Federal Reserve Bulletin, 1959-07

FEDERAL RESERVE ETIN ifrwtfif July 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 Interest Rates in Leading Countries 687 Money and Credit in Economic Expansion 693 1959 Survey of Consumer Finances: The Financial Position of Consumers 700 Balance Sheet of Agriculture, 1959 724 Law Department 732 Current Events and Announcements 733 National Summary of Business Conditions 735 Financial and Business Statistics, U. S. (Contents on p. 737) 739 International Financial Statistics (Contents on p. 797) 798 Board of Governors and Staff 814 •j Open Market Committee and Staff; Federal Advisory Council 815 ! Federal Reserve Banks and Branches 815 Federal Reserve Board Publications 817 Index to Statistical Tables 819 Map of Federal Reserve System Inside back cover Volume 4£ * Number 7 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

ADVANCE IN ECONOMIC ACTIVITY to new highs in the United States and Canada has LONG-TERM INTEREST RATES Per cent engendered an upward movement of interest to rates in these countries over the past year. Growing needs to finance private investment and government deficits have made the demand for all forms of credit rise faster than savings. Expectations of further economic FRANCE ,''" expansion, coupled with fears of renewed in- --' UNITED flationary pressures, have lessened the will- ,.r KINGDOM t ingness of lenders to commit funds on fixed interest at existing yields. These forces have generated pressures for continued monetary UNITED STATES expansion. The problem of monetary management here and in Canada has been to limit monetary expansion to growth needs so as to avoid inflationary effects. In West Europe, where economic reces- 1955 1957 1959 sion in 1957-58 and recovery in 1958-59 were less pronounced than in North NOTE.—For details concerning these series, see subscripts to charts on following pages. America, reduced internal demand for funds age point above yields on similar securities to finance investment outlays, together with in Switzerland and close to those prevailing large balance-of-payments surpluses, inin the Netherlands. Although remaining creased the liquidity of financial markets. well below rates in France, Germany, and European central banks relaxed earlier credit the United Kingdom, yields in the United restraints and encouraged some increase in States were nearer to them than at any the volume of bank credit and money. Under other time in recent years. these conditions, interest rates declined from late 1957 through early 1959. In recent NORTH AMERICA months, interest rates in Europe have re- Both long- and short-term interest rates have mained stable or in some cases have in- risen in the United States and Canada. Becreased slightly. tween mid-1958 and mid-1959, rates on Postwar differentials between interest long-term Government securities advanced rates in the United States and West Europe about one percentage point in both countries. have narrowed. In mid-1959, average Rates on three-month Treasury bills rose yields on long-term U. S. Government bonds more than 4 percentage points in Canada exceeded 4 per cent, more than one percent- and about 2Vi percentage points in the 687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 FEDERAL RESERVE BULLETIN • JULY 1959 United States. The spread between bill rates These actions reflected the need for aligning in the two countries reached a record of more the speed of monetary expansion more than 2 percentage points in early May and closely with the pace of economic recovery. narrowed moderately in June. Rates on both long- and short-term U. S. United States. The rise of interest rates in Government securities advanced somewhat the United States began in the summer of around the turn of the year, but changed little 1958 in connection with large sales of inter- further until April 1959. By that time it had mediate- and long-term Government securi- become clear that the pace of the upswing ties by temporary holders. Some holders was carrying output and national income to had built up thinly margined speculative new record levels. By mid-1959, average positions in anticipation of continued in- rates on long-term Government bonds had creases in bond prices, by acquiring new risen above 4 per cent, the highest yield since bonds in an exchange offer and thereby the early 1930's, and those on some mediumgreatly increasing the market supply of these term Government securities to nearly Al/i issues. As expectations of recovery became per cent. Short-term rates had advanced almore general and the large volume of Treas- most to the peaks reached in 1957 prior to ury borrowing more widely recognized, they the recession. In May commercial banks acted to take profits or limit losses. raised the rate on prime loans to 4Vi per From June to October, yields on long- cent. Reserve Bank discount rates were term Government and high-grade municipal established at 3 per cent in March and 3V/2 and corporate bonds rose by about half a per cent late in May. percentage point. Yields on intermediate- The rise in yields on intermediate-term term Government bonds advanced nearly Government securities above those of longer 1 Vi percentage points in this period, reflect- term bonds in 1959 restored a rate pattern ing in part the efforts of investors to increase that had prevailed during the second half of liquidity by shortening the maturities of their 1956 and most of 1957. Spreads between holdings. During the remainder of 1958, short- and intermediate-term rates, however, yields on all these securities fluctuated within have been wider than in 1957. narrow ranges. During most of the second quarter of 1959 Short-term rates climbed in August and the rate on three-month Treasury bills re- September, reflecting the general rise in in- mained below the 1957 peak, and below the terest rates and to some extent the less easy Federal Reserve discount rate. This bemonetary policies. Their rise, however, was havior reflected in part large purchases of relatively greater than in past periods of short-term Government securities by nonsimilar monetary action. During the re- financial corporations, whose profits had inmainder of 1958, short-term securities were creased. Other investors also may have purin demand by purchasers seeking to main- chased such securities in preference to tain liquid positions, and short-term rates longer term investments in anticipation of rose little further. further increases in long-term rates. In August, Reserve Bank discount rates In June 1959 the President proposed to were raised from 134 per cent to 2 per cent the Congress the elimination of the statutory and in October, following the steady advance maximum interest rate of AVA per cent on of short-term market rates, to 2Vi per cent. U. S. Treasury issues with a maturity of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES IN LEADING COUNTRIES 689 more than five years. The change would enable the Treasury to issue some long-term UNITED STATES securities and not depend entirely on the INTIMST DATES short-term market. Canada. Between July and September 1958, the Canadian Government undertook LONG - IERM GOVT. a major debt management operation aimed at converting securities nearing maturity into bonds with interest rates up to 4Vi per cent and maturities up to 25 years. The conversion affected more than half of the Government's marketable debt and greatly expanded the supply of intermediate- and long- CANADA term bonds. INTEREST • ATES Purchases of bonds by the Bank of Can- P*r cent ada provided support for Government bond prices in connection with this operation. After the conversion, yields on long-term — IONG - tlKM Govr . bonds rose as the Bank of Canada reduced *"•* r and then discontinued its purchases, and the ' DISCOUNT increase of half a percentage point during Inf ¥ the last half of 1958 was about the same as - 2 that on Government bonds in the United States. /^ The Canadian three-month Treasury bill 1 i i i rate reached its lowest level in July 1958, as INDUSTRIAL PRODUCTION shown in the chart. At that time the Ca- TV S 3 : 100 nadian rate fell below the U. S. bill rate for the first time since 1955. It remained below r ^\ - 120 the U. S. rate until mid-October 1958. CANADA In the first half of 1959 yields on long- +~^vs ~*—\\ / term Canadian Government bonds edged above 5 per cent. Treasury bill and other UNITtD STATES short- and intermediate-term rates rose sharply, reflecting the increase in private 1 1 credit demands on the chartered banks, the concentration of Government borrowing at the short end of the market, and the Bank of NOTE.—United States: Long-term government, monthly averages of daily yields on fully taxable, marketable bonds matur- Canada's prevention of any increase in the ing or callable in 10 years or more; Treasury bills, monthly average market yields on 90-day issues. Canada: Long-term money supply since October 1958. government, monthly averages of weekly quotations on 3% per cent bonds maturing in 1978; Treasury bills, average of At mid-June 1959 the bill rate reached weekly quotations on 3-month issues. Industrial production seasonally adjusted. Federal Reserve nearly 5lA per cent, and yields on other index for the United States; Bank of Canada index, converted to 1953 = 100, for Canada. Latest figures: June, except industrial production for Canada short- and intermediate-term Government (April). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 FEDERAL RESERVE BULLETIN • JULY 1959 securities ranged from 5Vz to 53A per cent. nomic activity, central banks responded to The increase in the Treasury bill rate pushed the easing in financial markets in 1958 by the Bank of Canada's discount rate, which further relaxing credit restrictions and loweris set every week automatically one-fourth of ing discount rates. Declines in long-term one per cent above the average tender on rates, however, have been limited in many bills, to a record of nearly SVz per cent. countries by the continuing strength of Later in June the bill rate dropped slightly, private and Government demands for longand in early July it stood at about 5 per term funds. In recent months the resumpcent. tion of a more rapid upswing in economic activity has been accompanied by a stop- WEST EUROPE page, and in many countries a reversal, of Interest rates in West European markets fell the decline in interest rates. until the spring of 1959, continuing declines United Kingdom. Continued decline in that began in late 1957 or early 1958. In short-term rates in 1958 from the peak several countries the decline came after the reached during 1957 reflected increased restoration of financial stability. Easing of liquidity in the United Kingdom. In middomestic demand pressures and the strong 1958, measures to promote business expanbalance-of-payments positions of most Euro- sion included elimination of ceilings on compean countries increased liquidity in finan- mercial bank loans, removal of instalment cial markets. Industrial production in most West European countries did not exceed previous peak UNITED KINGDOM INTIRESf BATES levels during most of 1958. Reduced in- Pwcmt vestment spending by business led to a decline in corporate security offerings. Efforts DISCOUNT RATE i""* 1 _ : to adjust inventories to declines in sales, or at least to less rapid increases, reduced dei mands for short-term credit. However, production turned upward before the end of the ": 3 A PER CENT WAR LOAN TREASURY BILLS year. In 1959 the upswing gained momentum in many countries, and carried production to new highs. INDUSTtlAl MODUCTION Most West European countries had large surpluses in their over-all balances of international payments in 1958. Lower imports and well maintained exports, as well as cap- 110 ital inflows, increased their net receipts from too abroad. Acquisitions of foreign exchange 1955 1957 1959 by central banks and Governments led to NOTE.—Bank of England data for monthly average yields, increased market liquidity. based on daily figures for 3Yi per cent War Loan and weekly tenders for 3-month Treasury bills. Industrial production sea- In order to expedite the upturn in eco- sonally adjusted, from Central Statistical Office. Latest figures: June, except for production (May). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES IN LEADING COUNTRIES 691 credit controls, and liberalization of controls on capital issues. A rapid rise in bank loans FRANCE followed, particularly in loans to individuals INTIttST lATIf Per cent and to sales finance companies. The Bank of England discount rate was reduced in several steps from 7 per cent in March 1958 to 4 per cent in November, as LONG-TERM GOVT. shown in the chart on the preceding page. In June 1959 Treasury bill rates stood at about 3.45 per cent, 0.35 percentage point higher DAY-to-DAY MONEY. DISCOUNT RATE than the lows of early 1959. Rates on long-term Government securities INDUSTRIAL PRODUCTION have changed little since mid-195 8; in June 1959 they were only about 0.6 percentage point below the 1957 high. The yield on Consols was nearly 4.9 per cent in June, while yields on other long-term Government - iaa bonds were about 5.3 per cent. The Government sold substantial amounts of bonds 19S5 1957 to nonbank investors during 1958 and has NOTE.—Long-term government, average yields based on endof-month data for various maturities, excluding indexed bonds, announced its intention to continue its policy from Institut National de la Statistique et des Etudes Economiques. Day-to-day money, end of month; beginning with of keeping bond yields attractive to private 19S7, rates on advances based on private securities. Industrial production seasonally adjusted, from Organization investors. for European Economic Cooperation. Latest figures: Discount rate, June; day-to-day money, Mayother series, April. France. After several years of inflation, France has moved to economic stability, Further reductions in February and April having reinforced anti-inflationary measures 1959 brought the basic discount rate to 4 twice in 1958 and devalued the franc by 15 per cent. Many commercial rates, which are per cent at the end of the year. Interest rates usually set with reference to the discount in the spring of 1959 were well under the rates, declined as a result of these changes. levels of a year earlier. Germany. Rates on new issues of long- Rates on long-term Government bonds term fixed-interest securities in the German declined by 1% percentage points to less market have fallen about 3 percentage points than 5V^ per cent between May 1958 and since mid-1958, as shown in the chart on the March 1959, and rose slightly thereafter. following page. In April 1959 a 5 per cent Day-to-day money rates fell from an aver- bond issue of the International Bank for Reage of more than 10 per cent in May 1958 construction and Development was floated in to about 4 per cent in May 1959, as shown Germany at par; domestic bonds have been in the accompanying chart. In October 1958 issued at slightly higher yields. Long-term the Bank of France lowered both the basic rates on new issues in recent months have discount rate and the penalty rates for dis- been close to those of other leading councounts exceeding the established ceilings. tries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN • JULY 1959 Treasury bill rates have declined from 3VA per cent to 2 per cent since early 1958. GERMANY INTEREST RATES The German Federal Bank lowered the dis- Per cent count rate in three steps to 2-24 per cent. In the spring of 1959, most short-term rates LONG-TERM BONDS '*'. were below those in many other leading countries. DISCOUNT RATE The decline in long-term rates has reflected a continuing rise in private savings and a greater willingness to invest them at INDUSTRIAL PRODUCTION long term. Falling short-term rates have made investment in long-term securities more attractive. The Federal Bank encouraged the decline in interest rates primarily in order to discourage the inflow of foreign funds and thus to moderate further 1955 1957 1959 increases in liquidity and at the same time to NOTE.—German Federal Bank data. Rates on long-term facilitate Germany's transition from a capital bonds represent yields on new issues. Treasury bills, rates on latest 60- to 90-day issues in month. importing country to a capital exporting Industrial production, Federal Statistical Office (with seasonal adjustment and conversion to 1953 = 100 by Federal Reserve). country. Latest figures: June, except long-term rates (April) and production (May). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Money and Credit in Economic Expansion MONETARY AND CREDIT developments in BANK LOANS AND INVESTMENTS the first half of 1959 were characteristic of ALL COMMERCIAL BANKS Billions of dollars an economy undergoing vigorous expansion. Spending by consumers, businesses, 180 and governments rose further following a rapid and broadly based recovery in the 160 last half of 1958. Business outlays for inventory accumulation increased sharply, 140 and investment in new plant and equipment expanded although it remained below the 1957 level. Output of goods and services, 100 LOANS total employment, and income reached new peaks and, by midyear, unemployment had 80 declined to less than 5 per cent of the labor force. Prices of some industrial com- 60 modities and of consumer services rose, but those of farm products and foods declined, 30 and the total wholesale and consumer price OTHER SECURITIES indexes continued to change little. 10 1955 1957 1959 Credit demands in the first half of 1959 NOTE.—Last-Wednesday-of-month figures partly estimated exwere strong. Demands for bank credit by cept for June and December, which are call report data. Interbank loans excluded. Figures for second quarter of 1959 are preliminary. consumers to finance the purchase of homes and durable goods were unusually large usually retires debt during this period of the and business demands strengthened mark- year. edly beginning in March. Total mortgage Commercial bank credit declined, as is debt rose more than in the first half of usual in the first half of the year. Alany other year. Borrowing in the capital though banks increased their loans submarkets by State and local governments stantially, they reduced their holdings of also was at a record volume but that by U. S. Government securities in meeting businesses was about one-fifth less than in loan demands. Nonbank holdings of Govthe same period of 1958. In the first half ernment securities increased. of 1959 the Federal Government increased The active money supply increased at a its outstanding indebtedness, whereas it seasonally adjusted annual rate of about 2 per cent from December through June following a 4 per cent rise for the full year NOTE.—This article was prepared by Mary Jane 1958. With high levels of economic ac- Harrington and James B. Eckert of the Board's Division of Research and Statistics. tivity and rising interest rates, the money 693 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDERAL RESERVE BULLETIN • JULY 1959 supply was used more actively and rates of 1955, a comparable point in the previous turnover of demand deposits rose. Time period of economic expansion, and slightly deposits at commercial banks increased exceeded the ratio for June 1957, when moderately further but growth was much economic activity was near its previous smaller than the record increases of the peak. In meeting heavy loan demands in two past years. early 1959, banks reduced their holdings Banks increased their borrowing from of U. S. Government securities. Total loans the Federal Reserve and reduced their ex- and investments experienced the usual first cess reserves over the first half of 1959 half-year decline. as Federal Reserve policy was modified to The loan rise occurred entirely in the make bank reserves less readily available. second quarter, when renewed business loan Federal Reserve Bank discount rates were expansion was added to record increases in raised twice, one-half percentage point on consumer and real estate loans. The $5.2 each occasion. In recent months, System billion total loan increase in this quarter open market purchases have offset only in was two-fifths more than the previous record part the reserve drains, mainly from cur- growth in the second quarter of 1955. In rency and gold outflows. To maintain the first quarter of 1959, seasonal repaytheir required reserve positions, member ments of business and security loans had banks increased their borrowings at the Re- about offset expansion in other types of serve Banks to an average of more than loans. $900 million in June, about $500 million Total loan growth during the first half of more than their average excess reserves. 1959 was almost entirely at banks outside In contrast with the usual seasonal cash New York City. The small rise at banks surplus, Treasury receipts and expenditures in New York City reflected, in part, the were about in balance in the first half of small growth in business loans at these 1959. Outstanding public debt, however, banks so far this year. A large volume of rose almost $2 billion, reflecting in large loan repayments by public utilities and pepart issue of Treasury notes to the Interna- troleum and chemicals concerns about offtional Monetary Fund in connection with set the expansion these banks experienced the increased U. S. subscription to the Fund. in loans to businesses in other lines. In A large volume of Treasury securities ma- addition, consumer and real estate loans, tured during the period and refinancing op- which have accounted for a large part of erations were heavy. Nearly all the new the total loan increase at all commercial securities offered in refundings and for cash banks thus far this year, normally account had relatively short maturities. for a relatively small part of the total loans made by banks in New York City. BANK LOANS Business loans. Outstanding business Outstanding loans at commercial banks in- loans rose $1.7 billion in the first half of creased about $5 billion in the first half 1959, somewhat less than the record inof 1959, slightly more than in the compara- creases in the first half of the years 1955-57. ble period of any other postwar year. At The rise stemmed for the most part from a the end of June, the ratio of loans to total large increase in demand for new loans in deposits was much higher than it was in June the second quarter when business inven- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN ECONOMIC EXPANSION 695 tory accumulation was unusually heavy. to textile manufacturers rose by a near- Loan repayments also rose, exceeding those record amount. in early 1958, when outstanding business The seasonal decline in loans to food loans were declining. The second-quarter processors and commodity dealers was increase of $1.9 billion in outstanding busi- smaller than usual. Public utilities and ness loans was larger than the increase in petroleum and chemicals concerns made the same quarter of any other postwar net loan repayments in the January-June year. 1959 period in contrast with a large vol- Loans to metals manufacturers accounted ume of new borrowing in the same months for $850 million or more than two-thirds of 1955, a comparable period in the preof the total growth in business loans at vious economic upswing. city banks during the first half of 1959. In addition to increased borrowing from This reflected, in part, inventory accumu- banks, businesses borrowed a moderate lation by these businesses in anticipation volume of funds through the capital marof the possibility of a work stoppage in kets in the first half of 1959. New corthe steel industry after midyear. The loan porate security financing amounted to $4.8 increase for this industry, however, was billion, about one-fifth less than in the same less than two-thirds that in the first half period last year but somewhat more than of 1956, when a steel strike also had been in the first half of 1955. Manufacturing anticipated. Loans to trade concerns rose corporations offered the smallest volume of more in the first half of 1959 than in the securities for a first half-year since 1954. same period of any other year and loans Nevertheless, business investment in new plant, equipment, and inventories rose in the first half of 1959, and planned expendi- BUSINESS LOANS DURING EXPANSION CHANGES, JANUARY - JUNE tures for new plant and equipment were Billions of dollars successively revised upward. 1.0 .5 - 0 + .5 The volume of publicly offered corpor- METALS MFRS. ate issues was much smaller in the first half of 1959 than in the same period last year, SALES FINANCE while the volume of private placements was COMPANIES greater. Common stock accounted for a larger proportion of total financing than in most other recent years, reflecting in part FOOD PROCESSORS the recent high prices and low yields on AND COMMODITY DEALERS stocks. Other loans. Real estate loans at com- PUBLIC UTILITIES mercial banks are estimated to have increased around $1.5 billion in the first half PETROLEUM AND of 1959, about the same as the postwar CHEMICAL MFRS. record rise in the first half of 1955. Pri- 1.0 vate nonfarm housing starts were at a sea- NOTE.—Changes in large loans at a sample of more than 200 sonally adjusted annual rate of close to 1.4 large banks in weekly reporting member bank series. All changes are from last Wednesday of December in preceding million units during most of the period and year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 FEDERAL RESERVE BULLETIN • JULY 1959 new construction put in place was at a sea- balance by about $6 billion, considerably sonally adjusted record level. Total mort- more than the usual amount for this period gage debt of all holders rose more in the of the year. They sold and redeemed Govfirst half of 1959 than in the corresponding ernment securities in order to meet strong period of any other year. loan demands under increasing reserve The increase in consumer loans at banks pressures. The reduction exceeded that in also is estimated at nearly $1.5 billion in the first half of 1955, a comparable period the January-June 1959 period, slightly of expansion when credit demands were more than in any other year. This expan- strong. sion accompanied a large increase in con- Treasury cash receipts and expenditures sumer purchases of durable goods, particu- were about in balance during the first half larly automobiles. Automobile instalment of 1959, although the Treasury incurred a credit, after declining in 1958, rose sharply cash deficit of $12-$ 13 billion in the full in early 1959, and other types of instal- 1959 fiscal year ending in June. Normally, ment credit also showed substantial growth. the Treasury has a large seasonal cash sur- Through May, instalment credit extended plus during the first half of the calendar year by all holders had increased somewhat less which it uses to retire debt and build up than the record growth for that period in its cash balance. The Treasury cash bal- 1955. Although extensions in early 1959 ance on June 30 was nearly $500 million exceeded those in early 1955 by nearly $3.5 higher than on December 31, but the gross billion, repayments were up from the ear- public debt was $1.8 billion larger. Most lier period by almost $4 billion. of this expansion was due to the increased Terms on instalment credit have been U. S. subscription to the International further liberalized this year, but the changes Monetary Fund, 75 per cent of which was have been moderate compared with those paid in non-interest-bearing demand notes in early 1955. Current downpayment and of the Treasury. maturity requirements are more liberal than The Treasury offered eight new securiin any previous period. ties totaling nearly $13 billion in the first Loans for purchasing and carrying se- half of 1959, four of which were special curities declined about $600 million in the or tax anticipation bills. In addition, the first half of 1959, in contrast with a $1.4 outstanding volume of regular bills was inbillion rise in the same months last year, creased by $1 billion. Cash retirements when borrowing was heavy for speculative during the period totaled $9.4 billion, purchases of U. S. Government securities. mainly the March and June tax anticipa- Agricultural loans showed little further tion securities, and cash redemptions of unchange in early 1959. exchanged securities in refunding operations totaled $2.6 billion. Treasury re- BANK INVESTMENTS AND TREASURY funding operations totaled nearly $17 bil- FINANCE lion. New securities offered both in re- Notwithstanding heavy initial participation fundings and for cash were mainly shortin Treasury financings in the first half of and intermediate-term issues; only 5 per 1959, commercial banks reduced their cent had maturities of more than five years. holdings of U. S. Government securities on Two bonds, one a IOV2- and one a 21-year Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN ECONOMIC EXPANSION 697 maturity, were offered, but each offering MONEY SUPPLY AND RATE OF TURNOVER amounted to less than $1 billion. I j Commercial banks subscribed to sub- Billions of Dollars stantial amounts of most of the new Treas- Annual Rate DEMAND DEPOSITS ury issues but subsequently sold portions 140 - AND CURRENCY 25 of them as well as other issues. On bal- Scale ance, bank liquidity, as measured by the 24 ratio of short-term Government security 130 holdings to total deposits, declined. Non- 23 financial investors, particularly business corporations, acquired a large volume of Gov- 22 120 ernment securities in the first half of the year. 21 Commercial bank holdings of securities 20 other than those of the U. S. Government were about unchanged during the first half 19 of 1959. Banks added somewhat to their holdings of State and local government is- 18 1955 1957 1959 sues but reduced their holdings of non-guar- NOTE.—Figures for deposits and currency are quarterly averanteed Federal agency debt. The total vol- ages of seasonally adjusted data for last Wednesday of month and are partly estimated. Demand deposits are for all banks ume of new securities issued by State and in the United States and exclude U. S. Government and interbank deposits and items in process of collection. Currency excludes bank vault cash. Figures for turnover are quarterly local governments was at a record level in averages of monthly figures for 337 leading centers outside New York and 6 other financial centers. All data for second the first half of 1959. A major factor sus- quarter of 1959 are preliminary. taining the high level of financing in this area was the issuance of a large volume of swing in the third quarter of 1957 has been revenue bonds in connection with various 4V4 per cent, compared with an estimated utility-type projects, for example, the New rise of more than 4 per cent in real gross York State power facilities being con- national product and of nearly 8 per cent structed in connection with the St. Law- in current dollar gross national product. rence Seaway project. U. S. Government deposits at commercial banks showed little net change in the first DEPOSITS AND CURRENCY half of 1959. Usually they show a large Demand deposits and currency in the hands increase over these months. of the public—the active money supply— Time deposits at commercial banks indeclined less than the usual seasonal amount creased moderately further in the first half during the first half of 1959. On a season- of 1959. These deposits had increased ally adjusted basis, the money supply in- sharply in 1957 and the first half of 1958, creased $1.4 billion. This represented an and then at a much reduced rate in the annual growth rate of about 2 per cent. latter part of 1958, when market rates of Growth was especially rapid in February interest on other investments were rising and March following a larger than seasonal sharply. The 1959 increase was at an annual decline in January. The cumulative in- rate of more than 5 per cent, somewhat becrease since the peak of the previous up- low the postwar average prior to 1957. De- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

698 FEDERAL RESERVE BULLETIN • JULY 1959 posits at mutual savings banks grew less $900 million in June, exceeding excess rerapidly in the first half of 1959 than in the serves by about $500 million. In June first half of 1958, while shares in savings 1958, borrowing had averaged $150 miland loan associations increased somewhat lion, or nearly $500 million less than exmore in early 1959 than in early 1958. Net cess reserves. Discount rates were increased redemptions of savings bonds were slightly in March from 2Vi to 3 per cent and again higher than a year earlier. in May-June to 3Vi per cent. This fol- With expanding economic activity and RESERVES AND BORROWINGS rising interest rates in late 1958 and the Billions of dollars first half of 1959, the money supply was 2.0 used more intensively. The seasonally adjusted annual rate of turnover of demand 1.5 deposits in leading centers outside New BORROWINGS York and other financial centers rose to a 1.0 postwar high of 24.8 times in the second quarter of the year. The increase has been greater in the current period of expansion than in the comparable months of the 1954-55 upswing even though growth in the money supply in the current period also has been greater. Turnover also rose at banks in New York City, but in mid-1959 the rate was still below the previous peak in the second quarter of 1958, when the volume of financial transactions in that city was unusually large. 1.0 1955 1957 1959 NOTE.—Monthly averages of daily figures for member banks. FEDERAL RESERVE POLICY AND BANK Net reserve position indicates excess reserves minus borrowings. Latest figures shown, June 1959 (excess reserves and net reserve RESERVE POSITIONS position preliminary). Vigorous economic expansion during the lowed two increases in the summer and fall first half of 1959 was reflected in a sharp of 1958 from 13A per cent to 2Vi per cent. increase in the demand for credit at mem- Early in 1959 Federal Reserve open marber banks. This was accompanied by a ket operations were used to absorb the seacorresponding movement in Federal Re- sonal inflow of reserve funds mainly from serve policy toward greater restraint. Over the post-holiday return flow of currency the past year, Federal Reserve open mar- and reduction in required reserves. Subket operations supplied only part of the re- sequently, currency and gold outflows and serves used by the banking system. Mem- increases in required reserves were offset ber banks met the remainder of their reserve only in part through System purchases of needs by increasing their borrowing at the U. S. Government securities. Reserve Banks and also reducing their ex- Gold outflow continued during the first cess reserves. half of 1959 but at a considerably reduced Member bank borrowing averaged over rate from that in 1958. The U. S. gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN ECONOMIC EXPANSION 699 stock declined $837 million in the first half On balance, over the January-June 1959 of 1959, little more than half as much as period, reserves were absorbed by a reducin the first half of 1958; $344 million of the tion in Reserve Bank float of $600 million, 1959 decline, moreover, represented pay- by gold purchases by foreigners of $500 ment in gold to the International Monetary million, and by a reduction in Federal Re- Fund in late June in connection with the serve System holdings of U. S. Government increase in the U. S. subscription to the securities of $400 million. Reserves were Fund. Although the deficit in the U. S. supplied mainly by a $600 million decline balance of international payments did not in currency in circulation. Although redecline early in 1959 from the unusually quired reserves declined by $400 million in high level reached in 1958, foreign coun- connection with the seasonal decline in detries allowed an increased proportion of mand deposits, member banks had large retheir payments surpluses with this country serve drains on balance. They increased to accumulate in the form of liquid dollar their borrowing at the Reserve Banks by assets, mainly Treasury bills and certificates almost $400 million and reduced their exand deposits in commercial banks. cess reserves by $100 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1959 Survey of Consumer Finances The Financial Position of Consumers CONSUMER SPENDING for nondurable These summary statements relate to overgoods and services in 1958 reached a new all activities of 57 million consumer units peak and was an important stabilizing factor with widely diverse resources and needs and during the 1957-58 recession. Expendi- varying ways of adapting their resources to tures for durable goods, on the other hand, their needs during a period of economic dewere below the high levels of the preceding cline and recovery. In any period, whether three years, as a result of reduced purchases one of stable, expanding, or contracting ecoof automobiles. With the decline in pur- nomic activity, some individuals fare better chases of durable goods, consumer needs than others with respect to their income and for credit declined, and the growth over the employment experience. The recent recesyear 1958 in short- and intermediate-term sion not only increased the number of those consumer credit outstanding was the small- with unfavorable experiences, but it affected est of the postwar period. some groups in the population more seriously than others. Consumers purchased about the same number of new homes in 1958 as they did The Survey of Consumer Finances conin 1957. Their net acquisition of financial tributes to understanding the impact of reassets was somewhat larger than in 1957, cession on the incomes, expenditures, assets, and there were important shifts in the types and debts of different groups in the econof assets they were building up. omy.1 The first three sections of this article The number of unemployed persons are concerned with incomes and selected reached postwar highs in the spring and purchases of consumers during 1958 and summer of 1958, but declined considerably with their asset and debt positions at the time toward the year-end. With economic ac- of the most recent Survey, early 1959. The tivity expanding to record levels in recent final section is concerned with unemploymonths, unemployment this year has de- ment in 1958—its incidence among various clined substantially further but it has re- groups of consumer units and its consemained somewhat above levels prevailing before the onset of recession in 1957. 1 This is the second of a series of articles presenting Consumer income for the year as a whole the findings of the 1959 Survey of Consumer Finances was larger than for 1957, in part because conducted by the Board of Governors of the Federal Reserve System in cooperation with the Survey Reof larger unemployment and other transfer search Center of the University of Michigan. The payments which offset some of the loss in first article appeared in the Federal Reserve BULLEwage and salary income by those affected TIN for March. The present article was prepared by Dorothy Projector of the Consumer Credit and Fiby unemployment. After allowance for a nances Section of the Board's Division of Research rise in consumer prices during the year, real and Statistics. Work at the Survey Research Center was under the supervision of James N. Morgan and income declined from 1957 to 1958. Charles Lininger. 700 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 701 TYPES OF MONEY INCOME, 1958 MEAN AMOUNTS FOR SPENDING UNITS Thousands of dollars ALL SPENDING UNITS UNITS WITH TWO OR MORE PERSONS SINGLE-PERSON UNITS ^TRANSFER MISCELLANEOUS PROPERTY SELF- EMPLOYMENT WAGES AND SALARIES AGE OF HEAD 18-24 25-44 45-64 & °VER NOTE.—Calendar-year income before taxes. Property income income from unincorporated businesses; miscellaneous income, refers to interest, dividends, royalties, and rent (except for to payments by roomers and farm income of nonfarmers. For payments by roomers); self-employment income, to income of a definition of transfer payments, see note 5, p. 702. professional men and artisans, farm income of farmers, and quences for incomes, expenditures, and fi- stantially above the level of the preceding nancial positions. five years. The increase of $2.4 billion from 1957 to 1958 resulted mainly from higher INCOME prices for livestock and increased market- According to Department of Commerce esti- ings of crops. Wage and salary disbursemates, personal income rose $8 billion or 2 ments of commodity producing industries per cent from 1957 to 1958, despite the de- declined $4 billion from 1957 to 1958, but cline in economic activity that began in the there were increases totaling $5 billion in fall of 1957 and extended into the spring of the disbursements of the trade and service 1958. This increase was considerably industries and governments. smaller than that of the three preceding Distribution and source. According to Suryears and, after allowance for the 3 per cent vey findings, the pattern of differences rise in the consumer price index, real income among groups as to the amounts and sources declined from 1957 to 1958. of income was similar to that of other recent The rise in personal income in current years in many important respects. As may dollars stemmed largely from sizable in- be seen in the accompanying chart, income creases in transfer payments and in farm in- of single-person spending units tends to be come. Transfer payments alone expanded smaller than that of spending units with two $4.4 billion, and larger unemployment com- or more persons.2 The differential reflects pensation benefits accounted for about one- not only differences in the earnings of the half of this amount. Farm income was sub- head of the unit but also the fact that in 2 A spending unit, as defined in the Survey, consists of the same spending unit. Other related persons in of all related persons living together who pool their the household are separate spending units if they earn incomes. Husband and wife and children under 18 more than $15 per week and do not pool their inliving at home are always considered to be members comes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

