutions that are active in eral Reserve System, Washington 25, D. C. the Federal funds market. The special committee that conducted the study ADMISSION OF STATE BANKS TO MEMBERSHIP IN included the following members of the staffs of the THE FEDERAL RESERVE SYSTEM Federal Reserve Banks and the Board of Gov- The following banks were admitted to memberernors: Clay J. Anderson, John J. Balles, Norman ship in the Federal Reserve System during the N. Bowsher, Harry Brandt, D. R. Cawthorne, period April 16, 1959 to May 15, 1959: Gerald M. Conkling, J. Dewey Daane, Lewis N. Colorado Dembitz, Douglas R. Hellweg, Peter M. Keir, Westminster First State Bank of Westminster Bertram F. Levin, Spencer S. Marsh, Jr., Seymour H. Miller, Dorothy M. Nichols, and Parker New York B. Willis. Mr. Anderson acted as chairman of the Star Lake. United Bank committee, and Mr. Keir as secretary. The price of this pamphlet of 111 pages is $1.00 DATA FOR SUPPLEMENT TO CHART BOOK per single copy, and 85 cents each for 10 or more Data for the period August 31, 1958-March 31, copies in single shipment. Orders should be ad- 1959, are now available in mimeographed form dressed to the Division of Administrative Services, for the September 1958 edition of the historical Board of Governors of the Federal Reserve Sys- supplement to the Federal Reserve Chart Book on tem, Washington 25, D. C. Financial and Business Statistics. Copies may be obtained upon request from the Division of Ad- REVISED EDITION OF TECHNICAL STUDY ministrative Services, Board of Governors of the A revised edition of George Garvy's The Devel- Federal Reserve System, Washington 25, D. C. opment of Bank Debits and Clearings and Their Use in Economic Analysis, first published in Janu- TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY ary 1952, is now ready for distribution under the title Debits and Clearings Statistics and Their Use. Latest BULLETIN Reference A new edition of the earlier pamphlet was neces- Semiannually Issue Page Banking offices: sitated by a revision of debits statistics by the Fed- Analysis of changes in number of Feb. 1959 210 On, and not on, Federal Reserve Par eral Reserve System which incorporated most of List, number of Feb. 1959 211 the suggestions made in the first edition. Annually The last chapter of the first edition and the de- Earnings and expenses: Federal Reserve Banks Feb. 1959 208-09 scriptive material on current debits and velocity Member banks: Calendar year June 1959 650-58 statistics in Chapters III and VII have been re- First half of year Nov. 1958 1346 written, and less extensive changes have been made Insured commercial banks June 1959 659 Banks and branches, number of, by class in other chapters. Most of the statistical and and State .. Apr. 1959 442-43 Operating ratios, member banks June 1958 720-22 analytical material has been continued through Stock Exchange firms, detailed debit and credit balances Nov. 1958 1347 1958. The discussion of the use of measures of Banking and monetary statistics, 1958.. jjgj^ ^59 212-18 velocity in monetary theory and analysis has not Summary flow-of-funds accounts, 1954-56 Oct. 1957 1190-94 been brought up to date, however, and a separate Bank holding companies: study on this subject is in preparation at the Fed- List of, Dec. 31, 1958 June 1959 660 Banking offices and deposits of group eral Reserve Bank of New York. banks, Dec. 31, 1957 Oct. 1958 1224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication June 15 Expansion in industrial activity continued in of household durable goods and autos also rose. May, employment increased further, and the de- Production of building materials and most noncrease in unemployment was again considerably ferrous metals continued to increase. Steel mill larger than seasonal. Consumer incomes and operations, maintained at 93 per cent of capacity buying attained new highs, and business plans for in May, rose one additional percentage point in plant and equipment outlays in 1959 were revised early June. upward. Commercial bank loans and the season- Activity in the nondurable goods industries in ally adjusted money supply continued to increase. May was about one-tenth above the highs of 1957. Security yields tended upward in May and early Output of apparel and leather products, and of June. Wholesale prices of industrial commodities such industrial materials and supplies as textiles, generally changed little. chemicals, and paper rose further. Activity in the rubber industry remained at reduced levels, INDUSTRIAL PRODUCTION however, as work stoppages continued. Output of mineral fuels and metal ores increased. The Board's seasonally adjusted index of industrial production rose in May to 152 per cent of CONSTRUCTION the 1947-49 average, 2 points above the revised April figure and 6 points or 4 per cent above the Private nonfarm housing starts in May, while pre-recession peak in early 1957. Activity in the somewhat below the March-April level, were at a durable goods industries advanced to a new high. high seasonally adjusted annual rate of 1,340,000 Production of nondurable goods, which had sur- units. Total new construction put in place passed earlier highs by mid-1958, continued to changed little in May at a level slightly below the expand and output of minerals increased. record high of March. Commercial building The gain in output of durable goods industries activity rose sharply further, to a new high, but was broadly based as output of finished products private residential, utility, and total public conand materials expanded. Production of farm struction continued to decline. Private industrial machinery, motor trucks, and industrial and com- building remained at a reduced level. mercial equipment showed further gains. Output EMPLOYMENT INDUSTRIAL PRODUCTION Seasonally adjusted nonfarm employment in- 1947-49-100 16-0 creased 230,000 further in May and, at 52.1 TOTAL f j million, was 2 million above a year earlier. Gains /Of" ?^0 -i 180 were widespread among durable goods manufac- V DURABLE MANUFACTURES / -i | turing industries, which accounted for one-half of />A\ /-.i T20 160 the total increase. With the average workweek at •^y\/^J / J factories up about seasonally, average weekly /-j 140 140 earnings increased to $90.32, 10 per cent above V —! May 1958. Unemployment again declined sub- J •' •' MINERALS 120 y\/ X MA N N O U N F D A U C R T A U B R L E E S 120 stantially; the seasonally adjusted rate was 4.9 per cent of the civilian labor force compared with 5.3 per cent in April and 5.8 per cent in March. - l!G0 H100 DISTRIBUTION ... 1 1 ! ! [ 80 : 80 1955 1957 I? 59 1955 1957 1959 Seasonally adjusted retail sales have increased Federal Reserve indexes, seasonally adjusted, Monthly figures; latest shown are for May. continuously this year, and in May were 2 per 593 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

594 FEDERAL RESERVE BULLETIN • JUNE 1959 cent higher than in April and 10 per cent above May. Sharp expansion in loans continued but a year earlier. Sales at durable goods outlets re- banks reduced their holdings of U. S. Government mained at advanced levels in May while sales at securities. The seasonally adjusted money supply department stores and a number of other groups —demand deposit and currency holdings of busirose substantially. The number of new autos sold nesses and individuals—increased $300 million was at the highest rate for this time of year since further. 1955. Member bank borrowings from the Federal Reserve averaged $835 million and excess reserves COMMODITY PRICES $440 million during the four weeks ending June Average wholesale prices of industrial com- 10. Over this period, reserves were absorbed by modities were unchanged in May and early June currency and gold outflows and by reductions in at a level 2Vi per cent higher than a year earlier. Federal Reserve holdings of U. S. Government Prices of textiles rose further, steel scrap turned securities. Reserves were supplied mainly by a up, and nonferrous metals changed little, while decrease in required reserves. prices of hides, rubber, lumber, and some other sensitive materials declined somewhat following SECURITY MARKETS substantial increases. Wholesale prices of farm products and foods Yields on long-term Treasury and State and declined slightly. Supplies of foods have been local government securities have remained relalarger than a year ago and, although consumer tively stable since mid-May, but those on corporate demands have increased, food prices average bonds and on short- and intermediate-term Treasabout 5 per cent lower than in the spring of 1958. ury issues have increased further. At the end of May, Federal Reserve Bank discount rates were raised one-half percentage point to 2>Vi per cent. BANK CREDIT AND RESERVES In early June, common stock prices declined Total commercial bank credit changed little in appreciably and then partially recovered. NEW CONSTRUCTION ACTIVITY Billions of dollars, annual rates 1 1 1 1 1 1955 1957 1959 1955 1957 1959 Department of Commerce data. Private business includes Bureau of Labor Statistics indexes. Monthly figures, latest industrial, commercial, and public utility construction. Monthly shown: April for consumer prices, and May for wholesale figures; latest shown are for May. prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 597 Reserve Bank discount rates; reserve requirements; margin requirements. 600 Federal Reserve Banks 601 Bank debits; currency in circulation. ... 604 All banks: consolidated statement of monetary system; deposits and currency 606 All banks, by classes. 607 Commercial banks, by classes. 610 Weekly reporting member banks 612 Commercial loans; commercial paper and bankers' acceptances 614 Interest rates. 615 Security prices; stock market credit. 616 Savings institutions. .... 617 Federal business-type activities 618 Federal finance. . 620 Security issues. 624 Business finance. 625 Real estate credit 627 Short- and intermediate-term consumer credit 630 Selected indexes on business activity. 634 Production 635 Employment and earnings. 642 Department stores 644 Foreign trade. 645 Wholesale and consumer prices. . . 646 National product and income series. 648 Member bank earnings, 1958. 650 Bank holding companies, December 31, 1958. 660 Tables published in BULLETIN, annually or semiannually—list with references 592 Index to statistical tables 685 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. 595 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars 25 MEMBER BANK RESERVE BALANCES 20 REQUIRED RESERVES 15 2 EXCESS RESERVES 0 35 CURRENCY IN CIRCULATION 30 RESERVE BANK CREDIT 25 L ^ -GOLD STOCK- 20 TREASURY CASH AND DEPOSITS L NMOANkMiuErMuDBEERn rD»ErPnrO\cSiITTCS U.S. GOVERNMENT SECURITIES DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 1953 1954 1955 1956 1957 19581959 Latest averages shown are for week ending May 27. See p. 597. 596 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank e W nd e i e n k g T U o . ta S l . G B o r o i o v g u u t h t . g - t h s t ecu r a u c H e r g h n i p r e t a d i e u l s e e e d 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 1 s G to o c ld k T s r o c u t i r e a u n u e r n n y r g 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 l g s y a d h s s - - T u r w e ry a it s h - r F es . F e e i R o g rv r n . - e B s, a O nk th s er c O F o . a t u c h R - n e t . r s Total q re u s R i e r e r e - v d e 2 s c E e x s - s2 ment Averages of daily figures 1958 Apr. 2 23,625 23,625 144 776 24,586 22,394 5,184 30,637 724 523 277 368 1,10918,526 17,830 696 9 23,628 23,628 90 879 24,638 22,294 5,187 30,744 729 479 269 493 1,106 1188,300 17,673 627 16 23,633 23,611 199 829 24,701 22,199 5,192 30,733 731 457 319 381 1,10418,369 17,754 615 23 23,712 23,704 112 990 24,854 22,081 5,193 30,617 721 417 242 376 1,10218,654 18,055 599 30 23,626 23,612 125 777 24,566 22,024 5,194 30,520 732 601 235 397 1,05118,249 17,654 595 May 7. 23,799 23,799 118 808 24,763 21,967 5,197 30,659 738 533 287 386 1,04918,276 17,647 629 14. 23,931 23,931 123 760 24,854 21,886 5,199 30,812 741 470 294 386 1,04618,190 17,528 662 21. 23,876 23,876 104 994 25,016 21,779 5,200 30,822 732 459 309 381 1,04318,248 17,545 703 28. 24,053 24,053 119 780 24,994 21,661 5,201 30,813 722 437 276 391 1,02318,194 17,513 681 June 4. 24,194 24,194 135 869 25,240 21,594 5,201 30,989 709 411 238 484 1,05718,147 17,574 573 11. 24,397 24,391 6 184 815 25,440 21,594 5,203 31,052 709 424 267 370 1,139 1188,274 17,687 587 18. 24,682 24,581 101 175 036 25,939 21,540 5,204 31,070 698 459 331 359 1,14618,619 17,984 635 25. 25,002 24,891 111 99 024 26,170 21,374 5,204 30,975 698 440 280 229 1,14418,983 18,314 669 July 2. 25,422 25,419 97 815 26,380 21,349 5,203 31,163 687 446 268 405 1,105 18,859 18,204 655 9. 25,456 25,456 143 947 26,589 21,306 5,202 31,385 677 489 265 377 1,097 18,809 18,051 758 16. 25,262 25,262 115 979 26,398 21,300 5,202 31,375 686 497 358 371 1,095 18,518 17,949 569 23. 25,157 25,157 85 1,045 26,328 21,280 5,203 31,217 692 465 293 340 1,091 18,712 17,924 788 30. 25,035 25,035 108 823 26,005 21,252 5,206 31,086 697 543 300 333 1,041 18,462 17,824 638 A*. 6. 25,240 25,240 112 828 26,212 21,195 5,207 31,171 696 662 291 350 1,14818,296 17,738 558 25,646 25,626 20 229 774 26,685 21,154 5,210 31,291 699 504 300 329 1,16618,760 18,073 687 20. 25,406 25,406 216 1,008 26,665 21,086 5,210 31,295 696 528 259 301 1,23318,648 18,027 621 27. 25,257 25,257 271 857 26,417 21,086 5,211 31,249 688 486 234 320 1,21218,526 17,953 573 Sept. 3. 25,353 25,353 461 792 26,638 21,011 5,211 31,381 691 539 i 305 324 1,17518,446 17,899 547 10. 25,233 25,233 514 883 26,661 21,012 5,213 31,433 694 4781 330 319 1,15318,479 17,873 606 17. 25,001 25,001 563 049 26,644 20,939 5,215 31,393 694 304 397 282 ',15618,572 17,935 637 24. 24,893 24,893 433 203 26,558 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 91126,519 20,830 5,219 31,352 691 447 299 343 ,11918,318 17,753 565 15.... 25,498 25,353 145 472 92226,925 20,764 5,220 31,498 689 386 327 412 ,12118,475 17,989 486 22.... 25,242 25,242 369 1,40127,046 20,724 5,220 31,435 681 464 308 332 ,11718,652 18,086 566 29.... 25,300 25,300 456 97726,767 20,690 5,221 31,299 681 512| 270 321 ,08018,515 17,993 522 Nov. 5. 25,459 25,380 79 403 796 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 ,07818,510 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 ,087 27,844 20,609 5,228 32,057 693 465 222 401 ,103 18,740 18,232 508 10. 26,282 26,250 32 415 ,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 ,43928,311 20,576 5,229 32,394 693 428 263 335 ,16118,844 18,374 470 24. 26,272 26,188 84 631 ,94428,889 20,536 5,231 32,533 684 540 239 328 172 19,160 18,548 612 31. 26,437 26,241 196 808 ,61828,910 20,526 5,232 32,458 692 521 332 333 1,165 19,167 18,511 656 1959 Jan. 7.... 26,184 26,090 94 644 ,40128,275 20,534 5,234 32,008 701 446 279 356 1,122 19,131 18,588 543 14.... 25,922 25,817 105 730 ,01127,708 20,526 5,234 31,710 704 390 297 345 1,121 18,901 18,340 561 21.... 25,580 25,580 457 ,288 27,368 20,515 5,234 31,385 712 401 357 373 1,118 18,769 18,234 535 28.... 25,471 25,471 507 ,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 36 553 887 27,136 20,476 5,236 31,193 727 364 304 333 1,185 18,742 18,189 553 18. 25,529 25,523 6 583 960 27,112 20,475 5,238 31,205 741 398 313 391 1,214 18,562 18,120 442 25. 25,399 25,394 5 474 1,050 26,965 20,474 5,239 31,111 724 443 308 448 1,255 18,389 17,979 410 Mar. 4. 25,355 25,294 61 548 951 26,892 20,479 5,241 31,129 721 534 298 339 1,214 18,375 17,957 418 11. 25,366 25,331 35 722 849 26,976 20,448 5,242 31,215 716 454 311 336 1,212 18,421 17,868 553 18. 25,471 25,419 52 543 1,000 27,048 20,442 5,244 31,287 727 437 290 340 1,214 18,439 18,051 388 25. 25,510 25,461 49 619 961 27,123 20,442 5,246 31,231 714 456 295 339 1,218 18,558 18,100 458 Apr. 1. 25,494 25,462 32 629 998 27,151 20,442 5,247 31,229 709 523 364 512 ,18118,323 17,855 468 8. 25,722 25,484 238 690 27,357 20,442 5,250 31,280 709 524 296 348 ,18018,711 18,302 409 15. 25,789 25,545 244 721 816 27,357 20,440 5,253 31,365 712 471 279 343 ,18118,698 18,254 444 22. 25,544 25,511 33 767i 1,130 27,472 20,409 5,254 31,332 705 456! 286 362 ,17818,817 18,307 510 29. 25,608 25,608 673 90027,212 20,330 5,257 31,244 705 560| 271 333 ,13618,551 18,183 368 | May 6.... 25,* 25,706 102 693 89327,424 20,262 5,259 31.368 711 5421 256 360 ,13618,571 18,213 358 13.... 26,010 25,940 70 726 79527,563 20,251 5,262 31,505 710 521 269 383 ,13918,550 18,096 454 20.... 25,935 25,926 9 870 1.15527,989 20,197 5,264 31.515 710 504 280 367 (24518,829^18,209 ^620 27.... 25,905 25,905 675 i 94027,548 20,188 5,268 31,473 708 543 281 363 ,24418,393^18,038 ^355 P Preliminary. For other notes see following page. 597 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

598 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] R.eserve Bank credit outstanding Deposits, other than member bank Member bank P d e o r a i r t o e d T U o . t S al . G B o r o o i v u u g t h t g . - t h s t ecu r a u c H r e g n h i p t r e a d i e u l e s e d e r s e r - - v c a D o a a n n u d i c s d n - e - t s s Float Total i s G to o c ld k T r s o c r t e u i a u e n u n r a n r g t c y s - - d y - - r c C t e c u i i u n i o n l r a r n c - - y - T h c i u r o n a r e l g s y d a h s - s- T u r w r e i y a t s h - r F es F e . e i o R g rv r n . - e B s, a O nk th s er c O F o a . u t h c n R - e t r . s Total r q e u s R i e r r e e v - d e 2 s c E es x s - 3 ment Averages of daily figures 1958 May 2 24 3 , , 7 9 4 3 9 9 2 2 4 3 , , 6 9 9 3 8 9 si 1 1 1 4 9 2 9 84 1 1 6 2 2 4 5 , , 9 8 3 5 9 1 2 2 1 1 , , 8 4 0 9 1 0 5 5 , , 2 2 0 0 3 0 3 31 0 , , 0 7 3 9 9 8 7 7 0 3 1 1 4 4 6 4 6 2 2 28 8 1 6 4 3 0 5 1 0 1 1 ,0 1 3 3 6 2 1 18 8 ,2 6 2 0 3 0 1 1 7 7, , 5 9 5 7 7 4 6 6 6 2 6 6 July 25,218 25,218 109 94226,310 21,285 5,203 31,264 687 498 302 358 1,081 18,609 17,953 656 Aug 25,410 25,406 4 252 85826,554 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 15118 425 17 854 571 Oct 25,296 25,260 36 425 1,035 26,789 20,750 5,220 31,390 685 449 299 352 1,108 18,476 17,955 521 Nov 25,650 25,562 88 488 1,039 27,211 20,648 5,225 31,732 688 410 276 369 1,068 18,540 18,034 506 Dec 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,383 516 1959 Jan 25,776 25,723 53 574 1,170 27,564 20,518 5,234 31,521 709 415 306 353 1,120 18,893 18,396 497 Feb 25,532 25,503 29 526 961 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 20818 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 18,247 411 May 25,920 25,882 38 784 93527,669 20,217 5,264 31,489 709 532 274 369 1,197 18,580 Midyear or year-end 1929 June 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2.333 23 1933—June 1,998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939 Dec . ... 2,484 2,484 7 91 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec 2,254 2,254 3 94 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec 24.262 24,262 249 57825,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947 Dec 22 559 22 559 85 53523,181 22 754 4 562 28 868 1 336 870 392 569 56317 899 16 400 1 499 1950 Dec 20 778 20 725 53 67 1,368 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 92519.005 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 90119;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 1,42425,784 22,781 5,146 31,834 761 481 356 246 QQR19,034 19,091 -57 End of month 1958 May 24,162 24,162 144 96525,313 21,594 5,201 30,994 703 382 234 624 99418,176 17,543 633 June 25,438 25,438 41 75826,283 21,356 5,203 31,172 692 410 269 420 1,09618,784 18,158 626 July 24,480 24,480 94 86825,477 21,210 5,207 31,171 685 617 288 329 1,039 17,764 17,801 -37 Aug 25,346 25,346 555 80526,739 21,011 5,211 31,371 684 540 313 332 1,184 18,538 17,860 678 Sent 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 70 407 788 26,675 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 1,038 18,994 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 1,215 18 540 17,972 568 Mar 25,497 25,497 327 86226,716 20,442 5,247 31,250 689 398 308 388 1,180 18,192 17,815 377 Apr 25 703 25,623 80 500 94327,176 20,305 5,257 31,349 711 539 266 341 1,136 18 396 18 201 195 May 25 905 25 905 984 860 27.777P20 188P5 270*>31 628 *>701 567 291 369 219 18 459*>17 952 ^507 Wednesday 1959 Mar 4 25,322 25,289 33 535 897 26,789 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 1 21818 970 18 185 785 25 25 474 25,452 22 589 746 26,841 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 1 18018,722 18,289 433 15 25,801 25,588 213 918 82327,571 20,431 5,253 31,355 708 499 257 343 1,180 18,913 18,321 592 22 25,563 25,563 1,014 77827,384 20,331 5,255 31,246 710 496 247 333 1,178 18,760 18,245 515 29 25,623 25,623 534 80126,987 20,330 5,257 31,276 710 466 274 335 1,136 18,378 18,202 176 May 6 25,940 25,829 111 863 76327,595 20,255 5,260 31,414 723 542 263 391 1,137 18,640 18,188 452 13 . . 26,085 25,977 108 652 76427,530 20,244 5,263 31,482 717 504 255 387 1,139 18,553 18,296 257 20 25,905 25,905 376 93327,242 20,188 5,267 31,454 709 468 296 385 1,262 18,123^18,175 P-52 27 25,905 25,905 554 72127,206 20,188 5,269 31,511 706 525 289 353 1,219 18,062^18,038 P24 * Preliminary. dates in subsequent tables on Federal Reserve Banks. * 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 599 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.l In millions of dollars] Central reserve Central reserve Item and period b m a b A e n e m l k r l s - Ne c w ity ban C ks hi- b s R c a e i n r 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 ks hi- b s c R a e i n r e t v y k - e s C b o a tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1958—Apr 18,394 4,122 ,052 7,651 5,569 1958—Apr 623 15 79 526 May 18,223 4,030 ,054 7,614 5,525 May 666 53 131 474 June 18,600 4.214 ,113 7,721 5,552 June 626 28 102 481 July 18,609 4,132 ,088 7,772 5,617 July 656 32 104 515 Aug 18,580 4,014 ,097 7,820 5,651 Aug 635 26 89 516 Sept 18,425 3,951 ,064 7,731 679 Sept 571 27 65 474 Oct 18.476 3,935 ,061 7,755 5,724 Oct 521 27 55 433 Nov 18,540 3,883 ,054 7,819 5,784 Nov 506 17 69 420 Dec 18,899 4,033 ,077 7,940 5,849 Dec 516 23 57 430 1959—Jan 18,893 4,031 ,066 7,929 5,868 1959—Jan 497 12 56 428 Feb 18.577 3.968 ,052 7,777 5,780 Feb 460 15 55 390 Mar 18,429 3.994 ,029 7,702 5.704 Mar 461 30 49 381 Apr 18,664 4,008 ,041 7,825 5,790 Apr 417 7 34 372 Week ending: Week ending: 1959—Apr. 22 18,817 3,997 ,040 7,867 5,912 1959—Apr. 22 510 4 43 447 29 18,551 3,995 ,037 7,808 5,711 29 368 2 55 293 18,571 4,008 ,049 7,781 5,733 May 6 358 3 37 320 May ,$:::::::: 18,550 3,925 ,034 7,784 5,808 13 454 2 51 384 20 18,829 4,023 ,044 7,824 5,938 20 ^620 5 59 "523 27 18,393 3,938 ,027 7,735 5,692 27 "355 2 33 "312 Required reserves:2 Borrowings at Federal Reserve Banks 1958—Apr 17,772 4,107 1,049 7,572 5,043 May 17,557 3.977 1,046 7,482 5,051 1958—Apr 130 18 9 35 67 June 17,974 4,186 1,099 7,619 5.070 May 119 2 1 42 74 July 17,953 4,101 ,084 7,667 5,101 June 142 21 2 45 74 Aug 17,946 3,987 ,094 7,731 5,134 July 109 16 1 49 44 Sept 17,854 3,923 ,058 7,667 5,205 Aug 252 48 3 90 Oct 17.955 3,909 ,055 7.700 5,291 Sept 476 106 8 266 96 Nov 18,034 3,866 ,055 7,750 364 Oct 425 35 9 253 128 Dec 18,383 4,010 ,070 7,883 419 Nov 486 60 16 258 152 Dec 557 103 39 254 162 1959—Jan 18,396 4,018 ,065 7.873 440 Feb 18,117 3.953 ,051 7,723 390 1959_jan 557 77 54 279 147 Mar 17.968 3.965 ,027 7.653 323 Feb 508 43 27 250 188 Apr 18,247 4,001 ,036 7,791 418 Mar 601 13 124 277 187 Apr 676 96 69 317 194 Week ending: Week ending: 1959_Apr. 22 18,307 3,982 ,036 7,824 5,465 29 18,183 3,977 ,035 7,753 5,418 1959—Apr. 22 749 195 46 335 173 29 656 37 23 347 249 May 6 18,213 4,010 ,045 7,745 5,413 18,096 3,908 ,032 7,732 5,424 May 6 675 52 35 379 209 20'.'.'.'.'.'.'. ^18,209 3,992 ,038 7,764 709 49 47 382 231 27 ^18,038 3,931 ,025 7,702 "5'380 20'.'.'.'.'.'.'.'., 853 118 78 458 199 27 658 56 17 343 242 April 1958 Free reserves:2 4 Deposits: 1958—Apr 493 -3 -7 ! 44 459 May 547 51 ,1! 89 399 Gross demand deposits: June 484 7 57 408 Total 116,693 23,817 5,948 45,694 41,234 July 546 16 56 471 Interbank 13,464 4,184 1,284 6,544 1,451 Aug 383 — 22 -22 426 Other 103,229 19,633 4,663 39,150 39,783 Sept 95 -79 •'-si -201 378 Net demand deposits3 . . 99,935 20,688 5,251 38,898 35,098 Oct 96 -8 -121 -198 305 Time deposits 50,237 5,000 1,411 20,186 23,640 Nov 20 -43 -189 268 Demand balances due Dec -41 -80 -198 26S from domestic banks. . 6,832 86 104 2,062 4,580 -31 I 1959—Jan -59 -65 -53 ! -223 281 Feb -47 -28 -26 j -195 202 April 1959 Mar -140 16 -122 j -228 194 Apr -258 -89 -64 ! -284 178 Gross demand deposits: Week ending: Total 122,061 24,192 6,149 48,311 43,408 Interbank 13,001 4,073 ,205 6,379 1,344 1959_Apr. 22 239 -180 -42 -292 274 Other 109,060 20,119 4,944 41,932 42,064 29 288 -19 -21 -292 44 Net demand deposits3 . . 104,274 20,756 5,361 40,620 37,537 Time deposits 54,287 5,303 1,425 21,776 25,783 May 6 317 -53 -32 -342 111 Demand balances due 13 255 -32 -45 -331 153 from domestic banks. . 6,490 103 100 2,084 4,203 20 -87 -73 -399 27 -49 -15 -310 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

600 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 May 31 beginning— rate May 31 beginning— rate May 31 beginning— rate Boston b Mar. 10,1959 3% Mar. 10,1959 f Mar. 10,1959 New York. . . May 29,1959 May 29,1959 May 29,1959 Philadelphia.. Mar. 6,1959 Mar. 6,1959 Sept. 19,1958 C S A C R t l h t i e l c i L a v c h o n e a m u l t g a a i o o n s n d d. . . 3 3 3 3 1/2 M M M M M a a a a a y y r r r . . . 2 2 1 1 1 9 9 6 3 3 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 9 9 9 9 9 f 5 4 3 * % M M M M M a a a a a y y r r r . . . 2 2 1 1 1 9 9 6 3 3 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 9 9 9 9 9 ¥3 3 3 % M M O O M c c a a a t t r y r . . . . 2 1 2 3 9 6 3 8 , 0 , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 8 9 8 9 9 4 4 4 3% M Ka i n n s n a e s a p C o i l t i y s . . . . 18 M M a a y r. 2 1 9 3, , 1 1 9 9 5 5 9 9 3 4 3% M M a a y r. 2 1 9 3, , 1 1 9 9 5 5 9 9 M M a a r r . . 1 1 3 6 , , 1 1 9 9 5 5 9 9 4 4 % S D a a n l la F s rancisco M M a a y r. 2 1 9 2, , 1 1 9 9 5 5 9 9 2 2 % % 4 3% M M a a y r. 2 1 9 2, , 1 1 9 9 5 5 9 9 O M c a t r . . 1 2 2 4 , , 1 1 9 9 5 5 9 8 4 4 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES 1 MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Range F. R. Range F. R. Net demand deposits! 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 56 3. .. 2%-3 2% Apr 1 . 9 5 1 8 8... WA-2VA WA of change C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s n i e e t r r d y v v e e C ba o tr n u y k n s - 20... 2% May 9... WA WA banks Aug. 24... 2^—3 3 Aug. 15... WA-2 WA 31... 3 3 Sep.. 12... WA-2 2 1957 2 1917_jUne 21 13 10 7 3 Aug. 2 9 3. . . . . . 3 -3% 3 3 % N O o ct v . . 2 7 4 . . . . . . 2 2 - % 2% 2 2 % 1936—Aug. 16 19% 15 10% f Nov. 15... 3 —3% 3 1937—Mar. 1 22Y4 Dec. 2... 3 3 1959 May 1 26 $ 6 1958 M M a a r r . . 1 6 6 . . . . . . 2%-3 3 3 1938—Apr. 16 22Y4 17% 12 5 J M an a . r . 22 1' . .' . . . '. 2 2 V ^- 4 3 -3 0* 3 •3/AA M In a e y f f 2 ec 9 t ... 3 -3% 3y2 1 19 9 4 4 2 1 — _N S A e o u p v g t . . . 2 1 1 0 4 2 2 2 6 4 2 20 14 6 6 13... 214-234 21/A May 31... 3 —3% 3% Oct. 3 20 21... 2VA 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 7* 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*.... §* 19% 13 5 count rate except in the following periods (rates in percentages): 1955— Aug. 16, 18*.... 19 12 5 May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, Aug. 25 22% 18% 2.375; 1956—Aug. 24-29, 2.75; and 1957—Aug. 22, 3.50. Sept. 1 22 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* g* J7K Prescribed in accordance with 1958- 1958- tive Mar. 20, Apr. 1* Securities Exchange Act of 1934 Aug. 4, Oct. 15, Oct. 16, Apr. 17 IS* 1958 1958 1958 Apr. 24 16% In effect June 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 601 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month 1959 1959 1958 May 27 May 20 May 13 May 6 April 29 May April May Assets Gold certificate account 18,691,89418,691,89318,754,89218,754,89218.829,89218,691,89218,804,89520,173,393 Redemption fund for F. R. notes. 913,050 916,317 907,851 907,852 '910,544 913,052 910,543 831,263 Total gold certificate reserves 19,604,944 19,608,210 19,662,74319,662,74419,740,43619,604,94419,715,43821,004,656 F. R. notes of other Banks 346,793 352,987 344,576 352.014 388.900 312,086 373.687 322,490 Other cash 364,043 364,797 363,767 378,788 394;063 367,966 395,952 338,995 Discounts and advances: For member banks 536,532 359,479 634,740 845.073 516,168 967,364 481.975 143,798 For nonmember banks, etc 17,000 17,000 17,600 17^600 17,600 17,000 17.600! Industrial loans 2 2 4 4 4 2 4j 490 Acceptances—Bought outright 26,891 27,776 28,983 28.984 28,984 27,863 30,442| 41,685 Held under repurchase agreement. . U. S. Government securities: Bought outright: Bills 1,903,500 1,903,500 1,976,300 1,827..600: 1,621,900 l,9O3,5COj 1,621,900 1,426,360 Certificates—Special Other 18.649,726 18,649. ,649,726 18,649.726! 18,649,726 18,649,726 649,72619,946,105 Notes 2', 867,565 2,867; ,867,565 2,867,565 2,867;565 2,867,565 867,565 Bonds 2,483,771 2,483; ,483,771 2,483,771 2,483,771 2,483,771 483,771 2,789,257 Total bought outright 25,904,562 25,904,56225, 977,362 25,828,66225,622,962 25,904,562 25,622,962 24,161,722 Held under repurchase agreement. 107,600 111,800 80,000 Total U. S. Government securities. . . 25,904,56225,904,562 26,084,96225,940,462 25,622,96225,904,562 25,702,96224,161,722 Total loans and securities 26,484,987 26,308,81926,766,28926,832.123126,185,71826,916,79126,232,983 24,347,695 Due from foreign banks. 15 15 15 15 15 15 15 Uncollected cash items.. 5.097,919 5,898. .836.607 4,997,103 5,355.334 4,753,708 5,315,785 4,504,579 Bank premises 95,737 95. 95;648 95.168 95,243 95,632 95[\50\ 87,532 Other assets 142,095 129; 241,618 228.480 214,932 148,899 216,969 311,031 Total assets. 52,136,53352,759,32153,311,263 52,546,435152,374,64152,200,041 52,345,979)50,916,993 Liabilities Federal Reserve notes 27,074,914 27,034,26427,063,28027,O163378;26,921,659 27,155,56O26 983,368 26,569,628 Deposits: Member bank reserves 18,061,65 18,122,793 18,552,78018,639,588 18.378,235 18,458. 18395,501 18,,175,998 U. S. Treasurer—general account. 524,819 468,247 503,621 541,608 465,859 567; 539,113 381,935 Foreign 288,592 295,511 255,018 263,047 273,515 291. 265,999 233,623 Other 353,377 384,892 387,356 390,899 334,964 369, 340,905 624,425 Total deposits. 19,228,440 19,271,443 19,698,775 19,835,142 19,452,57319,686,82619,541,518 19,415,981 Deferred availability cash items 4,376,706 4,966,205 5,072,605 4,233.777! 4.554,086 3,893 4,372,789 3,539,300 Other liabilities and accrued dividends. 38,419 38,029 39,019 35,182 32,023 39 32,186 20,597 Total liabilities 50,718,479 51,309,94151,873,67951,120.479 50,960.34150,775,266 50,929,86149,545,506 Capital Accounts Capital paid in. 378,229 377,854 377,646 377.560 377.401 378,296 377,469 351,154 Surplus 868,410 868,410 868,410 868,410 868,410 868,410 868,410 1836,741 Other capital accounts. 171,415 203,116 191,528 179.986 168,489 178,069 170,239 183,592 Total liabilities and capital accounts. . 52,136,53352,759,321 53,311,263 52,546.435152.374,64152,200,04152,345,979 50,916,993 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 42.3 42.0 42.0! 42.6 41.9 42.4 Contingent liability on acceptances purchased for foreign correspondents 77.071 73,136 67.472 58.292| 56.212 78,757 56,068 119,144 Industrial loan commitments 360 360 360 3601 360 360 360 991 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advance: -total. 553,532 376,479 652,340 862,673 533,768 984,364 499,575 143,798 Within 15 days 524,831 351,704 628,085 838,423, 509,590 942,743 476,045 139,891 16 days to 90 days 28,507 24,667 24,146 24.1361 24.049 41,435 23,402 3,900 91 days to 1 year 194 108 109 114i 129 186 128 7 Industrial loans—total 2 2 4 4| 4 2 4ij 490 Within 15 days 1 1 . 144 16 days to 90 days 3 174 91 days to 1 year 77 Over 1 year to 5 years 95 Acceptances—total 26,891 27,116 28,983 28,984 28,984 27,863 30,442 41.685 Within 15 days 7,775 8,056 7,840 9,324 9,248 7,556 9,823 16,168 16 days to 90 days 19,116 19,720 21,143 19,660 19,736 20,307 20,619 25,517 U. S. Government securities—total. ,904,562 25 904,562 26 084,962 25 940,46225,622,962 25904,562 25 702,962124,161,7:2 Within 15 days 304,960 407,010 596,350 622,740 416;290 114,960 422,290 153,810 16 days to 90 days ,235,073 144,023 134,783 127,593 969.310 426,073 933,310 ,854,097 91 days to 1 year 013,193 002,193 11,002,49310838.793 .886,02611,012,19318,996,026 ,725,344 Over 1 year to 5 years 881,179 881,179 3,881,179 881,179 1881.179 3,881,179 ,881,179 ,013,614 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 263,662 263,662 1,263,662 263.662 .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

602 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1959 [In thousands of dollars] New Phila- Cleve- Rich- St. Minne- Kansas San Item Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Gold certificate account 836,760 5,157,4751,012,6591,609,881 936,514 876,889 3,328,937 725,499 404,390 681,829 664,236 2,456,823 Redemption fund for F. R. notes 55,173 187,879 58,422 84,027 84,056 54,299 168,462 43,473 23,050 42,543 29,072 82,596 Total gold certificate reserves 891,933 5,345,354 1,071,0811,693,9081,020,570 931,1883,497,399 768,972 427,440 724,372 693,3082,539,419 F. R. notes of other Banks. . 27,967 73,780 17,653 17,079 34,942 54,360 18,931 9,412 11,666 5,642 17,983 22,671 Other cash 29,019 71*33O| 17,697 33,521 23,488 31,072 57,173 22,369 11,813 12,694 15,054 42,736 Discounts and advances: Secured by U. S. Govt. securities. 41,435 108,725 69,055 64,7451 123,806 103,515 107,095 21,390 50,139 127,439 72,428 76,125 Other 1,546 4,760 1,122 l,53O| 850 799 2,777 629 1,003 663 884 1,904 Industrial loans 2 Acceptances: Bought outright 27,863 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,404,416 6,518,9351,477,234 2,242,7651,660,1721,365,274 4,482,8361,053,538 590,0281,116,6161,033,9552,958,793 Held under repurchase agreement .1. Total loans and securities. .. 1,447,397 6,660,283 1,547,411 2,309,0401,784,8281,469,588 4,592,7081,075,557 641,1721,244,7181,107,2673,036,822 Due from foreign banks.... 1 14 1 1 1 2 1 () 1 1 1 Uncollected cash items 353,948 889,309 301,698! 461,351 354,359 385,268 791,906 190,010 136,931 223,195 219,863 445,870 Bank premises 4,532 10,182 4,137 9'326| 7,001 9,784 12,811 6,930 5,182 4,729 8,562 12,456 Other assets 8,211 36,150 8,291 13,292 9,449 8,853 24,914 6,254 3,382 7,213 6,013 16,877 Total assets.... 2,763,00813,086,392 2,967,969 4,537,5183,234,638 2,890,1148,995,8442,079,505 ,237,586 2,222,564 2,068,0516,116,852 Liabilities F. R. notes 1,565,998 6,323,3861,720,427 2,492,26712,019,0061,467,3205,193,2281,198,320 607,0381,099,680 766,4332,702,457 Deposits: Member bank reserves.... 754,459 5,159,210 857,4601,468,843 789,444 966,311 2,843,122 635,282 440,647 848,149 996,917 2,699,035 U. S. Treasurer—general account 25,338 102,885 28,897 42,690 42,462 42,737 61,017 30,335 34,621 26,496 35,268 94,585 O Fo th re e i r gn 15,125 3 3 1 9 7 3 , ,2 5 3 2 6 5 18 1 , ,1 1 9 5 9 0 24, 9 7 9 5 3 0 1 2 3 , , 2 7 5 5 3 0 12,925 40,700 10,175 6,600 10,725 14 1, , 0 3 0 0 9 0 4 3 2 0 , , 8 8 1 0 1 0 383 1,120 781 358 317 631 Total deposits 795,305 5,672,856 905,706 1,537,276 847,9091,023,093 2,945,620 676,150 482,185 886,0011,047,494 2,867,231 Deferred availability cash items 319,521 691,065 245,753 375,538' 291,899 329,061 639,432 148,468 112,220 178,183 179,279 383,319 Other liabilities and accrued dividends 2,166 9,725 2,076 4,054; 2,013 1,943 6,645 1,424 1,098 1,626 1,564 4,808 Total liabilities 2,682,99012,697,0322,873,962 4,409,135 3,160,827 2,821,4178,784,9252,024,3621,202,5412,165,4901,994,770 5,957,815 Capital Accounts Capital paid in 18,513 109,528 22,366 35,909 16,870 19,314 51,892 12,661 8,618 15,437 21,796 45,392 Surplus 50,116 238,902 59,607 76,643 44,846 39,474 132,159 33,746 20,785 32,935 43,436 95,761 Other capital accounts. 11,389 40,930 12,034 15,831 12,095 9,909 26,868 8,736 5,642 8,702 8,049 17,884 Total liabilities and capital accounts 2,763,00813,086,392 2,967,969 4,537,5183,234,6382,890,1148,995,844 2,079,5051,237,586 2,222,564 2,068,0516,116,852 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 37.: 44.6 40.8 42.0 35.6 37.4 43.0 41.0 39.2 36.5 38.2 45.6 Contingent liability on acceptances purchased for foreign correspondents 4,240 423,245 5,089 6,939 3,855 3,624 11,411 2,853 1,850 3,007 4,009 8,635 I Industrial loan commitments.. 20s 340 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $55,512,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $198,000,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 603 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1959 1959 1958 May 27 May 20 May 13 May 6 April 29 May April May F. R. notes outstanding (issued to Bank). . 77 986 527 78 07R 971 28 002 29477 Q54 045 77 964 715 78 010 65? ?7,934,01477,480, 578 Collateral held against notes outstanding: Gold certificate account 10 775 000 10 000 10 725,00010 775 000 10 755 000 10,7?5,00010,755,000 P 008 000 Eligible paper 154 704 74 931 134,336 143,641 178,561 717 884 141,271 34 097 U. S. Government securities 18 685,00018,685,00018,685,000 18,685,000 18,685,000 18,685;ooo18,685,000 17,095, 000 Total collateral 29 564,20429,484,93129,544,336 29,553,64129,568,56129,627,88429,581,27129,137, 092 EACH FEDERAL RESERVE BANK ON MAY 31, 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 Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 1,639,883 6: 531,6631,761,4642,557,678 2:, 092,1481,525,8575,275,026 1,245,168 620,0381,124,351810,7632,826,613 Collateral held: Gold certificate acct.. 580,000 2920,000 640,000 920,000 670,000 475,0002,000,000 M),000 300,000 290,0001,300,000 Eligible paper 69,055 127,439 U. S. Govt. securities. 1,150,000 4,000,000 1,200,0001,750,000 1,500,0001,100,0003,500,000 935',000 425 i666 850,000 575,0001,700,000 Total collateral 1,730,000 6,920,000 1,909,0552,670,000 2,170,0001,575,000 5,500,000 1,386,390 625,000 1,277,439 865,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V1 [Amounts in thousands of dollars] [Amounts in millions of dollars] 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 u l r e o o t o t v m e n u e d - o n d ! t t) ( s a t L a m o n o u o d a t u n i - n n s g t) 2 ( C s a t m o m a o m n e o u d n m u t i - t n n s i g t t - ) o ( i s n a p P t f t u a m g a a f o n i t r i t o u i n i d t o o n i u t 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 m s 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 - u a o a A b n v n u a o d t a d t m e m s r i d e e r l t i r e a a o o t a n b n i w u g o g t l d n s e u e n r i t e r a n a 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 1,367 2,500 472 368 273 1955 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956 3,782 832,550 794 2,365 1,129 1956 1,468 2,761 389 289 125 1957 3,786 841,290 524 1,109 1,122 1957 [,503 2,912 395 300 135 1958 1958 Apr 3,786 842,723 503 998 964 Apr 1,514 2,937 343 265 157 May 3,786 843,078 489 991 944 May 1,516 2,952 326 252 168 June 3,787 843,321 75"" 343 991 799 June 1,522 3,029 330 254 177 July 3,787 843,321 75 342 986 798 July 1,523 3,033 306 235 194 Aug 3,787 843,321 340 1,037 817 Aug 1,528 3,069 299 229 199 Sept 3,787 843,321 339 1,032 816 Sept 1,531 3,071 298 228 190 Oct 3,787 843,321 338 1,019 810 Oct 1,538 3,089 304 231 184 Nov 3,787 843,321 337 1,015 807 Nov 1,540 3,090 303 231 182 Dec 3 787 843,321 335 975 806 Dec 1,543 3,105 310 236 168 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 Apr 3,787 843,321 330 360 383 Apr 1,552 3,128 314 241 142 1 Includes applications approved conditionally by the Federal Reserve 1 Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by Federal Reserve Bank commitment to purchase or NOTE.—The difference between guaranteed loans authorized and sum discount. of loans outstanding and additional amounts available to borrowers NOTE.—The difference between amount of applications approved and under guarantee agreements outstanding represents amounts repaid, the sum of the following four columns represents repayments of advances, guarantees authorized but not completed, and authorizations expired or and applications for loans and commitments withdrawn or expired. withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