702 FEDERAL RESERVE BULLETIN • JULY 1959 multiperson spending units persons other While average spending unit income was than the head frequently receive income.3 about the same in the two years 1957 and For example, in nearly one-half of all hus- 1958, some occupational groups experiband-wife units someone other than the enced increases while others received about head received income in 1958, usually the the same amount or had declines.6 The wife from work outside the home. median income declined for the semiskilled The amount and sources of income vary group, which experienced a rather sharp inmarkedly with the age of the person heading crease in unemployment. For self-employed the spending unit. Spending units in the businessmen and for the unskilled group the middle age range—35-54 years—on the medians were unchanged, and for all other average receive the largest incomes. The occupational groups they increased. For proportion of income derived from wages farm operators the rise in money income and salaries diminishes with age, while in- was sharp—from $2,350 in 1957 to $2,800 come from self-employment and from prop- in 1958. erty assume more importance.4 Establish- Income change of individual units. Somement of a business or acquisition of income- what more than 40 per cent of all spending producing property usually requires finan- units reported an increase in income from cial reserves, which older spending units 1957 to 1958. As is shown in the chart on have had more opportunity to accumulate page 703, the proportion was about the than younger units. For spending units in same as in 1949 and 1954, years also the oldest age group—65 and over—trans- affected by declines in employment, but it fer payments, including pensions and an- was less than for other postwar years. Connuities, are the most important source of in- versely, 22 per cent of all spending units come; 3 out of 4 such units receive income reported a decline in income from 1957 to in this form.5 Even for this group, how- 1958. While this percentage was larger ever, wages and salaries constitute a sizable than in most postwar years, it was well below proportion of total income. the peak of 27 per cent reported for 1949. 3 The head of the spending unit, as defined in the ing: private pensions and annuities; welfare payments Survey, is the husband in husband-wife units. In by private agencies; and regular contributions from other units, the head is the person best acquainted one consumer unit to another. with the financial affairs of the spending unit, usually the major earner. 6 Median money income according to the Survey * Comparisons with data on types of income pre- was $4,400 in 1958 compared with $4,350 for the pared by the Office of Business Economics of the preceding year. The corresponding figures for mean Department of Commerce in connection with income money income were $5,150 and $5,160. The estisize distributions suggest that property income as mated number of spending units declined slightly so reported in the Survey is substantially understated. that aggregate money income as estimated from the Survey—mean income multiplied by the number of 5 The definition of transfer payments used in the spending units—declined slightly. Differences be- Survey differs from that used in the personal income tween the Survey estimate of aggregate money inseries of the Department of Commerce. Both series come and the personal income estimate of the Decover the following: old-age and survivors insurance partment of Commerce result from sampling varibenefits; retirement pay for railroad workers, Govern- ability of the Survey estimate and from conceptual ment civilian employees, and the military; various differences. For a summary of the conceptual differpayments to veterans; unemployment compensation ences, see the Technical Appendix to "The Financial benefits; and relief payments by public agencies. In Position of Consumers," Federal Reserve BULLETIN, addition to these items the Survey covers the follow- September 1958, pp. 1044-46. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 703 INCOME CHANGE FROM PREVIOUS YEAR also mentioned often. On the other hand, PERCENTAGE DISTRIBUTION OF SPENDING UNITS the usual reason given for declines in the 40 earnings of the head was time lost through DECREASE unemployment or shorter hours; change to 20 a lower paying job was cited much less frequently. Only about 2 in 10 spending units mentioned variations in earnings of other mem- LITTLE CHANGE bers of the spending unit as a reason for 40 income change, and about one in 10 mentioned changes in other types of income, - 20 WITHIN such as property income or transfer pay- 5% ments. Nevertheless, the earning experi- 0 ence of wives and other members of the INCREASE 60 spending unit was an important factor for certain groups. For example, among younger 40 married couples with no children more than 4 in 10 of those reporting income increases cited larger earnings of the wife among the 20 reasons. Changes in the receipt of property 25 % OR MORE income or transfer payments were frequently mentioned by retired persons. 1948 1950 1952 1954 1956 1958 The favorable income experience of farm- ASSETS ers in 1958 was reflected in the fact that 54 According to flow-of-funds estimates to be per cent reported income increases—the presented in the BULLETIN for August, net largest proportion for this group during the acquisition of financial assets by consumers entire postwar period. Forty-four per cent other than proprietors' investment in their of self-employed businessmen reported in- businesses was somewhat larger in 1958 creases; this was more than in 1957, but than in 1957, but total outlay for durable less than during the years 1954-56. A goods was below the high levels of the prelarger proportion of white collar than of ceding three years. blue collar workers reported income gains in Financial assets. There were marked shifts 1958, as has been the case for some years. in the types of financial assets that consum- For most spending units changes in in- ers acquired in 1958 as compared with come are determined mainly by the income 1957.7 The increase in holdings of savings and employment experience of the head of deposits and savings shares in 1958 was the the unit. In reporting reasons for income largest in the postwar period. Holdings of change, 9 in 10 spending units cited changes U. S. savings bonds declined, but the reducin earnings of the head. More pay because tion was less than in 1957. The net purchase of a promotion or a wage increase was men- of marketable securities—bonds and stocks tioned most often as the reason for increased earnings, but more work, either in the form 7 Data cover consumers, personal trusts, and nonprofit organizations. The latter two groups are inof less unemployment or more overtime, was cluded for statistical reasons. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 FEDERAL RESERVE BULLETIN • JULY 1959 —declined markedly compared with the rate The pattern of liquid asset change did not for the period 1955-57, largely as a result of vary markedly with age. For all age groups a sizable liquidation of U. S. Government the proportion adding to liquid assets exsecurities. The market value of all securities ceeded the proportion reducing balances. held rose sharply from the beginning to the This was true even among units headed by end of the year, however, as a result of a persons 65 or more years of age, most of rise in stock prices. whom are retired and living off smaller in- The large increase in savings deposits and comes than they received during their workshares, together with a rise in currency and ing days. Large additions to assets—$500 demand deposits, brought liquid assets of or more—were less common for young conconsumers to a new peak in early 1959 de- sumers than for those in the middle age spite the decline in their holdings of U. S. brackets, probably because most spending savings bonds. According to Survey find- units in the younger group have not reached ings, the distribution of liquid assets among their peak income and their outlays for housconsumer units in early 1959 was little ing and durable goods are typically high. changed from earlier years.8 About 75 per Tangible assets. Consumer outlays for cent of all spending units reported holding automobiles declined sharply from 1957 to some liquid assets and more than 40 per cent 1958 according to Department of Comheld $500 or more. The proportion of spend- merce estimates, but expenditures for other ing units with savings bonds continued to durable goods as a group increased somedecline, while the proportions with savings what.10 Despite the reduction in car puraccounts or shares and checking accounts chases in 1958, the proportion of spending were little changed, at 50 per cent and 55 units reporting car ownership in early 1959 per cent, respectively. was slightly more than 70 per cent, little While the aggregate amount of liquid changed from other recent years. The trend assets grew substantially, only 30 per cent to ownership of more than one car conof all spending units reported net additions tinued. In early 1959, 12 per cent of all conto their liquid assets from early 1958 to early sumer units owned two or more cars, com- 1959 and nearly 25 per cent reported de- pared with 10 per cent in early 1958. clines.9 This pattern of change is similar According to Survey findings, 7 per cent to that of the preceding year, when aggre- of all spending units purchased new cars in gate holdings also rose substantially. 1958 and 15 per cent bought used cars.11 The 40 per cent of consumer units with the 8 The term "liquid assets" is used in the Survey to refer to the total of checking accounts, savings ac- Technical Appendix cited in note 6. counts in banks, shares in savings and loan associa- 9 At the time of interview in early 1959 spending tions and credit unions, and U. S. savings bonds. units reported their liquid asset holdings for that date Data prior to 1959 included postal savings, which were held by less than 2 per cent of all spending units and for a year earlier. Change in liquid assets was early in 1958. Questions about currency holdings computed from the data for holdings. have been omitted since the early Surveys because of 10 Developments in home purchase and ownership unfavorable experience with accuracy of response. and in mortgage debt will be presented in a later Estimates of aggregate liquid assets provided by issue of the BULLETIN. the Survey are substantially less than the aggregates 11 The Survey finding implies an increase from 1957 contained in the Board's flow-of-funds accounts. The to 1958 in used car purchases, which is not in accord weight of the evidence is that Survey aggregates are with trade data. The difference is probably due to .understated. For a discussion of this problem see sampling variability of the Survey estimate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 705 largest incomes accounted for more than tended. Repayments were little changed from 70 per cent of the new cars purchased, a 1957, and the amount of automobile insomewhat smaller share than in 1957. Con- stalment credit outstanding, as estimated sumers in this relative income position have from lender data, declined from the end of accounted for a large share of new car pur- 1957 to the end of 1958. Increases in other chases in all recent years—between 70 and types of credit more than offset the decline 80 per cent. Younger consumers, who as a in automobile instalment paper so that the group generally have smaller incomes and total of short- and intermediate-term credit assets, tend to be the heaviest purchasers oustanding rose slightly over the year. of used cars. The distribution of personal debt in early Consumers favored lower priced cars in 1959 was similar to that in other recent 1958. Trade data, for example, show that years. About 60 per cent of all spending sales of 8-cylinder domestic models de- units reported such debt and nearly 30 per clined sharply and sales of foreign makes— cent debts of $500 or more. Personal debt most of which were relatively low priced— is most common among younger consumers, doubled from 1957 to 1958. A shift is also a group that includes heavy purchasers of indicated by the lower average price paid durable goods. About 80 per cent of all by Survey respondents for new cars. The spending units headed by persons 25-34 average amount received for cars traded in years of age reported personal debt in early was also smaller. Some part of these declines 1959 compared with 25 per cent of those may be attributable to the legislation effecheaded by persons 65 years of age or older. tive in the fall of 1958 that requires dealers to display factory-recommended prices. UNEMPLOYMENT Prior to that time dealers often quoted high For about two years prior to the onset of the nominal retail prices on new cars and con- 1957-58 recession, the number of unemcurrently offered allowances in excess of ployed persons had been relatively stable at market value for the trade-in. almost 3 million, or about 4.2 per cent of the More than 4 in 10 consumer units purcivilian labor force, according to monthly chased furniture or major household ap- Bureau of the Census data after seasonal adpliances in 1958. Both the proportion that justment. By April of 1958, the recession purchased and the median expenditure— low point for general economic activity, the $270—were about the same as in other number of unemployed had reached 5 milrecent years. lion or 7.5 per cent of the labor force. In PERSONAL DEBT the autumn of 1958 the unemployment rate began to decline and by June of 1959 was Purchasers of cars and other durable goods down to 4.9 per cent. The increase in uncontinued to use credit extensively in 1958. employment during the recession was con- More than 6 in 10 new car buyers and 5 in centrated among production workers in 10 used car buyers financed their purchases by borrowing. The small volume of auto- durable goods manufacturing industries and mobile purchases during the year, however, related activities. resulted in a sharp decline in the aggregate The Surveys of Consumer Finances conamount of automobile instalment credit ex- ducted early in 1958 and 1959 provide some Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 FEDERAL RESERVE BULLETIN • JULY 1959 information on the employment experience EMPLOYMENT STATUS AND EXPERIENCE during the previous year of the heads of 1958 AND 1957 [Percentage distribution] the spending units interviewed. Thus it is possible to distinguish spending units in Status of head of unit, 1958 1957 which the major earner experienced unem- and employment experience ployment at some time during the year and All spending units 100 100 to describe broadly the kinds of units that were so affected. Survey data on the com- Self-employed or not in labor force.. 31 29 Employee spending units 69 71 position of income and on change in income Employee spending units—total.... 100 100 from the previous year give some impression of the effects of the head's unemployment Employed full year 70 74 Employed less than full year: on the income of the spending unit. Data Job-connected reasons—total.... 20 15 40-49 weeks 9 8 on liquid asset holdings at the beginning 27-39 weeks 4 4 and the end of the year suggest possible 26 weeks or less 7 4 Personal reasons—total 10 11 effects on asset holdings. Information is 40-49 weeks 5 6 27-39 weeks 2 2 also presented on purchases of durable goods 26 weeks or less 4 3 and debt positions of units experiencing unemployment. NOTE.—For explanation of terms used in this table, see Supplementary Table 20, notes 1 and 3. Details may not add to totals because of rounding. Incidence among spending units. The accompanying table summarizes Survey data the entire year 1958 for economic reasons on the employment status of all spending —primarily inability to find jobs or tempounits and on the number of weeks worked rary layoffs. Such units represented 20 per for employee spending units—those headed cent of the estimated total of 39 million emby persons in the labor force at the time of ployee spending units. Comparable data the Survey other than the self-employed.12 from the 1958 Survey indicate that the heads According to findings of the 1959 Survey, of 6 million employee spending units, or there were more than 7.5 million spending about 15 per cent of the total, worked less units in which the head worked less than than a full year for economic reasons during 1957.33 The number of spending unit heads 12 All groupings of spending units by employment status and experience relate to the circumstances of 14 per cent of those classified as unemployed menthe head of the unit. Information was not collected tioned personal as well as job-connected reasons in on the status and experience of other members of accounting for employment of less than the full year. the unit. For this group employment for, say, 26 weeks did not Spending unit heads who worked 50-52 weeks, in- necessarily imply unemployment for the remaining cluding paid vacations and paid sick leave, were con- 26 weeks; the individual may have been in school, or sidered as having "full-year" employment. Those otherwise not in the labor force, for part of 1958. who worked less than 50 weeks for economic (job- 13 Survey findings on work experience in 1957 and connected) reasons—primarily inability to find jobs 1958 are in general agreement with those of the and temporary layoffs—were classified as having been Bureau of the Census pertaining to the annual work unemployed. Also grouped with the unemployed experience of individuals in the population. Precise were those who worked less than 50 weeks because comparisons, however, are not possible because of of the seasonal nature of their occupation or because differences in definitions and classification procedures they were out on strike; the total for these two grouos in the two inquiries. Census data for 1957 are pubis estimated from Survey results at 800,000 for 1958. lished in "Work Experience of the Population in Not included with the unemployed group as defined 1957," Current Population Reports, Labor Force, in this article were an estimated 4 million heads of Series P-50, No. 86, U. S. Bureau of the Census, spending units who worked less than 50 weeks for September 1958, Table 15. Comparisons for 1958 personal reasons—for example, illness, school attend- were made with data that have not as yet been pubance, leave of absence from work without pay. About lished. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 707 who worked 26 weeks or less was consider- These differences throw some light on the ably larger in 1958 than in 1957. distribution of unemployment among em- The characteristics of spending unit heads ployee spending units associated with a rewho experienced some unemployment in the cession as contrasted with that during a more two years were similar in a number of re- normal period. Data for the calendar years spects. In both years a relatively large pro- 1957 and 1958 cannot be interpreted as portion of unskilled and semiskilled work- precisely indicating such differences—beers, nonwhite persons, and those with little cause a part of each year was affected by formal education worked less than a full recession—but they are suggestive because year for job-connected reasons (Supple- the main brunt of the recession, at least with mentary Table 20).14 Unemployment was respect to unemployment, was borne in also relatively high in both years among 1958. spending unit heads who were very young, Effects on income. Unemployment has varmany of whom were inexperienced workers ious consequences for the individual and his just entering the labor force. family, the most immediate of which is loss Despite these general similarities in the of income. As the lower panel of the chart incidence of unemployment in the two years, at the top of page 708 indicates, declines unemployment during 1958 affected a group in income from 1957 were reported often by which had more skill, was older, and was spending units whose heads experienced unbetter educated than the group that was un- employment during 1958. Among those in employed in 1957. Among occupational which the head worked 40-49 weeks, 40 per groups, for example, the increase in unem- cent reported that their income was less in ployment was greatest for semiskilled work- 1958 than it had been in 1957. The proers; this reflected the high proportion of these portions reporting declines rose to 50 per workers in durable goods and other indus- cent for those who worked 27-39 weeks and tries hardest hit by the recession. As a to 70 per cent for those who worked 26 result, semiskilled workers represented a weeks or less. In contrast, only 12 per cent larger proportion of those who worked less of those employed for the full year reported than a full year in 1958 than in 1957 (Sup- a decline. plementary Table 21). Unemployment compensation benefits and The increase from 1957 to 1958 in un- other transfer payments were an important employment of spending unit heads also source of income for spending units that bore more heavily on certain age and ed- were affected by unemployment. As may ucational groups. In both years those under be seen in the top panel of the chart, the 25 were most often affected, but the largest average amount of transfer payments showed increase occurred in the middle age ranges a sharp rise as the number of weeks of em- —35-44 and 45-54. With respect to educa- ployment declined. About 60 per cent of tion, the most marked rise occurred among those with less than 40 weeks of employment those at intermediate levels of educational reported receiving transfer payments, in conattainment. trast with 40 per cent of those working 40- 49 weeks, and 12 per cent of those working "These factors are of course highly interrelated; the full year. the same unemployed individual would often fall in The group that experienced some unemtwo, or all three, of the groups mentioned. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 FEDERAL RESERVE BULLETIN • JULY 1959 smaller amounts of liquid assets than fully MONEY INCOME OF EMPLOYEE SPENDING UNITS, 1958 employed units. The difference was especially marked between those with less than TYPES - MEANS, THOUSANDS OF DOLLARS TRANSFER 40 weeks of employment and those with OTHER EARNINGS OF- longer periods as may be seen in the ac- WIFE HEAD companying chart. Liquidation of assets during 1958 accounts in part for the less favorable asset CHANGE FROM PRECEDING YEAR position of the unemployed early in 1959. PERCENTAGE OF ALL SPENDING UNITS IN GROUP Almost one-half of the spending units that experienced some unemployment during 1958 and that had liquid assets at the beginning of 1958 drew down their balances over the year. This compares with about onethird for the fully employed units. A more important factor in comparing the asset ownership of the two groups, however, was that the holdings of those unemployed during part of 1958 had been much smaller early in the year than those of fully employed units. LIQUID ASSETS OF EMPLOYEE SPENDING UNITS 50-52 40-49 27-39 26 OR LESS 20 EMPLOYMENT OF HEAD IN 1958 WEEKS MEAN HOLDINGS HUNDREDS OF DOLLARS NOTE.—Calendar-year income before taxes. Earnings refer EARLY 1959 to wages and salaries and to self-employment income of professional men and artisans. Other income, to interest, divi- EARLY 1958 dends, royalties, rent, income from unincorporated businesses, farm income of nonfarmers, and payments by roomers. For a definition of transfer payments, see note 5, p. 702. For defi- 12 nition of employment of head, see note to chart in next column. ployment differed little from the fully employed in the extent to which wives supplemented the earnings of the head of the unit. Among husband-wife units in which the head was affected by unemployment for part of 1958, the wife was employed either full SPENDING UNITS WITH HOLDINGS PERCENTAGE OF ALL SPENDING UNITS IN GROUP or part time in almost one-half the cases and her earnings averaged about $1,600 (mean). The proportion of wives who worked was slightly less for spending units in which the head worked the full year, but the average amount earned by wives was 50 - 52 40 - 49 17 - 39 26 OR LESS EMPLOYMENT OF HEAD IN 1958 - WEEKS larger—$1,900. NOTE.—Employment of head refers to full-year (50-52 weeks) or less-than-full-year for job-connected reasons. For Effect on liquid assets. Spending units ex- definition of job-connected reasons and of employee spending units, see notes to Supplementary Table 20. periencing unemployment in 1958 held Data for liquid asset holdings for both years were reported at time of interview early in 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 709 Some of the difference in liquid asset aggregate income—8 per cent—as for the ownership early in 1958 might have been fully employed. expected because unemployment affects cer- More than 7 in 10 of the spending units tain groups more than others and the groups affected by unemployment in 1958 owed affected tend to have smaller asset holdings. some personal debt early in 1959. This Part of the explanation also may be that was about the same proportion as for the those who experienced unemployment in fully employed. The amounts owed by 1958 had experienced unemployment in debtors who were fully employed, however, earlier years to a greater degree than those was almost $900, compared with about $750 who were fully employed during 1958. for units with 40-49 weeks of employment Durable goods and debt. In view of their and $650 for those with less than 40 weeks. smaller incomes and their limited asset hold- The smaller average indebtedness of spendings, it is not surprising that spending units ing units in which the head was employed with unemployment experience spent less on less than 40 weeks was attributable to the average for cars and household durable smaller amounts owed on cars and durable goods in 1958 than the fully employed. goods. Other short- and intermediate-term Among those with less than 40 weeks of em- indebtedness was about the same on the ployment, for example, about half purchased average for the various groups. a new or used car or some household dur- While personal debt was smaller on the able good and these purchasers spent about average for those unemployed for part of $475 on the average. Among the fully em- 1958 than for the fully employed, it was ployed more than three-fifths made such larger in relation to their incomes and liquid purchases, with an average expenditure of assets. For example, among debtor spend- $800. Although spending units with unem- ing units with less than 40 weeks of employployment purchased less frequently and ment, less than 40 per cent owned any spent less than employed units, their aggre- liquid assets. In contrast almost 80 per gate expenditures for these purposes repre- cent of the fully employed debtors reported sented about the same proportion of their some assets. TECHNICAL NOTE Results of the 1959 Survey of Consumer Within dwellings, interviews are con- Finances are based on 3,100 interviews dur- ducted with each spending unit. A spending ing January and February in 2,790 dwelling unit is defined as all persons living in the units. These dwelling units are located in same dwelling, and related by blood, marthe 12 largest metropolitan areas and in 54 riage, or adoption, who pool their incomes additional sampling areas chosen to rep- to meet their major expenses. A husband resent a cross section of the population liv- and wife living together are always included ing in private households in the continental in the same spending unit even though they United States. Transients, residents of in- do not pool their separate incomes. All stitutions, and persons living on military children under 18 years of age are included reservations are not represented. in the spending unit of their closest relative. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 FEDERAL RESERVE BULLETIN • JULY 1959 The spending unit containing the owner or TABLE 1 lessee of the dwelling is the primary spend- SPENDING UNITS AND FAMILY UNITS IN ing unit. Children 18 or more years of age SURVEY POPULATION and other relatives who earn more than [Estimated numbers in millions] $15 per week and who do not pool their in- Year of Survey comes with that of the primary spending unit Type of unit 1959 1958 1957 1956 1955 1952 are classified as related secondary spending units. Spending units composed of persons Spending units—totall. 56.8 56.9 56.1 55.0 54.3 53.0 a) Primary (equals in the dwelling unit who are not related to occupied dwelling units) 51.1 50.3 49.5 48.7 47.7 45.4 b) Related secondary, 4.3 4.9 4.9 4.6 5.0 5.8 members of the primary unit are designated c) Unrelated secondary 1.4 1.7 1.7 1.7 1.6 1.8 as unrelated secondary spending units. Family units (a-f-c spending units) 52.5 52.0 51.2 50.4 49.3 47.2 Since the spending unit includes those persons, and only those persons, who make 1 Estimates of the number of spending units, which depend upon the ratio of primary spending units to all spending units, are subject to sampling error. The size of the sampling error is such that there joint financial decisions, it is the unit most is one chance in 20 that the estimates shown in the table are above or below the true figure by 1 million. frequently used in tabulations of Survey financial data. Some Survey data, however, notably those on housing, are presented for Table 1 shows the estimated number of family units. A family unit is defined as all dwelling units, spending units, and family persons living in the same dwelling who are units in the Survey population. related by blood, marriage, or adoption. Aggregate data are obtained for the popu- Survey family units include individuals livlation covered by the Survey of Consumer ing alone as well as groups of related per- Finances by multiplying data on proportions sons. To obtain data on a family basis, and means obtained in the Survey by the information for related secondary spending estimated total number of spending units or units is combined with that for the primary family units. Estimates of the number of spending units to which they are related and units with given characteristics are obtained with which they live. The head of the by multiplying the proportion shown by the primary spending unit is considered to be the sample to have that characteristic by the head of the family. The number of family estimated total number of units. Estimates units equals primary spending units plus un- of aggregate assets, debt, expenditures, and related secondary spending units. Estimates of the total number of spending units in the population covered by the TABLE 2 Survey are derived by multiplying the num- APPROXIMATE SAMPLING ERRORS OF SURVEY FINDINGS ber of occupied dwelling units, or house- The chances are 95 in 100 that the value being estimated lies within a range equal to the reported percentage plus or minus the number holds, estimated from Census data, by the of percentage points shown below. average number of spending units per dwell- Number of interviews ing unit included in the Survey sample. The Reported percentage number of family units is estimated in a 3,0001 1,000 700 500 300 100 similar manner. Both the estimated num- 50 3 4 5 6 8 14 ber of dwelling units and the average num- 30 or 70 2 4 5 6 7 13 20 or 80 2 4 4 5 6 11 ber of spending units and family units per 5 1 0 o r o r 9 5 9 0 . 2 1 2 3 2 3 4 3 4 5 8 dwelling unit are subject to sampling error. 1 Approximate size of sample, 1952-59. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 711 other variables are obtained by multiplying source can be computed. Sampling errors the mean amount derived from the sample for percentages based on Survey informaby the number of units. tion have been computed for specific sta- Survey findings are based on information tistics from the 1953 and 1954 Surveys of for a sample of spending units and are there- Consumer Finances and are presented in fore subject to error arising from sampling Tables 2 and 3. In order to determine the variability.1 The range of error from this approximate sampling error for a Survey finding from these tables, it is necessary to TABLE 3 know the number of interviews on which SAMPLING ERRORS OF DIFFERENCES X particular percentages are based. These Differences required for significance (95 per cent probability) in comparisons of percentages derived from successive Surveys of Con- numbers are shown in Tables 4 and 5. sumer Finances and from two different subgroups of the same Survey. Prior to the 1959 Survey spending units at higher economic levels were sampled at Size of sample or group Size of sample or group 200 300 500 700 1,000 3,0002 TABLE 4 SAMPLE SIZE FOR SPECIFIED GROUPS OF EMPLOYEE For percentages from about 35 per cent to 65 per cent SPENDING UNITS, 1959 SURVEY [Number of spending units] 200 14 300 13 ii Group characteristic Number 500 12 10 9 700 11 10 8 8 1 000 11 9 8 7 6 All employee spending units 2,145 3,0002 10 8 7 6 5 4 Employment experience of head: Employed full year (50-52 weeks) 1,488 For percentages around 20 per cent and Employed less than full year for job-connected 80 per cent reasons: 40-49 weeks 182 27-39 weeks 94 26 weeks or less 145 2 3 5 0 0 0 0 0 0 1 1 9 1 0 9 8 7 E N m ot p l a o s y c e e d rt a l i e n s e s d than full year for personal reasons.. 21 2 4 2 700 9 8 7 6 Occupation when working: 3 1 , ,0 0 0 0 0 02 9 8 7 7 6 5 6 5 4 5 '"3" P M ro an fe a s g s e io ri n a a l l and semiprofessional 2 1 5 3 0 8 Clerical and sales 373 Skilled 433 For percentages around 10 per cent and Semiskilled 494 90 per cent Unskilled and service 398 Other 57 Not ascertained 2 300 8 7 7 5 1 0 0 0 0 000 7 7 6 6 6 6 5 5 5 4 4 ' "4" " Spen S d i i n n g g l 1 e u 8 n p - i 4 e t 4 r s s i o ze n : and age of head: 245 3,0002 6 5 4 4 3 2 4 6 5 5 - a 6 n 4 d over 1 2 2 9 0 Two persons or more: 18-24 110 For percentages around 5per cent and 25-34 461 95 per cent 35-44 504 45-54 374 55-64 230 300 6 5 65 and over 43 500 5 4 4 Not ascertained 29 700 4 4 3 1 000 5 5 4 3 3 3 Education of head: 3 000 2 4 4 3 3 2 2 Grade school 635 Some high school.... 425 High school graduate. 592 1 The sampling error does not measure the actual error that is Some college 248 involved in specific Survey measurements. It shows that—except College graduate 234 for nonsampling errors, errors in reporting, in interpretation, etc.— Not ascertained 11 differences larger than those found in the table will arise by chance in only 5 cases in 100. Race of head: 2 Approximate size of annual Survey sample, 1952-59. White 1,891 Nonwhite 246 Not ascertained. 1A discussion of the factors affecting sampling errors in the Survey of Consumer Finances is available on request from the Division of Research and Statistics, Board of Governors For explanation of terms used in this table, see Supplementary of the Federal Reserve System, Washington 25, D. C. Table 20. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 FEDERAL RESERVE BULLETIN • JULY 1959 TABLE 5 SAMPLE SIZE FOR SPECIFIED GROUPS, 1959 SURVEY [Number of spending units] Group characteristic Number Group characteristic Number Total 3,100 Age of head: 18-24 259 Income:1 25-34 598 Under $1,000 232 35-44 702 $l,000-$l,999 398 45-54 566 $2,000-$2,999 378 55-64 475 $3,000-$3,999 370 65 and over 463 $4,000-54,999 368 Not ascertained 37 $5,000-$5,999 361 $6,000-$7,499 364 Region: 5 $7,500-$9,999 363 North East 776 $10,000 and over 266 North Central 904 South 955 Occupation of head:2 West 465 Professional and semiprofessional 278 Managerial 135 Purchasers of selected goods: Self-employed businessman 229 New cars 209 Clerical and sales 358 Used cars 478 Skilled 407 Furniture 577 Semiskilled 437 Television sets 322 Unskilled and service 322 Washing machines 266 Farm operator 167 Refrigerators 197 Retired 443 Other* 322 Size of spending unit and age of head: Not ascertained 2 Single person: 18-24 139 Marital status:4 25-44 137 Single: 45-64 177 Age 18-44 284 65 and over 192 Age 45 or over 434 Two persons or more: Married: 18-24 120 Age 18-44, no children under 18.... 192 25-34 526 Age 18-44, children under 18 990 35-44 637 Age 45 or over, no children under 18 659 45-54 494 Age 45 or over, children under 18... 366 55-64 369 Other 141 65 and over 271 Not ascertained 34 Not ascertained 38 1 Money income before taxes for ""calendar year 1958. Income 4 Single spending units include unmarried, widowed, separated, was estimated for about 2 per cent of the cases shown on the basis of and divorced persons without children. "Other" includes spending other information reported in the interview. units with various combinations of adults and children not classified 2 Occupational status as of date of interview early in 1959. as either single or married. Age refers to head of spending unit. 3 Spending units headed by protective service workers, students, 5 As defined by U. S. Bureau of the Census. housewives, and persons not employed at time of interview. higher rates than those at lower levels, and 1959 Survey spending units at different ecoweights were introduced to maintain the nomic levels were sampled at the same rate. representativeness of the results.2 For the In all years adjustments were introduced to take account of the fact that the response rate is greater among certain types of spend- 2 For a further discussion, see "Methods of the Survey of Consumer Finances," Federal Reserve BULLETIN, July 1950, ing units than others. pp. 795-809. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 713 SUPPLEMENTARY TABLE 1 INCOME DISTRIBUTION OF SPENDING UNITS AND OF TOTAL MONEY INCOME BEFORE TAXES 1 [Per cent] Spending units2 Total money incomes Money income before taxes 1958 1957 1956 1955 1958 1957 1956 1955 Under $1,000... 7 8 9 11 ! 1 1 1 $l,000-$l,999... 13 13 12 12 4 4 3 4 $2,000-$2,999... 12 11 12 13 6 5 6 7 $3,OOO-$3,999... 12 13 12 14 8 9 8 10 $4,000-$4,999... 12 12 14 14 10 11 12 13 $5,000-$5,999... 12 12 12 11 12 12 13 13 $6,000-$7,499... 12 13 12 11 15 16 15 15 $7,500-$9,999... 12 10 9 8 19 17 15 14 $10,000 and over, 8 8 8 6 24 25 27 23 All cases 100 100 100 100 100 100 100 100 Median income3. $4,400 $4,350 $4,250 $3,960 Mean income4... $5,150 $5,160 $5,140 $4,650 1 Income data for each year are based on interviews early in the 3 Median income is that of the middle spending unit in a ranking following year. of all units by size of money income before taxes. 2 A spending unit includes all persons living in the same dwelling 4 Mean income is obtained by dividing aggregate money income and related by blood, marriage, or adoption, who pool their incomes before taxes by number of spending units. to meet major expenses. Single-person spending units are included. NOTE.—Details may not add to totals because of rounding. SUPPLEMENTARY TABLE 2 INCOME OF SPENDING UNITS WITHIN SPECIFIED GROUPS, 1958 [Percentage distribution of spending units] All Group characteristic income groups 100 Age of head of spending unit: 18 24 100 25 34 100 35_44 100 45 54 100 55 64 100 100 Occupation of head of spending unit:1 Professional and semiorofessional 100 100 Seif-emnloved businessman 100 Clerical and sales 100 Skilled 100 Semiskilled 100 Unskilled and service Retired Marital status:3 Single: Age 18-44 Ase 45 and over Married, both adults present: Ace 18—44 no children under 18 Age 18—44 children under 18 Age 45 and over, no children under 18.. Age 45 and over, children under 18 Other Region:4 North East . North Central South West SBB 1958 money income before taxes Under $1,000- $2,000- $3,000- $4,000- $5,000- $6,000- $7,500- $10,000 $1,000 $1,999 $2,999 $3,999 $4,999 $5,999 $7,499 $9,999 and over 7 13 12 12 12 12 12 12 3 10 19 23 22 14 6 4 2 1 2 4 10 12 17 17 17 14 6 3 7 7 11 12 15 16 17 13 4 10 10 10 12 13 12 17 12 10 12 15 10 11 10 11 10 10 20 34 17 12 6 4 3 2 3 1 3 8 9 11 16 23 27 1 4 6 14 20 28 26 3 3 9 10 9 11 14 16 24 2 6 9 15 16 16 14 14 9 1 2 6 10 11 20 22 22 7 2 6 14 16 22 15 15 10 2 10 23 20 16 14 8 5 3 1 10 23 19 12 11 7 4 5 8 25 34 16 9 5 4 3 2 2 100 10 20 23 18 12 7 5 2 2 100 27 30 14 11 7 3 4 2 2 100 1 5 10 10 12 16 16 20 9 100 2 4 7 12 15 17 18 16 10 100 5 15 14 12 10 9 11 12 11 100 1 8 12 8 14 17 10 17 14 100 18 24 18 13 13 4 6 1 100 5 12 12 14 12 13 13 11 9 100 7 12 11 13 13 11 12 14 8 100 12 15 14 11 11 11 9 10 7 100 4 12 12 9 11 14 15 13 12 1 Occupational status as of date of interview early in 1959. units with various combinations of adults and children not classified 2 No cases reported or less than one-half of 1 per cent. as either single or married. Age refers to head of spending unit. 3 Single spending units include unmarried, widowed, separated, 4 As defined by U. S. Bureau of the Census. and divorced persons without children. "Other" includes spending NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 FEDERAL RESERVE BULLETIN • JULY 1959 SUPPLEMENTARY TABLE 3 MEDIAN INCOME FOR AGE AND OCCUPATIONAL GROUPS1 [In dollars] Group characteristic 1958 1957 1956 Group characteristic 1958 1957 1956 1955 Age of head of spending Occupation of head of spending unit:2 unit: Professional and semiprofessional.... 7,450 7,000 6,250 6,250 18 24 2,950 2,710 2,800 Managerial 7,690 7,520 7,000 6,760 25 34 5,160 5,040 4,830 Self-employed businessman 6,360 6,380 7,500 6,000 35 44 5 730 5 430 5 200 Clerical and sales . 5 010 4 710 r4 610 r4 300 45 54 5,200 5,200 5,100 Skilled 6,000 5,800 5,350 55 64 4 100 3 860 4 060 Semiskilled 4 520 4 800 4 400 } 4,660 65 and over . .. 1,840 1,750 1,500 Unskilled and service 2,840 2,850 3,000 '2,540 Farm operator 2,800 2,350 2,320 2,190 Retired 1,630 1,600 1,350 r Revised. 2 Occupational status for each year as of date of interview early in 1 Money income before taxes for spending units. Data for each the following year. year are based on interviews early in the following year. 3 Not available. SUPPLEMENTARY TABLE 4 DISTRIBUTION OF TOTAL MONEY INCOME BEFORE TAXES, BY INCOME TENTHS Percentage of total moneyincome Mean income within tenth Lowest income within tenth Income tenth 1958 1957 1956 1955 1958 1957 1956 1955 1958 1957 1956 1955 Lowest tenth 1 1 1 1 $690 $650 $660 $470 Second 3 3 3 3 1,580 1,510 1,450 1,260 $1,200 $1,140 $1,050 $900 Third 5 4 5 4 2,360 2,300 2,310 2,070 1,970 1,890 1,900 1,650 Fourth 6 6 6 6 3,180 3,180 3,130 2,830 2,800 2,760 2,740 2,470 Fifth 8 8 8 8 3,990 3,950 3,920 3,590 3,600 3,600 3,520 3,240 Sixth 9 9 9 9 4,810 4,760 4,660 4,260 4 400 4 350 4 270 3 960 Seventh 11 11 10 11 5,680 5,560 5,370 5,010 5,200 5,140 5,000 4,640 Eighth 13 13 12 13 6,800 6,570 6,330 5,910 6 100 6 010 5 850 5 380 Ninth 16 16 15 16 8,390 8,010 7,850 7,330 7,500 7,190 7,000 6,500 Highest tenth 27 29 31 30 14,000 15.160 15,760 13,830 9,460 9,050 9,050 8,440 1 Income data for each year are based on interviews early in the fol- 2 Data not available. lowing year. Tenths were obtained by ranking spending units accord- NOTE.—Details may not add to totals because of rounding. ing to money income before taxes. SUPPLEMENTARY TABLE 5 RECIPIENTS OF SELECTED TYPES OF INCOME WITHIN INCOME QUINTILES, 1958 [Percentage of spending units] Income quintile1 s W a a l a a n g r d i e e s s em in p S c lo o e y l m f m - e e 2 nt B in u c s o in m e e s 3 s in F c a o r m m e4 di I v n i a t d e n e r d n e d st s 5 Rent6 p T ay ra m n e s n fe ts r 7 All spending units 80 18 32 Lowest 50 3 9 55 Second 78 5 13 40 Third 89 4 13 24 Fourth 92 10 7 21 23 Highest 11 12 36 14 15 1 Quintiles were obtained by ranking spending units according to 5 Interest, dividends, and royalties. money income before taxes. 6 Excludes payments by roomers. 2 Income of professional men and artisans; excludes business in- 7 Pensions, annuities, social security and veterans' benefits, un come. employment compensation benefits, welfare payments, alimony, and 3 Income from unincorporated businesses. regular contributions from one consumer unit to another. 4 Excludes farm income of nonfarmers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 715 SUPPLEMENTARY TABLE 6 LIQUID ASSET HOLDINGS X [Percentage distribution of spending units] Amount 1959 1958 1957 1956 1955 1950 1946 Zero 25 26 24 28 29 31 24 $1-5199 18 17 17 15 17 16 15 $200-$499 13 14 14 12 12 11 14 $500 $999 12 11 12 12 10 10 14 51 000-51,999 10 10 11 11 10 10 14 $2 000 $4 999 12 12 13 12 12 13 13 $5 000-59 999 6 5 5 6 6 6 4 510,000 and over 4 4 4 4 4 3 2 All cases 100 100 100 100 100 100 100 1 Liquid assets, according to the Survey definition, are U. S. 1958. Data prior to 1957 also include marketable U. S. Government savings bonds, checking accounts, savings accounts in banks, and bonds, which were held by about 1 per cent of all spending units shares in savings and loan associations and credit unions; currency is early in 1957. Data are as of date of interview early in Survey year. excluded. Data prior to 1959 include postal savings accounts, NOTE.—Details may not add to totals because of rounding. which were held by less than 2 per cent of all spending units early in SUPPLEMENTARY TABLE 7 LIQUID ASSETS WITHIN INCOME GROUPS, EARLY 1959 [Percentage distribution of spending units] 1958 money income before taxes All Ty o p f e h a o n ld d i n s g ize sp u e n nd it i s ng Under $1,000- $2,000- $3,000- $4,000- 55,000- 56,000- $7,500- $10,000 $1,000 $1,999 $2,999 $3,999 $4,999 $5,999 57,499 $9,999 and over Total liquid assets: Zero 25 61 50 44 28 21 14 7 4 2 51-5199 18 8 14 15 25 28 26 24 13 4 5200-5499 13 9 10 9 11 17 17 19 15 8 $500-$999 12 6 10 9 8 11 13 15 20 10 $l,000-$l,999 10 6 6 7 10 8 11 14 14 16 $2,000-$4,999 12 5 5 8 11 8 13 15 20 26 $5,000 $9,999 6 2 3 5 5 5 4 4 9 15 $10,000 and over 4 2 2 3 2 3 2 3 5 19 All cases 100 100 100 100 100 100 100 100 100 100 U. S. savings bonds: Zero 73 90 87 84 80 75 70 64 58 51 $1-$199 10 4 6 7 8 11 11 18 15 11 $200 $499 5 2 3 4 5 8 5 9 8 $500-5999 3 2 2 2 1 4 2 6 5 6 $ 5 1 2 , ,0 0 0 0 0 0 -5 an 1 d ,9 9 o 9 ver 4 5 (1] 2 1 4 2 2 4 2 3 6 2 4 3 7 6 1 8 7 All cases 100 100 100 100 100 100 100 100 100 100 Savings accounts:2. . . . Zero 50 78 68 66 54 52 46 35 29 27 51 5199 13 4 7 9 16 19 19 17 16 7 5200 5499 7 4 5 6 5 8 8 12 10 8 5500-5999 8 5 6 5 6 6 10 12 10 8 51,000-51,999 7 4 5 4 8 5 8 10 12 7 52,000 and over 15 7 8 10 11 10 10 14 23 43 All cases 100 100 100 100 100 100 100 100 100 100 Checking accounts: Zero 45 77 71 64 54 45 34 28 19 9 $1-$199 24 8 13 15 25 28 35 37 30 15 $200-$499 15 9 7 11 11 14 16 22 24 21 $500-5999 8 3 5 4 5 7 8 6 15 17 $l,000-$l,999 5 1 2 5 3 3 5 4 7 19 $2,000 and over 4 2 2 2 2 3 2 4 5 19 All cases 100 100 100 100 100 100 100 100 100 100 1 No cases reported or less than one-half of 1 per cent. loan associations and credit unions. 2 Consists of savings accounts in banks and snares in savings and NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 FEDERAL RESERVE BULLETIN • JULY 1959 SUPPLEMENTARY TABLE 8 CHANGES IN HOLDINGS OF LIQUID ASSETS1 [Percentage distribution of spending units within specified groups] Increase Decrease Little No Group characteristic All an $ d 5 0 o 0 ver $26-$499 change2 $26-$499 an $ d 5 0 o 0 ver holdings3 1958 1957 1958 1957 1958 1957 1958 1957 1958 1957 1958 1957 All spending units 100 13 19 19 20 17 13 16 26 25 Income quintile: Lowest 100 3 2 12 16 14 10 14 6 54 56 Second 100 6 9 15 18 20 17 11 15 9 38 32 Third 100 9 10 23 24 24 16 15 17 10 21 23 Fourth 100 13 17 25 22 24 19 17 17 12 11 9 13 Highest 100 25 26 21 22 19 18 13 15 20 19 3 1 Age of head of spending unit: 18-24 100 5 5 26 24 17 14 24 9 8 29 30 25-34 100 10 12 20 21 20 16 17 16 11 11 22 24 35-44 100 13 13 19 21 19 15 14 17 11 12 24 22 45-54 100 13 16 20 20 18 17 13 13 11 12 25 22 55-64 100 12 15 20 11 20 20 12 12 14 13 22 29 65 and over 100 13 14 11 29 24 9 14 8 9 32 29 Occupation of head of spending unit:4 Professional and semiprofessional... 100 17 23 25 26 21 16 14 16 16 16 6 4 Managerial 100 14 24 29 22 19 20 14 13 20 16 3 5 Self-employed businessman 100 19 16 19 20 25 27 11 17 18 12 8 8 Clerical and sales 100 14 16 31 25 19 21 14 16 12 10 10 13 Skilled 100 14 12 21 25 22 18 16 16 10 12 17 17 Semiskilled 100 8 10 20 20 18 12 16 15 6 11 33 32 Unskilled 100 6 7 13 12 16 13 10 12 6 5 48 51 Farm operator 100 12 13 22 18 24 19 10 16 12 14 21 19 Retired 100 6 12 11 11 26 21 10 14 11 12 36 29 Change in income:5 Increase: 25 per cent and over 100 15 18 24 21 21 16 10 15 11 22 20 5-24 per cent 100 16 17 22 25 21 16 12 15 11 11 18 16 Little change 100 8 9 19 16 23 21 14 16 9 9 28 30 Decrease: 5-24 per cent 100 9 12 14 14 18 13 16 19 13 14 29 27 25 per cent and over 100 5 7 9 11 12 14 16 19 20 20 38 30 1 Data for 1958 based on holdings as of interview date and a year 4 Occupational status in each year as of date of interview early in earlier as reported early in 1959; data for 1957 based on holdings as following year. of interview date and a year earlier as reported early in 1958. For 5 Change from previous year in money income before taxes. definition of liquid assets, see Supplementary Table 6, note 1. Little change includes change of less than 5 per cent as well as no 2 No change in holdings or change of $25 or less. change. 3 Zero holdings as of interview date and a year earlier, as reported NOTE.—Details may not add to totals because of rounding. early in 1959 and early in 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 717 SUPPLEMENTARY TABLE 9 SUPPLEMENTARY TABLE 10 AUTOMOBILE OWNERSHIP WITHIN SPECIFIED AGE OF AUTOMOBILES OWNED BY CONSUMERS ' GROUPS, EARLY 1959 [Percentage distribution of automobiles] [Percentage distribution of spending units] Age 1959 1958 1957 1956 1955 Owns: Group characteristic All 1 D n o o e t s 2 years or less 21 23 29 26 25 cases 1 auto- 2 or own 1 year or less 10 12 14 16 12 mobile more 2 years 11 11 15 10 13 3 to 4 years 25 23 20 19 22 All spending units 100 59 12 29 1958 t ax m e o s n : ey income before 4 3 y y e ea a r r s s. 1 1 2 2 1 9 4 1 9 1 1 8 1 1 9 3 U $l n ,0 d 0 e 0 r - $ $ 1 l, ,0 9 0 9 0 9 1 1 0 0 0 0 2 3 2 4 1 1 7 6 7 5 5 years or more 54 54 51 55 53 $ $ $ 4 2 3 , , , 0 0 0 0 0 0 0 0 0 - - - $ $ $ 4 2 3 , , , 9 9 9 9 9 9 9 9 9 1 1 1 0 0 0 0 0 0 6 5 6 8 3 2 1 4 0 5 4 2 3 3 2 3 5 M t o o r e 7 t y h e a a n r s 7 years 2 2 6 8 2 2 8 6 2 2 9 2 3 2 3 2 2 3 3 0 $ $ 5 6 , , O 00 O 0 O -$ -$ 7 5 , , 4 9 9 9 9 9 1 1 0 0 0 0 7 7 6 8 1 1 3 3 1 9 1 All automobiles owned . . . 100 100 100 100 100 $7,500-$9,999 100 71 26 3 $10,000 and over 100 56 39 5 1 Ownership as of date of interview early in each year. In early 1959 automobiles were classified for age as follows (in terms of model Size of spending unit and age years): 1 year or less, 1959 and 1958; 2 years, 1957; 3 years, 1956; 4 of head: years, 1955; 5 to 7 years, 1954, 1953, and 1952; and more than 7 years, Single person: 1951 and earlier. Similar classifications were used in previous 18-44 100 50 2 47 Surveys. 45-64 100 32 0) 67 65 and over 100 17 0) 83 NOTE.—Details may not add to totals because of rounding. Two persons or more: 18-24 100 68 10 22 25-34 100 78 10 12 35-44 100 65 19 16 45-54 100 61 20 19 55-64 100 61 16 23 65 and over 100 56 5 39 1 No cases reported or less than one-half of 1 per cent. NOTE.—Details may not add to totals because of rounding. SUPPLEMENTARY TABLE 11 FREQUENCY OF MAJOR EXPENDITURES FOR DURABLE GOODS WITHIN INCOME AND AGE GROUPS r [Purchasers as a percentage of spending units within specified groups] Any major expenditure New automobile Used automobile Income or age group 1958 1957 1956 1955 1958 1957 1956 1955 1958 1957 1956 1955 All spending units 49 46 50 53 7 8 9 11 15 15 15 17 Income quintile: Lowest 21 22 23 23 1 2 2 1 8 10 10 9 Second 42 40 42 49 3 2 5 18 16 17 21 Third 55 47 53 61 5 5 8 20 18 18 24 Fourth 60 60 64 61 9 10 11 15 17 18 18 19 Highest 67 63 67 72 15 20 21 27 14 12 11 13 Age of head of spending unit: 18-24 49 49 49 61 6 4 5 6 26 31 29 38 25-34 63 58 62 66 7 9 11 13 21 19 19 24 35-A4 56 53 59 63 9 11 12 16 17 16 17 18 45-54 51 47 50 54 8 10 11 11 16 11 15 15 55-64 42 37 44 40 7 5 11 9 10 10 9 9 65 and over 25 20 23 30 2 3 3 6 4 4 5 6 1 A major expenditure is defined as a net outlay (price less trade-in) 2 No cases reported or less than one-half of 1 per cent. of $100 or more for automobiles, furniture, and major household appliances combined. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN • JULY 1959 SUPPLEMENTARY TABLE 12 AUTOMOBILE PURCHASES WITHIN INCOME AND OCCUPATIONAL GROUPS [Purchasers as a percentage of spending units] New Used New Used automobile automobile automobile automobile Group characteristic Group characteristic 1958 1957 1958 1957 1958 1957 1958 1957 All spending units 15 15 Occupation of head of spending unit:1 Money income before taxes: Professional and semiprofes- Under $1,000 1 6 7 sional 12 13 11 12 $l,000-$l,999 2 9 12 Managerial 12 19 15 12 $2,000-$2,999 2 2 18 15 Self-employed businessman... 9 14 17 16 $3,000-$3,999 4 4 21 16 Clerical and sales 10 12 17 13 $4,000-$4,999 5 4 18 20 Skilled 7 7 19 20 $5,000-$5,999 7 8 19 16 Semiskilled 5 6 22 19 $6,000-$7,499 10 12 17 18 Unskilled and service 3 1 17 17 $7,500-$9,999 15 15 15 11 Farm operator 7 16 14 $10,000 and over 16 28 12 13 Retired 3 4 4 1 Occupational status for each year as of date of interview early in the following year. SUPPLEMENTARY TABLE 13 PRICE PAID AND NET OUTLAY BY AUTOMOBILE PURCHASERS 1 [Percentage distribution of purchasers] Price paid Net outlay2 Type of purchase and amount 1958 1957 1956 1955 1958 1957 1956 1955 New automobile: Under $1 500 . .. . 2 (3,» 1 (3) 16 16 19 26 $1 500 $1,999 5 4 4 24 26 28 32 $2 000 $2 499 . . . . 18 15 19 25 32 31 27 22 $2 500-$2,999 24 25 22 28 15 16 15 12 $3 000 $3 499 . 25 24 26 22 6 4 6 4 $3 5OO-$3 999 14 17 14 \ *>n $4 000 and over 10 14 11 5 5 2 3 Not ascertained 3 1 3 ' : 3 2 3 1 All cases 100 100 100 100 100 100 100 100 Median $3,000 $3,050 $3,100 $2,780 $2,100 $2,060 $2,000 $1,840 Mean $2,990 $3,230 $3,070 $2,940 $2,120 $2,110 $2,010 $1,900 Used automobile: Under $250 22 20 19 21 26 25 23 22 $250-$499 18 18 22 18 20 21 28 27 $500-$749 14 11 14 18 14 14 13 18 $750 $999 8 12 12 13 10 12 12 13 $1 000-$l,499 16 13 12 12 16 13 13 11 $1 500-$l 999 11 11 10 8 6 8 5 4 $2 000 and over . . 8 10 6 6 3 3 2 2 Not ascertained 4 5 5 4 4 4 4 3 All cases 100 100 100 100 100 100 100 100 Median $600 $700 $650 $600 $500 $520 $480 $470 $850 $900 $800 $780 $660 $670 $620 $610 1 In cases of multiple purchases, information is tabulated for the 3 No cases reported or less than one-half of 1 per cent. highest priced purchase only. NOTE.—Details may not add to totals because of rounding. 2 After deduction for trade-in or sale of automobile. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 719 SUPPLEMENTARY TABLE 14 PURCHASERS OF FURNITURE AND MAJOR HOUSEHOLD APPLIANCES WITHIN INCOME AND MARITAL STATUS GROUPS [Purchasers as a percentage of spending units] Any type of Television Washing Group characteristic purchase * Furniture set machine Refrigerator 1958 1957 1958 1957 1958 1957 1958 1957 1958 1957 All spending units 43 41 19 18 10 10 Money income before taxes: Under $1,000 21 18 9 3 2 5 4 3 $l,000-$l,999 24 31 6 12 6 5 6 4 $2,000-$2,999 35 31 10 11 10 10 6 7 $3,OOO-$3,999 41 40 16 17 14 13 7 8 $4,000-54,999 45 47 21 19 10 14 8 9 $5,000-$5,999 50 44 22 19 10 9 13 10 $6,000-$7,499 54 54 24 25 15 12 10 12 $7,500-$9,999 60 52 30 26 12 12 11 12 10 $10,000 and over 57 54 30 26 12 15 12 11 Marital status: Single: Age 18-44 25 25 10 7 Age 45 and over 20 25 12 Married:2 Age 18-44, no children under 18 52 47 26 25 20 12 14 12 10 Age 18-44, children under 18 60 55 27 26 14 15 12 11 Age 45 and over, no children under 18 39 38 14 13 10 7 Age 45 and over, children under 18 47 43 18 16 7 12 11 Median expenditure3 $270 $270 $230 $200 $210 $200 $210 $290 $245 1 Includes purchasers of items listed individually and of other 3 Expenditure for both new and used items, before deduction for major household appliances. trade-in. 2 Age refers to head of spending unit. Includes only spending 4 Not available separately. units in which both husband and wife are present. SUPPLEMENTARY TABLE 15 CREDIT PURCHASES OF AUTOMOBILES AND OTHER DURABLE GOODS WITHIN INCOME QUINTILES [Credit purchasers as percentage of all purchasers] Type of purchase and Type of purchase and income quintile 1958 1957 1956 1955 income quintile 1958 1957 1956 1955 Automobile—all incomes 56 60 61 r60 Used automobile—all incomes2. 54 58 60 60 Lowest 39 49 62 57 Second 55 54 63 59 Second 55 55 64 57 Third 59 61 67 62 Third 60 65 74 67 Fourth 59 66 59 66 Fourth 64 70 64 69 Highest 45 51 45 49 Highest 53 55 46 48 Furniture or major household New automobile—all incomes 63 65 63 60 appliances—all incomes 3. 55 54 48 52 Fourth 73 77 72 72 Lowest 62 58 48 61 Highest 59 57 46 47 Second 65 57 56 58 Third 58 66 57 57 Fourth 56 57 51 56 Highest 42 37 30 36 r Revised. 3 Purchasers of two items, one for credit and one for cash, are 1 Too few cases to compute percentage in lowest, second, and third classified as credit purchasers. Charge-account purchasers are quintiles. classified as cash purchasers. 2 Too few cases to compute percentage in lowest quintile. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 FEDERAL RESERVE BULLETIN • JULY 1959 SUPPLEMENTARY TABLE 16 TYPES OF DEBT WITHIN AGE GROUPS, EARLY 1959 [Percentage distribution of spending units] Personal debt only1 Mortgage debt imd: Age of head of All No Some Mortgage Instal- Instalspending unit cases debt debt debt Instal- Nonin- ment and Instal- Nonin- ment and only ment stalment nonin- ment stalment noninstalment debt debt stalment All spending units 100 32 68 7 22 8 6 14 4 6 18 24 100 29 71 36 11 15 5 4 25-34 100 14 86 34 8 10 18 7 35-44 100 18 82 11 21 8 6 21 6 9 45 54 . 100 28 72 8 21 8 4 18 6 7 55-64 100 49 51 10 15 9 2 8 4 3 65 and over 100 69 31 5 10 8 1 5 * For definition of personal debt see Supplementary Table 17, 2 No cases reported or less than one-half of 1 per cent. 1 NOTE.—Details may not add to totals because of rounding. SUPPLEMENTARY TABLE 17 PERSONAL DEBT 1 [Percentage distribution of spending units] Amount 1959 1958 1957 1956 1955 1954 1953 1949 Zero.... . . . . .. 40 41 42 46 45 46 48 67 $l-$99 10 10 10 9 9 9 11 $100-$199 7 7 6 7 8 8 8 i ^ $200-$499 14 13 13 14 15 13 14 8 $500-$999 11 13 12 11 12 12 10 4 $1,000 and over 18 15 17 13 11 12 9 6 All cases. ... .. 100 100 100 100 100 100 100 100 1 Includes all short- and intermediate-term consumer debt other are as of date of interview early in each year. than charge accounts; excludes mortgage and business debt. Data NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 721 SUPPLEMENTARY TABLE 18 PERSONAL DEBT WITHIN INCOME AND AGE GROUPS, EARLY 1959 [Percentage distribution of spending units] Amount of personal debt1 Income or age group All No Some cases debt debt $100- $200- $500- $1,000 $l-$99 $199 $499 $999 and over All spending units 100 40 60 10 1958 money income before taxes Under $1,000 100 58 42 19 9 9 2 3 $l,000-$l,999 100 57 43 14 10 12 4 4 $2,000-$2,999 100 44 56 12 11 17 10 6 $3,000-$3,999 100 36 64 11 7 16 14 16 $4,000-$4,999 100 32 68 14 6 14 16 17 $5,000-$5,999 100 30 70 9 8 16 14 23 $6,000-$7,499 too 29 71 5 7 16 16 27 $ $ 7 10 ,5 ,0 0 0 0 0 -$ a 9 n ,9 d 9 9 over 1 1 0 0 0 0 4 3 9 1 6 5 9 1 5 5 4 3 1 6 1 1 7 5 3 3 3 0 Age of head of spending unit: 18-24 100 30 70 14 15 17 16 25-34 100 20 80 9 18 17 26 35-44 100 29 71 10 16 14 23 45-54 100 36 64 11 15 11 19 55-64 100 59 41 10 9 6 10 65 and over 100 74 26 9 5 3 3 1 For definition of personal debt, see Supplementary Table 17, NOTE.—Details may not add to totals because of rounding. note 1. SUPPLEMENTARY TABLE 19 PERSONAL DEBT-LIQUID ASSET RELATION WITHIN INCOME GROUPS, EARLY 1959 : [Percentage distribution of spending units] 1958 money income before taxes All Relation spending units Under $1,000- $2,000- $3,000- $4,000- $5,000- $6,000- $7,500- $10,000 $1,000 $1,999 $2,999 $3,999 $4,999 $5,999 $7,499 $9,999 and over No debt 40 58 57 44 36 32 30 29 31 49 No liquid assets . .. 8 27 21 14 5 4 3 (2) Some liquid assets 32 31 36 30 31 28 27 28 30 49 Some debt 60 42 43 56 64 68 70 71 69 51 No liquid assets 17 34 29 30 23 17 11 6 4 2 Some liquid assets 43 7 15 26 41 51 59 65 65 49 Debt as a percentage of liquid assets: Under 20 10 2 4 7 11 14 12 12 14 13 20 59 6 2 2 5 3 6 10 9 12 9 6 1 0 0 0 9 -1 9 99 3 5 <2> (2) 2 2 3 5 2 6 9 3 6 8 7 5 7 5 200 299 3 C2) j 1 3 4 4 5 3 4 300 and over 15 1 6 8 16 20 21 25 24 12 All cases 100 100 100 100 100 100 100 100 100 100 1 Personal debt and liquid assets as of time of interview; income Supplementary Table 6, note 1. before taxes in preceding year. For definition of personal debt, see 2 No cases reported or less than one-half of 1 per cent. Supplementary Table 17, note 1; for definition of liquid assets, see NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 FEDERAL RESERVE BULLETIN • JULY 1959 SUPPLEMENTARY TABLE 20 EMPLOYMENT EXPERIENCE IN 1958 AND 19571 [Percentage distribution of employee spending units within specified groups] Group characteristic All cases2 All emolovee soendins units 100 Occupation when working:4 Professional and semiprofessional 100 Managerial 100 Clerical and sales 100 Skilled 100 Semiskilled 100 Unskilled and service 100 Spending unit size and age of head:6 Single person: 18-44 100 45_64 100 Two persons or more: 18 24 100 25 34 100 35_44 100 45 54 100 55-64 100 Education of head of spending unit: Grade school7 Some high school High school graduate Some college College graduate Race of head of spending unit: White Nonwhite.... 88888 8 Head employed less than full year Head employed For job-connected reasons3 full year (50-52 weeks) Total 4 w 0 e - e 4 k 9 s w 27 e - e 3 k 9 s 1958 1957 19581957195819571958 70 74 20 15 9 8 4 85 84 6 3 4 2 93 96 4 1 82 80 6 7 1 4 70 76 15 1? 10 58 67 32 22 14 12 53 54 33 28 11 10 57 61 ?7 ?0 13 10 64 71 16 14 5 3 67 65 25 19 9 10 77 74 18 17 9 11 73 78 19 12 8 6 75 81 18 10 9 68 74 ?0 17 8 7 57 60 30 27 10 12 65 74 25 17 12 9 75 79 16 11 8 6 80 85 11 5 6 2 90 81 3 2 2 72 75 18 14 8 7 100 54 60 36 28 12 11 OOON rf For personal reasons - 26 o r w l e e e ss ks Total 4 w 0 e - e 4 k 9 s 39 o r w l e e e ss ks 19571958195719581957195819571958 4 7 4 10 11 5 6 5 1 9 13 6 8 3 f5) 4 3 1 3 2 12 12 4 5 9 7 8 8 5 5 6 11 4 10 11 5 6 9 13 9 15 18 7 8 6 10 4 16 19 6 8 5 5 5 6 20 16 9 7 7 2 8 8 9 16 3 8 5 4 4 9 3 6 4 3 7 3 8 9 4 5 4 3 7 9 4 5 5 10 e 13 9 6 S 7 7 13 8 13 13 6 6 5 5 8 2 10 9 6 6 4 2 4 3 9 10 4 5 2 1 2 1 8 11 2 5 1 7 17 6 9 4 4 6 10 11 5 6 8 7 16 10 10 12 6 5 moo o> 1957 6 5 1 8 5 10 11 10 9 6 9 ? 3 4 4 4 4 7 4 7 7 4 3 5 5 7 5 1 8 5 5 4 7 1 Refers to experience of head of spending unit during calendar or vacation without pay, staying home to keep house, or similar year preceding the Surveys early in 1959 and early in 1958. Spending reasons. units headed by persons in the labor force at time of interview, other 4 Spending unit heads that were not employed at time of interview than the self-employed, are classified as employee spending units. were classified according to their occupation when working. 2 Excludes cases for which length of employment was not ascer- 5 No cases reported or less than one-half of 1 per cent. tained. 6 Too few cases in groups age 65 and over to compute percentages. 3 Job-connected reasons were defined as follows: inability to find 7 Includes spending unit heads that had no schooling (less than 2 work, seasonal nature of work, strike, and temporary layoff; personal per cent of all employee units in each year) as well as those th at reasons, as illness or disability, school attendance, leave of absence attended grade school. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 723 SUPPLEMENTARY TABLE 21 CHARACTERISTICS OF EMPLOYEE SPENDING UNITS WITHIN SPECIFIED EMPLOYMENT EXPERIENCE GROUPS [Percentage distribution] Head employed Head employed less than full year for job-connected reasons full year (50-52 weeks) Group characteristic 40-49 weeks 27-39 weeks 26 weeks or less 1958 1957 1958 1957 1958 1957 1958 1957 Occupation when working: Professional and semiprofessional 14 14 6 3 3 3 1 2 Managerial ... 9 9 2 1 1 G) Clerical and sales 20 18 3 6 8 8 Skilled 20 21 28 27 14 17 20 13 Semiskilled 19 19 38 34 41 30 36 25 Unskilled and service 14 14 23 25 36 42 35 49 Other . ... 4 4 G) G) G) 2 Not ascertained G) G) G) G) G) G) All cases 100 100 100 100 100 100 100 100 Spending unit size and age of head: Single person: 18-44 9 10 18 15 11 19 17 14 45 64 .... 5 7 3 2 7 8 4 11 65 and over 1 1 G) 1 1 6 Two persons or more: 18 24 5 4 5 6 8 3 6 10 25 34 23 22 21 33 26 20 14 12 35-44 24 26 21 20 22 21 24 18 45 54 19 17 19 10 17 13 12 8 55 64 10 9 10 8 5 11 15 12 65 and over 2 2 1 1 1 3 6 Not ascertained 2 4 1 3 3 2 All cases 100 100 100 100 100 100 100 100 Education of head of spending unit: Grade school 24 22 34 44 47 52 56 60 Some high school 18 22 28 27 22 29 23 13 High school graduate 30 31 27 22 23 17 16 21 Some college •.. 13 13 9 3 6 2 4 4 College graduate . 14 12 2 2 G) 1 1 Not ascertained 1 1 1 1 1 G) 1 G) All cases 100 100 100 100 100 100 100 100 Race of head of spending unit: White 91 89 84 82 81 80 73 66 Nonwhitc 9 10 15 18 19 20 26 34 Not ascertained G) 1 G) G) G) 1 G) 100 100 100 100 100 100 100 100 1 No cases reported or less than one-half of 1 per cent. NOTE.—For explanation of terms used in this table, see notes to Supplementary Table 20. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Balance Sheet of Agriculture, 19 59 The major factual portion of the fifteenth in lock, W. H. Scofield, F. D. Stocker, R. W. Biera series of annual reports on the financial con- man, and F. D. Hansing. dition of agriculture, as issued by the United States Data relating to the inventories of livestock, Department of Agriculture, is given below.1 The crops, machinery, and household equipment were full report will be published as an Agriculture In- prepared under the direction of the following performation Bulletin of the Department of Agri- sons: Livestock—R. H. Moats; crops—C. E. culture. Burkhead and R. Royston; machinery—Robert The study was prepared under the direction of H. Masucci and Q. Francis Dallavalle; household Norman J. Wall, Chief, Agricultural Finance Re- equipment—Jean L. Pennock. Data relating to search Branch, Farm Economics Research Divi- farm income and expenditures were compiled sion, Agricultural Research Service, by F. L. Gar- under the direction of E. W. Grove. SUMMARY OF THE 1959 BALANCE SHEET Both the value of farm assets and the value of though rising land values have greatly increased proprietors' equities in these assets continued the net worths of farmers and other owners of their upward course during 1958 and reached new farm land, they have not improved the situation of peaks of about $203 billion and $180 billion, re- farmers with respect to income. spectively, on January 1, 1959 (Table 1). Farm All other types of farm assets also increased in debts also increased during 1958, but the increase value during 1958. Among them, livestock on in debts was much smaller than the increase in farms showed the greatest increase in value— assets and equities. about $4 billion. Nearly all classes of livestock About half of the total increase of nearly $17 increased in number during 1958, but the greater billion in farm asset values during 1958 resulted part of the increase in value of the livestock infrom the rising value of farm real estate. Farm ventory resulted from higher prices of cattle. In real estate values have risen each year since 1953. contrast, the rise in value of crop inventories— The rise in value of this asset has accounted for about $1.8 billion—resulted mainly from the about 70 per cent of the increase in the total record volume of production in 1958. The value value of farm assets since January 1, 1954. Aldata permit full separation of the farm firm as a xThe balance sheet as presented here brings to- production unit from the farm family as a consumpgether the assets and liabilities of agriculture as though tion unit. Further, changes indicated in farm assets it were one large enterprise. It is the 15th in a series and net worth should be used with caution as a that contains comparable estimates annually, be- measure of the general economic situation of farmginning in 1940. Annual changes shown in it provide ers. Year-to-year changes in the market value of one means of appraising the effects on the financial farm assets frequently reflect only changes in unit structure of agriculture of developments in both the prices. Recent increases in market values of some farm and nonfarm sectors of the economy. assets, particularly farm real estate, represent "paper" This report shows farm assets and farm debts as gains in the sense that they can be realized only if the of the beginning of 1959 and selected earlier years, assets are sold or used as security for additional and it deals mainly with changes in the financial credit. situation of agriculture that occurred during 1958. The general financial and credit position of agri- In using and interpreting the balance sheet, it should culture and how it varies among regions and among be recognized that the data are aggregates and do not some groups of farmers is given special attention in show the distribution of assets and debts among the Agricultural Finance Outlook issued in November owner-operators, tenants, and landlords. Nor do the of each year by the Agricultural Research Service. 724 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1959 725 TABLE 1 TABLE 2 COMPARATIVE BALANCE SHEET OF AGRICULTURE PHYSICAL ASSETS OF AGRICULTURE VALUED AT 1940 UNITED STATES, JANUARY 1, 1940, PRICES, JANUARY 1, 1940, 1958, AND 1959 1958, AND 1959 [In billions of dollars] [In billions of dollcirs] Net changel Ne (P t e in r c c r e e n a t s ) e* Assets 1940 1958 1959 (Per cent) Item 1940 1958 1959 1940-591958-59 1940-59 1958-59 Real estate2 33.6 37.9 38.0 12.9 0 3 Ph R N ys e o i L a c n l i a - v l r e e e s a s a t t s A a l o s - t c e e s e k s t s s e t : a ts te: 3 5 3 . . 1 6 2 1 1 1 4 6 . . 1 3 1? 1 S 8 .1 1 2 2 7 5 1 2 . . 9 8 2 7 8 . . 6 7 L C M i r v h a f o a e c i p r d s h m s t e i o n s s c e s k r to y r e a d n d o n m o a t n o d r v o e ff - 5 2 3 .7 1 1 4 7 3 9 7 4 7 5 . . 2 4 1 1 6 3 — 5 5 . 0 9 7 19 7 7 5 Ma v c e h h i i n cl e e r s y and motor 3.1 217.4 18.4 501.6 6.0 Ho e u q s u e i h p o m ld e nt f 3 urnishings and 4.3 7 0 7.1 66.9 5 Cr o o f p f s fa s r t m or s e 3 d on and 2.7 7.6 9.4 250.8 22.8 Total4 48.8 60 7 61.8 26.8 1 9 Household furnish- Fin D I U n a e . v n t p i e S c v o s i m i . e a n t s s s m l i g e a t n s s a e v t s n i a 4 n s t n e g a d t i s n s n d : c b u c o o r n r e o e q d p n u e s c i r . p y a . - - . . . . 4 3 . . . . 3 2 2 8 2 1 2 5 9 2 3 . . . . 1 8 5 6 1 1 5 3 3 0 . . . . 2 8 1 0 1,9 2 2 3 9 0 0 6 2 6 7 0 . . . . 7 1 7 7 2 5 6 1 . . . . 7 1 3 8 o c S ( R S e f . e e n 2 1 s T e i s e m T C a o a A l h s p o r g t c i r m y l s r h o e e i p . v b s c a e u u e e r r d s l t I i t e , i e t u n d s l r t a a a a n f i c n k s r l d o o d e F b o m , s f a i p n o i a s e n a r e u n r t d n a n d o c 1 t r i o e a o 9 n o n c u 5 n u R c n 1 m d e o - d w v a u 5 b e i t n i 9 e d e a t t w , h r f c d , a o h a t a r N r h n a e t e a n d o c . g e e v N x e n c e s t o s a m e u t n i n i b n s d o s e i i y t n r t o h e i a n e o a l 1 s n r 9 a B s 5 r f e o u 2 r d o a f . r e ) e m v i a f n e a u D l r f c o m a e a o p r n t f e m a s d s u E s t f , r s b c o u a y o r c b c n t A r e i u o e n n l r m a t c v e e g h i s i r e n c - . - Total* 53.0 186.4 203.1 282.5 9.0 m mi a n r u k s s d b e a p s r e e d c i o a n ti o n n e ) t . investment in farm structures (gross investment 3 Purchases since 1940 are deflated by an index of prices paid by Claims farmers for housefurnishings. Lia R b e i a li l t i e e s s t : ate debt 6.6 10.5 11.3 71.0 7.2 4 Total of rounded data. Non-real-estate debt to: Commodity Credit Corporation6 .4 1.2 2.5 459.1 102.9 Other reporting in- increase in farm mortgage debt was at about the stitutions7 1.5 5.0 5.8 283.3 15.4 Nonreporting credi- same percentage rate as in other recent years, but tors8 1.5 3.5 3.7 146.7 5.7 an exceptionally large increase occurred in non- Total liabilities5.. 10.0 20.2 23.3 131.4 14.8 real-estate farm debt. The sharp increase in Com- Proprietors' equities 43.0 166.2 179.8 317.7 8.3 modity Credit Corporation loans to farmers re- Total5 53.0 186.4 203.1 282.5 9.0 sulted mainly from the greater quantities of 1 Computed from unrounded data. cotton, wheat, soybeans, and grain sorghum that 2 Revised. were under price-support loan. Other non-real- 3 Includes all crops held on farms for whatever purpose and crops held off farms as security for Commodity Credit Corporation loans. estate debt of farmers increased most in the Corn The latter on Jan. 1, 1959, totaled $1,877 million. 4 Estimated valuation for 1940, plus purchases minus depreciation Belt, Mountain, and Pacific regions. Probably the since then. 5 Total of rounded data. greater numbers of cattle in feedlots and on the 6 Although these are nonrecourse loans, they are included as liabilities because borrowers must either repay in cash or deliver the ranges and the substantial increase in cattle prices commodities on which the loans were based. The values of the underlying commodities are included among the assets; hence the were chiefly responsible for the increase in these loans must be included as liabilities to avoid overstating the amount of proprietors' equities. other farm debts. 7 Loans of all operating banks, the production credit associations, and the Farmers Home Administration, and discounts of the Federal Valued at 1940 prices, the physical assets of intermediate credit banks for agricultural credit corporations and livestock loan companies. agriculture increased about $1.1 billion during 8 Loans and credits extended by dealers, merchants, finance com- 1958. The increase resulted mainly from the panies, individuals, and others. Estimates based on fragmentary data. greater numbers of livestock and poultry on farms and the larger inventories of stored crops (Table 2). of motor vehicles and machinery on farms was raised chiefly by higher prices, although purchases Gross farm income in 1958 reached a record increased substantially during 1958, especially high of $39.4 million. Most of the increase from those of machinery other than motor vehicles. 1957 to 1958 was due to an increase in cash The increase in farmers' holdings of deposits and receipts from farm marketings. Favorable weather currency resulted from higher farm income in in most regions accounted for increased production 1958. The larger increases in both deposits and of crops. Livestock prices increased almost 11 per farm income were in the Plains States and the cent during 1958. Production costs increased, but western Corn Belt. by a smaller amount than income. The largest in- Farm debts rose about $3 billion in 1958. The crease in expenses was for livestock purchases. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 FEDERAL RESERVE BULLETIN • JULY 1959 Net income from agriculture increased to $18.7 increased 12.5 per cent over the previous year, billion in 1958. principally because of higher prices for livestock and favorable weather, which resulted in increased production of crops. Each region showed an in- INFLUENCE OF GENERAL ECONOMIC SITUATION crease over 1957, the largest increases being in These increases in farm assets, debts, net worth, the Northern and Southern Plains. The smallest and income occurred in a year that began with ecoincrease occurred in the Northeast, where changes nomic activity falling sharply and closed with a from year to year are normally small. strong recovery. The bottom of the 1957-58 Along with the increase in farm income came an recession was reached during the spring of 1958. increase of $1.6 billion in production costs. All By the fourth quarter of 1958, output had recovgroups of cost items increased to some extent, but ered to a level above the previous peak in terms of the largest increases resulted from feed and livecurrent dollars, and just short of it in real terms. stock purchases. Livestock purchases increased For 1958 as a whole, gross national product $723 million and feed purchases $429 million. totaled $438 billion compared with $440 billion Prices paid by farmers for items used in producin 1957. The recession had only a limited impact on disposable personal income—the major determinant TABLE 3 of the demand for farm products. In contrast to COMPARATIVE INCOME STATEMENT FOR AGRICULTURE the 4.2 per cent decline in gross national product UNITED STATES, 1940, 1957, AND 1958 from peak to trough, the decline in disposable [In millions of dollars] income was less than 1 per cent. Consumer expenditures for food (excluding alcoholic bever- Item 1940 19571 1958 ages) totaled $69.1 billion in 1958, a gain 4 per cent above the $66.4 billion expended in 1957. How net income was obtained While domestic demand for food expanded, Total gross farm income: Cash receipts from farm marketings. . 8,382 29,824 33,560 foreign takings of U. S. agricultural commodities Government payments to farmers. . . 723 1,016 1,089 Home consumption of farm products, 1,210 1,762 1,761 declined as part of a general contraction in U. S. Rental value of farm dwellings 723 1,787 1,881 Net change in inventory2 , 281 762 1,059 exports. Agricultural exports declined to $3.9 Total. 11,319 35,151 39,350 billion in 1958, 13 per cent below the record high Production costs, other than wages, of 4.5 billion in the calendar year 1957. The con- rent, and interest on mortgages: traction occurred mainly in exports of cotton and Feed bought 998 4,083 4,512 Livestock bought, except horses and wheat, which were unusually large in 1957. Among mules 517 1,957 2,680 Fertilizer and lime bought 306 1,280 1,305 the important factors in the decline in farm ex- Repairs and operation of capital items 1,006 3,773 3,788 ports were a letdown in economic activity abroad Depreciation and other consumption of farm capital 796 3,885 3,988 and increased foreign supplies of many agricul- Taxes on farm real estate and personal property , 451 1,377 1,346 tural commodities. Seed bought , 197 529 534 Miscellaneous 708 Less price inflation occurred in 1958 than in 2,286 2,468 Total 4,979 19,070 20,621 other recent years. The upward trend in the general price level has contributed to the rise in prices Net income from agriculture.. 6,340 16,081 18,729 of farm real estate and other farm assets. How net income was distributed Wages to hired labor (cash and perquisites) 1,029 2,785 2,885 Net rent and Government payments to AGRICULTURAL INCOME landlords not living on farms3 448 1,029 1,122 Interest on farm mortgage debt , 293 487 524 The net income from agriculture in 1958 reached Net income of farm operators , 4,570 11,780 14,198 $18.7 billion, an increase of 16 per cent over that Net income from agriculture 6,340 16,081 18,729 of 1957. Total net income of farm operators from Realized net income of farm operators farming increased 21 per cent to $14.2 billion; Net income of farm operators 4,570 11,780 14,198 omitting adjustments for changes in inventories, Net change in inventory 281 762 1,059 Realized net income of farm the realized net income of farmers increased 19 per operators 4,289 11,018 13,139 cent to $13.1 billion (Table 3). Average realized 1 Revised. net income per farm was $2,232 in 1957 and 2 Reflects the physical changes during the year in all livestock and $2,750 in 1958. crops on farms, except crops under CCC loan, with the changes valued at average prices for the year. Cash receipts from farm marketings in 1958 3 After subtraction of taxes, mortgage interest, and other expenses paid by such landlords. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1959 727 tion, including interest, taxes, and wage rates, rose Many farmers receive income from nonfarm about 3 per cent between 1957 and 1958. sources. In 1958, farmers received $6.2 billion The purchasing power of realized net income from nonfarm sources compared with $6.3 billion of farm operators from farming increased by 17 for 1957. The average net income per capita of the per cent over 1957. The only other increase farm population from all sources increased from since 1951 was in 1956. $974 in 1957 to $1,066 in 1958. THE 1959 BALANCE SHEET IN DETAIL In the preceding paragraphs, the balance sheet was summarized in general terms. In the sec- CHANGE IN DOLLAR VALUE tions that follow, each item of the 1959 balance OF FARMLAND* sheet is treated in detail. Percentages, March 1958 to March 1959 ASSETS Assets fall into two general classes: (1) Physical assets, both real estate and tangible personalty; and (2) financial assets, which include cash, bank deposits, U. S. savings bonds, and farmers' investments in cooperative associations. Farm real estate. The total market value of farm real estate (land and buildings) rose nearly $9 billion, or 8 per cent, in the year ended March 1, 1959, to a new record high of $125.1 billion. farms, as well as to the increased purchases of Farm buildings were valued at $28.6 billion, or farm machinery and other capital expenditures of about 23 per cent of the total value of farm real farmers. The rapid upturn in the general economy estate. Farm dwellings accounted for about half helped to strengthen the already firmly established of the total value of all buildings, or about $14.3 belief that farm land provided a good hedge against billion. inflation. Increases of 6 to 8 per cent in average values Revised estimates of net agricultural income per acre were typical of most States in the 12 available as a return to farm real estate, after all months ended March 1, 1959. Gains of 10 per other expenses were paid, showed a return of cent or more were recorded in North Dakota and about 4.0 per cent on the March 1, 1959 market South Dakota and in six Southeastern States, as value. This was sharply higher than the 2.5 per the map shows. Values advanced an average of cent return for 1956 and 1957, and near the long- 3 per cent in the four months ended March 1, term average. In dollar terms, the relationship 1959, the same amount as in the comparable between net farm income per acre and the price period that ended November 1, 1958. of land in 1958 was about the same as in 1910-14 The accelerated rate of increase in farm real and in 1920-29. estate values in the last half of 1958, which con- Farm operators "borrow" a substantial amount tinued into the first two months of 1959, reflects of real estate capital by means of rental arrangethe combined effects of higher net farm income and ments in which rents represent the annual paythe rapid recovery of the general economy. Un- ment for the use of such capital in much the same doubtedly, a part of the 19 per cent increase in way that interest pays for the use of borrowed the net realized income of farmers contributed to funds.2 They paid about $2.1 billion in rental the increased demand for land to enlarge existing payments to nonfarm landlords in 1958. 