604 BANK DEBITS MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [Per cent per annum] [In effect May 31 j Type of deposit D F 1 e e 9 1 c b 3 9 . . 3 5 5 - 3 1 1 , , D J 1 e 9 a 1 c 3 n . 9 6 . 5 - 3 6 1 1 , , E J f a f 1 e n 9 c . 5 t i 7 1 v , e Fee I s n P st a i y tu a t b io le n to o n G u G a u ra a n ra te n e te in e g d A P g o e r n ti c o y n b o y f F L in o a a n n cing Guarantee fee Percentage of Percentage of (percentage of any commitment Savings deposits 21/2 2fc 3 loan guaranteed interest payable fee charged by borrower) borrower Postal Savings deposits 2% 2*4 3 Other time deposits payable: 70 or less 10 10 In 6 months or more 21/2 1* 75 . .. 15 15 I I n n l 9 e 0 s s d t a h y a s n t o 9 0 6 d m a o ys nths . 18 8 85 0 2 2 0 5 2 2 0 5 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 6 Commitment rate V2 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors. BANK DEBITS AND DEPOSIT TURNOVER [Debit in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposits accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Year or month Without seasonal adjustment Seasonally adjusted 3 Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers * centers2 City centers 1 centers2 City centers * centers2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1 642 853 597 815 349 904 695 133 34 4 24 1 18 4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1958 2,439,754 958,721 487,443 993,590 53.6 30.0 22.9 1958 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 Aug 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 221,374 84,710 47,485 91 179 54 5 34.2 '24.0 53.1 31 6 24 2 Apr r226,368 88,049 46,955 ''91,364 56.2 33.9 23.9 57.3 32.9 24 6 M!ay 215,964 80,725 44,646 90,592 54.9 ^32.8 ^24.6 55.7 *>32.8 P24.7 » Preliminary. r Revised. 3 These data are compiled by the Federal Reserve Bank of New York. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Seasonal adjustment factors have been revised for the period 1943 to date. Angeles. For back figures on the revised basis, see BULLETIN for May 1959, p. 554. 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 605 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 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 . . .. 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31,834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958_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 1,368 81 2,081 6,489 10,019 9,033 2,701 5,669 275 377 3 9 July . 31,171 22,134 2,108 1,376 81 2,064 6,450 10,056 9,037 2,705 5,671 274 376 3 8 Aug . .. 31,371 22,296 2,117 ,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 ,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 ,457 80 2,154 6,683 10,294 9,205 2,739 5,808 273 373 4 9 Dec 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959—Jan 31,125 21,926 2,139 ,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 ,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 8 Apr . . 31,349 22,209 2,175 1,429 80 2,083 6,452 9,989 9,140 2,710 5,787 269 363 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 Apr. 30, against F. R. and Apr. 30, Mar. 31, Apr. 30, 1959 gold and Treasury Banks agents 1959 1959 1958 silver cash and certificates agents Gold 20,305 19,747 2558 Gold certificates 19,747 16,900 2,816 31 31 32 Federal Reserve notes.. 27 934 91 1,324 26,519 26,461 25,845 Treasury currency—total 5,257 12,419 62 396 4,800 4,758 4,689 Standard silver dollars 488 169 31 7 281 280 265 Silver bullion . . .. . .. 2,251 2,251 Silver certificates and Treasury notes of 1890.... 32 419 275 2,144 2,114 2,119 Subsidiarv silver coin 1,476 18 71 1,387 1,380 1,328 Minor coin 525 7 12 506 504 483 United States notes 347 5 31 311 310 313 Federal Reserve Bank notes 113 (4) 1 111 112 122 National Bank notes 58 (4) (4) 58 58 60 Total Aor 30 1959 (5) 22,166 711 16,900 4,536 31,349 Mar 31 1959 (5) 22 309 689 17 045 4,718 31,250 Apr 30 1958 (5) 23,838 734 18,593 4,733 30,565 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. 598. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of 4 Less than $500,000. the Federal Reserve Act, or of direct obligations of the United States. 5 Because some of the types of currency shown are held as collateral or Each Federal Reserve Bank must maintain a reserve in gold certificates of reserves against other types, a grand total of all types has no special at least 25 per cent against its Federal Reserve notes in actual circulasignificance and is not shown. See NOTE for explanation of duplications. tion. Gold certificates deposited with Federal Reserve agents as collat- NOTE.—There are maintained in the Treasury—(1) as a reserve for eral, and those deposited with the Treasury of the United States as a United States notes and Treasury notes of 1890—$156,039,431 in gold redemption fund, are counted as reserve. Gold certificates, as herein bullion; (2) as security for Treasury notes of 1890—an equal dollar amount used, includes credits with the Treasurer of the United States payable in standard silver dollars (these notes are being canceled and retired on in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Total Bank credit assets, net- Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d s n i c t y s c m o n a u i c e n s - t c ts . , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955—Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—Dec. 31. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 1,723 20,461 250,757 230,510 20,246 1957_jUne 6. 22,620 5,106 221,454 110,938 89,114 64,548 23,016 ,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 ,340 22,943 257,397 236.372 21,023 1958—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. 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. 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. 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 1,100 26,300 270,600 246,700 23,900 Apr. 29* 20,300 300 247,800 123,500 97,700 70,900 25,600 1,200 26,600 273,300 249,700 23,600 May 27? 20,200 5,300 248,000 124,700 96,900 69,800 25,900 1,200 26,500 273,500 249,400 24,100 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o d n a i s e g e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c m n t d k i g a - s s l B F a . A n R t ks . Total Total m T b C e i a o m r n c m k e ia s - l de s p b M a o a v u n s i i t k n t u s s g a * s 3 l S S P a y o v s s i t n t e a g m l s p m o D d a s e e i n - t - d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e T e r j a p m o r u 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 a d s a e d s t e n - e i - - 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 ,932 75,851 26,490 1947_Dec. 31. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 ,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30. 2,518 1,293 2,989 668 176,916 59,247 36,314 20.009 ,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) 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—May 28. 4,000 700 5,700 400 228,100 94,600 60,700 32,700 ,200105,800 27,800 135,500 107,600 27,900 June 23 3,953 700 9,471 524 229,483 95,524 61,473 32,837 ,214106,169 27,790 July 30 4,000 700 4,300 600 232,400 96,500 62,300 32,900 ,200108,100 27,900 137,600 109,500 28,100 Aug. 27 3,900 700 5,800 500 232,500 97,000 62,700 33,100 ,200107,500 28,000 137,300 109,200 28,100 Sept. 24 3,800 700 4,500 500 233,100 97,200 62,700 33,300 ,200108.100 27,900 136,700 108,900 27,800 Oct. 29. 3,800 700 3,700 500 236,400 97,500 62,900 33,400 ,200111,000 28,000 138,100 110,200 27,900 Nov. 26. 3,700 700 5,900 500 237,500 96,800 62,100 33,500 ,100111,900 28,800 138,800 110,600 28,200 Dec. 31 3,870 683 4,558 358 242,553 98,306 63,166 34,006 ,134115,507 28,740 139,400 111,300 28,100 1959_ F ja e n b . . 2 2 8 5 3 3 , , 8 7 0 0 0 0 7 7 0 0 0 0 4 4 , , 8 5 0 0 0 0 5 5 0 0 0 0 2 2 3 3 9 7 , , 8 7 0 0 0 0 9 9 8 8 , , 4 7 0 0 0 0 6 6 3 3 , , 4 7 0 0 0 0 3 3 3 4 , , 8 0 0 0 0 0 , , 1 10 0 0 0 :1 1 1 1 1 3 , , 3 8 0 0 0 0 2 2 7 7 , , 7 6 0 0 0 0 1 1 3 3 8 9 , , 5 1 0 0 0 0 1 1 1 1 1 0 , , 2 70 0 0 0 2 2 7 7 , , 8 9 0 0 0 0 Mar. 25 3,900 700 3,900j 237,600 99,500 64,100 34,300 ,100|ll0,300i 27,900 140,300 112,200 28,100 Apr. 29J 3,700 700 4,600 500 240,300 99,900 64,500 34,300 ,100'112,500 27,900 140,700 112,500 28,200 May 27^ 3.700 700 5,100| 500 239^300 100,400 65,000 34,400 l,100jll0,800 28,100 141,000 112,700 28 300 P Preliminary. * Revised preliminary figures. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank 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 607 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 t b i o o 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 s 2 c c b T o a i a l a l u o p i n i c a t n t i - 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 U.S D . ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N ba b u o n e m f k r - s Govt. Other All banks: 1939—Dec. 30 884 22. ,302 23. 9,874 32,516 25,852 26 8,194 15,035 1941—Dec. 31 126 26 1,999 27; 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31 227 30;362 8,57735,415177,332 14,065 105,935 45,613 22710.54214,553 1947_Dec. 3H 924 43,002 81,199 10,72338,388175,091161,865 ,793 240 1,346 94,381 53,105 6611,94814,714 1950—Dec. 30 021 60,386 72,894 14,74141,086191,317175,296 ,577 462 2,809 936 56,513 9013,83714,650 1956—Dec. 31 063110,079 523 20;46149,641250770 227546 ,133 1,462 3,736 308 80,908 7819,24914.167 1957—Dec. 31 849115,115 792 22;943 49;318 257 864 233.020 ,636 1,386 3,903 993 88,102 80 20,42814,090 1958—May 28 440114,890 70,570 24 980 42;000 257 240 230;28013,530 2,450 5,420 260 93,620 1,11021,04014,065 June 23 179117, 71,61125 760 44;423264 525 237;20413,789 2,497 9,209 113 94,596 1,137 21,359 14,055 Sept. 24 470117,060 , 140 26270 42;190 262580 234;42014,010 2,400 4,220 460 96,330 1,560 21,66014,034 Oct. 29 690117,960 ,500 26230 43020 265 490 237;45014,000 2,340 3,440 060 96,610 1,400 21,710 14,028 Nov. 26 210119,230 74,950 26 030 45; ,070 2,360 5,600 610 95,910 2,150 21,8~~2~0 14,033 Dec. 31 485121,571 73,64126 ,273 49;911276,430 250;057 2,374 4,253 130,13297,498 8121,705 14,020 1959—Jan. 28 920121,030 850 26,040 43200 270, 100 241830 2,410 4,490 240 97,580 1,77021,78014,030 Feb. 25 340121,370 880 26,090 43560 268,750 239740 2,290 4,150 520 97,930 2,210 21,86014,022 Mar. 25 690122,850 ,580 26260 42240 266,880 238 150 2,340 3,590 480 98,710 2,050 21,980)14,012 Apr. 29* 500124,990 ,920 26590 43 340 270920242,050 2,360 4,280 470 99,110 2,090 22 110114,009 Mar. 27? 640126,360 69,810 26 470 42,690 270,380 241,060 2,230 4,820 640 99,680 2,260 22 230| 14,000 All commercial banks: 1939—Dec. 30 ,668 17,238 16,316 7,114 22,474 9,874 32,513 )15,331 26 j,8851144,,448844 1941—Dec. 31 ,746 21,714 21,808 26,551 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31 ,019 26,083 90,606 34,806160,312 14,065 105,921 30,241 219 8,'950 H^ 1947—Dec. 3H ,284 38,057 69,221 006 37 155,377144,103 240 1,343 367 35,360 6510,05914,181 1950—Dec. 30 ,675 52,249 62,027 399 40 168,932155,265 462 2,806 917 36,503 90 11,590 14^ 121 1956—Dec. 31 ,123 90,302 58,552 269 48;720 217460197,515 1,460 3,733 282 50,908 7516,30213,640 1957—Dec. 31 ,068 93,899 58,239 930 48;428 222696 201,326 1,385 3,898 967 56,440 7717,36813,568 1958—May 28 ,440 92,900 63,140 400 4i;120 220840197,59013,530 2,450 5,420 230 60,960 1,110 17,92013,545 June 23 ,905 95,571 64,194 20 14043;507 227 847 204; 13,789 2,495 9,205 086 61,759 1,136 18 178(13,535 Sept. 24 ,510 94,230 64,720 20 560 4i;330 225,260 201' 14,010 2,400 4,220 430 62,990 1,560 18,41013,515 Oct. 29 ,670 94,970 66,170 20,530 42 160 228,130 203 14,000 2,340 3,440 030 63,180 1,400 ,470|l3,509 Nov. 26 ,050 96,060 67,660 20,330 44 310 232,700 207 13,590 2,360 5;600 123580 62,440 2,150 550 13,514 Dec. 31 ,16: 98,214i 66,376 20,575 48990238,651216,017 15,799 2,372 4; 104 63,493 73 486 13,501 1959—Jan. 28 ,620 97,710!67,530 20,380 42400 232,470 207, 13,110 2,410 4. 210 63,740 1,770 18,57013,512 Feb. 25 ,840 97,890|65,520 20,430 42740 230,900 205; 12,850 2,290 4; 490 63,980 2,210 18,62013,504 Mar. 25 ,940 99,190 63,160 20,590 41 380 228 710 203 13,030 2,340 3,590 450 64,440 2,050 18,73013,494 Apr. 29* ,630101,190 63,540 20,900 42 590 232 760 207 12,830 2,360 4,280 440 64,840 2,090 1870113^491 May 27» ,590102,380 62,460 20 750 41,950 232,040 206,630 12,690 2,230 4,820 610 65,280 2,260 ,960 13,482 All member banks: 1939—Dec. 30 33,941 13,962 14,328! 5 49, 9,257 154 743 11,699 3 5,522 6,362 1941—Dec. 31 43,521 18,021 19,5391 5 61; 10,385 140 ,709 12,347 4 5,886 6,619 1 1 1 1 9 9 9 9 4 4 5 5 5 7 0 6 — — — — D D D D e e e e c c c c . . . . 3 3 3 3 1 1 0 1 1 1 1 9 0 0 3 7 7 7 8 , , , , 8 1 4 7 4 8 2 6 6 3 4 8 2 4 7 3 2 4 8 2 , , , , 7 7 0 6 7 0 2 3 5 5 8 4 4 7 5 5 7 2 8 7 , , , , 3 9 5 3 3 1 7 6 8 4 5 5 ! 1 1 7 6 3 0 ; , 0 3 3 1 5 7 0 5 5 4 9 0 2 3 3 4 9 5 2 2 ; ; ; 9 5 0 2 6 4 1 1 1 1 8 3 3 4 4 8 2 4 , , , , 8 0 3 6 7 6 0 6 4 0 4 0 1 1 1 1 2 2 3 6 2 3 9 7 , , ; , 0 5 6 9 8 2 7 0 9 8 0 6 1 1 1 1 3 2 5 3 , , . , 3 5 5 1 5 7 6 0 3 6 7 6 1,2 3 8 6 4 5 9 4 1 0 22 3, , , , 2 5 1 1 9 2 7 7 2 3 9 6 7 6 6 8 8 0 4 5 3 9 0 0 4 2 2 2 0 9 4 8 , . , , 9 3 2 3 0 3 1 4 9 6 0 0 2 4 7 0 5 8 9 8 4 1 7 9 8 3 , , , , 5 6 4 6 8 9 5 6 9 5 5 4 6 6 6 6 , , , , 8 4 9 8 8 6 2 7 4 2 3 3 1 19 9 5 5 8 7 — — M De a c y . 2 3 8 1 1 1 4 4 2 7 , , 3 2 5 7 3 2 7 8 9 0 , , 7 9 1 5 3 0 4 5 7 1 , , 0 9 7 1 9 6 1 '1 4 "5,6 3 4 2 3 4 4 36 2 , 7 2 4 1 6 0 1 18 8 7 8 , , 3 8 0 2 1 81 1 7 6 0 7 , , 6 3 3 6 7 7 1 1 5 3 , , 0 0 8 9 2 0 2 1 , , 3 24 1 6 2 3, 8 4 9 7 1 2 0 5 0 4 0 7 4 4 9 5 , , 0 2 7 9 4 0 1,04 5 0 71 15 4 , , 0 5 0 5 9 4 6 6 , . 3 3 9 6 3 4 June 23 151,589 82,146 53,165 277 38; 194,003173,90413,274 2,266 658 812 49,893 1,07815,181 6; 357 Sept. 24 150,684 80,798 53,285 600 36; 190,784 170 13,458 2,174 3..778822 ,76450,852 1,51415,375 6,339 Oct. 29 152,102 81,375 54,166 16,56137,020192945 172 13,450 2,108 3,023 ,764 50,956 1,31715,437 6,328 Nov. 26 153,854 82,225, 55 [328,! 1630139,140 196851 175 13,026 2,130 5.003 777 50,324 2,05515.498 6.324 1959— D Ja ec n . . 3 2 1 8 1 1 5 5 4 5 , , 8 0 6 5 5 4 8 8 4 3 , , 0 5 6 8 1 8 ! 5 5 5 4 , , 1 29 3 9 6 16 5 3 0 30 4 4 3 3 7 188 2 1 0 96 2 , 0 3 1 3 7 3 1 1 1 7 8 5 2 ,364 1 12 5 , , 6 2 1 2 9 7 2 2 , , 1 2 8 2 7 4 3 3, , 9 8 7 2 9 21 1 1 0 0 5 , , 4 2 4 2 8 0 5 5 1 1 , , 1 3 3 2 2 2 1,68 5 4 41 1 5 5, , 5 4 0 6 9 0 6 6 , , 3 3 1 0 2 2 Feb. 25 153,504 83,728 53,403 373 37 195,014173,45912,394 2,102 3,716103,74951,498 2,083 15,556 6,295 Mar. 25 152,813 84,882 51,392 539 36 193,065171,78512,582 2,155 3,203 988 51,857 1,949 15,642 6.289 Apr. 29* 155,150 86,659' 51,669 822 37 196,711175,32312,371 2,175 3,863 688 52,226 1,944 15,779 6,2.91 May 27^J 155,107 87,675, 50,760 672 36; 196,047174,29912,250 2,046 4,346103,08552,572 2,098 15,850 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 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 1956—Dec. 31 31.940 19,777 7,971 4,192 920 33,311 30,032 25 30,001 2,947 527 1957—Dec. 31....... 33,782 21,216 7,552 5,013 890 35,168 31,695 ,662 3,059 522 1958—May 28 35,000 21,990 7,430 580 880 36,400 32,690 30 32,660 3,120 520 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 30 33,,340 8' 3,250 519 Oct. 29 36,020 22,990 7,330 5,700 860 37,360 33,460 30 33,430 i 3,240 519 Nov. 26 36,160 23,170 7,290 5,700 820 37,480 33.500 30 33,470 i 3,270 519 1959_ D F ja e e n b c . . . 2 2 3 8 5 1 3 3 3 6 6 6 , , , 3 3 5 2 0 0 0 0 0 2 2 2 3 3 3 , , , 3 3 4 5 2 8 7 0 0 7 7 7 , , , 2 3 3 6 6 2 5 0 0 5,698 9 8 8 2 0 2 1 0 0 3 3 3 7 7 7 , , , 7 6 8 7 3 5 9 0 0 3 3 3 4 3 3 , , , 0 8 9 4 7 8 0 0 0 2 3 3 9 0 0 3 3 3 3 3 4 , , ,,i 8 9 0 4 0 5 0 6 0 (5) 5 5 5 1 1 1 9 8 8 Mar. 25 36,750 23,660 7,420 860 38,170 34,300 30 34,270 518 Apr. 29* 36,870 23,800 7,380 750 38,160 34,300 30 34,270 518 May 27? 37,050 23,980 7,350 5,720 740 38,340 34,430 30 34,400 3,270 518 v Preliminary. * Revised preliminary figures. Stock savings banks and nondeposit trust companies are included with 1 All 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. 15,' 1954, 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

608 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 t a e nk Total Loans o G U t b io l o . i n S v g s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l p o i n i c a t i t d i - t a - e a l s l Total 2 m D I a n e n t - e d rba T n i k m 2 e Dema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f k r s counts 3 G U o .S vt . . 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 ,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 ,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 ,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 ,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 ,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 ,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 ,136 18 1958—May 28 25,540 15,833 7,569 2,138 7,023 33,777 28,796 4,268 1,794 1,128 18,219 3,387 264 ,210 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 ,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 ,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 ,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 ,276 18 Dec. 31 25,966 16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739 968 20,704 3,482 ,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 ,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 ,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 ,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 ,290 17 May 21 P 25,687 16,580 6,657 2,450 7,114 33,936 28,730 3,999 1,614 1,009 18,553 3,555 530 ,302 17 Chicago: 1939—Dec. 30 2,105 569 1,203 333 ,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 ,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 ,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_May 28 6,484 3,417 2,434 633 ,985 8,553 7,692 1,274 292 4,708 1,375 21 709 14 June 23 6,942 3,594 2,694 654 ,914 8,929 8,022 1,249 705 4,626 1,403 80 708 14 Sept. 24 6,577 3,405 2,537 636 ,869 8,522 7,628 1,302 247 4,642 1,399 55 714 14 Oct. 29 6,614 3,426 2,547 641 ,887 8,583 7,693 1,243 192 4,826 1,396 42 720 14 Nov. 26 6,727 3,418 2,687 622 2,067 8,874 7,862 1,169 402 4,859 1,401 157 724 14 Dec. 31, 6,830 3,637 2,562 631 ~,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 ,881 8,617 7,695 1,138 201 4,913 1,409 68 726 14 Feb. 25 6,637 3,440 2,572 625 ,952 8,667 7,726 1,163 233 4,900 1,397 79 725 14 Mar. 25 6,759 3,551 2,576 632 ,745 8,583 7,438 1,135 223 4,655 1,395 296 728 14 Apr. 29* 6,602 3,575 2,344 683 ,883 8,575 7,616 1,153 306 4,733 1,393 90 738 14 May 27^ 6,630 3,637 2,288 705 ,857 8,575 7,583 1,110 303 4,735 1,402 125 739 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 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,99011,423 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 4,76417,716 72,854 66,524 7,584 294 .201 40,64716,797 21 5,076 289 1957—Dec. 31 55,259 32,805 17,352 5,10217,540 74,196 67,483 7,241 301 ;358 39,9 ~6"0 18,623 21 5,370 278 1958—May 28 57,687 32,042 19,869 5,77615,030 74,174 66,492 6,302 457 ,884 37,465 20,384 509 5,573 281 June 23 59,273 32,851 20,436 5,986 1155,443 76,155 68,672 6,397 416 ,150 38,003 20,706 350 5.617 280 Sept. 24 59,327 32,830 20,455 6,04115,247 75,976 67,918 6,795 382 ,492 38,243 21,005 947 5,675 277 Oct. 29 59,471 32,984 20,508 5,97915,448 76,383 68,474 6,657 374 ,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 40,184 _2J0,741 910 5,729 275 Dec. 31 60,558 34,003 20,645 5,910 1177,701 79,781 12,641 7,506 377 ,429 42,25921,075 14 5,760 274 1959_jan. 28 60,698 34,083 20,776 5,83915.626 77,845 69,800 6,232 382 ,439 40,45221,295 832 5,782 273 Feb. 25 60,033 34,279 19,928 5,82615,672 77,155 68,876 6,011 336 ,479 39,70821,342 932 5,802 272 Mar. 25 59,524 34,720 18,946 5,85815,381 76,360 68,272 6,122 316 ,226 39,23321,375 839 5,845 273 Apr. 29* 60,439 35,490 19,107 5,84215,708 77,773 69,509 5,969 367 1,457 40,24821,468 909 5,906 273 May 21 P 60,549 35,807 18,906 5,83615,691 77,734 69,304 5,918 362 1,677 39,73621,611 976 5,932 273 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 572 154 7,158 5,852 3 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 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 1,056 432 28,37814,560 23 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,19311,571 52,689 48,897 1,121 922 31,97714,865 9 3,532 6,501 1956—Dec. 31 54,571 26,491 22,037 6,04214,390 69,945 64,289 1,597 ,160 41,1"9"4 2200,317 21 5,046 6,141 1957_Dec. 31 56,820 28,191 21,815 6,814 14,139 72,062 65,991 1,640 ,181 40,724 2222,429 30 5,359 6,083 1958—May 28 57,561 28,421 22,044 7,096 1122,172 70,797 64,387 1,246 ,587 37,60823,928 246 5,517 6,051 June 23 58,225 28,937 22,000 7,28812,860 72,255 65,741 1,282 ,857 38,2"8"6 "2'4,277 164 5,641 6,045 Sept. 24 59,550 29,099 22,943 7,50712,765 73,505 66,877 1,368 ,197 39,326 24,941 126 5,747 6,030 Oct. 29 60,573 29,361 23,693 7,519 12,835 74,514 67,747 1,395 ,173 40,050 25,091 251 5,744 6,019 Nov. 26 61,394 29,748 24,056 7,590 1133,034 75,536 68,717 1,376 ,712 40,77824,807 252 5,769 6,017 Dec. 31 61,511 30,257 23,606 7,64814,031 76,767 70,277 1,578 ,175 42,3"4"9 "2"5,137 37 5,685 6,006 1959—Jan 28 61,746 30,061 24,099 7,586 1122,515 75,424 68,678 1,352 ,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 ,189 40,19525,273 349 5,748 5,991 Mar. 25 60,936 30,464 22,873 7,59912,190 74,314 67,448 1,246 ,063 39,62125,482 301 5,792 5,984 Apr. 29* 62,223 31,287 23,247 7,68912,421 75,830 68,788 1,258 ,211 40,46425,818 426 5,845 5,987 May 27" 62,241 31,651 22,909 7,681 12,316 75,802 68,682 1,223 ,357 40,06126,004 467 5,877 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. $ 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 609 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i— Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l u o p i i n 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 U. D S e . ma O n t d her Time Bor- c c T a o o p u t i n a ta t l s l b N a b u o n e m f k r s - Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 :5,788 76,820 69,411 10,654 1,762 41,298 5,699 10 6,84413,426 1945—Dec. 31 121,809 25,765 88,912 7,131 14,292 157,544 147,775 13,883 23,740 80,276 2299,876 215 8,67113,297 1947—Dec. 31 14,274 37,583 67,941 8,750 16,926 152,733 141,851 2,615 54 1,325 92,97534,882 61 9,73413,398 1956—Dec. 31 63,601 89,831 57,83715,^9~3~3 4^88,352 215,514 195,953 5,981 1,301 3,717 124,34650,608 5615,98813,195 1957—Dec. 31 68,595 93,430 57,558800 17^585 48,127 220,865 199,876 5,489 1,264 3,859123,12756,137 66 1177,05113,142 1958—June 23 78,330 95,105 63,48919,735 43,243225,945 202,819 3,632 2,288 9,162 116,30861,429 ,12517,85713,121 Dec. 31 83,596 97,730 65,669 20,198 48,689236,724 214,485 5,653 2,209 4,241 129,21463,168 6718,15413,101 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 4,977 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 4,13720,114 90,220 84,939 9,229 4,013 45,47316,224 78 4,644 5,017 1947_Dec. 31 65,280 21,428 38,674 5,17822,024 88,182 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1956—Dec. 31 88,477 48,109 31.568 8,80027,006117,345107,161 9,322 522 2,074 67,43427,810 19 8,450 4,651 1957—Dec. 31 91,201 50,350 31,234 9,617 2266,786120,153109,091 8,958 517 2,166 66,546 ~3~0,904 38 9,070 4,620 1958—June 23 95,898 50,744 34,49810,65623,964122,100110,065 7.849 825 4,751 62,886 33,754 492 9,451 4,599 Dec. 31 99,27^ 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 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1956—Dec. 31 50,291 29,924 16.007 4,359 15,900 67,530 60,744 6,245 767 1,218 39,41613,098 29 5,205 1,811 1957—Dec. 31 51,152 30,600 15,846 4,707 15,960 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 6675,621 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 5,568 16,407 73,620 66,1Of 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 7,70: 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 30,66^ 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 17,580 1"0,873 2,500 6,753 1958—June 23.. 26,768 12.972 10.335 3.460 4,756 31,971 28,942 359 504 16,496 11,562 2,679 6,768 Dec. 31.. 28,759 13,682 11,381 3,696 5,504 34,73^ 31,696 426 419 18,76612,063 2,696 6,793 Noninsured nonmember commercial banks: 1941—Dec. 31 1,45 455 761 241 763 2,283 1,872 329 ,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 ,905 365 279 714 1947—Dec. 31* 2,009 474 1,280 255 576 2,643 2,251 177 18 1,392 478 325 783 1956—Dec. 31 1,521 471 71 336 369 1,946 1,562 152 159 936 300 313 444 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 317 425 1958—June 23 1,575 466 704! 405 264 1,902 1,516 157 207 778 330 321 413 Dec. 31 1,568 484 707 37' 301 1,927 1,532 146 16: 890 325 332 399 Ail 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 12.277J 1,262 4,962 22,024 20,571 425 14.101 6,045 1,362 7,130 1947—Dec. 3H 18,454 5,432 11,318, 1,7034,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1956—Dec. 31 26,38: 12.279 10,9891 3,1135,817 32,613 29,635 566 171 440 18,43310,024 2,649 7,181 1957—Dec. 31 27,74 12,96 11,172' 3,608 5,684 33,897 30,715 554 138 427 18,42011,176 2,817 7,178 1958—June 23 28,34: 13,438 11.040, 3,865 5,020 33,873 30,458 515 229 548 17,27411,892 3,000 7.181 Dec. 31 30,32' 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 1,69: 642 6291 15 1,958 1,789 1,78! 164 52 1945—Dec. 31 10,846 3,08 7.160 429 11,424 10,363 12 10,351 1,034 192 1947_Dec. 31 12,683 3,560 8,165 675 13,499 12,207 2 1212,192 1,25" 194 1956—Dec. 31 24,170 15,542 5.518 3,110 739 25,282 22,886 3 2322,857 2,130 223 1957—Dec. 31 26,53. 17,194 5,4041 3,93" 71 27,67 25,022 3 26 2"4 ,991 2,308 239 1958—June 23 27,865 18,132 5,234 4,50: 745 29,02 26,082 2 26 26,052 2,433 239 Dec. 31 28,98C 19,180 5,2151 4,58: 752 30,189 21,IT 3 28 27,243 2,473 241 Noninsured mutual savings banks: 1941—Dec. 31 8,68 4,259 3,075 1,35: 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,36 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 314 5,95*3 1,384 3,813I 760 21 6,215 5,556 5,553 637 339 1956—Dec. 31 7,77C 4.235 2.453 1,082 182 8,028 7,146 7,143 81 304 1957—Dec. 31 7,246 4,022 2,148 17 7,497 6,672 6,671 751 283 1958—June 23 7,404 4,104 2,183 1,116' 17 7,65" 6,787 6,785 748 281 Dec. 31 7,341 4,177 2,050 169 7,58S 6,763 6,762 746 278 For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

610 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans 2 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 li d t- s ri e t 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 38,05718,167 1,660 830 ,220 9,393 5,723 1,063 78,226 69,2212,193 7,789 6,03453,191 5,276 3,729 1956—Dec. 31.. 165,1233 90.,30238,720 4,1612,589 ,691 22,509 18,85013,343 74,821 58,552 5,924 1,997 11,82338,796 12,9013,368 1957—Dec. 31.. 170,068 93,899 40,526 4,066 2,601 ,620 23,110 20,217|3,533 76,169 58,239 5,405 4,813 10,60837,406 13,9154,014 1958—June 23.. 179,90595,571 38,,886 4,5523,699 ,925 23,693 20,091 4,562 84,334 64,194 4,502 3,883 12,348 43",456 15,771166 4,424 Dec. 31.. 185,16598,214 40,425 4,973 2,832 ,829325,255 20,698 4,156 86,951 66,376 6,294 7,399 13,396 39,281 16,5054,070 All insured commercial banks: 1941—Dec. 31.. 49,29021,259 9,2141,450 614 662 4,773 4,545 28,03121,046 3,15912,797 ,102 3,651 3,333 1945—Dec. 31.. 121,80925,765 9,461 1,3143,164 3 606 4,677 2,361 1.,,1„8.1 96,04388,912 2 ,4-5519,071 16,045 51,321 22 3,8733,258 1947_Dec. 31.. 114,22'74 3'7",58318,0121,610 823 "190 9,266 5,654 .1,,0.2_8. 76,.6 9167,9412,124 7,552 5,918 52,334 14 5,112299 3,621 1956—Dec. 31.. 163,60189,83138,5714,101 2,565 ,669 22,,39418,7653,325 73,770 57,8375,763 1,981 11,72238,358 1312,6753,258 1957—Dec. 31.. 168,59593,4"3-0 40,380 4,0152,569 ,60123,003i20,122 3,513 75,1'"6 457,5,580 5,290 4,758 10,49337,031 713,6 "8-8 -3,897 1958—June 23.. 178,33095,10538,750 4,4993,677 9_0.,7 (23.585 '1-9-,',.9 -8-'1 4.54183,.2 2.1463,4894.416 3,841 12,213 43,013 515,457 4,278 Dec. 31.. 183,59697,730 40,289 4,9132,797 810 25,148 20,589 4,134 85,866 65,669 6,159 7,362 13,240 38,902 616,266 3,932 Member banks, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3.00711,729 ,83: 3,,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 8553,1333,378 3,455 1,900 1,104 84,40878,3382,275 16,98514,27144,792 16 3,,254 2,815 1947—Dec. 31.. 97,846 32,628 16,962 ,046 811 ,065 7,130 4,662 952 65,21857,914 ,987 5,816 4,815 4455,286 10 4,199 3,105 1956—Dec. 31.. 138,768 78,03436, ,478 447 ,47317,811115,7653,147 60,73447,575 4,383 1,469 9,49332,218 1210,494 2,665 1957—Dec. 31.. 142,35380,950 37,868 2^472 2[4481,409 18,231 16,7753,316)61.40347,0793,948 3,534 81560 31,031 711,2353,089 1958—June 23.. 151,589 82,146 36J25 2 ,574 1,706 18,712 16,544 4-,,3-3--6 169., 44353,. 1653,574 2,90510,480 36,201 512,786 33,492 Dec. 31.. 154,865 84,06137,4443,0522,730 1,599 20,013l7,028~3 920 ™70 ,8°0"A 4 54,299 4 644 6,14311,11732,390 6 13,4053,100 New York City:4' 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.. 23,80915",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 16,102 11,651 1,280 387 565 1,5131,053 7,726 5,880 648 214 1,093 3,924 1,435 411 1958—June 23.. 27,14916,764 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 1,652 382 641 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 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,598 4,213 133 ,467 749 1,864 181 204 1947_Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1956—Dec. 31.. 6,473 3,772 2,781 203 97 134 439 178 2,701 2,113 112 42 316 1,643 440 148 1957_Dec. 31.. 6,446 3,852 2,903 200 97 143 425 180 2,594 2,032 65 126 313 1,528 408 154 1958—June 23.. 6,942 3,594 2,618 178 100 143 336 318 3,348 2,694 268 145 490 1,791 495 159 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 3,456 300 194 1,527 1,512 8,243 6,467 295 751 4,248 ,173 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 ,503 1,459 855 404 31,59429,5521,034 6,982 5,65315,878 5 1,126 916 1947_Dec. 31.. 3604013,449 7,088 225 170 484 3,147 1,969 36622,591 20,196 373 2,358 1,90115,560 3 1,342 ,053 1956—Dec. 31.. 53',91531,783 15,170 489 501 712 7,654 6,5121,289 22,13217,3681,185 441 3,74211,995 4 3,820 944 1957—Dec. 31.. 55 2,805 15,702 494 603 673 7,667 6,8931,370 22,45417,3521,009 1,285 3,29711,760 2 4,0271,075 1958—June 23.. 59, 2,851 14,789 611 881 904 7,841 6,741 1,706 26,42220,436 874 1,009 4,41014,142 2! 4,7671,218 Dec. 31.. 60,558 34,00315,808 669 518 851 8,405 6,9301,49226,55520,645 ,293 2,370 4,49712,482 3 4,8641,047 Country banks: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 530 6,628 4,377 110 481 2,926 861 1,2221,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 36329,40726,999 630 5,102 4,54416,713 9 1,3"4 "2 1,067 1947—Dec. 31.. 36,32410,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,10817,681 6 2,006 ,262 1956—Dec. 31.. 54,57126,491 7,0801,972 334 261 9,407 7,256 631 2288,,008800 22,0372,362 792 4,45814,420 4 4,8271,215 1957—Dec. 31.. 56,82028,191 7, "" ,970 365 252 9,856 7,944 713 28,62921,"815 2,226 1,909 3,85713,819 4 5,3651,449 1958—June 23.. 58,22528,937 7,739 2,154 351 28210.172 8,030 74629,28822,000 ,409 1,465 3,85215,272 3 5,775',513 Dec. 31.. 61,51130,257 8,,080 2,368 294 268 10,806 8,239 78431,254 23,606 2,475 2,306 4,49514,327 3 6,181 ,467 Nonmember commercial banks:3 1947_Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 11113.02111,318 206 1,973 1,219 7,916 1,078 625 1956—Dec. 31.. 26,38112,279 2,424 1,683 143 218 4,708 3,085 19614,10210,9891.541 528 2,330 6,588 2,409 704 1957—Dec. 31.. 27,74112,961 2,657 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 611 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Bal- De- Cla c s a s l a l o n d f d a b te ank F B s s w e e R e a r d r i n v e t e v - e k h r e s s al C va i a n u s l h t b m a a w n d e n c o i s k t e - t h s i s c 5 j p u m s o d a a t d s e e n i - - d t d s 6 m D e I s n d o t t - e i e c p r 5 o b s a i n F e ts i k o g r n - G U o .S v . t. p v s S o i u a l t s i a b n i t o t d i d e c n i s a - s l c C c h o a f e e e i f e n t e f r r c c i d t s d . - k i ' - s, p a v n s a p i t I h d i d r n o o t u i d r n p n c a a i e o s s - l - , s r r - , - I b n a t n er k - P G U i s a o n a o n . s g v S v t d s a - . t. l v S p s i a i u t s 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 I t i h i d r n d o o t i u d r n p c n a a i e o s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n l - i t - s All commercial banks:3 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1956-Dec. 31.... 18,706 3,261 12,813111,405 14,338 1,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 75 16,302 1957—Dec. 31.... 18,972 3,335 12,342110,266 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 Ail insured commercial banks: 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 11994415——DDeecc.. 3311........ 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,211 215 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 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1956—Dec. 31.... 18.707 2,487 8,124 93,320 13,818 1,749 3,292 8,211 3,475 95.163 1,289 301 1,839 38,769 48 13,655 1957—Dec. 31.... 18,973 2,536 7,806 92,191 13,356 1,726 3,472 8,412 3,331 93;804 1,246 275 2,170 42,845 57 14,554 1958—June 21 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:4 1941 Dec. 31 5 105 93 141 10,761 3 595 607 866 319 450 11 282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2', 120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1956—Dec. 31.... 4,375 161 99 15,974 3,622 1,400 747 286 1,172 18,482 965 36 44 2,395 2 2,873 1957_Dec. 31.... 4,564 158 110 15,849 3,480 1,389 737 299 1,284 18,377 912 24 56 2,813 2 3,136 1958—June 23.... 4,418 145 76 15,305 3,084 1,261 2,946 337 1,645 16,916 1,774 28 249 3.229 483 3,214 Dec. 31.... 4,454 161 92 16,170 3,519 1,267 968 329 1,540 18,835 1,739 36 100 3,345 3,282 Chicago :4 1941 Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3,153 1,292 20 1 552 237 66 3,160 719 377 1947—Dec. 31 1,070 30 175 3,737 1,196 21 ' 72 285 63 3,853 2 9 902 426 1956—Dec. 31.... 1,158 37 174 4,272 1,318 46 184 294 85 4,690 7 5 12 1,302 4 660 1957—Dec. 31.... 1,071 39 148 4,084 1,293 40 195 333 77 4,493 15 3 10 1,332 4 689 1958—June 23 1,183 31 128 4,089 1,211 38 705 456 75 4,095 39 4 10 1,389 80 708 Dec. 31.... 1,058 36 185 4,271 1,314 43 249 302 88 4,746 34 7 7 1,423 3 733 Reserve city banks. 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 T2,844 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 I947 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 10546 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

612 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * U. S. Government obligations For purchasing or carrying securities Loans Mon th or date i m T l n o a v o e a n e n t n d a s t s t l s - j i m u n a s a v e n t d e n e d - s t d t s - 1 j L us a o t d a e - n d s 1 C i m t n a c r o d n i i e a m a d u r l l - s - - A t c u g u r r l a - i l - G t a T U l i o i n o o o g . b S d n v - a . s - b t. d r e o O c a k t s u l t i e e e h e r - r r s i e s s - r G t l U i o T i o o g . b o S n v - a . s - t. ot O h c t s u e t i e h e r r - s s i e - r e l R o st a e a n a t l s e O lo t c h tU e S r Total Bills o d c n C t f e a e i e e f d t b i s i e r - n - t s - s - - Notes Bonds 2 1 ' O s ri e t t c h ie u e s - r b I- a t o n o a k n s s Total- Leading Cities 1958 May. 93 400 91,915 52,256 329,436 473 2,225 1,300 8,788 311.19230,739 ,891 1,258 7, 190 20,400 8,920 ,485 1959 Apr 96 809 95, 159 55,583 30,587 596 2,203 ,379 9,893 12 162 29,986 ,322 2,626 7 174 17,864| 9,590 ,650 May 96 469 94,781 56,332 30,961 612 2,160 ,377 10,041 12,421 29,064 ,384 2,374 6.769 17..537 9, 385 ,688 1959 Apr. 1 97 445 95, 522 55, 48330, 589 583 2,275 ,388 9,834 12,05130, 5432,552 2,690 7,306 17,995 9,496 ,923 8 96 647 95, 168 55, 18130,420 589 2,090 1,369 9,86312,08730, 380 ,521 2, 693 7,209 17,957 9,607 1,479 15 97 117 95, 526 55, 72430, 670 605 2,255 ,377 9 902 12 15330 091 ,378 2,655 166 17, 892 9,711 ,591 22 96 366 94,917 55,715 30,631 598 2,200 1,387 9,920 12 218 29,640 ,128 2,574 7' 132 17,806 9,562 1,449 29 96 474 94,666 55,814 30,624 606 2,198 ,375 9,947 12,301 29,276 ,032 2,516 7,057 17,671 9,576 1,808 May 6 95 789 94, 283 55, 98930, 763 606 2,205 ,369 9,975 12, 30928, 892 ,863 2 472 6,927 17, 630 9,402 1,506 13 97 042 95, 384 56, 37830,975 612 2,234 ,376 10,038 12 38529. 675 ,910 l\431 6,791 17, 543 9,331 1,658 20 96 675 94, 856 56, 50131,061 613 2,163 ,382 10,0661245628;972 ,467 2, 305 708 17,492 9,383 1,819 27 96 373 94, 604 56, 46031,045 619 2,038 1.384 10085 12 53228, 718 ,296 2, 287 6*.653 17,482 9,426 1,769 New York City 1958 May. 387 24 488 15,063 10,953 1 386 969 46 363 529 2 172 7,281 767 222 1,662 4,630 2 144 899 1959 Apr.. 25 944 25 149 15,429 10,723 3071,236 38 394 671 2 432 7 114 ,016 547 1,934 3 617 2, 606 795 25 610 24 670 15, 552 10,754 1 262 1,305 39 401 705 2 460 6,706 ,055 419 783 3 449 2: 412 940 1959 Apr. 1 26 272 25 217 15 454 10 780 1 443 1,105 39 383 649 2 427 7 260 ,078 594 939 3 649 2,503 1,055 2 1 2 8 5 2 2 2 5 6 5 0 7 8 2 9 2 1 8 9 2 2 2 5 5 5 0 3 1 3 9 98 7 1 1 1 1 5 5 5 , , , 4 4 31 8 2 9 3 8 1 1 1 0 0 0 7 6 7 9 3 1 0 1 2 1 1 1 2 3 2 7 0 5 1 7 6 1 1 1 , , , 2 1 2 7 8 8 9 5 9 3 3 3 9 9 7 4 3 3 9 0 9 4 0 7 6 6 6 7 7 7 2 7 7 2 2 4 4 4 4 2 2 0 5 9 7 7 7 0 2 1 7 0 9 3 0 7 ,0 9 1 5 2 2 8 2 5 5 5 5 7 7 0 5 2 9 l 1 1 ' '9 9 9 0 3 4 9 0 4 3 3 6 6 6 6 3 2 7 7 2 2 2 2 , , 7 6 6 0 1 0 6 1 9 6 6 6 9 3 9 3 7 2 29 25 803 24 904 15,462 10 702 1 257 1,323 37 397 680 2 438 6 842 896 483 1 949 3 514 2,600 899 May 6 25 272 24 610 15,521 10 737 1 253 1,335 38 398 692 2 441 6 669 823 488 j 890 3 468 2 420 662 13 25,826 24 977 15, 61510763 1 296 1,322 38 400 711 2 459 6 988 ,303 444 1796 3 445 2, 374 849 20 25,724 24 623 15, 57810760 1 295 1,281 40 402 708 2 466 6 636 ,066 380 1751 3 439 2,409 1,101 27 25,617 24 470 15, 49410 755 1 2031,283 41 403 711 2 475 6 5331,029 362 1 697 3 445 443 1,147 Outside New York City 1958 May 68 013 67 427 37, 193 318.483 472 870 891 8 259 39 020 23 458 1,124 1 036 5 528 15 770 6 776 586 1959 Apr. 70 865 70 010 40, 15419864 595 660 947 9 222 9 73022 8721,306 2 079 5 240 14247 6 984 855 M^ay 70 859 70 111 40 78020 207 611 593 937 9 336 9,961 22 3581,329 1955 4 986 14088 6 973 748 1959 Apr. 1 71,173 70,305 40 029 19 809 582 727 966 9,185 9,62423 2831,474 2 096 I 367 14 346 6 993 868 8 70,756 69,970 39 86219,730 588 634 936 9,191 9,647 23,107 ,399 2 118 300 14 290 7 001 786 15 71,089 70,135 40 24119,939 604 669 941 9,225 9,72822,894 1,320 2 083 5 236 14,255 7 000 954 22 70,637 69,880 40 28719,919 597 655 950 9,243 9,78922,640 1,203 2,065 5 188 14,184 6 953 757 29 70,671 69,762 40 35219,922 605 618 941 9,267 9,86322,434 1,136 2,033 5 108 14,157 6 976 909 May 6 70,517 69,673 40 46820,026 605 617 933 9,283 9,86822,223 1,040 1,984 5 037 14,162 6 982 844 13 71,216 70 407 40 76220,212 611 616 938 9,327 9 22,687 1,607 ,987 4,995 14,098 6,957 809 20 . 70 951 70 40 301 612 587 940 9,358 9,99022,336 1,401 1925 4 957 14,053 6 974 718 27 70,756 70,134 40 966 20,290 618 552 940 9,374 10,05722,185 1,267 1,925 ,956 14,037\6 ,983 622 4 1 Exclusive of loans to banks and after deduction of valuation reserves; 3 Figures 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 613 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 e i v n t R - e h k . s s C va i a n u s l h t m a b B w d n a e a o c i n l s - t - e k t h i s s c j m p u D o a d s a e t d e s n e - - i - t d d s 1 s p I p u v n c h a n o a a o i e n i d d r 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 b l a t n i d - e i l t - s - s c C h c o a f e e e e i f t n e c f c r r i d . t s d k - i ' s - , G U o .S v . t. s p I p u n v c 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 b l a t n i d - e i l t - s - s G P U i s a n o a o . n S g s v v d . t s - t a . l m D t e o D i s c - - ema F n 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 a t u c a p - n - l ts tions tions Total— Leading Cities 1958 May 12,907 979 2,660 54,932 56,854 4,603 1,893 3,645 23,576 1,778 14210,987 1,527 2,234 56 807 9,890 1959 Apr 13,009 978 2,598 57,212 60,505 4,401 2,455 3,21524,825 ,503 17710,774 ,467 2,102 561 1,19310,300 May 12,727 998 2,407 56,336 59,696 4,382 2,040 3,574 24,920 ,555 17610,345 ,458 2,036 429 1,27710,345 1959 Apr. 1 12,568 938 3,06155,889 59,,211 4,429 2,663 4,926 24,840 ,519 17811,176 ,556 2,061 236 1,342 10,290 8 13,133 951 2,3-5.3. 56,.7 17!59,452 4,048 2,300 3,377 24,855 ,490 17610,803 ,517 2,091 634 1,078 10,303 15 13,306 976 2,775599 57,793 62,489 4,419 2,517 2,604 24,783 ,477 17711,500 ,482 2,112 752 1,105 10,299 22 13,157 998 2,338811 57,858 61,069 4,403 2,442 2,36524,789 ,500 17610,271 ,408 2,148 841 1,115 10,288 29 12,879 1,029 2, •4"3•4 57,804 60,292 4,714 2,356 2,80124,856 ,529 17810,118 ,373 2,100 344 1,326 10,322 May 6 13,008 922 2,3.2_7. 56,.2 3158,905 4,560 2,160 2,932 24,879 ,544 17710,584 ,395 2,098 679 1,08210,353 13 12,906 1,032 436 56,184 60,650 4,222 2,014 4,320 24,882 ,558 17510,618 ,418 2,064 472 1,28410,323 20 12,406 993 2,506 56,222 59,562 4,297 2,005 3,826 24,929 ,557 17510,296 ,510 2,013 212 U296 10,346 12,588 1,046 2,36056,710 59,666 4,447 1,984 3,216 24,988 ,561 177 9,883 ,507 1,971 354 1,44410,359 27 New York City 1958 3,975 144 4915,16216,553 325 967 1,271 3,108 197 24 3,047 ,228 1,733 322 3,184 May 1959 4,019 142 14015,80517,541 366 1,298 1,030 3,352 144 2,967 ,145 ,714 552 3,261 Apr 3,824 146 5715,30816,997 356 1,005 1,181 3,338 143 2,893 ,156 ,637 469 3,275 May 1959 Apr. 1 3,707 138 49215,89617,784 307 1,486 1,611 3,383 150 2,929 ,190| ,715 5 275 3,260 8 4,184 142 46 15,70017,177 274 1,227 1,115 3,366 149 2,879 ,199 ,701 18 679 3,262 15 4,186 143 15,67517,753 405 1,286 799 3,326 143 3,287 ,174 ,709 169 672 3,263 22 4,059 139 15,83517,516 371 1,216 747 3,323 142 2,826 ,087 ,746 190 607 3,263 29 3,959 148 15,91917,477 475 1,273 876 3,361 135 2,915 ,073 ,701 528 3,259 May 6 4,027 140 15,21516,752 443 1,094 956 3,343 129 2,947 ,103 ,696 111 508 3,277 2(h Y.Y.....Y. 3 3 , , 5 8 8 8 1 6 1 1 3 4 6 9 1 1 5 5 , , 2 2 9 0 4 2 1 1 6 7, , 0 9 9 0 3 2 3 31 4 3 4 9 96 8 1 6 1 1 , , 2 5 3 1 6 2 3 3 , , 3 32 2 9 8 1 1 4 4 6 5 2 2 , , 9 9 1 0 7 4 , , 1 2 2 0 1 9 , ,6 6 6 1 1 8 2 5 7 6 0 6 3 3 , , 2 27 7 7 4 27 3,803 158 15,52117,239 325 979 1,020 3,350 153 2,804 ,193 ,575 534 3,270 Outside New York City 1958 May 8,932 835 2,61139,770 40,301 4,278 926 2,37420,468 1,581 118 7,940 299 501 56 485 6,706 1959 Apr 8,990 836 2,458 41,407 42,964 4,035 1,157 2,18521,473 ,359 150 7,807 322 388 485 7,039 May 8,903 852 2,350 41,028 42,699 4,026 1,035 2,39321,582 ,412 149 7,452 302 399 400 808 7,070 1959 Apr. 1 8,861 800 2,569 39,993 41,427 4,122 1,177 3,31521,457 ,369 151 8,247 366 346 231 1,067 7,030 8 8,949 809 2,307 41,017 42,275 3,774 1,073 2,26221,489 ,341 149 7,924 318 390 616 399 7,041 15 9,120 833 2,70142,118 44,736 4,014 1,231 1,80521,457 ,334 150 8,213 308 403 583 433 7,036 22 9,098 859 2,33142,023 43,553 4,032 1,226 1,618 21,466 ,358 149 7,445 321 402 651 508 7,025 29 8,920 881 2,379 41,885 42,815 4,239 1,083 1,92521,495 ,394 151 7,203 300 399 344 798 7,063 May 6 8,981 782 2,279 41,016 42, 4,117 1,066 1,97621,536 ,415 150 7,637 292 402 568 574 7,076 9,020 883 2,389 40,982 43 3,909 1,028 2,80821,553 ,413 148 ,714 297 403 464 718 7,046 20.Y....Y.Y.'. 8,825 857 2,448 40,928 42, 3,953 1,044 2,590 2~1\601 ,411 148 7,379 301 395 212 1.026 7,072 27 8,785 2,283 41,189 42; 4,122 1,005 2,196 21,638 ,408 150 7,079 314 396 354 '910 7,089 1 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