2 Tenants rent all the land they operate, while part- reported or estimated from the 1954 census, was used owners own a portion and rent a portion from others. in the estimates presented in this section. Values per A relatively small acreage of land in manager- acre for rented land were projected from 1954 on the operated farms is also rented from others. The basis of the change in market values of all land in acreage of farm real estate (land and buildings) farms. National totals were derived from unrounded rented by tenants, part-owners, and managers, as State totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 FEDERAL RESERVE BULLETIN • JULY 1959 TABLE 4 compared with $119 a year earlier. Moreover, although the number of cattle kept for milk FARM REAL ESTATE OWNED AND RENTED BY FARM declined somewhat in 1958, the number of beef OPERATORS, UNITED STATES, MARCH 1, 1940, 1958, AND 1959 cattle increased to 64 million head, the largest number on record. [In billions of dollars] The number of hogs on farms increased 12 Net change per cent to 57.2 million—the largest number since (Per cent) Item 1940 1958 1959 January 1, 1952—as a result of the large 1958 1940-591958-59 fall pig crop and the saving of more sows and gilts for spring farrowing in 1959. Total 33.6 116.3 125.1 272 8 Land owned by operator 20.2 73.8 79.5 294 8 Land rented by operator.... 13.4 42.5 45.6 240 7 TABLE 5 From landlord living on a farm 4.3 16.1 17.3 302 7 LIVESTOCK AND POULTRY ON FARMS, UNITED STATES From landlord not living on a farm 9.1 26.4 28.3 211 7 JANUARY 1, 1958 AND 1959 19581 1959 As of March 1, 1959, farm operators owned and Class Value Total Value Total Num- per value 2 Num- per value 2 operated farm real estate having a market value ber head (Mil- ber head (Milof $79.5 billion, or 63.5 per cent of the total (Mil- (Dol- lion (Mil- (Dol- lion lions) lars) dol- lions) lars) dolvalue of all farm land and buildings. The remain- lars) lars) ing $45.6 billion in real estate capital was rented Cattle 93 119.00 11,154 97 153.00 14,809 from other farm operators and from nonoperating Milk cows3... 22 176.00 3,909 22 220.00 4,744 Hogs 51 30.20 1,538 57 31.90 1,826 owners. All sheep 4 31 19.22 602 33 20.05 655 Stock sheep 5.. 27 19.40 529 28 20.30 574 Of this value, $17.3 billion was owned by farm Horses and mules 3 83.90 282 3 101.00 312 Chickens 371 1.26 468 383 1.26 482 operators but rented to other farmers. Persons not Turkeys 6 4.67 26 6 4.65 27 living on farms (and assumed to be nonfarmers) Total 14,070 18,111 provided $28.3 billion in real estate capital to farm operators (Table 4). Thus, nonfarmers con- 2 1 C R o e m vis p e u d t . ed from unrounded data. tributed about 23 per cent of the total real estate 3 Included in cattle. 4 Includes sheep and lambs on feed for market. capital used in agriculture. 5 Included in all sheep. In the Corn Belt, Northern Plains, and South- A large supply of feed, more favorable feeding ern Plains, 40 per cent or more of the real estate ratios, and higher prices, particularly for cattle, capital used by farm operators was rented from were mainly responsible for the increase in numothers. Two-thirds or more of the value of the bers of livestock and poultry on farms during rented land was owned by nonfarm landlords. 1958. These three areas together accounted for 46 per Machinery and motor vehicles. Farmers' purcent of the total value of all farm real estate in chases of machinery and motor vehicles increased the country, and 61 per cent of the value of all 23 per cent in 1958. The total for the year—$3.6 rented land. Nearly half the total value of all billion—has been exceeded only in 1949, 1950, and farm real estate was provided by someone other 1951. The increase in purchases reflected better than the farm operator. Almost the reverse situacrops and higher farm income. tion is found in the Northeast and the Southeast, The total value of machinery and motor vehicles where farm operators provide 85 and 80 per cent, on farms January 1, 1959 was $18.4 billion—6 respectively, of the farm real estate capital they per cent above a year earlier and a record high operate. (Table 6). By classes, the percentage increases Livestock and poultry. The total inventory of in inventory value during 1958 were: Tractors, 4; livestock and poultry on farms on January 1, 1959, automobiles, 9; motortrucks, 4; and other farm was valued at $18.1 billion, $4.0 billion or 29 machinery, 6. per cent higher than a year earlier and the second Depreciation of farm machinery and motor highest value of record (Table 5). Cattle accounted vehicles is now a major farm expense. Since 1952, for about 90 per cent of this increase. The value it has exceeded $3 billion. In 1958, depreciation per head of all cattle was $153 on January 1, 1959, of farm machinery and motor vehicles accounted Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1959 729 TABLE 6 TABLE 7 FARM MACHINERY AND MOTOR VEHICLES LIQUID FINANCIAL ASSETS OWNED BY FARMERS UNITED STATES, JANUARY 1, SELECTED YEARS, JANUARY 1, SELECTED YEARS, 1940-59 1940-59 [In billions of dollars] [In millions of dollars] Deposits Cur- U. S. Year Total T t r o a r c s - m A o u b t i o le - s M tru o c to k r s - m O f a a t c r h h m e i r n- Year Total rency Demand Time s b a o v n in d g s s ery 1940 3.4 0.7 1.3 1.2 0.2 1 1 1 1 1 9 9 9 9 9 5 5 4 5 5 8 9 0 0 5... 1 1 1 1 3 8 7 6 1 , , , , , 0 4 3 1 3 6 0 6 6 1 0 9 7 4 4 2 3 3 3 , , , , 1 3 4 3 5 2 4 6 8 0 0 8 8 0 3 4 4 2 3 , , , , 4 8 0 3 9 2 3 7 2 5 7 7 4 4 8 2 2 1 1 , , , , 1 4 8 2 2 4 8 8 7 6 6 5 9 8 2 7 7 5 8 1 , , , , , 2 7 3 1 33 2 5 3 6 7 6 6 2 4 1 1 1 1 1 9 9 9 9 9 5 5 5 4 5 8 9 0 5 5 !1 1 1 1 1 4 3 5 1 4 . . . . . 6 8 2 3 4 2 2 2 2 2 . . . . 5 0 6 2 0 1 4 4 4 3 4 . . . . . 9 7 5 6 6 2 2 2 3 1 . . . . . 5 9 1 7 1 4 5 3 5 5 . . . . . 7 2 1 4 0 i Revised. for $3.5 billion of the total of $24.9 billion of According to estimates of the Federal Reserve production expenses. Board, the larger increases in farmer-owned de- Prices of farm machinery and motor vehicles mand deposits during 1958 occurred in the continued to increase in 1958 and early 1959. Chicago, Minneapolis, Kansas City, and Dallas Average prices of motor vehicles on March 15, Federal Reserve Districts. These districts con- 1959 were 3 per cent above a year earlier and tained most of the States in which cash receipts prices of other farm machinery were 5 per cent from farming were sharply higher in 1958 than higher. in 1957. Thus it appears that the great improve- Crop inventories. Farmer-owned inventories of ment of growing conditions in the western Corn harvested crops, including crops pledged under Belt and the Plains States, and the higher prices loan to the Commodity Credit Corporation, were of livestock, were chiefly responsible for the invalued at $9.4 billion on January 1, 1959, about crease in farmer-owned demand deposits during 23 per cent more than a year earlier, and nearly 1958. Data compiled by the Federal Deposit Inequal to the record high of $9.6 billion in 1955. surance Corporation indicate that the time deposits The large increase in inventory value during 1958 of insured commercial banks located in selected may be attributed more to high production result- agricultural counties also increased more in these ing from favorable weather than to a change in regions than in most other parts of the country. prices of commodities. All major groups of crops, The U. S. savings bonds owned by farmers are except vegetables and hay and forage, showed sub- estimated to have had a redemption value of $5.2 stantial increases in inventory value. billion on January 1, 1959—about $100 million The physical quantity of crop inventories, as more than a year earlier. This increase arose measured in 1940 prices, increased nearly 20 per wholly from the accrual of interest, as farmers cent between January 1, 1958 and January 1, 1959. cashed more bonds than they bought during 1958. For crops stored on farms, the quantity increased However, the excess of redemptions over purabout 9 per cent. Most of this increase is chases was not as large as in the preceding year. attributed to the food grains, principally wheat. Farmers bought more bonds and cashed fewer in The quantity of crops stored off farms under CCC 1958 than in 1957. loan increased by almost 150 per cent. This Net worth of farmers' cooperatives. The net increase was due mainly to increased storage of worth of farmers' cooperatives increased about 6 cotton, wheat, soybeans and, to a lesser extent, per cent during 1958 to a high of $3.8 billion on corn. January 1, 1959. Marketing associations con- Liquid financial assets. Bank deposits, currency, tinue to have the largest net worth, $1,322 million. and U. S. savings bonds owned by farmers on Associations through which farmers buy feed, January 1, 1959 are estimated at $15.2 billion, up seed, and farm supplies were next in importance about $600 million from a year earlier (Table 7). with an aggregate net worth of $702 million. Most of the increase in these liquid financial assets Percentagewise, the rural electric cooperatives occurred in farmers' checking and savings showed the largest increase of 18.6 per cent beaccounts. These accounts increased during the tween January 1, 1958 and January 1, 1959. The year by $300 million and $200 million, respec- combined net worth of the credit cooperatives that tively. operate under the Federally sponsored Farm Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 FEDERAL RESERVE BULLETIN • JULY 1959 Credit System increased 7.2 per cent to a new high of $717 million. FARM MORTGAGE DEBT HELD Assets used in farm production. The value of BY MAJOR LENDERS assets used in farm production on January 1, 1959, BIL. DOLLARS" $155.4 billion, represents almost 77 per cent of the total assets included in the balance sheet of agriculture. Since 1950, the value of production assets has increased about 62 per cent. During 1958, all classes of production assets rose in value. TABLE 8 1910 1920 1930 1940 1950 1960 VALUE OF ASSETS USED IN AGRICULTURAL PRODUC- TION, UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-59 X mortgage money were factors in a further rise in All production assets farm mortgage (real estate) debt in 1958. The farm mortgage debt has increased each year since Average (Dollars) Year Total the postwar low of $4.8 billion on January 1, 1946. (Billions of dollars) Per farm Per At $11.3 billion on January 1, 1959, the farm worker2 farm2 mortgage debt for the first time exceeded the 1940 38.7 3,413 6,094 previous record high established in 1923, as shown 1945 67 7 6 625 11 346 in the chart. 1950 95 9 9 625 16 979 1955 121.1 314,018 23,806 The amount of farm mortgage loans made in- 19583 140 2 18 503 29 606 1959 155.4 20,651 33,455 creased substantially in 1958, although the number made declined slightly. At $2.4 billion, 1 Includes farm real estate, less value of dwellings; livestock; machinery and motor vehicles, less 60 per cent of the value of auto- the amount of loans made in 1958 was up 8 per mobiles ; crop inventories held for livestock feed; and a portion of the demand deposits determined for each year by adjusting the deposits cent from the amount in 1957. The average size of Jan. 1, 1942, by an index of production costs. 2 Number of farms and farm workers used in computing these of loans made increased from $7,680 in 1957 to ave 3 r a R g e e v s i s a e r d e . as estimated by the U. S. Department of Agriculture. $8,410 in 1958. At the beginning of 1959, the farm mortgage Not only has the farm production investment debt was 7 per cent higher than a year earlier expanded rapidly, but it is in the hands of fewer (Table 9). All regions showed increases; the farm operators and workers. The amount of pro- regional increases varied from 3 per cent in the duction capital per farm increased from $17,000 Southern Plains to 12 per cent in the Southeast. in 1950 to $33,500 in 1959, or almost 100 per cent. By lenders, the percentage increases in outstand- The value per farm worker rose about 115 per ing farm mortgage debt during 1958 were highest cent, from $9,600 in 1950 to $20,700 in 1959 for the Farmers Home Administration and the (Table 8). Federal land banks. Farm mortgage money was generally adequate CLAIMS in 1958. In the first half of 1958, interest rates Claims on agricultural assets are of two general eased somewhat and each of the Federal land kinds: (1) Liabilities, which are divided into real banks made a rate reduction. In the last half of estate and non-real-estate debt; and (2) equities, the year, money market rates turned higher and which represent the value of the residual rights in there was some firming of farm mortgage rates. agricultural assets belonging to the proprietors— Rates continued to rise through the first half of owner-operators, tenants, and landlords. In- 1959. Most of the Federal land banks and the included among these proprietors are individuals, surance companies active in the farm mortgage financial institutions, and other corporations, and field increased their rates during that period. On Federal, State, and local government agencies. July 1, 1959, insurance companies generally had Farm real estate debt. Higher farm income, a 5V-i per cent minimum rate, and nine of the increased farm expenditures, a strong demand for Federal land banks also were charging 5Vi per farm land, and the general availability of farm cent. The Springfield bank charged 53A per cent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1959 731 TABLE 9 $12.0 billion on January 1, 1959, about $2.3 billion, or nearly 24 per cent more than a year FARM MORTGAGE DEBT OUTSTANDING, BY LENDERS, earlier. Excluding price-support loans, the in- UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-59 crease was $1 billion or about 12 per cent (Table 10). Amount outstanding Percentage More recent data indicate that the trend of farm (In millions of dollars) change1 Lender production loans to farmers continued upward 1940 1950 1958 1959 1950-59 1958-59 during the first quarter of 1959. On April 30, 1959, the loans of the production credit associa- Total 6,586 5,57910,50711,254 101.7 7.1 tions were up 27 per cent from a year earlier. Federal land banks 2 2,010 906 1,897 2,065 127.9 8.9 Non-real-estate loans to farmers held by member Federal Farm Mortg ti a o g n e 2 3 Corpora- 713 59 0 0 0 0 banks of the Federal Reserve System were 21 Farmers Home Ad- per cent higher on March 12, 1959 than on ministration*. . . . 32 193 340 388 100.7 14.2 Life insurance com- March 4, 1958. panies2 984 1,172 2,579 2,661 127.0 4.6 Insured commercial Most of the States in which above-average perbanks 534 879 1,341 1,443 64.1 7.6 Individuals and mis- centage increases in farm production loans to cellaneous 2,313 2,370 4,350 4,697 98.2 7.3 farmers occurred during the last year are located 1 Computed from unrounded data. in the western part of the Corn Belt and in the 2 Includes regular mortgages, purchase-money mortgages, and Mountain and Pacific regions. The large increases sales contracts. 3 Loans were made for the Corporation by the Land Bank Com- in these States doubtless resulted from the greater missioner. Authority to make new loans expired July 1, 1947. On June 30, 1955, loans of the Federal Farm Mortgage Corporation numbers of cattle in feedlots and on the ranges were sold to the 12 Federal land banks. 4 Data for 1940 include only tenant purchase loans and direct soil and from the substantial increase in the price of and water loans to individuals. Thereafter data also include farm development, farm enlargement, and project liquidation loans, and, cattle. But non-real-estate loans to farmers inbeginning 1958, farm housing loans and building improvement loans. creased during the year in all States except Massachusetts and Rhode Island. Probably this reflects and the Columbia bank had a 6 per cent rate, but the generally favorable farm situation that prethe Berkeley bank still charged 5 per cent for vailed during 1958. Farmers' purchases of farm new loans. machinery were increased and many farm im- Non-real-estate credit. At the beginning of 1959, provements were made that would not have been the outstanding non-real-estate loans to farmers undertaken under less favorable conditions. Many held by the principal lending agencies (excluding of these purchases and improvements required use CCC price-support loans) were 15 per cent higher of additional credit. than a year earlier. Bank loans were up 15 per The increase in outstanding non-real-estate loans cent and loans of the production credit associations to farmers was not due to any slowing of payments were up 26 per cent, but non-real-estate loans of on loans but to increased use of credit by farmers. the Farmers Home Administration showed a de- In the production credit associations, new loans cline of about 7 per cent from a year earlier. were 28 per cent greater and collections 29 per Most of the non-real-estate loans to farmers made by these agencies are used for farm-production purposes. TABLE 10 Outstanding price-support loans owed by farm- FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES ers to the Commodity Credit Corporation doubled JANUARY 1, SELECTED YEARS, 1940-59 between January 1, 1958 and January 1, 1959. [In billions of dollars] As of the latter date, the Commodity Credit Corporation held $1,739 million of these loans, com- Type of debt 1940 1950 1958 1959 pared with $784 million a year earlier, and banks Price-support loans made or and other lending agencies held $749 million, guaranteed by Commodity Credit Corporation * 0.4 1.7 1.2 2.5 compared with $442 million a year earlier. The Other loans by banks and Federally sponsored agencies... 1.5 2.8 5.0 5.8 major reason for the increase in price-support loans Loans and book credits by miscellaneous lenders2 1.5 2.4 3.5 3.7 was the greatly increased quantities of cotton, Total, excluding CCC loans 3.0 5.2 8.5 9.5 wheat, soybeans, and grain sorghum that were Total, including CCC loans.... 3.4 6.9 9.7 12.0 placed under loan. 1 Although these are nonrecourse loans, they are treated as debts. As a result of these increases, the total non-real- Borrowers must either pay them in cash or deliver the commodities on which they were based. estate debt of farmers is estimated to have reached 2 Estimates based on fragmentary data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL RESERVE BULLETIN • JULY 1959 cent greater in 1958 than in 1957. In the Farmers Home Administration, new operating and emer- NON-REAL-ESTATE FARM LOANS gency loans were about 4 per cent greater and Held by Banks and Federally Sponsored Agencies* collections almost 18 per cent greater during the $ BIL. last half of 1958 than in the corresponding period (H F. H. A.° in 1957. The only State in which the operating U Prod, credit ass'nst ES53 All operating banks and emergency loans of the Farmers Home Administration increased notably during 1958 was Florida, where the freeze of the preceding winter created unusually large needs for this type of credit. Interest rates charged farmers by the produc- 1910 1920 1930 1940 1950 1960 tion credit associations declined during most of 1958 as a result of the decline in money market rates during the first half of 1958. But the rates charged by the associations have increased since the rate charged by production credit associations the first part of 1959 because of the increase in in 1957 and 1958. The over-all charge at both money market rates since last summer. As of types of institutions was about 6.7 per cent per April 1, 1959, 61 of the associations were charging annum in 1957 and about 6.8 per cent in 1958. farmers less than 6 per cent per annum, 291 were Banks charged the higher interest rates; produccharging 6 per cent, and 143 were charging more tion credit associations the higher loan service fees. than 6 per cent. A survey made by the American Total farm debt. Including price-support loans, Bankers Association this spring indicated that total farm debt rose during 1958 to a high of early in 1959 the rates charged by banks on nonreal-estate loans to farmers averaged about 6.4 $23.3 billion on January 1, 1959. This debt has per cent. risen constantly since 1946 and has almost doubled Estimates of the Farm Economics Research since 1950. On January 1, 1959, farm debt Division, Agricultural Research Service, indicate amounted to 11 per cent of the value of farm that the rate charged by banks for interest plus assets compared with 10 per cent on January 1, loan service fees was approximately the same as 1950. Law Department Administrative interpretations, new regulations, and similar material Alaska Omnibus Act continental United States' means the States of the United States and the District of Columbia." The Act of Congress approved June 25, 1959 (b) Section 19 of the Federal Reserve Act, as amended (12 U.S.C. 466), is further amended by strik- (Public Law 86-70) known as the "Alaska Omniing the words "in Alaska or". bus Act" contains the following amendments to Sec. 12. (b) Paragraph (16) of section 3(a) of the sections 1 and 19 of the Federal Reserve Act and Securities Exchange Act of 1934, as amended (15 certain other Acts of interest to the Federal U.S.C. 78c(a)(16)), is further amended by striking out the word "Alaska,". Reserve System: Sec. 25. Section 15 of the Gold Reserve Act of 1934, Sec. 8. (a) Section 1 of the Federal Reserve Act, as as amended (31 U.S.C. 444), is further amended by amended (12 U.S.C. 221), is further amended by striking out the words ", the District of Columbia, and deleting the period at the end of such section and in- the Territory of Alaska" and inserting in lieu thereof serting in lieu thereof the following: "; the term 'the the words "and the District of Columbia". Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements RESIGNATION AND APPOINTMENT OF BRANCH market speculation prior to midyear and its DIRECTORS liquidation during ensuing months of declining Mr. Harris McAshan, who had served as a direc- securities prices and rising interest rates. Part III tor of the Houston Branch of the Federal Reserve of the study will deal with specialized and techni- Bank of Dallas since January 1, 1959, resigned ef- cal subjects suggested by the informal consultafective June 11, 1959. Mr. McAshan is Vice Chair- tions and the factual record of 1958. man of the Board of the Texas National Bank of Part I of the study is available for distribution. Houston, Houston, Texas. It may be obtained by writing to the Division of To succeed Mr. McAshan, the Federal Reserve Administrative Services, Board of Governors of Bank of Dallas on June 11 appointed Mr. J. W. the Federal Reserve System, Washington 25, D. C McLean a director of the Bank's Houston Branch The price is $1.00 per copy for each part. There for the unexpired portion of a term ending Decem- is a special price of $2.50 for the set of three ber 31, 1961. Mr. McLean is President of the books, when all are ordered at one time. The in- Texas National Bank of Houston. dividual parts will be forwarded as they become available. PUBLICATION OF ANNUAL REPORT The Forty-fifth Annual Report of the Board of NEW SERIES FOR LARGE MANUFACTURING Governors of the Federal Reserve System, cover- CORPORATIONS ing operations for the calendar year 1958, is A new series on sales, profits before taxes, profits available for distribution. Copies may be obtained after taxes, and dividends of large manufacturing upon request from the Board's Division of Ad- corporations is included in this issue of the ministrative Services, Washington 25, D. C. BULLETIN (page 767). This series for 180 companies replaces the series for 200 companies pre- TREASURY-FEDERAL RESERVE STUDY viously published (page 625 of the BULLETIN for The United States Treasury Department and the June 1959). Annual and quarterly data for the Federal Reserve System early last spring initiated new series for periods not shown in the regular a joint inquiry into the functioning of the Govern- BULLETIN table are shown on pages 792 and ment securities market. It was hoped that the 793. study would point the way to improvement in the The new series uses the same sources of inmarket's mechanism and to prevention of specula- formation and the same methods of compilation tive excesses. as the old series, and it provides data for the same Part I of the study consists of two papers. The selected industry groups. Nevertheless, it covers first summarizes the informal consultations con- a much shorter span of years: quarterly data are ducted by the Treasury-Federal Reserve study available beginning with 1955 and annual data group with individuals associated with or in- beginning with 1946. This has made it possible formed about the functioning of the market. The to include several very large companies that did second paper is a special technical study concerned not begin to publish quarterly financial statements with the question whether an organized exchange until recent years and thus to cover a much larger might better serve the public interest in effectuat- proportion of total manufacturing profits with a ing the purchase and sale of Government securi- somewhat smaller number of companies. Comties. panies included in the new series account for about Part II of the Treasury-Federal Reserve study half of the profits of all manufacturing companies. will be a factual and analytical report on the per- Sales volume and availability of data were the formance of the Government securities market in criteria used in selecting companies. The series 1958, with special reference to the build-up in includes every manufacturing corporation with 733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 FEDERAL RESERVE BULLETIN • JULY 1959 sales of $150 million or more for which both sales tatively scheduled for this BULLETIN, will appear and profits data are available for each quarter in the BULLETIN for August. since the beginning of 1955 and for which such data are available promptly after the close of the ADMISSION OF STATE BANK TO MEMBERSHIP IN quarter. On this basis it includes about two-thirds THE FEDERAL RESERVE SYSTEM of all manufacturers with annual sales in 1957 of The following bank was admitted to membership $150 million or more and three-fourths of those in the Federal Reserve System during the period with sales of $500 million or more. May 16, 1959 to June 15, 1959: Since sales volume and availability of data were Missouri the criteria in selecting companies, some industries are more adequately represented than others. St. Joseph. The Mechanics Bank of Representation in a number of nondurable goods St. Joseph, Missouri industries is especially light; in contrast, motor vehicle companies in the series account for more TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY than 90 per cent of total profits of the motor vehicle group. Latest BULLETIN Reference Sales and profits data are obtained primarily Semiannually Issue Page from published stockholder reports. Reported Ba A nk n i a n ly g s i o s f f o ic f e c s h : anges in number of.... Feb. 1959 210 sales figures are adjusted to exclude excise taxes On, and not on, Federal Reserve Par List, number of Feb. 1959 211 paid directly by the company. Reported profits Annually (before and after taxes) are adjusted to reflect as Earnings and expenses: nearly as possible the results of current manu- Federal Reserve Banks Feb. 1959 208-09 Member banks: facturing operations only. Quarterly dividend Calendar year June 1959 650-58 First half of year Nov. 1958 1346 payments, when not available from the company's Insured commercial banks June 1959 659 Banks and branches, number of, by class financial statement, are computed from published and State Apr. 1959 442-43 Operating ratios, member banks July 1959 794-96 data on dividends per share and on the number Stock Exchange firms, detailed debit and credit balances Nov. 1958 1347 of shares outstanding. Banking and monetary statistics, 1958.. /^ |||* 550I53 Summary flow-of-funds accounts, 1954-56 Oct. 1957 1190-94 FLOW OF FUNDS/SAVING Bank holding companies: List of, Dec. 31,1958 June 1959 660 Publication of the Board's new quarterly presenta- Banking offices and deposits of group tion of flow of funds, savings, and investment, ten- 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 July 15 Industrial activity and nonfarm employment in- stoppages. Output of metallic ores and stone and creased further in June and unemployment was earth minerals advanced, but production of crude unchanged, after allowance for seasonal variation. oil declined. Retail sales remained at a record high. Com- CONSTRUCTION mercial bank loans continued to expand. Common The value of new construction increased less stock prices advanced, reaching new highs in than seasonally in June, and on a seasonally adearly July, and trading volume expanded. justed basis was 2 per cent below the March record. Private residential activity decreased, fol- INDUSTRIAL PRODUCTION lowing a 13-month advance, and public residential, The seasonally adjusted index of industrial pro- highway, and military construction declined duction rose in June to 155 per cent of the 1947-49 further. Industrial building activity rose for the average, two points above the revised May level. second month, after a prolonged decline, and pri- Output of autos, household durable goods, and vate commercial construction again set a new high. most types of business equipment continued to expand. Output of construction materials increased EMPLOYMENT further and production of aluminum was main- Seasonally adjusted employment in nonfarm tained at advanced levels. Steel production de- establishments rose 220,000 further in June. Gains clined to 90 per cent of capacity—three percentage in metalworking and other durable goods induspoints below the May rate—as operations were tries were again large and employment also inaffected by approaching termination of the labor creased in services and finance, trade, and State contract. Near the end of June the contract was and local government. Reflecting the usual inextended for two weeks to mid-July, when a work fluence of students and recent graduates seeking stoppage began. jobs in June, unemployment increased 600,000 to Among nondurable goods industries, output of 4 million; the seasonally adjusted rate of unemtextile, apparel, paper, and chemical products ex- ployment remained at 4.9 per cent of the civilian panded further and activity in the rubber indus- labor force. try increased following settlement of major work DISTRIBUTION Retail sales were maintained in June, after seasonal adjustment, resulting in a second quarter INDUSTRIAL PRODUCTION 1947-49-100 total 3 per cent higher than in the first quarter and 10 per cent above a year earlier. The number of new autos sold rose more than seasonally in June and sales at department stores increased slightly DURABLE MANUFACTURES further. Offsetting changes in other major groups of stores were generally small. AGRICULTURE Crop production in 1959, based on July 1 / NNOONDURABLE conditions, was officially forecast at 4 per cent less /\f MANUFACTURES than the record output in 1958 but 7 per cent above the 1955-57 average. Feed grain production is expected to be slightly below last year's record, 1 1 I I U^ hay and wheat output to be smaller, and cotton 1957 1959 1955 1957 1959 production to be larger. Federal Reserve indexes, seasonally adjusted. Monthly figures; latest shown are for June. Total meat production in the first half of 1959 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 FEDERAL RESERVE BULLETIN • JULY 1959 was 8 per cent above a year earlier, reflecting sub- but bank holdings of securities were further restantially larger marketings of hogs and broilers. duced. The seasonally adjusted money supply de- Cattle marketings were no larger than the reduced clined slightly following moderate growth in April volume of a year earlier, as producers continued and May, and was 4 per cent larger than a year to build up herds. Output of eggs was larger than ago. in the first half of 1958 while milk production was Member bank borrowings from the Federal Resomewhat smaller. serve averaged $950 million and excess reserves $475 million in the four weeks ending July 8. COMMODITY PRICES During this period, reserves were absorbed mainly The total wholesale commodity price index de- by currency outflow and gold sales to foreigners. clined somewhat from mid-June to mid-July. Re- Reserves were supplied principally by Federal Reflecting mainly decreases in livestock prices in re- serve System purchases of U. S. Government sponse to large marketings, average wholesale securities and increases in Reserve Bank float. prices of farm products declined 3 per cent and were 8 per cent below mid-1958. Meanwhile, the SECURITY MARKETS industrial commodity price index was stable at a Yields on Treasury and State and local governlevel 2 per cent higher than a year ago. Prices of ment securities advanced from mid-June to midcopper, rubber, and some other materials eased July. Yields on 9-12 month Treasury issues, affurther, but textiles, steel scrap, shoes, and carpets fected by borrowing of $5 million through two advanced. new bills issued in the first half of July, rose sharply to AV2 per cent. Corporate bond yields BANK CREDIT AND RESERVES changed little after having advanced from mid- Total commercial bank credit again changed May to mid-June when other long-term rates were little in June. Loans continued to expand rapidly, relatively stable. RETAIL TRADE INTEREST RATES 1947-49-100 LONG -TERM GOVERNMENT SECURITIES , DEPARTMENT STORES _L _L Federal Reserve indexes, seasonally adjusted; retail sales Weekly average market yields for long-term U. S. Governbased on Department of Commerce data. Monthly figures; ment IVi per cent bonds and for longest Treasury bills; latest latest shown for stocks is May, for other series, June. shown are for week ending July 10. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 739 Reserve Bank discount rates; reserve requirements; margin requirements. 742 Federal Reserve Banks. 743 Bank debits; currency in circulation 746 All banks: consolidated statement of monetary system; deposits and currency. 748 All banks, by classes. . 749 Commercial banks, by classes. . . 752 Weekly reporting member banks. . 754 Commercial loans; commercial paper and bankers' acceptances. . 755 Interest rates 757 Security prices; stock market credit. 758 Savings institutions 759 Federal business-type activities. 760 Federal finance. . 762 Security issues. . 766 Business finance. . 767 Real estate credit 769 Short- and intermediate-term consumer credit. . . 772 Selected indexes on business activity. . 776 Production - . . 777 Employment and earnings. 784 Department stores . 786 Foreign trade 787 Wholesale and consumer prices 788 National product and income series 790 Sales, profits, and dividends of large manufacturing corporations. 792 Member bank operating ratios, 1958. 794 Tables published in BULLETIN, annually or semiannually—list with references. 734 Index to statistical tables.. 819 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. 737 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 EXCESS RESERVES CURRENCY IN CIRCULATION RESERVE BANK CREDIT GOLD STOCK TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS U.S. GOVERNMENT SECURITIES 20 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 1953 1954 1955 1956 1957 1958 1959 Latest averages shown are for week ending June 24. See p. 739. 738 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 Treas- Cur- reserves, reserves U. S. Govt. securities ury rency Treas- with F. R. Banks cur- in ury Other Week Dis- Gold rency cir- cash F. R. ending Held counts stock out- cula- hold- ac- Bought under and Float Total stand- tion ings counts Total out- repur- ad- ing Treas- For- Other Total Re- Exright chase vances ury eign quired2 cess2 agreement Averages of daily figures 1958 May 7 23,799 23,799 118 80824,763 21,967 5,197 30,659 738 533 287 386 1,049 18,276 17,647 629 14 23,931 23,931 123 76024,854 21,886 5,199 30,812 741 470 294 386 1,046 18,190 17,528 662 21 23,876 23,876 104 99425,016 21,779 5,200 30,822 732 459 309 381 1,043 18,248 17,545 703 28 24,053 24,053 119 78024,994 21,661 5,201 30,813 722 437 276 391 1,023 18,194 17,513 681 June 4. 24,194 24,194 135 86925,240 21,594 30,989 709 411 238 484 1,05718,147 17,574 573 11. 24,397 24,391 6 184 81525,440 21,594 31,052 709 424 267 370 1,13918,274 17,687 587 18. 24,682 24,581 101 175 1,03625,939 21,540 31,070 698 459 331 359 1,146 18,619 17,984 635 25. 25,002 24,891 111 99 1,02426,170 21,374 5,204 30,975 698 440 280 229 1,14418,983 18,314 669 July 2 25,422 25,419 97 81526,380 21,349 5,203 31,163 687 446 268 405 ,10518,859 18,204 655 9 25,456 25,456 143 94726,589 21,306 5,202 31,385 677 489 265 377 ,09718,809 18,051 758 16 25,262 25,262 115 97926,398 21,300 5,202 31,375 686 497 358 371 ,09518,518 17,949 569 23 25,157 25,157 85 1,04526,328 21,280 5,203 31,217 692 465 293 340 ,09118,712 17,924 788 30 25,035 25,035 108 82326,005 21,252 5,206 31,086 697 543 300 333 ,04118,462 17,824 638 Aug. 6. 25,240 25,240 112 82826,212 21,195 5,207 31,171 696 662 291 350 ,14818,296 17,738 558 25,646 25,626 20 229 77426,685 21,154 5,210 31,291 699 504 300 329 ,16618,760 18,073 687 20.' 25,406 25,406 216 1,00826,665 21,086 5,210 31,295 696 528 259 301 ,23318,648 18,027 621 27. 25,257 25,257 271 85726,417 21,086 5,211 31,249 688 486 234 320 ,21218,526 17,953 573 Sept. 3. 25,353 25,353 461 79:26,638 21,011 5,211 31,381 691 539 305 324 ,17518,446 17,899 547 10. 25,233 25,233 514 88326,661 21,012 5,213 31,433 694 478 330 319 ,15318,479 17,873 606 17. 25,001 25,001 563 1,04926,644 20,939 5,215 31,393 694 304 397 282 ,15618,572 17,935 637 24. 24,893 24,893 433 1,20326,558 20,895 5,216 31,285 683 508 308 320 ,16218,404 17,811 593 Oct. 24,940 24,940 401 90426,275 20,866 5,219 31,217 690 448 261 387 ,12318,234 17,774 460 25,143 25,143 434 91126,519 20,830 5,219 31,352 691 447 299 343 ,11918,318 17,753 565 15 25,498 25,353 145 472 92226,925 20,764 5,220 31,498 689 386 327 412 ,12118,475 17,989 486 22 25,242 25,242 369 1,40127,046 20,724 5,220 31,435 681 464 308 332 ,11718,652 18,086 566 29 25,300 25,300 456 97726,767 20,690 5,221 31,299 681 512 270 321 080 18,515 17,993 522 Nov. 5 25,459 25,380 79 403 79626,694 20,679 5,222 31,422 681 325 283 391 ,07818,416 18,008 408 12 25,660 25,614 46 470 93427,100 20,652 5,225 31,660 687 371 297 375 ,07818,510 17,891 619 19 25,411 25.392 19 453 1,18827,087 20,680 5,225 31,754 692 475 316 341 ,07418,340 17,900 440 26 25,734 25,578 156 430 1,19927,399 20,616 5,225 31,825 686 455 243 337 ,06318,631 18,225 406 Dec. 3. 26,143 26,033 110 580 1,087 27,844 20,609 32,057 693 465 222 401 ,10318,740 18,232 508 10. 26,282 26,250 32 415 1,112 27,847 20,593 32,218 696 376 232 328 ,19118,629 18,160 469 17. 26,315 26,223 92 519 1,439 28,311 20,576 32,394 693 428 263 335 ,16118,844 18,374 470 24. 26,272 26,188 84 631 1,944 28,889 20,536 32,533 684 540 239 328 ,17219,160 18,548 612 31. 26,437 26,241 196 808 1,618 28,910 20,526 5,232 32,458 692 521 332 333 ,16519,167 18,511 656 1959 Jan. 1.... 26,184 26,090 94 644 1,401 28,275 20,534 5,234 32,008 701 446 279 356 ,12219,131 18,588 543 14 25,922 25,817 105 730 1,011 27,708 20,526 5,234 31,710 704 390 297 345 ,12118,901 18,340 561 21.... 25,580 25,580 457 1,288 27,368 20,515 5,234 31,385 712 401 357 373 ,11818,769 18,234 535 28 .. .. 25,471 25,471 507 1,074 27,094 20,515 5,235 31,150 714 404 298 343 ,11818,817 18,424 393 Feb. 4 25,673 25,592 81 433 94627,092 20,476 5,235 31,120 723 442 278 344 ,14618,749 18,345 404 11 25,657 25,621 36 553 88727,136 20,476 5,236 31,193 727 364 304 333 ,18518,742 18,189 553 18 25,529 25,523 6 583 96027,112 20,475 5,238 31,205 741 398 313 391 ,21418,562 18,120 442 25 25,399 25,394 5 474 1,05026,965 20,474 5,239 31,111 724 443 308 448 ,25518,389 17,979 410 Mar. 4. 25,355 25,294 61 548 95126,892 20,479 5,241 31,129 721 534 298 339 18,375 17,957 418 11 . 25,366 25,331 35 722 84926,976 20,448 5,242 31,215 716 454 311 336 ,21218,421 17,868 553 18. 25,471 25,419 52 543 1,00027,048 20,442 5,244 31,287 727 437 290 340 ,21418,439 18,051 388 25. 25,510 25,461 49 619 96127,123 20,442 5,246 31,231 714 456 295 339 ,21818,558 18,100 458 Apr. 1 25,494 25,462 32 629 99827,151 20,442 5,247 31,229 709 523 364 512 ,18118,323 17,855 468 8 25,722 25,484 238 690 91427,357 20,442 250 31,280 709 524 296 348 ,18018,711 18,302 409 15 25,789 25,545 244 721 81627,357 20,440 5,253 31,365 712 471 279 343 ,18118,698 18,254 444 22 25,544 25,511 33 767 1,13027,472 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 25,808 25,706 102 693 89327,424 20,262 31,368 711 542 256 360 ,13618,571 18,213 358 26,010 25,940 70 726 79527,563 20,251 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 18,227 602 27 25,905 25,905 675 94027,548 20,188 5,268 31,473 708 543 281 363 ,24418,393 18,063 330 June 3 25,905 25,905 866 85327,650 20,188 31,645 701 548 297 376 ,21918,324 18,021 303 10 25,939 25,939 996 77427,736 20,141 31,803 716 476 260 364 ,21818,314 17.886 428 17 25,944 25,944 993 1,02927,994 20,136 31,877 715 436 259 361 ,22618.537 18,065 *>472 24 25,970 25,936 34 894 1,25628,147 20,017 5,287 31,814 626 515 283 349 ,23818,627 18,115 p Preliminary. For other notes see following page. 739 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Period T U o . t a S l . G B o r o o i v u g u t h g t . - t h s t ecu r a u c H e r g n h i p t r e a d i u e l e s e d e r e s r - - v c a D o a a n n u i d s c d n - - e t s s Float Total i s G to o c ld k T r s c o e t u i r a u n n u e r n g r y c t a - d - y s - - r c C t e c u i i n u o i n l r c a n r - - y - T h c i u o n r a e r l g s y d a h s s - - Tr u w e r a i y t s h - re F s F e . e o i R r g r v . n - e B s, a O nk th s er c O F o a . t u c h R n - e t . r s Total q re u s R i e r e r e - v d e 2 s Exment Averages of daily figures 1958 June 24,749 24,698 51 142 916 25,851 21,490 5,203 31,039 701 442 281 350 ,13218,600 17,974 626 July 25,218 25,218 109 942 26,310 21,285 5,203 31,264 687 498 302 358 ,08118,609 17,953 656 Aug 25,410 25,406 252 858 26,554 21,112 5,210 31,268 694 541 274 324 ,19418,580 17,946 634 Sept 25,051 25,051 476 990 26,548 20,940 5,215 31,342 691 445 325 325 ,15118,425 17,854 571 Oct 25,296 25,260 425 035 26,789 20,750 5,220 31,390 685 449 299 352 ,10818,476 17,955 521 Nov 25,650 25,562 488 039 27,211 20,648 5,225 31,732 688 410 276 369 ,06818,540 18,034 506 Dec 26,312 26,216 564 496 28,412 20,563 5,230 32,371 691 470 262 337 ,17418,899 18,383 516 1959 Jan 25,776 25,723 53 574 1,170 27,564 20,518 5,234 31,521 709 415 306 353 1,120 18,893 18,396 497 Feb 25,532 25,503 29 526 961 27,059 20,475 5,238 31,158 729 417 303 378 1,211 18,577 18,117 460 Mar 25,446 25,400 46 620 954 27,055 20,448 5,244 31,227 717 477 312 377 1,208 18,429 17,968 461 25,661 25,538 123 694 27,323 20,403 5,253 31,304 708 505 283 347 1,168 18,664 18,247 417 May'.'/.'.'.'..... 25,920 25,882 38 784 27,669 20,217r5,265 r31,490 r708 532 274 369 1,197 18,580 18,132 448 June 25,963 25,949 14 938 1,009 27,937 20,030 5,282 31,816 632 495 277 359 1,219 18,451 Midyear or year-end 1929—June.... 216 148 68 1,037 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 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 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 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec 24,262 24,262 249 578 25,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14.457 1,458 1947—Dec 22,559 22,559 85 535 23,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16;400 1,499 1950—Dec 20,778 20,725 53 67 1,368 22,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1955—Dec 24,785 24,391 394 108 1,585 26,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 1956—Dec 24,915 24,610 305 50 1,665 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 1,07518,376 18,543 -167 Dec 24,238 23,719 519 55 1,424 25,784 22,781 5,146 31,834 761 481 356 246 99819,034 19,091 -57 End of month 1958 June 25,438 25,438 41 758 26,283 21,356 5,203 31,172 692 410 269 420 096 18.784 18,158 626 July 24,480 24,480 94 868 25,477 21,210 5,207 31,171 685 617 288 329 ,039 ;764 17.801 -37 Aug 25,346 25,346 555 805 26,739 21,011 5,211 31,371 684 540 313 332 ,18418,538 17,860 678 Sept 24,986 24,986 255 860 26,130 20,874 5,219 31,245 684 371 258 395 ,12218,147 17,785 362 Oct 25,443 25,373 70 407 788 26,675 20,690 5,222 31,386 674 363 288 335 ,07918,462 18.009 453 Nov 26,229 26,069 160 717 026 28,006 20,609 5,228 32,036 694 424 226 430 ,03818.994 18,217 777 Dec 26,347 26,252 95 64 296 27,755 20,534 5,234 32,193 683 358 272 391 ,12218,504 18,574 -70 1959 Jan 25,715 25,611 104 462 979 27,197 20,476 5,235 31,125 721 447 274 345 ,11818,878 18,355 523 Feb 25,350 25,295 55 632 999 27,020 20,479 5,241 31,129 718 492 310 334 ,21518.540 17,972 568 Mar 25,497 25,497 327 862 26,716 20,442 5,247 31,250 689 398 308 388 ,18018,192 17,815 377 Apr 25,703 25,623 80 500 943 27,176 20,305 5,257 31,349 711 539 266 341 ,13618,396 18,201 195 May 25,905 25,905 984 860 27,777 20,188 5,273 31,638 694 567 291 369 ,21918,459 17,975 484 26,044 26,025 19 421 846 27,337*>19,704 5291 ^31,911 ^409 535 294 363 ,18117,640 17.999 June Wednesday 1959 Apr. 1. 25,478 25,478 357 853 26,719 20,442 5,247 31,211 715 534 297 380 17918,092 17,872 220 8. 25,726 25,493 233 775 730 27,262 20,441 5,252 31,311 713 397 288 344 18018,722 18,289 433 15. 25,801 25,588 213 918 823 27,571 20,431 5,253 31,355 708 499 257 343 ,18018,913 18,321 592 22. 25,563 25,563 1,014 778 27,384 20,331 5,255 31,246 710 496 247 333 17818.760 18,245 515 29. 25,623 25,623 534 80126,987 20,330 5,257 31,276 710 466 274 335 136118,378 18,202 176 May 6. 25,940 25,829 111 863 76327,595 20,255 5,260 31,414 723 542 263 391 ,137 18,640 18,188 452 13. 26,085 25,977 108 652 764 27; 53020,244 5,263 31,482 717 504 255 387 ,13918,553 18.296 257 20. 25,905 25,905 376 933 27,242 20,188 5,267 31,454 709 468 296 385 ,26218.123 18,200 -77 27. 25,905 25,905 554 721 27,206 20,188 5,269 31,511 706 525 289 353 ,219 18,062 18,063 -1 June 3. 25,905 25,905 731 811 27,473 20,188 5,272 31,687 710 474 354 391 ,218 18,099 18,033 66 10. 25,944 25,944 906 700 27,576 20,137 5,279 31,832 717 414 258 352 ,217 18,201 17.914 287 17. 25,944 25,944 1,131 1,24128,344 20,135 5,287 31,837 717 378 278 450 1,237 18,869^18.243 P626 24. 25,919 25,919 909 91127,765 19,771 5,288 31,753 412 532 337 364 1,237 18,188J'17.998 * Preliminary. r Revised. dates in subsequent tables on Federal Reserve Banks. 1 Includes industrial loans and acceptances; these items are not shown 2 These figures are estimated. separately in this table, but are given for end-of-month and Wednesday Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 741 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. 1 In millions of dollars] Central reserve Central reserve Item and period b m a A b e n e m l r k l s - Ne c w ity ban C ks hi- b s R c a e i r n e t v - y k e s C ba o tr n u y k n s - Item and period b m a b A e n e l m r l ks - Ne c w ity ban C ks hi- b s c R a e i n r e t v y - k e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1958—May 18,223 4,030 1,054 7,614 5,525 1958—May 666 53 8 131 474 June 18,600 4,214 1,113 7,721 5,552 June 626 28 14 102 481 July 18,609 4,132 1,088 7,772 5,617 July 656 32 5 104 515 Aug 18,580 4,014 1,097 7,820 5,651 Aug 635 26 3 89 516 Sept 18,425 3,951 1,064 7,731 5,679 Sept 571 27 5 65 474 Oct 18,476 3,935 1,061 7,755 5,724 Oct 521 27 6 55 433 Nov 18,540 3,883 1,054 7,819 5,784 Nov 506 17 69 420 Dec 18,899 4,033 1,077 7,940 5,849 Dec 516 23 7 57 430 1959—Jan 18,893 4,031 1,066 7,929 5,868 1959—Jan 497 12 1 56 428 Feb 18,577 3,968 1,052 7,777 5,780 Feb 460 15 1 55 390 Mar 18,429 3,994 1,029 7,702 5,704 Mar 461 30 2 49 381 Apr 18,664 4,008 1,041 7,825 5,790 Apr 417 7 5 34 372 May 18,580 3,979 1,037 7,792 5,772 May 448 24 4 64 357 Week ending: Week ending: 1959—May 20 18,829 4,023 1,044 7,824 5,938 1959_May 20 602 31 5 59 505 18,393 3,938 1,027 7,735 5,692 27 330 7 2 33 287 June 3 18,324 3,949 1,017 7,721 5,638 June 3 303 11 3 42 248 10 18,314 3,862 995 7,688 5,769 10 428 7 2 42 377 17 18,537 3,949 ,010 7,769 5,809 17 *>472 12 1 37 24 18,627 3,953 ,015 7,793 5,866 24 *>512 i 4 39 Required reserves:2 Borrowings at Federal Reserve Banks 1958—May 17,557 3,977 ,046 482 5,051 June 17,974 4,186 ,099 619 5,070 1958—May 119 2 1 42 74 July 17,953 4,101 ,084 667 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 ,058 667 5,205 Aug 252 48 3 111 90 Oct 17,955 3,909 ,055 700 5,291 Sept 476 106 8 266 96 Nov 18,034 3,866 ,055 750 5,364 Oct 425 35 9 253 128 Dec 18,383 4,010 ,070 883 5,419 Nov 486 60 16 258 152 Dec 557 103 39 254 162 1959—Jan 18,396 4,018 ,065 7,873 5,440 Feb... 18,117 3,953 ,051 7,723 5,390 1959—Jan 557 77 54 279 147 Mar 17,968 3,965 ,027 7,653 5,323 Feb 508 43 27 250 188 Apr 18,247 4,001 ,036 7,791 5,418 Mar 601 13 124 277 187 18,132 3,955 ,033 7,728 5,415 Apr 676 96 69 317 194 May May 767 75 44 424 224 Week ending: Week ending: 18,227 3,992 ,038 7.764 5,433 1959_May 20 18,063 3,931 ,025 7,702 5,405 1959_May 20 853 118 78 458 199 27 658 56 17 343 242 June 3 18,021 3,938 ,014 7,679 5,390 10 17,886 3,855 993 7,646 5,392 June 3 849 56 41 509 243 17 ^18,065 3,938 ,009 7,732 ^5,386 10 979 4 75 643 257 24 18115 3,954 ,011 7,754 *>5,396 17 976 21 89 596 270 24 876 45 61 557 213 May 1958 Free reserves:2 4 Deposits: 1958—May 547 51 7 89 399 June 484 7 12 57 408 Gross demand deposits: July 546 16 4 56 471 Total 116,762 23,669 6,139 45,983 40,972 Aug 383 — 22 — 22 426 Interbank 13,193 4,226 1,231 6,387 1,350 Sept 95 -79 -3 -201 378 Other 103,569 19,443 4,908 39,596 39,622 Oct 96 -8 -3 -198 305 Net demand deposits 3. . . 100,240 20,679 5,417 39,086 35,058 Nov 20 -43 -16 -189 268 Time deposits 51,084 5,104 1,420 20,664 23,895 Dec -41 -80 -31 -198 268 Demand balances due from domestic banks. . 6,646 54 115 2,094 4,384 1959__jan -59 -65 -53 -223 281 Feb -47 -28 -26 -195 202 Mar -140 16 -122 -228 194 May 1959 Apr -258 -89 -64 -284 178 May -318 -51 -41 -360 133 Gross demand deposits: Week ending: Total 121,053 23,857 6,153 47,905 43,138 Interbank 12,512 4,034 1,133 6,053 1,293 1959—May 20 -251 -87 -73 -399 306 Net d O e t m he a r nd deposits3. . 1 1 0 0 8 3, , 4 5 5 4 8 0 2 1 0 9 , , 5 8 2 2 2 3 5 5 , , 3 0 4 2 2 0 4 40 1 , , 1 8 9 5 4 2 4 3 1 7 , , 8 4 4 0 6 0 27 -328 -49 -15 -310 45 Time deposits 54,601 5,222 1,431 21,927 26,021 June 3 -546 -45 -38 -467 5 Demand balances due 10 -551 3 -73 -601 120 from domestic banks. 6,253 75 108 2,046 4,025 17 P-504 -9 -88 -559 24 *>-364 -46 -57 -518 *>257 P Preliminary. banks and of country banks are estimates. 1 Averages of daily closing figures for reserves and borrowings and of 3 Demand deposits subject to reserve requirements, i.e., gross demand daily opening figures for other items, inasmuch as reserves required are deposits minus cash items reported as in process of collection and demand based on deposits at opening of business. balances due from domestic banks. 2 Weekly figures of required, excess, and free reserves of all member 4 Free reserves are excess reserves less borrowings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

742 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Federal Reserve Bank A o ad b d v l v i a g a n a n c t c i e e o s s n s s s e e c a c u n u r d r e e d d d b i b s y y c e o G l u ig n o i t v b s e l e r o n f p m a a p e n e n d r t Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances t b o i b a o n l n i ( k s g l s a a o s t t t i s h o e p e n c r a u s r r t . h e o d S a f n e t b c h m . y e 1 e d 3 U m i ) . r b e e S c r t . (Sees. 13 and 13a) i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous June 30 beginning— rate June 30 beginning— rate June 30 beginning— rate Boston June 2, 1959 June 2,1959 Mar. 10,1959 4 New York. . . May 29, 1959 May 29,1959 May 29,1959 4 Philadelphia.. June 5, 1959 June 5,1959 June 5,1959 4 Cleveland June 12, 1959 June 12,1959 June 12,1959 4 Richmond. . . June 12, 1959 June 12,1959 Mar. 13,1959 4 Atlanta June 2, 1959 June 2,1959 Oct. 28,1958 Chicago May 29, 1959 May 29,1959 Mar. 6,1959 St. Louis May 29, 1959 May 29,1959 May 29,1959 4 Minneapolis.. May 29, 1959 May 29,1959 Mar. 16,1959 4% Kansas City.. June 5, 1959 June 5,1959 Mar. 13,1959 4 Dallas May 29, 1959 May 29,1959 Oct. 24,1958 4 San Francisco June 11, 1959 June 11,1959 Mar. 12,1959 4 i Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES i MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Range F. R. Range F. R. Net demand 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*4 Apr 1 . 9 1 58 8... 1*4 of change C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s i n e e t r r d y v v e e C ba o tr n u y k n s - Aug. 2 2 0 4 . . . . . . 2 2* * 4 4 - - 3 3 2*4 A M u a g y . 1 9 5 . . . . . . 1*4-2 f1*4 banks 31... 3 Sept. 12... 1*4-2 23... 1917—June 21 13 10 7 3 3 1957 3 -3% 3 O N c o t v . . 2 7 4 . . . . . . 2 2 - % 2% 2 1936—Aug. 16 19% 15 10% Nov. 15!.'! 3 %A 3% 1959 2% 1937— M M a a y r. 1 1 2 2 6 2y4 11* 1 12 4 V4 6 6 Dec. 2... 3 M M a a r r . . 1 6 6 . . . . . . 2%-3 k 3 1938—Apr. 16 22^4 171/2 12 5 5 1958 May 29... 3 -3% 1941—Nov. 1 26 14 6 6 Jan. 22... 2*4-3 3 June 12... 3% 1942—Aug. 20 24 20 24.. . 2*4-3 2*4 Sept. 14 22 Mar. 7... In effect Oct. 3 20 13.. . 214 June 30... 3% 21.. . 2 214 4 214 1948 Feb. 27 22 June 11 24 Sept. 16,24*.... 26 22 16 m i Under Sees. 13 and 13a (as described in table above). For data for 1949_May 1,5* 24 21 15 1941-55, see BULLETIN for January 1959, p. 76. June 30, July 1*. 20 14 6 6 rep N u O rc T h E a . s — e T c h o e n t r r a a t c e ts c h a a g r a g i e n d s t b U y . t h S e . G Fe o d y e t. r a s l e c R u e r s i e ti r e v s e w B a a s n t k h e o f s a N m e e w a Y s o it r s k d o is n - A A u u g g . . 16 1 , ,1 1 1 8 * * . . . . . . . . 2 2 3 3 i/2 1 1 9 9% 1 1 2 3 5 " 5" count rate except in the following periods (rates in percentages): 1955— Aug. 25 22% 18% May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, Sept. 1 22 18 2.375; 1956—Aug. 24-29, 2.75; and 1957—Aug. 22, 3.50. 1951—Jan. 11, 16*.... 23 19 i3 6 6 Jan. 25, Feb. 1*. 24 20 14 1953—July 1,9* 22 19 13 MARGIN REQUIREMENTS i 1954__ Ju ju l n y e 2 1 9 6 , , A 24 u * g. . . 1 .. * 2 2 1 0 18 12 5 5 [Per cent of market value] 1958—Feb. 27, Mar. 1* 19% Hi/2 11% Mar. 20, Apr. 1 * 19 17 11 Jan. 16, Aug. 5, Effec- Apr. 17 18% Prescribed in accordance with 1958- 1958- tive Apr. 24 18 16% Securities Exchange Act of 1934 Aug. 4, Oct. 15, Oct. 16, 1958 1958 1958 In effect July 1, 1959... 18 16% 11 5 5 Regulation T: Present legal require- For extensions of credit by brokers and ments : dealers on listed securities 50 70 90 Minimum 13 10 7 3 3 For short sales 50 70 90 Maximum 26 20 14 6 6 Regulation U: For loans by banks on stocks 50 70 90 * First-of-month or midmonth dates are changes at country banks, and other dates (usually Thurs.) are at central reserve or reserve city banks. 1 Regulations T and U limit the amount of credit that may be extended 1 Demand deposits subject to reserve requirements which, beginning on a security by prescribing a maximum loan value, which is a specified Aug. 23, 1935, have been total demand deposits minus cash items in percentage of its market value at the time of extension; margin require- process of collection and demand balances due from domestic banks (also ments are the difference between the market value (100%) and the maxi- minus war loan and Series E bond accounts during the period Apr. 13, mum loan value. 1943-June 30, 1947). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 743 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1959 1959 1958 June 24 June 17 June 10 June 3 May 27 June May June Assets Gold certificate account 18,561,142 18,634,89418,636,89218,691,89418,691,89418,494,14118,691,89219,924,392 Redemption fund for F. R. notes.. 921,788 914,028 912,028 913,052 913,050 921,950 913,052 842,389 Total gold certificate reserves. 19,482,93019,548,92219,548,92019,604,94619,604,94419,416,09119,604,944 20,766,781 F. R. notes of other Banks 350,868 319,490 297,017 295,638 346,793 294,676 312,086 286,629 Other cash 366,950 352,166 345,882 353,410 364,043 366,464 367,966 348,163 Discounts and advances: For member banks 892,236 1,114,479 888,700 714,271 536,532 404,027 967,364 41,386 For nonmember banks, etc 17,000 17,000 17,000 17,000 17,000 17,000 17,000 Industrial loans 1 2 2 2 1 2 343 Acceptances—Bought outright 25,397 26,396 26,394 26,395 26,891 26,005 27,863 44,796 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 1,918,200 1,943,400 1,943,400 1,903,500 1,903,500 2,024,100 1,903,500 2,702,810 Certificates—Special Other 18,649,72618,649, 18,649,72618,649,72618,649,72618,649,72618,649,72619,946,105 Notes 2,867,565 2,867; 2,867,565 2,867,565 2,867,565 2,867,565 2,867,565 Bonds 2,483,771 2,483! 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 Total bought outright 25,919,26225,944,462 25,944,462 25,904,562 25,904,562 26,025,162 25,904,562 25,438,172 Held under repurchase agreement. is;750 .. Total U. S. Government securities. 25,919,262 25,944,462 25,944,462 25,904,562 25,904,562 26,043,912 25,904,562 25,438,172 Total loans and securities 26,853,896 27,102,338 26,876,558 26,662,230 26,484,98726,490,94526,916,79125,524,697 Due from foreign banks. 15 15 15 15 15 15 15 Uncollected cash items.. 5,578,746 7,117, 4,877,143 5,008,250 5,097,919 5,117,737 4,753,708 4,236,883 Bank premises 96,096 96; 96; 95 95 95; 95",632 88,176 Other assets 172,978 i6o; 167: 154; 142; 183; 148,899 206,801 Total assets. 52,902,479 54,696,918 52,208,93752,174,715 52,136,533 51,965,233 52,200,04151,458,145 Liabilities Federal Reserve notes 27,307,517 27,352,790 27,325,84827,191,80127,074,914 27,401,872 27,155,560 26,705,318 Deposits: Member bank reserves 18,188,02918,868,712 ,200,55518,098, 18,061,65: 17,640,30118,458,87918783,948 U. S. Treasurer—general account. 532,009 378,452 414,091 474; 524. 534,594 567,331 410,430 Foreign 337,474 277,830 258,021 353; 288; 294,040 291,236 268,565 Other 363,578 449,694 352,356 353; 362,686 369,380 420,309 Total deposits. 19,421,09019,974,68819,225,02319,317,87919,228,44018,831,62119,686,82619,883,252 Deferred availability cash items 4,667,729 5,876,117 177,555 4,197 4,376 706 ,271,540 3,893,738 3,478,997 Other liabilities and accrued dividends1. 39,957 39,293 38,982 38 38,419 29,493 39,142 13,242 Total liabilities 51,436,29353,242,88850,767,408 50,745,16550,718,479 50,534,526 50,775,266 50,080,809 Capital Accounts Capital paid in. 379,476 378,988 378,705 378,308 378,229 379,882 378,296 353,225 Surplus 868,410 868,410 868,410 868,410 868,410 868,410 868,410 2836,741 Other capital accounts. 218,300 206,632 194,414 182,83' 171,415 182,415 178,069 187,370 Total liabilities and capital accounts. 52,902,479 54,696,91852,208,937 52,174,715 52,136,53351,965,23352,200,04151,458,145 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 41. 41.3 42.0 42.: 42.3 42.0 41.9 44.6 Contingent liability on acceptances purchased for foreign correspondents 77,434 80,027 81,035 79,633 77,071 75,959 78,757 112,803 Industrial loan commitments 360 360 360 360 360 360 360 991 Maturity Distribution of Loans and U. S. Government Securities3 Discounts and advances—total 909,236 131,479 905,700 731,271 553,532 421,027 984,364 41,386 Within 15 days 883,126 122,296 896,457 703,984 524,831 393,199 942,743 38,340 16 days to 90 days 25,918 8,990 9,096 27,104 28,507 27,638 41,435 2,946 91 days to 1 year 192 193 147 183 194 190 186 100 Industrial loans—total 1 1 2 2 2 1 2 343 Within 15 days 1 162 16 days to 90 days 1 20 91 days to 1 year 72 Over 1 year to 5 years 89 Acceptances—total 25,397 26,396 26,394 26,395 26,891 26,005 27,863 44,796 Within 15 days 8,573 8,015 6,530 6,629 7,775 8,114 7,556 16,991 16 days to 90 days 16,824 18,381 19,864 19,766 19,116 17,891 20,307 27,805 U. S. Government securities—total. 25,919,262 25 944,462 25 944,462 25 904,562 25,904,562 26,043,912 25,904,562 25,438,172 Within 15 days 299,200 231,400 182,000 183,960 304,960 253,450 114,960 380,500 16 days to 90 days 9,223,433 9,323,533 382,933 9,357,073 9,235,073 351,833 426,073 ,264.643 91 days to 1 year 11,045,293 11,038,193 11,028,19311,012,19311,013,19311,087,29311,012,193 ,364,558 Over 1 year to 5 years 3,881,179 881,179 ",881,179 3,881,179 3,881,179 ",881,179 ",881,179 ,013,614 Over 5 years to 10 years 410,385 410,385 206,495 206,495 206,495 410,385 206,495 56,610 Over 10 years 1,059,772 059,772 ,263,662 1,263,662 1,263,662 ,059,772 ,263,662 ,358,247 1 No accrued dividends at end-of-June dates. 3 Holdings under repurchase agreements are classified as maturing 2 Includes, prior to Sept. 2, 1958, Section 13b surplus of $27,543,000. within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1959 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Gold certificate account 936,436 5,126,195 1,042,9031,525,624 977,603 848,909 3,354,457 724,110 384,559 601,545 585,4392,386,361 Redemption fund for F. R. notes 54,614 195,551 59,547 83,210 81,554 53,637 172,528 43,193 22,756 44,334 28,908 82,118 Total gold certificate reserves. 991,050 5,321,746 1,102,4501,608,834 1,059,157 902,546 3,526,985 767,303 407,315 645,879 614,3472,468,479 F. R. notes of other Banks... 18,525 68,002 16,827 13,668 23,904 47,859 23,793 10,934 12,911 18,133 15,246 24,874 Other cash 22,955 67,950 18,604 33,113 21,761 34,414 57,481 24,107 9,928 14,288 14,852 47,011 Discounts and advances: Secured by U. S. Govt. securities 8,540 37,775 23,835 13,070 23,233 52,470 30,865 6,520 24,874 119,600 53,438 8,950 Other 935 4,760 1,122 1,530 850 799 2,808 629 973 663 1,904 Industrial loans 1 Acceptances: Bought outright , 26,005 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,410,954 6,549,284 1,484,1112,253,207 1,667,9011,371,630 4,503,7061,058,443 592,7751,121,8151,038,7682,972,568 Held under repurchase agreement 18,750 Total loans and securities. ,. ,420,429 6,636,5741,509,0682,267,807 1,691,9841,424,899 4,537,3791,065,592 618,6231,242,0781,093,090 2,983,422 Due from foreign banks.... 14 1 1 1 2 1 1 1 1 Uncollected cash items 396,041 1,016,422 349,833 478,899 406,412 390,587 803,902 198,797 134,071 236,418 214,388 491,967 Bank premises 4,497 10,143 4,119 9,296 6,992 9,771 13,076 6,965 5,153 4,715 8,753 12,325 Other assets 10,091 44,634 10,188 16,154 11,596 10,630 30,805 7,610 4,113 8,694 7,327 21,658 Total assets 2,863,589 13,165,4753,011,090 4,427,772 3,221,807 2,820,707 8,993,423 2,081,3091,192,114 2,170,2061,968,004 6,049,737 Liabilities F. R. notes 1,593,097 6,366,881 1,745,316 2,517,512 2,051,0091,482,9775,219,418 1,200,378 613,443 1,104,711 780,394 2,726,736 Deposits: Member bank reserves 758,339 5,108,113 829,833 ,340,658 693,343 888,309 2,762,656 619,137 389,784 764,076 888,5972,597,456 U. S. Treasurer—general account 43,980 115,336 30,900 25,002 50,429 25,255 93,699 20,342 30,572 34,911 28,021 36,147 F O o th re e i r gn 17,0 5 5 6 0 1 3 3 0 7 6 0 , , 7 8 1 4 9 0 20,4 9 6 9 0 9 27 1 , ,0 9 4 0 1 0 1 2 5 , , 0 5 9 0 5 0 1 3 4 , , 0 57 4 0 3 45,8 6 8 9 0 2 11, 6 4 5 7 4 0 7,4 3 4 18 0 12 1 , . 0 43 9 2 0 16 1, , 0 1 8 2 8 0 4 3 4 4 , , 0 7 4 2 4 0 Total deposits 819,930 5,601,008 882,192 ,394,601 761,367 931,177 2,902,927 651,603 428,114 812,509 933,826 2,712,367 Deferred availability cash items 367,993 800,542 287,652 383,913 333,793 336,043 653,994 172,995 114,549 194,436 179,357 446,273 Other liabilities and accrued dividends 2,063 7,006 1,476 2,947 1,466 1,452 5,219 1,068 878 1,189 989 3,740 Total liabilities 2,783,08312,775,4372,916,636 4,298,9733,147,635 2,751,649 8,781,558 2,026,044 156,984 2,112,845 ,894,566 5,889,116 Capital Accounts Capital paid in 18,827 109,597 22,554 35,916 17,015 19,498 52,089 12,698 8,655 15,505 21,841 45,687 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. 11,563 41,539 12,293 16,240 12,311 10,086 27,617 8,821 5,690 8,921 8,161 19,173 Total liabilities and capital accounts 2,863,589 13,165,4753,011,0904,427,772 3,221,807 2,820,707 8,993,423 2,081,3091,192,114 2,170,206 ,968,004 6,049,737 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 41.1 44.5 42.0 41.1 37.7 37.4 43.4 41.4 39.1 33.7 35.8 45.4 Contingent liability on acceptances purchased for foreign correspondents 4,257 420,231 5,108 6,966 3,870 3,638 11,455 2,864 1,857 3,019 4,025 8,669 Industrial loan commitments.. 20 340 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $55,728,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $223,200,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 745 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1959 1959 1958 June 24 June 17 June 10 June 3 May 27 June May June F. R. notes outstanding (issued to Bank). 28,240,566 28,246,983 28,161,002 28,048,226 27,986,527 28,276,429 28,010,652 27,498,452 Collateral held against notes outstanding: Gold certificate account 10,750,000 10,750,000 10,750,000 10,725,000 10,725,00010,750,000 10,725,000 11,648,000 Eligible paper 176,989 189,051 169,125 190,824 154,204 149,955 217,884 13,556 U. S. Government securities 18,710,000 18,710,000 18,710,000 18,685,000 18,685,000 18,710,000 18,685,000 17,420,000 Total collateral 29,636,989 29,649,05129,629,125 29,600,824 29,564,204 29,609,955 29,627,884 29,081,556 EACH FEDERAL RESERVE BANK ON JUNE 30, 1959 Item Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m R o ic n h d - Atlanta Chicago L S o t u . is M a i p n 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) 1,646,052 6,592,9731,796,650 2,567,616 2,125,0151,544,454 5 317,7591,246,016 627,1551,135,910 821 349 2,855,480 Collateral held: E U G l . o i g l S d i . b G c le e o r p t v i a f t. p i c e s a e r t c e u a ri c ti c e t s .. . 1,1 5 5 8 0 0 , , 0 00 0 0 0 2 4,0 9 0 20 0 , ,0 0 0 0 0 0 1,2 6 0 2 4 0 3 0 , , , 8 0 0 3 0 0 5 0 01,7 9 5 2 0 0 , ,0 0 0 0 0 01,5 6 0 7 0 0 , , 0 00 0 0 01,1 5 0 0 0 0 , ,0 0 0 0 0 0 2 3 ; ,5 0 0 00 0 , ,0 0 0 0 0 0 4 9 3 3 0 6 5 , ,5 , 0 0" 2 0 0 " 0 0 0 2 4 0 5 0 0 , , 0 6 0 6 0 6 8 3 1 5 0 1 0 0 9 , , , 0 0 6 0 0 0 0 0 0 2 57 9 5 0 0 6 0 6 0 6 1 i , ^ 3 0 TO 0, O 0 * 0 0 666 Total collateral ,730,000 6,920,000 1,863,8352,670,000 2,170,000 1,600,000 5,500,000 1,371,520 650,0001,269,600 865,0003,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n a o d r n t o o h r f N b u A e m r p a t p p - o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r A e o o t o t p m v e u n - e d n - o d i t t) ( s a t L a m o o n u o a d t u n i - n n s t g ) 2 ( C s a t m o m a o m n e u o d n m u t i t - n n s it g t - ) o ( i s a n p P t t f u a m g a a o f n i t r i u t o i i n d t o n o u t i a i n c - n s n n i n t s s - i t g c - ) 3 - y E m e n a o d r n t o o h r f N b u e m r au - t L t o h o o d a A r a n i t m z s e e o d unt am To o t o u a u n l t L t st o a a n n d s g P in u o t g a e r r e ti a d o n n - u a o a A b n u n v a o d a t d t m e m r s d i e l t e r i a r e a o o t n a b n i u w g o g t l d n u e s n e r i t a r e n a t s r e l o g - - 1953 3,765 803,429 1,951 1,900 3,569 3,469 1953 ,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 1,367 2,500 472 368 273 1955 3,778 826,853 305 702 2,293 1,103 1955 [,411 2,575 294 226 170 1956 3,782 832,550 794 2,365 1,129 1956 1,468 2,761 389 289 125 1957 3,786 841,290 524 1,109 1,122 1957 •1,503 2,912 395 300 135 1958 1958 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 May 3,787 843,321 329 360 382 May 1,557 3,169 313 240 151 1 Includes applications approved conditionally by the Federal Reserve i Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by Federal Reserve Bank commitment to purchase or NOTE.—The difference between guaranteed loans authorized and sum discount. of loans outstanding and additional amounts available to borrowers NOTE.—The difference between amount of applications approved and under guarantee agreements outstanding represents amounts repaid, the sum of the following four columns represents repayments of advances, guarantees authorized but not completed, and authorizations expired or and applications for loans and commitments withdrawn or expired. withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 BANK DEBITS MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [Per cent per annum] [In effect June 30] Type of deposit D F 1 e e 1 9 c b 9 . 3 3 . 5 3 5 1 - 1 , , D J 1 e a 1 9 c n 9 . 3 . 5 6 3 6 1 - 1 , , E J f a f 1 e n 9 c . 5 ti 7 1 v , e Fees I n P s a t y it a u b t l i e o n to o G n u G ar u a a n r t a e n e t i e n e g d A P g o e r n ti c o y n b o y f F L i o n a a n ncing Guarantee fee Percentage of Percentage of (percentage of any commitment Savings deposits 2% 2V4 3 loan guaranteed interest payable fee charged by borrower) borrower Postal savings deposits 2% 2% 3 Other time deposits payable : 70 or less 10 10 I I I n n n 9 l 6 e 0 s m s d o t a h n y a t s h n s t o 9 o 0 6 r d m m a o o ys r n e ths 2 1 V 8 i 3 7 8 85 5 0 2 2 1 5 0 5 2 2 1 0 5 5 90 30 30 95 35 35 NOTE.—Maximum rates that may be paid by member banks as estab- Over 95 40-50 40-50 lished by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies Maximum Rates Financing Institution May Charge Borrower on like deposits under the laws of the State in which the member bank is [Per cent per annum] located. Maximum rates that may be paid by insured nonmember banks as established by the F.D.I.C., effective Feb. 1, 1936, are the same as those in effect for member banks. Interest rate Commitment rate. 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors. BANK DEBITS AND DEPOSIT TURNOVER [Debit in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposits accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally adjusted3 Year or month Total, all New 6 337 other New 6 337 other New 6 reporting York other reporting York other reporting York other centers City centers1 centers2 City centersi centers2 City centersi 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—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 82,756 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 A 53.6 31.4 24.2 Mar.. 223,374 84,710 47,485 91,179 54.5 34.2 24.0 53.1 31.6 ''24.3 Apr.. 226,368 88,049 46,955 91,364 56.2 33.9 23.9 57.3 32.9 24.6 May. '216.009 80,725 44,646 r90,637 54.9 32.9 24.8 55.7 32.9 24.9 June. 228,581 86,598 46,429 95,553 56.8 54.2 *32.5 *24.8 » 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 747 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation^ 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 Mav . 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 AUK 31,371 22,296 2,117 1,398 80 2,082 6,502 10,117 9,075 2,711 5,703 274 376 3 8 Sent 31,245 22,154 2,127 1,417 80 2,072 6,433 10,025 9,091 2,704 5,726 274 376 3 8 Oct 31,386 22,264 2,142 1,426 80 2,091 6,477 10,048 9,122 2,707 5,759 273 371 3 8 Nov 32,036 22,832 2,163 1,457 80 2,154 6,683 10,294 9,205 2,739 5,808 273 373 4 9 Dec 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959__jan 31,125 21,926 2,139 1,408 80 2,064 6,340 9,894 9,199 2,733 5,814 272 368 3 8 Feb .. 31,129 21,975 2,144 1,406 80 2,062 6,378 9,904 9,155 2,714 5,791 271 367 3 8 Mar 31,250 22,111 2,164 1,414 bO 2,075 6 410 9,968 9,139 2,704 5,789 270 366 3 8 Apr 31,349 22,209 2,175 ,429 80 2,083 6,452 9,989 9,140 2,710 5,787 269 363 3 8 May 31,638 22,479 2,193 L 447 81 2,112 6,534 10,112 9,158 2,721 5,796 269 361 3 8 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation * Held by Total out- F.R. Kind of currency standing As security For Banks May 31, against F. R. and May 31, Apr. 30, May 31, 1959 gold and Treasury Banks agents 1959 1959 1958 silver cash and certificates agents Gold 20,188 19,636 2552 Gold certificates 19,636 16,789 2 816 31 31 32 Federal Reserve notes 28 011 83 1,167 26,761 26,519 26,174 Treasury currency—total 5,273 32,424 59 368 4,846 4,800 4,788 Standard silver dollars 488 172 25 8 283 281 266 Silver bullion . . 2,251 2,251 Silver certificates and Treasury notes of 1890... . ^2,424 254 2,170 2,144 2,199 Subsidiary silver coin 1,491 25 66 1,400 1,387 1,339 Minor coin 526 5 12 510 506 485 United States notes 347 5 27 315 311 318 Federal Reserve Bank notes 112 (4) 1 111 111 121 National Bank notes 58 (4) (4) 58 58 60 Total May 31 1959 (5) 22,060 694 16,789 4,351 31,638 Apr 30 1959 (5) 22,166 711 16,900 4,536 31 349 May 31, 1958 (5) 23,446 703 18,189 4,388 30,994 * 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 « 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 collateral, and those deposited with the Treasury of the United States as a NOTE.—There are maintained in the Treasury—(1) as a reserve for redemption fund, are counted as reserve. Gold certificates, as herein United States notes and Treasury notes of 1890—$156,039,431 in gold used, includes credits with the Treasurer of the United States payable bullion; (2) as security for Treasury notes of 1890—an equal dollar amount in gold certificates. Federal Reserve Bank notes and national bank in standard silver dollars (these notes are being canceled and retired on notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capita] Total Bank credit assets, Treas- net— Total Date Gold s r t c o e u i a u n n u r n g y r c t d - - y - Total Lo n a e n t s, Tot U al . S. G m o C v e a o r n e c m r d i n a - m l en R t F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l a i i a n a p t n i b e i e d t t i s a l- l, c d u e T r a p r o n o e t d s n a i l c t y s C c m o a a n a u p n i c e s n i d - t c t t a s . l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 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 26. 22,600 5,100 222,200 113,000 87,800 63,400 22,900 1,600 21,400 249,900 229,100 20,900 Dec. 31. 22,781 5,146 229,470 115,157 91,370 65,792 24,238 1,340 22,943 257,397 236,372 21,023 1958—June 23. 21,356 5,204 240,451 116,842 97,849 71,611 25,000 1,238 25,760 267,011 244,131 22,880 July 30. 21,200 5,200 238,600 115,400 97,800 71,600 24,900 1,300 25,500 265,100 241,900 23,200 Aug. 27. 21,100 5,200 241,100 115,300 100,000 73,500 25,200 1,300 25,800 267,400 243,400 24,100 Sept. 24. 20,900 5,200 240,400 115,900 98,200 72,100 24,900 1,200 26,300 266,500 242,600 23,900 Oct. 29. 20,700 5,200 243,300 117,000 100,100 73,500 25,400 1,200 26,200 269,200 245,100 24,100 Nov. 26. 20,600 5,200 246,200 118,200 102,000 75,000 25,800 1,200 26,000 272,000 248,200 23,800 Dec. 31. 20,534 5,234 249,082 121,602 101,207 73,641 26,347 1,219 26,273 274,850 252,022 22,829 1959—Jan. 28. 20,500 5,200 247,300 119,800 101,500 74,900 25,400 1,200 26,000 273,100 249,600 23,500 Feb. 25. 20,500 5,200 245,300 119,800 99,400 72,900 25,300 1,200 26,100 271,000 247,100 23,900 Mar. 25. 20,400 5,200 244,900 121,400 97,200 70,600 25.500 1,100 26,300 270,600 246,700 23,900 Apr. 29* 20,300 5,300 247,800 123,500 97,700 70,900 25,600 1,200 26,600 273,300 249,700 23,600 May 27* 20,200 5,300 247,900 124,700 96,800 69,800 25,900 1,200 26.400 273,400 249,200 24,200 June 24? 19,800 5,300 247,900 126,600 95,000 67,900 25,900 1,200 26,300 273,000 249,100 23,900 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o n d a i s g e e n i - t n t k s, T h c i u r 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 t k R s . Total Total m T b C e i a m o r n c m k e ia s - l de M p b s o a a u s v n t i i k u t n s s a g 2 3 l s S S P y a o v s s t i t e n a m g l s p m o D d a s e e i n - - t d s4 b r C o e s a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m u r o 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 s d e e t n i e - - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30 50 264 852 35 40,828 21,656 10,849 9,621 ,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 26 3,400 800 4,800 500 219,700 86,400 54,000 30,900 500 105,600 27,800 135,200 107,300 27,900 Dec. 31 3,270 761 4,179 481 227,681 89,126 56,139 31,662 ,325 110,254 28,301 133,200 105,100 28,100 1958—June 23 3,953 700 9,471 524 229,483 95,524 61,473 32,837 ,214 106,169 27,790 135,400 107,400 28,000 July 30 4,000 700 4,300 600 232,400 96,500 62,300 32,900 ,200 108,100 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 J00 111,900 28,800 138,800 110,600 28,200 Dec. 31 3,870 683 4,558 358 242,553 98,306 63,166 34,006 ,134 115,507 28,740 139,400 111,300 28,100 1959_jan. 28 3,800 700 4,800 500 239,800 98,400 63,400 33,800 ,100113,800 27,600 138,500 110,700 27,800 Feb. 25 3,700 700 4,500 500 237,700 98,700 63,700 34,000 100 111111,300 27,700 139,100 111,200 27,900 Mar. 25 3,900 700 3,900 500 237,600 99,500 64,100 34,300 ;ioo110,300 27,900 140,300 112,200 28,100 Apr. 29* 3,700 700 4,600 500 240,300 99,900 64,500 34,300 112,500 27,900 140,700 112,500 28,200 May 27* 3,700 700 5,200 500 239,100100,300 64,900 34,400 1,110000 110,700 28,100 140,900 112,600 28,300 June 24^ 3,600 400 4,700 500 239,800100,900 65,300 34,600 1,100110,600 28,300 140,800 112,400 28,400 1,100 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 de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957, pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 749 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 io 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 o u p i n i c a t t i n - d i a - t e t a l s s l 3 TotaP m D In a e n t - e d rba T n i k m 2 e U.S D . ema O O n t t d h h e e r r Time r B 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 r ks - Govt. All banks: 1939—Dec. 30.. 50,884 22 165 19,4 9,302 242 9,874 32,516 25,852 26 8,,19415,035 1941—Dec. 31.. 61,126 26 615 25,! ,999 816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31.. 40,227 30 362101,2 8',577 35;415177,332 612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 3H. 34,924 43 002 81,19910,72338,388175,091 865 ,793 240 1,346 94,38153,105 6611,94814,714 1950—Dec. 30.. 48,021 60,386 72,89414,741 41,086 191,317175,296 ,577 462 2,809101,936 56,513 9013,83714,650 1956—Dec. 31.. 97.063110,079 66,52320,46149,641 ,770 22754616,133 1,462 3,736125,30880,908 7819,24914,167 1957—Dec. 31.. 203;849115,115 65,79222,!943 49 ,864 23302015,636 1,386 3,903123,99388,102 80 2042814,090 1958—June 23 . . 215. 179117, 71,611 760 44; ,525 237.204 3,789 2,497 9,209117,11394,596 1,1372i; 35914,055 Oct. 29. . 217!690117,960 73,500 230 43;020 265,490 237!450 ,000 2,340 3,440 121 060 96,610 1,400 21,71014,028 Nov. 26. . 220; 210119,230 74,950 030 45 130 270,180 241;070 13590 2,360 5,600 123610 95,910 22,115500 T2'1,82014,033 Dec. 31.. 22i; 485121,571 73,641 273 49911276,430 250;05715,799 2,374 4,253130 132 97,498 8121,70514,020 1959—Jan. 28.. 22i; 920121,030 74,850 ,040 43200 270,100 241!830 13,110 2,410 4,490 124240 97,580 1,77021,78014,030 Feb. 25. . 220; 340121,370 72;880 26,090 43 560 268,750 239;74012,850 2,290 4,150 122520 97,930 2,210 21,860 14,022 Mar. 25.. 219; 690122,850 70,58026,:260 42240 266,880 238,15013,030 2,340 3,590120480 98,710 2,050 21,980 14,012 Apr. 29*. 222; 500124,990 ,920 26;590 43340 270,920 242;05012,830 2,360 4,280123470 99,110 2,09022,110 14,009 May 27*. 222; 570126,360 .7.8.0. 26;,4 3_0. 4 2,630 270,290 240;90012,700 2,230 4; 840 121520 99,610 2,260 22,250 14,000 June 24?. 222; 750128,500 67,920 26,330 42,990 270,770 240;97012,790 2,070 4,410 121510 100,190 2,810 2228013,994 All commercial banks: 1939—Dec. 30... 668 17,238 16,316 7,114 22,474 9,874 32,513 15,331 26 ,88514,484 1941—Dec. 31... 746 21,714 21,808 7,22526,551 10,982 44,349 15,952 23 ,17314,278 1945—Dec. 31. .. 019 26,083 90,606 7,331:3 4,,.806160,312 14,065 105,921 30,241 219 ,95014,011 1947—Dec. 3H.. 284 38,057 69,221 9,006 37,502155,377144,10312,792 240 1,343 94,36735,360 6510,05914,181 1950—Dec. 30... 675 52,249 62,02712. ,289168,932155,26513,577 462 2,806101,91736,503 9011,590 14,121 1956—Dec. 31. .. 123 90,302 58,55216;,269 48,720 217,460197,51516,133 1,460 3,733 282 50,908 7516,30213,640 1957—Dec. 31... 068 93,899 58,239n;,930 48,428222 696 201 15,636 1,385 3,898 967 56,440 7717,36813,568 1958—June 23... 905 95,571 64,194 20,140 43,507 227;,847 204 13,789 2,495 9,205 086 61,759 1,136 18,,17813,535 Oct. 29... 670 94,970 66,17020,530 42,160 228130 203 14,000 2,340 3,440 030 63,180 1,400 18,47013,509 Nov. 26... 050 96,060 67,660 20,330 44,310 232,700 207570 13,590 2,360 5,600 580 62,440 2,150 18,55013,514 Dec. 31... ,165 98,214 66,376 20,575 48,990 238651216,01715,799 2,372 4,250 130104 63,493 7318,48613,501 1959—Jan. 28 . .. ,620 97,710 67,530 20,380 42.400 2321470 207^60 13,110 2,410 4,490 124210 63,740 1,770 18,57013,512 Feb. 25... ,840 97,890 65,520 20,430 42!740 230,900 205,760 ,850 2,290 4,150122490 63,980 2,210 18,62013,504 Mar. 25 . .. ,940 99,190 63,160 20,590 41; 710 203,850 ,030 2,340 3,590 120450 64,440 2,050 18,73013,494 Apr. 29*.. ,630101,190 63,540 20,90042; 760 207,75012,830 2,360 4,280 ,440 64,840 2,090 18,87013,491 May 27*.. ,500102,360 62,390 20.750 41; 910 206;48012,700 2,230 4,840 ,490 65,220 2,260 18,97013,482 June 24*>. . ,510104,300 60,580 20,630 42; 200 206;36012,790 2,070 4,410 121,480 65,610 2,810 19,00013,476 All member banks: 1939—Dec. 30 ,941 13,962 14,328 5,651 9,257 154 743 27, 11,699 3 5,522 6,362 1941—Dec. 31 ,521 18,021 19,539 5,961 10,385 140 ,709 37, 12,347 4 5,886 6.619 1945—Dec. 31 ,183 22,775 78,338 ,070 29; 138,304129,67013,576 64 22,179 69,640 24,210 208 7,589 6,884 1947_Dec. 31 ,846 32,628 57,914 ,304 32; 132,060 122,52812,353 50 ,176 80,609 28,340 54 8,464 6,923 1950—Dec. 30 ,424 44,705 52,36510,35535,524144,660133,08913,106 341 ,523 87,78329,336 79 9,695 6,873 1956—Dec. 31 ,768 78,034 47,575 159 42 184,874167,90615,567 1,289 292106850 40,909 4813.655 6,462 1957—Dec. 31 ,353 80,950 47,079 324 42 188,828170,63715,082 1,246 3,472105547 45,290 5714,554 6,393 1958—June 23 ,589 82,146 53,16516,277 38,489194,003173,90413,274 2,266 8,658 99 812 49,893 1,07815,181 6; 357 Oct. 29 ,102 81,375 54,16616,56137,020192,945172,30113,450 2,108 3,023102764 50,956 1,31715,437 6,328 Nov. 26 ,85. 82,225 55,32816,30139,140196,851175,26013,026 2,130 5,003104777 50,324 2,05515,498 6,324 Dec. 31 ,865 84,061 54,29916,504 43,188202,017182,81615,227 2,187 3,822110448 51,132 5415,460 6,312 1959_jan. 28 ,05. 