614 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 Period 2 t l o F i b q a o a u n o c d o d c r , o , T a l p e e a p a x n t a t h i d r l e e e r l s , , M p m u a r c e e n o t t t s d d a a 3 l - l s ch P l e c e a e m o u n t a r m d i l o c , , a - l, Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u p P t ( t t r o i u i 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 p h n f l e e l e s r ss c c h l f N a a i n e s e g s d t i e - s c r w h e i a a e i p n a n e n n o d 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 -111 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—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 May -6 34 133 -9 45 43 -80 -30 82 29 74 315 421 Week ending: 1959—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 -68 -38 Apr. I -22 3 60 -6 7 -1 -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 « 41 -17 10 -18 -54 -39 29 -13 21 -13 -1 26 -9 -13 -57 4 20 -35 -7 May 6 2 27 -10 9 12 24 -6 28 11 -12 17 102 139 13 14 14 69 11 35 9 -14 -11 15 29 13 186 212 20 3 5 42 -8 11 21 -36 -26 20 29 61 86 27 -25 -12 31 -22 -14 -12 -24 -21 35 12 16 -34 -16 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 inance 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 - Tr»tal Banks p I o m r - ts p E o x r - ts 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 B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958—Apr 3,658 919 2,739 1,479 459 350 109 37 131 852 278 416 131 416 239 May 3,709 946 2,763 1.441 474 372 102 42 119 806 296 396 130 371 247 June 3,373 965 2,408 ,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 Apr 3,334 822 2,512 1,029 269 208 60 30 56 673 292 348 78 48 263 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 615 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) mo Y w n e e t a e h k r , , or 4 m p P - c a e r o t p i r o m m c e i r - 6 e a , l - d p n p c p i l a a o r a a n e p c m n c c e e y t - e r d - a a P b c n e a r c i c r n e m s e k p ' s e - t , - 3-mon se th c u b r i i l t l i s es 9 ( , t - a t x o a 1 b 2 l - e)2 3- to 5- Area and period lo A a l n l s 1 1 0 - 1 10 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months1 3- l t y o , 6- da 9 y 0 s1 M ke a t r- o R n a n t e e w i m ss o u n e t s h 3 is y s e u a e r s4 Annual averages, months1 yield issues 19 large cities: 1956 4.2 5.2 4.8 4.4 4.0 1957 4.6 5.5 5.1 4.8 4.5 1956 average 3.31 3.06 2.64 2.62 2.658 2.83 3.12 1958 4.3 5.5 5.0 4.6 4.1 1957 average 3.81 3.55 3.45 3.23 3.267 3.53 3.62 1958 average 2.46 2.12 2.04 1.78 1.839 2.09 2.90 Quarterly: * 19 large cities: 1958—May 1.71 1.38 1.30 .91 1.046 1.21 2.25 1958—June 4.17 5.45 4.88 4.40 3.95 June 1.54 1.38 1.13 .83 .881 .98 2.25 Sept 4.21 5.45 4.90 4.47 4.00 July 1.50 1.31 1.13 .91 .962 1.34 2.54 Dec 4.50 5.49 5.06 4.68 4.33 Aug 1.96 1.52 1.65 1.69 1.686 2.14 3.11 1959—Mar 4.51 5.53 5.09 4.74 4.32 Sept 2.93 2.47 2.39 2.44 2.484 2.84 3.57 New York City: Oct........ 3.23 2.87 2.75 2.63 2.793 2.83 3.63 1958—June 3.88 5.18 4.72 4.13 3.74 Nov 3.08 2.75 2.75 2.67 2.756 2.92 3.60 Sept 4.00 5.19 4.74 4.28 3.87 Dec. 3.33 2.94 2.75 2.77 2.814 3.24 3.65 Dec 4.29 5.38 4.94 4.52 4.18 1959—Mar 4.29 5.30 4.93 4.56 4.18 1959_jan 3.30 3.05 2.75 2.82 2.837 3.26 3.86 7 Northern & Eastern Feb....... 3.26 3.00 2.75 2.70 2.712 3.38 3.85 cities: Mar 3.35 3.22 2.88 2.80 2.852 3.56 3.88 1958—June 4.17 5.48 4.85 4.39 3.99 Apr 3.42 3.36 2.98 2.95 2.960 3.66 4.03 Sept 4.21 5.48 4.90 4.42 4.03 May...... 3.56 3.44 3.17 2.84 2.851 3.92 4.16 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 May 2... 3.50 3.44 3.13 2.81 2.831 3.80 4.08 cities: 9. . . 3.50 3.44 3.13 2.83 2.935 3.86 4.10 1958—June 4.58 5.56 4.99 4.57 4.31 16.. . 3.50 3.44 3.13 2.76 2.722 3.93 4.18 Sept 4.54 5.55 4.99 4.63 4.23 23... 3.63 3.44 3.20 2.85 2.869 3.97 4.17 Dec 4.79 5.53 5.12 4.79 4.59 30. .. 3.63 3.44 3.25 2.92 2.878 3.93 4.18 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 YIELDS i [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 l r o m ng ) - 2 Total4 Indus- Rail- Public Pre- Com- Com- Total4 Aaa Baa Aaa Baa trial road utility ferred mon mon Number of issues... 4-7 20 5 120 30 30 40 40 40 14 500 500 1956 average 3.08 2.94 2.51 3.50 3.57 3.36 3.88 3.50 3.65 3.54 4.25 4.09 7.17 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—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 1959—Jan 3.90 3.60 3.19 4.11 4.41 4.12 4.28 4.53 4.43 4.54 3.24 Feb 3.92 3.57 3.16 4.08 4.43 4.14 4.31 4.51 4.46 4.52 3.32 Mar 3.92 3.44 3.06 3.93 4.40 4.13 4.28 4.51 4.43 4.48 3.25 5.47 Apr 4.01 3.53 3.12 4.02 4.47 4.23 4.35 4.56 4.49 4.51 3.26 May 4.08 3.70 3.29 4.20 4.60 4.37 4.46 4.67 4.67 4.68 3.21 Week ending: 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 9 4.05 3.65 3.23 4.12 4.55 4.33 4.93 4.42 4.62 4.62 4.60 3.23 16 4.09 3.71 3.30 4.19 4.58 4.36 4.94 4.44 4.65 4.66 4.65 3.21 23 4.11 3.72 3.31 4.20 4.63 4.39 4.97 4.48 4.70 4.70 4.72 3.20 30 4.08 3.73 3.31 4.20 4.66 4.42 5.01 4.52 4.72 4.74 4.74 3.19 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

616 SECURITY MARKETS SECURITY PRICES^ Bond prices Common stock prices Volume Standard and Poor's series Securities and Exchange Commission series of (index, 1941-43= 10) (index, 1939= 100) trad- Ye o ar r , w m e o ek nth, t ( G e U l r o o m . n v S g ) t . - . 2 g n (h r i M c a i i g d u p h e - a ) - l 2g ( C r h r p a a i o o d g t r e - h e - ) - 3 Total d t I r u n ia s - l - R ro a a i d l- P u i l u t t i i y c b l- - Total To M tal anu r D f a a b u c l - t e urin N ra d g o b u n l - e - T p t r o i a o r n t n a s - - P u i l u t t i i y c b l- - T n s a a r e i f n c a n r i v e d - d c - e e , , M in i g n- s s t h i h a ( n a o o n i r g n f d u e 4 s s - ) Number of issues. 15 17 500 425 25 50 265 170 98 72 21 29 31 14 1956 average. 98.91 116.3 109.1 46.62 49.80 33.65 32.25 345 439 410 465 327 156 306 358 2,216 1957 average. 93.24 105.8 101.3 44.38 47.66 28.11 32.19 331 422 391 451 275 156 277 342 2,222 1958 average. 94.02 106.4 102.9 46.24 49.36 27.05 37.22 341 426 385 458 270 173 314 314 2,965 1958—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 May. 85.31 100.4 95.0 57.96 62.09 36.07 44.30 425 527 495 547 358 221 409 334 3,379 Week ending: 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 9 85.70 100.5 95.7 57.44 61.47 35.74 44.35 420 520 486 542 352 220 404 329 3,799 16 85.16 100.4 95.1 57.94 62.08 35.73 44.34 426 530 497 550 356 220 411 333 3,623 23 85.02 100.4 95.0 58.21 62.36 36.27 44.44 428 532 501 550 362 222 412 346 3,194 30 85.28 100.4 94.3 58.31 62.53 36.47 44.05 428 532 500 550 358 222 414 334 2,975 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) rrfunicipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. * Average daily volume of trading in stocks on the New York Stock Exchange for a S^-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 W En e d d n o e f s d m a o y n o th f m or o l n a t s h t o s t T e h c o e u r t r a i t t h i l e - a s n N N ew et Y d o e r b k it f 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 a B ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e ry a o l i e n t r h g s e ) s r s e fo c ( u r t h r p i a t u i n e r s - 2 Money borrowed Cust n o e m t er's U. S. Govt. free o ( b c c l o i o g l. l a . 3 ti 5 o + ) ns U o S b 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 t r i - es U ob . l S ig O . a G n tio o n v s t. 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—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 ,930 1,047 July. 4,252 149 3,021 113 ,231 306 ,903 1,080 Aug. 4,199 140 3,013 48 ,186 251 ,751 1,103 Sept. 4,308 122 3,109 51 1,199 210 ,865 1,119 Oct.. 4,369 123 3,188 59 1,181 193 ,832 1,140 Nov. 4,423 124 3,245 50 1,178 210 ,923 1,148 Dec. 4,492 146 3,285 63 1,207 234 ,071 1,159 1959—Jan.. 4,554 155 3,297 62 1,257 230 ,990 1,226 Feb.. 4,527 157 3,253 65 1,274 223 ,963 1,196 Mar. 4,597 153 3,305 55 1,292 218 ,977 1,257 Apr. 4,719 166 I 3,399 55 1,320 252 2,156 1,205 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 617 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d St ( a U lo te . c a S a l . n ) d Foreign2 Total Bonds Stocks gages estate loans assets End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 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—Mar 102,711 10,866 7,095 2,461 ,310 44,386 41,288 3,098 35,727 3,191 3,975 4,566 Apr 103,058 10,910 7,106 2,474 ,330 44,602 41,497 3,105 35,840 3,222 4,011 4,473 May. 103,508 10,889 7,036 2,502 ,351 44,774 41,656 3,118 35,956 3,241 4,038 4,610 June 104,008 10,976 7,083 2,537 ,356 44,987 41,828 3,159 36,060 3,280 4,067 4,638 July... 104,578 11,163 7,258 2,561 ,344 45,198 42,039 159 36,183 3,303 4,091 4,640 Aug 105,054 11,244 7,300 2,597 ,347 45,351 42,200 3,151 36,323 3,355 4,114 4,667 Sept....... 105,493 11,268 7,307 2,616 ,345 45,561 42,370 3,191 36,462 3,368 4,138 4,696 Oct 106,053 11,299 7,319 2,641 ,339 45,876 42,689 3,187 36,648 3,388 4,162 4,680 Nov 106,540 11,355 7,344 2,672 ,339 46,015 42,817 3,198 36,794 3,415 4,183 4,778 Dec 107,419 11,250 7,205 2,685 ,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 ,391 46,602 43,237 3,365 37,211 3,393 4,225 5,094 Feb... 108,583 11,596 7,414 2,774 ,408 46,829 43,442 3,387 37,350 3,414 4,253 5,141 Mar 108,945 11,479 7,229 2,840 ,410 47,093 43,672 3,421 37,486 3,450 4,284 5,153 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 FHLB und a i n v d ided tions advances Other profits 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—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 Mar 56,810 47,029 4,293 2,244 3,244 49,297 ,084 124 3,874 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

618 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 1951 1952 1953 1954 1955 1956 Loans, by purpose and agency: To aid agriculture, total 4,161 5,070 6,811 6,929 6,715 6,752 6,466 6,681 7,605 6,931 7,402 Banks for cooperatives 425 424 311 367 375 457 430 454 428 410 473 Federal intermediate credit banks2.. 633 673 590 638 689 734 997 935 1,040 1,228 1,247 Farmers Home Administration 539 596 648 701 681 724 880 832 906 903 900 Rural Electrification Administration. 1,742 1,920 2,096 2,226 2,348 2,488 2,634 2,688 2,732 2,774 2,820 Commodity Credit Corporation 782 1,426 3,076 2,981 2,621 2,349 1,525 1,778 2,499 1,600 1,962 Other agencies 40 31 23 18 (3) (3) (3) (3) (3) (3) To aid home owners, total , 2,142 2,603 2,930 2,907 3,205 3,680 4,680 4,769 4,917 4,628 4,607 Federal National Mortgage Association. 1,850 2,242 2,462 2,461 2 MX 3,072 3,807 3,998 4,096 3,776 3,716 O V t e h te e r r a a n g s e A nc d i m es i nistration , , > 292 362 ' { 1 3 6 0 8 0 38 6 3 3 48 8 0 4 4 1 6 4 4 5 6 1 9 8 1 2 770 1 820 1 851 1 890 1 To industry, total 589 598 588 431 678 619 652 674 645 654 658 Treasury Department... 174 353 306 209 254 251 224 222 221 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 { 2 1 6 1 1 2 2 1 1 9 9 1 2 1 1 8 6 2 2 2 1 0 7 6 2 21 0 9 3 2 1 4 9 1 1 2 1 4 9 7 0 To financing institutions 814 864 952 870 1,419 1,233 1,124 1,270 701 931 1,010 To aid States, territories, etc., total. 744 1,020 645 272 245 246 276 264 275 271 294 Public Housing Administration.. 589 894 500 112 90 106 186 105 107 91 106 Other agencies 155 126 145 160 155 140 90 159 167 180 188 Foreign, total 6,110 7,736 8,043 8,001 7,988 8,223 8,316 8,754 8,965 9,022 9,271 Export-Import Bank 2,296 2,496 2,833 2,806 2,702 2,701 2,656 3,040 3,111 3,094 3,239 Treasury Department4 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. 51,515 1,537 1,624 1,767 1,995 2,139 2,195 2,338 2,412 2,514 Other agencies 64 58 53 1 57 51 49 46 45 47 All other purposes, total 35 75 119 166 256 213 306 344 393 449 489 Housing and Home Finance Agency. (3) 5 29 127 209 156 246 283 331 383 423 Other agencies 34 69 90 39 47 57 60 62 62 65 66 Less: Reserves for losses -173 -140 -203 -228 -268 -309 -501 -367 -354 -486 -450 Total loans receivable (net). 14,422 17,826 19,883 19,348 20,238 20,657 21,320 22,395 23,147 22,383 23,280 Investments: U. S. Government securities, total 2,226 2,421 2,602 2,967 3,236 3,739 3,762 3,804 4,523 4,467 4,305 Federal home loan banks 249 311 387 641 745 1,018 881 896 1,456 1,366 1,250 Federal Savings and Loan Insurance Corp.. 200 208 217 228 241 256 264 274 283 293 278 Federal Housing Administration 285 316 319 327 381 458 504 471 533 536 559 Federal Deposit Insurance Corporation.... 1,353 1,437 1,526 1,624 1,720 1.825 1,917 1,937 2,013 2,030 2,034 Other agencies 140 148 152 147 149 181 195 226 238 242 245 Investment in international institutions 3,385 3,385 3,385 3,385 3,385 63,420 3,420 3,420 3,420 3,420 3,420 Other securities1 257 223 219 197 179 6249 305 298 333 3,696 3,703 Inventories, total 1,461 1,280 2,515 3,852 4,356 21,375 21,514 21,628 21,206 21,540 20,743 Commodity Credit Corporation.. 1,174 978 2,087 3,302 3,747 3,651 3,090 3,025 2,636 3,310 3,013 Defense Department 11,004 11,157 11,136 10,866 10,344 9,730 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 9 5 2 7,2 1 8 8 2 5 7,5 1 2 7 8 5 7,7 1 0 8 0 6 7,8 1 0 9 9 1 Land, structures, and equipment, total 3,358 3,213 8,062 8,046 7,822 9,985 9,974 9,962 10,020 10,459 10,422 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,520 4,535 4,568 ',589 4,550 Panama Canal Company 298 415 363 421 421 398 599 398 396 396 398 Tennessee Valley Authority 1,048 1,251 1,475 1,739 1,829 1,762 1,791 1,801 1,789 ,803 1,790 Housing and Home Finance Agency 1,284 1,202 1,040 728 450 236 106 88 77 32 26 Nat. Advisory Committee for Aeronautics 276 281 283 274 280 282 Bonneville Power Administration 311 328 342 345 349 371 General Services Administration 1,298 1,341 1,308 1,327 ,341 1,319 Post Office Department 590 599 599 599 637 637 Other agencies 728 345 350 360 300 613 408 608 644 ,033 1,050 Bonds, notes, & debentures payable (not guar.), total... 1,369 1,330 1,182 1,068 2,379 2,711 3,647 4,662 4,749 3,812 3,981 Banks for cooperatives 170 181 150 156 185 257 237 247 224 207 260 Federal intermediate credit banks 674 704 619 640 665 721 959 902 992 1,181 1,211 Federal home loan banks 525 445 414 272 958 963 765 825 468 455 612 Federal National Mortgage Association 570 770 1,687 2,688 3,065 1,968 1,898 1 Figures for trust revolving funds include interagency items. For all 5 Figure derived by Federal Reserve. types of funds combined, loans by purpose and agency are shown on a 6 Investment in international institutions adjusted to include, and gross basis; total loans and all other assets, on a net basis, i.e., after other securities to exclude, $35 million subscription to the International reserve for losses. Finance Corporation. 2 Effective Jan. 1, 1957, the production credit corporations were merged 7 Includes investment of the Agricultural Marketing revolving fund in in the Federal intermediate credit banks, pursuant to the Farm Credit the banks for cooperatives; Treasury compilations prior to 1956 classified Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations this item as an interagency asset. of the banks are classified as trust revolving transactions. 8 Includes $1,000 million due under the agreement with Germany 3 Less than $500,000. signed Feb. 27, 1953, and lend-lease and surplus property balances due 4 Figures represent largely the Treasury loan to the United Kingdom, the United States in the principal amount of $1,875 million. and through 1952 are based in part on information not shown in Treasury 9 Figure represents total trust interest. compilation. For NOTE, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 619 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Liabilities, other than Assets, other than interagency i tems 1 interagency items 1 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 t s t s e - t c h u e - r L e s t m u q a t a r r n u e u n e d i n c p d s t - , - , 1 j Other a B t G u n a o b r t u n y e e n d a s e d r d s - p d , a e n O y b 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 e r y - d rities rities U.S. All activities 1954—Dec. 31 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 1,068 4,18335,610 508 1955—Dec. 31 45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900 2,379 2,703 "3"9,583 596 1956—Dec. 31 69,653 4,996 2"0,657 21,375 3,739 3,669 9,985 5,232 2,711 3,659 62,516 699 1957—Sept. 30 70,175 4,69221,320 21,514 3,762 3,725 9,974 5,186 3,647 2,634 62,778 1,056 Dec. 31 71,139 4,29122,39521,628 3,804 3,718 9,962 5,340 4,662 2,916 62,391 1,121 1958—Mar. 31 72,242 4J58 23J47 2211,206 4,523 3,75310,020 5,436 4,749 3,472 62,789 1,183 June 30 72.677 4,793 22 383 21.540 4.467 3,73110.459 5,304 3,812 4,15363,460 1,204 Sept. 30 73,772 5,870 23 280 20,743 4,365 3,70310,422 5,389 3,981 3,64364,864 1,229 Classification of agencies reporting quarterly, by type of fund and activity, Sept. 30, 1958 Public Enterprise Funds—Total 21,660 1,951 9,275 4,327 888 137 3,634 1,449 56 798 1,74919,058 Farm Credit Administration: Federal Farm Mortgage Corporation 6 6 (3) 6 Agricultural Marketing Act, revolving fund . . . 186 135|. 186 Agriculture Department: Commodity Credit Corporation 5,220 17 1,749 3,013 1491 293 760 4,461 Disaster loans, etc., revolving fund 124 45 75 .... 5 124 All other 60 40 8 53 Housing and Home Finance Agency: Public Housing Administration 250 133 104 10 3 41 210 Federal Housing Administration 908 29 559 313 55 129 724 Federal National Mortgage Association 2,397 3 2,382 12 798 41 1,558 Office of the Administrator 904 149 517 14 224 5 899 Federal Savings and Loan Insurance Corporation 288 1 278 10 14 274 Small Business Administration 547 284 249 13 6 540 Export-Import Bank 3,270 (3) 3,239 () () 29 19 3,251 Tennessee Valley Authority 2,099 80 48 1,790 181 38 2,061 V Pa e n te a r m an a s C A a d n m al i n C is o t m ra p ti a o n n y 4 9 6 5 5 6 17 3 9 4 717 4 8 39 2 8 2 2 4 3 1 6 7 4 9 4 2 8 0 General Services Administration 1,470 62 (3) 1,224 99 85 26 1,444 Treasury Department 217 5 206 6 216 Post Office Department—postal fund 985 306 637 26 250 735 Interior Department 334 92 12 j 150 73 10 324 All other 974 440 17 7 383 134 349 624 1 Intragovernmental Funds—Total 11,898 1,675 9,880j 231 113 60911,289 Defense Department: Army 7,484 937 6,391 108 49 148 7,336 Navy 3,207 373 2.820 15 270 2,938 Air Force 841 279 44 108 733 Allother 366 86 i5o;. 123 6 84 282 Certain Other Activities—Total 32,285 1,952 9,985 6,535 3,563 6,556 3,687 236 32,049 General Services Administration 8,836 810 81 6,522 (3) 1,205 218 8,817 Agriculture Department: Farmers Home Administration 854 134 691 27 835 Rural Electrification Administration 3,011 59| 2,812 140 3,009 Veterans Administration 231 6 173 52 225 National Advisory Committee for Aeronautics 600 222 282 95 588 Interior Department 464 53 392 12 456 International Cooperation Administration 2,574 39 2,514 20 2,574 Treasury Department 0,101 3,481 3,563 S3,057 10,101 Commerce Department—maritime activities , 5,274 436 232 4,550 5. 136 5,138 All other 342 195 126 14 35 307 Certain Deposit Funds—Total 4,898 50 1,480 3,327 38 872 991 2,162 873 Banks for cooperatives , 536 14 470 43 9! 260 2 226 49 Federal Deposit Insurance Corporation 2,056 2 2,034 20 119 1,937 Federal home loan banks 2,306 34 1,010 1,250 9 612 870 "824 Certain Trust Revolving Funds—Total 3,030 242 2,541 144 102 2,311 57 306 9356 F F e e d d e e r r a a l l i N n a te ti r o m n e a d l ia M te o r c t r g e a d g it e b A a s n s k o s ciation 1 1 , , 3 3 8 3 5 9 5 1 4 8 1 1, , 2 2 4 7 7 6 ioo 2 1 0 0 1 1, , 2 1 1 0 1 0 2 1 8 5 1 1 7 3 1 5 9 92 4 4 0 Office of Alien Property 214 154 61 ,5: 9213 All other 92 17 '"is 45 11 978 For other notes, see opposite page. table above. Classifications by supervisory authorities are those in NOTE.—Coverage has changed in some of the periods shown. Be- existence currently. Where current Treasury compilations do not provide ginning 1956, changes reflect the expanded coverage and the new classi- a detailed breakdown of loans, these items have been classified by Federal fication of agencies now reported in the Treasury Bulletin. The revised Reserve on basis of information about the type of lending activity involved. statement includes a larger number of agencies, and their activities are Data for activities (mainly non-business-type) reporting on a fiscalclassified according to the type of fund they represent. Funds are com- year basis, no longer included in these tables, are available in the Treasury bined in the table on the preceding page, but are shown separately in the Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

620 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period r B ec u N e d e i g p t e ts t re T P f c u r l e u n u i s d p s : t ts t I G L r n a e o t n s r v s s a t . : - . * E p T r f u q e r t o b u o h c l a t m t e i a s l c l s . 2 : B p t e u u e n d r x e d g - s i e - t p T P t f e u u e r l n u x r u n e d s - d s s : i t - A m L d e e j n s u s t s s : t 3 - E p p t T o q 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 r a t o h o ( y b r m e - t li s ) c . , ( c ( o c - d r d r r I e ) e i e 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. & L y ess: O n ca t o h s n e h - r b E T i o n q c N r a g u - r s e a o T h o t l w s 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_Apr 3,496 1,331 194 4,626 6,122 ,479 786 6,814 -2,188 2,380 -181 -125 2,686 May 4,925 2,131 144 6,908 5,846 ,363 187 7,021 -114 591 618 68 -96 June 10,785 2,069 1,167 11,685 6,621 ,562 169 8,015 3,670 -150 140 -6 -285 July 2,946 ',111 271 3,784 6,613 ,786 487 7,912 -4,128 -835 -337 70 -569 Aug 4,838 ,956 236 6,554 6,198 ,412 16 7,594 -1,040 3,017 391 51 2,575 Sept 7,208 885 155 7,936 6,633 ,397 -253 8,283 -348 -1,650 -338 63 -1,374 Oct 2,769 ,025 195 3,596 7,144 ,597 713 8,028 -4,432 3,640 -571 183 4,027 Nov 4,962 ,486 214 6,231 6,237 ,310 346 7,200 -969 2,867 -276 141 3,003 Dec 6,180 ,171 556 6,791 7,080 ,419 -24 8,522 -1,732 -166 -363 145 51 1959—Jan 4,528 759 236 5,049 6,776 ,883 1,074 7,585 -2,536 2,801 -846 101 3,546 Feb 6,576 ,637 212 7,998 6,331 ,462 -232 8,025 -28 -434 128 64 -627 Mar 8.426 ,322 162 9,581 6,461 ,451 789 7,124 2,457 -3,016 93 145 -3,253 Apr." 4,258 ,302 159 5,396 6,427 ,905 315 8,017 -2,621 3,491 -665 70 4,086 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 g c t u i e t s t , a l c d T a f c e u t r o u f i n u i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h o n a n - s. i m 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 b o e e , e r s a 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 tions 5 funds' 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 Somiannually: 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—Apr -2,626 -147 711 -144 279 2,433 94 412 6,487 594 4,558 ,335 May -920 768 -17 -34 -597 595 152 -357 6,130 395 4,730 ,005 June 4,164 508 -914 -729 -332 691 -231 3,619 9,749 410 8,218 ,121 July -3,667 -675 225 -31 330 -877 -65 -4,630 5,119 617 3,262 ,240 Aug -1,361 543 -195 10 -470 3,009 288 1,249 6,368 540 4,769 ,059 Sept 575 -511 -284 -3 314 -1,810 -450 -1,269 5,099 371 3,535 ,193 Oct -4,376 -572 511 -32 519 3,546 161 -565 4,534 363 2,916 ,255 Nov -1,274 177 111 -37 212 2,848 46 1,991 6,525 424 4,879 ,222 Dec -900 -248 -601 -28 239 -138 -113 -1,564 4,961 358 3,468 ,135 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 ~l -644 5,274 492 3,454 ,328 Mar 1,965 -130 507 6 -70 -3,069 45 -836 4,438 398 2,787 ,253 Apr -2,169 -603 355 78 491 3,319 -60 1,531 5,969 539 3,844 ,586 » Preliminary. n.a. Not available. Budget expenditures, and payroll deductions for Federal employees re- * Consists primarily of interest payments by Treasury to trust accounts tirement funds. and to Treasury by Govt. agencies, transfers to trust accounts representing 2 Small adjustments to arrive at this total are not shown separately. For other notes, sec opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 621 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period B c u N e r i d e e p - g t t e s t f t O a r d u g l « d T s e - t rans H f t f w r u e i u r n g a s s y d h t - to- R m a ti r c . r e e c e n - R t - . t . c fu e R r o n i e e p d f - - t s s B c T u e r o i d e p t - g a t e s l t W he I i n l t d h d - ivid O ua th l er C ra o t r i p o o n - ta c E x i x s e e - s t p m a E l x o e m e n y s - t - 7 O ce r t i e h p - e ts r Liquor b T ac o c - o I a ta M n i d l f e r r r s e s . - ' ' I Fiscal year—1955.. 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,177 1956.. 68,165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 1957.. 71,029 6,634 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958.. 69,117 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 Semiannually: 1957—Jan.-June. 42,960 4,075 836 304 3,454 51,630 13,708 9,298 15,978 5,313 4,705 2,628 1,325 857 2,222 July-Dec.. 29,325 3,135 1,151 305 655 34,571 13,760 2,874 6,273 5,595 3,445 2,625 1,574 848 2,226 1958—Jan.-June. 39,792 4,598 965 270 3,778 49,403 13,281 8,654 14,260 5,219 5,199 2,789 1,372 886 2,090 July-Dec.. 28,902 3,383 1,112 265 634 34,296 13,769 2,827 6,174 5,364 3,653 2,509 1,600 931 1,963 Monthly: 1958—Apr 3,496 703 145 17 1,678 6,039 792 2,792 476 785 722 472 218 147 May 4,925 1,221 168 70 950 7,334 3,614 640 449 922 1,293 416 256 157 961 June 10,785 774 161 43 86 11,849 1,941 1,724 5,906 895 818 565 275 161 July 2,946 338 177 17 147 3,624 1,195 258 479 926 355 411 252 154 Aug 4,838 1,032 206 72 133 6,280 3,476 123 316 908 1,105 352 249 164 1,006 Sept 7,208 504 188 44 175 8,119 2,093 1,815 2,267 912 549 483 265 160 O N c o t v 4 2 , , 9 7 6 6 2 9 7 3 4 6 7 5 1 1 9 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 3 1 7 9 4 9 81 5 1 4 8 3 1 8 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 1,194 Mar 8,426 799 152 43 1,301 10,722 2,213 725 5,459 927 857 540 245 I 150 Apr 4,258 540 148 16 1,412 6,375 969 3,033 477 852 558 486 n.a. i n.a. I Budget expenditures 8 Major national security Agri- Vet- culture Period Total Total 9 M de i f l e it n a s r e y M a a s il n s i i c t s a e t r - y A en t e o r m gy ic f a in I f a f n a n a t n i d l r c . s e In e t s e t r- ic e b s e r f e e s a i r n t n v a s e s - n - ' d w L a a e n l b f d o ar r e t a c a u r g u n e r r l a - d i - l - N u r r e a a - t l - h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources Fiscal year—1955 64,570 40,626 35,532 2,292 1,857 2,181 6,438 4,457 2,575 4,389 1,202 1,504 1,199 1956 66,540 40,641 35,791 2,611 1,651 1,846 6,846 4,756 2,821 4,868 1,104 2,030 1,627 1957 69,433 43,270 38,439 2,352 1,990 1,976 7,308 4,793 3,022 4,526 1,296 1,455 1,787 1958 71,936 44,142 39,062 2,187 2,268 2,234 7,689 5,026 3,447 4,389 1,543 2,109 1,356 Semiannually: 1957—Jan.-June 35,632 22,676 19,892 1,439 1,060 1,043 3,721 2,502 1,545 2,399 560 574 608 July-Dec 36,060 21,724 19,370 1,031 1,080 1,216 3,912 2,400 1,636 2,651 850 1,003 661 1958—Jan.-June 35,876 22,418 19,692 1,156 1,188 1,018 3,777 2,626 1,811 1,738 693 1,106 695 July-Dec 39,906 23,246 20,619 1,145 1,269 1,206 3,686 2,580 2,158 3,922 896 1,438 765 Monthly: 1958—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 j 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 I 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 J 500 Mar 6,462 3.864 3,434 195 217 184 657 441 326 394 106 343 J 147 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—s uch 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. * 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. ' Includes stockpiling and defense production expansion not shown *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

622 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 Nonmarketabie E m n o d n t o h f T d gr e o o b t s a t s i l d T d g i e r o r b o t e s a t c s 2 l t Total Certifi- Bonds C v ib e o l r n e t - - Sav- T an a d x S i p ss e u c e ia s l Total Bills c i e n a d t d n e e s e b s o t s - f Notes B el a ig n i k - B r a e n - k bonds Totals b i o n n g d s s n s i o n a g t v e - s s ble'* stricted 1941 Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945_Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1951 Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953 Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954_Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955 Dec . 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (*) 43.9 1956 Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 Dec 275 0 274 9 227 1 164 2 26 9 34 6 20 7 82 1 9 5 53 4 52 5 45 8 1958 May 275.7 275.7 227.9 166.0 22.4 31.1 24.8 87.7 9.0 53.0 52.1 46.1 June 276.4 276.3 228.5 166.7 22.4 32.9 20.4 90.9 8.9 52.9 52.0 46.2 July 275 6 275 5 228 0 166 4 22 4 32 9 20 5 90 6 8 8 52 8 51 9 45 9 Au2 278.6 278.5 230.6 169.2 22.4 38.5 20.7 87.7 8.6 52.8 51.9 46.3 Sent 276.8 216.1 229.0 167.7 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 May 286.4 286.3 240.3 181.0 35.0 33.8 27.3 84.9 7.7 51.5 50.7 44.2 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $419 million on May 31, 1959) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $9,804 million on April 30, 1959. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and End of (includ- trust funds * Insur- State Individuals month ing guar- Federal Com- Mutual ance Other Misc. anteed Total Reserve mercial savings com- corpo- local invessecuri- Special Public Banks banks2 banks panies rations govt's Savings Other tors 3 ties) issues issues bonds securities 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 . ... 276.7 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 Mar 272.7 45.8 9.5 217.4 23.6 59.4 7.6 11.8 16.0 17.3 48.1 18.1 15.4 Apr . . . 275 2 45 4 9.7 220.0 23.7 63 2 7.6 11.8 15.2 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 14.5 17.0 47.9 16.8 15.0 Aue 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 Sept. 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 16.8 17.2 47.8 16.2 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 25.7 67 9 7.3 12 4 20 3 17 7 47 7 16 6 16 7 Feb 285.2 43 9 9.8 231.6 25.3 66.0 7.4 12.2 21.2 17.8 47 6 16 7 17 3 Mar 282.2 43.9 9.8 228.4 25.5 62.9 7.4 12.0 21.0 17.9 47.5 17.0 17.2 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $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 623 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MAY 31, 19591 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury bills Cont. Treasury notes—Cont. Treasury bonds—Cont. June 4,1959.. 1,500 Nov. 5, 1959 , 400 Aug. 1,1961 4 2,136 Feb. 15, 1964 3 3,854 June 11,1959.. 1,701 Nov. 12, 1959 400 Oct. 1,1961 IV2 332 June 15, 1964-69... 2Vi 3,742 June 18,1959.. 1,701 Nov. 19, 1959 400 Feb. 15,1962 3% 647 Dec. 15, 1964-69...2% 3,817 June 22,1959*. 2,997 Nov. 27, 1959 400 Feb. 15, 1962 4 1,435 Feb. 15, 1965 2% 6,896 June 25, 1959.. 1,700 Dec, 22, 1959* 1,500 Apr. 1,1962 V/i 551 Mar. 15, 1965-70... 2& 4,698 July 2, 1959.. 1,600 Jan. 15, 1960 25006 Aug. 15, 1962 4 2,000 Aug. 15, 1966 3 1,484 July 9,1959.. 1,600 Apr, 15, 1960 2,003 Oct. 1,1962 U/t 590 Mar. 15, 1966-71... 2^ 2,946 July 16, 1959.. 1,600 Nov. 15, 1962 3% 1,143 June 15, 1967-72...2Vi 1,830 July 23, 1959.. 1,401 Certificates Feb. 15, 1963 2% 3,971 Sept. 15, 1967-72... 2i/i 2,716 J A u u ly g . 3 6 0 , , 1 1 9 9 5 5 9 9 . . . . 1 1 , , 4 4 0 0 1 2 A N u o g v . . 15 1 , , 1 1 9 9 5 5 9 9 3 i % ys 1 7 3 , , 7 5 1 0 1 0 A M p a r y . 1 1 5 , , 1 1 9 9 6 63 3 \V 4 i 1,7 5 4 3 3 3 D O e c c t . 1 1 5 , , 1 1 9 9 6 6 9 7 -72...2i/ 4 i 3 1 , , 6 2 9 7 5 6 A A A u u u g g g . . . 2 2 1 0 7 3 , , , 1 1 1 9 9 9 5 5 5 9 9 9 . . . . . . 1 1 1 , , , 4 3 4 0 9 0 1 6 2 F M e a b y . 1 1 5 5 , , 1 1 9 9 6 6 0 0 3V 4 4 1 1 1, S 3 2 6 6 3 9 A O p ct r . . 1 1 , , 1 1 9 9 6 6 3 4 1 \ % y2 5 9 0 0 6 J N F u e o n b v e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 8 7 7 0 4 8 -83... 3 31 % 4 4 1, 6 8 6 5 0 8 4 3 4 S S S e e e p p p t t t . . . 1 1 3 7 0 , , , 1 1 1 9 9 9 5 5 5 9 9 9 . . . . .. 4 4 4 0 0 0 0 0 0 Tre A O a u c s t g u . . r y 1 n 1 , o , 1 1 t 9 e 9 s 5 5 9 9 \y 4 i 4 9 7 9 3 Tr J D e u a e s n c u e . r y 1 1 5 5 B , , o 1 1 n 9 9 d 5 5 s 9 9 - - 6 6 2 2 . . . . . . 2 2 » 1 4 4 5 3 , , 2 4 6 5 6 5 F M F e e a b b y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 8 9 5 5 0 3 3 V V 3 4 i 2 1 l , , t7 1 7 2 3 4 7 5 0 Sept. 21, 1959* 1,502 Nov. 15, 1959 3% 1,184 Nov. 15, 1960 2i/» 3,806 S O O e c c p t t . . t . 24 8 1 , , , 1 1 1 9 9 9 5 5 5 9 9 9 . . . , , . 4 4 4 0 0 0 0 0 0 A M M p a a r y y . 1 1 1 5 5 , , , 1 1 1 9 9 9 6 6 6 0 0 0 3 1 3 V % ^ 4 2 2 , , 4 7 1 0 3 9 6 8 8 D N Se e o p c v t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 1 1 0 -653.. 2 2 2 V Y yA 4 t 1 2 1 1 , , , 2 4 1 3 8 7 9 5 7 P C a o n n a v m er a ti b C le a n b a o l n L ds oan.... 3 50 Oct. 15, 1959., 400 Oct. 1,1960 1% 278 June 15, 1962-67... 214 2.111 Investment Series B O O c c t t . . 2 22 9 , , 1 1 9 9 5 5 9 9 ., ., 4 4 0 0 0 0 A M p a r y . 1 1 5 , , 1 1 9 9 6 61 1 3 li % /2 4,0 1 7 4 8 4 D A e u c g . . 1 1 5 5 , , 1 1 9 9 6 6 3 3 -68... 2 2 i i / / 2 i 2 6 , , 8 75 1 5 9 Apr. 1, 1975-80... 2% 7,734 * Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see table 1 Direct public issues. on Money Market Rates, p. 615. 3 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b r d k le s e * t- 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 r 1 s 0 All holders: 1956—June 30 . 66,050 20,808 16,303 35,952 81,890 11,098 154,953 58,714 31,997 31,312 32,930 1957—June 30 65,985 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—Feb. 28 187,432 31,832 37,957 25,299 84 220 8,124 179 308 71,191 60,501 14,797 32 819 Mar 31 ... 184,277 32,234 34,390 25,429 84,240 7,984 176,293 68,025 60,631 14,797 32,839 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 ,210 295 2,848 1958—June 30 9,477 173 599 1,169 4,703 2,833 6 [644 899 ,565 913 3.267 Dec 31 . 9,379 78 492 1,338 4,711 2,759 6,620 721 ,696 1,179 3,025 1959 Feb 28 9,602 205 488 1,314 4,864 2,731 6,871 795 ,816 1,158 3,102 Mar 31 9,586 198 466 1,273 4,927 2,722 6,864 711 .810 1,189 3,134 Federal Reserve Banks: 1956—June 30 23 758 855 10,944 9 157 2 802 23 758 20 242 1 087 1 014 1 415 1957—June 30 , 23 035 287 11,367 8,579 2 802 23 035 20*246 681 750 1,358 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_Feb 28 25,350 1,323 18,672 2,872 2,484 25,350 19,994 3,885 206 1,264 Mar 31 25 497 1 496 18 650 2 868 2 484 25 497 20 146 3 881 206 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_Feb. 28 57,996 4,815 6,176 12,687 34 189 128 57,868 11 411 34,422 7,609 4,426 Mar 31 S^ 101 3,699 4,819 12,453 34,007 126 54,977 8,935 34,028 7,591 4,423 Mutual savings banks: 1956—June 30 . 7,735 107 37 356 6,074 1,161 6,574 247 54ft 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—Feb. 28 7,098 183 176 580 5,313 845 6,252 382 1,363 883 3; 624 Mar 31 7,149 233 193 602 5,304 818 6,331 453 1,365 883 3,630 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 5,074 Dec. 31 10 984 726 231 731 7 255 2 042 8,943 1,158 1.976 1,156 4,653 1959 Feb 28 11,125 669 406 669 7,369 2,013 9,113 1,109 2,169 1,097 4,737 Mar 31 ... 10,957 615 323 712 7,320 1,986 8,971 988 2,198 1,091 4,695 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—Feb 28 76,261 24,638 12,040 7,176 30,000 2,407 73,854 37,500 16,844 3,843 15,667 Mar 31 75,986 25,993 9,939 7,523 30,198 2,333 73,653 36,794 17,329 3,836 15,694 1 Direct public issues. panies included in the* survey account for over 90 per cent of total holdings * 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

624 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Proposed uses of net proceeds, Gross proceeds, all issuers2 all corporate issuers6 Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . .3 a F e c g e r y e a d n 4 l - - S n m a p t i n a c a u d t i l - e - Others Total Total o B P f l f i u o e c r b l n e y - d d s p v l P a a t r c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey7 p l 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 c r e e f b n . n - - s k t t , m s r t i e i o t r e c i e f e n u - s t - 1951. 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,607 7,120 6,531 226 363 486 1952. 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 9,380 8,716 8,180 537 664 1953. 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,755 8,495 7,960 535 260 1954. 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955. 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956. 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957. 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958. 34,435 12,063 2,321 7,449 1,047 11,555 9,684 6,333 3,351 551 1,320 11,373 10,790 9,936 854 583 1958—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... '5,780 '3,971 199 639 '85 '885 '724 '405 '319 '36 '126 '869 '840 '794 46 '29 Feb.. '2,132 420 881 '62 '770 '481 187 '294 55 234 '754 '745 '600 '145 '9 Mar.. 1,921 443 175 637 11 656 457 195 262 47 151 640 631 539 92 9 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital 0 secu- capital10 secu- capital10 secu- capital10 secu- capital 10 secu- capital^ 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—Mar. 196 41 47 63 409 797 49 1() Apr.. 620 12 62 86 293 22 40 37 40 May, 163 26 24 23 303 37 11 30 74 June, 267 49 29 106 390 16 12 78 July. 519 24 55 49 348 46 101 31 1 Aug. 122 16 47 2 26 281 13 49 1 D S N O e e c o c p t v t . . . . . . 4 2 2 1 8 3 5 1 5 3 5 9 2 1 1 0 3 2 0 3 7 8 5 5 0 9 2 3 2 4 1 1 1 4 5 8 1 4 1 1 8 2 3 1 1 1 6 8 2 1 2 6 7 1 2 4 1 4 8 0 1 5 9 3 3 1 1 2 5 1 1 8 5 2 4 3 5 1 5 1 1959—Jan.. '148 '17 '61 '6 '80 '295 '34 '221 2 Feb.. '123 '5 '105 r(9) '154 '188 '62 '113 '1 Mar. 92 6 46 51 331 102 1 I ' Revsed. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues maturing in more than one year sold for cash of flotation, i.e., compensation to underwriters, agents, etc., and expenses. in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debt are included under the uses for which the bank * Issues not guaranteed. debt was incurred. 5 Represents foreign governments. International Bank for Reconstruc- 9 Less than $500,000. tion and Development, and domestic eleemosynary and other nonprofit 10 Represents all issues other than those for retirement of securities. organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 625 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1957 1958 1953 1954 1955 1956 1957 1958 2 3 4 1 2 3 4 Manufacturing Total (200 corps.): Sales 63,34358,11069,876 71,925 76,03268,698 19,43818,056 18,752 16,718 16,831 16,248 18,901 8,375 7 24410 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 20,69420,62023,106 24,784 26,27825,645 6,524 6,558 6,560 6,133 6,203 6,526 6,783 Profits before taxes 3 028 2 753 3 413 3,457 3,438 2,920 873 841 111 648 619 770 883 Profits after taxes 1,526 1,581 1,918 1,979 2,019 1,728 503 491 474 377 362 448 541 Dividends . 972 1,064 1,202 1,248 1,323 1,316 318 319 371 326 325 322 343 Durable goods industries (106 corps.):2 Sales 42,64937,49046,770 47,141 49,75443,053 12,91411,498 12,192 10,585 10,628 9,722 12,118 Profits before taxes 5,346 4,491 6,836 5,833 6,120 4,437 1,702 1,201 1,413 974 1,006 867 1,591 Profits after taxes 2,123 2,244 3,313 2,901 3,090 2,285 836 616 758 475 510 445 854 Dividends 1,182 1,320 1,625 1,731 1,791 1,700 439 438 478 429 422 419 431 Selected industries: Foods and kindred products (28 corps.): Sales 5,411 5,476 5,833 6,299 6,620 6,730 1,642 1,669 1,691 1,616 1,663 1,699 1,752 Profits before taxes 465 462 499 557 600 624 154 158 153 140 151 163 169 Profits after taxes 212 224 244 273 295 303 75 77 79 67 74 80 83 Dividends 154 156 160 166 174 179 40 41 54 41 41 44 53 Chemicals and allied products (26 corps.): Sales 6 373 6 182 7 222 7,729 8,203 7,842 2,047 2,065 2,047 1,858 1 903 1 994 2 086 Profits before taxes 1,308 1,153 1,535 1,488 1,556 1,286 394 397 369 281 281 315 409 Profits after taxes 520 593 782 769 798 689 202 201 197 144 147 163 235 Dividends 417 499 597 602 639 627 152 150 187 156 154 153 164 Petroleum refining (14 corps.): Sales 5 883 6 015 6 556 7,185 7,814 7,462 1,941 1,920 1,906 1,801 1,774 1 913 1 975 841 751 854 917 867 642 219 193 156 146 111 198 187 Profits after taxes 603 567 624 689 711 546 172 164 144 125 103 157 161 Dividends 290 294 317 346 374 376 91 95 97 95 95 92 94 Primary metals and products (39 corps.): Sales 13 75011 52214 952 16,062 16,07313,122 4,270 3,856 3,675 3,047 3,161 3,236 3 677 Profits before taxes 1,817 1 357 2 377 2,370 2,313 1,621 652 512 473 302 371 385 562 Profits after taxes . 790 705 1 195 1,232 1,193 835 327 264 260 157 191 200 287 Dividends 377 407 522 606 651 590 157 158 179 147 146 145 153 Machinery (27 corps.): Sales 8 005 7 745 8 477 9,798 10,91410,520 2,750 2,669 2,871 2,454 2,629 2 543 2 894 Profits before taxes 1 011 914 912 942 1,175 1,172 305 270 306 227 263 297 384 Profits after taxes 402 465 465 458 577 590 148 135 152 111 132 155 193 Dividends 237 263 281 321 329 327 81 82 86 83 81 81 82 Automobiles and equipment (15 corps.): Sales 16 61114 13718 826 16,336 17,48014,172 4,522 3,689 4,277 3,853 3,542 2,599 4 177 Profits before taxes 2 078 1 789 3 023 1,984 2,110 1,171 603 291 506 346 271 53 500 Profits after taxes 758 863 1,394 942 1,059 615 292 151 279 161 137 24 293 Dividends 469 536 693 656 670 642 166 164 173 164 160 159 159 Public Utility Railroad: Operating revenue 10 664 9 37110 106 10,551 10,491 9,564 2,660 2,675 2,582 2,239 2,294 2,461 2,555 Profits before taxes 1 436 908 1 341 1,268 1,056 844 264 286 259 59 135 272 366 Profits after taxes 903 682 927 876 734 602 183 191 199 31 93 195 271 Dividends All 379 448 462 435 410 110 82 121 96 79 77 157 Electric Power: Operating revenue 7 136 7 588 8 360 9,049 9,64410,189 2,312 2,335 2,457 2,707 2,412 2,471 2,599 Profits before taxes 1 895 2 049 2 304 2,462 2,557 2,701 596 600 630 768 615 650 667 Profits after taxes 1 030 1 134 1,244 1,326 1,403 1,517 327 326 357 421 349 357 390 Dividends 780 868 942 1,022 1,077 1,134 270 265 273 281 287 276 290 Telephone: Operating revenue 4 525 4 902 5 425 5,966 6,467 6,939 1,611 1,623 1,673 1,672 1,715 1,745 1,807 925 1 050 1,282 1,430 1,562 1,860 388 387 400 402 454 494 510 Profits after taxes 452 525 638 715 788 921 195 195 203 200 226 244 251 Dividends 412 448 496 552 613 674 150 155 160 164 166 171 173 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 operating subsidiaries and the two affiliates. Data company reports. are obtained from the Federal Communications Commission. Railroads. Figures are for Class I line-haul railroads (which account All series. Profits before taxes refer to income after all charges and for 95 per cent of all railroad operations) and are obtained from reports before Federal income taxes and dividends. For detailed description of of the Interstate Commerce Commission. series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 Electric power. Figures are for Class A and B electric utilities (which (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public account for about 95 per cent of all electric power operations) and are utilities); and p. 908 of the BULLETIN for September 1944 (electric power). obtained from reports of the Federal Power Commission, except that Revised data annually beginning with 1939 and quarterly beginning with quarterly figures on operating revenue and profits before taxes are partly 1946 are available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