83,588 55,13616,33037,336196,333175,36412,619 2,224 3,979105220 51,322 1,684 15,509 6,302 Feb. 25 504 83.728 53,40316,37337,681195,014173,45912,394 2,102 3,716 749 51,498 2,083 15,556 6.295 Mar. 25 813 84,882 51,39216,,5 39'36,382193,065171,78512,582 2,155 3 988 51,857 1,949 15,642 6,289 Apr. 29* 150 86,659 51,66916,822 37,533196,711175,32312,371 2,175 3. 104,6"8"8 52,226 1,944 15,779 6.291 May 27* 067 87,660 50,73116,67636,935195,986174,22512,253 2,046 4,365 008 52,553 2,097 15,856 6,292 June 24? 018 89,292 49,17516,55137,189196,184174,05512,358 1,889 3,953 970 52,885 2,625 15,879 6,279 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1941__Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945__Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 • 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,34f 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',55 5,013 890 35,168 31,695 26 31.662 3,059 522 1958 -June 23 35,27' 22.237 7.41. ,620 916 36,678 32,869 26 322,,837 3,181 520 Oct. 29 36.020 22;990 7,330 .700 860 37,360 33,460 30133,430 3,240 519 Nov. 26 36,160 23,170 7,290 ,700 820 37,480 33,500 30)33,470 3,270 519 Dec. 31 36,320 23,357 7',26. ,698 921 37,779 34,040 29> 34,006 3,219 519 1959—Jan. 28 36,300 23,320 ,320 ,660 800 37,630 33,870 30) 33,840 3,210 518 Feb. 25 36,500 23,480 7 ,'360 660 820 37,850 33,980 30 333,;950 3,240 518 Mar. 25 36,750 23,660 7,420 ,670 860 38,170 34,300 30 34,270 3,250 518 Apr. 29* 36,870 23,800 7,380 ,690 750 38,160 34,300 30 34,270 3,240 518 May 27* 37,070 24,000 7,390 5,680 750 38,380 34,420 ) 34.390 3,280 518 June 24^ 37,240 24,200 7,340 5,700 800 38,570 34,610 30 34,580 3,280 518 P 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 commercial banks. Member banks include (1) seven 2 Beginning June 30, 1942, excludes reciprocal balances, which on national banks in Alaska (one became a member on Apr. 15, 1954, and Dec. 31, 1942, aggregated $513 million at all member banks and $525 six on Apr. 3, 1959); (2) one in the Virgin Islands (May 31, 1957); and (3) million at all insured commercial banks. one in Hawaii (Apr. 13, 1959), and (4) a noninsured nondeposit trust 3 Includes other assets and liabilities not shown separately. company, and (5) three mutual savings banks that became members in 1941 (these banks are excluded from all commerical banks). For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b i o l o . i v n g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c b T a i a l a l p o i i n c a t i t d i - t - a e a l s l Total2 D In e t - erba 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 r ks counts 3 U. S. Other Govt. 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—June 23 27,149 16,764 8,035 2,350 8,272 36,664 31,469 4,345 ,774 2,946 18,898 3,506 483 214 18 Oct. 29 25,444 15,604 7,418 2,422 6,850 33,465 28,387 4,155 ,660 584 18,518 3,470 319 259 18 Nov. 26 25,552 15,666 7,694 2,192 7,763 34,501 28,958 4,005 ,677 945 18,956 3,375 736 276 18 Dec. 31 25,966 16,165 7,486 2,315 9,298 36,398 31,679 ,786 ,739 968 20,704 3,482 282 18 1959—Jan. 28 25,959 16,011 7,650 2,298 314 34,447 29,191 .897 ,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 ,964 ,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 ,079 ,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 ,991 ,740 889 19,243 3,547 519 ,290 17 May 27* 25,687 16,580 6,657 2,450 7,114 33,936 28,730 3,999 ,614 1,009 18,553 3,555 530 302 17 June 24? 25,488 16,681 6,426 2,381 7,204 33,869 28,415 4,008 ,480 775 18,570 3,582 805 292 17 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945_Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,225 174 4,604 ,103 490 13 1956—Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 1,364 184 5,069 ,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 ,345 4 689 14 1958—June 23 6,942 3,594 2,694 654 1,914 8,929 8,022 1,249 705 4,626 ,403 80 708 14 Oct. 29 6,614 3,426 2,547 641 1.887 8,583 7,693 1,243 192 4,826 ,396 42 720 14 Nov. 26 6,727 3,418 2,687 622 2,067 8,874 7,862 1,169 402 4,859 ,401 157 724 14 Dec. 31 6,830 3,637 2,562 631 2,158 9,071 8,214 1,357 249 5,136 ,438 3 733 14 1959—Jan. 28 6,651 3,433 2,611 607 1,881 8,617 7,695 1,138 201 4,913 ,409 68 726 14 Feb. 25 6.637 3,440 2,572 625 1,952 8,667 7,726 1,163 233 4,900 ,397 79 725 14 Mar. 25 6,759 3,551 2,576 632 1,745 8,583 7,438 1,135 223 4,655 ,395 296 728 14 Apr. 29* 6,602 3,575 2,344 683 1,883 8,575 7,616 1,153 306 4,733 ,393 90 738 14 May 27* 6,630 3,637 2,288 705 1,856 8,574 7,582 1,109 304 4,734 ,402 125 739 14 June 24* 6,516 3,687 2,137 692 1,842 8,440 7,423 1,123 261 4,585 ,423 164 740 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 2,042 11,286 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 2,396 13,066 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 4,764 17,716 72,854 66,524 7,584 294 1,201 40,64716,797 21 5,076 289 1957—Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67,483 7,241 301 1,358 39,96018,623 21 5,370 278 1958—June 23 59,273 32,851 20,436 5,98615,443 76,155 68,672 6,397 416 3,150 38, 003' 2"0,706 350 ; 280 Oct. 29 59.471 32,984 20,508 5,97915,448 76,383 68,474 6,657 374 1,074 39,370 20,999 705 5,714 277 Nov. 26 60,181 33,393 20,891 5,89716,276 77,940 69,723 6,476 378 1,944 40,184 20,741 910 5,729 275 Dec. 31 60,558 34,003 20,645 5,910 17,701 79,781 72,647 7,506 377 1,429 42,259 21,075 14 5,760 274 1959_ F ja e n b . . 2 2 8 5 6 60 0 , , 0 6 3 9 3 8 3 3 4 4 , , 0 2 8 7 3 9 2 1 0 9 , , 7 9 7 2 6 8 5 5 , , 8 8 3 2 9 6 1 1 5 5 , , 6 6 2 7 6 2 7 7 7 7 , , 8 1 4 5 5 5 6 6 9 8, . 8 8 7 0 6 0 6 6, , 0 2 1 3 1 2 3 33 8 6 2 1 1, , 4 4 7 3 9 9 4 3 0 9 , , 4 70 5 8 2 2 2 1 1 , , 3 2 4 9 2 5 9 8 3 3 2 2 5 5, , 8 7 0 8 2 2 2 27 7 3 2 Mar. 25 59,524 34,720 18,946 5,85815,381 76,360 68,272 6.122 316 1,226 39,2"3"3 21,375 839 5,845 273 Apr. 29* 60,439 35,490 19,107 5,84215.708 77,773 69,509 5,969 367 1,457 40,248 21,468 909 5,906 273 May 27* 60.550 35,806 18,907 5,83715,672 77,717 69.291 5,918 362 1,680 39,72221,609 973 5,932 273 June 24P 60,618 36,618 18,225 5,775 15,780 77,906 69,465 5,994 341 1,607 39 7—3"2 -2,1791 1,143 5,944 273 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 4.193 11.571 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"94 20,317 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 22,429 30 ,359 6,083 1958—June 23 58,225 28,937 22,000 7,288 12,860 72,255 65,741 1,282 ,857 38;286 24,277 164 ,641 6,045 Oct. 29 60,573 29,361 23,693 7,519 12,835 74,514 67,747 1,395 ,173 40,050 25,091 251 ,744 6,019 Nov. 26 61,394 29,748 24,056 7,590 13.034 75,536 68,717 1.376 ,712 40,778 24,807 252 ,769 6,017 Dec. 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 ,175 42,349 25,137 37 ,685 6,006 1959—Jan. 28 61,746 30,061 24,099 7.58612,515 75,424 68,678 1,352 ,414 40,725 25,143 241 5,729 5,997 Feb. 25 61,285 30,145 23,542 7,598 12,433 74,839 67,957 1,256 ,189 40,195 25,273 349 5,748 5,991 Mar. 25 60,936 30,464 22,873 7,599 12,190 74,314 67,448 1,246 ,063 39,62125,482 301 5,792 5,984 Apr. 29* 62,223 31,287 23,247 7,689 12,421 75,830 68,788 1,258 ,211 40,46425,818 426 5,845 5,987 May 27* 62,200 31,637 22,879 7,684 12,293 75,759 68,622 1,227 ,372 39,999 25,987 469 5,883 5,988 June 24*> 62,396 32,306 22,387 7,703 12.363 75,969 68,752 1,233 1,310 40,08326,089 513 5,903 5,971 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- from noninsured mutual savings to nonmember commercial banks. nounced in November 1947 by the Federal bank supervisory agencies. 5 Less than $5 million. Because preliminary data are rounded to the At that time a net of 115 noninsured nonmember commercial banks nearest $10 million no amount is shown except on call dates. with total loans and investments of about $110 million was added, and For other notes see preceding and opposite p^ges. 8 banks with total loans and investments of $34 million were transferred Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 751 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 t a e nk Total Loans o G U t b io o l . i S n v g t . s a . - O s r e i t t c h i u e e - s r a C ss a e s t h s2 c c b T o a i a l u a l p o i n i c a n t t i - d i t a - t e a s l s l 3 Total* m D I a n e n t - e d rba T n i k m 2 e U. D S. ema O n t d her Time r B in o o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e f m k r s - Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6i,,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,84413,426 1945—Dec. 31 121,809 25,765 88,912 7,13134,292157,544147,775 13,883 23,740 801,,227766L "29,876 215 8,67113,297 1947—Dec. 31 114,274 37,583 67,941 8,750 3"6',,926152,733141,85112,615 54 1,325 92,975 34,882 61 9,73413,398 1956—Dec. 31 163,601 89,831 57,837 15.,933 48,352 221155,514195,95315,981 1,301 3,717 124,346 50,608 5615,98813,195 1957—Dec. 31 168,595 93,430 57,580 17,585 48127 220,865199,87615,489 1,264 3,859 123,127 56,137 66 1177,05113,142 1958—June 23 178,330 95,105 63 489 19,735 43.243 225,945 220022,81913,632 2,288 9,162 116,308 61,429 1,12517,85713,121 Dec. 31 183,596 97,730 65 669 20,198 48,689 236724 214,48515,653 2,209 4,241 129,214 63,168 6718,154 "1,3101 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 U 23,262 8,322 4 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947_Dec. 31 65,280 21,428 38,674 5,178:22,024 88,182 82,023 8,375 35 795 53,541 _1.9,278 45 5,409 5,005 1956—Dec. 31 88,477 48,109 31,568 8,800 "2"7,006117,345107,161 9,322 522 2,074 67,434 "2,7810 19 8,450 4,651 1957—Dec. 31 91,201 50,350 31,234 9,617 26,786120,153109,091 8,958 517 2,166 66,546 30,904 38 9,070 4,620 1958—June 23 95,898 50,744 34,49810,656 23,964122,100110,065 7.849 825 4,751 62, •__',754 492 9,451 4,599 Dec. 31 99,211 52,627 35,71410,936 26,781 128,397116,714 9,035 767 2,292 69,808 34,812 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 39,001 .1.4.,386 18 5,483 1,773 1958—June 23 55,691 31,403 18.667 5,621 14,525 71,904 63,839 5.425 1,441 3,907 36,926 1166,140 586 5,730 1,758 Dec. 31 55,588 31,435 18,585 5,568 16,407 73,620 66,102 6,192 1,420 1,530 40,64016,320 10 5,817 1,734 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 P959 6,810 1945_Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1956—Dec. 31 24,859 11.808 10,274 2.777 5.448 30,667 28,073 414 425 17,497 .9,724 2,336 6,737 1957—Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,580 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 34,737 31,696 426 419 18,76612,063 2,696 6,793 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 31* 2,009 474 1,280 255 576 2,643 2,251 177 185 1,392 478 325 783 1956—Dec. 31 1,521 471 714 336 369 1,946 1,562 152 159 936 300 313 444 1957—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 1,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14.101 6,045 1,362 7,130 1947—Dec. 31* 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1956—Dec. 31 26,381 12.279 10.989 3,113 5,817 32,613 29,635 566 171 440 18,43310,024 2,649 7,181 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,420 11,176 2,817 7,178 1958—June 23 28,343 13,438 11.040 3,865 5,020 33,873 30,458 515 229 548 17,27411,892 3,000 7,181 Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 185 428 19,65512,387 3,028 7,192 Insured mutual Barings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945_Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 2 '2,192 1,252 194 1956—Dec. 31 24,170 15,542 5.518 3,110 739 25,282 22.886 3 2,857 2,130 223 1957—Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 3 26 24,991 2,308 239 1958—June 23 27,869 18,132 5,234 4,503 745 29,021 26,082 2 6,052 2,433 239 Dec. 31 28,980 19,180 5,215 4,585 75: 30,189 27,277 3 28 27,243 2,473 241 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947_Dec. 31* 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1956—Dec. 31 7,770 4.235 2.453 1.082 182 8,028 7,146 7,143 817 304 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 1958—June 23 7,404 4,104 2,183 1,116 171 7,657 6,787 6,785 748 281 Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 6,76" 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

752 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying Other tions Class of bank loans in- securities loans Direct of and and clud- Agri- Real to States Other call date i m nv e e n s t t s - Total* o i p n e g n c tu u r l - - To t e a s t - e i d n i - - O lo t a h n e s r Total Certifi- Guar- p a o n l d it- s r e it c ie u s mar- al brok- To loans vid- Total cates an- ical p k a e - t a e n rs d o e t r h s - uals Bills o d f e b in t- - Notes Bonds teed s d u iv b i - per deal- ed- sions ers ness All commercial banks3 1947—Dec. 31.. 116,284,38.057 18,1671,660 830 1,220 9,393 5,7231,063 78,22669,2212.193 7.789 6.034 53,191 276. 3,729 1957—Dec. 31... 170,06893,89940,526 4,'066 22,6011,620 23,110 20,217 3 __; "".16958,2395,405 4,81310,608 37,406 915 4,014 1958—June 23.., 179,90595,571 38,886 4,552 3,6991,92523,693 20,0914 562 84,33464,1944,502 3,88312,348 43,456 716 4,424 Dec. 31... 185,165,98,21440,425 4.. 973 2., 8321,, 829 25,i 25520,698 4 156 86,95166,3766,294 7,399 13.,396 39,281 6 16;505 4,070 1959—Mar. 12 «., 184,03098,350 39,910 4,940 2,160 1,840 25,720 2"0,900 4 880 85,68064,9006,040 6,730 13,58038,540 1016,850 3,930 All insured commercial banks: 1941—Dec. 31.. 49,29021,259 9,214 1,450 614 662 4,773 4,545 28,03121,046 988 3,15912,797 ,102 3,6513,333 1945—Dec. 31... 121,80925,765 9,461 1,314 ,164 3 606 4,677 2,361"1,18196,04388,9122,45519,07116,045 51,321 22 3_,,.8—.7_3 33,258 1947—Dec. 31.. 114,27437,583 18,0121,610 823 ' 190 9,266 5,654 i;028 76,69167,9412,124 7,552 5,918 52,334 14 5,129 3,621 1956—Dec. 31... 163,60189,831 38,5714,,1012,565 669 22,,3..9 4. 18,, 7653,325 73,77057,8375,763 1,98111, ,358 13 2,675 3,258 1957—Dec. 31.. 168,59583,43040,380 4,015 2,569 23,000033 20,122 3,513 75,16457,5805,290 4,75810,49337,031 13,688 3,897 1958—June 23.. 178,33055,105 38,750 4,499.3,677 907 23,558855 19,9814,541 83,22463,4894,416 3,84112,213 4"3",013 15,457 4,278 Dec. 31.. 183,59697,73040,289 4,913 2",797 810 251/4"8 20,589 4,134 85,86665,6696,159 7,36213,240 38,902 16,266 3,932 Member banks, total: 1941—Dec. 31.. 43,52118,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 3,832 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 8553,133 3,378 3,455 1,900 104 84,40878,3382,27516,98514,27144,792 16 3, ,815 1947—Dec. 31.. 97,84632,628 16,962 1,,0.4._6 8'1 1 ,065 7,130 4,662 . .. ,21857,9141,987 5,816 4,815 4455,286 10 4, ,105 1957—Dec. 31.. 142,35380,950 37,868 2,472 2,448 1,40918,23116,7753,316 61,40347,0793,948 3,534 8,560 31,031 711,2353,089 1958—June 23.. 151,58982,14636,125 2,7743,574 ,70618,7121166,;554444 4,336 69,44353,1653,574 2,905 10,480 36,201 512,7863,492 Dec. 31... 154,865 84,06137,444 3,052 22,730 599 20,01317,0283,920 70,80454,2994,644 6,143 11,117 32,390 6 1133,4053,100 r. 12.. 153,728 84,07436,,895 2,993 2,056 1612 20,43717,2014,633 69,65452,9604,416 5,48811,326 31,725 13,,7—39 2,955 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 33013,21411,972 ,002 640 558 9,771 638 604 1957_Dec. 31.. 23,82816',102 11,651 ,280 387 565 1,5131,053 7,726 5,880 648 214 1,093 3,924 1,435 411 1958—June 23.. 27,14916,76410,978 2,164 420 557 1,4371,56610,385 8,0351,023 286 1,729 4,996 1,748 602 Dec. 31.. 25,96616,16510,928 1,652 382 641 1,502',424 9,802 7,486 643 1,106 1,602 4,135 1,869 446 1959—Mar. 12.. 25,97915,82510,618 ,319 387 661 1,539 ,66910,154 7,6721,261 917 1,795 3,699 2,090 391 Chicago:* 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1957—Dec. 31.. 6,446 3,85: 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 1959—Mar. 12.. 6,712 3,481 2,596 131 103 164 370 213 3,231 2,602 413 273 440 1,476 490 139 Reserve city banks: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 1,527 1,512 6,467 295 751 4,248 ,173 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 1,459 855 404 31 29,552 ,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31.. 36,04013,449 7,088 225 170 484 3,147 1,969 366 22 20,196 373 2,358 1,90115,560 1,3421,053 1957—Dec. 31.. 55,259 32,805 15,702 494 603 673 7,667 6,893 ,370 22 17,352 ,009 1,285 3,29711,760 4,0271,075 1958—June 23.. 59,273 32,851 14,789 611 881 904 7,841 6,741 ,,7.0 6. 26 20,436 874 1,009 4,410 1144,142 4,7671,218 Dec. 31.. 60,558 34,00315,808 669 518 851 8,405 6,930 1,492 26; 20,645 ,293 2,370 4,49712,482 4,8641,047 1959—Mar. 12.. 59,788 34,37915,637 670 438 846 8,698 6,985 ,786 25 19,485 790 2,137 4,33312,222 4,9091,015 Country banks: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 36329,40726,999 630 5,102 4,54416,713 1,342 1,067 1947—Dec. 31.. 36,32410",199 3,096 818 23 227 3,827 1,979 229 2266,12522,857 480 2,583 2,10817,681 1.262 1957_Dec. 31.. 56,82028,191 7,6131,970 365 252 9,856 7,944 71328,62921,8152,226 1,909 3,85713,819 5,365 1,449 1958—June 23.. 58, ,937 77,773399 2,154 351 28210,172 8,030 774466 29,28822,0001,409 1,465 3,85215,272 5,7751,513 Dec. 31.. 61,51130,257 8,080 2,368 294 26810,806 8.239 78431,25423,6062,475 2,306 4,49514,327 6,181 1,467 1959—Mar. 12.. 61,249 30,388 8,0432,308 168 27710,913 8,309 96530,86123,2011,952 2,161 4,75714,329 6,250 ,410 Nonmember commercial banks:3 1947_Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 111 13,02111,318 206 1,973 1,219 7,916 1,078 625 1956—Dec. 31.. 26,38112,279 2,424 1,683 143 218 4,708 3,085 196 14,10210,9891,541 528 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 e Estimated. cluded in member banks but are not included in all insured commercial 1 All commercial banks in the United States. These figures exclude banks or all commercial banks. Comparability of figures for classes of data for banks in U. S. possessions except for one bank in Alaska and banks is affected somewhat by changes in Federal Reserve membership, one in the Virgin Islands that became members on Apr. 15, 1954, and insurance status, and the reserve classifications of cities and individual May 31, 1957, respectively. During 1941 three mutual savings banks banks, and by mergers, etc. became members of the Federal Reserve System; these banks are in- For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL SANKS 753 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Reserves Bal- De- Cla c s a s l a l o n d f d a b t a e nk F w e R d i e t e - h ral C va i a n u s l h t a w d n i o c t - e h s m po d a s e n i - t d s In d t e e p r o b s a i n ts k U. S. S a ta n t d es C a f e i n e r d d ti- p v a i I d r n u t d n a i e - l r s, - Inter- G U a o . n v d S t . . S p a t o a n l t i d e t- s p v a i I d r n t u d n a i e - l r s - , r B in o o w g r s - - C a t a a c p - l i- B se a r n v k e s b m a e n s k ti s c 5 ju a s d te - d6 m D e o st ics ]F ei o g r n - Govt. p v s o i u s li b i t o d ic n i a s l c c h o e f e r f c i s k ' s, an s p h d o i r p c a o s - , r- bank P s i o n a s g v t s a - l v s i u i s c i b a o d l n i s -an s p h d o i r p c a o s - , r- counts etc. tions tions 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 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 12,609 115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 73 18,486 1959_Mar. 12*... 18,140 3,020 10,560 112,720 11,940 1,650 2,460 10,430 3,320 110,210 2,280 320 3,640 60,480 1,870 18,740 All insured commercial banks: 1941_Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947_Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1956—Dec. 31.... 18,706 3,237 12,490110,487 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 12,079 109,439 13,752 1,736 3,859 10,594 3,597 108,936 1,264 301 2,717 53,120 66 17,052 1958—June 23.... 18,568 2,997 10,682105,419 12,022 1,610 9,162 10,800 3,715 101,793 2,288 286 4,032 57,110 1,125 17,857 Dec. 31.... 18,427 3,227 12,353 114,645 14,025 1,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 67 18,154 Member banks, to 1 t 9 a 4 l: 1—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 ,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1957—Dec. 31.... 18,973 2,536 7,806 92,191 13,356 ,726 3,472 8,412 3,331 93,804 1,246 275 2,170 42,845 57 14,554 1958—June 23.... 18,570 2,277 6,913 89,186 11,676 ,597 8,658 8,628 3,482 87,703 2,266 259 3,296 46,339 1,078 15,181 Dec. 31 18,428 2,441 7,977 96,218 13,614 1,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 54 15,460 1959—Mar. 12.... 18,143 2,270 6,411 94,137 11,493 ,614 2,154 8,203 3,004 93,911 2,093 283 2,884 48,699 1,746 15,646 New York City:* 1941—Dec. 31 5 105 93 141 10 761 3 595 607 866 319 450 11,282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 ,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 ,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1957—Dec. 31 4,564 158 110 15,849 3,480 ,389 737 299 1,284 18,377 912 24 56 2,813 2 3,136 1958—June 23.... 4,418 145 76 15,305 3,084 ,261 2,946 337 1,645 16,916 1,774 28 249 3,229 483 3,214 Dec. 31.... 4,454 161 92 16,170 3,519 ,267 968 329 1,540 18,835 1,739 36 100 3,345 3,282 1959—Mar. 12.... 3,987 161 60 16,210 2,846 ,272 458 288 1,090 18,007 1,713 27 139 3,437 560 3,283 Chicago:4 1941 Dec. 31 1 021 43 298 2 215 I 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 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 ,314 43 249 302 88 4,746 34 7 7 1,423 3 733 1959—Mar. 12.... 995 30 100 4,187 1,120 44 99 279 75 4,569 32 7 11 1,384 179 729 Reserve city banks: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 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 1959—Mar. 12.... 7,722 722 2,087 34,858 6,225 285 751 2,954 902 36,534 315 124 1,452 19,831 654 5,833 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 ,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 ,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1957—Dec. 31.... 5,576 1,549 4,964 38,676 ,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 ,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 ,565 13 1,175 4,819 1,032 36,498 36 132 1,250 23,755 37 5,685 1959—Mar. 12.... 5,439 1,357 4,163 38,882 ,302 14 846 4,682 938 34,802 34 125 1,282 24,047 354 5,801 Nonmember commercial banks:3 1947 Dec 31 544 3,947 13 595 385 55 167 1,295 180 12 284 190 6 172 6,858 12 1,596 1956—Dec 31 774 4 690 18,085 521 45 440 2'238 310 15,885 171 29 546 9,449 27 2,649 1957—Dec. 31 799 4,536 18,075 511 43 427 2^282 289 15,849 138 27 603 10,546 21 2,818 1958 June 23 740 3,993 16 992 465 50 548 2 265 260 14 749 229 28 805 11,059 58 3,000 Dec. 31 808 4,633 19,300 528 43 428 2^325 331 16,999 185 27 747 11,613 20 3,027 2 Beginning June 30, 1948, figures for various loan items are shown 4 Central reserve city banks. gross (i.e., before deduction of valuation reserves); they do not add to the 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on total and are not entirely comparable with prior figures. Total loans Dec. 31, 1942, aggregated $513 million at all member banks and $525 continue to be shown net. million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not 6 Demand deposits other than interbank and U. S. Govt.t 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

754 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Month or date i m T l n o a v o e a n e n t n d a s t s t l s - j i L m u n a a o s v e n d t a e n e - d n s d t t s s - 1 j L u a o s d t a e - n d s 1 C i m n t a c r o d i n e i a m a u d r l l - s - - A t c u g u r r l a - i l - G a T U n o o . d v S b t . d . r e o O a k l t e e h r r e s s rG U T o . o v S t . o . t O he th rs er e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C n t e f a e i e d i e f b t s n i - r e - t s - - s - Notes Bonds2 O s r e i t t c h i u e e s - r b L a o t n o a k n s s ob- obliga- cun- ligations ties tions ties Total— Leading Cities 19S8 June 96,176 94,572 53,393 '29,483 489 3,198 1,338 8,858311,19031,8802,102 1,480 7,134 21,164 9,299 1,604 1959 May 96,469 94,781 56,33230,961 612 2,160 1,377 10,04112,42129,0642,384 2,374 6,769 17,537 9,385 1,688 June 96,359 94,729 57,28031,562 620 2,098 1,370 10,17512,69928,1372,041 2,135 6,552 17,409 9,312 1,630 1959 May if:::::::: 95,789 94,283 55,98930,763 606 2,205 1,369 9,97512,309 28,8921,863 2,472 6,927 17,630 9,402 1,506 97,042 95,384 56,37830,975 612 2,234 1,376 10,03812,38529,6752,910 2,431 6,791 17,543 9,331 ,658 20 96,675 94,856 56,501 31,061 613 2,163 1,382 10,06612,456 2"8",9722,467 2,305 6,708 17,492 9,383 ,819 27 96,373 94,604 56,46031,045 619 2,038 1,384 10,08512,,532 28,7182,296 2,287 6,653 17,482 9,426 ,769 June 3 96,289 94,452 56,54331,005 609 2,111 1,382 10,09912,580 28,5382,243 2,224 6,619 17,452 9,371 ,837 10 96,494 94,700 56,90931,238 618 2,128 1,378 10,14812,644 28,4532,237 2,181 6,608 17,427 9,338 ,794 17 96,535 95,229 57,897 32,017 625 2,169 1,361 10,20712:,,762 28,0722,060 2,103 6,537 17,372 9,260 ,306 96,121 94,538 57,77431,989 628 1,984 1,362 10,24612,81127,4841,623 2,034 6,442 17,385 9,280 ,583 24 New York City 1958 26,743 25,862 15,798 10,913 1,0121,119 53 359 536 2,163 7,770 954 266 1,736 4,814 2,294 881 June 1959 25,610 24,670 15,55210,754 262 1,305 401 705 2,460 6,706 1,055 419 1,783 3,449 2,412 940 May 25,502 24,612 15,758 10,926 242 ,299 391 742 2,494 6,471 1,022 351 1,667 3,431 2,383 890 June 1959 25,272 24,610 15,521 10,737 253 ,335 398 692 2,441 6,669 823 488 1,890 3,468 2,420 662 May!!::::::: 25,826 24,977 15,615 10,763 296 ,322 400 711 2,459 6,988 1,303 444 1,796 3,445 2,374 849 20 25,724 24,623 15,578 10,760 295 ,281 402 708 2,466 6,636 1,066 380 1,751 3,439 2,409 1,101 27 25,617 24,470 15,49410,755 203 ,283 403 711 2,475 6,533 1,029 362 1,697 3,445 2,443 1.147 June 3 25,554 24,432 15,495 10,683 190 ,361 398 721 2,478 6,511 1,048 356 1,674 3,433 2,426 1,122 10 25,571 24,613 15,617 10,777 272 ,285 397 735 2,487 6,610 1,149 347 1,678 3,436 2,386 958 17 25,480 24,868 16,048 11,153 316 ,268 386 760 2,501 6,473 1,035 354 1,657 3,427 2,347 612 24 25,404 24,538 15,872 11,090 190 ,281 383 752 2,512 6,292 857 347 1,659 3,429 2,374 866 Outside New York City 1958 June 69,433 68,710 37,595318,570 488 ,067 926 8,322 39,027 24,1101,148 1,214 5,398 16,350 7,005 723 1959 May 70,859 70,111 40,78020,207 611 593 937 9,336 9,96122,358.1,329 1,955 4,986 14,088 6,973 748 June 70,857 70,117 41,52220,636 619 557 938 9^433 10',205 21',6661,019 1,784 4,885 13,978 6,929 740 1959 70,517 69,673 40,46820,026 605 617 933 9,283 9,868 22,2231,040 ,984 5,037 14,162 6,982 844 May ,*::::::: 71,216 70,407 40,76320,212 611 616 938 9,327 ,6871,607 ,987 4,995 14,098 6,957 809 20 70,951 70,233 40,92320,301 612 587 940 9,358 i990 22,336\401 ,925 4,957 14,053 6,974 718 27 70,756 70,134 40,96620,290 618 552 940 9J374 10,057 22,185 ,267 ,925 4,956 14,037 6,983 622 June 3 70,735 70,020 41,04820,322 608 560 943 9,378 10,102 22,027 ,195 ,868 4,945 14,019 6,945 715 10 70,923 70,087 41,29220,461 617 571 940 9,413 10,15721,843 ,088 ,834 4,930 13,991 6,952 836 17 71,055 70,361 41,84920,864 624 585 934 9,447 10,26121,599 ,025 ,749 4,880 13,945 6,913 694 24 70,717 70,000 41,90220,899 627 513 938 9,494 10,299 21,192 766 ,687 4,783 13,956 6,906 717 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 755 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 Re- Bal- De- Indi- Indi- Demand serves Cash ances mand vid- States Certi vid- States Cap- Month or date with in with de- uals, and fied uals, and U.S. ital F.R. vault do- posits part- polit- and part- polit- Govt. From Banks mestic ad- ner- ical offi- U.S. ner- ical and Time F.R. From banks justed1 ships, sub- cers' Govt. ships, sub- Postal Do- For- Banks others and divi- checks, and divi- Sav- mes- eign cor- sions etc. cor- sions ings tic pora- porations tions Total- Leading Cities 1958 June 13,246 987 2,670 56,372 58,387 4,687 2,473 4,50123,931 1,886 14311,250 1,514 2,231 921 9,951 1959 May 12,727 998 2,407 56,336 59,696 4,382 2,040 3,574 24,920 1,555 17610,345 1,458 2,036 429 1,27710,345 June 12,719 1,012 2,43156,79160,213 4,133 2,363 2,432 25,112 1,554 17510,437 1,482 1,906 755 1,46610,359 1959 May ,!•:::::::::: 1 1 2 3 , , 9 0 0 0 6 8 1,0 9 3 2 2 2 2 2 , , 4 3 3 2 6 7 5 56 6 , , 2 1 3 8 1 4 66 5 00 8 , , 6 9 5 0 0 5 4 4 , , 2 5 2 6 2 0 2 2, , 0 1 1 6 4 0 4 2 , , 3 9 2 3 0 2 2 2 4 4 , , 8 8 7 8 9 2 1 1, , 5 5 5 4 8 4 1 1 7 7 7 5 1 10 0 , , 6 5 1 8 8 4 1 1 , , 3 4 9 1 5 8 2 2 , , 0 09 6 8 4 4 6 7 7 2 9 1 1, , 2 0 8 8 4 21 1 0 0 , , 3 3 5 2 3 3 20 12,406 993 2,506 56222 59,562 4,297 2,005 3,826 24,929 1,557 17510,296 1,510 2,013 212 1,29610,346 27 12,588 1,046 2,360 56710 59,666 4,447 1,984 3,216 24,988 1,561 177 9,883 1,507 1,971 354 1,44410,359 June 3 12,501 951 2,36156,054 58,835 4,352 2,404 2,68525,039 1,578 17410,414 1,460 1,981 581 1,61410,371 10 12,656 1,028 2, 4"0•4 57,387 60,600 4,159 2,317 ,549 '2"5,084 1,570 17510,540 1,452 1,924 739 1,68510,364 17 13,082 1,017 2,603 57,184 61,817 3,867 2,529 642 25,105 1,548 17510,822 1,509 1,905 999 1,02110,347 12,639 1,050 2,356 56,540 59,600 4,155 2,201 853 25,221 1,521 177 9,973 1,506 1,814 700 1,54210,355 24 New York City 1958 4,115 143 16,00317,392 378 1,424 1,709 3,198 235 25 3,074 1,211 1,762 405 3,192 June 1959 3,824 146 15,30816,997 356 1,005 1,181 3,338 143 2,893 1,156 1,637 469 3,275 May 3,937 143 15,64217,373 294 1,219 710 3,364 153 2,895 1,165 1,516 688 3,266 June 1959 4,027 140 15,21516,752 443 1,094 956 3,343 129 2,947 ,103 1,696 111 508 3,277 ""if::::::::::: 3,886 149 15,20217,093 313 986 1,512 3,329 145 2,904 ,121 1,661 566 3,277 20 3,581 136 15,29416,902 344 961 1,236 3,328 146 2,917 ,209 1,618 270 3,274 27 3,803 158 15,52117,239 325 979 1,020 3,350 153 2,804 ,193 1,575 534 3,270 June 3 3,702 135 15,24616,891 294 1,310 909 3,349 155 2,937 ,143 1,585 642 3,267 10 4,076 149 15,994 1177,651 313 1,250 480 3,373 157 2,889 ,134 1,529 790 3,269 17 4,031 142 15,78717,751 261 1,266 674 3,354 153 2,937 ,193 1,512 576 3,266 24 3,937 146 15,53717,195 308 1,048 779 3,379 148 2,818 ,189 1,441 745 3,261 Outside New York City 1958 June 9,131 844 2,619 40,369 40,995 4,309 1,049 2,792 20,733 1,651 118 8,176 303 469 516 6,759 1959 May 8,903 852 2,350 41,028 42,699 4,026 1,035 2,393 21,582 1,412 149 7,452 302 399 400 808 7,070 June 8,782 869 2,374 41,149 42,840 3,839 1,144 1,722 21,748 1,401 148 7,542 317 390 711 778 7,093 1959 8,981 782 2,279 41,016 42,153 4,117 1,066 1,976 21,536 1,415 150 7,637 292 402 568 574 7,076 May,!::::::::::: 9,020 883 2,389 40,982 43,557 3,909 1,028 2,808 211, 55—3 1,413 148 7,714 297 403 464 718 7,046 20 8,825 857 2,448 40,928 42,660 3,953 ,044 2,590 211,601 1,411 148 7,379 301 395 212 1,026 7,072 27 8,785 888 2,283 41,189 42,427 4,122 ,005 2,196 211,638 1,408 150 7,079 314 396 354 910 7,089 June 3 8,799 816 2,296 40,808 41,944 4,058 ,094 1,776 21,690 1,423 147 7,477 317 396 581 972 7,104 10 8,580 879 2,350 41,393 42,949 3,846 ,067 ,069 21,711 1,413 148 7,651 318 395 714 895 7,095 17 9,051 875 2,549 41,397 44,066 3,606 ,263 ,968 21,751 1,395 148 7,885 316 393 907 445 7,081 24 8,70' 904 2,298 41,003 42,405 3,847 ,153 2,074 21,842 1,373 150 7,155 317 373 640 797 7,094 i Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 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 and Period 2 t l o F iq b a o u n a o c o d d c r , o , T a l p e e a a p x n t t a h i d r l e e e r s l, , M p m u a r c e e n o t t t s a d d a 3 l - l s ch P l e c e a e m o u n t a r m i d l o c , a , - l, Other (w T re s a r h t a n a a o l d d e i l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n e ie s - c s e u P p t ( t t r o u i i i a n l o r b i n c t n t l i a l s i ) e . c - - s s C t t i r o o u n n c - - bu o ty A s t o h i p n f l e e l e r s ss c c h l N f a a ie n s e d s g t i e - s ch r w e a i e n i p n a n e d o l g k g l ' r e l l t y — rubber banks 1957—July-Dec 331 -159 -496 150 -161 -8 420 -108 183 -49 58 161 -296 1958—Jan.-June4 -658 84 146 -140 157 5-158 -283 -853 -177 56 69 5-1,758 5-1,938 July-Dec. 4, , , 522 -232 -454 -14 -121 5162 410 294 234 50 362 51,214 51,017 1959_jan.-July 1 . , -519 218 864 -162 188 284 -364 455 -141 106 145 1,075 1,217 1959—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 June6 -117 44 195 -47 32 23 -57 470 195 55 148 942 969 Week ending: 1959_Apr. 1 -22 3 60 -6 7 1 -6 115 -131 1 4 25 s 8 -59 -1 -34 9 5 20 -11 -57 -28 -3 -15 -175 -169 2 2 1 2 9 5 - - - 1 1 1 5 9 3 2 8 -1 2 1 8 1 4 - - 3 1 1 2 3 5 -2 8 j 2 8 6 0 1 - - 2 - 9 5 0 -1 4 5 3 1 3 - - 1 5 2 7 7 5 1 4 4 0 -1 2 2 8 9 0 - - 1 3 5 9 5 4 6 - 2 3 - 5 7 9 0 May 6 2 27 -10 9 12 24 -6 28 11 -12 17 102 139 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 June 3 -32 2 -1 -29 i 17 -13 44 -35 16 -1 -36 -40 10 -26 21 34 -5 5 3 -14 102 46 15 39 222 233 17 36 19 115 12 35 16 -3 271 116 20 91 727 779 24 -36 1 27 -5 4 10 -18 -81 52 2 5 -39 -28 July 1 -60 5 20 -20 12 -23 -9 134 16 1 15 67 25 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 January-June includes 25 weeks; July-December, 27 weeks. and industrial loans of all weekly reporting member banks and about 5 Figures revised; see BULLETIN for February 1959, p. 216, note 4. 75 per cent of those of all commercial banks. 6 Including week ended July 1. 2 Figures for periods other than weekly are based on weekly changes. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year Accepting banks F. R. Goods stored in or or month Placed Total Banks Im- Ex- shipped between Placed direct- l otai ports ports Dollar points in: Total through ly Others into from exdealers* ( 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 Own F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign acct. corr. States countries 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—May 3,709 946 2,763 1,441 474 372 102 42 119 806 296 396 130 371 247 June 3,373 965 2,408 1,352 396 292 104 45 113 798 282 375 121 325 248 July. 3,627 966 2,661 1,353 426 328 98 34 108 785 269 380 141 313 251 Aug. 3,371 981 2,390 1,363 416 340 75 33 91 824 256 385 131 337 254 Sept. 3,146 958 2,188 1,281 385 319 65 28 75 792 236 355 136 319 235 Oct.. 3,294 961 2,333 1,255 347 273 73 36 71 802 246 354 117 296 242 Nov. 33,203 940 32,263 1,209 290 234 55 34 75 810 251 348 94 265 251 Dec. 2,744 840 1,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959—Jan.. 3,076 875 2,201 1,133 276 226 51 40 60 756 251 346 118 168 250 Feb. 3,322 897 2,425 1,161 309 232 77 39 62 751 275 339 112 183 252 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 May 3,555 791 2,764 1,038 242 193 49 28 79 689 286 350 103 43 256 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 757 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 h e r k , , or m 4 m p P - c o a e r o t n p r i o m m c t e h i r - 6 a e s , l - * 3 p d n p - c p l i a a o a r l a t y n e p o c m n c , c e e y - t 6 e r d - - a a P b d c n e a r a c 9 i c r n y e m 0 s e k p s ' s 1 e - t , - M 3 k - e a m t r- on se t o h c n R u b a r n i i t e l t e l i w s es 9 ( i m t s - a s t o o x u n e a 1 t s b h 2 3 l - e)2 3 is - y s t u e o a e r s 5 4 - Annua A l re a a v e a ra n g d e s p , eriod lo A a l n l s 10 1 1 0 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months i yield issues 19 large cities: 1956 4.2 5.2 4.8 4.4 4.0 1957 1956 average 3.31 3.06 2.64 2.62 2.658 2.83 3.12 1958 4.3 5.5 5.0 4.6 4.1 1957 average 3.81 3.55 3.45 3.23 3.267 3.53 3.62 1958 average 2.46 2.12 2.04 1.78 1.839 2.09 2.90 Quarterly:1 19 large cities: 1958—June 1.54 1.38 1.13 .83 .881 .98 2.25 1958—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 June 4.87 5.68 5.33 5.06 4.72 Oct 3.23 2.87 2.75 2.63 2.793 2.83 3.63 New York City: Nov 3.08 2.75 2.75 2.67 2.756 2.92 3.60 1958—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 June 4.71 5.55 5.24 4.97 4.61 Feb 3.26 3.00 2.75 2.70 2.712 3.38 3.85 7 Northern & Eastern Mar 3.35 3.22 2.88 2.80 2.852 3.56 3.88 cities: Apr 3.42 3.36 2.98 2.95 2.960 3.66 4.03 1958—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 June 3.83 3.66 3.31 3.21 3.247 3.97 4.33 1959—Mar 4.49 5.54 5.06 4.71 4.35 June 4.90 5.67 5.33 5.06 4.78 Week ending : 11 Southern & Western May 30... 3.63 3.44 3.25 2.92 2.878 3.93 4.18 cities: June 6... 3.75 3.44 3.25 3.15 3.149 3.99 4.28 1958—Sept 4.54 5.55 4.99 4.63 4.23 13... 3.81 3.51 3.25 3.27 3.283 3.97 4.31 Dec 4.79 5.53 5.12 4.79 4.59 20... 3.88 3.81 3.35 3.24 3.276 3.88 4.33 1959—Mar 4.84 5.62 5.20 4 87 4.60 27... 3.88 3.81 3.38 3.22 3.281 3.98 4.36 June 5.07 5.74 5.37 5.13 4.87 i Average of daily prevailing rates. 2 Except for new bill issues, 1 Based on figures for first 15 days of month. yields are averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 3 Consists of certificates of indebtedness and selected note and bond issues. pp. 228-37. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS1 [Per cent per annum] Corporate bonds3 Stocks 5 G U o . v S t . . S g ta o t v e t . a n b d o n l d o s c 3 al By selected By Dividend / Earnings / Year, month, or week bonds ratings groups price ratio price ratio (longterm) 2 TotaH Indus- Rail- Public Pre- Com- Com- TotaH 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 1957 average.... 3.47 3.56 3.10 4.20 4.21 3.89 4.71 4.12 4.32 4.18 4.63 4.35 8.21 1958 average 3.43 3.36 2.92 3.95 4.16 3.79 4.73 3.98 4.39 4.10 4.45 3.97 5.14 1958—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 .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 4.40 4.09 4.87 4.23 4.56 4.40 4.65 3.42 Dec 3.80 3.57 3.12 4.38 4.08 4.85 4.24 4.52 4.39 4.63 3.33 5." i4* 1959—Jan 3.90 3.60 3.19 4.41 4.12 4.87 4.28 4.53 4.43 4.54 3.24 Feb 3.92 3.57 3.16 4.43 4.14 4.89 4.31 4.51 4.46 4.52 3.32 Mar 3.92 3.44 3.06 93 4.40 4.13 4.85 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 4.86 4.35 4.56 4.49 4.51 3.26 May 4.08 3.70 3.29 4.20 4.60 4.37 4.96 4.46 4.67 4.67 4.68 3.21 June 4.09 3.80 3.37 4.28 4.69 4.46 5.04 4.55 4.76 4.77 4.79 3.23 Week ending: May 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 June 6.. 4.10 3.73 3.31 4.20 4.68 4.44 5.03 4.53 4.75 4.76 4.75 3.19 13... 4.09 3.76 3.32 4.23 4.69 4.47 5.03 4.55 4.76 4.76 4.80 3.25 20... 4.09 3.82 3.39 4.29 4.70 4.46 5.04 4.57 4.76 4.76 4.81 3.25 27.., 4.10 3.88 3.45 4.38 4.70 4.47 5.04 4.57 4.76 4.78 4.81 3.24 1 Monthly and weekly yields are averages of daily figures for U. S. 4 Includes bonds rated Aa and A, data for which are not shown sepa- Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividend/price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks, on Wednesday figures. 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

758 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- Yea o r r , w m e o ek nth, t ( G U e lo r o . m n v S g t ) . - . * g n ( r h M ic a i i g d u p h e - a ) - l 3g ( C r h r p a a i o o g d t r - h e 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 Tot M al anu r D f a a b u c l - t e urin N d g o u n - - T p t r o i a o r n n ta s - - P u i l u t t i i y c b l- - T n s a a e r f n r a n i v - d d c - e e , , M in i g n- s s t h i h a n a ( o n o i r g n f d u e * s s - ) rable ice 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—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 June. 85.16 99.4 94.0 57.46 61.75 36.02 42.58 419 521 496 534 357 213 418 326 2,925 Weekending: May 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 June 6. 85.09 100.0 94.3 58.05 62.37 35.86 43.26! 420 521 492 538 353 216 413 331 2,957 13. 85.23 99.9 93.9 56.97 61.24 35.41 42.261 418 520 495 532 355 212 416 329 3,094 20. 85.21 99.2 94.0 56.96 61.24 35.86 42.001 416 518 495 529 357 210 417 320 2,625 27. 85.14 98.6 93.8 57.47 61.74 36.55 42.54' 422 525 501 537 363 213 423 323 2,954 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on bash 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 5^-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 W En e d d n o e f s 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 t r r a i t l t — h ie a s n N N ew et Y d o e r b k it f S ir b 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 r s o a i k n n e g k r s a l o n a a d n n d c s a d t r o e r a y o l i e n th r g s e ) r s e s f c o ( u r th 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 t 5 i 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 t y s . S s e e c c o u u t r h r e e i d t r i e b s y U ob . l S ig . a G ti o o v n t s . se O cu t r h i e t r ies U ob . l S ig O . a G n ti o o v n t s . sec o u O th r n e it r ies ba cr la 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—May. 4,069 141 2,856 75 ,213 244 979 June, 4,218 248 2,921 84 ,297 468 ,930 1,047 July. 4,252 149 3,021 113 ,231 306 ,903 ,080 Aug., 4,199 140 3,013 48 ,186 251 ,751 ,103 Sept 4,308 122 3,109 51 ,199 210 ,865 ,119 Oct.. 4,369 123 3,188 59 ,181 193 ,832 ,140 Nov. 4,423 124 3,245 50 ,178 210 ,923 ,148 Dec.. 4,492 146 3,285 63 ,207 234 2,071 ,159 1959—Jan.. 4,554 155 3,297 62 ,257 230 ,990 ,226 Feb.. 4,527 157 3,253 65 ,274 223 ,963 ,196 Mar. 4,597 153 3,305 55 ,292 218 1,977 ,257 Apr. r4,721 166 '3,401 55 ,320 252 2,156 ,205 May, 4,711 163 3,385 58 ,326 252 2,159 ,188 r Revised. 2 Figures are for last Wednesday of month for weekly reporting member 1 Ledger balances of member firms of the New York Stock Exchange banks, which account for about 70 per cent of all loans for this purpose. carrying margin accounts, as reported to the Exchange. Customers' debit Column 5 includes some loans for purchasing or carrying U. S. Govt. and free credit balances exclude balances maintained with the reporting securities (such loans are reported separately only by New York and firm by other member firms of national securities exchanges and balances Chicago banks). On June 30, 1956, reporting banks outside New York of the reporting firm and of general partners of the reporting firm. Bal- and Chicago held $51 million of such loans. On the same date insured ances are net for each customer—i.e., all accounts of one customer are commercial banks not reporting weekly held loans of $26 million for consolidated. Money borrowed includes borrowings from banks and purchasing and carrying U. S. Govt. securities and of $384 million for from other lenders except member firms of national securities exchanges. other securities. Noninsured banks had $33 million of such loans, Data are as of the end of the month, except money borrowed, which is as probably mostly for purchasing or carrying other securities. of the last Wednesday of the month beginning with June 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 759 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r (U. S.) End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1951....... 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 End of month-. 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—Apr.. 103,058 10,910 7,106 2,474 1,330 44,602 41,497 3,105 35,840 3,222 4,011 4,473 May. 103,508 10,889 7,036 2,502 1,351 44,774 41,656 3,118 35,956 3,241 4,038 4,610 June. 104,008 10,976 7,083 2,537 1,356 44,987 41,828 3,159 36,060 3,280 4,067 4,638 July. 104,578 11,163 7,258 2,561 1,344 45,198 42,039 3,159 36,183 3,303 4,091 4,640 Aug.. 105,054 11,244 7,300 2,597 1,347 45,351 42,200 3,151 36,323 3,355 4,114 4,667 Sept.. 105,493 11,268 7,307 2,616 1,345 45,561 42,370 3,191 36,462 3,368 4,138 4,696 Oct.. 106,053 11,299 7,319 2,641 1,339 45,876 42,689 3,187 36,648 3,388 4,162 4,680 Nov.. 106,540 11,355 7,344 2,672 1,339 46,015 42,817 3,198 36,794 3,415 4,183 4,778 Dec.. 107,419 11,250 7,205 2,685 1,360 46,411 43,052 3,359 37,097 3,349 4,204 5,108 1959—Jan... 108,145 11,620 7,485 2,744 1,391 46,602 43.237 3,365 37,211 3,393 4,225 5,094 Feb.. 108,583 11,596 7,414 2,774 1,408 46,829 43,442 3,387 37,350 3,414 4,253 5,141 Mar.. 108,945 11,479 7,229 2,840 1,410 47,093 43,672 3,421 37,486 3,450 4,284 5,153 Apr.. 109,430 11,568 7,251 2,889 1,428 47,343 43,904 3,439 37,602 3,469 4,317 5,131 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 Mort- Govt. Savings and Total 2 gages3 obliga- Cash Other 4 capital undivided tions FHLB Other profits advances 1941 6,049 4,578 107 344 775 4,878 218 38 475 1945 8,747 5,376 2,420 450 356 7,386 190 146 644 1951 19,222 15,564 1,603 1,066 899 16,107 801 93 1,453 1952 22,660 18,396 1,787 1,289 1,108 19,195 860 84 1,658 1953 26,733 21,962 1,920 1,479 1,297 22,846 947 80 1,901 1954 31,736 26,194 2,021 1,980 1,471 27,334 864 96 2,191 1955 37,719 31,461 2,342 2,067 1,791 32,192 ,412 146 2,557 1956 42,875 35,729 2,782 2,119 2,199 37,148 ,225 122 2,950 1957 48,138 40,007 3,173 2,146 2,770 41,912 ,263 116 3,363 1958 55,114 45,599 3,821 2,569 3,125 47,926 ,297 154 3,857 1958—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 Sent. 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 I959__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 Apr. 57,590 47,733 4,399 2,061 3,397 49,717 ,181 125 3,875 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

760 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 5,775 6,752 6,681 7,605 6,931 7,402 8,672 Banks for cooperatives 425 424 311 367 375 457 454 428 410 473 511 Federal intermediate credit banks2.. 633 673 590 638 689 734 935 1,040 1,228 1,247 1,169 Farmers Home Administration 539 596 648 701 681 724 832 906 903 900 819 Rural Electrification Administration. 1,742 1,920 2,096 2,226 2,348 2,488 2,688 2,732 2,774 2,820 2,874 Commodity Credit Corporation 782 1,426 3.076 2,981 2,621 2,349 1,778 2,499 1,600 1,962 3,298 Other agencies 40 31 18 (3) (3) (3) 0) (3) (3) To aid home owners, total 2,142 2,603 2,930 2,907 3,205 3,680 4,769 4,917 4,628 4,607 4,860 Federal National Mortgage Association. 1,850 2,242 2,462 2,461 2,641 3,072 3,998 4,096 3,776 3,716 3,924 O V t e h te e r r a a n g s e A nc d i m es inistration [ 292 362 I I 3 16 0 8 0 38 6 3 3 48 8 0 4 4 1 6 4 4 5 770 1 820 1 851 890 1 936 1 To industry, total 589 598 588 431 678 619 674 645 654 658 680 Treasury Department... 174 353 306 209 251 224 222 221 216 C O o th m e m r a e g rc e e n c D ie e s partment. 589 598 } 4,3 79 f { 2 1 6 1 1 2 2 1 1 9 9 1 2 2 0 1 6 7 2 2 1 0 9 3 2 1 4 9 1 1 2 1 4 9 7 0 2 1 7 8 8 7 To financing institutions 814 864 952 870 1,419 1,233 1,270 701 931 1,010 1,298 To aid States, territories, etc., total. 744 1,020 645 272 245 246 264 275 271 294 293 Public Housing Administration.. 589 894 500 112 90 106 105 107 91 106 106 Other agencies 155 126 145 160 155 140 159 167 180 188 187 Foreign, total 6,110 7,736 8,043 8,001 7,988 8,223 8,754 8,965 9,022 9,271 9,510 Export-Import Bank 2,296 2,496 2,833 2,806 2,702 2,701 3,040 3,111 3,094 3,239 3,362 Treasury Department* 3,750 3,667 3,620 3,570 3,519 3,470 3,470 3,470 3,470 3,470 3,419 International Cooperation Administration. 51,515 1,537 1,624 1,767 1,995 2,195 2,338 2,412 2,514 2,682 Other agencies 58 53 1 57 49 46 45 47 46 All other purposes, total 75 119 166 256 213 344 393 449 489 548 Housing and Home Finance Agency. 5 29 127 209 156 283 331 383 423 458 Other agencies 69 90 39 47 57 62 62 65 66 89 Less: Reserves for losses -173 -140 -203 -228 -268 -309 -367 -354 -486 -450 -368 Total loans receivable (net). 14,422 17,826 19,883 19,348 20,238 20,657 22,395 23,147 22,383 23,280 25,493 Investments: U. S. Government securities, total 2,226 2,421 2,602 2,967 3,236 3,739 3,804 4,523 4,467 4,365 4,198 Federal home loan banks 249 311 387 641 745 1,018 896 1,456 1,366 1,250 995 Federal Savings and Loan Insurance Corp.. 200 208 217 228 241 256 274 283 293 278 288 Federal Housing Administration 285 316 319 327 381 458 471 533 536 559 567 Federal Deposit Insurance Corporation.... 1,353 1,437 1,526 1,624 1,720 1,825 1,937 2,013 2,030 2,034 2,049 Other agencies 140 148 152 147 149 181 226 238 242 245 300 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 securities! 257 223 219 197 179 6249 298 333 3,696 3,703 3,703 Inventories, total 1,461 1,280 2,515 3,852 4,356 21,375 21,628 21,206 21,540 20,743 20,810 Commodity Credit Corporation.. 1,174 978 2,087 3,302 3,747 3,651 3,025 2,636 3,310 3,013 3,036 Defense Department 11,004 11,136 10,866 10,344 9,730 9,681 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 7,2 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 7,9 1 1 7 9 4 Land, structures, and equipment, total 3,358 3,213 8,062 8,046 7,822 9,985 9,962 10,020 10,459 10,422 10,670 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,535 4,568 4,589 4,550 4,721 Panama Canal Company 298 415 363 421 421 398 398 396 396 398 396 Tennessee Valley Authority 1,048 1,251 1,475 1,739 1,829 1,762 1,801 1,789 1,803 1,790 1,777 Housing and Home Finance Agency 1,284 1,202 1,040 728 450 236 88 77 32 26 25 Nat. Aeronautics and Space Administration.... 276 283 274 280 282 285 Bonneville Power Administration 311 342 345 349 371 372 General Services Administration 1,298 1,308 327 1,341 1,319 1,322 Post Office Department 590 599 599 637 637 637 Other agencies 728 345 350 360 300 613 608 644 1,033 1,050 1,134 Bonds, notes, & debentures payable (not guar.), tot: 1,369 1,330 1,182 1,068 2,379 2,711 4,662 4,749 3,812 3,981 4,038 Banks for cooperatives 170 181 150 156 185 257 247 224 207 260 303 Federal intermediate credit banks 674 704 619 640 665 721 902 992 1,181 1,211 1,124 Federal home loan banks 525 445 414 272 958 963 825 468 455 612 714 Federal National Mortgage Association 570 770 2,688 3,065 1,968 1,898 1,898 * Figures for trust revolving funds include interagency items. For all other securities to exclude, $35 million subscription to the International types of funds combined, loans by purpose and agency are shown on a Finance Corporation. gross basis; total loans and all other assets, on a net basis, i.e., after * Includes investment of the Agricultural Marketing revolving fund in reserve for losses. the banks for cooperatives; Treasury compilations prior to 1956 classified 2 Effective Jan. 1, 1957, the production credit corporations were merged this item as an interagency asset. in the Federal intermediate credit banks, pursuant to the Farm Credit 8 The National Advisory Committee for Aeronautics was transferred Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations to the National Aeronautics and Space Administration effective Oct. 1, of the banks are classified as trust revolving transactions. 1958. 3 Less than $500,000. 9 Includes $989 million due under the agreement with Germany signed 4 Figures represent largely the Treasury loan to the United Kingdom, Feb. 27, 1953, and lend-lease and surplus property balances due the and through 1952 are based in part on information not shown in Treasury United States in the principal amount of $1,799 million. com 5 p F i i l g a u ti r o e n d . erived by Federal Reserve. 1 ° Figure represents total trust interest. 6 Investment in international institutions adjusted to include, and For NOTE, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 761 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Liabilities, other than Assets, other than interagency items1 interagency items1 Date, and fund or activity Total Cash L c a r e o b e i a l v - e n - s t v o I e r n i n - e - s P d u e b b I m l n t ic v e e n s O t t s - ther L s e tu t a q a r r n u u n e d i c d s p - , , - Other a B t G u n a o r t u n e e n d a s e d r d - s d p , e a n b y o e a t n b e - l s e , l O i i a t t i b h e i e s l r - G i U n e o t . s e S v t r . t - . o v in w P a e t t r s n e e i t - r l e y - d secu- secu- ment by Other rities rities U.S. AH activities 1954_Dec. 31 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 33 1,068 4,183 35,610 508 1955—Dec. 31 45,304 1,33820,238 4,356 3.236 3.414 7,822 4,900 44! 2,379 2,703 39,583 596 1956—Dec. 31 69,653 4,99620,657 21,375 3,739 3,669 9,985 5,232 2,711 3,659 62,516 699 1957—Dec. 31 71,139 4,29122,395 21,628 3,804 3,718 9,962 5,340 49 4,662 2,916 62,391 1,121 1958—Mar. 31 72,242 4,15823,147 21,206 4,523 3,75310,020 5,436 49 4,749 3,472 62,789 1,183 June 30 72,677 4,79322,38321,540 4,467 3,73110,459 5.304 47 3,812 4,153 63,460 1,204 Sept. 30 73,772 5,87023,28020,743 4,365 3,70310,422 5,389 56 3,981 3,643 64*,864 1,229 Dec. 31 76,494 6,11025,49320,810 4,198 3,70310,670 5,509 50 4,038 3,912 677,196 1,298 Classification of agencies reporting quarterly, By type of fund and activity, Dec. 31, 1958 Public Enterprise Funds—Total 24,013 2,32711,039 4,420 909 137 3,709 1,472 50 798 2,124 21,042 Farm Credit Administration: Federal Farm Mortgage Corporation 6 6 Agricultural Marketing Act, revolving fund.. . 186 135 186 Agriculture Department: Commodity Credit Corporation 6,635 10 3,169 3,036 146| 273 1,066 5,569 Disaster loans, etc., revolving fund 124 81 39 4 124 All other 63 47 14 57 Housing and Home Finance Agency: Public Housing Administration 205 97 95 3 43 162 Federal Housing Administration 927 30 567 328 49 133 744 Federal National Mortgage Association 2,561 6 2,542 13 797 37 1,727 Office of the Administrator 950 156 561 220 6 945 Federal Savings and Loan Insurance Corporation... 302 1 288 12 17 284 Small Business Administration 540 248 281 10 7 534 Export-Import Bank 3,410 13 3,362 () () 33 14 3,396 Tennessee Valley Authority 2,110 79 47 1,777 208 34 2,076 Panama Canal Company 458 27 8 396 27 18 440 Veterans Administration 1,015 206 746 4 54 36 979 General Services Administration 1,497 28 1,295 97 77 21 1,476 Treasury Department 212 9 195 7 (3) 212 Post Office Department—postal fund 1,012 333 16 637 26 255 757 Interior Department 335 78 7 152 85 10 324 All other 1,465 826 6 477 135 420 1,044 Intragovernmental Funds—Total 11,837 1,651 9,841 232 114 57611,261 Defense Department: Army 7,495 953 6,385 108 48 145 7,350 Navy 3,195 377 2,798 21 275 2,921 Air Force 766 229 498 40 90 676 All other 381 93 160 P) I 123 5 66 315 Certain Other Activities—Total 32,577 1,801 10,138 6,549 3,563 6,729 3,789 216 32,360 General Services Administration 8,779 80 6,536 (3) i 1,21 233 20 8,760 Agriculture Department: Farmers Home Administration 746 61 663 20 7 739 Rural Electrification Administration 3,094 86 2,866 142 2 3,093 Veterans Administration 253 5 190 58 5 248 Nat. Aeronautics and Space Administration8 729 339 285 103 12 717 Interior Department 457 45 393 13 6 450 International Cooperation Administration 2,720 23 2,682 15 3 2,718 Treasury Department 10,003 3,431 3,563| 93,009 10,003 Commerce Department—maritime activities 5,385 "383 226 4 721 50 128 5,256 All other 410 140 147 34 377 Certain Deposit Funds—Total 5,031 98 1,807 3,087 () 35 1,017 942 2,187 885 Banks for cooperatives 580 20 508 43 (3) 10 303 4 221 52 Federal Deposit Insurance Corporation 2,068 3 2,049 15 102 1,966 Federal home loan banks 2,383 75 1,298 995 11 714 836 832 Certain Trust Revolving Funds—Total 3,037 233 2,509 196 98 2,224 54 346 10413 Federal National Mortgage Association 1,384 52 1,322 (3) 1,100 29 213 io 42 Federal intermediate credit banks 1,304 16 1,169 100 19 1,124 14 133 io 34 Office of Alien Property 209 149 59 1 10207 All other 139 16 18 "96 9 9 10130 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 a detailed breakdown of loans, these items have been classified by Federal Reserve on basis of information about the type of lending activity involved. statement includes a larger number oi agencies, ana tneir 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

762 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, Palyments to the public, Net Federal cash borrowing or other than debt other than debt repayt. ( —) of borrowing Excess of rects. Period r B e u c N e d e i g p t e t t s re T P f c u r l e u n u i s d p s : t ts t I G L r n a e o t n s r v s s a t : . - . 1 E p T r u f q e r t b o u o h c l a t m t e i a s l c l s . 2 : B p t e u u e n d r x e d g - s i e - t p T P t f e u u e r l n u r x n u e d s - d s s : i t - A m L d e e j n s u s t s s : t - 3 E p p t T q o u a o u b y t a t l t h a l i s e s l c . : t p p o f u a r t o o h b y ( r e m l t - i s ) c . , & ( c ( c o - d r d r r I e ) a i e e n , r a g a d b e - s e s e c i t e e n n - t , .) t a i r g n G . N e v o f n . e u v . t b n t & . y L d e s ss: O d n c e a t o b h s n t e h - 4 r b E r i o e n q c ( N p r g u ) a r a e s a o y h o t l w s t r : . - 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 4,471i -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 -6,8821 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 -12,649j 6,873 -1,494 653 7,713 Monthly: 1958—May 4,925 2,131 144 6,908 5,846 1,363 187 7,021 591 618 68 -96 June 10,785 2,069 1,167 11,685 6,621 1,562 169 8,015 i -150 140 -6 -285 July 2,946 1,111 271 3,784 6,613 1,786 487 7,912 3,670| -835 -337 70 -569 Aug 4,838 1,956 236 6,554 6,198 1,412 16 7,594 -4,128 3,017 391 51 2,575 Sept 7,208 885 155 7,936 6,633 1,397 -253 8,283 -1,040 -1,650 -338 63 -1,374 Oct 2,769 1,025 195 3,596 7,144 1,597 713 8,028 -348 3,640 -571 183 4,027 Nov 4,962 1,486 214 6,231 6,237 1,310 346 7,200 -4,432 2,867 -276 141 3,003 Dec 6,180 1,171 556 6,791 7,080 1,419 -24 8,522 -969 -166 -363 145 51 -1,732 1959_jan 4,528 759 236 5,049 6,776 1,883 1,074 7,585 -2,536 2,801 -846 101 3,546 Feb 6,576 1,637 212 7,998 6,331 1,462 -232 8,025 -28 -434 128 64 -627 Mar 8,426 1,322 162 9,581 6,461 1,451 789 7,124 2,457 -3,016 93 145 -3,253 Apr 4,258 1,302 171 5,384 6,427 1,905 328 8,005 -2,621 3,491 -665 69 4,086 M 5,425 2,479 180 7,717 6,164 1,426 -298 7,888 -171 1,247 1,148 84 15 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 t u , - t c o R i l c e T i a a c r s t o e i h o n a n - s. i ( m s o a G + s g b N a u e o ) l r a i e n , v k g n t c t e a o c . y t - e f in i & s a n G v e g N c . e o t . F r e n v u ( e t b c t - d s . y y ) t . , I d n ( p e d g c - c u i r r ) o r r o b e e , e r a s l i c a i n s s c s t e e , T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ' s s n - t Balance ( B F a a D a . v b n e a l R k p e il . s o - sits T T a L in u r x o e — r a a y a n s n - d O as n t s h e e t e ts r tions5 funds 5 debt funds) Accts. Fiscal year—1955.. -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 1,471 1956.. 1,626 2,250 309 173 -2,617 -1,623 -213 331 6,546 522 4,633 1,391 1957.. 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 ,010 1958.. -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 ,121 Semiannually: 1957—Jan.-June. 7,328 543 -36 1,090 -1,603 -6,101 60 1,163 5,590 498 4,082 ,010 July-Dec.. -6,735 34 159 1,007 21 4,371 -160 -984 4,606 481 3,084 ,041 1958—Jan.-June. 3,916 228 511 -440 -218 1,445 300 5,143 9,749 410 8,218 ,121 July-Dec.. -11,004 -1,286 -232 -121 1,144 6,579 -131 -4,788 4,961 358 3,468 ,135 Monthly: 1958—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 -7 -644 5,274 492 3,454 ,328 Mar 1,965 -130 507 6 -70 -3,069 45 -836 4,438 398 2,787 ,253 Apr -2,169 -603 355 78 491 3,319 -60 1,531 5,969 539 3,844 ,586 May -739 1,053 -432 1 -980 950 -67 -81 5,888 567 4,117 ,204 vv PPrreelliimmiinnaarryy., n.a. Not available. Budget expenditures, and payroll deductions for Federal employees re- 1 Consists primarily of interest payments by Treasury to trust accounts tirement funds. andd tto Treasury by Govt. agencies, transfers to trust accounts representing 2 Small adjustments to arrive at this total are not shown separately. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 763 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budget receipts Selected excise taxes (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period B c u N e r d i e e p - g t t e s t Old T - r ans H fe i r g s h - to R. R. fu R o n e f d - s B c T u e r o d i e p t - g a t e l s t Individual Corpo- t c a E i x x s e e - s t p m a E l x o e m e n y s - t - 7 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r s r s e . * ' f t u a r n u g d s e t 6 I t f w r u u a n s y d t m ti r r e e e - n - t ce r i e p - ts W he it ld h- Other ration acct. Fiscal year—1955 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,177 1956 68,165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 1957 71,029 6.634 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958 69,117 7J733 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 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—May 4,925 1,221 168 70 950 7,334 3,614 640 449 922 1,293 416 256 157 n.a. June 10,785 774 161 43 86 11,849 1,941 1,724 5,906 895 818 565 275 161 n.a. 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 Sept 7,208 504 188 44 175 8,119 2,093 1,815 2,267 912 549 483 265 160 1,006 Oct 2,769 365 180 21 112 3,446 1,222255 162 374 954 386 344 328 171 Nov 4,962 747 198 68 4 5,979 3,641 94 319 811 816 298 284 147 Dec 6,180 397 164 44 64 6,848 2,139 373 2,419 853 441 623 222 136 957 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 5,459 927 857 540 245 150 Apr 4,258 540 148 16 1,412 6,375 969 3,033 477 852 558 486 243 159 n.a. May 5,425 1,417 214 70 1,030 8,155 4,196 617 410 1,020 1,488 424 n.a. n.a. n.a. Budget expenditures8 Major national security Agri- Vet- culture Period Total Totals 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 i I n f a f n a n a t n d i l r c . s e In e t s e t r- ic e b e s r e e f s a i n r 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 a c u r g u n e r r l - a d - i- l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources Fiscal year—1955. 64,570 40,626 35,532 2,292 1,857 2,181 6,438 4,457 2,575 4,389 1,202 1,504 1,199 1956. 66,540 40,641 35,791 2,611 1,651 1,846 6,846 4,756 2,821 4,868 1,104 2,030 1,627 1957. 69,433 43,270 38,439 2,352 1,990 1,976 7,308 4,793 3,022 4,526 1,296 1,455 1,787 1958. 71,936 44,142 39,062 2,187 2,268 2,234 7,689 5,026 3,447 4,389 1,543 2,109 1,356 Semiannually: 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 C93 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_Apr 6,122 3,652 3,216 194 200 94 619 465 317 427 108 298 135 May.... 5,846 3,653 3,195 212 201 127 603 436 291 235 121 252 132 June.... 6,621 4,312 3,891 173 208 286 622 431 386 257 162 45 127 July 6,613 3,752 3,196 294 222 222 648 431 356 630 122 298 148 Aug 6,198 3,605 3,205 122 215 233 578 404 368 495 151 233 127 Sept 6,633 3,863 3,489 151 189 158 586 410 345 769 165 212 123 Oct 7,144 4,225 3,802 168 221 220 608 454 436 673 166 233 135 Nov 6.237 3,589 3,169 189 211 175 614 441 343 574 151 238 109 Dec 7,080 4,212 3,758 221 211 198 652 440 310 781 141 224 123 1959—Jan 6,776 3,693 3,298 163 213 212 680 445 432 798 106 310 97 Feb 6,331 3,596 3,218 143 203 176 636 440 -52 610 114 320 500 Mar 6,462 3,864 3,434 195 217 184 657 441 326 394 106 343 147 Apr 6,427 3,898 3,465 209 211 162 656 361 482 351 125 242 150 3 Consists primarily of (1) intra-Governmental transactions as de- 8 The 1960 Budget document showed certain revisions in fiscal year data. scribed in note 1, (2) net accruals over payments of interest on savings When the revisions were in classification of functions—such as the shift bonds and Treasury bills, (3) Budget expenditures involving issuance of of defense-support activities from military assistance and major national Federal securities, (4) cash transactions between International Monetary security to international affairs—the revisions were made in monthly and Fund and the Treasury, (5) reconciliation items to Treasury cash, and semiannual data. Other fiscal year revisions not available for monthly (6) net operating transactions of Govt. sponsored enterprises. and semiannual periods. 4 Primarily adjustments 2, 3, and 4, described in note 3. For more details, see the 1960 Budget document and the Treasury 5 Excludes net transactions of Govt. sponsored enterprises, which are Bulletin, Table 4. included in the corresponding columns above. 9 Includes stockpiling and defense production expansion not shown 6 Includes transfers to Federal disability insurance trust fund. separately. 7 Represents the sum of taxes for old-age insurance, railroad retire- For other notes, see opposite page. ment, and unemployment insurance. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable Total E m n o d n t o h f T d g e r o o b t s t a * s l d d g i e r r o b e s t c s 2 t Total Certifi- Bonds C v ib e o r l n e t- - Sav- T an a d x S is p s e u c e ia s l Total Bills c i e n a d t d e n e s e b s o t s - f Notes B e b l a l i e g n i 4 k - st B r r i a e c n - te k d bonds Totals b i o n n g d s s n s i o n a t g v e s - s 1941 Dec 64 3 57 9 50 5 41 6 2 0 6 0 33 6 8 9 6.1 2.5 7 0 1945 Dec 278 7 278 1 25^ 7 198 8 17 0 38 2 23.0 68 4 52 2 56.9 48.2 8.2 20 0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21 2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954 Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956 Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958 June 276 4 276 3 228 5 166.7 22.4 32 9 20.4 90.9 8.9 52.9 52.0 46.2 July 275.6 275.5 228.0 166.4 22.4 32.9 20.5 90.6 8.8 52.8 51.9 45.9 Aug .. 278.6 278.5 230.6 169.2 22.4 38.5 20.7 87.7 8.6 52.8 51.9 46.3 Sept 276 8 276 7 229 0 167 7 22 7 38 5 20 7 85 8 8 5 52 8 51 8 46 0 Oct 280.3 280.2 233.2 172.2 25.9 38.5 21.9 85.8 8.4 52.7 51.7 45.4 Nov 283.2 283.1 236.3 175.4 29.1 38.5 21.9 85.8 8.4 52.6 51.7 45.1 Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959 Jan 285.9 285.8 239.9 179.8 30.3 36.4 28.9 84.2 8.2 51.9 51.0 43.9 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 June 284.8 284.7 237.1 178.0 32.0 33.8 27.3 84.9 7.7 51.4 50.5 44.8 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $418 million on June 30, 1959) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $9,986 million on May 31, 1959. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held bv Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f i ( n a s i g n e n t i c c t e g e u l s u u e r ) d a i d - - r- S is p s t e r u c u e i s a s t l fun P is d u s s b u x l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r k m ci s a - 2 l M s b a a v u n i t n u k g a s s l p I c n a a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n v c a d a t t e ' l s S b a o v n i I n d n g s d s ivid se u O c a u l t s h ri e ti r es i M t n o v i r s e s c s 3 . - 1941 Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945_Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.5 12.7 49.4 15.5 13.2 1954—Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.2 14.4 50.0 13.7 13.9 1955—Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 23.5 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 Aug 278.6 46.3 9.7 222.6 25.3 66.4 7.5 11.9 15.3 17.0 47.9 16.3 14.9 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 765 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JUNE 30, 19591 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Issue and coupon rate Amount Issue and coupon rate Issue and coupon rate Amount Treasury bills2 Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. July 2,1959., ,600 Dec. 10, 1959 500 Oct. 1,1961 11/2 332 Feb. 15, 1964 3 3,854 J J u u l l y y 1 9 6 , , 1 1 9 9 5 5 9 9 . . , , 6 6 0 0 0 0 D D e e c c . . 2 1 2 7 , , 1 1 9 9 5 5 9 9 * 1,5 5 0 0 0 0 F Fe e b b . . 1 1 5 5 , , 1 1 9 9 6 6 2 2 3Y& 4 1,4 6 3 4 5 7 J D u e n c e . 1 15 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9. . . . . . 2 2 1 1 / / 2 2 3 3, , 8 7 1 4 7 2 J J A A A u u u u u l l y y g g g . . . 2 2 3 1 0 3 0 3 6 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 9 9 9 9 9 . . . . . , , , , . , , 4 4 4 4 4 0 0 0 0 0 1 1 1 2 2 Ce J D A r a t e p i n c r fi . . . c a 2 t 1 1 e 4 5 5 s , , , 1 1 1 9 9 9 5 6 6 9 0 0 2 2, , 0 0 5 0 0 0 3 6 0 N A A O Fe o u p c b t g v r . . . . . 1 1 1 5 5 1 5 1 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 3 2 2 2 2 3 2 n P % % / / 2 4 2 2 3 1 , , , 9 0 1 5 5 7 0 4 5 9 1 0 3 1 0 A M F M e u a a b g r r . . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 5 6 6 5 - - 7 7 1 0 . . . . . . 2 2 2 y % ^ 2 3 4 2 6 1 1 , , , , , 9 6 8 8 4 4 9 9 2 8 5 7 6 9 4 A S S e e u p p g t t . . . 2 1 3 7 0 , , , 1 1 1 9 9 9 5 5 5 9 9 9 . . . , . ; 5 3 6 0 9 0 1 6 0 A N Fe u o b g v . . . 1 1 5 5 1 , , , 1 1 1 9 9 9 5 5 6 9 9 0 3 3 1 3 % % /8 1 1 7 1 3 , , , 7 3 5 1 6 0 1 3 0 A O M c p a t r y . . 1 1 1 5 , , , 1 1 1 9 9 9 6 6 6 3 3 3 P n/ / 2 2 4 1,7 5 5 4 0 3 3 6 3 J D S u e e n p c e . t . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 7 7 7 - - - 7 7 7 2 2 2 . . . . . . . . . 2 2 2 1 1 y / / 2 2 2 2 3 1 , , , 7 6 2 1 7 9 6 6 0 Sept. 17, 1959. ,601 May 15, 1960 4 1,269 Apr. 1,1964 11/2 130 Oct. 1,1969 4 654 Sept. 21, 1959* ,502 Nov. 15, 1974 378 884 Sept. 24, 1959. ,600 Treasury notes Treasury Bonds Feb. 15, 1980 4 1,603 O O O O c c c c t t t t . . . . 2 1 8 2 1 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 9 9 9 9 . . . . 4 4 4 4 0 0 0 0 0 0 0 0 A A N O p u o ct g r v . . . . 1 1 1 5 1 , , , , 1 1 1 1 9 9 9 9 6 5 5 5 0 9 9 9 1 l 3 1 i 1 / / 4 / 2 2 2 1,1 4 1 8 7 9 9 4 3 9 8 J D N D u e e o n c c v e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 5 5 0 0 9 9 - - - 6 6 6 5 2 2 3 . . . . . . . . 2 2 2 2 V i ^ y / 4 4 8 5 3 3 1 , , , , 2 4 8 48 5 6 0 5 5 6 6 J F F M u e e n a b b y e . . 1 1 1 1 5 5 5 5, , , , 1 1 1 1 9 9 9 9 8 9 7 9 5 0 8 5 -83... 3 3 3 1 * V / 4 2 3 4 2 1 1 , , , 7 1 7 3 3 2 9 5 7 Oct. 29, 1959. 400 May 15, 1960 3V4 2,738 Sept. 15, 1961 2Y4 2,239 Panama Canal Loan.... 3 50 Nov. 5, 1959. 400 May 15, 1960 3y2 2,406 Nov. 15, 1961 21/2 11,177 Nov. 12, 1959. 400 Oct. 1, 1960 n/2 278 June 15, 1962-67... 21/2 2.111 Convertible bonds D N N e o o c v v . . . 2 1 7 3 9 , , , 1 1 1 9 9 9 5 5 5 9 9 9 . . . 4 4 4 0 0 0 0 0 0 A A M u p a g r y . . 1 1 1 5 , , , 1 1 1 9 9 9 6 6 6 1 1 1 1 3 1 y /2 4 8 4 2 , , 0 1 1 7 3 4 8 6 4 A De u c g . . 1 1 5 5 , , 1 1 9 9 6 63 3 -68... 2 2 V Vi 2 2 6 , , 8 7 1 5 9 5 A In p v r e . s tm 1 e , n 1 t 9 S 7 e 5 r - ie 8 s 0 B ... 2 Y4 7,681 * Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 757. 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 b n rk l d e e s t 2 - v b C e o r o t n i n b d - l s e Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r rs 10 AH holders: 1956—June 30 166,050 20,808 16,303 35,952 81,890 11,098 154.953 58,714 31,997 31,312 32,930 1 19 9 5 5 8 7 — _ J ju u n n e e 3 3 0 0 1 1 6 7 5 5 , , 9 5 8 7 5 3 2 2 3 2 , ,4 4 0 2 6 0 2 3 0 2 , , 4 9 7 2 3 0 2 3 0 0 , ,9 4 7 1 3 6 9 8 0 0, , 8 9 3 3 9 2 1 8 0 , . 8 2 9 8 8 0 1 1 5 6 5 6 . . 7 6 0 7 5 5 7 6 1 7 , . 0 7 3 8 3 2 4 3 1 9 , , 0 1 7 8 1 4 2 1 2 4 , , 9 7 6 3 1 2 3 3 4 0, , 7 8 5 6 6 0 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—Mar. 31 184,277 32,234 34,390 25,429 84,240 7.984 176.293 68,025 60,631 14,797 32.839 Apr. 30 188,526 34,244 34,390 27,204 84,871 7,816 180,709 70,115 62,326 14,797 33,471 U. S. Govt. agencies and trust funds: 1 19 9 5 5 7 6 — _ J ju u n n e e 3 3 0 0 8 8, , 5 2 5 3 4 6 2 1 7 3 3 0 4 3 1 5 6 5 1,282 3 3 , , 5 6 7 6 5 4 3 3 , , 3 0 4 6 5 3 4 5 , . 8 49 9 1 1 1, 9 1 2 3 7 8 1, 5 2 0 1 0 0 4 29 3 5 4 0 8 3 4 0 8 1958—June 30 9,477 173 599 1,169 4,703 2,833 6.644 899 1,565 913 3,267 Dec. 31 9,379 78 492 1,338 4,711 2,759 6,620 721 1,696 1,179 025 1959—Mar. 31 9,586 198 466 1,273 4,927 2,722 6.864 711 1,830 1,189 134 Apr. 30 9,624 93 482 1,386 4,959 2,704 6,920 618 1,916 1,192 3,194 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 '2^75' 2,484 26,347 20,995 3,881 206 1,264 1959—Mar. 31 25,497 1,496 18,650 2,868 2.484 25.497 20.146 3.881 206 1,264 Apr. 30 25,703 1,679 18,665 2,875 2,484 25,703 20,347 3,886 206 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—Mar. 31 55,103 3,699 4,819 12,453 34,007 126 54,977 8,935 34,028 7,591 4,423 Apr. 30 56,432 4,504 4,583 13,197 34,025 123 56,309 9,527 34,592 7,556 4,634 Mutual savings banks: 1956—June 30 7,735 107 37 356 6.074 1,161 6,574 247 540 1.319 4,468 1957—June 30 7,397 163 114 367 5,655 1,098 6,299 576 ,082 601 4,040 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 ,106 675 4,094 Dec. 31 6,942 139 115 538 5,268 882 6.060 300 ,229 958 3,573 1959—Mar. 31 7,149 233 193 602 5,304 818 6.331 453 ,365 883 3,630 Apr. 30 7,126 197 186 655 5.292 796 6,329 407 ,413 868 3,641 Insurance companies: 1956—June 30 11,702 318 44 760 7.789 2,791 8,911 632 ,192 1,802 5.285 1 19 9 5 5 8 7 — __ J jU u n n e e 3 3 0 0 1 1 0 0, , 9 5 3 8 6 0 2 3 5 2 4 6 1 1 3 1 6 2 6 6 4 1 8 4 7 7, , 3 2 9 7 8 7 2 2 , , 5 2 4 0 9 2 8 8. . 3 3 7 8 8 7 9 65 5 1 5 , ,7 6 7 5 5 0 1 1, , 0 0 0 2 4 2 4 5 . , 6 0 3 7 4 4 Dec. 31 10,984 726 231 731 7,255 2,042 8,943 1.158 ,976 1,156 4,653 1959—Mar. 31 10,957 615 323 712 7,320 1,986 8,971 988 2,198 1,091 4,695 Apr. 30 10,973 605 322 755 7,349 1,942 9,031 984 2,230 1,095 4,722 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—Mar. 31 75,986 25,993 9,939 7,523 30,198 2.333 73,653 36,794 17,329 3,836 15,694 Apr. 30 78,667 27,166 10,152 8,336 30,763 2,250 76.416 38,231 18.290 3,880 16,016 1 Direct public issues. panies included in the survey account for over 90 per cent of total holdings 2 Includes minor amounts of Panama Canal and Postal Savings bonds. by these institutions. Data are complete for U. S. Govt. agencies and trust funds and Federal Reserve Banks. NOTE.—Commercial banks, mutual savings banks, and insurance com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Proposed uses of net proceeds, Grossproceeds, all issuers2 all corporate issuers6 Noncorporate Corporate New capital Year or Remonth Bonds Mis- Re- tire- Total Fed- State Total cel- tire- ment U.S. eral and Pre- Com- New lane- ment of Govt.3 a c g y e 4 n- n m ic u i - - Others Total Total P li u cl b y - v P at r e i- ly f s e t r o r c e k d s m to o c n k Total money7 p o u u r s - b o a f nk s ri e t c ie u s pal offered placed poses debt, etc. 8 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,607 7,120 6,531 226 163 486 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 8C4 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—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 "i64 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 Apr 4,449 2,583 940 57 869 561 310 251 92 216 848 826 111 49 22 Proposed uses of net proceeds, major groups of corporate issuers Commercial and Real estate Manufacturing miscellaneous Transportation Public utdity Communication and financial Year or month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital10 secu- capital10 secu- capital10 secu- capital10 secu- capital10 secu- capital10 securities rities rities rities rities rities 1951 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1 441 4 1,701 67 1958 3,296 223 882 16 in 39 3,598 139 1,294 117 944 49 1958 Apr 620 12 62 1 86 293 22 40 37 40 1 May 163 26 24 5 23 303 37 11 30 74 June . 267 49 29 106 390 16 12 78 July 519 24 55 49 348 46 101 31 122 16 47 2 26 6 281 8 13 49 1 Sept 485 12 389 2 44 186 13 28 1 Oct 255 10 52 4 81 1 311 45 114 1 Nov 119 3 70 18 127 2 89 55 Dec 233 20 53 1 151 262 14 103 112 35 1959 Jan 148 17 61 6 80 2 295 2 34 221 2 Feb 123 5 105 154 3 188 62 113 1 Mar 92 6 46 1 51 331 9 102 1 Apr 267 7 88 3 27 (9) 309 10 126 2 r Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues maturing in more than one year sold for cash of flotation, i.e., compensation to underwriters, agents, etc., and expenses. in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debt are included under the uses for which the bank 4 I5;sues not guaranteed. debt was incurred. 5 Represents foreign governments, International Bank of Reconstruc- 9 Less than 5500,000. 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 767 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1957 1958 1959 1954 1955 1956 1957 1958 Manufacturing1 Total (180 corps.): Sales 88,338 105,006108,307 834105,251 27,931 28,125 25,542 25,620 25,367 28,722 29,538 Profits before taxes 10,640 14,803 13,418 349 10,524 2,972 2,966 2,308 2,249 2,436 3,531 3,898 Profits after taxes 5,549 7,564 7,094 177 5,737 1,607 1,685 1,243 1,194 1,287 2,013 2,013 Dividends 3,222 3,847 4,068 192 4,078 1,026 1,121 1,038 1,011 987 1,042 1,092 Nondurable goods industries (79 corps.):2 Sales 33,653 37,462 40,053 309 41,820 10,628 10,508 10,012 10,113 10,626 11,069 11,068 Profits before taxes 4,214 5,013 5,146 010 4,421 1,237 1,129 987 947 1,191 1,297 1,374 Profits after taxes 2,326 2,814 2,943 944 2,572 716 693 574 541 679 778 766 Dividends 1,426 1,588 1,683 776 1,785 430 487 452 440 430 463 517 Durable goods industries (101 corps.):3 Sales 54,685 67,544 68,254 525 63,430 17,303 17,618 15,530 15,506 14,741 17,653 18,470 Profits before taxes 6,427 9,790 8,272 339 6,102 1,735 1,837 1,321 1,303 1,245 2,234 2,524 Profits after taxes 3,223 4,750 4,151 233 3,165 891 992 669 652 608 1,235 1,247 Dividends 1,796 2,259 2,385 416 2,293 596 634 586 572 557 578 575 Selected industries: Foods and kindred products (25 corps.): Sales 8,886 9,236 9,984 10,592 11,085 2,696 2,703 2,632 2,760 2,828 2,865 2,784 Profits before taxes 816 868 955 1,024 1,151 282 263 250 283 310 308 285 Profits after taxes 388 414 460 497 555 135 132 119 138 149 149 136 Dividends 258 260 277 289 312 67 82 80 72 72 85 Chemicals and allied products (21 corps.): Sales 8,294 9,584 10,199 10,669 10,393 2,739 2,633 2,422 2,533 2,679 2,760 2,770 Profits before taxes 1,525 1,866 1,804 1,823 1,541 463 422 329 339 398 475 493 Profits after taxes 725 955 942 948 831 238 231 174 179 208 271 254 Dividends 582 690 737 717 175 213 182 178 172 185 180 Petroleum refining (16 corps.): Sales 10,590 11,515 12,454 13,463 12,790 3,260 3.309 3,194 2,982 3,210 3,404 3,431 Profits before taxes 1.128 1,344 1,444 1,325 941 285 '254 247 146 274 274 359 Profits after taxes 851 979 1,068 1,075 788 240 226 199 136 219 234 259 Dividends 413 438 481 512 516 129 131 130 130 127 129 133 Primary metals and products (35 corps.): Sales 16,378 20,744 22,365 22,468 19,100 5,547 5,220 4,382 4,644 4,881 5,193 5,621 Profits before taxes 1,935 3,267 3,331 2,977 2,205 691 588 391 481 562 771 821 Profits after taxes 1,015 1,652 1,727 1,540 1,163 359 323 205 255 294 409 416 Dividends 582 730 880 873 801 218 223 203 201 194 203 201 Machinery (25 corps.): Sales 11,288 12,480 13,908 15,115 14,654 3,740 3,832 3,485 3,669 3,703 3,796 3,853 Profits before taxes 1,191 1,253 1,209 1,457 1,470 329 354 304 344 395 426 423 Profits after taxes 604 637 607 729 741 169 181 151 174 204 212 212 Dividends 345 368 403 416 422 103 106 111 102 104 104 113 Automobiles and equipment (14 corps.): Sales 18,227 24,624 21,217 23,453 18,483 5,151 5,684 5,003 4,472 3,329 5,679 6,259 Profits before taxes 2,276 4,011 2.473 2,701 1,330 406 611 396 234 -15 715 1,012 Profits after taxes 1.089 1,841 1,186 1.354 706 211 340 202 101 -44 446 491 Dividends 629 872 791 805 758 198 207 198 194 183 183 184 Public Utility Railroad: Operating revenue. . 9,371 10,106 10,551 10,491 9,564 '2,676 2,582 '2,244 '2,299 '2,466 2,555 2,390 Profits before taxes. 908 1,341 1,268 '1.058 844 286 '261 '62 '144 272 366 167 Profits after taxes... 682 927 876 '737 602 '192 '200 '33 '102 195 271 100 Dividends 379 448 462 '438 410 '83 '122 96 79 77 157 120 Electric Power: Operating revenue.. 7.588 8,360 9,049 9,644 10,205 '2,343 '2,464 '2,704 '2,410 '2,469 '2,623 2,917 Profits before taxes. 2,049 2,304 2,462 2,557 '2,721 '•605H'631 768 615 650 '688 853 Profits after taxes... 1,134 1,244 1,326 1,403 1,517 '328 '358 421 349 357 390 469 Dividends 868 942 1,022 1,077 1,134 '269 281 287 276 290 303 Telephone: Operating revenue.. 4,902 5,425 5,966 6,467 6,939 1,623 1,673 1,672 1,715 1,745 1,807 1,825 Profits before taxes. 1,050 1,282 1,430 1,562 1,860 387 400 402 454 494 510 522 Profits after taxes... 525 638 715 788 921 195 203 200 226 244 251 258 Dividends 448 496 552 613 674 155 160 164 166 171 173 178 ' Revised. estimated by the Federal Reserve to include affiliated nonelectric opera- 1 New series. For description see p. 733; for back data see pp. 792- tions. 793 of this BULLETIN. Telephone. Revenues and profits are for telephone operations of the 2 Includes 17 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and 3 Includes 27 companies in groups not shown separately. the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which NOTE.—Manufacturing corporations. Data are obtained primarily together represent about 85 per cent of all telephone operations. Divifrom published company reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series (but not for figures), see pp. 215-17 of the BULLETIN for March account for about 95 per cent of all electric power operations) and are 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 obtained from reports of the Federal Power Commission, except that (electric power). Back data are available from the Division of Research quarterly figures on operating revenue and profits before taxes are partly and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 BUSINESS FINANCE CORPORATE PROFITS. TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r te o r r P b t r e a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e t s s d - Y qu e a a r r te o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 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. 766, 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. 766. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS * [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 o i . e u S v s r . t i . - N G U o o . t v r S e e t . s . c 2 e a i n v d a b O a le t c h c e ts r . I t n o v ri e e n s - Other Total G N U o o . t v S e t p . s .2 a a y n a d b l O e ac th c e ts r . F i b n e i c l t l d i a i o a t e x m i - r e a s e l Other 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 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_l 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 1959—1 122.4 247.1 34.3 19.5 2.8 102.6 80.0 7.8 124.7 1.7 78.4 12.8 31.8 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude mounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Year Total f M a i c a n t n u g u r- - M in i g n- T R r r o a a a n i d l s - port O a t t h io e n r P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i i c n n n i tu g n g d r - - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l rs 1951 25.6 10.9 .9 1.5 1.5 3.7 1.3 5.9 1958—1 7 3 3 1 7 1 2 2 3 1952 26.5 11.6 1.0 1.4 .5 3.9 1.5 5.6 2 7.8 3 2 6 1 5 2 5 1953 28.3 11.9 1.0 1.3 .6 4 6 1.7 6 3 3 7 4 2 9 5 1 6 2 4 1954 26.8 11.0 1.0 .9 .5 4.2 1.7 6.5 4 8 0 3 2 6 1 7 2 5 1955 28.7 11.4 1.0 .9 6 4.3 2.0 7.5 1956 35.1 15.0 1.2 1.2 .7 4.9 2.7 8 4 1959_1 6 9 2 7 6 1 2 2 5 1957 37.0 16.0 1.2 1.4 8 6.2 3.0 7.4 24 8.3 3 3 8 1 5 2 7 1958 30.5 11.4 .9 .8 5 6.1 2.6 7.2 34 8.3 3.4 .7 1 6 2 6 1959* 32.6 12.4 1.0 .9 2.0 5.9 104 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 769 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties ]Vonfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial properties i or quarter All Finan- All All Finanhold- cial hold- hold- cial Other ers insti- Selected Indi- ers Finan- Other Finan- Other ers insti- holder^ tutions Federal viduals Total cial hold- Total cial hold- tutions agen- and insti- ers insti- ers cies others tutions tutions 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1 3 3 4 1951 82.3 59.5 2.0 20.8 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.7 2 6 4 1 1952 91.4 66.9 2.4 22.1 84.2 58.5 46.8 11.7 25.7 17.2 8.4 7.3 2.8 4 4 1953 101.3 75.1 2.8 23.5 93.6 66.1 53.6 12.5 27.5 18.5 9.0 7 8 3 0 4 8 1954 113.8 85.8 2.8 25.2 105.5 75.7 62.5 13.2 29.8 20.0 9.8 8.3 3.3 5 0 1955 130.0 99.4 3.1 27.5 120.9 88.2 73.8 14.4 32.7 21.9 10.8 9 1 3 6 5 4 1956 144.5 111.2 3.6 29.7 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3 9 6 0 1957 156.6 119.7 4.7 32.1 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958P 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 Marp 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 Decp 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 p 175.5 134.3 5.3 35.9 164.0 120.6 101.0 19.6 43.4 29.0 14.4 11.5 4.3 7.2 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 holdings3 End of year Residential Residential or quarter Other Other Total non- Farm Total non- Farm FHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 4 906 3,292 1,048 566 4,812 3 884 900 28 1945 4 772 3 395 856 521 4 208 3 387 797 24 1951 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1 444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1 831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 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 1,375 20,812 18,687 4,575 7,660 6,452 2,068 57 Dec 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6 551 2 102 57 1958—Mar.P 23,400 17,125 4,825 3,485 8,815 4,880 1,395 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 1,440 22,165 19 927 5 047 8 160 6 720 2 181 57 Septp 24,700 18,055 5,205 3,355 9,495 5,184 1,461 22,746 20,460 5,280 8,276 6 904 2 231 55 Dec p 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,265 20,936 5,501 8,360 7,074 2 276 53 1959—Mar.P 26,130 19,012 5,660 3,317 10,035 5,633 1,485 23,638 21,282 5,674 8,423 7,185 2,305 51 p Preliminary. based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member Sources.