626 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t r e a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e t s s d - Y qu e a a r r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 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 1958—1 3,566 852 2,715 2,799 597 2,202 768 255 513 1957 l ... . 46.1 23.0 23.1 12.5 10.6 2 4,049 1,581 2,468 2,453 1,318 1,135 1,596 264 1,333 2 43.5 21.7 21.8 12.6 9.2 3 3,575 1,367 2,208 2,294 1,028 1,266 1,281 339 942 3 . 44.2 22.0 22.1 12.7 9.4 4 3,519 1,313 2,207 2,148 762 1,386 1,371 550 821 4 39.9 19.9 20.0 12.0 8.0 1959—1 3 ,,054 1,165 1,890 1,592 688 903 1,462 476 986 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. 624, 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. 624. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U e t c i o . e u S v s r . t i . - G N U o o . v t r S e e t . s . c 2 e a i n v d a b O a l t e c h c e ts r . I t n o v ri e e n s - Other Total G N U o o . v t S e t p . s .* a a y n a d b O le a 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 i m - 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 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Year Total f M a i c a n t n u g u r- - M in i g n- T R ra a n il s - port O at th io e n r P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Others Quarter Total fa m a i c n n i t n u g d - r- T p t o r i a r o n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l r 3 road ing 1951 25.6 10.9 .9 [.5 1.5 3.7 1,3 5.9 1958—1...... 7.3 3.1 .7 !:i 2.3 1952. 26.5 11.6 1.0 1.4 1.5 3.9 1.5 5.6 2 7.8 3.2 .6 2.5 1 1 9 9 5 5 3 4 2 26 8 . . 8 3 1 1 1 1. . 9 0 1 1 . . 0 0 1 . . 9 3 1 1 . . 6 5 4 4 . . 6 2 1 1 . . 7 7 6 6. . 5 3 4 3 . . 7 8 .4 0 2 3 . 9 2 .5 6 1.6 2 2 .4 5 1955. 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 I 7 1956 35.1 15.0 1.2 1.2 1.7 4.9 2.7 8 4 1959—i>.. 6 9 2 7 6 I 2 2 "S 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 8.3 3.3 .8 s 2 7 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 34 8.3 3.4 .7 1.6 2.6 19594' 32.6 12.4 1.0 .9 2.0 5.9 10. 4 r Revised. 3 Includes communications and other. 1 Corporate and noncorporate business, excluding agriculture. * Anticipated by business. * Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 627 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial properties1 or quarter h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - S F e a e c l g e d i e e c e n s t r e - a d l v o I i a t n d h n u d e d a i r - l s s h A e o r l l s d l - Total t F u i i n c t n i i s o a a t l i n n - s - O h e o th r l s d e - r Total t F u i i n c t n i i s o a a t l i n n - s - O ho e th r l s d e - r h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - ho O l t d h e e r r s* 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1951 82.3 59.5 2.0 20.8 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.7 2.6 4.1 1952 91.4 66.9 2.4 22.1 84.2 58.5 46.8 11.7 25.7 17.2 8.4 7.3 2.8 4.4 1953 101.3 75.1 2.8 23.5 93.6 66.1 53.6 12.5 27.5 18.5 9.0 7.8 3.0 4.8 1954 113.8 85.8 2.8 25.2 105.5 75.7 62.5 13.2 29.8 20.0 9.8 8.3 3.3 5.0 1955 130.0 99.4 3.1 27.5 120.9 88.2 73.8 14.4 32.7 21.9 10.8 9.1 3.6 5.4 1956 144.5 111.2 3.6 29.7 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957 156.6 119.7 4.7 32.1 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958* 171.4 131.5 4.8 35.0 160.2 117.8 98.9 18.9 42.4 28.4 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 26.2 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 34.2 155.7 114.6 96.2 18.4 41.0 27.5 13.5 11.1 4.2 6.9 Dec. *\ 171.4 131.5 4.8 35.0 160.2 117.8 98.9 18.9 42.4 28.4 14.0 11.2 4.2 7.0 1959—Mar.» 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 v 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 J.004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 [,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 ,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 ,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958? 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 1957—Sept 23,105 17,070 4,750 3,660 8,660 4,660 ,375 20,812 18,687 4,575 7,660 6,452 2,068 57 Dec 23,337 17,147 4,823 3,589 8,735 4,823 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 2,137 57 Junep 23,960 17,460 4,970 3,405 9,085 5,060 ,440 22,165 19,927 5,047 8,160 6 720 2,181 57 Sept v 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 5,461 471 23,265 20,936 5,501 8,360 7,074 2,276 53 1959 MarP 26,130 19,012 5,660 3,317 10,035 5,633 ,485 23,638 21,282 5,674 8,423 7,185 2,305 51 » 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

628 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 Apr 402 360 94 26 240 42 35,840 33,213 6,948 7,719 18,546 2,627 May 380 348 96 16 236 32 35,956 33,316 6,995 7,699 18,622 2,640 368 341 95 20 226 27 36,060 33,409 7,038 7,677 18,694 2,651 July 428 398 103 16 279 30 36,183 33,519 7,076 7,651 18,792 2,664 437 406 109 5 292 31 36,323 33,645 7,123 7,619 18,903 2,678 Sept 451 421 125 7 289 30 36,472 33 786 7,212 7,561 19 013 2 686 Oct 516 485 141 9 335 31 36,648 33,955 7,282 7,527 19,146 2,693 Nov 429 397 121 8 268 32 36,794 34,093 7,347 7,492 19,254 2,701 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 Apr 432 385 120 13 252 47 37,602 34,851 7,758 7,314 19,779 2,751 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDING OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total By type of lender (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r t o h r Se a a a l d s ly o - n- W se a a i d t s j h o u o n s u t a - t l in l S o g a s a v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed 1 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 1,097 217 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952 18,018 6,452 [,420 3,600 1,137 1954 8,969 3,076 3,846 26,194 1,172 4,721 20,301 1953 19,747 7,365 1,480 3,680 1,327 1955 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1954 22,974 8 312 [,768 4 239 1 501 1956 10,545 3,771 4,727 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10,402 3,562 4,708 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958 12,346 4,096 5,251 45,599 £,210 7,093 36,296 1957 24,244 9,217 1,472 4,264 1,429 1958 27,388 10,516 460 5,204 1,640 1958 1958 Apr 920 316 354 41,223 [,748 6,984 32,491 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 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 >,007 7,031 34,959 Aug 2,413 2,535 995 130 476 169 Oct 1,290 428 570 44,602 1,084 7,053 35,465 Sept 2,488 2,596 1,022 136 493 170 Nov 1,053 345 469 45,067 7,062 35,850 Oct 2,576 2,857 1,086 150 558 175 Dec 1,136 376 488 45,599 >,'21O 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 >?77 7,109 36,623 Feb 1,012 326 429 46,436 >,331 7,127 36,978 Jan 2,677 2,352 870 121 454 123 Mar 1,257 439 515 47,029 >,392 7,117 37,520 Feb *>2,633 2,245 865 106 426 113 Apr 1,359 480 562 47,733 >,466 7,126 38,141 Mar.3 2,685 2 590 1 040 117 520 120 Apr 2,776 1,148 115 553 124 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. *> Preliminary. 2 Beginning 1958 includes shares pledged against mortgage loans. 1 Three-month moving average, seasonally adjusted by Federal Reserve. Source.—Federal Home Loan Bank Board. 2 Includes amounts for other lenders, not shown separately. 3 Preliminary estimates subject to revision. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 629 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month Total p N r m o ew p o - rtga p i g s E r e t o i s x n p - g - g m P a t e y r g o c o p e t r j e - s t - - i p l P m o r e i r a o m r e o t n v n y p - s e t - 2 - Total 3 p N r m o ew p o - rtga p g is E r e t o s i x n p - g - q y E e u n a a d r r t o o er f r Total G un o d v e e r r w nm rit e t n en t- t C i v o e o n n n a - - l erties erties erties erties FHA- VA- Total in- guarsured anteed 1945 665 257 217 20 171 192 1950 4,343 1,637 856 1,157 694 3,072 1,865 1,202 1945. 18.6 4.3 4.1 .2 14.3 1951 3,220 1,216 713 582 708 3,614 2,667 942 1952 3,113 969 974 322 848 2,719 1,823 890 1950 45.2 18.9 8.6 10.3 26.3 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1951 51.7 22.9 9.7 13.2 28.8 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1952 58.5 25.4 10.8 14.6 33.1 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1953 66.1 28.1 12.0 16.1 38.0 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1954.. 75.7 32.1 12.8 19.3 43.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88.2 38.9 14.3 24.6 49.3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 99.0 43.9 15.5 28.4 55.1 1957. . 107.6 47.2 16.5 30.7 60.4 1958—Apr 423 119 186 57 61 85 72 13 1958*\. 117.8 50.1 19.7 30.4 67.7 May 431 110 201 55 65 73 57 15 June 551 126 217 128 81 97 71 27 1957—Sept 105.7 46.5 16.1 30.4 59.2 July 524 132 236 98 58 127 83 43 Dec 107.6 47.2 16.5 30.7 60.4 Aug 599 128 243 170 58 156 91 64 Sept 756 160 320 146 130 189 107 82 1958—Mar.*\ .. 109.3 47.7 17.1 30.6 61.6 Oct 641 174 327 58 83 239 140 99 June p .. 111.6 48.3 17.7 30.6 63.3 Nov 559 165 292 31 71 216 135 81 Sept.?... 114.6 49.1 18.6 30.5 65.5 Dec 624 190 320 24 89 257 174 82 Dec.p. .. 117.8 50.1 19.7 30.4 67.7 1959—Jan 700 217 369 37 77 276 194 81 1959—Mar.*>. .. 120.6 51.3 20.9 30.4 69.3 Feb 598 196 311 37 54 238 174 64 Mar 643 211 319 33 81 260 201 59 Apr 639 196 294 80 69 231 179 52 v 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 * 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 c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt 1 - L t o er n m g - 2 1945 278 213 195 176 19 1950 1,347 169 1,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 1,714 411 62 76 1955 1,251 702 1,417 991 426 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 1957 3,974 1,237 2,737 1,119 2 764 1957 1,116 1,079 1,265 731 534 1958 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 1958 Apr 4,019 1,345 2,674 38 75 842 1958—Apr. 212 93 815 304 511 May 3,928 1,342 2,586 33 109 1,001 May 56 68 803 288 515 3,753 1,309 2,444 22 176 1,142 June 178 50 929 372 557 July 3,703 1,300 2,403 17 51 1,308 July. 108 137 901 392 509 3,683 1,298 2,385 22 23 1,543 Aug. 100 62 939 427 512 Sept 3,693 1,320 2,373 37 8 1,674 Sept 119 48 1,010 490 520 Oct .... 3,729 1,353 2,376 59 1 1,669 Oct. 126 52 1,083 545 538 Nov 3,791 1,405 2,386 82 1 1,640 Nov. 86 47 1,123 576 547 Dec 3,901 1,483 2,418 134 1 1,541 Dec. 229 53 1,298 685 613 1959_jan 4,032 1,564 2,468 150 1,432 1959_jan.. 251 1,146 599 547 Feb 4,188 [ 664 2,523 176 1,291 Feb.. 50 94 1,101 559 542 Mar . 4,340 ,740 2,600 175 1 1,182 Mar. 83 96 1,087 531 556 Apr .... 4,508 ,831 2,677 193 1,063 Apr., 157 62 1,183 570 612 * 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

630 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e i co p g O n a o s t p o 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 s t o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d ic it e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1951 22,617 15,294 5,972 4,880 1,085 3,357 7,323 1,934 3,605 1,784 1952 27,401 19,403 7,733 6 174 1,385 4,111 7,998 2,120 4,011 1,867 1953 31,243 23,005 9,835 6,779 1,610 4,781 8,238 2,187 4,124 1,927 1954 32,292 23,568 9,809 6,751 1,616 5,392 8,724 2,408 4,308 2,008 1955 38,670 28,958 13,472 7,634 1,689 6,163 9,712 3,002 4,579 2,131 1956.. 42,097 31,827 14,459 8,510 1,895 6,963 10,270 3,253 4,735 2,282 1957 44,774 34,095 15,409 8,692 2,091 7,903 10,679 3,365 4,829 2,485 1958 45,065 33,865 14,131 9,007 2,145 8,582 11,200 3,543 5,018 2,639 1958 Aor 42,617 32,888 14,691 8,124 2,017 8,056 9,729 3,352 3,772 2,605 May 42,985 32,910 14,613 8,158 2,038 8,101 10,075 3,476 4,010 2,589 June 43,079 33,008 14,590 8,190 2,048 8,180 10,071 3,482 4,012 2,577 JUly 42,923 33,074 14,567 8,197 2,061 8,249 9,849 3,373 3,927 2,549 43,128 33,165 14,514 8,254 2,091 8,306 9,963 3,453 3,956 2,554 Sept 43,144 33,079 14,332 8,312 2,107 8,328 10,065 3,495 4,033 2,537 Oct 43,164 33,052 14 164 8 411 2,128 8,349 10,112 3,414 4,191 2,507 Nov 43,464 33,126 14,066 8,528 2,146 8,386 10,338 3,499 4,297 2,542 Dec 45,065 33,865 14,131 9,007 2,145 8,582 11,200 3,543 5,018 2,639 1959 Jan 44,415 33,768 14,155 8,881 2,125 8,607 10,647 3,464 4,504 2,679 Feb 44,071 33,751 14,223 8 767 2,116 8,645 10,320 3,563 4,004 2,753 Mar 44,203 33,943 14,375 8,721 2,127 8,720 10,260 3,618 3,883 2,759 Apr 44,916 34,453 14,686 8,777 2,149 8,841 10,463 3,674 3,997 2,792 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 institution5 Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n m c 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 m o m i n n e e c - - s r e 1 Other1 Total D s m t e o p e r a e n r s t t 2 - F s t t u u o r r r n e e i s - H a s h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 901 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 ,107 943 301 389 ,082 1953 23,005 18,963 8,998 5,927 1,124 2,137 111 4,042 ,064 1,004 377 527 ,070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 ,242 984 377 463 ,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 ,511 1,044 365 487 101 1956 31,827 27,084 11,707 9,100 2,014 3,056 1,207 4,743 1,408 1,187 377 502 ,269 1957 34,095 29,427 12,753 9,573 2,429 3,333 1,339 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 1,215 1958 Apr 32,888 28,724 12,444 9,200 2,452 3,292 1,336 4 164 1,241 1 091 342 450 I 040 May 32,910 28,703 12,467 9,129 2,478 3,277 1,352 4,207 1,278 1,092 341 446 1,050 June .• .... 33,008 28,774 12,520 9,105 2,510 3,283 1,356 4,234 1,310 1,093 339 444 1,048 JUly 33,074 28,917 12,606 9,121 2,545 3,292 1,353 4,157 1,241 1,093 338 443 1,042 Aus 33,165 28,983 12,655 9,083 2,578 3,294 j.*m 4,182 1,251 1,110 340 440 I 041 Sept .... 33,079 28,758 12,607 8,891 2,591 3,280 1,389 4,321 1,393 1,110 344 433 1,041 Oct 33,052 28,666 12,612 8,777 2,613 3,274 1,390 4,386 1,426 1,126 346 427 1,061 Nov. 33,126 28,648 12,617 8,708 2,628 3,281 ,414 4,478 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 [,414 4,752 1,615 1,183 356 425 I 173 Feb 33,751 29,070 12,884 8,724 2,661 3,372 1,429 4,681 1,611 1,166 350 427 1,127 Mar 33,943 29,324 13,028 8,780 2,700 3,371 1,445 4,619 1,581 1,129 348 430 I 131 Apr 34,453 29,825 13,312 8,921 2,754 3,379 1,459 4,628 1,582 1,127 347 439 1,133 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 631 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] ]L 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 a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r s r r e R l m r t o a e n i o n a p o iz n d d n a a s - ir - s l P o o a e n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i t l l t - m A pa o u p b t e o il r - e s g p O c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a d a n p ti n d 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 ,137 1,374 1953 5,927 4,688 816 46 377 1953. 8,998 2,215 1,867 2,078 ,317 1,521 1954 6,144 4,870 841 31 402 1954. 8,796 2,269 1,668 1,880 ,303 1,676 1955 8,443 6,919 ,034 25 465 1955 10,601 3,243 2,062 2,042 ,338 1,916 1956 9,100 7,283 ,277 23 567 1956. 11,707 3,651 2,075 2,394 ,469 2,118 1957 9,573 7,470 ,413 20 670 1957. 12,753 4,130 2,225 2,467 ,580 2,351 1958 8,740 6,404 ,567 19 750 1958 12,730 3,938 2,191 2,324 1,613 2,664 1958—Apr., 9,200 6,968 ,515 20 697 1958 Anr 12,444 3,961 2,210 2,306 1,518 2,449 May 9,129 6,888 ,520 20 701 May 12,467 3,954 2,214 2,289 1,531 2,479 June 9,105 6,844 ,532 20 709 June 12,520 3,957 2,223 2,281 1,540 2,519 July. 9,121 6,795 ,592 21 713 July 12,606 3,967 2,228 2,300 1,551 2,560 Aug. 9,083 6,730 ,612 23 718 AuR 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 ,560 19 721 Oct 12,612 3,925 2,178 2,287 1,603 2,619 Nov. 8,708 6,395 ,571 19 723 Nov 12,617 3,917 2,169 2,296 1,614 2,621 Dec. 8,740 6,404 ,567 19 750 Dec 12,730 3,938 2,191 2,324 1,613 2,664 1959—Jan.. 8,733 6,391 ,566 19 | 757 1959 Tan 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 I 769 Mar 13,028 4,049 2,282 2,340 1,598 2,759 Apr. 8.921 6,543 1,582 20 776 Apr 13,312 4,154 2,345 2,361 1,616 2,836 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d a n a i l t l t - m A pa o u p b t e o il r - e s g 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 l o o a e a d n a p ti n d e a o s r i n r n- 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 e i r l n - n - g t le lo - O p a a n t y h s - ) er m p D a e a e r n c - ( t- c t c h o a u r n g O t e s t ) her S c e r r e v d i i c t e 1939 789 81 24 15 669 banks 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 1945 3,203 674 72 290 1,322 845 1953 4,038 538 370 247 2,883 1954 4,510 539 375 282 3,314 1951 7,323 1,684 250 698 2,907 1,784 1955 5,406 761 537 326 3,782 1952 7,998 1,844 276 728 3,283 1,867 1956 6,277 948 648 403 4,278 1953 8,238 1,899 288 772 3,352 1,927 1957 7,101 1,106 622 491 4,882 1954 8,724 2,096 312 793 3,515 2,008 1958 7,473 1,173 619 513 5,168 1955 9,712 2,635 367 862 3,717 2,131 1956 10,270 2,843 410 893 3,842 2,282 1958 Apr 7,080 1,102 589 479 4,910 1957 10,679 2,937 428 876 3,953 2,485 May 7,107 1,111 588 487 4,921 1958 11,200 3,057 486 907 4,111 2,639 June 7,149 1,122 587 488 4,952 July 7,190 1,134 591 489 4,976 1958—Apr 9,729 2,896 456 580 3,192 2,605 Aug 7,245 1,146 596 498 5,005 May 10,075 2,933 543 584 3,426 2,589 Sept 7,260 1,152 599 504 5,005 June 10,071 2,998 484 575 3,437 2,577 Oct 7,277 L157 605 506 5,009 July 9,849 2,968 405 533 3,394 2,549 Nov 7,323 1,161 607 513 5,042 Aug 9,963 2,980 473 546 3,410 2,554 Dec 7,473 1,173 619 513 5,168 Sept 10,065 2,965 530 600 3,433 2,537 Oct 10,112 2,977 437 623 3,568 2,507 1959—Jan 7,427 1,161 616 501 5,149 Nov 10,338 2,998 501 669 3,628 2,542 Feb 7,462 1,170 623 503 5,166 Dec 11,200 3,057 486 907 4,111 2,639 Mar 7,516 ,185 631 508 5,192 Apr 7,592 .205 645 513 5,229 1959 Jan 10,647 3,030 434 757 3,747 2,679 Feb 10,320 3,075 488 637 3,367 2,753 Mar 10,260 3,100 518 608 3,275 2,759 NOTE.—Institutions represented are consumer finance companies, credit Apr 10,463 3.181 493 601 3,396 2,792 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

632 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 .941 6,294 1952 29,514 11,764 9,186 1,217 7,347 1953 31,558 12,981 9,227 1,344 8,006 1954 31,051 11,807 9,117 1,261 8,866 1955 39,039 16,745 10,634 1,388 10,272 1956 40,063 15,563 11,590 1,568 11,342 1957 42,426 16,545 11,626 1,662 12,593 1958 40,497 14,154 11,747 1,620 12,976 1958 Apr 3,261 3,335 1,143 1,211 923 876 132 131 1.063 1.117 May 3,246 3,371 1,094 1,199 992 1,000 134 144 1,026 1,028 June 3,262 3,477 1,095 1,257 968 973 135 146 1,064 1,101 July 3,328 3,483 1,151 1,281 965 956 135 146 1,077 1,100 3,416 3,385 1,142 1,193 1,018 976 142 151 1,114 1,065 Sept 3,326 3,297 1,082 1,105 1,005 993 142 158 1,097 1,041 Oct 3,451 3,475 1,199 1,173 1,005 1,075 143 159 1,104 1,068 Nov 3,594 3,338 1,276 1,091 1,041 1,054 142 141 L135 1,052 Dec 3,720 4,350 1,420 1,360 1,002 1,435 134 131 1,164 1,424 1959 Jan 3,799 3,321 1,437 1,248 1,047 886 146 111 1,169 1,076 Feb 3,816 3,247 1,454 1,258 1,057 839 141 111 1,164 1,039 Mar 3,749 3,786 1,414 1,476 1,058 982 151 141 1,126 1,187 Apr 3,939 4,022 1,502 1,580 .126 1,074 158 156 1,153 .212 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 1,119 7,336 1954 30,488 11,833 9,145 1,255 8,255 1955 33,649 13,082 9,751 1,315 9,501 1956 37,194 14,576 10,714 1,362 10,542 1957 40,158 15,595 11,444 1,466 11,653 1958 40,727 15,432 11,432 1,566 12,297 1958 Apr 3,390 3,387 1,326 1.313 919 931 135 133 1,010 1,010 May 3,338 3,349 1,284 1,277 940 966 124 123 990 983 June 3,391 3,379 1,278 1,280 961 941 138 136 1,014 1,022 July 3,365 3,417 1,275 1,304 948 949 132 133 1,010 1,031 AUK 3,403 3,294 1,276 1,246 947 919 124 121 1,056 1,008 Sept 3,376 3,383 1,246 1,287 949 935 140 142 1,041 1,019 Oct 3,418 3,502 1,281 1,341 964 976 134 138 1,039 1,047 Nov 3,447 3,264 1,243 1,189 1,001 937 124 123 1,079 1,015 Dec 3,414 3,611 1,262 1.295 953 956 129 132 ,070 1,228 1959 Jan 3,412 3,418 1,252 1,224 956 1,012 130 131 1,074 1,051 Feb 3,483 3,264 1,281 1,190 981 953 127 120 ,094 1,001 Mar 3,431 3,594 1,265 1,324 983 1,028 126 130 1,057 1,112 Apr 3,516 3,512 1,282 1,269 1,006 1,018 136 134 .092 1,091 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 Apr -129 -52 -183 -102 +4 -55 -3 -2 +53 + 107 -92 +22 -190 -78 +52 + 34 + 10 +21 +36 +45 June -129 +98 -183 -23 +7 + 32 -3 + 10 +50 +79 July -37 +66 -124 -23 + 17 +7 + 3 + 13 +67 +69 Aus + 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 + 147 +74 +33 -98 +40 + 117 + 18 + 18 +56 + 37 Dec +306 +739 + 158 +65 +49 +479 +5 -1 +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 + 11 +69 +75 Apr +423 + 510 +220 + 311 + 120 +56 +22 +22 +61 + 121 i Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of records of retail outlets and financial institutions and often include charges incurred under the instalment contract. Renewals and refinancing of t b h e e r B 1 U 9 L 5 L 7 E , T p I p N . f 1 o 4 r 2 O 0- c 2 t 2 o , b a e n r d 1 9 N 5 o 6 v ; e fo m r b 1 e 9 r 5 1 5 9 - 5 5 8 7 , , p in p . t h 1 e 3 B 44 U - L 4 L 5 E . TINS for Decem- loans, repurchases and resales of instalment paper, and certain other A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit a description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 633 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 i n n i a e n s ce Ot i h n e st r i t 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 1952 29,514 11,123 6,982 5,659 5,750 1953 31,558 12,099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 1956 40,063 14,387 9,600 9,474 6,602 1957 42,426 15,234 10,200 10,497 6,495 1958 40,497 14,645 8,907 10,330 6,615 1958 Apr 1 3,261 3,335 1,201 1,285 766 759 834 866 460 425 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 3,416 3,385 ,249 1,235 714 756 889 858 564 536 Sept * . 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 1,330 1,357 827 855 935 1,143 628 995 1959 Jan 3,799 3,321 1,443 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 ,367 ,426 883 883 900 941 599 536 3,939 4,022 1,455 1,555 941 933 908 939 635 595 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 5,891 1956 37,194 13,320 8,943 78,,565033 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 Anr i 3,390 3,387 1,203 1,214 860 843 816 815 511 515 May 3,338 3,349 1.197 1,204 830 814 802 800 509 531 June 3,391 3,379 1,220 1,225 801 800 823 830 547 524 July 3,365 3,417 [,203 1,234 828 835 821 834 513 514 3,403 3,294 [,220 1,186 806 794 845 803 532 511 Sept * 3,376 3,383 1,197 1,215 806 825 837 816 536 527 Oct 3,418 3,502 [,230 1,256 800 852 841 847 547 547 Nov 3,447 3,264 [,228 1,155 785 756 855 811 579 542 Dev 3,414 3,611 [,196 1,244 782 823 864 993 572 551 1959 Jan 3,412 3,418 1,210 1,207 789 760 870 849 543 602 Feb. i 3,483 3,264 [,262 1,175 793 732 857 789 571 568 Mar 3,431 3,594 1,238 1,282 781 827 846 887 566 598 Apr 3,516 3,512 1,261 1,271 808 792 865 863 582 586 Change in outstanding credit2 1951 +591 -27 -57 +403 +272 1952 +4,109 + 1,753 + 1,057 +647 +652 1953 +3,602 + 1,474 + 1,216 +692 +220 1954 +563 -202 +217 +472 +76 1955 +5,390 + 1,805 +2,299 +896 +390 1956 +2,869 + 1,106 +657 +871 1957 +2,268 + 1,046 +473 +824 je 1958 -230 -23 -833 +372 +254 1958 Apr.i -129 -52 +38 + 111 -94 -84 + 18 +51 -91 -130 -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 + 13 +91 +29 +49 -92 -38 +44 +55 +32 +25 Sept.i -50 -86 -33 -48 -197 -192 +36 + 15 + 144 + 139 Oct +33 -27 +42 +5 -68 -114 +44 + 17 + 15 +65 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 Apr. +423 +510 + 194 +284 + 133 + 141 +43 +76 +53 +9 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 loans, repurchases and resales of instalment paper, and certain other trans- NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of actions 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

634 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise noted. The terms "adjusted" and "unadjusted** refer to adjustment of monthly figures for seasonal variation] Construction In ( d p u hy st s r i i c a a l l p v r o o l d u u m c e ti ) o * n awar c d o e n d t r ( a v c a ts lue) * Employment and payrolls2 Depart- Whole- Freight ment Con- sale Manufactures Non- Manufacturing car- store sumer comagri- production workers load- sales* prices2 modity Year Min- Resi- All cul- ings* (retail prices2 or month Total Total r D ab u l - e N ra d o b u n l - e - erals Total d t e ia n l - other p m t e u l m o e ra n y - l t - Em m p en lo t y- P ro a l y ls - value) Ad- Unad- Ad- Ad- Ad- Ad- Unad- Unad- Unad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.3 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 61 9 69.0 37 1 98 32 85 7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922. 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64.3 66.9 32 6 107 34 72 9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65 2 64.2 32 1 110 36 75 0 1926. . ... 51 50 52 48 63 69 73 67 67.5 65.5 33.0 115 37 75.6 65.0 1927 51 50 49 50 64 69 71 68 67 9 64.1 32 4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 67.9 64.2 32.8 112 37 73.3 62.9 1929 . .. 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 66 6 59.5 28 3 99 35 71 4 56 1 1931 40 39 31 48 51 34 22 41 60 3 50 2 21 5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53 4 42.6 14 8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53.6 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58 8 55 1 20 4 67 27 57 2 48 7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23 5 69 29 58 7 52 0 1936 56 55 49 61 63 30 22 35 65 8 63 9 27 2 81 32 59 3 52 5 1937 61 60 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61 4 56.1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29 9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49 3 98 44 62 9 56 8 1942. 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 49 69.7 64.2 1943 127 133 162 103 87 37 24 45 96 3 121.4 99 0 104 56 74 0 67 0 1944 .. 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75 2 67.6 1945 107 110 123 96 92 36 16 50 91 5 104 0 87 8 102 70 76 9 68 8 1946 90 90 86 95 91 82 87 79 94 4 97 9 81 2 100 90 83 4 78 7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95 5 96 4 1948 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97 2 88 99 101 8 99 2 1950 ... 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 107 102.8 103.1 1951 120 121 128 114 115 171 170 172 108 2 106 4 129 8 101 112 111 0 114 8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 114 113.5 111.6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151 4 96 118 114 4 110 1 1954 125 127 137 116 111 215 232 204 110 7 101 8 137 7 86 118 114 8 110 3 1955. ....... 139 140 155 126 122 261 280 248 114.4 105.6 152.9 95 128 114 5 110.7 1956 143 144 159 129 129 199 199 199 118 3 106.7 161 4 97 135 116 2 114 3 1957. 143 145 160 130 128 101 101 101 119.2 104.4 162.7 90 135 120.2 117.6 1958 134 136 141 130 117 111 114 108 115.5 94.3 148 8 78 136 119 2 1958 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 AUK 136 136 138 144 133 120 130 134 128 115.6 93.2 94.1 150.0 79 147 123.7 119 1 Sept 137 140 139 145 133 123 121 135 111 116.1 94.8 96.5 155.7 80 135 123.7 119.1 Oct ... 138 143 140 146 134 122 125 148 109 115.6 93.4 94.8 152.5 83 135 123.7 119.0 Nov 141 144 143 151 135 123 98 112 88 116.3 96.0 96.9 158.4 83 137 123 9 119 2 Dec 142 140 144 152 135 124 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 ^116.8 96.5 95.8 158 2 84 138 123 8 119 5 Feb 145 147 148 157 139 124 87 99 78 117.0 96.8 96.5 160 4 84 140 123 8 119 5 Mar 147 149 150 160 r140 r123 126 143 114 r117.6 98 2 J98 0 165 1 85 138 123 7 119 6 Apr 150 151 153 164 142 123 142 170 123 118.6 99.5 98.4 167 0 87 #140 123 9 120 0 Mav *152 *152 ^155 ?168 2>143 ^126 *>119.1vlOO.6 2J99.2^169.2 89 «145 e Estimated. Preliminary. r Revised. 2 The indexes of employment and payrolls, wholesale commodity prices, * Average per working day. and consumer prices are compiled by the Bureau of Labor Statistics. i Indexes beginning 1956> aracre based on data for 48 States from F. W. Nonagricultural employment covers employees only and excludes person- D)ooddggec CCoorrppoorraattiioonn,, 11995566--5577==» 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 635 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100J 947-49 a A v n e n ra u g a e l 1958 1959 Industry proportion 1957 1958 Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 00.00 143 134 126 128 132 134 136 137 138 141 142 143 145 147 150 MANUFACTURES^-TOTAL 90.02 145 136 128 130 134 136 138 139 140 143 144 145 148 150 153 Durable Manufactures—Total 45.17 160 141 131 134 139 141 144 145 146 151 152 153 157 160 164 Primary metals 6.70 131 104 E6 91 103 102 109 113 122 123 123 125 138 146 149 Metal fabricating 28.52 176 755 146 148 757 154 755 155 755 755 755 755 755 770 775 Fabricated metal products. 5.73 139 128 118 120 125 129 132 133 136 136 136 135 138 142 Machinery 13.68 168 145 137 137 141 144 147 148 147 150 152 154 158 159 163 Nonelectrical machinery 9.04 150 127 122 122 125 125 126 129 130 133 132 132 138 142 145 Electrical machinery 4.64 204 179 166 167 171 181 188 186 180 183 190 199 198 192 198 Transportation equipment 7.54 213 187 178 182 185 185 186 178 183 203 204 204 204 207 211 Autos, trucks, and parts 4.80 128 99 86 93 95 96 96 82 91 119 123 124 123 128 132 Other transportation equipment 2.74 344 319 316 314 320 318 321 322 321 327 322 322 322 322 327 Instruments and related products 1.29 172 164 159 158 160 162 162 166 169 173 175 176 179 181 182 Clay, glass; and lumber products 5.91 133 129 121 123 128 132 755 755 134 757 755 755 757 143 749 Stone, clay, and glass products 2.82 155 145 135 139 145 152 150 157 149 151 148 147 149 158 166 Lumber and products 3.09 114 115 107 109 113 114 120 118 120 125 125 127 126 129 133 Furniture and misc. manufactures 4.04 132 127 127 122 126 72P 130 752 134 134 757 755 755 138 143 Furniture and fixtures 1.64 120 119 110 113 116 119 123 126 127 129 127 133 132 135 138 Miscellaneous manufactures 2.40 140 133 129 129 132 135 134 137 138 137 134 137 137 141 146 Nondurable Manufactures—Total. . . . 44.85 130 130 125 126 129 132 133 133 134 135 135 137 139 140 142 Textiles and apparel 11.87 105 103 98 99 102 107 108 109 111 110 110 '112 nu 115 119 T A e p x p t a il r e e l m a i n ll d p a ro ll d ie u d c t p s r . oducts. . 6 5 . . 3 5 2 5 1 9 1 9 1 1 9 1 8 0 1 9 0 2 6 1 9 0 2 6 1 9 1 5 0 1 1 0 1 1 5 1 1 0 1 3 4 1 1 0 1 3 6 1 11 0 8 4 1 1 0 1 4 7 1 1 1 0 6 4 1 11 0 8 6 ' 1 1 0 2 8 0 1 1 2 1 1 0 1 1 1 2 5 4 Rubber and leather products 3.20 118 113 1.02 104 777 114 775 779 77P 725 725 124 725 729 725 Rubber products 1.47 135 125 112 113 125 125 132 136 133 141 140 142 150 156 135 Leather and products 1.73 104 102 94 97 100 104 103 104 108 113 108 109 109 106 Paper and printing 8.93 148 147 143 143 146 148 750 750 755 752 750 755 755 '755 755 Paper and allied products 3.46 158 160 152 153 157 163 166 167 171 168 166 167 172 173 175 Printing and publishing 5.47 141 139 137 137 138 138 140 140 142 142 139 144 145 145 147 Newsprint consumption. 1.85 131 126 123 124 125 126 128 127 131 130 120 129 131 130 135 Job printing and periodicals 3.62 146 146 145 144 145 145 147 146 148 149 150 152 152 153 154 Chemical and petroleum products 9.34 172 770 164 755 755 777 174 174 775 777 750 752 184 r188 755 Chemicals and allied products 6.84 184 184 178 178 181 184 186 187 189 192 194 196 199 r2Q2 203 Industrial chemicals 2.54 203 195 182 182 187 193 196 204 209 212 214 216 222 226 Petroleum and coal products 2.50 141 134 127 129 131 136 139 135 137 139 142 143 144 149 ^48* Foods, beverages, and tobacco 11.51 112 775 113 774 775 775 775 775 775 777 777 775 '720 720 720 Food and beverage manufactures 10.73 112 115 113 114 116 116 116 115 115 116 117 118 '119 119 119 Food manufactures. 8.49 112 115 115 114 116 116 116 116 115 116 116 117 '119 120 120 Beverages 2.24 113 116 108 114 116 114 115 114 115 119 121 121 121 117 Tobacco manufactures .78 111 118 117 115 116 121 121 121 120 126 126 121 130 121 B4* MINERALS—TOTAL . 9.98 128 117 109 108 112 116 120 123 122 123 124 124 124 123 123 Mineral fuels 8.35 128 777 108 108 112 775 727 725 725 725 124 725 725 727 Coal „ 2.68 83 68 63 62 66 65 68 70 69 72 73 69 74 71 Anthracite .36 49 42 40 41 45 38 41 44 39 37 48 45 37 39 38 Bituminous coal 2.32 88 72 67 65 69 69 73 74 74 77 77 73 79 '77 76 Crude oil and natural gas. , 5.67 150 141 129 130 134 141 146 149 148 147 148 149 146 144 ^145 Crude oil 4.12 138 129 117 118 122 128 137 140 138 135 135 137 135 133 Natural gas and gas liquids .70 198 197 193 192 191 200 198 198 202 203 205 P203 Metal, stone, and earth minerals 1.63 129 777 I7J 707 772 113 775 77P 720 124 725 72P 725 '752 755 Metal mining .82 116 91 88 73 80 80 83 90 92 101 108 113 114 115 113 Stone and earth minerals. .81 142 143 139 142 145 146 144 149 148 148 142 145 143 148 155 Preliminary r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-4! A av n e n ra u g a e l 1958 1959 Industry proportion 1957 1958 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 100.00 143 134 127 127 131 125 136 140 143 144 140 142 147 149 151 MANUFACTURES—TOTAL 90.02 145 136 129 129 133 127 138 141 145 146 141 144 150 152 154 Durable Manufactures—Total 45.17 160 141 133 133 138 132 140 146 149 155 152 154 160 163 166 Primary Metals 6.70 131 104 89 93 106 90 102 111 123 124 119 127 144 154 155 Ferrous metals 5.03 130 99 81 87 100 85 98 106 117 120 117 125 142 154 156 Pig iron and steel 3.51 140 105 83 91 105 92 105 114 129 129 127 136 156 170 171 Pig iron .37 137 99 80 83 93 87 97 106 119 124 123 127 139 152 155 Steel 3.05 139 105 82 91 105 92 105 114 129 128 127 136 156 170 171 Carbon steel 2.62 138 104 83 91 108 94 106 113 126 127 125 133 151 164 165 Alloy steel .43 143 106 77 86 91 81 101 118 144 138 135 157 191 205 206 Ferrous castings and forgings 1.52 108 85 78 78 87 70 80 87 90 99 93 98 112 118 121 Iron and steel castings 1.29 107 85 79 79 88 72 81 88 91 101 93 98 112 '118 122 Steel forgings .23 113 81 74 70 81 58 75 80 85 88 96 101 111 115 121 Nonferrous metals 1.67 136 121 112 112 124 102 115 125 140 137 126 133 r149 154 153 Primary nonferrous metals .38 164 146 146 141 133 126 128 139 150 157 162 163 169 167 169 Copper smelting .09 129 120 124 112 105 90 95 111 138 144 130 132 136 145 143 Copper refining .06 135 121 122 114 110 108 99 110 111 130 144 135 155 138 140 Lead .04 114 99 94 105 102 86 88 99 101 93 98 97 97 87 93 Zinc .10 123 97 101 99 95 90 86 91 90 93 105 105 108 110 '108 Aluminum .09 275 268 261 256 241 240 254 r263 283 295 308 317 318 318 325 Secondary nonferrous metals .13 111 93 94 83 74 90 94 111 105 102 98 119 Nonferrous shapes and castings 1.16 129 116 102 105 125 97 114 124 141 133 117 127 145 Copper mill shapes .63 104 94 77 84 110 74 96 102 128 114 87 103 123 129 117 Aluminum mill shapes .20 198 193 189 187 212 198 190 207 219 202 203 204 '225 243 263 Nonferrous castings .33 136 110 99 98 101 83 103 116 118 130 123 129 140 Metal Fabricating 28.52 176 155 148 146 149 144 150 156 158 167 168 168 172 774 176 Fabricated metal products 5.73 139 128 118 119 125 123 133 141 136 136 136 134 135 138 142 Structural metal parts 2.68 152 140 131 132 138 137 143 148 144 144 148 144 144 146 151 Stampings and misc. metal products.... 2.12 124 108 99 98 101 100 104 115 115 119 125 124 123 128 130 Tin cans .30 146 150 120 137 160 171 232 208 161 130 104 118 '125 128 146 Furnaces, gas ranges, and heaters .63 99 106 97 96 110 87 115 132 133 128 104 107 116 109 111 Machinery 13.68 168 145 139 135 138 133 142 151 150 153 152 156 162 164 165 Nonelectrical machinery 9.04 150 127 126 124 125 120 119 128 127 131 133 134 142 147 149 Farm and industrial machinery 8.13 146 121 121 118 117 114 114 119 118 121 125 128 132 137 140 Farm machinery 1.02 84 79 84 81 80 80 77 80 83 65 72 80 99 106 107 Industrial and commercial machinery. 7.11 155 127 126 123 123 119 119 124 124 129 133 135 137 142 145 Machine tools and presses .68 182 119 119 115 114 112 109 114 115 113 116 116 118 125 130 Laundry and refrigeration appliances. .. .69 151 148 131 137 159 131 123 170 163 179 163 155 194 200 196 Electrical machinery 4.64 204 179 165 159 162 158 186 195 194 197 190 199 202 196 196 Electrical apparatus and parts 3.23 201 177 172 168 168 166 170 178 177 182 192 192 193 195 198 Radio and television sets .74 205 166 125 112 123 115 214 223 221 212 163 193 200 173 166 Transportation equipment 7.54 213 187 181 181 183 175 173 170 184 211 214 211 212 '215 217 Autos, trucks, and parts 4.80 128 99 92 94 94 84 77 69 92 132 134 131 133 139 141 Autos 1.50 146 101 89 99 100 87 53 37 71 160 161 154 149 163 164 Trucks .66 104 90 90 96 91 76 78 67 89 112 100 110 133 138 143 Light trucks .22 100 82 79 78 79 68 61 49 75 123 120 114 123 124 130 Medium trucks .19 50 24 26 26 29 23 16 12 12 33 30 28 32 31 36 Heavy trucks .14 194 203 213 239 210 164 189 155 221 221 173 227 308 327 329 Truck trailers .07 137 116 103 111 113 106 120 131 132 135 134 145 163 170 185 Auto and truck parts 2.58 123 Other transportation equipment 2.74 344 319 316 311 316 312 317 322 321 327 329 325 326 '325 327 Aircraft and parts 1.30 608 572 561 553 568 561 573 583 582 591 595 587 587 '583 581 Shipbuilding and repair .81 129 128 127 131 130 128 127 126 129 130 128 131 128 132 136 Railroad equipment .53 77 39 51 39 32 28 30 30 20 29 32 28 35 '36 43 Railroad cars 49 24 24 .35 80 34 34 19 22 20 15 19 19 26 27 36 Instruments and related products 160 159 176 1.29 172 164 157 157 160 168 171 174 176 179 183 184 Clay, Glass and Lumber Products.... 121 133 126 5.91 133 129 125 126 142 143 143 139 128 134 140 149 Stone, clay, and glass products 135 148 148 145 145 166 Glass and pottery products 2.82 155 145 118 141 123 123 155 160 155 153 124 141 133 156 146 Flat glass and vitreous products 1.09 141 125 131 118 130 133 131 136 122 127 144 125 147 143 166 Flat and other glass .60 161 137 129 126 132 135 141 154 123 141 144 142 148 167 171 Glass containers .47 164 139 126 127 144 139 146 160 120 141 116 142 138 171 149 Home glassware and pottery .26 136 135 78 133 81 82 147 142 145 130 80 126 137 .23 92 82 78 84 84 91 86 79 86 Cement .32 148 155 146 172 183 175 186 192 193 170 139 109 109 143 177 Structural clay products .35 128 118 112 116 121 122 126 132 133 127 120 112 115 121 Brick .12 114 113 115 121 123 122 126 134 136 123 110 96 101 111 Clay, firebrick, pipe, and tile .20 140 123 111 114 121 125 129 134 133 132 129 126 127 130 Concrete and plaster products .48 188 187 170 183 195 200 209 209 207 199 187 182 182 192 210 Misc. stone and earth manufactures .58 174 157 147 147 153 150 157 163 169 169 171 172 175 180 183 9 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 637 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 114 115 107 110 120 106 130 127 131 126 109 116 124 125 133 Lumber 2.05 96 94 88 93 100 88 107 105 105 101 87 89 98 101 106 Millwork and plywood. .60 187 202 192 186 201 176 235 220 240 234 193 225 243 234 Millwork .39 112 110 91 99 120 101 141 133 134 133 103 110 120 118 Softwood plywood... .12 312 356 360 330 334 301 390 364 416 403 341 419 448 429 Wood containers , .29 84 76 73 77 79 77 77 80 80 78 77 77 75 78 Furniture and Misc. Manufactures. 4.04 132 127 118 118 123 121 131 138 141 139 135 132 136 138 139 Furniture and fixtures 1.64 120 119 108 108 113 113 124 130 132 132 132 132 134 135 135 Household furniture 1.10 120 122 108 108 113 115 127 134 138 137 138 137 140 141 140 Fixtures and office furniture. .54 120 114 106 108 112 108 119 123 120 120 122 120 120 122 124 Miscellaneous manufactures 2.40 140 133 125 125 130 126 135 143 147 144 137 133 137 139 142 Nondurable Manufactures—Total. 44.85 130 130 125 124 128 123 135 137 142 138 130 135 140 141 143 Textiles and Apparel 11.87 105 103 100 99 100 92 110 107 115 112 103 113 120 121 123 Textile mill products 6.32 99 98 94 93 94 86 103 103 109 107 100 107 113 113 111 Cotton and synthetic fabrics. 3.72 105 104 96 98 100 86 107 111 112 118 106 119 122 122 131 Cotton consumption 2.30 95 91 86 89 88 72 94 96 98 99 86 101 103 102 106 Synthetic fabrics .97 119 115 104 99 105 107 117 124 125 137 141 135 138 r149 154 Fabric finishing .45 94 98 88 106 107 75 104 109 101 115 87 115 119 108 138 Wool textiles .97 75 69 67 71 82 67 76 75 75 71 62 Wool apparel yarns. .16 78 72 68 77 81 71 81 78 73 72 62 79 85 84 95 Wool fabrics .75 75 69 67 70 83 67 76 75 76 71 63 Knit goods 1.15 104 104 98 101 103 98 114 113 116 115 96 109 111 111 116 Hosiery .65 93 92 90 91 86 80 99 97 102 102 75 101 99 94 97 Full-fashioned hosiery. .45 89 84 87 87 79 72 89 86 89 92 66 90 87 83 84 Seamless hosiery .20 102 108 98 100 103 97 123 123 132 127 98 125 127 120 129 Knit garments .50 118 120 107 115 125 122 134 135 134 132 124 120 126 132 140 Floor coverings1. .48 Woven carpets. .31 71 63 62 48 50 36 61 70 79 76 75 76 91 87 Apparel and allied products... 5.55 111 110 108 105 106 99 117 113 121 117 105 120 128 130 129 Men's outerwear 1.78 102 100 95 104 101 77 110 106 108 107 93 119 123 117 139 Men's suits and coats.... .73 86 75 74 83 81 52 91 78 79 84 67 81 82 81 99 Men's suits .50 87 73 72 77 73 47 82 72 76 84 70 87 86 83 95 Men's outercoats .13 61 66 64 89 91 59 104 86 73 62 38 37 46 52 92 Shirts and work clothing. .99 112 115 107 117 113 91 122 123 128 121 109 145 151 142 167 Women's outerwear 1.85 112 112 117 106 109 107 120 112 120 113 90 119 141 138 134 Women's suits and coats. .76 128 129 96 94 123 153 139 150 138 101 151 147 114 138 175 Misc. apparel and allied mfrs.... 1.92 117 117 106 106 112 121 126 129 128 126 125 129 126 112 130 Rubber and Leather Products. 3.20 118 113 104 101 110 117 120 125 125 118 129 136 125 97 r138 Rubber products 1.47 135 125 115 112 122 103 127 137 143 145 137 150 158 159 138 Tires and tubes .70 123 113 103 102 117 96 110 117 129 128 128 138 154 155 111 Auto tires .40 134 120 112 113 131 105 118 122 131 131 132 149 167 171 120 Truck and bus tires .30 107 103 91 88 99 85 99 109 125 124 122 124 137 133 99 Miscellaneous rubber products. .77 147 136 125 121 127 108 142 156 156 160 146 161 161 163 163 Leather and products... 1.73 104 102 95 92 99 92 108 105 109 108 102 110 120 116 Leather .44 89 84 79 81 84 68 85 83 91 93 85 90 94 88 Cattlehide leathers. .29 98 91 85 88 90 72 94 92 101 102 94 97 102 95 Skin leathers .15 72 68 65 68 70 61 65 65 72 74 69 75 73 Shoes and slippers! .90 Miscellaneous leather products. .39 94 94 82 82 90 92 100 100 105 107 104 99 102 103 Paper and Printing. 8.93 148 147 146 144 146 137 148 152 160 155 145 150 156 159 163 Paper and allied products 3.46 158 160 156 153 159 145 168 169 181 170 153 166 111 176 183 Pulp and paper 1.76 154 154 152 147 153 137 159 159 171 164 148 161 171 171 177 Wood pulp .51 176 175 171 166 171 156 179 180 199 188 168 187 194 195 202 Paper and board 1.25 145 145 145 139 146 129 151 150 160 154 140 150 162 161 167 Printing paper .22 133 133 137 134 138 121 136 131 138 132 127 138 142 145 151 Fine paper .14 139 142 145 138 146 116 143 145 151 152 145 145 160 161 165 Coarse paper .20 127 125 124 113 120 109 129 129 142 139 120 129 140 135 141 Miscellaneous paper .18 179 178 184 170 175 158 176 174 195 186 175 193 200 194 204 Paperboard .41 153 154 146 145 154 136 163 164 173 166 146 157 173 r\12 176 Building paper and board. .10 124 129 126 131 133 130 141 145 145 128 115 124 137 143 152 Converted paper products. 1.70 163 166 160 159 165 154 177 179 192 176 158 171 183 182 190 Shipping containers .51 157 157 146 151 156 146 173 175 184 168 148 160 172 174 179 Sanitary paper products. .11 179 191 201 183 191 176 185 188 213 199 187 203 213 202 222 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 19 pr 4 o- 7-49 A av n e n ra u g a e l 1958 1959 portion 1957 1958 Apr. May June July Aug. Sept Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT —Continued 5.47 141 139 140 139 137 132 136 142 147 146 140 139 142 148 151 1.85 131 126 131 132 125 110 115 128 141 142 119 119 127 136 145 Job printing and periodicals 3.62 146 146 145 143 143 143 147 149 149 149 151 150 150 154 154 Chemical and Petroleum Products 9.34 172 170 165 164 165 163 170 174 179 180 181 184 187 189 190 6.84 184 184 180 177 177 174 182 187 195 195 195 198 202 r205 207 Industrial chemicals 2.54 203 195 186 184 184 183 190 202 211 214 217 218 226 231 Basic inorganic chemicals .57 202 198 202 193 185 179 182 196 210 219 210 209 223 229 Industrial organic chemicals 1.97 204 195 181 181 183 184 193 204 212 213 219 221 227 '231 235 Plastics materials .24 272 284 262 261 266 244 276 316 336 328 320 332 r35O 366 Synthetic rubber .11 245 230 196 197 197 199 225 242 260 273 262 280 292 287 289* Synthetic fibers .59 199 180 159 160 164 174 178 189 199 200 215 211 220 222 ^228 1.03 186 178 174 172 174 175 178 183 185 187 192 195 196 199 204 Vegetable and animal oils .64 130 130 124 117 110 108 117 117 162 159 149 157 157 146 141 .48 121 124 118 110 99 98 107 108 161 155 148 156 152 144 133 Grease and tallow .16 154 149 139 138 145 138 148 146 164 171 151 161 174 155 165 Soap and allied products .71 112 109 101 97 106 88 122 126 120 114 104 117 120 113 117 Paintsl 66 Fertilizers ...» .23 132 132 189 174 118 102 106 118 126 115 119 134 142 '172 214 Petroleum and coal Droducts . . .. 2.50 141 134 124 127 131 133 140 138 137 140 144 146 145 148 ^143 Petroleum refining 1.97 150 145 134 136 141 146 149 148 147 151 159 160 157 154 ^148 1.04 162 161 148 152 162 167 170 166 160 168 173 170 162 166 3>163 Automotive gasoline .98 157 156 144 149 157 162 163 159 154 161 167 165 156 162 .06 249 249 223 202 237 255 293 297 275 286 275 257 268 232 Fuel oil .56 147 136 125 128 126 131 133 138 140 140 153 163 165 153 2=>137 Distillate fuel oil .30 194 183 166 173 171 175 181 189 193 192 207 226 229 211 Residual fuel oil .26 93 82 78 75 75 80 79 80 79 80 90 91 92 86 Kerosene .10 98 99 89 74 76 74 87 93 103 115 123 137 137 100 Lubricating oil .17 113 104 100 103 104 105 109 102 108 106 112 104 104 111 Coke .26 105 76 66 65 68 66 72 78 85 90 92 94 102 107 107 Asphalt roofing and siding... .15 94 103 107 132 137 115 165 130 121 92 49 58 80 149 Foods, Beverages, and Tobacco 11.51 112 115 106 no 119 118 127 130 129 120 110 108 HI rU0 114 10.73 111 115 105 110 119 119 126 131 129 120 110 107 109 109 113 Food manufactures 8.49 112 115 104 106 114 116 127 134 130 121 112 110 110 108 111 1.48 128 125 123 115 121 115 120 130 138 134 133 139 140 133 136 Beef .46 148 139 131 133 144 141 141 147 150 134 134 141 132 132 141 Pork .83 110 111 111 99 102 94 101 113 123 126 126 130 136 127 127 Dairy products .69 111 110 119 137 146 133 121 103 93 89 87 92 100 109 121 N Bu a t t t u e r r al cheese . .0 1 7 4 1 11 0 9 9 1 12 0 1 5 1 1 1 3 8 5 1 1 5 3 7 4 1 1 3 6 7 5 1 13 1 8 1 1 9 1 1 9 1 7 0 9 9 1 8 0 0 4 1 8 0 8 1 1 9 0 2 3 1 1 0 0 2 3 1 10 0 8 6 no 1 1 1 3 5 4 .19 102 99 116 143 142 117 95 84 77 70 76 83 88 19199 115 Ice cream .28 111 112 111 122 142 149 149 122 104 94 84 87 99 109 117 Canned and frozen foods 1.13 126 134 91 98 122 163 236 242 175 125 105 92 93 r97 109 Grain-mill products ... . 1.16 100 103 98 99 106 105 109 110 109 104 101 105 102 102 99 Wheat flour .46 87 90 84 84 87 85 92 93 97 97 88 94 90 89 85 Cereals and feeds .70 108 112 106 109 118 118 120 121 117 110 109 113 111 111 108 Bakery products 1.64 100 101 98 100 103 104 102 102 103 101 101 98 99 '99 99 .27 122 131 68 83 82 74 72 103 293 311 233 112 72 64 .11 112 115 114 112 125 126 136 125 117 114 107 103 104 113 Beet sugar .13 125 138 23 53 41 23 11 79 439 476 336 114 40 16 Confectionery .71 112 113 104 92 95 86 103 154 140 134 96 121 128 103 108 1.41 108 115 108 114 119 119 120 119 118 118 116 113 116 '115 116 Beverages 2.24 113 116 110 122 138 128 122 119 124 113 104 95 105 113 Bottled soft drinks .54 Alcoholic beverages ... 1.70 103 107 101 112 125 107 104 108 124 111 94 91 100 109 Beer and ale 1.02 101 103 102 116 136 127 107 99 90 85 90 85 88 105 119' .17 83 91 85 74 58 33 47 116 172 125 109 104 107 107 Liquor bottling .37 111 115 99 114 124 91 116 118 166 154 92 92 116 112 .78 111 118 112 118 125 109 130 125 130 128 103 121 130 121 129 Cigarettes .46 116 124 119 126 134 119 138 129 132 128 108 123 127 121 129 .17 106 114 104 109 113 92 122 124 137 140 102 129 150 133 140 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 639 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average^ 100] Annual 1947-49 average 1958 1959 Industry proportion 1957 1958 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 128 117 109 109 115 110 120 123 124 123 124 124 123 122 123 MINERALS—TOTAL 8.35 128 117 109 108 113 108 119 122 122 124 127 127 126 123 122 Mineral Fuels 2.68 68 60 61 72 46 70 73 75 75 76 73 74 68 Co A al nthracite 2. . 3 3 2 6 4 7 2 2 6 3 4 6 6 3 5 7 4 7 7 5 4 3 8 0 4 7 2 5 4 7 7 7 4 8 3 0 4 8 0 1 5 8 0 0 7 5 6 0 7 3 9 9 r 3 74 4 7 3 3 4 Cr B O ud i i C N t l e u a r a m o u n t i u d i d l n e r a o a g n o l u a d i s s g l n a e c s a x o t t a a u r l n a ra d c l t i g g o a a n s s liquids 4 4 5 . . . . . 8 6 1 3 7 2 7 2 4 0 1 2 1 1 1 5 1 3 9 4 0 2 8 8 6 2 1 1 1 1 1 4 3 9 2 6 1 9 7 9 1 2 1 1 1 3 1 3 2 9 2 3 1 1 3 1 1 1 1 1 3 2 1 8 9 0 9 9 2 7 1 1 1 1 1 3 3 8 2 9 3 0 2 2 8 1 1 1 1 1 3 3 2 8 9 7 4 6 4 7 1 1 1 1 1 4 4 3 9 8 2 1 3 5 6 2 1 1 1 1 0 4 4 9 3 1 5 4 0 6 2 1 1 1 1 1 4 3 9 4 4 2 4 3 6 r1 2 2 1 1 4 0 3 4 3 5 9 0 7 4 2 2 1 1 1 1 4 5 4 3 9 7 1 9 7 *2 1 1 1 2 5 5 3 1 2 0 8 1 1 1 5 5 3 0 0 8 2* 1 1 1 2 4 4 3 1 8 9 9 6 ^ P ^ \ 1 1 4 3 4 7 7 7 Oil a N N nd a a t t g u u a r r a s a l l w g g e a a l s s l d li r q il u l i i d n s g , . . 3 8 6 5 1 17 8 1 4 1 1 5 7 2 9 1 1 3 7 6 3 1 1 4 6 0 8 1 1 5 6 0 7 1 1 5 7 1 3 1 14 7 9 8 1 1 7 5 9 0 1 15 8 4 1 1 15 8 9 8 1 1 9 6 3 5 1 16 9 3 2 2 1 0 5 0 2 1 14 9 6 6 148 Metal, Stone, and Earth Minerals. 1.63 129 117 108 115 125 121 124 132 131 121 110 108 111 114 127 Metal mining .82 116 91 81 86 100 91 96 107 107 93 81 86 91 '91 104 N Ir o on n fe o r r r e ous metal mining , . . 4 3 9 3 1 1 1 1 7 4 1 7 0 3 3 1 3 0 9 9 9 6 8 9 1 9 0 4 8 1 7 0 8 9 1 8 1 6 0 1 1 0 1 1 8 1 1 0 0 7 7 1 5 1 3 9 1 3 1 8 0 1 4 1 3 4 1 5 1 2 8 1 5 1 0 8 no Copper mining .24 133 121 125 112 105 88 100 123 132 145 135 139 141 146 119 Lead mining ..., .09 85 68 78 71 72 62 59 59 62 73 64 69 71 '64 147 Zinc mining , .06 84 65 77 67 67 54 57 59 61 65 60 66 75 r71 65 73 Stone and earth minerals .81 142 143 136 144 150 151 153 158 156 151 139 131 130 138 151 * Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, 1 Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-71. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953, group in addition to the groups shown. Certain types of combat materiel pp. 1247-93 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] 1947^9 A av n e n ra u g a e l 1958 1959 Industry proportion 1957 1958 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. FLECTRICITY AND GAS TOTAL 100.00 233 243 236 237 241 242 245 248 250 249 252 P257 *>258 ^260 ^262 Residential 41.34 261 282 279 278 282 281 285 288 289 285 286 Nonresidential 58.66 213 215 205 208 213 214 217 220 223 224 228 Electricity 76.18 233 243 235 237 242 242 247 250 251 248 252 257 257 260 ^262 Residential . 27.48 273 295 291 290 296 294 300 304 305 298 300 313 310 312 Industrial 23.68 213 208 197 199 203 206 210 216 217 216 221 220 224 228 General industrial . ... 23.49 193 189 178 180 184 187 192 197 198 198 202 202 206 209 Atomic energy .19 2670 2570 2590 2590 2580 2570 2550 2550 2560 2550 2540 2560 2590 2580 Commercial and other 25.02 208 219 209 214 220 220 224 224 224 224 228 230 230 234 Gas 23.82 232 243 238 238 239 239 240 242 247 251 253 *256 ^259 *>261 ^262 Residential 13.86 236 256 255 254 255 256 257 257 257 258 258 Industrial 6.16 230 231 222 225 227 229 231 233 241 245 250 Commercial and other 3.80 218 215 206 203 199 196 196 201 222 236 238 * 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

640 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] Annual 1947-49 average 1958 1959 pro- Product portion 1957 1958 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. SEASONALLY ADJUSTED CONSTJMER DURABLES TOTAL. 100.00 130 113 97 105 111 114 115 103 108 133 134 133 132 135 136 69.72 138 114 94 104 111 116 116 99 105 142 143 140 138 141 145 32.10 146 101 81 96 99 99 95 56 67 139 143 139 130 142 147 36.13 132 127 107 113 123 133 137 138 141 148 144 143 148 142 145 Furniture and floor coverings 15.32 114 115 104 106 109 116 117 120 124 127 127 132 133 133 134 Household furniture 11.31 120 122 111 114 116 121 126 129 130 133 134 140 140 141 143 4 01 15.60 127 127 102 112 125 129 132 137 148 159 156 140 150 139 140 11.88 133 131 101 113 128 133 139 144 157 168 161 141 155 145 145 2.60 89 88 82 79 79 81 77 84 98 114 118 99 103 101 99 Refrigeration arjDliances 4.98 140 140 106 121 140 145 152 155 173 184 180 150 177 164 158 Laundry appliances 2.51 180 170 116 140 157 174 185 202 208 215 187 188 186 169 176 3.72 104 115 105 110 116 115 112 113 123 131 138 137 134 120 125 Radio and television sets 5.21 205 166 131 138 155 191 207 197 166 174 162 181 185 179 189 3 1. . 7 4 9 2 45 7 3 5 3 6 65 1 2 4 93 6 3 4 20 2 35 5 5 1 43 6 5 4 45 7 9 5 40 8 8 6 3 6 59 5 3 7 63 5 3 6 46 5 r38 7 7 3 r40 7 0 2 r39 6 2 7 41 7 5 1 30.28 111 110 106 105 111 111 112 113 114 113 114 118 119 121 115 14.00 Misc home and personal goods 16.28 114 109 103 104 106 111 110 114 114 114 113 114 114 117 118 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES TOTAL 100.00 130 113 101 103 109 100 100 103 116 143 137 136 140 144 141 69.72 138 114 100 103 109 97 94 96 113 155 147 145 150 155 154 32.10 146 101 89 99 100 87 53 37 71 160 161 154 149 163 164 36.13 132 127 110 108 119 108 130 150 151 153 138 140 154 151 148 Furniture and floor coverings 15.32 114 115 104 101 105 105 118 126 131 130 130 130 135 136 134 Household furniture 11.31 120 122 108 108 113 115 127 134 138 137 138 137 140 141 140 4.01 15.60 127 127 112 115 132 109 114 150 147 156 137 131 158 159 155 Major appliances 11.88 133 131 116 118 135 111 110 150 148 162 146 137 169 173 167 2.60 89 88 86 75 84 62 68 92 102 114 108 96 115 117 104 Refrigeration aooliances 4.98 140 140 135 139 165 134 111 149 138 156 153 145 187 205 201 Laundry appliances 2.51 180 170 120 133 141 124 155 228 229 241 189 183 212 186 182 3.72 104 115 101 106 123 102 128 149 145 136 108 112 121 116 120 Radio and television sets 5.21 205 166 125 112 122 114 214 222 221 212 163 193 199 173 166 3.42 75 61 44 41 39 40 64 80 82 99 79 73 73 70 68 Television sets 1.79 453 365 279 246 281 257 500 493 485 429 322 422 440 369 353 Other Consumer Durables 30.28 111 110 103 102 108 107 115 119 123 117 113 115 117 117 112 14 00 Misc home End personal goods. 16.28 114 109 100 100 103 103 112 118 123 122 114 109 114 116 116 P Preliminary. r Revised. Individual indexes without seasonal adjustment for woven carpets, 1 Publication suspended pending revision. appliances, heating apparatus, radio sets, and television sets may be NOTE.—For a description of these indexes, see BULLETIN for May 1954, obtained from the Division of Research and Statistics, pp. 438-47. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] : 3rivate Public Year or month Total Total d R en es ti i a - l Total In tr d i u B al s u - sin m e C e s o r s c m ia - l P u u ti b li l t i y c O n d r t e t o e i h s a n n i l e - - - r Total M ta i r l y i- H w ig ay h- s C t e i 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 1,030 3,870 773 6 249 1955 44,581 32,620 18,705 10,160 2,399 3,218 4,543 3 755 11 961 I 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 1.235 5,350 1 004 7 444 1958 May 3,879 2,696 1,348 978 210 302 466 370 1,183 90 410 81 602 June 3,929 2,725 1,386 965 195 311 459 374 1 204 86 426 85 607 July 3,981 2,760 1,434 948 187 308 453 378 1 221 94 424 84 619 Aug 4,041 2,799 1,496 926 179 294 453 377 1,242 102 432 88 620 Sept 4,119 2,847 1,540 923 172 291 460 384 1 272 112 436 86 638 Oct 4,279 2,944 1,623 932 172 296 464 389 1 335 118 470 88 659 Nov 4,378 3,015 1,682 941 175 302 464 392 1 363 120 505 87 651 Dec 4,473 3,049 1,715 945 173 305 467 389 1,424 125 538 82 679 1959 Jan 4,539 3,095 1,787 933 170 288 475 375 1 444 130 559 87 668 Feb 4,537 3,120 1,817 930 167 287 476 373 1,417 129 552 86 650 Mar P 4,544 3,106 1,811 925 164 293 468 370 1,438 130 557 87 664 Apr p 4,464 3,095 1,803 925 159 305 461 367 1 369 130 500 OO 651 May25 4,460 3,099 1,787 942 159 339 444 370 1,361 135 491 87 648 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 641 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 ia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1957 32,173 11,238 20,935 13,039 2,168 3,267 2,936 2,922 7,841 1958 35,090 13,427 21,663 14,696 1,400 3,197 2,908 3,444 9,446 1958—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 3,820 1,720 2,100 1,364 80 235 264 397 1,479 July 3,607 1,550 2,058 1,557 150 282 264 381 974 Aug •••• 3,467 1,233 2,234 1,451 142 356 280 301 937 SeDt 3,216 1,049 2,167 1,460 113 303 240 237 863 Oct 3,309 L071 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 3,340 869 2,471 1,541 128 286 217 283 886 Apr 3,778 1,207 2,571 NOTE.—Beginning in 1958, monthly data exceed annual total and are in policy of accounting for negative adjustments in monthly data after not comparable with monthly data for earlier years because of a change original figures have been published. CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district All Month districts Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco 1958—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 Apr 2,885 136 281 127 268 182 286 403 130 125 184 212 551 1959 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 Apr 3,778 233 435 127 308 330 385 544 189 145 224 214 645 e Corrected. PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month (s a e p d a T r j s i u o o v s t n a a te t a l e d lly Total p M a o r e l e i t t a r a o s n - p m N o e l o i t t r n a o - n - 1- Pri>/ate 2- Multi- Public Government-underwritten* annual rate) areas Total family family family Total FHA VA 1951 1,091 777 315 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 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 11 Ang, 1,228 124 83 41 115 96 4 15 9 48 35 13 SeDt 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 7 Feb 1,403 95 62 33 94 75 3 15 1 28 22 6 Mar. V1,390 *120 81 39 *117 n.a. n.a. n.a. n 41 31 10 Apr pI 390 »137 96 41 *133 n.a. n.a. n.a. 46 35 11 May V1,340 »134 93 41 ^131 n.a. n.a. n.a. *>3 47 36 10 v Preliminary. n.a. Not available. sure or guarantee the mortgages. VA figures after June 1950 and all FHA i 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

642 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employed1 Unemploy- Year or month institutional labor Not in the ment population 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 May 121,776 71,603 68,965 64,061 57,789 6,272 4,904 50,173 7.2 121,900 73,049 70,418 64,981 58,081 6,900 5 437 48 851 6.8 July . . .. 121,993 73,104 70,473 65,179 58,461 6,718 5,294 48,889 7.3 Aue 122,092 72,703 70,067 65,367 58,746 6,621 4,699 49,389 7.6 Sept 122,219 71,375 68,740 64,629 58 438 6,191 4 111 50 844 7.2 Oct 122,361 71,743 69,111 65,306 58,902 6,404 3 805 50 618 7.1 Nov 122,486 71,112 68,485 64,653 58,958 5,695 3,833 51,374 5.9 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 ]VIay 123,180 71,955 69,405 66,016 59,608 6,408 3,389 51,225 4.9 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—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 r51,086 15,764 704 %650 3,894 11,216 2,387 6,443 8,028 Feb ....... '51,194 15,819 693 r2,626 3,880 11,279 2,395 6,462 8.040 Mar 51,456 16,006 688 2,719 3,885 11,263 2,398 6,441 8; 056 Apr 51,869 16,175 699 2,823 3,888 11,328 2,404 6,476 8,076 May 52,100 16,321 705 2,793 3,909 11.344 2.420 6,488 8,120 WITHOUT SEASONAL ADJUSTMENT 1958—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 ., „, 50,878 15,969 688 2,417 3,865 11,083 2.386 6,377 8,093 Apr 51,414 16,029 692 2,656 3,881 11,131 2.404 6,508 8,113 May 51,956 16,135 698 2,840 3,906 11.215 2,420 6,585 8,157 r Revised. family workers, and members of the armed forces are excluded. Figures NOTE.—Data include all full- and part-time employees who worked for April and May 1959 are preliminary. Back data may be obtained during, or received pay for, the pay period ending nearest the 15th of the from the Bureau of Labor Statistics. month. Proprietors, self-employed persons, domestic servants, unpaid Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 643 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment I Industry group 1958 1959 1958 1959 May Mar. Apr. May May Mar. Apr. May Total 11,415 12,149 12,304 12,444 11,245 12,117 12,167 12,266 Durable goods ,285 6.914 7,026 7,141 6,269 6,937 7,022 7,121 Ordnance and accessories 68 ' 73 73 73 68 73 73 73 Lumber and wood products.... 539 569 578 589 542 552 564 592 Furniture and fixtures 291 313 319 323 284 316 317 315 Stone, clay, and glass products 405 435 445 454 405 433 445 454 Primary metal industries 844 1,010 1,037 1,059 840 1,015 1,037 1,054 Fabricated metal products 760 821 839 853 756 829 839 849 Machinery except electrical ,019 1,097 1,112 1,136 l}029 1,113 1,129 1,147 Electrical machinery 722 790 802 819 715 798 802 811 Transportation equipment ,081 1,226 1,230 1,231 1,081 1,226 1,230 1,231 Instruments and related products 201 214 215 218 200 216 216 217 Miscellaneous manufacturing industries 355 366 376 386 348 368 372 378 Nondurable goods 5,130 5,235 5,278 5,303 4.976 5,180 5,145 5,145 Food and kindred products 1,042 1.049 1,047 1,043 '978 945 958 977 Tobacco manufactures 81 81 81 80 70 72 70 69 Textile-mill products 835 857 868 872 831 866 868 868 Apparel and other finished textiles 1,037 1.048 1,079 1,100 985 1,085 1,057 1,045 Paper and allied products 436 443 446 447 432 441 442 443 Printing, publishing and allied industries 543 551 557 559 540 551 554 556 Chemicals and allied products 513 519 531 537 510 527 536 534 Products of petroleum and coal 157 162 162 159 158 160 160 160 Rubber products 173 202 181 172 172 202 178 171 Leather and leather products 313 323 326 334 302 331 323 322 NOTE.—Data covering production and related workers only (full- and 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 April and May 1959 are HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry gfoup 1958 1959 1958 1959 1958 1959 May Mar. Apr. May vlay Mar. Apr. May Mar. Apr. May Total...... 82.04 89.24 89.87 90.32 38.7 40.2 40.3 40.5 2.12 2.22 2.23 2.23 Durable goods 88.37 97.10 97.75 98.23 39.1 40.8 40.9 41.1 2.26 2.38 2.39 2.39 Ordnance and accessories 99.88 104.08 103.73 103.98 40.6 41.3 41.0 41.1 2.46 2.52 2.53 2.53 Lumber and wood products 74.45 77.74 79.15 80.75 39.6 40.7 40.8 41.2 1.88 1.91 1.94 1.96 Furniture and fixtures 66.91 73.12 72.58 72.22 37.8 40.4 40.1 39.9 1.77 1.81 1.81 1.81 Stone, clay, and glass products 82.97 90.20 91.27 92.35 39.7 41.0 41.3 41.6 2.09 2.20 2.21 2.22 Primary metal industries 96.23 115.34 116.60 116.31 37.3 40.9 41.2 41.1 2.58 2.82 2.83 2.83 Fabricated metal products 88.65 95.88 96.59 97.47 39.4 40.8 41.1 41.3 2.25 2.35 2.35 2.36 Machinery except electrical 93.38 102.42 103.09 104.50 39.4 41.3 41.4 41.8 2.37 2.48 2.49 2.50 Electrical machinery 83.67 89.06 88.84 89.28 39.1 40.3 40.2 40.4 2.14 2.21 2.21 2.21 Transportation equipment 98.85 107.04 107.83 108.50 39.7 40.7 41.0 41.1 2.49 2.63 2.63 2.64 Instruments and related products 85.46 91.53 91.98 91.98 39.2 40.5 40.7 40.7 2.18 2.26 2.26 2.26 Miscellaneous manufacturing industries .. 71.94 75.60 76.38 76.38 39.1 40.0 40.2 40.2 1.84 1.89 1.90 1.90 Nondurable goods 73.91 79.00 79.00 79.80 38.1 39.5 39.5 39.7 1.94 2.00 2.00 2.01 Food and kindred products 80.80 84.42 84.42 85.89 40.2 40.2 40.2 40.9 2.01 2.10 2.10 2.10 Tobacco manufactures 64.24 64.39 65.02 67.47 38.7 38.1 37.8 39.0 1.66 1.69 1.72 1.73 Textile-mill products 55.95 63.43 63.43 64.15 37.3 40.4 40.4 40.6 1.50 1.57 1.57 1.58 Apparel and other finished textiles 52.20 55.85 55.63 55.63 34.8 36.5 36.6 36.6 1.50 1.53 1.52 1.52 Paper and allied products 86.10 92.66 93.09 93.73 41.0 42.7 42.7 42.8 2.10 2.17 2.18 2.19 Printing, publishing and allied industries.. 97.01 102.64 101.73 101.84 37.6 38.3 38.1 38.0 2.58 2.68 2.67 2.68 Chemicals and allied products 93.43 97.88 98.18 98.77 40.8 41.3 41.6 41.5 2.29 2.37 2.36 2.38 Products of petroleum and coal 110.16 118.24 117.91 117.38 40.5 41.2 40.8 40.9 2.72 2.87 2.89 2.87 Rubber products 87.86 103.74 100.91 n.a. 38.2 42.0 41.7 n.a. 2.30 2.47 2.42 n.a. Leather and leather products 55.42 60.80 59.57 59.25 35.3 38.0 37.0 36.8 ! 1.57 1.60 1.61 1.61 n.a. Not available. NOTE.—Data are for production and related workers. Figures for April and May 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

644 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALES i 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 Aor 130 114 121 135 121 147 r157 118 130 120 136 r150 142 May 134 117 124 129 124 146 164 124 136 126 148 161 142 133 115 124 129 122 146 176 119 133 123 141 162 143 July 140 129 133 141 132 153 174 131 139 129 147 162 140 147 137 137 143 140 163 183 136 151 137 158 172 148 135 119 125 129 129 145 167 124 144 126 147 162 140 Oct 135 125 128 140 126 151 165 122 131 123 144 159 141 Nov 137 122 125 135 125 149 170 125 133 130 149 166 149 143 132 133 142 139 156 176 134 148 136 150 160 148 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 138 116 123 129 128 146 167 r129 144 141 155 166 155 Apr 2140 120 126 142 132 2156 2175 130 138 127 169 153 WITHOUT SEASONAL ADJUSTMENT 1958 Apr 123 109 114 125 113 136 r156 112 123 117 131 143 130 May 130 117 120 128 120 144 158 122 137 121 145 159 135 126 115 120 121 115 135 153 117 124 119 136 147 135 July 112 93 97 103 107 123 144 103 114 103 130 144 124 129 107 105 115 124 139 165 121 136 130 152 160 144 Sept 137 127 129 135 129 151 160 129 143 135 149 156 140 Oct 141 127 135 143 129 158 173 129 144 142 149 165 142 166 149 160 179 154 186 197 154 161 150 173 190 173 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 96 109 99 112 126 119 Mar 125 103 112 124 117 138 167 114 128 r119 133 151 r132 Apr 2130 114 116 128 123 2140 122 129 122 2140 157 138 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 Apr 143 131 134 149 124 167 190 131 141 129 145 r164 152 144 133 133 152 128 169 191 133 140 133 146 164 152 147 135 136 157 126 173 191 138 144 136 152 168 156 July 148 140 135 152 131 171 192 142 145 135 149 163 156 148 137 135 153 128 172 192 144 143 137 152 163 152 Sent 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 148 136 137 153 127 171 195 138 138 139 150 169 163 Apr 2151 138 138 155 127 2175 2201 142 141 137 150 2175 2166 WITHOUT SEASONAL ADJUSTMENT 1958 Apr r150 136 139 160 130 175 200 139 149 132 153 r170 r155 May 146 135 136 155 131 170 193 137 140 132 148 163 151 140 126 127 146 120 160 182 134 134 128 146 156 150 July 139 126 122 137 121 156 179 136 135 129 142 155 150 144 133 132 147 123 167 188 138 141 134 151 163 153 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 153 138 141 158 131 182 204 139 143 143 156 178 165 144 143 166 133 150 149 141 158 2182 2169 9 Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginning i Figures for sales are the average per trading day, while those for stocks 1947, see BULLETIN for December 1957, pp. 1323-52. Figures prior to are as of the end of the month or averages of monthly data. 1947 may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 645 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t a o f o l o n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) i o ( s e r O t n d i a n d u e n g r t d - s o - * f c ( e t R f i o o p e t r t a - s l 2 o ( r N t d f o o e e t r w r a s l 3 Stocks o s O t r i a d n u n e g t d r - s - S st p o t i a o l n u n u c g t d s k - - s ce R i e p - ts month) month) month) orders 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 I 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 l.l 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 l.l 4.0 1.0 1956 454 1,286 470 459 458 3 0 l.l 4 1 1 0 1957 459 1,338 461 461 458 3.1 l.l 4.1 1.0 1958 462 1,320 436 461 463 3.0 0 4.1 1.0 Month: 1958—Apr 416 1,346 '316 '439 '•398 3.2 r0.8 4.0 l.l May 441 1,308 319 405 414 3.0 0.7 3.7 3.9 June 402 1,230 481 324 486 3.1 1.2 4.3 ).8 July 366 1,216 563 352 434 3.3 1.5 4.9 1.0 420 1,276 534 480 451 3.0 1.3 4 3 [ l 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 [ l Dec . . .. 911 1,231 332 575 445 1.4 0.4 1.7 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 I 2 Mar 434 1,360 423 516 489 3.1 1.0 4.1 .2 Apr p 431 1,404 387 475 440 3.3 0.9 4.2 I l p Preliminary. f Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1958, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see 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 exports i 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 1-505 1,400 1,584 1,396 1,286 1 115 1 096 1,154 Feb 1,616 1,345 1,280 1,495 1,245 1,184 993 956 1,118 Mar . 2,154 1,553 1,456 2,024 1,438 1,375 1,133 1,072 1,301 Apr 1,866 1,530 1,468 1,783 1,408 1,343 1,119 1,057 1,221 M!ay . 1,817 1,638 1,715 1,507 1,106 1,061 June 1,790 1,406 1,656 1,308 986 1,031 July .. . 1,697 1,416 1,510 1,287 1,148 1,049 Aug 1 681 I 396 1 540 1 283 1 043 950 Sept 1,544 1,361 1,441 1,239 1,007 1,074 Oct 1 680 I 599 1 606 1 418 1 148 1 142 Nov 1,688 1,596 1,601 1,408 1,043 1,089 Dec 1 636 514 1 541 1 379 1 142 1 253 Jan -Apr.. . 7,317 5,933 5,604 6,886 5,487 5,188 4,360 4,181 4,794 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. and supplies under Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other All Ap- Trans- Med- Per- ing goods Year or month items Foods Total Rent e G a l n e a c d 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 - - parel p t o io rt n a- c ic a a re l s c o a n r a e l re t a c i n o re d n a- s a i e c n r e v d 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 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 123.5 120.3 127.7 137.7 117.0 134.9 103.9 131.4 107.0 140.5 144.4 128.6 116.7 127.2 1958 Apr 123.5 121.6 127.7 137.3 116.0 134.2 104.0 130.9 106.7 138.3 142 7 128 5 117 0 127 2 May 123.6 121.6 127.8 137.5 116.5 131.6 104.0 130.9 106.7 138.7 143.7 128.5 116.6 127.2 June 123.7 121.6 127.8 137.7 116.9 131.7 104.1 131.1 106.7 138.9 143.9 128.6 116.7 127.2 July 123.9 121.7 127.7 137.8 117.0 132.3 104.0 131.2 106.7 140.3 144.6 128.9 116.6 127.2 A.UK 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 \21.1 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 123.7 117.7 128.7 139.1 118.5 140.3 103.8 133.7 107.0 144.9 149.2 129.7 117.3 127.3 Apr 123.9 117.6 128.7 139.3 118.2 138.7 103.8 133.8 107.0 145.3 149.6 130.0 117.7 128.2 NOTE.—Revised index, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-^*9= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t e d - d e s - l - l H s p e u k a a r i n c o i t d n h t d d e s s e s - , r ,p l t F o i m e a i g w n u r n h a i g e d a e t - l l - r s ,C p a i u a c h r l n c l o a e i t d l e d m s s d - - p R u a b r u n c o e b t d d r s - - w p L u a b r u o c n o e m o t d d r s d - - p p a P u a l a r l u c n o p i t e l d d e s p d - r,M m p u a r e e c n o t t t d d a a s l - l s p c u m M a t r e h i c n o v r o i a t y n d d e - s - - - h F d o h t b o a u u t u o l n h u r r e r l d e s a n e d s e r - i- - e s N t t r m t m a u a r o l l i r u e l s n a n i - c — c - l - - b b e m o b a T r a t a e n f c o t r g v l d c - s e e - o . d s n c M e e o l i l s u a - - s 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112 0 113 6 110 6 108 3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115 4 120 9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119 1 129.6 122.3 91 0 1957 117.6 90 9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119 0 129 6 151.2 146 1 122 2 134 6 126 1 89 6 1958 119.2 94.9 110.9 126.0 93.5 100.6 112.7 110.4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1958 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 Aue 119.1 93.2 111.3 126.1 93.3 100.5 113.7 110.0 144.4 118.6 131.0 150.8 149.5 123 0 135 2 128 0 95 6 Sept 119.1 93.1 111.1 126.2 93.3 100.2 114.1 109.9 145.2 120.4 131.7 151.3 149.4 123.0 136.7 128 0 192 5 Oct 119.0 92.3 110.0 126.4 93.2 101.4 113.0 110.2 146.1 120.8 131.9 152.2 149.9 123.0 136.7 128.8 91.2 Nov 119.2 92.1 109.5 126.8 93.1 102.3 112.6 110.2 146.6 120.0 131.9 153.0 151 2 122 7 136 7 128 7 93 2 Dec 119.2 90.6 108.8 127.2 93.3 103.6 112.9 110.0 146.3 119.8 131.3 153.0 151.5 122 8 136 9 128 6 100 9 1959 Jan 119.5 91.5 108.7 127.5 93.3 104.1 113.9 110.2 146.0 120.5 131.5 152.9 151.8 123.3 137.2 128.6 100.8 Feb 119.5 91.1 107.6 127.8 93.7 105.4 114.8 109.9 146.1 122.5 131.7 153.4 152.0 123 3 137 5 128 9 98 5 Mar 119.6 r90.8 107.2 128.1 '93.9 108.5 115.0 109.8 146.7 r124.2 132.0 153.6 r152.2 r123.5 137 7 132 1 97 0 Apr 120.0 92.4 107.2 128.3 94.1 117.8 114.2 110.0 147.5 126.1 132.2 152.8 152.1 123.5 138.3 132.2 98.8 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 647 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1958 1959 1958 1959 Subgroup Subgroup Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr, Farm Products: Pulp, Paper, and Allied Products {Cont.): Fresh and dried produce 129.2 105.9 93.6 114.2 Grains 85.7 77.0 77.7 79.7 Paperboard 136.1 136.2 136.2 136.2 Livestock and poultry 94.5 88.4 91.1 91.9 Converted paper and paperboard... 127.2 127.6 127.6 127.5 Plant and animal fibers 101.4 99.1 99.5 101.0 Building paper and board. 144.1 144.2 144.2 145.0 Fluid milk 91,7 95.5 r93.5 91.7 Eggs 77.1 69.3 70.5 54.5 Metals and Metal Products: Hay and seeds 79.9 78.0 78.4 79.5 Other farm products 142.3 134.8 133.8 133.5 Iron and steel 166.4 172.5 171.9 170.8 Nonferrous metals 124.1 134.1 136.1 134.8 Processed Foods: Metal containers 155.7 156.3 156.3 152.9 Hardware 169.0 172.9 173.0 173.0 Cereal and bakery products 118.4 117.7 119.0 118.9 Plumbing equipment 123.6 126.0 129.2 129.8 Meats, poultry, and fish 108.5 100.9 99.6 100.8 Heating equipment 120.8 122.0 121.9 121.9 Dairy products and ice cream 111.4 113.0 113.0 112.0 Fabricated structural metal products 134.1 134.0 132.9 132.9 Canned, frozen fruits, and vegetables, 107.6 110.6 111.2 110.8 Fabricated nonstructural metal Sugar and confectionery 114.3 113.8 112.9 112.1 products 145.9 145.8 145.9 145.9 Packaged beverage materials 168.4 149.7 •148.4 145.6 Other processed foods 97.1 97.2 95.7 95.3 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 138.5 143.0 143.1 143.1 Cotton products 89.6 90.2 90.3 Construction machinery and equip- Wool products 101.6 97.7 r97.8 99.5 ment 165.4 171.4 171.7 171.8 Synthetic textiles 80.5 79.8 r80.1 80.6 Metal working machinery 170.7 171.0 172.1 172.4 Silk products 116.5 109.3 112.1 113.6 General purpose machinery and Apparel 99.2 99.3 99.3 99.3 equipment 159.4 163.9 163.3 162.8 Other textile products. 75.4 78.0 76.1 75.7 Miscellaneous machinery 149.0 149.0 149.2 149.2 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 151.8 152.5 153.1 153.0 Motor vehicles 139.0 143.2 143.2 143.2 Hides and skins 73.0 87.7 108.5 Leather 91.1 101.0 103.6 120.4 Furniture and Other Household Dura- Footwear 121.7 123.3 123.6 128.3 bles: Other leather products. 97.6 100.8 103.4 109.5 Household furniture 122.8 124.1 124.1 123.9 Fuel, Power, and Lighting Materials: Commercial furniture 154.2 155.0 155.0 155.0 Floor covering 128.5 126.3 127.2 127.8 Coal 119,8 126.2 124.6 119.3 Household appliances 105.3 104.8 105.0 105.1 Coke 161.9 170.4 170.4 170.4 Television, radios, phonographs 94.7 93.2 r93.4 93.4 Gas fuels (Jan. 1958= 100) 98.1 112.0 113.1 111.3 Other household durable goods 155.1 156.0 156.0 156.2 Electric power (Jan. 1958= 100)... 100.0 100.8 100.9 100.8 Petroleum and products 115.8 119.5 119.9 119.4 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.7 135.2 135.2 135.2 Concrete ingredients 138.9 140.2 140.2 140.2 Industrial chemicals 124.3 123.7 123.6 123.9 Concrete products 127.9 129.0 129.3 129.4 Prepared paint 128.4 128.4 128.4 128.3 Structural clay products 155.5 159.6 159.9 160.0 Paint materials 104.0 101.4 101.3 101.4 Gypsum products 133.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics. 94.1 93.0 92.8 92.8 Prepared asphalt roofing , 107.2 119.8 119.4 126.4 Fats and oils, inedible 62.2 58.9 60.3 60.4 Other nonmetallic minerals 131.2 131.7 132.7 132.7 Mixed fertilizers 111.4 109.8 110.0 109.6 Fertilizer materials 110.3 107.5 107.5 107.5 Tobacco Manufactures and Bottled Other chemicals and products 107 ..2 106.5 106.1 106.3 Beverages: Rubber and products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.6 106.6 106.6 Crude rubber 131.2 139.4 142.4 146.9 Other tobacco products 139.7 148.3 150.9 152.8 Tires and tubes 152.1 I 151.9 151.9 151.9 Alcoholic beverages 120.1 121.7 121.7 121.7 Other rubber products. 143.0 | 143.6 143.6 143.4 Nonalcoholic beverages 149.3 148.9 171.1 171.1 Lumber and Wood Products: Miscellaneous: Lumber.. 115.9 123.1 125.5 126.6 Toys, sporting goods, small arms... 119.1 117.9 117.2 116.9 Millwork. 127.6 130.2 130.2 134.4 Manufactured animal feeds 80.9 82.2 79.6 82.9 Plywood.. 94.4 103.6 104.0 106.6 Notions and accessories 97.5 97.5 97.5 97.5 Jewelry, watches, photo equipment.. 107.3 108.1 108.2 108.2 Pulp, Paper, and Allied Products: Other miscellaneous 132.4 132.4 132.6 132.6 Woodpulp.. 121.2 121.2 121.2 121.2 Wastepaper. 75.3 107.1 115.7 115.7 Paper 142.9 I 142.1 142.1 143.3 p Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

648 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1958 1959 IQ7Q 1QA 1 1 o^n 1 Q^A 1 Q^*J 10S7 1QCO 1 JJ*H lyj 1 1 2 3 4 1 Gross national product 104.4 56.0 125.8 284.6 363.1 397.5 419.2 440.3 451.1 427.1 430.4 439.8 453.0 467.0 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 -1.5 -1.5 -1.2 -3.0 -.3 Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 -.2 .0 1.0 1.3 1.5 1.6 1.5 1.5 1.6 1.4 Equals: 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 * *16i4 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 Equals: Personal income 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 2.0 18.2 29.2 31.5 35.2 37.4 37.0 36.6 36.5 37.6 37.8 38.6 1.4 1.0 1.3 2.6 3.8 4.2 4.8 5.4 5.8 5.7 5.8 5.9 5.9 6.2 State and local 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 Equals: Disposable personal income 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 Less: Personal consumption expenditures. 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 Equals: Personal saving 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 salaries^ 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 .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 11.8 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 12.1 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 36.7 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 18.7 16.1 16.3 19.3 23.0 Corporate profits after tax 8.3 -.4 9.4 22.8 16.8 23.0 23.1 21.8 18.0 15.5 15.7 18.6 22.2 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.3 -1.7 -2.6 -1.5 -.2 -.3 .5 .2 -1.2 Net interest 6.4 5.0 4.5 5.5 9.1 10.4 11.3 12.6 13.2 13.0 13.1 13.2 13.3 13.6 1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 649 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1958 1959 1929 1933 1941 1950 1954 1955 1956 1957 1958 Gross national product 104.4 56.0 125.8 284.6 363.1 397.5 419.2 440.3 437.7 427.1 430.4 439.8 453.0 467.0 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. 111.3 112.5 113.6 115.1 Gross private domestic investment 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 construction1 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. -5.4 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 7.0 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 Imports 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 Federal 1.3 2.0 16.9 19.3 47.5 45.3 45.7 49.4 51.7 49.7 50.7 52.2 54.2 54.3 N O Le t a h s t s i e o : r n G a o l v d e e r f n e m ns e e n 4 t sales5 1. . 3 0 2. . 0 0 ' • 1 3 3 i .8 1 5 4 . . . 2 1 3 4 6 1 . . . 7 2 3 3 6 9 . . . 6 1 4 4 5 0 . . . 7 3 3 4 5 4 . . . 5 3 4 A 7 A . . A 6 3 4 6 3 . . . 3 7 3 4 6 4 . . . 9 1 3 4 8 4 . . . 0 5 3 4 9 5 . . . 2 3 3 4 8 5 . . . 8 8 3 State and local 7.2 6.0 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 investment 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 i in s P o c e o n r m a - l e Total p d m i C r u n o o g s o d 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 u e v ri s 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 l e s 3 ' i i n n s p a t c o e e n o n r r d m a e - l s e t m T p r f e a e a n r y n - t - s s - 4 b c i s a u o n o n f t n s o c i c u o t i r e r a r n 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 May 351.4 233.1 95.6 62.6 33.4 41.5 8.9 58.0 31.7 26.4 6.7 332.4 353.4 235.8 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 7.0 342.0 357.2 238.5 97.7 63.6 33.8 43.4 9.1 57.7 31.9 26.8 6.8 339.2 Sept 358.7 239.4 98.4 63.6 33.9 43.5 9.2 57.9 31.9 27.0 6.8 340.9 Oct 358.2 239.0 97.7 63.7 33.9 43.7 9.2 58.0 31.9 26.9 6.8 340.3 Nov 360.7 242.0 100.3 63.9 34.2 43.7 9.3 57.8 31.9 26.6 6.8 343.2 Dec 359.9 243.3 101.0 64.2 34.3 43.9 9.3 57.9 30.2 26.0 6.8 342.4 1959 Jan 363.0 245.4 102.1 64.8 34.5 44.0 9.4 58.1 32.1 25.8 7.7 345.8 Feb 365.4 246.9 102.7 65.3 34.7 44.2 9.5 58.3 32.3 26.1 7.7 348.2 Mar 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 373.2 253.4 107.5 66.2 35.2 44.6 9.6 58.9 32.9 26.3 7.9 355.9 May? 376.2 255.8 109.0 66.7 35.4 44.7 9.6 59.2 33.2 26.3 7.9 359.0 » 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

650 MEMBER BANK EARNINGS, 1958 EARNINGS OF ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] All All cit C y e m nt e r m al b r e e r s e b r a v n e ks Reserve Country All member banksl n m a e t m io b n e a r l m S e t m at b e er me c m ity ber m b e a m nk b s er Item banks banks New York Chicago banks 1955 1956 1957 1958 Year 1958 Earnings 5,342,589 6,078,173 6,770,958 7,126,594 4,523,156 2,603,438 lsl<Bf984 271,987 2,835,084 2,855,539 Interest and dividends on securities: U.S. Govt 1,118,106 1,100,589 1,167,739 1,266,176 836,524 429,652 170,109 58,126 478,429 559,512 Other 295,606 307,846 339,451 411,403 266,878 144,525 61,343 16,584 150,622 182,854 Interest and discount on loans. 3,021,843 3,662,480 4,136,112 4,245,404 2,729,561 1,515,843 685,270 154,892 1,718,519 1,686,723 Other charges on loans 61,362 62,685 71,803 80,902 50,307 30,595 13,652 1,886 40,175 25,189 Service charges on deposits. .. 274,024 310,165 354,187 388,500 268,672 119,828 26,524 2,531 162,543 196,902 Other charges, fees, etc.. .. 109,755 121,585 136,558 139,686 79,416 60,270 29,109 2,624 51,366 56,587 Trust department 266,992 309,105 340,234 364,360 141,425 222,935 119,579 28,441 143,433 72,907 Other current earnings.... 194,902 203,719 224,875 230,163 150,373 79,790 58,398 6,903 89,997 74,865 Expenses 3,265,126 3,679,898 4,222,375 4,616,925 2,958,376 1,658,549 636,480 141,794 1,822,987 2,015,664 Salaries—officers 511,736 553,292 592,380 632,081 411,521 220,560 69,001 18,289 215,953 328,838 Salaries and wages—others.. . 1,059,667 1,181,906 1,284,885 1,349,170 825,434 523,736 230,867 49,678 561,214 507,411 Directors' fees, etc 27,189 29,161 30,856 32,485 22,062 10,423 1,667 310 5,770 24,738 Interest on time deposits 543,122 649,679 927,199 1,123,415 759,478 363,937 109,882 24,693 473,839 515,001 Interest on borrowed money.. 21,942 43,793 47,875 23,183 12,830 10,353 8,303 1,259 10,020 3,601 Taxes other than income 148,987 157,227 172,171 185,234 125,553 59,681 15,830 6,301 81,204 81,899 Recurring depreciation 86,837 102,854 117,071 134,749 90,556 44,193 13,584 1,280 45,310 74,575 Other current expenses 865,647 961,985 1,049,938 1,136,608 710,942 425,666 187,346 39,984 429,677 479,601 Net current earnings before income taxes 2,077,463 2,398,275 2s548,583 2,509,669 1,564,780 944,889 527,504 130,193 1,012,097 839,875 Recoveries, transfers from reserves, and profits 212,508 225,807 169,938 777,390 460,825 316,565 112,495 55,930 354,187 254,778 On securities: Recoveries 18,317 12,578 8,190 8,15 5,526 2,631 68 1,926 1,849 4,314 Transfers from reserves 37,547 39,745 19,345 54,261 33,078 21,183 3,320 4,840 37,491 8,610 Profits on securities 50,668 27,526 57,162 611,514 352,977 258,537 92,426 47,703 279,720 191,665 On loans: Recoveries 20,741 14,309 14,037 15,848 11,209 4,639 826 164 2,221 12,637 Transfers from reserves. 47,728 73,279 36,848 39,679 27,554 12,125 12,182 12 17,228 10,257 All other 37,508 58,370 34,357 47,931 30,481 17.450 3,673 1,285 15,678 27,295 Losses, charge-offs, and transfers to reserves 613,959 879,830 655,063 681,456 449,479 231,977 64,345 46,427 313,435 257,249 On securities: Losses and charge-offs 195,493 276,573 206,908 74,869 54,525 20,344 5,640 4,664 27,208 37,357 Transfers to reserves , 63,086 97,001 78,269 253,282 159,713 93,569 26.666 27,919 148,025 50,672 On loans: Losses and charge-offs 17,843 21,851 15,675 15,109 11,472 3,637 183 1,167 1,282 12,477 Transfers to reserves 265.632 407,544 280,887 240,813 157,275 83.538 26,802 8,214 98,475 107,322 All other 71;904 76,862 73,324 97,383 66,494 30,889 5,054 4,463 38,445 49,421 Profits before income taxes 1,676,013 1,744,253 2,063,459 2,605,603 1,576,126 1,029,477 575,654 139,696 1,052,849 837,404 Taxes on net income 690,770 717,688 894,515 1,148,409 688,682 459,727 275,892 69,195 489,961 313,361 Federal 655,361 677,206 848,679 1,081,498 657,039 424,459 249,520 69,195 463,010 299,773 State 35,410 40,482 45,836 66,911 31,643 35,268 26,372 26,951 13,588 Net profits 985,242 1,026,565 1,168,944 1,457,194 887,444 569,750 299,762 70,501 562,888 524,043 Cash dividends declared 500,941 546,931 603,767 646,178 392,218 253,960 160,213 26,148 257,619 202,198 On preferred stock2 1,730 1,592 1,485 1.566 169 1,397 33 68 283 1,182 On common stock 499.211 545.339 602.282 644.612 392,049 252.563 160.180 26,080 257,336 201,016 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 2,719j 3,185 2,099 8,919 6,876 2.043 765 5,615 2,539 On loans 33,589j 35,443 43.673 61,132 38,729 22.403 14.046 4.179 19,538 23,369 Losses charged to reserves (not included in losses above): On securities 65,502 92,830 71.394 18,823 12,610 6,213 2,574 760 12,519 2.970 On loans 75,669 108,536 109,169 76,455 32,714 11.181 10,131 33,501 54,356 Loans 64,651,000 74,279,000 79,024,000 80,819,000 15.883,000 3,505,000 32,614,000 28,817,000 U. S. Govt. securities 53,453,000 47,554,000 46,081,000 51,604,000 7,128,000 2,455,00019,557,000 22,464,000 Other securities 13,876,000 13,421,000 13,579,000 15,721,000 () 2,237,000 618,000 5,678,000 7,189,000 Cash assets 36,047,000 36,924,000 37,435,000 37,916,000 7,571,000 1,949,00015,575,000000 12,822,000 Other assets 2,620,000 2,883,000 3,450,000 3,893,000 (3) 1,237,000 75,000 1,457,000 1,123,000 (3 Total assets 70,646,000175,061,000 179,568,000 189,953,000 0) 34,056,000 8,602,000 74,881,000 72,414,000 Time deposits 39,983,000 41,200,000 44,596,000 51,054,000 (3) 4,926,000 1,418,000 20,609,000 24,101,000 Total deposits 54,464,000157,561,000160,753,000170,058,000 (3) 28,995,000 7,708,000 67,380,000 65,974,000 Total capital accounts 12,499,000 13,270,000 14,108,000 15,086,000 (3) 3,214,000 709,000 5,580,000 5,583,000 Number of officers 58,623 61,325 63,410 65,694 45,113 20,581 4,457 1,092 19,868 40,277 Number of employees 342,181 363,639 378,317 381,086 241,451 139,635 52,108 11,686 154,028 163,264 Number of banks 6,543 6,462 6,393 6,312 4,578 1,734 18 14 274 6,006 For notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1958 651 EARNINGS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 351,143 1,785,377 374,819 565,852 320,593 391,535 1,014,876 237,012 197,315 302,049 378,067 1,207,956 Interest and dividends on securities: U. S. Govt 50,960 272,300 61,748 112,432 60,217 71,938 238,171 51,645 37,078 61,682 64,437 183,568 Other 15,065 106,262 24,246 35,883 16,451 22,868 63,480 14,910 12,270 18,198 21,374 60,396 Interest and discount on loans. 205,082 1,063,554 228,547 329,517 192,565 232,462 568,137 141,414 115,968 177,969 236,898 753,291 Other charges on loans 2,052 20,910 2,534 4,667 2,662 4,172 9,885 1,253 1,674 1,598 3,263 26,232 Service charges on deposits... 22,450 72,988 14,993 26,587 19,930 25,546 46,647 10,627 12,743 20,083 17,995 97,911 Other charges, fees, etc 9,311 39,030 5,307 8,296 8,049 9,537 15,975 4,322 7,495 4,647 5,712 22,00-5 Trust department.. 32,375 136,349 28,683 31,094 12,827 11,382 48,985 6,936 5,128 8,117 8,090 34,394 Other current earnings 13,848 73,984 8,761 17,376 7,892 13,630 23,596 5,905 4,959 9,755 20,298 30,159 Expenses 226,177 1,094,170 249,573 361,666 215,612 268,439 657,939 148,618 132,169 189,618 241,292 831,652 Salaries—officers 33,935 125,186 34,531 46,559 34,678 39,353 91,032 26,266 23,156 38,855 43,029 95,501 Salaries and wages—others... 174,848 353,329 73,989 101,394 61,462 73,866 194,277 40,145 33,052 51,000 58,791 233,017 Directors' fees, etc 1,958 5,593 3,651 2,855 2,358 2,221 4,585 1,994 1,290 2,144 2,247 1,589 Interest on time deposits 33,003 246,174 55,375 92,001 47,535 58,204 160,103 27,042 31,100 31,937 43,766 297,175 Interest on borrowed money.. 1,012 9,428 802 1,841 663 1,179 2,792 511 480 834 913 2,728 Taxes other than income 9,046 30,387 10,138 24,721 8,630 12,443 27,828 7,091 4,092 5,893 18,892 26,073 Recurring depreciation 7,645 28,779 8,589 11,539 7,909 10,205 16,650 4,346 3,725 6,427 9,814 19,121 Other current expenses 64,730 295,294 62,498 80,756 52,377 70,968 160,672 41,223 35,274 52,528 63,840 156,448 Net current earnings before income taxes 124,9661 691,207 125,246 204,186 104,981 123,096 356,937 j 88,394 65,146 112,431 136,775 376,304 Recoveries, transfers from reserves, and profits 43,259! 179,162 25,059j 92,563 28,889 40,455 156,532| 29,048 22,346 27,407 19,610 113,060 On securities: Recoveries 587j 1/759 422 323 128 463 3,395 1141 268 244 357 97 Transfers from reserves 1,123! 2,678 j 9,999 300 1,531 12,055 2,074! 2,182 736 586 12,807 Profits on securities 30,2971 130^005 19,4041 76,769 24,968 33,414 130,5281 24,235 16,273 21,636 13,215 90,770 On loans: Recoveries 471 4,073 669 1,032 429 726 7321 465 940 1,936 3,242 1,133 Transfers from reserves 7,910 16,503 415 2,431 1,394 1,456 3,2451 741 842 388 573 3,781 All other 2,871 18,632 1,471 2,009 1,670 2,865 6,577 1,419 1,841 2,467 1,637 4,472 Losses, charge-offs, and transfers to reserves 43,654 138,099 32,790 84,723 26,757; 31,096 124,589 i 26,847 11,369 27,309 29,947 104,276 On securities: Losses and charge-offs 3,295 14,394 4,333 4,732 3,124 3,468 16,005! 5,328 2,914 5,469 3,711 8,096 Transfers to reserves 15,434 41,361 4,814 57,124 7,948 7,895 55,102| 12,082 1,266 5,014 3,653 41,539 On loans: Losses and charge-offs 7961 1,083 567 962 628 800 2,008 813 917 2,258 3,340 937 Transfers to reserves 16,655! 60,244 15,894 15,153 8,838 13,812 31,909! 5,377 4,781 9,703 14,144 44,303 All other 7,474! 21,017 7,182 6,752 6,219 5,121 19,565i 3,247 1,491 4,865 5,099 9,351 Profits before income taxes 124,571 732,270 117,515 212,026 107,1131 132,455 388,880! 90,5951 76,123 112,529 126,438 385,088 Taxes on net income 61,906 333,911 45,763 98,721 48,312 52,332 163,4581 40,363 29,526 44,463 50,315 179,339 Federal 53,186 301,667 45,537 98,721 47,132j 51,494 162,661! 39,613 26,408 42,783 50,278 162,018 State 8,720 32,244 226 1,180 838 7971 750 3,118 1,680 37 17,321 Net profits 62,665! 398,359 71,752 113,305 58,801 80,123 225,422 50,232 46,597 68,066 76,123 205,749 Cash dividends declared 33,819 208,267 39,039 46,878 26,101 25,168 72,590! 20,750 16,165 22,379 34,315 100,707 On preferred stock 2 33 1,205 4 2 10 245! 33 9 25 On common stock 33,786 207,062 39,035 46,878 26,0991 25,158 72,345! 20,717 16,156 ' *22,379 ' "34,3i5 100,682 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 1,485! 2,697 955 389| 33 138| 2,341 1 470 224 166 Losse O s n c lo h a a n rg s ed to reserves 3,566l 185965 3,247 1,207! 1,974 10,546| 1,397 1,322 4,124 4,042 8,239 (not included in losses above): On securities 162 4,541 204 3,615 248 366 2,378: 520 28 26 397 6,338 On loans 5,737 23,635 5,412 6,501 3,101 7,790 21,732; 3,514 2,090 5,203 8,327 16,127 L U o . a S n . s Govt. Securities 2 3 , , 0 8 4 1 6 0 , , 0 0 0 0 0 0 22,52 5 5 4 , , 0 0 0 0 0 0 2 4 , , 4 2 8 6 4 1 , , 0 0 0 0 0 0 4 6 , , 6 4 0 2 2 8 , , 0 0 0 0 0 0 2 3 , , 4 4 9 6 1 2 , , 0 0 0 0 0 0 2 3. , ,. 9 9. 6 4. 3 7.. , , 0 0. 0 0.. 0 0 1 9 1, , ' 0 8 1 04 1, ^ 0 00 0 0 0 .2 2 .., , 6 0 _7 5 _2 7 . , , 0 0 0 0 0 0 2 1, ,.0 4.2 4.»1 4 , ,0 00 0 0 0 3 25, , 1 506 072 7,0, , 000 0 000 0 4 2 , , 2 5 8 7 8 1 , , 0 0 0 0 0 0 1 7 3 , , 4 2 8 2 4 9 , , 0 0 0 0 0 0 Other securities 676,000 3,975,000 918,000 1,280,000 641,000 876,000 2,510,000 557,000 442,000 715,000 741,000 2,390,000 Cash assets 1.621,000 9,842,0001,819,000 2,785,000 1,837,000 2,364,000 5,659,000 1,505,000 981,000 2,009955,,000000 2,714,000 4,695,000 Other assets 172,000 1,492,000 178,000 220,000 152,000 192,000 333,000 81,000 74,000 106,000 258,000 636,000 Total assets 8,326,000 48,988,000 9,660,000 15,315,000 8,583,00010,342,000 29,317,000 6,872,000 4,961,000 8,584,00010,572,000 28,433,000 Time deposits 1,526,00010,816,000 2,827,000 4,690,000 2,187,000 2,358,000 8,813,000 1,483,000 1,461,000 1,445,000 1,967,000 11,481,000 Total deposits 7",,335533,,000000 42,587,000 8,615,000 13,714,000 7,755,000 9,422,000 26 710,000 6,222,000 4,513,000 7,812,000 9,612,000 1255,,774411.,000000 Total capital accounts 762,000 4,306,000 901,000 1,326,000 681,000 752,000 2 120 000 550,000 363,000 674,000 836,000 l,814,'OOO Number of officers 3,542 10,341 4,063 4,762 4,000 4,320 8,498 3,214 2,837 4,660 4,850 10,607 Number of employees 22,718 88,114 22,084 28,704 19,885 24,181 54,631! 13,406 10,606 16,343 18,429 61,985 Number of banks 287 531 513 589 455 401 1,021 j 489 476 750 631 169 1 Includes figures for all banks that were members of the Federal Reserve 2 Includes interest on capital notes and debentures. System at the end of the year (including those becoming members during 3 Not available on the 13-month basis used for all member banks. See the year whose returns may cover operations for only part of the year); NOTE on following page. and in addition includes appropriate adjustments for member banks in operation during part of the year but not at the end of the year. Data For other notes see following page. may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

652 MEMBER BANK EARNINGS, 1958 EARNINGS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 125,210 82,232 154,833 331,100 138,403 162,772 310,706 111,67' 61,683 144,330 185,608 1,026,530 Interest and dividends on securities: U. S. Govt 16,692 10,913 19,899 61,020 25,901 27,223 76,325 21,061 8,399 26,863 28,464 155,669 Other 3,533 5,293 8,704 21,694 6,604 8,365 19,697 6,066 3,299 7,885 8,614 50,868 Interest and discount on loan: 71,166 52,875 94,446 189,796 79,564 99,451 171,763 68,901 38,859 88,59f 119,099 644,007 Other charges on loans 1,017 1,231 1,252 3,415 1,057 2,559 3,423 568 520 649 2,373 22,111 Service charges on deposits.. 3,947 5,395 6,015 13,736 8,627 7,691 18,233 4,195 2,654 6,589 3,913 81,548 Other charges, fees, etc 5,321 1,367 2,491 4,911 4,220 3,793 5,113 2,025 1,899 1,255 2,393 16,578 Trust department 16,891 1,741 18,353 26,276 8,366 6,434 11,175 5,856 4,200 6,757 6,476 30,908 Other current earnings 6,643 3,417 3,673 10,252 4,064 7,256 4,977 3,005 1,853 5,740 14,276 24,841 Expenses 66,313 57,811 96,780 199,380 90,417 108,170 207,359 64,569 38,133 84,171 108,603 701,281 Salaries—officers , 10,108 6,639 12,208 21,702 13,455 13,74: 22,037 9,119 4,930 12,290 13,935 75,788 Salaries and wages—others., 26,285 17,326 37,008 63,344 30,226 32,397 70,604 20,542 13,448 26,622 25,824 197,588 Directors' fees, etc 237 351 433 568 638 484 823 288 187 401 328 1,032 Interest on time deposits 3,615 14,68: 10,98: 48,265 15,318 21,095 48,504 9,319 5,576 12,921 23,308 260,254 Interest on borrowed money. 415 209 50' 1,554 455 796 1,220 407 393 588 834 2,642 Taxes other than income 2,735 1,391 4,097 13,374 4,180 6,256 8,732 3,067 782 2,629 10,864 23,097 Recurring depreciation 1,833 1,431 2,756 5,061 2,831 3,200 4,965 1,269 735 2,846 4,219 14,164 Other current expenses 21,085 15,782 28,789 45,51" 23,314 30,200 50,474 20,558 12,082 25,874 29,291 126,716 Net current earnings before income taxes 58,897 24,421 58,053 131,720 47,986 54,602 103,347 47,108 23,550 60,159 77,005 325,249 Recoveries, transfers from reserves, and profits 23,963 11,532 10,698 75,166 16,475 23,206 48,347 17,577 9,294 15,520 5,199 97,210 On securities: Recoveries 589 2 236 140 747 9 10 86 29 Transfers from reserves. .. 761 3,044 2,636 9,070 197 820 6,212 1,494 600 437 191 12,029 Profits on securities 14,647 7,250 7,779 63,198 13,882 19,612 36,298 15,196 7,009 13,237 4,118 77,494 On loans: Recoveries 68 80 130 213 52 137 67 12 95 174 367 826 Transfers from reserves. .. 7,361 2 1,471 1,142 1,192 1,559 505 546 229 83 3,138 All other 1,126 567 151 978 1,202 1,305 3,464 361 1,034 1,357 439 3,694 Losses, charge-offs, and transfers to reserves 21,380 11,046 16,065 66,235 16,202 13,874 39,461 15,742 2,257 13,207 7,670 90,296 On securities: Losses and charge-offs 359 1,335 1,258 2,623 1,357 1,128 4,617 3,130 234 3,507 701 6,959 Transfers to reserves 9,092 5,570 3,828 51,369 5,684 5,407 17,340 9,244 616 3,293 937 35,645 On loans: Losses and charge-offs 357 60 19 45 33 11 1 93 330 17 316 Transfers to reserves 9,647 2,547 7,707 8,182 4,224 5,044 9,011 1,931 968 4,646 5,062 39,506 All other 1,925 1,534 3,272 4,042 4,892 2,262 8,482 1,436 346 1,431 953 7,870 Profits before income taxes.... 61,480 24,907 52,686 140,651 48,259 63,934 112,233 48,943 30,587 62,472 74,534 332,163 Taxes on net income. 34,088 10,486 22,319 69,973 24,018 27,456 47,076 25,131 13,097 27,139 31,544 157,634 Federal 28,772 9,179 22,319 69,973 23,203 27,110 46,536 24,589 11,562 26,133 31,544 142,090 State 5,316 1,307 815 346 540 542 1,535 1,006 15,544 Net profits 27,392 14,421 30,367 70,678 24,241 36,478 65,157 23,812 17,490 35,333 42,990 174,529 Cash dividends declared. 14,676 8,164 19,676 30,723 12,369 11,489 21,915 11,379 6,222 11,350 20,586 89,070 On preferred stock 2. . 187 10 81 5 On common stock 14,676 7,977 ' 'l9,676 ' 30,723' 12,369 11,479 21,834 11,379 6,222 ' Vl',350 ' 20,586 89,065 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities , 1,423 555 699 2 2,286 408 224 18 On loans 2,111 504 945 1,431 250 732 3,091 412 108 1,939 854 7,161 Losses charged to reserves (not included in losses above): On securities 3 1,117 104 3,535 52 287 1,294 388 20 98 5,621 On loans 1,507 1,333 2,224 2,170 852 3,175 4,493 1,244 228 1,630 1,682 12,963 Loans ,467,000 938,000 ,871,000 3,944,0001,573,000 1,738,000 3,336,000 1,426,000 742,0001,738,000 2,371,00011,468,000 U. S. Govt. securities . 646,000 427,000 776,000 2,523,000' ,089,0001,127,000 3,109,000 852,000 355,000 '1,136,000 1,172,000 6,345,000 Other securities 171,000 198,000 317,000 738,000 258,000 299,000 778,000 216,000 121,000 306,000 232,000 2,043,000 Cash assets 648,000 358,000 929,000 1,796,000 929,000 1,122,000 1,818,000 837,000 433,000 1,209,000 1,438,000 4,059,000 Other assets 80,000 36,000 81,000 126,000 75,000 77,000 115,000 39,000 24,000 60,000 169,000 574,000 Total assets. ,011,000 1,958,0003,975,000 9,128,0003,925,000 4,362,000 9,155,000 3,370,0001,675,000 4,450,000 5,383,000 24,489,000 Time deposits 223,000 635,000 534,000 2,317,000 732,000 796,000 2,962,000 482,000 256,000 587,000 1,063,000 10,023,000 Total deposits ,596,000 1,774,0003,521,000 8,103,000 3,554499,;000000 3,944,000 8,376,000 3,,002255,0^000001,,449944,,000000 4,,003355,,000000 4,852;000 22,110,000 Total capital accounts 303,000 146,000 366,000 808,000 286,000 318,000 609,000 271,000 134,000 347,000 434,'000 1,559,000 Number of officers 882 597 961 1,568 1,185 1,230 1,663 793 433 1,103 1,087 8,366 Number of employees. 7,241 4,734 9,883 16,272 9,270 10,118 19,637 6,547 3,770 7,801 7,543 51,212 Number of banks 10 22 20 25 66 19 39 26 24 * Not including central reserve city banks. with other banks (including reserves balances), and cash items in process NOTE.—The figures of assets, deposits, and capital accounts are aver- of collection. Total capital accounts are comprised of the aggregate ages of the amounts reported for the call dates at the beginning, middle, book value of capital stock, capital notes and debentures, surplus, unand end of each year, plus the last-Wednesday-of-the-month figures for divided profits, reserves for contingencies, and other capital reserves. the 10 intervening months. The number of officers, employees, and banks For other notes see preceding page. are as of the end of the year. Cash assets are comprised of cash, balances Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1958 653 EARNINGS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district 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 Fra S n a c n isco Earnings 225,933 539,161 219,986 234,752 182,190 228,763 432,183 125,335 135,63: 157,719 192,459 181,426 Interest and dividends on securities: U. S. Govt 34,268 91,278 41,849 51,412 34,316 44,715 103,720 30,58- 28,679 34,819 35,973 27,899 Other 11,532 39,626 15,542 14,189 9,847 14,503 27,199 8,844 8,971 10,313 12,760 9,528 Interest and discount on loans 133,916 325,409 134,101 139,721 113,001 133,011 241,482 72,513 77,109 89,377 117,799 109,284 Other charges on loans 1,035 6,027 1,282 1,252 1,605 1,613 4,576 685 1,154 949 890 4,121 Service charges on deposits.. 18,503 41,06r 8,978 12,851 11,303 17,855 25,883 6,43: 10,089 13,494 14,082 16,363 Other charges, fees, etc 3,990 8,55- 2,816 3,385 3,829 5,744 8,238 2,297 5,596 3,392 3,319 5,427 Trust department 15,48- 15,029 10,330 4,818 4,461 4,948 9,369 1,080 928 1,360 1,614 3,486 Other current earnings 7,205 12,169 5,088 7,12- 3,828 6,37-' 11,716 2,900 3,106 4,015 6,022 5,318 Expenses 159,864 399,879 152,793 162,286 125,195 160,269 308,786 84,049 94,036 105,447 132,689 130,371 Salaries—officers 23,827 49,546 22,323 24,857 21,223 25,611 50,706 17,147 18,226 26,565 29,094 19,713 Salaries and wages—others.. 48,563 105,136 36,981 38,050 31,236 41,469 73,995 19,603 19,604 24,378 32,967 35,429 Directors' fees, etc 1,721 3,575 3,218 2,287 1,720 1,737 3,452 1,706 1,103 1,743 1,919 557 Interest on time deposits 29,388 121,610 44,393 43,736 32,217 37,109 86,906 17,723 25,524 19,016 20,458 36,921 Interest on borrowed money. 597 916 295 287 208 383 313 104 87 246 79 86 Taxes other than income 6,311 13,166 6,041 11,347 4,450 6,18' 12,795 4,024 3,310 3,264 8,028 2,976 Recurring depreciation 5,812 13,764 5,833 6,478 5,078 7,005 10,405 3,077 2,990 3,581 5,595 4,957 Other current expenses 43,645 92,166 33,709 35,244 29,063 40,768 70,214 20,665 23,192 26,654 34,549 29,732 Net current earnings before income taxes 66,069 139,282 67,193 72,466 56,995 68,494 123,397 41,286 41,596 52,272 59,770 51,055 Recoveries, transfers from reserves, and profits 19,296 55,135 14,361 17,397 12,414 17,249 52,255 11,471 13,052 11,887 14,411 15,850 On securities: Recoveries 587 1,102 420 128 323 72: 105 258 158 356 68 Transfers from reserves. .. 362 1,826 42 929 103 711 1,003 580 1,582 299 395 778 Profits on securities 15,650 30,329 11,625 13,571 11,086 13,80: 46,527 9,039 9,264 8,399 9,097 13,276 On loans: Recoveries 403 3,167 539 819 377 589 501 453 845 1,762 2,875 307 Transfers from reserves. .. 549 4,319 415 960 25: 264 1,674 236 296 159 490 643 All other 1,745 14,392 1,320 1,031 468 1,560 1,828 1,058 807 1,110 1,198 778 Losses, charge-offs, and transfers to reserves 22,27< 62,708 16,725 18,488 10,555 17,222 38,701 11,105 9,112 14,102 22,277 13,980 On securities: Losses and charge-offs.... 2,936 7,419 3,075 2,109 1,767 2,340 6,724 2,198 2,680 1,962 3,010 1,137 Transfers to reserves 6,342 9,125 986 5,755 2,264 2,488 9,843 2,838 650 1,721 2,716 5,944 On loans: Losses and charge-offs.... 439 840 567 943 583 767 830 812 824 1,928 3,323 621 Transfers to reserves 7,008 30,895 8,187 6,971 4,614 8,768 14,684 3,446 3,813 5,057 9,082 4,797 All other 5,549 14,429 3,910 2,710 1,327 2,859 6,620 1,811 1,145 3,434 4,146 1,481 Profits before income taxes 63,091 131,709 64,829 71,375 58,854 68,521 136,951 41,652 45,536 50,057 51,904 52,925 Taxes on net income. 27,818 47,533 23,444 28,748 24,294 24,876 47,187 15,232 16,429 17,324 18,771 21,705 Federal 24,414 42,968 23,218 28,748 23,929 24,384 46,930 15,024 14,846 16,650 18,734 19,928 State 3,404 4,565 226 365 492 257 208 1,583 674 37 1,777 Net profits 35,273 84,176 41,385 42,627 34,560 43,645 89,764 26,420 29,107 32,733 33,133 31,220 Cash dividends declared. 19,143 39,890 19,363 16,155 13,732 13,679 24,527 9,371 9,943 11,029 13,729 11,637 On preferred stock 2. . 33 985 4 2 96 33 9 20 On common stock.... 19,110 38,905 19,359 '"l6,i55 13,730 13,679 24,431 9,338 9,934 11,029 ' 'l3*,729 11,617 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 62 1,377 20 256 389 33 136 55 62 148 On loans 1,455 4,415 1,558 1,816 957 1,242 3,276 985 1,214 2,185 3,188 1,078 Losses charged to reserves (not included in losses above): On securities 159 850 100 80 196 79 324 132 28 6 299 717 On loans 4,230 11,121 3,188 4,331 2,249 4,615 7,108 2,270 1,862 3,573 6,645 3,164 Loans ,343,000 5,703,000 1,390,000 2,484,000 ,889,000 2,210,000 4,170,000 ,246,000 ,281,000 ,424,000 1,917,000 1,760,000 U. S. Govt. securities ,401,000 3,599,000 ,708,000 2,080,000 ,402,000 1,836,000 4,240,000 ,206,000 ,086,000 1,370,000 1,399,000 1,139,000 Other securities 505,000 1,540,000 601,000 542,000 383,000 577,000 1,114,000 341,000 321,000 409,000 508,000 346,000 Cash assets 974,000 1,913,000 890,000 988,000 908,000 1,242,000 1,893,000 668,000 548,000 885,000 1,276,000 636,000 Other assets 92,000 218,000 96,000 93,000 76,000 115,000 143,000 42,000 50,000 46,000 89,000 62,000 Total assets. ,315,000 2,974,000 ,685,000 6,188,0004,658,000 5,980,000 1,560,000 ,502,0003,286,000 4,134,000 5,189,000 3,943,000 Time deposits ,304,000 5,255,000 ,294,000 2,373,000 ,456,000 1,561,000 4,434,000 ,001,000 ,204,000 858,000 903,000 1,459,000 Total deposits ,757,000 1,818,000 ,093,000 5,611,000 ,206,000 5,478,000 0,626,000 ,198,0003,019,0003,776,000 4,760,000 3,631,000 Total capital accounts. 459,000 946,000 535,000 518,000 394,000 434,000 802,000 279,000 229,000 328,000 403,000 256,000 Number of officers 2,660 5,287 3,102 3,194 2,815 3,090 5,743 2,421 2,404 3,557 3,763 2,241 Number of employees. 15,477 31,272 12,201 12,432 10,615 14,063 23,308 6,859 6,836 8,542 10,886 10,773 Number of banks 279 503 507 567 435 376 941 470 467 711 605 145 For notes see preceding two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

654 MEMBER BANK EARNINGS, 1958 EARNINGS OF ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i Less than 2,000- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000 2,000 5,000 10,000 25,000 50,000 100,000 500,000 Earnings 7,065,937 52,273 270,677 399,303 630,205 495,199 540,757 1,672,015 3,005,508 Interest and dividends on securities: U. S. Govt 1,258,036 12,187 61,700 85,304 128,861 100,040 105,134 290,450 474,360 Other 408,750 2,978 19,156 29,358 42,636 31,731 32,338 89,265 161,288 Interest and discount on loans........ 4.227,065 31,797 161,345 236,329 364,777 285,466 315,624 990,208 1,841,519 Other charges on loans 80,691 173 992 2,603 4,926 4,279 5,292 19,113 43,313 Service charges on deposits 386,094 2,755 16,032 27,695 49,330 36,451 36,357 88,403 129,071 Other charges, fees, etc 139,155 1,497 6,117 8,202 13,568 8,921 9,243 29,215 62,392 Trust department 338,153 39 502 2,319 11,077 12,990 20,418 104,281 186,527 Other current earnings 227,993 847 4,833 7,493 15,030 15,321 16,351 61,080 107,038 Expenses 4,575,230 36,884 191,686 284,353 452,439 354,067 375,376 1,098,195 1,782,230 Salaries—officers 625,993 12,066 47,737 55,959 73,070 51,484 51,741 141,258 192,678 Salaries and wages—others 1.334,547 5,262 34,980 60,742 111,959 92,981 106,160 342,536 579,927 Directors' fees, etc 32,144 1,073 5,136 5,451 5,934 3,203 2,595 5,171 3,581 Interest on time deposits 1.117,674 7,844 48,273 76,445 118,046 91,753 87,678 226,709 460,926 Interest on borrowed money 23,141 34 204 288 588 647 1,011 5,394 14,975 Taxes other than income 184,058 1,698 8,113 11,973 17,776 14,458 15,668 48,270 66,102 Recurring depreciation 133,976 1,053 6,970 11,242 17,692 13,338 13,139 31,793 38,749 Other current expenses 1,123,697 7,854 40,273 62,253 107,374 86,203 97,384 297,064 425,292 Net current earnings before income taxes. 2,490,707 15,389 78,991 114,950 177,766 141,132 165,381 573,820 1,223,278 Recoveries, transfers from reserves, and profits 772,092 2,032 12,229 26,134 54,164 55,539 58,472 188,070 375,452 On securities: Recoveries 7,928 53 417 562 1,124 520 438 2,664 2,150 Transfers from reserves 54,249 75 449 1,988 2,979 3,485 9,349 35,924 Profits on securities 607,425 545 7,301 19,477 42,424 47,719 48,954 141,544 299,461 On loans: Recoveries 15,721 1,221 3,096 2,642 1,804 653 433 3,979 1,893 Transfers from reserves 39,456 20 418 878 2,223 1,298 1,771 9,425 23,423 All other 47,313 193 922 2,126 4,601 2,370 3,391 21,109 12,601 Losses, charge-offs, and transfers to reserves 676,703 3,507 18,104 30,954 49,826 43,323 55,242 169,796 305,951 On securities: Losses and charge-offs 73,495 453 3,924 6,467 8,996 6,535 7,748 20,926 18,446 Transfers to reserves 252,494 18 889 3,085 8,193 10,445 16,646 52,709 160,509 On loans: Losses and charge-offs 14,439 1,593 4,053 2,953 1,970 967 261 829 1,813 Transfers to reserves 240,243 1,002 6,317 12,888 20,909 19,411 21,926 60,776 97,014 All other • 96,03.^ 441 2,921 5,561 9,758 5,965 8,661 34,556 28,169 Profits before income taxes 2,586,096 13,914 73,116 110,130 182,104 153,348 168,611 592,094 1,292,779 Taxes on net income 1,139,209 3,750 20,944 34,708 65,251 58,086 72,358 262,154 621,958 Federal i;073,124 3,593 20,103 33,4651 62,886 56,331 69,997 250,865 575,884 State 66,085 157 841 1,243 2,365 1,755 2,361 11,289 46,074 Net profits 1,446,887 10,164 52,172 75,422 116,853 95,262 96,253 329,940 670,821 Cash dividends declared 640,356 4,012 19,243 26,386j 39,324 30,372 37,256 141,711 342,052 On preferred stock2 1,561 1 19 30i 126 85 157 1,143 On common stock 638,795 4.011 19.224 26.356! 39,198 30.287 37,099 140,568 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 8,91: 24 319 253 398 1,150 6,228 538 On loans 60,92' 450 2;566 4,014 5,592 3,412 3,873 10,152 30,868 Lossed charged to reserves (not included in losses above): On securities 18,82: 1 42 161 308 303 1,228 3,647 13,132 On loans 108,82' 666 4,445 8,554 12,095 8,014 11,521 23,243 40,289 Loans 84,018,285 528,567 2,792,937 4,092,446 6,398,268 5,263,962 5,943,95119,751,663 39,246,491 U. S. Govt. securities 54,179,799 489,865 2,522,766 3,555,547 5,493,442 4,307,805 4,523,40712,656,243 20,630,724 Other securities 16,464,500 114,649 765,360 1,217,114 1,807,465 1,329,861 1,373,030 3,560,360 6,296,661 Cash assets 43,113,508 307,041 1,479,087 2,079,960 3,215,737 2,510,086 2,968,53510,752,97819,800,084 Other assets 3,950,344 11,669 83,29f 143,366 265,819 231,228 252,712 864,932 2,097,326 Total assets 201,726,436 1,451,791 7,643,44211,088,43317,180,73113,642,94: 15,061,63!47,586,176 88,071,286 Time deposits 53,232,176 398,107 2,437,914 3,855,037 5,970,056 4,557,81 4,415,11319,882,416 20,715,721 Total deposits 182,602,060 1,299,054 6,943,54210,138,16715,751,96412,549,73913,828,80343,495,024 78,595,767 Total capital accounts 15,400,329 147,886 668,633 877,129 1,265,388 936,362 1,046,328 3,408,879 7,049,724 Number of officers 65,389 2,569 7,799 7,635 8,496 5,225 5,016 12,571 16,078 Number of employees 378,925 2,506 13,347 20,990 36,597 29,222 33,149 100,002 143,112 Number of banks 6,284 936 2,072 1,435 1,033 363 19' 199 49 1 Totals are for banks operating during the entire year, except three NOTE.—The figures for assets, deposits, capital accounts, number of trust companies having no deposits, officers and employees, and number of banks are as of the end of the 2 Includes interest on capital notes and debentures. year. See note on second preceding page regarding the composition of cash assets and total capital accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1958 655 EARNINGS RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve Item All member banks N c e i w ty b m an e k m C s h b i e c r ago m R b e e c a s m i n e ty k b rv s e e r C m b o e a u m n n k b t s r e y r York 1955 1956 1957 1958 Year 1958 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 16.6 18.1 18.1 16.6 16.4 18.4 18.1 15.0 Profits before income taxes 13.4 13.1 14.6 17.3 17.9 19.7 18.9 15.0 Net profits 7.9 7.7 8.3 9.7 9.3 9.9 10.1 9.4 Cash dividends declared 4.0 4.1 4.3 4.3 5.0 3.7 4.6 3.6 Percentage of total assets: Total earnings 3.13 3.47 3.77 3.75 3.42 3.16 3.79 3.94 Net current earnings before income taxes 1.22 1.37 1.42 1.32 1.55 1.51 1.35 1.16 Net profits .58 .59 .65 .77 .82 .75 .72 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 20.9 18.1 17.3 17.8 14.6 21.4 16.9 19.6 Other securities 5.6 5.1 5.0 5.8 5.3 6.1 5.3 6.4 Earnings on loans 57.7 61.3 62.1 60.7 60.0 57.6 62.0 60.0 Service charges on deposit accounts 5.1 5.1 5.2 5.4 2.3 .9 5.7 6.9 Other current earnings 10.7 10.4 10.4 10.3 17.8 14.0 10.1 7.1 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.4 28.5 27.7 27.8 25.8 25.0 27.4 29.3 Interest on time deposits 10.2 10.7 13.7 15.8 9.4 9.1 16.7 18.0 Other current expenses 21.5 21.3 21.0 21.2 19.5 18.0 20.2 23.3 Total expenses 61.1 60.5 62.4 64.8 54.7 52.1 64.3 70.6 Net current earnings before income taxes 38.9 39.5 37.6 35.2 45.3 47.9 35.7 29.4 Net losses including transfers (or recoveries and profits+). 7.5 10.8 7.1 + 1.3 +4.1 + 3.5 + 1.4 .1 Taxes on net income 1 18 3 . . 4 0 1 1 6 1 . . 9 8 1 17 3 . . 3 2 2 1 0 6 . . 4 1 2 2 5 3 . . 7 7 2 2 5 5 . . 9 5 1 19 7 . . 9 2 1 1 0 8 . . 9 4 Net profits Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 2.09 2.31 2.53 2.45 2.39 2.37 2.45 2.49 Interest and dividends on other securities 2.13 2.29 2.50 2.62 2.74 2.68 2.65 2.54 Net losses (or recoveries and profits+)1 .28 .53 .35 + .79 + .91 + 1.44 + .98 + .53 Return on loans: Earnings on loans 4.77 5.02 5.32 5.35 4.40 4.47 5.39 5.94 Net losses (or recoveries+)* .06 .11 .07 .06 + .02 .20 .04 .11 Distribution of assets: Percentage of total assets: U. S. Govt. securities 31.3 27.2 25.7 27.2 20.9 28.5 26.1 31.0 Other securities 8.1 7.7 7.6 8.3 6.6 7.2 7.6 9.9 Loans 37.9 42.4 44.0 42.5 46.6 40.7 43.6 39.8 Cash assets 21.1 21.1 20.8 20.0 22.2 22.7 20.8 17.7 Other assets 1.6 1.6 1.9 2.0 3.7 .9 1.9 1.6 Other ratios: Total capital accounts to: Total assets 7.3 7.6 7.9 7.9 9.4 8.2 7.5 7.7 Total assets less U. S. Govt. securities and cash assets.... 15.4 14.6 14.7 15.0 16.6 16.9 14.0 15.0 Total deposits 8.1 8.4 8.9 11.1 9.2 8.3 8.5 Time to total deposits 25.9 26.1 27.7 30.0 17.0 18.4 30.6 36.5 Interest on time deposits to time deposits 1.36 1.58 2.08 2.20 2.23 1.74 2.30 2.14 Number of banks 6,543 6,462 6,393 6,312 18 14 274 6,006 1 Net losses is the excess of (a) actual losses charged against net presented here, the experience of those banks in each group whose profits plus losses charged against valuation reserves over (b) actual figures are largest have a much greater influence than that of the recoveries and profits credited to net profits plus recoveries credited many banks with smaller figures. (For example, the 110 largest to valuation reserves; net recoveries and profits is the reverse. Trans- member banks have total earnings which, combined, are larger than fers to and from valuation reserves are excluded. those of all the other member banks, numbering about 6,200.) NOTE.—The ratios in this and the following three tables were Ratios based on aggregates show combined results for the banking computed from the dollar aggregates shown in preceding tables. system as a whole, and, broadly speaking, are the more significant Many of these ratios vary substantially from the average of indi- for purposes of general analyses of credit and monetary problems, vidual bank ratios, which will be published in a subsequent issue of while averages of individual ratios are useful primarily to those the BULLETIN, in which each bank's figures—regardless of size or interested in studying the financial results of operations of indiamount—are weighted equally and in general have an equally im- vidual banks. portant influence on the result. In the ratios based on aggregates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

656 MEMBER BANK EARNINGS, 1958 EARNINGS RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i l i l - a a - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F S r a a n n- Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 16.4 16.1 13.9 15.4 15.4 16.4 16.8 16.1 17.9 16.7 16.4 20.7 Profits before income taxes 16.3 17.0 13.0 16.0 15.7 17.6 18.3 16.5 21.0 16.7 15.1 21.2 Net profits 8.2 9.3 8.0 8.5 8.6 10.7 10.6 9.1 12.8 10.1 9.1 11.3 Cash dividends declared 4.4 4.8 4.3 3.5 3.8 3.3 3.4 3.8 4.5 3.3 4.1 5.6 Percentage of total assets: Total earnings 4.22 3.64 3. 3.69 3.74 3.79 3.46 3.45 3.98 3.52 3.58 4.25 Net current earnings before income taxes 1.50 1.41 1.30 1.33 1.22 1.19 1.22 1.29 1.31 1.31 1.29 1.32 Net profits .75 .81 .74 .74 .69 .77 .77 .73 .94 .79 .72 .72 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 14.5 15.2 16.5 19.9 18.8 18.4 23.5 21.8 18.8 20.4 17.0 15.2 Other securities 4.3 5.9 6.5 6.3 5.1 5.9 6.2 6.3 6.2 6.0 5.7 5.0 Earnings on loans 59.0 60.8 61.6 59.1 60.9 60.4 57.0 60.2 59.6 59.5 63.5 64.5 Service charges on deposit accounts.... 6.4 4.1 4.0 4.7 6.2 6.5 4.6 4.5 6.5 6.6 4.8 8.1 Other current earnings 15.8 14.0 11.4 10.0 9.0 8.7 7.2 8.9 7.5 9.0 7.2 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.0 26.8 28.9 26.1 30.0 28.9 28.1 28.0 28.5 29.7 26.9 27.2 Interest on time deposits 9.4 13.8 14.8 16.3 14.8 14.9 15.8 11.4 15.8 10.6 11.6 24.6 Other current expenses 24.0 20.7 22.9 21.5 22.5 24.8 20.9 23.3 22.7 22.5 25.3 17.0 Total expenses 64.4 61.3 66.6 63.9 67.3 68.6 64.8 62.7 67.0 62.8 63.8 68.8 Net current earnings before income taxes 35.6 38.7 33.4 36.1 32.7 31.4 35.2 37.3 33.0 37.2 36.2 31.2 Net losses including transfers (or recoveries and profits+) .1 +2.3 2.1 + 1.4 + .7 + 2.4 + 3.1 + .9 +5.6 2+.0 2.8 + .7 Taxes on net income 17.6 18.7 12.2 17.5 15.1 13.3 16.1 17.0 15.0 14.7 13.3 14.9 Net profits 17.9 22.3 19.1 20.0 18.3 20.5 22.2 21.2 23.6 22.5 20.1 17.0 Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 2.49 2.44 2.49 2.44 2.42 2.43 2.43 2.51 2.57 2.46 2.51 2.45 Interest and dividends on other securities 2.23 2.67 2.64 2.80 2.57 2.61 2.53 2.68 2.78 2.55 2.88 2.53 Net losses (or recoveries and profits+)*. + 1.06 + .76 + .45 +.71 + .78 + .94 + .72 + .52 +.29 + .78 Return on loans: Earnings on loans 5.44 4.81 5.42 5.20 5.64 6.00 5.25 5.34 5.81 5.60 Net losses 1 .07 .01 .07 .05 .06 .15 .09 .04 .04 .10 .06 Distribution of assets: Percentage of total assets: U. S. Govt. securities 24.6 25.7 30.0 29.0 28.6 33.4 29.9 29.0 29.2 24.3 26.3 Other securities 8.1 9.5 8.4 7.5 8.5 8.6 8.1 8.9 8.3 7.0 8.4 Loans 45.7 44.1 42.0 40.3 38.2 37.6 38.9 40.8 36.9 40.6 46.5 Cash assets 19.5 18.8 18.2 21.4 22.9 19.3 21.9 19.8 24.4 25.7 16.5 Other assets 2.1 1.9 1.4 1.8 1.1 1.2 1.5 1.2 2.4 2.3 Other ratios: Total capital accounts to: Total assets 9.2 9.3 8.7 7.9 7.2 8.0 7.3 7.9 7.9 6.4 Total assets less U. S. Govt. securities and cash assets 16.4 15.4 16.8 16.7 16.0 15.0 15.3 16.6 14.3 16.9 15.8 11.2 Total deposits 10.4 10.1 10.5 9.7 8.0 7.9 8.0 8.6 8.7 7.0 Time to total deposits 20.8 25.4 32. 34.2 28.2 25.0 33.0 23.8 32.4 18.5 20.5 44.6 Interest on time deposits to time deposits . .. 2.16 2.28 1.96 1.96 2.17 2.47 1.82 1.82 2.13 2.21 2.23 2.59 Number of banks 287 531 513 589 455 401 1,021 489 476 750 631 169 1 Net losses is the excess of (a) actual losses charged against net profits reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (b) actual recoveries valuation reserves are excluded. and profits credited to net profits plus recoveries credited to valuation 2 Ratio of less than .05. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1958 657 EARNINGS RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e il i l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes, 19.4 16.7 15.9 16.3 16.8 17.2 17.0 17.4 17.6 17.3 17.7 20.9 Profits before income taxes 20.3 17.1 14.4 17.4 16.9 20.1 18.4 18.1 22.8 18.0 17.2 21.3 Net profits 9.0 9.9 8.3 8.7 8.5 11.5 10.7 13.1 10.2 9.9 11.2 Cash dividends declared 4.8 5.6 5.4 3.8 4.3 3.6 3.6 4.2 4.6 3.3 4.7 5.7 Percentage of total assets: Total earnings 4.16 4.20 3.90 3.63 3.53 3.73 3.39 3.31 3.68 3.24 3.45 4.19 N N e e t t c p u ro rr f e it n s t earnings before income taxes. 1. . 9 9 6 1 1. . 2 7 5 4 1. . 4 7 6 6 1. . 4 7 4 7 1. . 2 6 2 2 1. . 2 8 5 4 1. . 1 7 3 1 1. . 4 7 0 1 1 1 . . 4 0 1 4 1. . 3 7 5 9 1. . 4 8 3 0 1. . 3 7 3 1 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 13.3 13.3 12.9 18.4 18.7 16.7 24.6 18.9 13.6 18.6 15.3 15.2 Other securities 2.8 6.4 5.6 6.6 4.8 5.1 6.3 5.4 5.4 5.5 4.6 5.0 Earnings on loans 57.7 65.8 61.8 58.4 58.3 62.7 56.4 62.2 63.8 61.8 65.5 64.9 Service charges on deposit accounts 3.2 6.6 3.9 4.1 6.2 4.7 5.9 3.8 4.3 4.6 2.1 7.9 Other current earnings 23.0 7.9 15.8 12.5 12.0 10.8 6.8 9.7 12.9 9.5 12.5 7.0 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.1 29.1 31.8 25.7 31.6 28.3 29.8 26.6 29.8 27.0 21.4 26.6 Interest on time deposits 2.9 17.9 7.1 14.6 11.0 13.0 15.6 8.3 9.0 8.9 12.6 25.4 Other current expenses 21.0 23.3 23.6 19.9 22.7 25.2 21.3 22.9 23.0 22.4 24.5 16.3 Total expenses 53.0 70.3 62.5 60.2 65.3 66.5 66.7 57.8 61.8 58.3 58.5 68.3 Net current earnings before income taxes 47.0 29.7 37.5 39.8 34.7 33.5 33.3 42.2 38.2 41.7 41.5 31.7 Net losses including transfers (or recoveries and profits-!-) +2.1 + .6 3.5 +2.7 + .2 + 5.8 +2.9 + 1.6 + 11.4 + 1.6 1.3 + .7 Taxes on net income 27.2 12.8 14.4 21.1 17.4 16.9 15.2 22.5 21.2 18.8 17.0 15.4 21.9 17.5 19.6 21.4 17.5 22.4 21.0 21.3 28.4 24.5 23.2 17.0 Net profits Rates of return on securities and loans: Return on securities : I Interest on U. S. Govt. securities 2.58 2.56 2.56 2.42 2.38 2.42 2.45 2.47 2.37 2.36 2.43! 2.45 Interest and dividends on other securities 2.07 2.67 2.75 2.94 2.56 2.80 2.53 2.81 2.73 2.58 3.71 2.49 Net losses (or recoveries and profits+ )*. + 1.92 + .95 + .59 + 1.78 + .93 + 1.29 + .80 + 1.31 + 1.43 + .71 + .25 +.77 Return on loans: Earnings on loans 4.92 5.77 5.11 4.90 5.13 5.87 5.25 4.87 5.31 5.13 5.12 5.81 Net losses (or recoveries+)x + .02 .09 .06 .01 .04 .13 .04 .06 .02 + .01 .02 .05 Distribution of assets: Percentage of total assets: U. S. Govt. securities 21.4 21.8 19.5 27.6 27.7 25.8 34.0 25.3 21.2 25.5 21.8 25.9 Other securities 5.7 10.1 8.0 8.1 6.6 6.9 8.5 6.5 7.2 6.9 4.3 8.3 Loans 48.7 47.9 47.1 43.2 40.1 39.8 36.4 42.3 44.3 39.1 44.1 46.8 Cash assets 21.5 18.3 23.3 19.7 23.7 25.7 19.8 24.8 25.9 27.2 26.7 16.6 Other assets 2.7 1.9 2.1 1.4 1.9 1.8 1.3 1.1 1.4 1.3 3.1 2.4 Other ratios: Total capital accounts to: Total assets 10.1 7.5 9.2 8.9 7.3 7.3 6.6 8.0 8.0 7.8 6.4 Total assets less U. S. Govt. securities and cash assets 17.6 12.4 16.1 16.8 15.0 15.0 14.4 16.1 15.1 16.5 15.7 11.1 Total deposits 11.7 8.2 10.4 10.0 8.1 7.3 9.0 9.0 8.6 8.9 7.1 Time to total deposits 8.6 35.8 15.2 28.6 20.6 20.2 35.4 15.9 17. 14.5 21.9 45.3 Interests on time deposits to time deposits.., 1.62 2.31 2.06 2.08 2.09 2.65 1.64 1.93 2.18 2.20 2.19 2.60 Number of banks 10 22 20 25 66 19 39 26 24 • Not including central reserve city banks. and profits credited to net profits plus recoveries credited to valuation 1 Net losses is the excess of (a) actual losses charged against net profits reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (b) actual recoveries valuation reserves are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 MEMBER BANK EARNINGS, 1958 EARNINGS RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F S ra a n n - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 14.4 14.7 12.6 14.0 14.5 15.8 15.4 14.8 18.2 15.9 14.8 19.9 Profits before income taxes 13.7 13.9 12.1 13.8 14.9 15.8 17.1 14.9 19.9 15.3 12.9 20.7 Net profits 7.7 8.9 7.7 8.2 8.8 10.1 11.2 9.5 12.7 10.0 8.2 12.2 Cash dividends declared 4.2 4.2 3.6 3.1 3.5 3.2 3.1 3.4 4.3 3.4 3.4 4.5 Percentage of total assets: Total earnings 4.25 4.16 3.87 3.79 3.91 3.83 3.74 3.58 4.13 3.82 3.71 4.60 Net current earnings before income taxes, 1.24 1.07 1.18 1.17 1.22 1.15 1.07 1.18 1.27 1.26 1.15 1.29 Net profits .66 .65 .73 .74 .73 .78 .75 .89 .79 .64 .79 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 15.2 16.9 19.0 21.9 18.8 19.5 24.0 24.4 21.2 22.1 18.7 15.4 Other securities 5.1 7.3 7.1 6.0 5.4 6.3 6.3 7.1 6.6 6.5 6.6 5.3 Earnings on loans 59.7 61.5 61.5 60.1 62.9 58.9 56.9 58.4 57.7 57.3 61.7 62.5 Service charges on deposit accounts 8.2 7.6 4.1 5.5 6.2 7.8 6.0 5.1 7.4 8.5 7.3 9.0 Other current earnings 11.8 6.7 8.3 6.5 6.7 7.5 6.8 5.0 7.1 5.6 5.7 7.8 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 32.1 28.7 27.0 26.8 28.8 29.3 28.9 29.3 27.9 32.3 32.2 30.4 Interest on time deposits 13.0 22.6 20.2 18.6 17.7 16.2 20.1 14.1 18.8 12.1 10.6 20.4 Other current expenses 25.7 22.9 22.3 23.7 22.2 24.5 22.5 23.6 22.6 22.5 26.1 21.1 Total expenses 70.8 74.2 69.5 69.1 68.7 70.0 71.5 67.0 69.3 66.9 68.9 71.9 Net current earnings before income taxes 29.2 25.8 30.5 30.9 31.3 30.0 28.5 33.0 30.7 33.1 31.1 28.1 Net losses including transfers (or recoveries and profits+) 1.3 1.4 1.1 + 1.0 2+.0 +3.1 + .3 +2.9 1.4 4.1 + 1.0 Taxes on net income 1 1 5 2 . . 6 3 1 8 5 . . 8 6 1 1 8 0 . . 8 6 1 1 2 8 ^ .2 2 1 1 9 3 . . 0 3 1 1 9 0 . . 1 9 2 1 0 0 . . 7 9 2 1 1 2 . . 1 2 2 1 1 2 . . 5 1 2 1 0 1 . . 7 0 1 9 7 . . 8 2 1 17 1 . . 2 9 Net profits Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities , 2.45 2.54 2.45 2.47 2.45 2.44 2.45 2.54 2.64 2.54 2.57 2.45 Interest and dividends on other securities, 2.28 2.57 2.59 2.62 2.57 2.51 2.44 2.59 2.79 2.52 2.51 2.75 Net losses (or recoveries and profits+)1., .69 + .48 + .39 + .45 + .54 + .49 + .75 + .44 + .48 + .37 + .32 + .78 Return on loans: Earnings on loans , 5.76 5.81 5.66 5.68 6.07 6.09 5.90 5.87 6.11 6.34 6.19 6.44 Net losses* , .12 .08 .07 .11 .08 .16 .10 .13 .05 .11 .20 .14 Distribution of assets: Percentage of total assets: U. S. Govt. securities 26.4 27.7 30.0 33.6 30.1 30.7 36.7 34.4 33.0 33.1 27.0 28.9 Other securities 9.5 11.9 10.6 8.8 8.2 9.6 9.6 9.7 9.8 9.9 9.8 8.8 Loans 44.1 44.0 42.0 40.1 40.6 37.0 36.1 35.6 39.0 34.5 36.9 44.6 Cash assets 18.3 14.7 15.7 16.0 19.5 20.8 16.4 19.1 16.7 21.4 24.6 16.1 Other assets 1.7 1.7 1.7 1.5 1.6 1.9 1.2 1.2 1.5 1.1 1.7 1.6 Other ratios: Total capital accounts to: Total assets 8.6 7.3 9.4 8.4 8.5 7.3 6.9 8.0 7.0 7.9 7.8 6.5 Total assets less U. S. Govt. securities and cash assets 15.6 12.7 17.3 16.6 16.8 15.0 14.8 17.1 13.9 17.5 16.0 11.8 Total deposits 9.6 8.0 10.5 9.2 9.4 7.9 8.7 7.6 8.7 8.5 7.1 7.5 Time to total deposits 27.4 44.5 45.0 42.3 34.6 28.5 41.7 31.3 39.9 22.7 19.0 40.2 Interest on time deposits to time deposits... 2.25 2.31 1.94 1.84 2.21 2.38 1.96 1.77 2.12 2.22 2.27 2.53 Number of banks 279 503 507 567 435 376 941 470 467 711 605 145 1 Net losses is the excess of (a) actual losses charged against net profits reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (b) actual recoveries valuation reserves are excluded. and profits credited to net profits plus recoveries credited to valuation 2 Ratio of less than .05. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS, 1958 659 EARNINGS OF INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1955-58 [Amounts in thousands of dollars] Banks not members of All insured commercial banks * Federal Reserve System Item 1955 1956 1957 1958 1955 1956 1957 1958 Earnings 6,377,705 7,231,921 8,050,416 8,500,949 1,035,960 1,154,684 1,280,472 1,375,467 Interest and dividends on securities: U. S. Govt 1,333,690 1,342,842 1,442,379 1,544,023 215,895 242,577 274,952 278,143 Other 351,041 370,045 412,497 501,978 55,504 62,275 73,124 90,656 Interest and discount on loans , 3,625,528 4,339,866 4,879,676 5,046,782 604.089 677,862 744,120 802,024 Other charges on loans , 71,048 73,562 83,815 94,674 9,690 10,888 12,017 13,780 Service charges on deposits 339,975 385,927 440,892 486,507 65,951 75,762 86,705 98,007 Other charges, fees, etc 155,004 168,497 186,815 191,408 45,260 46,923 50,265 51,729 Trust department 281,841 322,117 354,520 379,395 14,886 13,043 14,329 15,094 Other current earnings 219,579 229,068 249,828 256,183 24,685 25,356 24,965 26,035 Expenses 3,960,173 4,457,198 5,119,182 5,612,723 695,736 778,055 897,652 996,746 Salaries—officers 666,152 720,866 773,769 827,142 154,506 167,671 181,498 195,174 Salaries and wages—others 1,229,756 1,372,262 1,493,778 1,573,330 170,161 190,430 208,973 224,244 Directors' fees, etc 39,563 42,614 45,396 48,271 12,380 13,459 14,546 15,793 Interest on time deposits 678,237 805,857 1,141,715 1,380,575 135,533 156,635 215,034 257,762 Interest on borrowed money 23,093 45,392 49,538 24,161 1,151 1,599 1,663 978 Taxes other than income 176,840 187,526 205,903 221,571 27,872 30,318 33,751 36,356 Recurring depreciation 108,306 128,085 146,262 168,371 21,473 25,238 29,202 33,633 Other current expenses 212,987 232,809 1,038,228 1,154,600 1,262,823 1,369,305 172,661 192,710 Net current earnings before income taxes 382,821 378,718 2,417,533 2,774,724 2,931,235 2,888,223 340,225 376,630 Recoveries, transfers from reserves, and profits.. 28,480 90,738 On securities: 239,598 250,171 198,413 868,115 27,094 24,365 Recoveries 20,586 14,090 9,295 2,270 1,512 1,105 1,489 Transfers from reserves 39,930 41,001 20,751 9,646 2,383 1,256 1,406 2,884 Profits on securities , 57,085 31,151 64,368 57,145 6,418 3,625 7,207 70,046 On loans: 681,554 Recoveries 27,379 20,762 21,183 22,439 6,640 6,453 7,149 6,595 Transfers from reserves 50,899 77,606 39,757 42,158 3,171 4,327 2,909 2,479 All other 43,722 65,563 43,063 55,176 6,214 7,193 8,707 7,248 Losses, charge-offs, and transfers to reserves 707,155 993,534 757,432 783,213 93,200 113,710 102,380 101,767 On securities: Losses and charge-offs 221,232 317,381 237,480 93,657 25,741 40,810 30,579 18,793 Transfers to reserves 67,276 101,830 84,996 268,159 4,190 4,829 6,727 14,877 On loans: Losses and charge-offs 28,159 32,018 25,636 25,053 10,316 10,167 9,962 9,946 Transfers to reserves 303,600 452,940 321,870 282,227 37,968 45,396 40,983 41,414 All other 86,886 89,369 87,452 114,117 14,984 12,511 14,131 16,737 Profits before income taxes 1,949,976 2,031,360 2,372,217 2,973,128 274,118 287,283 308,921 367,692 Taxes on net income 793,737 814,636 998,397 1,271,459 102,974 96,952 103,886 123,059 Federal 753,883 769,843 947,998 1,198,890 98,528 92,641 99,323 117,401 State 39,855 44,793 50,401 72,570 4,446 4,311 4,565 5,659 Net profits 1,156,240 1,216,725 1,373,821 1,701,667 171,146 190,332 205,036 244,631 Cash dividends declared 566,124 616,890 678,101 725,866 65,214 69,979 74,354 79,708 On preferred stock2 2,581 2,389 2,234 2,366 851 797 749 800 On common stock 563,543 614,501 675,867 723,500 64,363 69,182 73,605 78,908 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 3,146 3,332 2,646 10,410 427 147 547 1,491 On loans 39,794 42,717 50,824 69,073 6,205 7,274 7,151 7,941 Losses charged to reserves (not included in losses above): On securities 68,140 95,505 74,529 19,741 2,638 2,675 3,135 918 On loans 88,417 123,529 117,937 127,515 12,748 14,993 17,326 18,346 Loans 75,800,688 86,291,628 91,493,989 95,666,83510,627,05411,701,99912,361,62113,293,808 U. S. Govt. securities 63,808,049 58,257,149 57,238,574 62,355,81910,137,42410,103,45010,422,55110,852,502 Other securities 16,294,075 16,179,498 16,725,206 19,237,561 2,578,832 2,762,758 3,056,686 3,538,456 Cash assets 43,510,745 45,728,691 45,474,318 46,766,041 4,916,121 5,111,725 5,169,492 5,294,095 Other assets 2,918,119 3,255,814 3,858,353 4,333,431 317,900 357,596 405,218 460,770 Total assets 202,331,676 209,712,780 214,790,440228,359,68728,577,331 30,037,528 31,415,568 33,439,631 Time deposits 49,311,341 51,096,090 54,969, 62,382,540 9,267,152 9,701,782 10,523,431 11,737,021 Total deposits 184,734,232 19900,786,522193,993,484 206,196,01526,198,443344 2177,461,07628,640,531 30,436,830 Total capital accounts 14,631,680 15,553,298 16,554,663 17,723,575 2,149,634 2,312,174 2,468,571 2,661,655 Number of officers 84,931 88,462 91,597 95,308 26,323 27,153 28,203 29,630 Number of employees 408,791 433,563 452,218 457,023 66,638 69,949 73,927 75,964 Number of banks 13,237 13,218 13,165 13,124 6,698 6,760 6,776 6,816 1 Excludes three mutual savings banks and starting in 1955 a non- NOTE.—The figures of assets, deposits, and capital accounts are averages insured nondeposit trust company; these are State member banks of the of the amounts reported for call dates at the beginning, middle, and end Federal Reserve System and are included in member banks figures on of each year. The number of officers, employees, and banks are as of the preceding pages. end of each year. 2 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 BANK HOLDING COMPANIES BANK HOLDING COMPANIES, DECEMBER 31, 1958 [Registered pursuant to Section 5, Bank Holding Company Act of 1956] Location of Location of principal office Holding company principal office Holding company California New Hampshire Los Angeles Firstamerica Corporation Nashua New Hampshire Bankshares, Inc. Florida New York Jacksonville The Atlantic National Bank of Jacksonville Buffalo Marine Midland Corporation Jacksonville Atlantic Trust Company New York Empire Shares Corporation Jacksonville Barnett National Securities Corporation New York Illinois Shares Corporation Sebring Consolidated Naval Stores Company New York Southeastern Shares Corporation Warsaw Financial Institutions, Inc. Georgia Atlanta Trust Company of Georgia Ohio Atlanta Trust Company of Georgia Associates Columbus BancOhio Corporation Savannah Citizens and Southern Holding Company Springfield The Springfield Savings Society of Clark County Savannah The Citizens and Southern National Bank Tennessee Indiana Chattanooga Hamilton National Associates, Inc. South Bend St. Joseph Agency, Inc. Knoxville Tennessee Shares Corporation South Bend St. Joseph Bank and Trust Company Texas Iowa Childress Farmers and Mechanics Trust Company Des Moines Brenton Companies Fort Worth The Fort Worth National Bank Houston C. B. Investment Corporation Kentucky Louisville Trustees, First National Bank of Louisville Utah Salt Lake City First Security Corporation Maine Bangor Eastern Trust and Banking Company Virginia Arlington The First Virginia Corporation Massachusetts Arlington Old Dominion Bank Boston Baystate Corporation Richmond Dominion Securities, Incorporated Boston The National Shawmut Bank of Boston Boston Shawmut Association Washington Port Angeles Union Bond & Mortgage Company Minnesota Spokane Old National Corporation Minneapolis Bank Shares Incorporated Minneapolis First Bank Stock Corporation Wisconsin Minneapolis Northwest Bancorporation Milwaukee The Marine Corporation St. Paul Otto Bremer Company Milwaukee Wisconsin Bankshares Corporation Missouri Canada Kansas City The Kemper Investment Company Montreal Bank of Montreal Kansas City Keystone Corporation Toronto The Canadian Bank of Commerce St. Louis General Bancshares Corporation Japan Montana Tokyo The Bank of Tokyo, Ltd. Havre Montana Shares, Incorporated Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 662 Net gold purchases and gold stock of the United States. 670 Estimated foreign gold reserves and dollar holdings. 671 Reported gold reserves of central banks and governments 672 Gold production 673 International Bank and Monetary Fund. 674 United States balance of payments. 675 Money rates in foreign countries. 675 Foreign exchange rates. 677 Index to statistical tables 685 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. 661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 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 n s n n t - a i a - l - Foreign countries m R G F a T e e d n r . y - , Italy U K d n i o i n m t g ed - E O u t r h o e p r e E T u o r t o a p l e Canada Am La er ti i n ca Asia O A th ll er tutions 2 Total Official 1954—Dec. 31 12,919 1,770 11,149 6,770 1,373 579 640 3,030 5,621 1,536 1,906 1,821 265 1955—Dec. 31 13,601 1,881 11,720 6,953 1,454 785 550 3,357 6,147 1,032 2,000 2,181 360 1956—Dec. 31 14,939 1,452 13,487 8,045 1,835 930 1,012 3,089 6,865 1,516 2,346 2,415 346 1957—Dec. 31 15,158 1,517 13,641 7,917 1,557 1,079 1,275 3,231 7,142 1,623 2,575 1,946 355 1958—Apr. 30 15,060 1,373 13,686 7,953 1,551 1,129 1,021 3,418 7,119 1,662 2,558 2,004 343 May 31 15,215 1,522 13,693 7,947 1,598 1,121 ,056 3,269 7,044 1,789 2,504 2,044 312 June 30 15,271 1,454 13,817 7,931 1,468 1,071 ,060 3,353 6,951 2,001 2,506 2,072 288 July 31 15,384 1,463 13,921 8,101 1,590 1,054 ,098 3,392 7,134 1,962 2,407 2,134 285 Aug. 31 15,679 1,437 14,242 8,415 1,675 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 1,761 1,152 945 3,785 7,643 2,060 2,394 2,126 286 Nov. 30 16,052 1,485 14,567 8,637 1,755 1,132 977 3,792 7,656 2,071 2,407 2,148 285 Dec. 31 16,159 1,544 14,615 8,663 1,755 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 [,159 ,078 3,784 7,713 2,081 2,381 2,235 282 Feb. 28 16,619 1,541 15,078 8,752 1,697 1,170 ,133 3,920 7,920 2,142 2,382 2,339 295 Mar. 31* 16,636 1,673 14,963 8,614 [,370 1,231 ,125 4,005 7,731 2,087 2,519 2,337 290 Apr. 30* 16,775 1,666 15,110 8,432 1,280 1,239 ,230 4,080 7,829 2,170 2,464 2,357 290 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 e m l- m De a n r - 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 er n i - t d z- T k u e r y - Y sl u av g i o a - ot A he ll r 4 1954 Dec 31. . 3,030 273 100 71 41 715 113 249 103 91 71 141 672 8 9 371 1955—Dec. 31 3,357 261 108 60 49 1,081 176 164 82 132 104 153 757 9 13 209 1956—Dec. 31 3,089 296 117 65 53 626 111 134 67 137 43 217 836 20 17 282 1957—Dec. 31 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 11 349 1958—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 3,920 410 105 129 76 637 132 345 114 157 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 Apr 30* 4,080 410 151 130 72 647 145 361 104 171 29 321 853 25 7 651 Table lb. Latin America Neth- Do- er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba m p i R c u i a e n b - 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 n n d e d d s ie s t s a p P R m u a e b n - a - - , Peru U gu ru a - y V zu e e n l e a - A O L i m a t c h t a e i e n r r lic Suri- lic of nam 1954—Dec. 31 1,906 160 29 120 70 222 237 60 30 35 329 49 74 83 90 194 124 1955—Dec. 31 2,000 138 26 143 95 131 253 65 24 45 414 47 86 92 65 265 112 1956—Dec. 31 2,346 146 29 225 91 153 211 68 25 64 433 69 109 84 73 455 111 1957—Dec. 31 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958—Apr. 30 2,558 139 22 120 78 125 266 50 37 62 379 66 143 62 83 770 155 May 31 2,504 137 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 2,382 189 20 166 85 198 267 38 33 43 389 76 155 72 89 410 152 Mar. 31* 2,519 180 20 178 95 186 263 41 33 43 401 73 156 74 96 508 170 Apr. 30* 2,464 180 20 151 92 199 256 50 38 43 412 78 157 81 84 443 180 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 663 Table 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia Allc)ther Ko- Date Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R l u e i e b a c - - , P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total A tra u l s i - a C g B o i e n a l n g - o Egypts A U S f 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_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 40 889 128 177 93 140 353 277 74 31 18 28 126 Oct. 31 2,126 64 76 99 35 45 925 129 159 96 136 361 286 77 31 20 30 128 Nov. 30 2,148 63 75 105 38 52 925 133 158 99 133 367 285 76 31 20 30 127 Dec. 31 2,205 62 77 108 43 56 935 145 176 99 133 371 279 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 2,339 57 86 112 51 60 1,020 147 169 96 139 402 295 80 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 Apr. 30*\... 2,357 57 91 108 54 65 1,028 146 164 91 134 418 290 83 33 15 28 132 Table Id. Supplementary Areas and Countries6 End of year End of year Area or country Area or country 1955 1956 1957 1958 1955 1956 1957 1958 Other Europe: Other Asia (Cont.): Albania .4 .3 .1 n.a. Burma. 19.1 7.0 6.7 n.a. British dependencies .4 .4 .3 .4 Cambodia 13.1 17.2 20.0 24.9 Bulgaria .7 .2 .6 .3 Ceylon 32.9 41.2 34.2 n.a. Czechoslovakia 7 .7 .5 .7 .6 China Mainland7 36.2 35.5 36.3 36.0 Eastern Germany 1.3 1.2 3.1 1.4 Iraq 14.7 16.9 19.6 18.0 Estonia 1 1.9 7 1.7 Jordan. 1.2 2.0 1.6 2.8 Hungary 1.0 .7 .9 Kuwait 3.5 5.3 5.9 10.3 Iceland 4.8 3.1 2.9 3.5 Laos 23.1 37.3 33.1 n.a. Ireland, Republic of 13.7 9.1 9.0 n.a. Lebanon 18.0 22.3 28.2 37.9 Latvia 1.0 .6 .5 .6 Malaya, Fed. of 1.6 1.4 1.6 n.a. Lithuania .3 .4 .5 .7 Pakistan 5.7 20.2 12.8 5.6 Luxembourg 3.1 13.2 16.4 16.1 Portuguese dependencies. 2.0 2.7 3.1 3.1 Monaco 5.6 4.3 5.4 5.9 Ryukyu Islands 34.0 30.6 32.7 15.2 Poland? 2.5 3.3 3.2 4.9 Saudi Arabia 79.5 97.4 94.8 60.2 Rumania7 8.1 .9 .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 I 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 .3 P Preliminary. n.a. Not available. 5 Part of the United Arab Republic since February 1958. 1 Short-term liabilities reported in these statistics represent principally « 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 Apr. 30, 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

664 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Payable Date, or area Total in foreign and country U. S. U. S. currencies Total Deposits T bi r l e ls a s a u n r d y Other Total Deposits T bi r l e ls a s a u n r d y Other certificates certificates Total amounts outstanding 1954 Dec 31 12,919 11,070 5,479 4,955 637 1,805 1.520 251 34 43 1955 Dec. 31 13,601 11,777 5,451 5,670 656 1,783 1,543 184 56 40 1956 Dec 31 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957 Dec 31 15,158 12,847 5,875 5,840 1,132 2,252 1,766 278 209 59 1958 Aor 30 15,060 12,776 6,792 4,820 1,164 2,197 1,812 217 168 87 May 31 15,215 12,963 6,905 4,935 1,123 2,165 1,824 184 157 87 June 30 15,271 12,959 7,092 4,731 1,135 2,236 1,919 184 133 77 July 31 15,384 13,127 7,110 4,905 1,112 2,189 1,932 135 122 69 15,679 13,389 7,092 5,209 1,088 2,218 1,889 210 119 72 Sept 30 15,648 13,312 6,705 5,512 1,095 2,257 1,893 229 135 79 Oct 31 15,945 13,576 6,711 5 767 1 097 2,292 I 897 242 153 77 ]SIov 30 16,052 13,606 6,736 5,748 1,122 2,380 1,929 279 172 66 Dec 31 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959 Jan 31 16,230 13,716 6,802 5,826 1,088 2,463 1,946 328 189 52 Feb. 28 16,619 14,056 6,797 6,173 1,085 2,501 1,932 373 197 62 Mar 31^ 16,636 14,095 6,934 6,062 1,099 2,486 1,969 313 205 54 Apr 30p 16,775 14,169 6,863 6,221 1,085 2,539 1.968 339 232 67 Area and country detail, February 28, 1959 Europe: 410 408 393 4 11 2 2 (l) 105 61 45 2 14 43 36 2 4 1 129 115 75 38 3 14 11 2 1 (l) 76 75 47 25 3 1 637 578 245 316 16 58 50 6 2 1 Germany, Fed. Rep. of 1,697 1,680 213 1,294 174 16 13 2 1 2 132 121 83 38 H 10 Tt 1 1,170 1,141 120 735 286 29 21 8 m n\ Netherlands 345 318 139 157 22 26 19 5 1 j 114 75 57 16 2 39 36 2 C1) 0) 157 116 103 12 41 40 1 (1) (1) 32 15 14 1 17 17 (1) 280 271 63 179 29 9 7 1 1 (1) 796 645 314 144 187 147 99 18 30 3 20 18 18 1 2 2 0) TTnited TCinsdom . . 1,133 698 348 334 16 402 125 227 50 32 6 6 5 1 0) 0) Other Europe 682 657 182 349 126 25 23 1 0) Xotal 7,920 6,998 2,464 3,631 903 882 515 274 94 40 2,142 1,803 1,257 534 12 324 207 79 39 15 Latin America: 189 129 128 60 59 ft 0) 0) Bolivia • • • 20 5 5 f1) 16 15 166 65 57 (i) 8 100 95 (l) 5 lii Chile 85 28 28 (l) 56 56 (l) 1 Colombia 198 132 130 2 66 65 1 Cuba 267 139 95 42 3 128 121 2 5 Dominican Republic 38 9 9 0) 29 29 0) El Salvador 33 16 13 (i) 17 17 n\ Ouatemala 43 25 14 5 7 18 18 G) 389 250 228 19 3 139 136 (2 (V) Neth. W. Indies and Suri- 76 39 21 10 8 37 14 17 Panama Rer> of •.. 155 32 32 0) 0) 123 94 4 26 0) 72 28 27 45 43 1 1 Urusuav 89 47 46 0) 42 38 4 ( 0 1 ) ) 410 256 255 C1) 154 152 Other Latin America 152 70 51 9 10 78 76 2 0) 3 Total 2,382 1,271 1,140 85 45 1,107 1,027 19 61 4 Preliminary. 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. 665 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 r d y Other Total Deposits T bi r l e ls a s a u n r d y Other certificates certificates Area and country detail, February 28, 1959—Continued As H ia o : ne Kone 57 29 26 3 28 28 0) w C1) I In n d d o ia nesia 1 8 12 6 1 6 10 4 6 58 1 52 2 22 2 "> 2 2 (i) 51 47 47 0) 4 4 Israel . • 60 56 25 17 14 4 4 Japan 1,020 1,008 595 376 37 12 12 0) (l) 0) 147 145 143 1 1 2 2 Philippines • 169 150 134 7 9 19 18 0) G) 0) T T a h i a w il a a n nd 1 9 3 6 9 1 8 3 8 6 6 8 7 8 G) 8 3 8 3 C1) Other Asia 402 362 285 4683 28 40 39 0) C1) 1 Total 2,339 2,194 1,529 565 100 144 142 1 All other: Australia • . ... 80 76 34 39 3 3 3 0) ! Belgian Congo 31 30 14 10 6 1 1 Egypt 2 17 16 16 0) 1 1 (v) G) Union of South Africa 37 34 27 6 3 3 0) Other 129 93 79 2 12 36 33 0) 3 Total . 295 249 169 57 23 44 41 0) 3 Total foreign countries. 15,078 12,515 6,560 4,872 1,083 2,501 1,932 373 197 62 International 1,541 1,541 237 1,302 2 C1) 16,619 14,056 6,797 6,173 1,085 2,501 1,932 373 197 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 1 [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 ed - 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 I954 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 ADr 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 2,446 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 2,562 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 ,078 442 81 Nov 30 2,487 96 88 35 35 120 301 675 232 ,064 438 79 Dec. 30 2,542 102 77 36 42 124 315 696 243 1,099 435 69 1959 Jan 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 1,054 422 63 Mar 31P 2,419 102 60 36 39 88 264 589 246 ,069 454 61 Apr 30^ 2,393 103 58 33 45 94 255 588 230 1,028 486 61 v Preliminary. foreigners; drafts drawn against foreigners that are being collected by 1 Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year: loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES1—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain 1954 Dec. 31 109 (2) 20 10 3 3 16 2 (2) 4 1955 Dec. 31 158 2 16 13 3 4 11 9 2 5 1956 Dec 31 216 7 28 12 4 4 21 23 2 1957—Dec. 31 211 6 25 11 4 6 29 23 2 1958 Aor 30 274 8 25 6 5 7 42 29 2 May 31 277 5 27 7 5 7 46 24 2 June 30 263 8 16 8 4 7 41 26 2 July 31 267 8 18 7 4 8 44 25 2 Aug. 31 312 9 67 6 3 8 43 25 2 Sept 30 315 9 63 8 3 8 44 22 2 Oct 31 316 9 64 7 4 10 49 20 2 Nov. 30 301 8 68 10 5 8 53 21 2 Dec 31 315 7 65 14 6 7 56 22 2 1959 Jan 31 297 6 66 15 6 6 58 20 2 Feb. 28 288 5 64 16 6 5 59 18 2 Mar 31*> 264 5 63 12 5 6 52 15 2 Apr 30p 255 5 62 10 5 7 40 14 3 0000 <N Swe- Tur- Yugo- All den key slavia other 4 41 1 5 7 78 2 7 13 88 7 10 76 10 17 81 1 10 46 18 81 1 9 44 16 78 1 9 44 16 79 1 11 57 14 67 9 59 13 72 (2) 10 55 13 72 1 11 31 15 69 9 30 24 72 1 9 26 18 64 1 10 25 16 60 1 9 27 16 50 1 9 29 14 51 14 Table 3b. Latin America Neth- Do- er- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i R c l u i i a e c b n n - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l I W S a a n u n n d e r d d i s i e s - t s l a P p i R c m u a e n b a o - - - , f Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e n r r nam 1954 Dec 31 728 6 3 273 14 107 71 3 10 4 116 1 9 16 7 63 27 1955 Dec. 31 706 7 4 69 14 143 92 5 8 5 154 3 17 29 18 105 34 1956 Dec. 31 840 15 4 72 16 145 90 7 11 7 213 5 12 35 15 144 49 1957 Dec 31 ... 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958 Aor 30 1.021 23 3 184 42 82 114 10 6 9 243 3 23 37 43 152 48 May 31 I 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 8 252 3 25 33 39 136 54 July 31 L,O33 49 3 216 49 54 105 11 7 8 240 3 23 30 42 138 55 Aug 31 1,048 48 3 200 48 54 132 12 7 8 243 3 26 30 45 134 55 Sept. 30 1,040 48 3 183 47 49 127 14 10 9 274 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 1,054 38 3 176 48 48 150 23 6 11 260 3 24 30 43 139 53 Mar 31p I 069 38 6 169 50 49 149 25 5 9 263 4 25 34 45 144 53 Apr. 30? 1,028 40 3 136 52 50 153 25 5 10 263 4 23 38 33 139 54 Table 3c. Asia and All Other Asia All other Date Total H K o o n n g g India Iran Israel Japan ip P p h i i n l e - s Tai- T la h n a d i- Other Total t A ra u l s ia - C g B o i e n a l n g - o U S n o o i u o f 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 8 17 1957—Dec. 31., 386 22 24 146 53 14 110 50 13 12 19 1958—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 Apr. 3QP 486 34 18 224 29 17 141 61 11 19 24 p Preliminary. 2 Less than $500,000. * 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. 667 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: total i Total C t o io ll n e s c- Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions 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—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 1,269 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 ',373 2,487 2,298 806 418 420 654 189 174 16 Dec. 31 ,362 2,542 2,344 840 428 421 656 198 181 16 1959—Jan. 31 ,359 2,432 2,281 780 416 417 667 151 136 15 Feb. 28. ,363 2,379 2,227 744 412 413 658 152 138 13 Mar. 31 ,362 2,419 2,258 746 424 428 660 161 146 15 Apr. 30 ,380 2,393 2,241 739 423 432 648 152 136 16 Area and country detail, February 28, 1959 Europe: Austria 25 5 5 2 2 Belgium 33 64 62 47 5 Denmark 1 16 16 1 12 Finland 3 6 6 5 France 20 100 99 87 G G r e e r e m c a e ny, Fed. Rep. of... 1 1 0 6 5 8 62 5 1 1 0 (22 1 4 8 ( 32 2) ( 7 2) I N N ta o e l t r y h w e a r y lands 1 2 2 2 4 8 6 2 5 1 9 9 8 2 5 1 8 6 8 4 4 1 3 5 6 1 1 3 0 1 1 8 0 5 ( ( 2 2 ) ) 1 Portugal 2 2 2 () 2 Spain 6 25 24 1 Sweden 31 16 15 () 4 4 T Sw ur i k tz e e y rland 2 3 6 5 0 2 6 5 0 5 1 7 1 10 3 3 ( 10 2) United Kingdom 102 30 14 13 72 68 4 Yugoslavia 1 1 (2) '(2V Other Europe 9 Total 410 622 524 169 74 96 185 98 93 Canada 97 218 174 16 139 6 13 44 41 Latin America: Argentina 21 38 37 21 11 Bolivia 3 3 1 () 2 () Brazil 259 176 176 39 19 22 96 Chile 8 48 48 26 9 10 3 C Co u l b o a mbia 9 2 6 9 1 4 5 8 0 1 4 4 8 9 10 6 2 1 6 2 2 1 1 5 2 1 0 4 Dominican Republic () 23 23 3 7 El Salvador 6 6 1 3 2 Guatemala 1 11 11 () 7 3 Mexico 106 260 258 98 58 24 78 Netherlands W. Indies and Surinam Panama, Rep. of 26 24 24 1 18 3 2 Peru 14 30 30 3 4 15 9 Uruguay 'l 43 43 15 4 2 23 Venezuela 47 139 135 14 33 46 43 Other Latin America 51 53 53 6 13 25 9 Total 659 ,054 1,048 336 188 211 314 Preliminary. 'Revised 2 Less than $500,000. i 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

668 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 Collections Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, February 28, 1959—Continued Asia: Hong Kong 1 5 5 3 2 India 5 5 4 1 C2) 3 1 (2) (2) 4 28 28 (2} 28 (2) Israel 13 22 22 5 2 14 Korea Reo of 14 17 2 5 17 2 5 44 2 25 2 104 (2) (2) (2) Philippines 15 42 8 42 8 ( 2 2 5 ) 2 1 2 6 (2) (2) (2) Other Asia 2 1 2 3 12 1 1 3 12 1 0 3 10 5 7 9 1 10 3 (2) 1 (2) Total 89 422 421 200 5 76 140 2 1 1 All other: Australia 16 12 11 6 5 1 1 Belgian Congo 2 3 3 3 Egypt3 2 2 1 Union of South Africa.... 10 24 23 13 2 Other 80 22 21 9 4 7 1 (2) Total 108 63 61 25 7 23 6 1 1 Grand Total 1,363 2,379 2,227 744 412 413 658 152 138 13 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 - ch P a u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) r - c P ha u s r e - s Sales c s N a h l a e e t s s e p s, u ( o r - - r ) 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 — 214 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1957 666 718 -52 1,617 1,423 194 699 1,392 -693 593 622 —29 1958 1,224 1,188 36 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1958 Apr 79 95 -16 104 126 -21 52 115 -62 25 34 -9 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 49 226 220 6 163 194 — 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 78 86 -7 181 164 17 99 185 -86 41 73 -32 Mar.p 37 15 22 231 224 7 63 89 -26 45 84 — 39 Apr p 59 14 45 226 196 30 49 74 -25 51 76 -25 P Preliminary. 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 669 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, (-). In millions of dollars] Type of security Country Year or month Total 2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r it - d z- U K d n i o i n t m g ed - E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - ot A h l e l r2 1955 156 128 29 14 9 -21 142 30 10 183 -80 27 26 1956 291 256 35 23 23 -7 147 87 7 280 -53 38 27 1957 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958 r—39 -56 17 -3 2 -8 19 -1 1 10 -86 23 14 1958—Apr -21 -14 -7 2 -1 -3 -13 -10 1 "I May -3 1 -8 -1 2 3 -9 -1 June -17 -2 -15 1 -2 -3 -10 -5 July . ... 5 14 Q -1 3 -9 -3 8 1 Aug -12 -16 4 -2 (3) -4 -3 -6 S O e c p t t . .. 6 -7 3 8 3 -I 1 -44 5 -1 1 -} 4 4 - - 6 7 2 6 Nov 11 1 10 1 2 -2 13 -4 1 9 -6 6 2 Dec 3 6 4 -4 14 -7 -3 3 -6 3 3 1959 Jan 18 19 -2 17 -6 1 13 3 2 Feb 17 15 2 2 2 -1 7 2 2 15 2 7 2 5 20 -12 8 -6 2 3 Aor p 30 25 5 27 -2 4 31 -8 2 4 p Preliminary. r Re vised 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 CORRESPONDENTSi [Net sales, (-). In millions of dollars] [In millions of dollars] Y m e o a n r t o h r na I i n n ti t s o e t n 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 e in r- Asia o A th l e l r Date Deposits Assets in custody tutions tries U. S. Govt. Miscelsecurities 2 laneous 3 1955 — 27 A -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—May 31 234 3,037 405 June 30 269 2,974 491 1958—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 -3 ^ 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 i 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 j -3 ^ Nov.... -6 -97 -3 -67 0) -6 -22 1959—Jan. 31 274 3,681 510 Dec... -96 -66 -9 -14 -6 -8 -31 Feb. 28 310 3,857 509 Mar. 31 307 3,593 509 1959—Jan -44 -99 -37 -59 5 -9 1 Apr. 30 266 3,559 504 Feb.... 6 -124 -14 -64 3 -41 -2 May 31 291 3,750 524 Mar.P. . -5 -60 -22 -24 -9 -8 3 Apr.?.. o -42 -28 2 -3 -8 -1 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of next page for total gold under earmark * Preliminary. at Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 3 C U o . n S s . i st T s r o ea f s b u a r n y k b er il s l ' s , a c c c e e r p ti t f a ic n a c t e e s s , c o o f m in m d e e r b c t i e a d l n p e a s p s, e r n , o a t n 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

670 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 1958 1959 Area and country 1951 1952 1953 1954 1955 1956 1957 1958 Jan, Apr, July- Oct, Jan, Mar. June Sept. Dec. Mar. Continental Western Europe: -6.2 -84.2 25 9 58 3 Belgium 1-18.3 1-5.8 1-94.8 3.4 3.4 -329.4 -14.2 -143.6 -113.4 -58.3 -20.0 '-67.*5 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Italy "-348!8 —168!8 — iiiis Netherlands -4.5 -ioo.6 -65.0 25.0 -260.9 -62.9 -46.4 -109!7 -29.9 Portugal - - 3 3 4 2 . . 9 0 -5.0 - - 5 2 9 0 . . 9 0 - - 5 1 4 5 .* .0 9 "-5.0 '"is'.i -20.0 -20.0 Switzerland -15.0 22.5 -65.0 -15.5 -8.0 -215.2 -5.0 -135.1 -75.1 Bank for Int'l Settlements -30.4 -94.3 -20.0 -178.3 -15.1 -74.4 -60.7 -28.0 -7.6 Other -29.7 -17.3 -17.5 8.8 4.0 3.0 339.3 38.4 -18.5 -2.3 329.2 -1.3 Total -184.8 -115.6 -546.4 -328.3 -78.5 -20.2 67.7 -1,428.3 -76.2 -623.2 -447.5 -281.4 -38.2 Sterling Area: United Kingdom 469.9 440.0 -480.0 -50.0 100.3 -900.0 -300.0 -450.0 -50.0 -100.0 52.1 11.5 Other 3.6 -.3 -.5 -.5 -.1 Total 525.6 451.2 -480.5 -50.5 -.1 100.3 -900.0 -300.0 -450.0 -50.0 -100.0 Canada -10.0 7.2 14.6 5.2 Latin America: Argentina -49.9 -20.0 -84.8 115.3 75.4 67.2 12.0 55.2 Mexico -60.2 87.7 -28.1 .9 -3o!o -200.0 Other -15.0 -10.2 -18.8 12.2 14.0 56.4 5.5 1.8 -.1 -.4 2 2.6 c Total -126.0 57.5 -131.8 62.5 14.0 -28.3 80.9 69.0 -.1 -.4 11.7 57.8 -.5 -53.7 -6.7 -5.7 -9.9 -4.9 -.2 18.0 4-27.1 -.6 -.4 -2.7 4-23.4 4-45.1 All other -76.0 -.4 1.0 14.1 2 -.7 -.5 -.1 -.1 -.1 Total foreign countries. . 75.2 393.6 -1,164.3 -326.6 -68.5 80.2 171.6 -2,287.1 -377.4 -1,074.1 -488.5 -347.1 -83.8 200.0 600.0 -7.1 — 7 1 -8.8 Grand total 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 771.6 -2,294.2 -377.4 -1,081.2 -488.5 -347.1 -92.6 i Includes sales of gold to Belgian Congo as follows (in millions): 1951, 4 Includes sales of gold to Japan as follows (in millions): 1958. $30.1: $8. 3 0 I ; n 1 c 9 lu 5 d 2 e , s $ 2 p . u 0 r ; c a h n as d e s 1 9 o 5 f 3 g , o $ l 9 d . 9 f . r om 2 S p L a e i S n s a th s a f n o ll $ o 5 w 0 s ,0 ( 0 i 0 n . millions): 1957, and 5 F 1 i 9 g 5 u 9 r , e J s a r n ep ,M re a se r n ., t $ p 4 u 9 r . c 9 h . ase of gold from, or sale to (—), International $31.5; and 1958, $31.7. 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 t a a k r l ) i I i n n s c g t r o o t e o c l a d k t s a e l i e m x g N o o p p e l r 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 s n e - d e e - d e , - D p ti r c o t o i m d o g n u o e c l s d - - Month ( T e r u n G e r d a y o s l o - d f m s T to o o c t n a k t l h 1 ) I i n n s c g t r o o t e o c l a d k t s a e l 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 s n s - d e e e - d e , - D p ti r c o t o i m o d g n u o e l c s d - - 1946 20,529 20,706 623.1 311.5 465.4 51.2 1958—May 21,594 21,674 -367.8 17.9 -355 2 4 6 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 June 21,356 21,412 -262.4 3.4 -285 0 4 9 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 July 21,210 21,275 -136.5 18.0 -164.3 6.1 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Aug 21,011 21,082 -193.1 3.7 — 196 7 5 4 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Sept 20,874 20,929 -153.2 71.2 -220 2 6 2 Oct 20,690 20,741 -188.4 5.4 -189.0 6.7 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Nov 20,609 20,653 -88.0 11.7 —96 9 5 5 1952 23,187 23,252 379.8 684.1 -304.8 67.4 Dec 20,534 20,582 -70.7 12.2 -79 3 5 9 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 1959—Jan 20,476 20,527 -55.5 10.3 — 65 6 4 2 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 Feb 20,479 20,520 -6.7 9 9 -13 0 4 1 1956 21,949 22,058 305.9 106.1 318.5 65.3 Mar 20,442 20,486 -33.6 18.3 -48 0 3 8 1957 22,781 22,857 798.8 104.3 600.1 63.0 Apr 20,305 20 358 -128 6 3 2 — 127 5 1958 20,534 20,582 -2,275.1 259.6 -2,515.0 63.0 May ^20,188 ^20,228 P-130.2 4-136.5 P Preliminary. 2 Net after payment of $687.5 million in gold as United States gold subi Includes gold in Exchange Stabilization Fund. Gold in active portion scription to the International Monetary Fund. of this Fund is not included in regular statistics on gold stock (Treasury 3 Not yet available. gold) used in the Federal Reserve statement "Member Bank Reserves, 4 Gold held under earmark at the Federal Reserve Banks for foreign Reserve Bank Credit, and Related Items" or in the Treasury statement and international accounts amounted to $8,928.3 million on May 31, 1959. "United States Money, Outstanding and in Circulation, by Kinds." Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 671 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1957 Mar. 31, 1958 June 30, 1958 Sept. 30, 1958 Dec. 3I, 1958 Mar. 3 , 1959* 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 452 8 458 7 466 7 554 7 605 7 629 7 Belgium-Luxembourg (and Belgian Congo).. '1,184 8 1,259 7 1,390 7 1,471 6 1,522 6 1,489 6 Denmark 143 6 162 6 145 6 193 6 200 6 169 43 Finland 99 5 96 5 82 5 98 5 104 1 113 France (and dependencies) * 946 9 911 10 890 26 1,019 11 1,134 12 1,246 12 4,099 14 3,971 15 4,043 12 4,330 13 4,394 13 4,048 15 167 167 135 (2) 125 139 151 Italy 1,531 2 1,528 2 1,678 4 1,934 1 2,207 2 2,350 2 Netherlands (and Netherlands West Indies and Surinam) .. 1,044 14 1,260 14 1,289 13 1,389 13 1,497 15 1,613 17 Norway 138 105 150 95 151 89 144 97 173 120 151 128 Portucal (and dependencies^ 651 658 678 694 1 707 728 Spain (and dependencies) 126 130 3 132 3 134 106 100 ^ 4 479 5 461 8 458 4 496 507 10 498 31 T Sw ur i k tz e e y rland 2,6 1 8 6 5 2 128 2,6 1 2 5 0 7 118 ?,6 1 8 5 4 6 88 2,7 1 3 5 3 4 88 2,7 1 7 6 7 4 76 2,7 1 8 6 1 4 80 Other 3 851 12 962 6 J,131 5 1,165 6 1,370 3 1,403 16 Total '14,757 319 14,950 296 '15,508 269 16,633 259 17,606 274 17,633 361 Sterling Area: United Kingdom 2 875 205 3,460 241 3,810 220 3,851 216 3,725 194 3,925 184 United Kingdom dependencies 104 4 102 4 101 100 4 109 4 110 4 Australia 211 218 222 228 241 245 India 329 326 j 328 320 1 324 (2) 337 /2\ Union of South Africa 255 1 231 1 183 1 216 1 241 1 221 1 Other 228 34 230 37 230 35 233 41 251 43 250 49 Total 4,002 245 4,567 284 4,874 261 4,948 263 4,891 242 5,088 238 Canada 2,738 457 2,722 441 3,087 345 3,032 346 3,097 341 3,159 344 Latin America: 263 270 265 245 203 233 Brazil 456 440 1 450 1 458 1 463 504 1 Chile . . . • 115 1 117 1 126 1 124 1 140 g) 135 215 200 192 207 241 259 (2) Cuba 371 154 371 146 417 86 409 86 366 86 343 86 Guatemala 92 <3 93 91 75 69 70 Mexico 566 536 485 517 3 561 4 544 3 Panama ReDublic of 136 148 2 140 1 148 1 146 2 156 2 Peru 88 82 93 92 (2) 96 (2) 93 Uruguay 235 1 266 1 258 260 2 262 276 (2) Venezuela 1,554 2 1,428 2 1,460 2 1,233 2 1,213 «$ 1,227 2 Other 277 13 300 12 304 12 272 12 248 n 292 13 Total . 4,368 176 4,251 168 4,281 108 4,040 108 4,008 106 4,132 107 Asia: 190 128 127 129 145 156 1 Iran 193 n\ 190 n\ 202 f2) 181 (2) 184 (2) 195 Japan .. 714 2 833 932 1,018 1,094 1 1,226 1 Philippines ... ... 181 5 196 5 175 5 191 3 186 3 180 3 Thailand 269 269 1 260 1 252 245 1 250 1 Other 111 8 773 7 765 7 723 7 778 7 824 7 Total 2 324 16 2 389 15 2,461 14 2,494 12 2,632 12 2,831 13 All other: Ecvot4 228 216 192 192 190 190 Other 162 7 171 8 152 7 136 8 140 8 147 10 Total 390 7 387 8 344 7 328 8 330 8 337 10 Total foreign countries5 '28,579 1,220 29,266 1,212 '30,555 1,004 31,475 996 32,564 983 33,180 1,073 International institutions 2 697 222 2 563 356 2,696 446 2,790 462 2,876 495 3,025 523 Grand total5. '31,276 1,442 31,829 1,568 '33,251 1,450 34,265 1,458 35,440 1,478 36,205 1,596 P Preliminary. r 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 (including official gold reserves, and total dollar holdings as shown in Short-term European Payments Union account through December 1958 and Euro- Liabilities to Foreigners Reported by Banks in the United States by pean Fund account thereafter), gold to be distributed by the Tripartite Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. Commission for Restitution of Monetary Gold, and unpublished gold bonds and notes represent estimated holdings with original maturities reserves of certain Western European countries. of more than one year; these estimates are based on a survey of selected 4 Part of the United Arab Republic since February 1958. U. S. banks and on monthly reports of security transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

672 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 i M F ta u o r n n y d e- U St n a 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 r704 320 896 42 76 1953 Dec 36,435 1,702 22,091 12,640 372 117 52 101 776 321 QQ«S 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 ,808 21,753 14,180 372 144 71 116 929 323 ,141 44 86 1 1 9 9 5 5 7 6 D D e e c c 3 3 8 8 , , 2 9 4 7 5 0 , ,1 6 8 9 0 2 2 22 2 , , 8 0 5 5 7 8 1 1 4 4 , , 9 4 3 9 5 5 2 1 2 2 4 6 1 1 0 2 7 6 1 7 0 1 3 1 8 2 1 2 r r9 9 1 2 5 5 3 3 2 2 4 4 , , 1 1 1 1 3 5 4 4 6 0 5 6 7 2 1958 Apr 1,238 22,042 126 140 103 85 1,028 324 ,101 40 65 May 1,241 21,674 126 143 103 84 1,099 324 ,089 40 66 June 39,395 1,242 21,412 16,740 125 147 103 83 rl,140 325 ,086 40 67 July I 242 21 275 125 150 107 82 1 182 325 096 40 68 Aug .... 1,247 21,082 125 153 125 82 1,212 325 088 40 69 Sept 39,545 1,307 20,929 17,310 114 154 136 82 1,228 325 1 *088 40 70 Oct 1,307 20,741 74 157 144 83 1,251 325 1,085 40 70 Nov 1 331 20 653 160 155 83 I 270 325 1 089 40 71 Dec 39,865 1,332 20,582 17,950 162 194 83 1,270 325 1,078 40 72 1959 Jan 332 20 527 200 78 1 248 325 I 076 40 72 Feb I 349 20,520 208 69 1,225 326 1 082 40 72 Mar P40 060 15? 20 486 *>18 220 212 69 1 246 326 1 072 40 73 Apr 20,358 222 1,265 326 1,071 40 Ger- E m n o d n t o h f Cuba m D a en rk - D R o i e c m p a u n i b n - - E d c o u r a- Egypt2 E v l a d S o a r l- l F a i n n d - France3 R F m e e p d a u e n r b y a l , i 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 Apr 136 31 11 22 174 31 35 575 2,492 27 247 38 May 136 31 U 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 U 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 27 247 37 Apr 31 11 20 174 31 38 589 2,678 27 247 36 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 in il- 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 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 Au2 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 34 18 1,119 91 143 1,125 33 43 49 19 11 498 Feb 141 18 95 1 145 33 43 49 19 7 498 Mar 140 18 102 1,164 33 43 49 19 7 501 Apr 18 102 1,164 33 43 49 502 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 673 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 - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n o tt t r l 'l e- m p P e e a a n y n t - s ments Union 1952 Dec 170 184 1,411 14 113 143 1,846 207 373 12 196 158 1953 Dec 176 218 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—Apr 179 203 1,770 24 112 144 2,914 180 719 14 212 May 161 203 1,836 24 112 144 3,039 180 720 14 254 June 159 204 1,857 24 112 144 3,076 180 720 14 200 126 July 167 204 1,907 24 112 144 3,084 180 719 14 167 A.U2 180 204 1,929 24 112 144 3,089 180 719 15 171 Sept 188 204 1,934 24 112 144 3,120 180 719 15 187 126 Oct 201 204 1,935 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 24 112 144 3,069 180 719 17 339 126 1959—Jan 212 204 1,993 24 112 144 3,111 180 719 17 312 Feb 211 204 1,993 112 144 3,156 180 719 17 351 Mar 193 204 1,935 144 3,139 180 719 17 378 Apr 190 204 1,931 144 3,251 180 719 15 533 P Preliminary. 2 Part of the United Arab Republic since February 1958. i Excludes U.S.S.R., other Eastern European countries, and China 3 Represents holdings of Bank of France (holdings of French Exchange Mainland. Stabilization Fund are not included). Represents reported gold holdings of central banks and governments 4 Beginning with December 1958, represents Exchange Equalization and international institutions, unpublished holdings of various central Account gold and convertible currency reserves, as reported by British banks and governments, estimated holdings of British Exchange Equaliza- Government; prior to that time represents reserves of gold and United tion Account based on figures shown for United Kingdom, and esti- States and Canadian dollars. mated official holdings of countries from which no reports are received. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa North and SouthAmerica Other month (excl. 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 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 1,036.7 956.3 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 3.6 1 4 37.9 6.3 1958 618.0 19.4 29.2 12.8 63.0 158.8 7.2 3.9 n.o 6 0 1958 Mar 80 1 50 1 1.6 2.5 .9 4.3 13.7 1.4 .5 .4 .2 q 3 0 5 Apr. . 79.7 50.3 1.6 2.4 1 2 4.5 13.4 .9 .6 .3 .2 0 2.9 .5 May 81.3 51.6 1.6 2.4 1.0 4.6 13.3 .9 .6 .4 .3 1 3 2 4 June.... 81.5 50.6 1.6 2.5 1.4 4.9 13.4 .9 .6 .3 .3 ? 3.3 .5 July 84.5 52.4 1.5 2.5 .9 6.1 13.2 .7 .7 .4 .5 3 3.7 .5 Aug 52.6 1.6 2.5 1.2 5.4 12.8 10 .7 .3 .9 3.0 .5 Sept. 53.0 1.7 2.5 6.2 13.1 1.2 .6 .4 9 3.5 .5 Oct 54 0 1 6 2.4 .9 6.7 14.0 1.1 .6 .3 3 3 3 5 Nov 53 3 1 7 2 5 1.0 5.5 12 9 6 3 0 3 1 5 Dec 53 1 1.7 2.2 .7 5.9 13.2 .6 .3 0 5 1959 Jan 54.1 1.6 2.6 1.2 4.2 r13.2 .5 .3 3 Feb . . 52.8 1.5 2.6 .9 4.1 12.5 .8 .3 1 Mar 55.9 2.6 1.0 3.8 13.2 .6 .3 r Revised. Ghana, Belgian Congo and Brazil, data for which are from American i 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

674 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 1... 767 752 747 693 636 Currencies:! Effective loans* 2,795 2,829 2,999 3,275 3,408 United States 769 696 664 717 780 Other assets3 90 93 91 101 92 Other 5,992 6,060 6,119 6,025 5,958 Unpaid member subscriptions 874 898 873 958 979 IBRD bonds outstanding 1,405 1,658 1,687 1,792 1,840 Other assets 8 9 Undisbursed loans 699 675 753 910 893 9 R O e th se e r r v l e i s abilities 3 2 3 4 5 3 2 5 7 0 3 2 6 7 6 3 2 8 4 2 40 2 1 8 A M c e c m um be u r l a s t u e b d s c n r e ip t t i i n o c n o s me 9,016 3 9,088 9,088 9,193 9,2 (1 2 0 8 ) Capital3 1,872 1,881 1,904 1,904 1,911 Reserves and liabilities 4 ('0)23 30 Loans by country, April 30, 1959 Quota Cumulative net drawings on the Fund Outstanding Country Area and member country4 Paid 1958 1959 Prin- Dis- Re- Total m cipal bursed paid Sold gold Total to Mar. Feb. Mar. othersS Argentina 150 38 75 91 Continental Western Europe, Bolivia 10 3 8 9 9 total 1,384 1,162 235 926 106 Brazil 150 38 75 113 113 Austria 91 60 60 3 Burma 15 1 15 12 12 Belgium and Luxembourg.. 173 150 131 35 Chile 50 9 37 42 42 Denmark 60 40 5 35 4 Finland 102 59 15 44 1 Colombia 50 13 35 30 30 France 267 267 23 244 12 Cuba 50 13 25 25 25 Italy 258 167 3 165 22 France 525 108 328 394 394 Netherlands 236 236 154 83 26 Haiti 8 2 1 4 4 Norway 75 63 2 60 2 Honduras 8 2 4 1 Turkey 61 58 6 53 Yugoslavia 61 61 9 52 India 400 28 200 200 200 Indonesia 110 16 55 55 55 Sterling area, total 1,411 1,156 131 1,024 118 Iran 35 9 17 17 17 A Ce u y s l t o ra n lia 3 2 1 5 8 31 1 8 3 s31 28 1 6 3 3 1 2 N M i e c x a i r c a o g ua , , 9 8 0 2 2 3 23 India 532 418 386 31 P U U O a t n n k h i i i e t o s e r n t d a n o K f i S n . g A do f m rica 1 1 1 3 8 9 2 2 5 3 6 1 1 2 8 6 3 1 2 9 5 3 1 7 7 9 5 1 1 6 2 1 3 7 8 4 0 2 2 3 6 6 P P P S T a h e u 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 8 5 0 5 4 2 3 'is 3 1 1 6 5 9 5 2 2 3 1 5 9 6 1 2 Latin America, total 909 663 107 556 18 Brazil 255 175 25 150 (6) Union of South Chile 74 47 8 39 Africa 100 25 20 36 36 Columbia 119 98 28 70 2 United Arab Re- N E E M c l i e c u S x a a a i r d c l a v o o g a r u d a or 1 4 2 3 8 6 3 2 6 1 2 2 5 1 3 0 7 3 1 2 6 4 1 1 2 4 1 1 1 3 2 4 ( 8 1 6) Y U U u n n p g i i u t t o e e b s d d l l i a c S K v t i a i a n te g s dom. 2 1 , , 7 3 5 0 6 6 0 0 0 0 2 68 3 1 8 8 6 0 H-2,0 5 0 2 6 3 3 3 2 0 -1,9 5 2 2 4 3 6 3 5 0 n-1,7 3 5 3 2 4 7 0 3 5 Peru 62 40 5 35 3 Uruguay 64 54 8 47 2 Other 48 36 10 26 1 1 Currencies include demand obligations held in lieu of deposits. 2 Represents principal of authorized loans, less loans not yet effective, Asia (excluding Sterling area), repayments, the net amount outstanding on loans sold or agreed to be I J r a a p t n o a t n al 2 5 5 7 1 4 5 7 2 1 9 7 6 7 5 1 12 2 1 7 8 5 5 5 5 2 1 5 0 2 sol 4 3 d E L to x o c a o l n u t s h d e t e o r s s , d u e n a p n c e a d n l l d e e x e d c n h p c a o ie n r s t g i e o a n re a s d i o n ju f c s l c u tm a d p e e i d n t a t w . l i s t u h b m sc e r m ip b ti e o r n . s. Lebanon 27 5 i 5 Includes also effective loans agreed to be sold but not yet disbursed. P M h a il l i a p y p a ines 3 1 6 9 ( 1 6 1 ) 7 6 I L n e c s l s u d th e a s n $ 1 $ 2 5 3 0 0 m ,0 i 0 ll 0 io . n in loans not yet effective. Thailand 107 45 38 9 8 U In . c S lu . d T e r s e a $ s 2 u 4 r 5 y m bi i l l l l s io p n u n rc o h t a g s u ed ar a w n i t t e h e p d r o b c y e e th d e s B fr a o n m k . sale of gold, Africa (excluding Sterling i ° Transferred to general reserve. area), total 63 11 Represents sales of U. S. dollars by the Fund to member countries Ethiopia 24 for local currencies, less repurchases of such currencies with dollars. Sudan 39 Total 74,283 3,301 487 2,814 8266 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 675 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1955 1956 1957 1958 Exports of goods and services, total1.. 5,462 5,347 5,952 5,698 6,521 6,698 6,944 6,252 6,582 5,546 5,885 5,544 6,100 Merchandise 3,851 3,954 4,412 4,096 4,859 5,096 5,143 4,447 4,641 4,053 4,186 3,804 4,164 Services^ 1,611 1,393 1,540 1,602 1,662 1,602 1,801 1,805 1,941 1,493 1,699 1,740 1,936 Imports of goods and services, total... 4,652 4,855 5,043 5,069 4,843 5,027 5,289 5,299 5,092 4,850 5,211 5,318 5,312 Merchandise 3,119 3,254 3,172 3,154 3,211 3,298 3,342 3,266 3,385 3,143 3,170 3,117 3,514 Services 838 859 1,041 1,262 947 880 1,071 1,340 1,005 878 1,137 1,357 1,010 Military expenditures 695 742 830 653 685 849 876 693 702 829 904 844 788 Balance on goods and services1 810 492 909 629 1,678 1,671 1,655 953 1,490 696 674 226 788 Unilateral transfers (net) 3 -590 -567 -616 -517 -632 -561 -665 -506 -575 -547 -596 -549 -615 Private remittances and pensions... -154 -151 -157 -158 -171 -170 -173 -172 -179 -168 -170 -181 -177 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 -5 -26 35 Gold sales by United States -12 -103 -164 -27 -348 -325 -27 -98 370 1,075 483 347 Errors and omissions 129 153 212 323 362 262 360 -108 170 73 220 -82 9 Preliminary. 2 Including military transactions. 1 Excluding military transfers under grants. 3 Minus sign indicates net outflow. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m re b o a il s n l u s th ry sl 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 r t t - h s' s T 3 r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n 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 3.61 3.18 5.07 4.94 4.15 3.50 3.55 4.75 4.81 3.48 3.23 1.50 1957—Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 3.75 3.25 4.64 3.33 2.50 1958—Apr 1.65 1.64 5.47 5.28 4.71 4.00 6.78 3.25 3.56 3.18 2.93 2.50 May 1.56 1.55 5.24 5.02 4.53 3.85 10.04 3.25 3.38 2.97 2.39 2.50 June 1.75 1.72 4.65 4.45 3.95 3.30 7.51 2.75 3.44 2.90 2.34 2.50 July 1.31 1.18 4.31 4.15 3.62 3.00 6.85 2.63 2.88 2.88 2.49 2.50 Aug 1.29 .67 3.98 3.81 3.36 2.70 6.97 2.50 2.56 2.62 2.08 2.50 Sept 2.02 .48 3.82 3.65 3.17 2.50 6.46 2.50 2.88 2.62 2.16 2.50 Oct 2.48 1.51 3.80 3.65 3.19 2.50 5.50 2.38 2.56 2.83 2.50 2.50 Nov 3.00 2.10 3.67 3.46 2.97 2.32 5.26 2.38 2.88 2.40 1.79 2.50 Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 1.50 2.50 1959—Jan 3.34 2.07 3.28 3.12 2.73 2.00 4.39 2.25 2.38 2.04 1.58 2.50 Feb 3.70 2.96 3.23 3.09 2.66 2.00 4.23 2.25 2.94 1.75 1.26 2.50 Mar 4.16 4.00 3.41 3.30 2.67 2.00 4.36 2.25 2.44 1.68 1.42 2.25 Apr 4.57 4.41 3.40 3.25 2.69 2.00 2.00 2.31 1.61 1.50 2.00 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

676 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 May 31, 1958 Rate as of Country 1958 1959 May 31, Per Month 1959 cent effective June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Argentina ^ 6.0 Dec. 1957 6.0 Austria 5.0 Nov. 1955 4.5 4.5 Belgium 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 Canada3 1.79 May 1958 1.97 1.12 1.74 2.52 3.08 3.13 3.74 3.53 4.32 4.55 5.01 5.15 5.15 Ceylon 2.5 June 1954 2.5 Chile2 6.0 Feb. 1957 6.0 Colombia2 4.0 July 1933 4.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 5.5 Denmark 5.0 Apr. 1958 4.5 4.5 Ecuador 10.0 May 1948 10.0 3.0 Nov. 1952 3.0 El Salvador2 4.0 Apr. 1957 4.0 Finland2 6.5 Apr. 1956 6.0 6.0 France . .. . 5.0 Aug. 1957 4.5 4 25 4 6 4.0 Germany 3.5 Jan. 1958 3.0 2.75 2.75 10.0 May 1956 10.0 Honduras ^ 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 7.0 India5 4.0 May 1957 4.0 3.0 Apr. 1946 3.0 Iran ... 4.0 Aug. 1948 4.0 5.0 May 1958 4.5 4.25 4.25 Israel . 6.0 Feb. 1955 6.0 Italy 4.0 Apr. 1950 3.5 3.5 Japan2 8.4 May 1957 7.67 7.3 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 Nicaragua 6.0 Apr. 1954 6.0 Norway . • • 3.5 Feb. 1955 3.5 Pakistan 3.0 July 1948 4.0 4.0 Peru2 6.0 Nov. 1947 6.0 Philippine Republic2 4.5 Sept. 1957 6.5 6.5 Portugal 2.0 Jan. 1944 2.0 South Africa 4.5 Sept. 1955 4 0 4.0 Spain 5.0 July 1957 5.0 Sweden 4.5 May 1958 4.5 Switzerland 2.5 May 1957 2 0 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 6 0 June 1956 6.0 United Kingdom 5.5 May 1958 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 14 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 677 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 ia - d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r 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 2.835 222.16 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—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 8536 2.0056 102.357 21.016 .3118 Oct.. 5.556 1.656 223.67 8536 2.0061 103.005 21.049 .3118 Nov.. 5.556 1.386 223.55 8536 2.0056 103.253 21.039 .3118 Dec.. 15.556 11.518 223.41 8536 2.0057 103.660 21.032 .3118 1959—Jan... 21.5187 223.62 3.8444 2.0003 103.402 21.046 .3115 Feb.. 1.5242 223.85 3.8481 2.0004 102.583 21.063 .3114 Mar.. 1.4703 224.12 3.8484 1.9997 103.117 21.074 .3114 Apr.. 1.3680 224.42 3.8487 2.0037 103.774 21.089 .3114 May. 1.I1774 224.27 3.8488 2.0057 103.838 21.081 .3114 Year or month F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c n ) h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do s a i l l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) 1953.. 21.049 281.27 32.595 11.607 26.340 1954. 23.838 21.020 280.87 32.641 9.052 26.381 1955. 23.765 20.894 279.13 32.624 8.006 26.230 1956. 23.786 20.934 279.57 .2779 32.582 8.006 26.113 1957. .2376 23.798 20.910 279.32 .2779 32.527 8.006 26.170 1958. 3.2374 23.848 21.048 280.98 .2779 32.767 8.006 26.418 1958—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 May.. .2039 23.911 21.087 281.45 .1610 .2779 32.951 8.006 26.488 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r a u t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( S f e r r w a la n i n t c - d ) ( U p K d o n i o u n i m t n g e d - d ) 1953 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 276.80 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1957 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958 278.19 14.008 49.695 3.4900 279.93 52.3810 19.328 23.328 280.98 1958—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. 277.73 14.008 49.695 3.4900 279.46 2.3810 19.328 23.335 280.51 Sept. 277.55 14.008 49.695 3.4900 279.28 2.3810 19.328 23.335 280.33 Oct.. 277.93 14.008 49.695 3.4900 279.66 2.3810 19.328 23.300 280.70 Nov. 277.78 14.008 49.695 3.4900 279.51 2.3810 19.328 23.300 280.55 Dec. 277.60 14.009 49.695 3.4900 279.33 2.3810 19.329 23.317 280.38 1959—Jan.. 277.87 14.012 49.695 3.4917 279.60 2.3810 19.326 23.190 280.65 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 May 278.67 14.041 49.695 3.5019 280.40 2.3810 19.326 23.133 281.45 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 LLOYD M. SCHAEFFER, Chief Federal Reserve DAVID B. HEXTER, Assistant General Counsel Examiner G. HOWLAND CHASE, Assistant General Counsel THOMAS J. O'CONNELL, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser GUY E. NOYES, Adviser ROLAND I. ROBINSON, Adviser DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Associate Adviser ALBERT R. KOCH, Associate Adviser JOSEPH E. KELLEHER, Director KENNETH B. WILLIAMS, Associate Adviser LEWIS N. DEMBITZ, Research Associate OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser OFFICE OF THE CONTROLLER ROBERT L. SAMMONS, Associate Adviser J. J. CONNELL, Controller DIVISION OF BANK OPERATIONS SAMPSON H. BASS, Assistant Controller JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director OFFICE OF DEFENSE PLANNING M. B. DANIELS, Assistant Director JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 678 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 679 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman CARL E. ALLEN J. A. ERICKSON J. L. ROBERTSON C. CANBY BALDERSTON DELOS C. JOHNS CHAS. N. SHEPARDSON FREDERICK L. DEMING G. H. KING, JR. M. S. SZYMCZAK A. L. MILLS, JR. WINFIELD W. RIEFLER, Secretary HOMER JONES, Associate Economist ELLIOTT THURSTON, Assistant Secretary ARTHUR W. MARGET, Associate Economist MERRITT SHERMAN, Assistant Secretary GEORGE W. MITCHELL, Associate Economist KENNETH A. KENYON, Assistant Secretary FRANKLIN L. PARSONS, Associate Economist HOWARD H. HACKLEY, General Counsel ROBERT V. ROOSA, Associate Economist FREDERIC SOLOMON, Assistant General Counsel PARKER B. WILLIS, Associate Economist WOODLIEF THOMAS, Economist RALPH A. YOUNG, Associate Economist ROBERT G. ROUSE, Manager, System Open Market Account Federal Advisory Council LLOYD D. BRACE, BOSTON, Vice President HOMER J. LIVINGSTON, CHICAGO, President JOHN J. MCCLOY, NEW YORK WILLIAM A. MCDONNELL, ST. LOUIS CASIMIR A. SlENKIEWICZ, PHILADELPHIA GORDON MURRAY, MINNEAPOLIS REUBEN B. HAYS, CLEVELAND R. OTIS MCCLINTOCK, KANSAS CITY JOHN S. ALFRIEND, RICHMOND WALTER B. JACOBS, DALLAS JOHN A. SIBLEY, ATLANTA CHARLES F. FRANKLAND, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches Chairmen and Deputy Chairmen of Boards of Directors FEDERAL RESERVE CHAIRMAN AND ^ ^ BANK OF- FEDERAL RESERVE AGENT DEPUTY CHAIRMAN BOSTON ROBERT C. SPRAGUE NILS Y. WESSELL NEW YORK JOHN E. BIERWIRTH FORREST F. HILL PHILADELPHIA HENDERSON SUPPLEE, JR. LESTER V. CHANDLER CLEVELAND ARTHUR B. VAN BUSKIRK JOSEPH H. THOMPSON RICHMOND ALONZO G. DECKER, JR. D. W. COLVARD ATLANTA WALTER M. MITCHELL HARLLEE BRANCH, JR. CHICAGO BERT R. PRALL J. STUART RUSSELL ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL MINNEAPOLIS LESLIE N. PERRIN O. B. JESNESS KANSAS CITY RAYMOND W. HALL JOE W. SEACREST DALLAS ROBERT J. SMITH HAL BOGLE SAN FRANCISCO A. H. BRAWNER Y. FRANK FREEMAN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN • JUNE 1959 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 Harrell 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. MurfT 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. CTKane 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. Barglebaugb 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. THE FEDERAL RESERVE SYSTEM—PURPOSES AND ties of 10 or more for single shipment, 85 cents FUNCTIONS. April 1954. 208 pages. each. ANNUAL REPORT OF THE BOARD OF GOVERNORS DEBITS AND CLEARINGS STATISTICS AND THEIR USE (rev. ed.). May 1959. 144 pages. $1.00 OF THE FEDERAL RESERVE SYSTEM. per copy; in quantities of 10 or more for single FEDERAL RESERVE BULLETIN. Monthly. Sub- shipment, 85 cents each. scription price in the United States and its pos- ALL-BANK STATISTICS, 1896-1955. Revised statissessions, Bolivia, Canada, Chile, Colombia, tics for all banks in the United States, by class of Costa Rica, Cuba, Dominican Republic, Ecuabank, together with descriptive and explanatory dor, Guatemala, Haiti, Republic of Honduras, material. Part I, U. S. Summary. Part II, Sum- Mexico, Nicaragua, Panama, Paraguay, Peru, maries by States and other areas. April 1959. El Salvador, Uruguay, and Venezuela is $6.00 1,229 pages. $4.00. per annum or 60 cents per copy; elsewhere $7.00 per annum or 70 cents per copy. Group THE FEDERAL RESERVE ACT, as amended through subscriptions in the United States for 10 or December 31, 1956, with an Appendix conmore copies to one address, 50 cents per copy taining provisions of certain other statutes afper month, or $5.00 for 12 months. fecting the Reserve System. 385 pages. $1.00. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. FEDERAL RESERVE CHART BOOK ON FINANCIAL A new accounting record designed to picture AND BUSINESS STATISTICS. Monthly. Annual the flow of funds through the major sectors of subscription includes one issue of Historical the national economy. December 1955. 390 Supplement. Subscription price in the United pages. $2.75. States and the countries listed above is $6.00 per annum; 60 cents per copy, or 50 cents each A STATISTICAL STUDY OF REGULATION V LOANS. for 10 or more of same issue for single ship- September 1950. 74 pages. 25 cents per copy; ment; elsewhere $7.00 per annum or 70 cents in quantities of 10 or more copies for single each. shipment, 15 cents each. BANKING AND MONETARY STATISTICS. Statistics of HISTORICAL SUPPLEMENT TO FEDERAL RESERVE banking, monetary, and other financial develop- CHART BOOK. Issued annually in September. ments. November 1943. 979 pages. $1.50. Annual subscription to monthly chart book includes one issue of Supplement. In the United RULES OF ORGANIZATION AND RULES OF PROCE- States and countries listed above under Federal DURE—Board of Governors of the Federal Re- Reserve Bulletin, single copies 60 cents each or serve System. 1946. 31 pages. in quantities of 10 or more for single shipment REGULATIONS OF THE BOARD OF GOVERNORS OF 50 cents each; elsewhere 70 cents each. THE FEDERAL RESERVE SYSTEM. THE FEDERAL FUNDS MARKET—A Study by a ADMINISTRATIVE INTERPRETATIONS OF REGULA- Federal Reserve System Committee. May TION F—SECTION 17—COMMON TRUST FUNDS. 1959. Ill pages. $1.00 per copy; in quanti- 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. Pt. I—Growth and Import, Vol. 1, $1.25, Vol. 2, $1.00; Pt. II—Conference on Regulation, Vol. 1, $1.75, Vol. 2, $.60; Pt. Ill—Views on Regulation, $1.00; Pt. 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. 681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN • JUNE 1959 PERIODIC RELEASES DEPARTMENT STORE CREDIT WEEKLY DEPARTMENT STORE MERCHANDISING DATA FEDERAL RESERVE PAR LIST (Also annual list. CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS Both available at Federal Reserve Banks only) BY INDUSTRY INTERDISTRICT SETTLEMENT FUND CHANGES IN STATE BANK MEMBERSHIP INDEX NUMBERS OF WHOLESALE PRICES CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL RESERVE CITIES MONTHLY DEPARTMENT STORE SALES CONDITION OF WEEKLY REPORTING MEMBER MONTHLY DEPARTMENT STORE SALES AND BANKS IN LEADING CITIES STOCKS, BY DEPARTMENTS WEEKLY AVERAGES OF MEMBER BANK RESERVES, MONTHLY DEPARTMENT STORE STOCKS RESERVE BANK CREDIT, AND RELATED ITEMS AND STATEMENT OF CONDITION OF THE FED- MONTHLY FOREIGN EXCHANGE RATES ERAL RESERVE BANKS NATIONAL SUMMARY OF BUSINESS CONDITIONS WEEKLY DEPARTMENT STORE SALES OPEN-MARKET MONEY RATES AND BOND PRICES WEEKLY DEPARTMENT STORE SALES—SELECTED RETAIL FURNITURE REPORT CITIES AND AREAS SALES FINANCE COMPANIES WEEKLY FOREIGN EXCHANGE RATES WEEKLY REVIEW OF PERIODICALS (Available only STATE MEMBER BANKS OF THE FEDERAL RESERVE for domestic distribution) SYSTEM AND NONMEMBER BANKS THAT MAIN- TAIN CLEARING ACCOUNTS WITH FEDERAL RE- WEEKLY U. S. GOVERNMENT SECURITY YIELDS SERVE BANKS (Also annual list) AND PRICES SEMIMONTHLY U. S. GOVERNMENT SECURITY YIELDS AND PRICES DEPOSITS, RESERVES, AND BORROWINGS OF MEM- SEMIANNUAL-QUARTERLY BER BANKS SELECTED LIST OF ADDITIONS TO THE RESEARCH ALL BANKS IN THE UNITED STATES AND OTHER LIBRARY AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY STATE MONTHLY BANK RATES ON SHORT-TERM BUSINESS LOANS ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES (Including Consolidated State- CREDIT EXTENDED BY BANKS TO REAL ESTATE ment for Banks and the Monetary System) MORTGAGE LENDERS MEMBER BANK CALL REPORT ASSETS AND LIABILITIES OF ALL MEMBER BANKS, BY DISTRICTS MEMBER BANK EARNINGS BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS MEMBER BANK LOANS BUSINESS INDEXES SALES, PROFITS, AND DIVIDENDS OF LARGE COR- CONSUMER CREDIT (Short- and Intermediate- PORATIONS Term and Consumer Instalment Credit Extended and Repaid) ANNUAL CONSUMER CREDIT AT CONSUMER FINANCE COM- BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS PANIES DEPARTMENT STORE TRADE CONSUMER INSTALMENT CREDIT AT COMMERCIAL BANKS BIENNIAL CONSUMER LOANS MADE UNDER EFFECTIVE STATE DISTRIBUTION OF BANK DEPOSITS BY COUNTIES SMALL LOAN LAWS AND STANDARD METROPOLITAN AREAS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

683 FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS * DETAILED DESCRIPTION OF SOURCES AND METH- ODS USED IN REVISION OF SHORT- AND INTER- (From Federal Reserve Bulletin unless preceded MEDIATE-TERM CONSUMER CREDIT STATISTICS. by an asterisk) April 1953. 25 pages. THE HISTORY OF RESERVE REQUIREMENTS FOR FEDERAL RESERVE BANK RESPONSIBILITIES. May BANKS IN THE UNITED STATES. November 1953. 5 pages. 1938. 20 pages. DEPARTMENT STORE SALES AND STOCKS, BY HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL MAJOR DEPARTMENTS (Revised Indexes). No- RESERVE POLICY. April 1940. 11 pages. vember 1953. 65 pages. ADJUSTMENT FOR SEASONAL VARIATION. Descrip- FEDERAL RESERVE MONTHLY INDEX OF INDUStion of method used by Board in adjusting TRIAL PRODUCTION, 1953 Revision. December economic data for seasonal variation. June 1953. 96 pages. 1941. 11 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- STALMENT CREDIT. January 1954. 14 pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS. March 1949. 10 pages. NEW INDEXES OF OUTPUT OF CONSUMER DU- RABLE GOODS. May 1954. 15 pages. METHODS OF THE SURVEY OF CONSUMER FI- NANCES. July 1950. 15 pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. September 1954. 10 pages. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN FOREIGN COUNTRIES—PROCEDURES AND TECHNIQUES. November 1950. April 1951. USE OF MONETARY INSTRUMENTS SINCE MID- 19 pages. 1952. December 1954. 8 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER DIRECTLY PLACED FINANCE COMPANY PAPER. REGULATION X. June 1952. 18 pages. December 1954. 8 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS. October 1952. 5 pages. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. THE MONETARY SYSTEM OF THE UNITED STATES. UNITED STATES BANKS AND FOREIGN TRADE FI- February 1953. 16 pages. NANCING. April 1955. 11 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES BANKERS' ACCEPTANCE FINANCING IN THE UNITED ON ECONOMIC STABILITY. March 1953. 16 STATES. May 1955. 13 pages. pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- FEDERAL FINANCIAL MEASURES FOR ECONOMIC COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- STABILITY. May 1953. 7 pages. ber 1955. 40 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

684 FEDERAL RESERVE BULLETIN • JUNE 1959 SURVEY OF BANK LOANS FOR COMMERCIAL AND OWNERSHIP OF DEMAND DEPOSITS. May 1958. INDUSTRIAL PURPOSES. Business Loans of 3 pages. Member Banks. April 1956. 14 pages. Credit Lines and Minimum Balance Requirements. MONEY AND CREDIT IN THE RECESSION. July 1958. June 1956. 7 pages. 7 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. INTEREST RATES IN LEADING COUNTRIES. Sep- June 1956. 9 pages. tember 1958. 8 pages. REVISION OF CONSUMER CREDIT STATISTICS. Oc- THE 1957-58 RECESSION IN WORLD TRADE. October 1956. 24 pages. (Also, similar reprint tober 1958. 8 pages. from April 1953 BULLETIN.) OPEN MARKET OPERATIONS IN LONG-TERM SE- INDEX OF ELECTRICITY AND GAS OUTPUT. Octo- CURITIES. November 1958. 15 pages. ber 1956. 15 pages. MONEY AND CREDIT IN 1958. February 1959. 7 AGRICULTURAL LOAN SURVEY. November 1956 pages. and January, February, and March 1957 BUL- LETINS. 52 pages. GOLD AND DOLLAR FLOWS IN 1958. March 1959. 6 pages. UNITED STATES BANKING ORGANIZATION ABROAD. December 1956. 16 pages. 1959 SURVEY OF CONSUMER FINANCES. PRE- LIMINARY FINDINGS. March 1959. 4 pages. SUMMARY FLOW-OF-FUNDS ACCOUNTS, 1950-55. April 1957. 20 pages. OWNERSHIP OF DEMAND DEPOSITS. April 1959. 3 pages. SURVEY OF FINANCE COMPANIES, MID-1955. April 1957. 17 pages. MEMBER BANK TERM LENDING TO BUSINESS, 1955-57. April 1959. 16 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- DEXES. December 1957. 30 pages. * PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a descrip- SEASONAL FACTORS AFFECTING BANK RESERVES. tion of revised statistics for all banks in the February 1958. 12 pages. United States, by class of bank, together with revised statistics. April 1959. 94 pages. 1958 SURVEY OF CONSUMER FINANCES. March, July, and September 1958. 51 pages. (Similar BANKING AND MONETARY STATISTICS, 1958. Se- Surveys are available for earlier years from lected series of banking and monetary statistics 1952, 1953, 1955, 1956, and 1957 BULLETINS.) for 1958 only. February and May 1959. 12 pages. (Similar reprint of 1957 data, February MEMBER BANK LENDING TO SMALL BUSINESS, and May 1958 BULLETINS.) 1955-57. April 1958. 19 pages. SURVEY OF COMMON TRUST FUNDS, 1958. May REVISED WEEKLY INDEX OF DEPARTMENT STORE 1959. 6 pages. (Also, similar reprints from SALES. April 1958. 10 pages. August 1956, June 1957, and May 1958 BUL- LETINS.) GROWTH AND STRUCTURE OF TIME DEPOSITS. April 1958. 5 pages. PUBLIC DEBT MANAGEMENT. June 1959. 5 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 614, 615 Department stores: Agricultural loans of commercial banks, 610, 612 Merchandising data, 645 Agriculture, Govt. agency loans, 618, 619 Sales and stocks, 634, 644 Assets and liabilities (See also Foreign liabilities and Deposits (See also specific types of deposits): claims reported by banks): Adjusted, and currency, 606 Banks and the monetary system, consolidated, 606 Banks, by classes, 607, 611, 613 Corporate, current, 626 Federal Reserve Banks, 601, 602, 669 Domestic banks, by classes, 607, 610, 612 Postal savings, 604, 606 Federal business-type activities, by fund or ac- Turnover of, 604 tivity, 618, 619 Deposits, reserves, and borrowings, by class of mem- Federal Reserve Banks, 601, 602 ber bank, 599 Automobiles: Discount rates, 600, 676 Consumer instalment credit, 630, 631, 632 Discounts and advances by Federal Reserve Production index, 636, 640 Banks, 597, 601 Dividends, corporate, 625, 626 Bank holding companies registered as of Dec. 31, Dollar assets, foreign, 669, 671 1958, list of, 660 Dwelling units started, 641 Bankers' balances, 611, 613 (See also Foreign liabilities and claims reported by Earnings and expenses: banks) Insured commercial banks, 659 Banks and the monetary system, consolidated state- Member banks, 650 ment, 606 Earnings and hours, manufacturing industries, 634, 643 Bonds (See also U. S. Govt. securities): Employment, 634, 642, 643 New issues, 624, 626 Export-Import Bank, loans, etc., 618, 619 Prices and yields, 615, 616 Brokers and dealers in securities, bank loans to, 610, 612 Farm mortgage loans, 618, 627, 628 Business expenditures on new plant and equip- Federal business-type activities, assets and liabilities, ment, 626 by fund or activity, 618, 619 Business indexes, 634 Federal Deposit Insurance Corporation, Business loans (See Commercial and industrial loans) assets, etc., 618, 619 Federal finance: Cash transactions, 620 Capital accounts: Receipts and expenditures, 621 Banks, by classes, 607, 611, 613 Treasurer's balance, 620 Federal Reserve Banks, 601, 602 Federal home loan banks, loans, etc., 618, 619, 629 Carloadings, 634 Federal Housing Administration, loans, etc., 618, 619, Central banks, foreign, 672, 676 627, 628, 629 Coins, circulation of, 605 Federal National Mortgage Association, Commercial banks: loans, etc., 618, 619, 629 Assets and liabilities, 607, 610 Federal Reserve Banks: Consumer loans held, by type, 631 Condition statement, 601, 602 Number, by classes, 607 U. S. Govt. securities held by, 597, 601. 602, Real estate mortgages held, by type, 627 622, 623 Commercial and industrial loans: Federal Reserve credit, 597, 601, 602 Commercial banks, 610 Federal Reserve notes, 601, 602, 603, 605 Weekly reporting member banks, 612, 614 Finance company paper, 614, 615 Commercial paper, 614, 615 Foreign central banks, 672. 676 Commodity Credit Corporation, loans, etc., 618, 619 Foreign deposits in U. S. banks. 597, 601, 602, 606, Condition statements (See Assets and liabilities) Construction, 634, 640, 641 611,613 Foreign exchange rates, 677 Consumer credit: Instalment credit, 630, 631, 632, 633 Foreign liabilities and claims reported by banks, 662, Major parts, 630, 632 664, 667, 669 Noninstalment credit, by holder, 631 Foreign trade, 645 Consumer durable goods output indexes, 640 Consumer price indexes, 634, 646 Gold: Consumption expenditures, 648, 649 Earmarked, 670 Corporate sales, profits, taxes, and dividends, 625, 626 Net purchases by U. S., 670 Corporate security issues, 624, 626 Production, 670, 673 Corporate security prices and yields, 615, 616 Reserves of central banks and governments, 672 Cost of living (See Consumer price indexes) Reserves of foreign countries and international Currency in circulation, 597, 605 institutions, 671 Customer credit, stock market, 616 Stock, 597, 606, 670 Gold certificates, 601, 602, 603, 605 Debits to deposit accounts, 604 Govt. debt (See U. S. Govt. securities) Demand deposits: Gross national product, 648, 649 Adjusted, banks and the monetary system, 606 Adjusted, commercial banks, by classes, 611 Home owners, Govt. agency loans, 618, 619 Banks, by classes, 607, 613 Hours and earnings, manufacturing indus- Type of holder, at commercial banks, 611 tries, 634, 643 685 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 FEDERAL RESERVE BULLETIN • JUNE 1959 Industrial advances by Federal Reserve Banks, 601, Real estate loans: 602, 603 Commercial banks, 610, 612, 627 Industrial production indexes, 634, 635, 640 Type of mortgage holder, 627, 628, 629 Instalment loans, 630, 631, 632, 633 Type of property mortgaged, 627, 628, 629 Insurance companies, 617, 622, 623, 628 Regulation V, loan guarantees, 603, 604 Insured commercial banks, 609, 610, 659 Reserve requirements, member banks, 600 Interbank deposits, 607, 611, 613 Reserves: Interest rates: Commercial banks, 611 Bond yields, 615 Federal Reserve Banks, 601, 602 Business loans by banks, 615 Foreign central banks and governments, 672 Federal Reserve rates, 600 Foreign countries and international institu- Foreign countries, 675, 676 tions, 671 Open market, 615, 675 Member banks, 597, 599, 601, 602, 611, 613 Regulation V loans, 604 Residential mortgage loans, 627, 628, 629 Stock yields, 615 Sales finance companies, consumer loans of, 630, Time deposits, maximum rates, 604 631, 633 International capital transactions of the U. S., 662 Savings, 648 International financial institutions, 670, 671, 672, 674 Savings deposits (See Time deposits) Inventories, 649 Savings institutions, principal assets, 617 Investments (See also specific types of investments): Savings and loan associations, 617, 628 Banks, by classes, 607, 610, 612 Securities, international transactions, 668, 669 Federal Reserve Banks, 601, 602 Security issues, 624, 626 Govt. agencies, etc., 618, 619 Silver coin and silver certificates, 605 Life insurance companies, 617 State member banks, 609, 650 Savings and loan associations, 617 State and municipal securities: New issues, 624 Labor force, 642 Prices and yields, 615, 616 Loans (See also specific types of loans): States and political subdivisions: Banks, by classes, 607, 610, 612 Deposits of, 611, 613 Federal Reserve Banks, 597, 599, 601, 602, 603 Holdings of U. S. Govt. securities, 622 Govt. agencies, etc., 618, 619 Ownership of obligations of, 610, 617 Insurance companies, 617, 628 Stock market credit, 616 Savings and loan associations, 617, 628 Stocks: Loans insured or guaranteed, 603, 627, 628, 629 New issues, 624 Prices and yields, 615, 616 Manufacturers, production indexes, 634, 635, 640 Margin requirements, 600 Tax receipts, Federal, 621 Member banks: Time deposits, 599, 604, 606, 607, 611, 613 Assets and liabilities, by classes, 607, 610 Treasurer's account balance, 620 Borrowings at Federal Reserve Banks, 597, 599 Treasury cash, 597, 606 Deposits and reserves, by classes, 599 Treasury currency, 597, 605, 606 Earnings and expenses, 650 Treasury deposits, 597, 601, 602, 620 Number, by classes, 607 Unemployment, 642 Reserve requirements, by classes, 600 U. S. balance of payments, 675 Reserves and related items, 597 U. S. Govt. balances: Weekly reporting series, 612 Commercial bank holdings, by classes, 611, 613 Minerals, production indexes, 634, 635 Consolidated monetary statement, 606 Money rates (See Interest rates) Treasury deposits at Federal Reserve Banks, 597, Mortgages (See Real estate loans) 601, 602, 620 Mutual savings banks, 606, 607, 609, 622, 623, 627 U. S. Govt. securities: Bank holdings, 606, 607, 610, 612, 622, 623 National banks, 609, 650 Federal Reserve Bank holdings, 597, 601, 602, National income, 648 622, 623 National security expenditures, 621, 649 Foreign and international holdings, 671 Nonmember banks, 601, 609, 610, 659 International transactions, 668, 669 New issues, gross proceeds, 624 Payrolls, manufacturing, index, 634 Outstanding, by type of security, 622, 623 Personal income, 649 Ownership of, 622, 623 Postal Savings System, 604, 606 Prices and yields, 615, 616 Prices: United States notes, outstanding and in circulation, 605 Consumer, 634, 646 Utility output index, 639 Security, 616 Veterans Administration, loans, etc., 618, 619, 627, Wholesale commodity, 634, 646 628, 629 Production, 634, 635, 639, 640 Profits, corporate, 625, 626 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(p THE FEDERAL RESERVE SYSTEM ~~°) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES J<m.3,J959 -pram tyH.W. gaCvln,Gtrt 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