—All-bank series prepared by Federal Deposit Insurance Bank Call Report and from weekly reporting member banks. Corporation from data supplied by Federal and State bank supervisory 3 Figures for 1941 and 1945, except for the grand total, are estimates agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 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 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 May 433 386 105 18 263 47 37,737 34,958 7,813 7,286 19,859 2,779 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDING OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total By type of lender (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l Y m e o a n r t o h r Se a a a l d s ly o - n- W se a a d it s j h o u o n s u t a - t l in l S o g a a s v n - & I c n a o n s m u ce r - - C m c o i e a m r l - - M s u a t v u - al justed ! ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941., 4,732 1,490 404 1,165 218 1945., 5,650 2,017 250 1,097 217 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952., 18,018 6,452 ,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 ,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 ,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 ,799 5,458 1,824 1958 12,346 4,096 5,251 45,599 2,210 7,093 36,296 1957. 24,244 9,217 ,472 4,264 1,429 1958. 27,388 10,516 ,460 5,204 1,64a 1958 1958 May 1,019 346 406 41,751 1,789 6,981 32,981 June 1,107 379 461 42,333 1,833 6,995 33,505 Apr.. 1,993 2,022 787 106 385 103 July 1,180 374 511 42,866 1,901 7,012 33,953 May. 2,087 2,151 845 113 418 120 Aug 1,180 373 538 43,423 1,940 7,034 34,449 June. 2,192 2,275 910 110 429 140 Sept 1,215 401 537 43,997 2,007 7,031 34,959 July., 2,291 2,543 986 125 491 165 Oct 1,290 428 570 44,602 2,084 7,053 35,465 Aug.. 2,413 2,535 995 130 476 169 Nov 1,053 345 469 45,067 2,155 7,062 35,850 Sept.. 2,488 2,596 1,022 136 493 170 Dec 1,136 376 488 45,599 2,210 7,093 36,296 Oct.. 2,576 2,857 1,086 150 558 175 Nov.. 2,652 2,432 932 128 474 154 1959 Dec. 2,629 2,629 983 143 508 165 Jan 1,013 317 442 46,009 2,277 7,109 36,623 1959 Feb 1,012 326 429 46,436 2,331 7,127 36,978 Mar 1,257 439 515 47,029 2,392 7,117 37,520 Jan.. 2,677 2,352 870 121 454 123 Apr 1,359 480 562 47,733 2,466 7,126 38,141 Feb.. 2.631 2,245 865 106 426 113 May 1,434 522 601 48,483 2,532 7,136 38,815 Mar., 2,683 2,586 1,059 116 492 112 Apr.. 2,776 1,148 1 115 553 124 ! 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 1 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning 1958 includes shares pledged against mortgage loans. serve. Source.—Federal Home Loan Bank Board. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 771 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month mortgages P e r c o t- j- P e i r m r o ty p - - mortgages End of G un o d v e e r r w nm rit e t n e t n - Con- Total p e N r r t o e i w e p s - p e is E r r t t o i x i n e p - g s - g m a ty g o p e r e s t- * p lo m r a o e n v n s e t 2 - Total 3 p e N r r t o e i w e p s - p e is E r r t t o i x i n e p - g s - y q e u a a r r t o e r r Total FHA- VA- ti v o e n n a - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1950.... 4,343 1,637 856 1,157 694 3,072 1,865 1,202 1945 18.6 4.3 4.1 .2 14.3 1951 3,220 1,216 713 582 708 3,614 2,667 942 1952 3,113 969 974 322 848 2,719 1,823 890 1950 45.2 18.9 8.6 10.3 26.3 1953 3,882 1,259 1,030 259 ,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—May 431 110 201 55 65 73 57 15 1958* 117.8 50.1 19.7 30.4 67.7 June 551 126 217 128 81 97 71 27 July,.... 524 132 236 98 58 127 83 43 1957_Sept 105.7 46.5 16.1 30.4 59.2 S A e u p g t. 7 5 5 9 6 9 1 1 6 2 0 8 3 2 2 4 0 3 1 14 7 6 0 1 5 3 8 0 1 18 5 9 6 1 9 0 1 7 6 8 4 2 Dec 107.6 47.2 16.5 30.7 60.4 Oct 641 174 327 58 83 239 140 99 1958—Mar.p... 109.3 47.7 17.1 30.6 61.6 Nov. 559 165 292 31 71 216 135 81 June p . . 111.6 48.3 17.7 30.6 63.3 Dec 624 190 320 24 89 257 174 82 Sept."... 114.6 49.1 18.6 30.5 65.5 1959—Jan 700 217 369 37 77 276 194 81 Dec.P. . . 117.8 50.1 19.7 30.4 67.7 Feb........... 598 196 311 37 54 238 174 64 1959— Mar.P. .. 120.6 51.3 20.9 30.4 69.3 Mar. 643 211 319 33 81 260 201 59 Apr 639 196 294 80 69 231 179 52 May 652 186 29! 86 211 161 50 P Preliminary. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Sources.—Federal Home Loan Bank Board, Federal loans in amounts of more than $1,000 need be secured. Housing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) (during mit- Ad- Repay- End of year period) ments Year or month vances ments or month Total F su H in re A - d - a g n V u t A a ee r - d - ch P a 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- Nfav 3,928 ,342 2,586 33 109 1,001 1958—May.. 56 68 803 288 515 June 3 753 ,309 2,444 22 176 1,142 June.. 178 50 929 372 557 July 3,703 ,300 2,403 17 51 1,308 July... 108 137 901 392 509 Aug • «..• 3 683 ,298 2,385 22 23 1,543 Aug... 100 62 939 427 512 Sept 3,693 ,320 2,373 37 8 1,674 Sept.. 119 48 ,010 490 520 Oct 3,729 ,353 2,376 59 1 1,669 Oct.... 126 52 ,083 545 538 Nov .,....,. 3 791 ,405 2,386 82 1 1,640 Nov... 86 47 ,123 576 547 Dec 3 901 ,483 2,418 134 1 1,541 Dec... 229 53 ,298 685 613 1959—Jan 4,012 ,564 2,468 150 1,432 1959—Jan.... 98 251 ,146 599 547 Feb 4,188 ,664 2,523 176 1,291 Feb.. . 50 94 ,101 559 542 Mar 4 340 ,740 2,600 175 1 ,182 Mar... 83 96 ,087 531 556 Aor 4V308 ,831 2;677 193 063 Apr.. . 157 62 ,183 570 612 Mav 4,641 .900 2,740 154 982 May. . 116 53 ,246 596 650 i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 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 e i r e a r n R l n o d i e a z p m a n a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u r n g t e s S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1951 22,617 15,294 5,972 4,880 1,085 3,357 7,323 1,934 3,605 1,784 1952 27,401 19,403 7,733 6,174 1,385 4,111 7,998 2,120 4,011 1,86? 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 2.00& 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 Mav 42,985 32,910 14,613 8,158 2,038 8,101 10,075 3,476 4,010 2,589- 43,079 33,008 14,590 8,190 2,048 8,180 10,071 3,482 4,012 2,577 July 42,923 33,074 14,567 8,197 2,061 8,249 9,849 3,373 3 927 2,549 43,128 33,165 14,514 8,254 2,091 8,306 9,963 3,453 3,956 2,554 Sept . 43,144 33,079 14,332 8,312 2,107 8,328 10,065 3,495 4,033 2,537 Oct 43,164 33,052 14,164 8,411 2,128 8,349 10,112 3,414 4,191 2,507 Nov 43,464 33,126 14,066 8,528 2,146 8,386 10,338 3,499 4,297 2,542 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 2,753s 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 M^ay. 45,790 35,029 14,991 8,911 2,198 8,929 10,761 3,779 4,220 2,762 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 19476 of purchasing automobiles and other consumer goods, whether held by and a general description of the series are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1948-57, in the BULLETINS individuals of automobiles or other consumer goods that may be used for October 1956, pp. 1035-42, December 1957, pp. 1420-22, and Novemin part for business. ber 1958, pp. 1344-45. A detailed description of the methods used to 2 Represents repair and modernization loans held by financial institu- derive the estimates may be obtained from Division of Research and tions; holdings of retail outlets are included in other consumer goods Statistics. paper. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n 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 o a m m i n n e e c - - s r e 1 Other i Total D s m t e o p e r a n e r s t t 2 - F st t u u o r r r n e e i s - H s a a h t p o o n o p u r c l l e s d e i e s - - d m A ea o u l b e t r o il s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 .. . 6 085 4 480 1,726 1,797 198 759 1 605 320 496 206 188 395 1945 2 462 1 776 745 300 102 629 686 131 240 17 28 270 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 ,107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 1,124 2,137 777 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 1,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 ,072 4,508 ,511 1,044 365 487 [ 101 1956 31,827 27,084 11,707 9,100 2,014 3,056 ,207 4,743 L408 1,187 377 502 I 26£ 1957 34,095 29,427 12,753 9,573 2,429 3,333 ,339 4,668 1,393 1,210 361 478 1,226. 1958 33,865 28,943 12,730 8,740 2,664 3,381 ,428 4,922 1,702 1,220 360 425 I 215 1958 May 32,910 28,703 12,467 9,129 2,478 3,277 ,352 4,207 1,278 1,092 341 446 I 050- June 33,008 28,774 12,520 9,105 2,510 3,283 ,356 4 234 1,310 I 093 339 444 I 048 July 33,074 28,917 12,606 9,121 2,545 3,292 1,353 4,157 1,241 1,093 338 443 I 042 Aug . 33,165 28,983 12,655 9,083 2,578 3,294 ,373 4,182 ,251 1,110 340 440 [,041 Sept 33,079 28,758 12,607 8,891 2,591 3,280 1,389 4 321 1,393 I 110 344 433 I 041 Oct 33,052 28,666 12,612 8,777 2,613 3,274 1,390 4,386 1,426 1,126 346 427 I 061 Nov 33,126 28,648 12,617 8,708 2,628 3,281 L 414 4 478 1,474 I 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 1,215 1959 Jan 33,768 29,016 12,856 8,733 2,639 3,374 1,414 4,752 [,615 I 183 356 425 1 173 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 1 HI Apr 34,453 29,825 13,312 8.921 2,754 3,379 1,459 4,628 1,582 .127 347 439 1 133 May 35,029 30,333 13,568 9,089 2,802 3,385 I 489 4,696 I 606 1,128 349 448 I 165 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 773 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct g O p c o a o t o p h n d e e - r r s e R m l r t o a e n i o n a p o iz n d d a n a s i - r - l P o e a r n - s E o n r d m of o n y t e h ar i c T m n r s o e e t t d a n a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m R iz l o o a e a d n a p ti e n d a o r s i n n r - s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1951 3,654 2,863 452 63 276 1951 5,771 1,135 1,311 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 ,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,707 3,651 2,075 2,394 1,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,753 4,130 2,225 2,467 1,580 2,351 1958 8,740 6,404 1,567 19 750 1958 12,730 3,938 2,191 2,324 1,613 2,664 1958—May, 9,129 6,888 1,520 20 701 1958 May 12,467 3,954 2,214 2,289 1,531 2,479 June, 9,105 6,844 1,532 20 709 June . 12,520 3,957 2,223 2,281 1,540 2,519 July. 9,121 6,795 1,592 21 713 July 12,606 3,967 2,228 2,300 1,551 2,560 Aug. 9,083 6,730 1,612 23 718 Aug 12,655 3,977 2,221 2,304 1,570 2,583 Sept. 8,891 6,601 1,551 20 719 Sept 12,607 3,948 2,198 2,274 1,583 2,604 Oct.. 8,777 6,477 1,560 19 721 Oct 12,612 3,925 2,178 2,287 1,603 2,619 Nov. 8,708 6,395 1,571 19 723 Nov 12 617 3,917 2,169 2,296 1,614 2,621 Dec, 8,740 6,404 1,567 19 750 Dec 12,730 3,938 2,191 2,324 1,613 2,664 1959—Jan.. 8,733 6,391 1,566 19 757 1959—Jan 12,856 3,962 2,216 2,372 1,605 2,701 Feb.. 8,724 6,394 1,548 19 763 Feb 12,884 3 993 2,239 2,342 1,594 2,716 Mar. 8,780 6,429 1,561 21 769 Mar 13,028 4,049 2,282 2,340 1,598 2,759 Apr., 8,921 6.543 1,582 20 776 Apr n 312 4 154 2,345 2,361 I 616 2 836 May 9,089 6,679 1,605 22 783 M!ay 13,568 4,244 2,395 2,395 1,649 2,885 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONTNSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m i R z l o o a e a n d a p ti n d e a o s r i n r n- s l P o o a e n n r a - s l E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a i - l t l t - C m ( o s m i e n n - g t le lo -p a a n y s - ) D a e- c (c c h o a u r n g t e s) S c e r r e v d i i c t e mer- Other part- Other cial ment 1939 789 81 24 15 669 banks stores! 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1951 2,699 373 233 134 1,959 1941 3,087 693 152 275 1,370 597 1952 3,346 452 310 188 2,396 1945 3,203 674 72 290 1,322 845 1953 4,038 538 370 247 2,883 1954 4,510 539 375 282 3,314 1951 7,323 1,684 250 698 2,907 1,784 1955 5,406 761 537 326 3,782 1952 7,998 1,844 276 728 3,283 1,867 1956 6,277 948 648 403 4,278 1953 8,238 1,899 288 772 3,352 1,927 1957 7,101 1,106 622 491 4,882 1954 8,724 2,096 312 793 3,515 2,008 1958 7,473 1,173 619 513 5,168 1955 9,712 2,635 367 862 3,717 2,131 1956 10,270 2,843 410 893 3,842 2,282 1958 May 7,107 1,111 588 487 4,921 1957 10,679 2,937 428 876 3,953 2,485 June . ... 7,149 I 122 587 488 4,952 1958 11,200 3,057 486 907 4,111 2,639 July 7,190 1,134 591 489 4,976 AUK 7,245 1,146 596 498 5,005 1958—May 10,075 2,933 543 584 3,426 2,589 Sept 7,260 1,152 599 504 5,005 June 10,071 2,998 484 575 3,437 2,577 Oct 7,277 1,157 605 506 5,009 July. 9,849 2,968 405 533 3,394 2,549 Nov 7,323 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 1,185 631 508 5,192 Apr 7,592 .205 645 513 5,229 1959—Jan.. 10,647 3,030 434 757 3,747 2,679 May • . • 7,676 .225 663 527 5,261 Feb.. 10,320 3,075 488 637 3,367 2.753 Mar. 10,260 3,100 518 608 3,275 2,759 Apr., 10.463 3,181 493 601 3,396 2,792 NOTE.—Institutions represented are consumer finance companies, credit May, 10,761 3,222 557 609 3,611 2,762 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

774 CONSUMER CREDIT 1NSTALMEN1 CREDO 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 r e n p iz a a i t r i o a n n d loans Personal loans Year or month Adjusted j U u n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1951 23,576 8,956 7,485 841 6,294 1952.... 29,514 11,764 9,186 1,217 7,347 1953 31,558 12,981 9,227 1,344 8,006 1954 31,051 11,807 9,117 1,261 8,866 1955 39,039 16,745 10,634 1,388 10,272 1956.... 40,063 15,563 11,590 1,568 11,342 1957 42,426 16,545 11,626 1,662 12,593 1958 40,497 14,154 11,747 1,620 12,976 1958 May 3,246 3 371 1,094 1,199 992 1 000 134 144 1,026 1,028 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 A.us •. 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 ,005 1,075 143 159 1,104 1,068 Nov 3,594 3,338 1,276 1,091 ,041 1,054 142 141 1,135 1,052 Dec 3,720 4,350 1,420 ,360 ,002 1,435 134 131 1,164 1,424 1959 Jan 3,799 3,321 1,437 1,248 ,047 886 146 111 1.169 1,076 Feb 3,816 3,247 1,454 1,258 ,057 839 141 111 1,164 1,039 Mar 3,749 3 786 1,414 1,476 ,058 982 151 141 1,126 1,187 3,939 4,022 1,502 ,580 ,126 1,074 158 156 1,153 1,212 May 4,045 4,053 1,497 ,568 ,154 1,124 171 178 1,223 1,183 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 May 3,338 3,349 1.284 1,277 940 966 124 123 990 983 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 ,056 1,008 Sept 3,376 3,383 ,246 1,287 949 935 140 142 ,041 1,019 Oct 3,418 3,502 1,281 1,341 964 976 134 138 ,039 1,047 Nov 3,447 3,264 ,243 1,189 1,001 937 124 123 ,079 1,015 Dec 3,414 3,611 ,262 1,295 953 956 129 132 1,070 1,228 1959- Jan 3,412 3,418 ,252 1,224 956 1,012 130 131 ,074 1,051 Feb 3,483 3,264 1,281 1.190 981 953 127 120 1,094 1,001 Mar 3,431 3,594 ,265 ,324 983 1,028 126 130 1,057 1,112 4pr 3,516 3,512 ,282 ,269 1,006 1,018 136 134 1,092 1 091 May 3,602 3,477 .320 .263 1,003 990 134 129 .145 1,095 Change in outstanding credit1 1951 + 591 -102 + 81 + 69 + 543 J952 +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 May -92 +22 - 190 -78 + 52 + 34 + 10 +21 +36 +45 June -129 +98 -183 -23 +7 + 32 + 10 +50 +79 J A ul u y g + -3 1 7 3 + + 6 9 6 1 - - 1 1 3 2 4 4 - - 2 5 3 3 + + 7 1 1 7 + + 5 7 7 + + 1 3 8 + + 3 1 0 3 + + 6 5 7 8 + + 6 5 9 7 Sept ... . -50 -86 -164 -182 +56 + 58 +2 + 16 +56 +22 N O o c v t + + 1 3 4 3 7 + -2 7 7 4 + -8 3 2 3 -1 -9 6 8 8 + + 4 4 1 0 + + 1 9 1 9 7 + + 1 9 8 + + 2 1 1 8 + + 6 5 5 6 + + 2 3 1 7 Dec + 306 +739 + 158 +65 +49 + 479 + 5 +94 + 196 1959 Jan + 387 -97 + 185 +24 +91 -126 + 16 -20 +95 +25 Feb + 333 -17 + 173 +68 +76 -114 + 14 -9 -4-70 + 38 Mar + 318 + 192 + 149 + 152 +75 -46 +25 + 11 +69 +75 Apr +423 + 510 + 220 + 311 f 120 +56 +22 +22 + 61 + 121 May +443 + 576 + 177 + 305 + 151 + 134 + 37 +49 + 78 + 88 1 Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of records of retail outlets and financial institutions and often include charges the BULLETIN for October 1956; for 1955-57, in the BULLETINS for Decem- incurred under the instalment contract. Renewals and refinancing of ber 1957, pp. 1420-22, and November 1958, pp. 1344-45. loans, repurchases and resales of instalment paper, and certain other A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit a description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 775 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r ti 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 May 3,246 3,371 1,150 1.227 712 743 820 827 564 574 June 3,262 3,477 1,168 ,278 685 776 841 872 568 551 July 3,328 3,483 1,255 ,320 753 851 853 875 467 437 3,416 3,385 1,249 ,235 714 756 889 858 564 536 Sept * 3,326 3,297 1,206 ,209 632 656 873 831 615 601 Oct 3,451 3,475 1,272 ,261 732 738 885 864 562 612 3,594 3,338 1,321 ,160 758 687 911 857 604 634 Dec 3,720 4,350 1,330 ,357 827 855 935 1,143 628 995 1959 Jan 3,799 3,321 1,443 ,333 883 753 903 803 570 432 Feb. * 3,816 3,247 1,395 ,227 865 723 922 824 634 473 Mar 3,749 3,786 1,367 ,426 883 883 900 941 599 536 Apr 3,939 4,022 1,455 ,555 941 933 908 939 635 595 May 4,045 4,053 1,472 .511 940 940 990 966 643 636 Repayments 1951 22,985 8,385 5,524 4,385 4,691 1952 . .... 25,405 9,370 5,925 5,012 5,098 1953 27,956 10,625 6,344 5,683 5,304 1954 30,488 11,469 7,043 6,511 5,465 1955 33,649 12,304 7,901 7,553 5,891 1956 37,194 13,320 8,943 8,603 6,328 1957 40,158 14,259 9,727 9,673 6,499 1958 40,727 14,551 9,774 9,958 6,444 1958 May 3,338 3,349 1,197 1.204 830 814 802 800 509 531 June . 3,391 3,379 1,220 1,225 801 800 823 830 547 524 July 3,365 3,417 1,203 1,234 828 835 821 834 513 514 3,403 3,294 1,220 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 1,230 1,256 800 852 841 847 547 547 Nov 3,447 3,264 1,228 1,155 785 756 855 811 579 542 Dev 3,414 3,611 1,196 [,244 782 823 864 993 572 551 1959 Tan 3,412 3,418 1,210 1,207 789 760 870 849 543 602 Feb. i 3,483 3,264 1,262 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 May 3,602 3,477 1,300 1.255 819 772 915 882 568 568 Change in outstanding credit2 19*51 .. .. + 591 -27 -57 +403 +272 1952..... +4,109 + 1,753 + 1,057 +647 +652 1953 + 3,602 + 1,474 + 1,216 +692 +220 1954 +563 -202 +217 +472 +76 1955 +5,390 + 1,805 +2,299 +896 +390 1956 +2,869 + 1,106 +657 +871 +235 1957 +2,268 + 1,046 +473 +824 -75 1958 -230 -23 -833 +372 +254 1958 May -92 +22 -47 + 23 -118 -71 + 18 +27 +55 +43 June -129 +98 -52 +53 -116 -24 + 18 +42 +21 +27 July -37 +66 + 52 + 86 -75 + 16 + 32 +41 -46 -77 Aug .« + 13 +91 +29 +49 -92 -38 +44 +55 + 32 + 25 Sept ! -50 -86 -33 -48 -197 -192 +36 + 15 + 144 + 139 Oct +33 -27 +42 +5 -68 -114 +44 + 17 + 15 +65 + 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 +423 +510 + 194 +284 + 133 + 141 +43 +76 + 53 +9 +443 + 576 + 172 +256 + 121 + 168 +75 +84 +75 + 68 1 Data on extensions and repayments have been adjusted to avoid A discussion of the composition and characteristics of the data and duplications resulting from large transfers of other consumer goods paper. a description of the methods used to derive the estimates are shown As a result, the differences between extensions and repayments for some in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment types of holders do not equal the changes in outstanding credit. credit extended and repaid are based on information from accounting 2 Obtained by subtracting instalment credit repaid from instalment records of retail outlets and financial institutions and often include charges credit extended, except as indicated in note 1. incurred under the instalment contract. Renewals and refinancing of NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit 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 e a r n d 1 9 N 5 o 6 v ; e fo m r b 1 e 9 r 5 1 5 9 -5 58 7 , , p in p . t h 1 e 3 B 4 U 4- L 4 L 5 E . TINS for Decem- repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

776 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise noted. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In ( d ph u y st s r i i c a a l l p v r o o l d u u m c e t ) i * on aw C a o r c d n o e s n d t t r r u a ( c v c t a t i s l o u n e)1 Employment and payrolls2 Depart- Wholeor Y m e o ar nth Total Tot M al an r u D a f b a u l c - e ture N r s a d o b u n l - e - M era in ls - Total R d t e e ia s n l i - - o A th l e l r N p m t a c e u l g u o m o e r r l n n a y - i - - i - t - pr E o M m d m a u p e n c l n u t o i t f y o a - n c tu w r o in r P r k g o a e l y r ls s - F i l r c n o e a g a i r g d s - * h - t v s ( m s r a a t e l l o e e t u a r n s e e i t * ) l p s C r u i o m c n e e - s r 2 m p c r s o o i a c d m l e i e t s - y 2 Ad- Unad- Ad- Ad- Ad- Ad- Unad- Unad- Unad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61 3 68 7 31 1 90 27 74 0 1920 41 39 42 36 53 34 18 45 61 9 69.0 37.1 98 32 85 7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58 5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64.3 66.9 32.6 107 34 72 9 1924 44 43 43 42 57 51 57 46 63 5 62 1 30 4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67.5 65.5 33.0 115 37 75.6 65.0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 67 9 64 2 32 8 112 37 73 3 62 9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73 3 61 9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60 3 50 2 21 5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53.4 42.6 14.8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53.6 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58 8 55.1 20 4 67 27 57 2 48 7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58 7 52 0 1936 56 55 49 61 63 30 22 35 65.8 63.9 27.2 81 32 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51 1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50.1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62 9 56 8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 49 69.7 64.2 1943 127 133 162 103 87 37 24 45 96.3 121 4 99 0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75 2 67 6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83 4 78 7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 104 103 104 102 106 102 98 105 101.6 102 8 105 1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 99 101.8 99.2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 107 102.8 103.1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 112 111.0 114.8 1952 124 125 136 114 114 183 183 183 110.4 106 3 136 6 95 114 113 5 111 6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 118 114.4 110.1 1954 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 118 114.8 110.3 1955 139 140 155 126 122 261 280 248 114 4 105.6 152 9 95 128 114 5 110 7 1956 143 144 159 129 129 199 199 199 118.3 106.7 161.4 97 135 116.2 114.3 1957 143 145 160 130 128 101 101 101 119.2 104.4 162.7 90 135 120 2 117 6 1958 134 136 141 130 117 111 114 108 115.5 94.3 148.8 78 136 119.2 1958 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 Aus 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 7 119 5 Mar 147 149 150 160 140 123 126 143 114 117.6 98.2 98.0 165.1 85 138 123 7 119 6 Apr 150 r152 153 164 142 r124 142 170 123 118.6 99.5 98 4 167 0 87 141 123 9 120 0 May 153 153 156 169 144 126 133 155 118 119.2 100.9 99.4 169.6 89 PI 44 124 0 119 8 June ^159 P\12 ^146 H01.6 ^172.8 P87 e145 e Estimated. v Preliminary. r Revised. Research and Statistics. * Average per working day. 2 The indexes of employment and payrolls, wholesale commodity prices, 1 Indexes beginning 1956 are based on data for 48 States from F. W. and consumer prices are compiled by the Bureau of Labor Statistics. Dodge Corporation, 1956-57= 100. Figures for earlier years are three- Nonagricultural employment covers employees only and excludes personmonth moving averages, based on data for 37 States east of the Rocky nel in the armed forces. The consumer price index is the revised series, Mountains, 1947-49= 100; the data for 1956 on this basis were: Total, reflecting, beginning January 1953, the inclusion of some new series and 268; Residential, 271; and all other, 266. A description of the old index, revised weights; prior to January 1953, indexes are based on the "interim including seasonal adjustments, may be obtained from the Division of adjusted" and "old" indexes converted to the base 1947-49= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 777 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average = 100] 947^9 a A v n e n ra u g a e l 1958 1959 Industry p po ro r- tion 1957 1958 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL 100.00 143 134 128 132 134 136 137 138 141 142 143 145 147 150 153 MANUFACTURES—TOTAL 90.02 145 136 130 134 136 138 139 140 143 144 145 148 150 153 156 Durable Manufactures—Total 45.17 160 141 134 139 141 144 145 146 151 152 153 157 160 164 169 Primary metals 6.70 131 104 91 103 102 109 113 122 123 123 125 138 146 149 154 Metal fabricating 28.52 176 155 148 151 154 156 ?55 156 163 165 166 168 770 773 775 Fabricated metal products 5.73 139 128 120 125 129 132 1.5 133 136 136 136 135 138 142 147 Machinery 13.68 168 145 137 141 144 147 148 147 150 152 154 158 159 163 169 Nonelectrical machinery 9.04 150 127 122 125 125 126 129 130 133 132 132 138 142 145 149 Electrical machinery 4.64 204 179 167 171 181 188 186 180 183 190 199 198 192 198 208 Transportation equipment 7.54 213 187 182 185 185 186 178 183 203 204 204 204 207 211 214 Autos, trucks, and parts 4.80 128 99 93 95 96 96 82 91 119 123 124 123 128 132 136 Other transportation equipment 2.74 344 319 314 320 318 321 322 321 327 322 322 322 322 '326 328 Instruments and related products 1.29 172 164 158 160 162 162 166 169 173 175 176 179 181 183 190 Clay, glass, and lumber products 5.91 133 129 123 128 132 135 136 134 137 136 136 137 143 149 154 Stone, clay, and glass products 2.82 155 145 139 145 152 150 157 149 151 148 147 149 158 166 170 Lumber and products 3.09 114 115 109 113 114 120 118 120 125 125 127 126 129 133 139 Furniture and misc. manufactures 4.04 132 127 122 126 129 130 132 134 134 131 135 755 138 143 147 Furniture and fixtures 1.64 120 119 113 116 119 123 126 127 129 127 133 132 135 138 142 Miscellaneous manufactures 2.40 140 133 129 132 135 134 137 138 137 134 137 137 141 '147 150 Nondurable Manufactures—Total... 44.85 130 130 126 129 132 133 133 134 135 135 137 139 140 142 144 Textiles and apparel 11.87 105 103 99 102 107 108 109 HI 110 110 112 114 115 119 122 Textile mill products 6.32 99 98 92 95 101 103 103 104 104 104 106 108 110 115 118 Apparel and allied products 5.55 111 110 106 110 115 114 116 118 117 116 118 120 121 '123 127 Rubber and leather products 3.20 118 113 104 114 116 119 119 126 123 124 128 129 123 725 Rubber products 1.47 135 125 113 125 125 132 136 133 141 140 142 150 156 135 134 Leather and products 1,73 104 102 97 100 104 103 104 108 113 108 109 109 106 112 Paper and printing 8.93 148 147 143 146 148 150 150 153 152 150 153 155 156 158 161 Paper and allied products 3.46 158 160 153 157 163 166 167 171 168 166 167 172 173 '176 180 Printing and publishing 5.47 141 139 137 138 138 140 140 142 142 139 144 145 145 147 149 Newsprint consumption 1.85 131 126 124 125 126 128 127 131 130 120 129 131 130 135 135 Job printing and periodicals 3.62 146 146 144 145 145 147 146 148 149 150 152 152 153 '153 155 Chemical and petroleum products 9.34 172 770 165 168 171 174 174 175 177 180 182 184 '187 188 797 Chemicals and allied products 6.84 184 184 178 181 184 186 187 189 192 194 196 199 '201 '204 209 Industrial chemicals 2.54 203 195 182 187 193 196 204 209 212 214 216 222 226 231 Petroleum and coal products 2.50 141 134 129 131 136 139 135 137 139 142 143 144 149 143 Foods, beverages, and tobacco 11.51 112 115 114 116 116 116 116 116 117 117 118 120 120 '727 727 Food and beverage manufactures 10.73 112 115 114 116 116 116 115 115 116 117 118 119 119 '120 121 Food manufactures 8.49 112 115 114 116 116 116 116 115 116 116 117 119 120 120 121 Beverages 2.24 113 116 114 116 114 115 114 115 119 121 121 121 117 122 Tobacco manufactures .78 111 118 115 116 121 121 121 120 126 126 121 130 121 134 i24* MINERALS—TOTAL 9.98 128 117 108 112 116 120 123 122 123 124 124 124 123 '124 126 Mineral fuels 8.35 128 117 108 112 116 121 123 123 123 124 123 123 727 '722 724 Coal 2.68 83 68 62 66 65 68 70 69 72 73 69 74 72 71 73 Anthracite .36 49 42 41 45 38 41 44 39 37 48 45 37 39 38 37 Bituminous coal 2.32 88 72 65 69 69 73 74 74 77 77 73 79 77 '77 79 Crude oil and natural gas 5.67 150 141 130 134 141 146 149 148 147 148 149 146 144 147 P148 Crude oil 4.12 138 129 118 122 128 137 140 138 135 135 137 135 133 135 Natural gas and gas liquids .70 198 197 192 191 200 198 198 202 203 205 "206 Me M ta e l t , a s l t m on i e n , i n a g nd earth minerals 1. . 6 8 3 2 1 11 2 6 9 1 9 1 1 7 1 7 0 3 7 1 8 1 0 2 1 8 1 0 3 1 8 1 3 3 1 9 1 0 9 1 9 2 2 0 1 10 2 1 4 1 10 2 8 5 1 11 2 3 9 1 11 2 4 8 1 11 3 5 2 r n 13 u 4 1 1 3 1 5 6 Stone and earth minerals .81 142 143 142 145 146 144 149 148 148 142 145 143 148 155 154 9 Preliminary r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Annual 1947-49 average 1958 1959 Industry proportion 1957 1958 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 100.00 143 134 127 131 125 136 140 143 144 140 142 147 149 152 153 MANUFACTURES—TOTAL 90.02 145 136 129 133 127 138 141 145 146 141 144 150 152 155 156 Durable Manufactures—Total 45.17 160 141 133 138 132 140 146 149 155 152 154 160 163 166 169 Primary Metals 6.70 131 104 93 106 90 102 111 123 124 119 127 144 154 155 157 Ferrous metals 5.03 130 99 87 100 85 98 106 117 120 117 125 142 154 156 157 Pig iron and steel 3.51 140 105 91 105 92 105 114 129 129 127 136 156 170 171 170 Pig iron .37 137 99 83 93 87 97 106 119 124 123 127 139 152 155 157 Steel 3.05 139 105 91 105 92 105 114 129 128 127 136 156 170 171 170 Carbon steel 2.62 138 104 91 108 94 106 113 126 127 125 133 151 164 165 165 Alloy steel .43 143 106 86 91 81 101 118 144 138 135 157 191 205 206 203 Ferrous castings and forgings 1.52 108 85 78 87 70 80 87 90 99 93 98 112 118 122 127 Iron and steel castings 1.29 107 85 79 88 72 81 88 91 101 93 98 112 118 122 126 Steel forgings .23 113 81 70 81 58 75 80 85 96 101 111 115 121 133 Nonferrous metals 1.67 136 121 112 124 102 115 125 140 137 126 133 149 153 153 158 Primary nonferrous metals .38 164 146 141 133 126 128 139 150 157 162 163 169 167 169 168 Copper smelting .09 129 120 112 105 90 95 111 138 144 130 132 136 145 r144 141 Copper refining .06 135 121 114 110 108 99 110 111 130 144 135 155 138 140 134 Lead .04 114 99 105 102 86 88 99 101 93 98 97 97 87 93 87 Zinc .10 123 97 99 95 90 86 91 90 93 105 105 108 110 108 P106 Aluminum .09 275 268 256 241 240 254 263 283 295 308 317 318 318 325 332 Secondary nonferrous metals .13 111 93 83 74 90 94 111 105 102 98 119 113 Nonferrous shapes and castings 1.16 129 116 105 125 97 114 124 141 133 117 127 145 >153 Copper mill shapes .63 104 94 84 110 74 96 102 128 114 87 103 123 129 117 122 Aluminum mill shapes .20 198 193 187 212 198 190 207 219 202 203 204 225 243 r264 287 Nonferrous castings .33 136 110 98 101 83 103 116 118 130 123 129 140 Metal Fabricating 28.52 176 155 146 149 144 150 156 158 167 168 168 172 174 176 178 Fabricated metal products 5.73 139 128 119 125 123 133 141 136 136 136 134 135 138 142 145 Structural metal parts 2.68 152 140 132 138 137 143 148 144 144 148 144 144 146 151 155 Stampings and misc. metal products 2.12 124 108 98 101 100 104 115 115 119 125 124 123 128 130 133 Tin cans .30 146 150 137 160 171 232 208 161 130 104 118 125 128 146 158 Furnaces, gas ranges, and heaters .63 99 106 96 110 87 115 132 133 128 104 107 116 109 111 Machinery 13.68 168 145 135 138 133 142 151 150 153 152 156 162 164 165 169 Nonelectrical machinery 9.04 150 127 124 125 120 119 128 127 131 133 134 142 147 149 152 Farm and industrial machinery 8.13 146 121 118 117 114 114 119 118 121 125 128 132 137 140 143 Farm machinery 1.02 84 79 81 80 80 77 80 83 65 72 80 99 106 107 114 Industrial and commercial machinery. 7.11 155 127 123 123 119 119 124 124 129 133 135 137 142 r144 147 Machine tools and presses .68 182 119 115 114 112 109 114 115 113 116 116 118 125 130 134 Laundry and refrigeration appliances. .. .69 151 148 137 159 131 123 170 163 179 163 155 194 200 196 196 Electrical machinery 4.64 204 179 159 162 158 186 195 194 190 199 202 196 196 201 Electrical apparatus and parts 3.23 201 177 168 168 166 170 178 177 182 192 192 193 195 198 202 Radio and television sets .74 205 166 112 123 115 214 223 221 212 163 193 200 173 166 177 Transportation equipment 7.54 213 187 181 183 175 173 170 184 211 214 211 212 215 217 215 Autos, trucks, and parts 4.80 128 99 94 94 84 77 69 92 132 134 131 133 139 141 139 Autos 1.50 146 101 99 100 87 53 37 71 160 161 154 149 163 164 162 Trucks .66 104 90 96 91 76 78 67 89 112 100 110 133 138 143 148 Light trucks .22 100 82 78 79 68 61 49 75 123 120 114 123 124 130 134 Medium trucks .19 50 24 26 29 23 16 12 12 33 30 28 32 31 36 36 Heavy trucks .14 194 203 239 210 164 189 155 221 221 173 227 308 327 329 343 Truck trailers .07 137 116 111 113 106 120 131 132 135 134 145 163 170 r186 187 Auto and truck parts 2.58 123 Other transportation equipment 2.74 344 319 311 316 312 317 322 321 327 329 325 326 325 r326 325 Aircraft and parts 1.30 608 572 553 568 561 573 583 582 591 595 587 587 583 r580 576 Shipbuilding and repair .81 129 128 131 130 128 127 126 129 130 128 131 128 132 135 137 Railroad equipment .53 77 39 39 32 28 30 30 20 29 32 28 35 36 43 42 Railroad cars 26 36 .35 80 34 34 24 19 22 20 15 19 24 19 27 34 Instruments and related products 179 185 1.29 172 164 157 159 157 160 168 171 174 176 176 183 188 Clay, Glass and Lumber Products.... 134 149 5.91 133 129 125 133 126 142 143 143 139 126 128 140 155 Stone, clay, and glass products 2.82 148 141 145 166 171 Glass and pottery products 1.09 155 145 141 148 123 155 160 155 153 145 125 133 156 146 145 Flat glass and vitreous products .60 141 125 118 123 133 131 136 122 127 124 142 147 143 166 166 Flat and other glass .47 161 137 126 130 135 141 154 123 141 144 142 148 167 171 170 Glass containers .26 164 139 127 132 139 146 160 120 141 144 126 138 171 149 146 Home glassware and pottery .23 136 135 133 144 82 147 142 145 130 116 79 89 137 92 82 78 81 84 84 91 86 80 86 Cement .32 148 155 172 183 175 186 192 193 170 139 109 109 143 177 196 Structural clay products .35 128 118 116 121 122 126 132 133 127 120 112 115 121 132 Brick .12 114 113 121 123 122 126 134 136 123 110 96 101 111 131 Clay, firebrick, pipe, and tile .20 140 123 114 121 125 129 134 133 132 129 126 127 130 134 138 Concrete and plaster products .48 188 187 183 195 200 209 209 207 199 187 182 182 192 r208 218 Misc. stone and earth manufactures .58 174 157 147 153 150 157 163 169 169 171 172 175 180 r184 189 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 779 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 May June July Aug. Sept. Oct. Nov. Dec.Jan. i Feb. Mar.| Apr. j May WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 114 115 110 120 106 130 127 131 126 109 116 124 125 133 140 Lumber 2.05 96 94 93 100 88 107 105 105 101 87 89 98 101 106 113 Millwork and plywood. .60 187 202 186 201 176 235 220 240 234 193 225 243 234 Millwork .39 112 110 99 120 101 141 133 134 133 103 110 120 118 141 162 Softwood plywood.. .12 312 356 330 334 301 390 364 416 403 341 419 448 429 Wood containers .29 84 76 77 79 77 77 80 80 78 77 77 75 78 79 82 Furniture and IMisc. Manufactures. 4.04 132 127 118 123 121 131 138 141 139 135 132 136 138 139 142 Furniture and fixtures 1.64 120 119 108 113 113 124 130 132 132 132 132 134 135 135 137 Household furniture 1.10 120 122 108 113 115 127 134 138 137 138 137 140 141 140 141 Fixtures and office furniture. 120 114 108 112 108 119 123 120 120 122 120 120 122 r125 128 .54 Miscellaneous manufactures 140 133 125 130 126 135 143 147 144 137 j 133 137 139 142 145 2.40 Nondurable Manufactures—Total. 130 130 124 128 123 135 137 142 138 130 135 140 141 143 142 44.85 Textiles and Apparel 105 103 99 100 92 110 107 115 103 113 120 121 123 122 11.87 Textile mill products 99 98 93 94 86 103 103 109 107 100 107 113 113 111 119 Cotton and synthetic fabrics. 6.32 105 104 98 100 86 107 111 112 118 106 119 122 122 131 129 Cotton consumption 3.72 95 91 89 88 72 94 96 98 99 86 101 103 102 106 104 Synthetic fabrics 2.30 119 115 99 105 107 117 124 125 137 141 135 138 149 154 156 Fabric finishing .97 94 98 106 107 75 104 109 101 115 87 115 119 108 r139 130 .45 Wool textiles .97 75 69 71 82 67 76 75 75 71 62 Wool apparel yarns. .16 78 72 77 81 71 81 78 73 72 62 79 85 84 95 94 Wool fabrics .75 75 69 70 83 67 76 75 76 71 63 Knit goods 1.15 104 104 101 103 98 114 113 116 115 96 109 111 116 115 Hosiery .65 93 92 91 86 80 99 97 102 102 75 101 99 94 97 91 Full-fashioned hosiery. .45 89 84 87 79 72 89 86 89 92 66 90 87 83 84 77 Seamless hosiery .20 102 108 100 103 97 123 123 132 127 98 125 127 120 129 123 Knit garments .50 118 120 115 125 122 134 135 134 132 124 120 126 132 140 146 Floor coverings *. .48 Woven carpets. .31 71 63 48 50 36 61 70 79 76 75 76 91 87 90 Apparel and allied products... 5.55 111 110 105 106 99 117 113 121 117 105 I 120 128 130 128 126 Men's outerwear 1.78 102 100 104 101 77 110 106 108 107 93 119 123 117 139 137 S M h e M M ir n t e ' e s s n n a ' ' s s s n u d i s o t u u s w i t t a e s o n r r c d k o a c c t o l s o a t t h s in .. g .. . . . . . 7 9 1 5 3 9 3 0 1 8 8 6 1 6 7 1 2 1 7 7 6 1 3 5 6 5 1 7 8 8 1 7 3 9 7 1 7 9 8 1 3 1 1 3 4 5 9 5 7 2 1 9 1 1 9 8 0 2 1 2 4 2 1 7 7 8 2 8 2 6 3 1 7 7 7 2 9 6 3 8 1 8 6 8 2 4 2 4 1 1 7 6 3 0 0 7 8 9 1 8 8 3 4 1 7 7 5 1 4 8 8 5 6 2 6 1 1 5 8 8 4 2 1 3 2 1 9 9 9 6 9 5 2 7 1 9 9 9 6 8 1 9 5 Women's outerwear 1.85 112 112 106 109 107 120 112 120 113 90 119 141 138 133 129 Women's suits and coats. .76 128 129 94 123 138 153 139 150 138 101 151 147 114 122 175 Misc. apparel and allied mfrs.... 1.92 117 117 106 112 112 121 126 129 128 126 125 129 '125 123 130 Rubber and Leather Products. 3.20 118 113 101 110 97 117 120 125 125 118 129 136 125 121 138 Rubber products 1.47 135 125 111 111 103 111 137 143 145 137 150 158 159 138 132 Tires and tubes .70 123 113 102 117 96 110 117 129 128 128 138 154 155 111 108 Auto tires .40 134 120 113 131 105 118 122 131 131 132 149 167 171 120 120 Truck and bus tires .30 107 103 88 99 85 99 109 125 124 122 124 137 133 99 92 Miscellaneous rubber products. .77 147 136 121 127 108 142 156 156 160 146 161 161 163 163 154 Leather and products.. . 1.73 104 102 92 99 92 108 105 109 108 102 110 120 116 113 Leather .44 89 84 81 84 68 85 83 91 93 85 90 94 88 89 Cattlehide leathers. .29 98 91 88 90 72 94 92 101 102 94 97 102 95 95 Skin leathers .15 72 68 70 61 65 65 72 74 69 75 79 73 77 Shoes and slippers* .90 Miscellaneous leather products. .39 94 94 82 90 92 100 100 105 107 104 99 102 103 Paper and Printing. 8.93 148 147 144 146 137 148 152 160 155 145 150 156 159 r164 162 Paper and allied products 3.46 158 160 153 159 145 168 169 181 170 153 166 177 176 185 180 Pulp and paper 1.76 154 154 147 153 137 159 159 171 164 148 161 171 171 M79 175 Wood pulp .51 176 175 166 171 156 179 180 199 188 168 187 194 195 '203199 Paper and board 1.25 145 145 139 146 129 151 150 160 154 140 150 162 161 !r169 165 Printing paper .22 133 133 134 138 121 136 131 138 132 127 138 142 145 r153 149 Fine paper .14 139 142 138 146 116 143 145 151 152 145 145 160 165 164 Coarse paper .20 127 125 113 120 109 129 129 142 139 120 129 140 r147 143 Miscellaneous paper .18 179 178 170 175 158 176 174 195 186 175 193 200 "205 199 Paperboard .41 153 154 145 154 136 163 164 173 166 146 157 173 M78 174 Building paper and board. .10 124 129 131 133 130 141 145 145 128 115 124 137 143 157 148 Converted paper products. 1.70 163 166 159 165 154 177 179 192 176 158 171 183 182 190 185 Shipping containers .51 157 157 151 156 146 173 175 184 168 148 160 172 174 179 181 Sanitary paper products. .11 179 191 183 191 176 185 188 213 199 187 I 203 213 202 :r223 197 9 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1958 1959 average Industry proportion 1957 1958 May June July Aug. Sept Oct. Nov. Dec. Jan. Feb. Mar. Apr. May WTTHOUT SEASONAL ADJUSTMENT —Continued 5.47 141 139 139 137 132 136 142 147 146 140 139 142 148 150 150 Newsprint consumption . . 1.85 131 126 132 125 no 115 128 141 142 119 119 127 136 145 143 3.62 146 146 143 143 147 149 149 149 151 150 150 154 153 154 Chemical and Petroleum Products..... 9.34 172 170 164 165 143 170 174 179 180 181 184 187 189 190 189 6.84 184 184 177 177 163 182 187 195 195 195 198 202 '204 r208 207 Industrial chemicals .... 2.54 203 195 184 184 183 190 202 211 214 217 218 226 231 236 .57 202 198 193 185 117749 182 196 210 219 210 209 223 229 235 Industrial organic chemicals . 1.97 204 195 181 183 184 193 204 212 213 219 221 227 231 '236 239 Plastics materials .24 272 284 261 266 244 276 316 336 328 320 332 350 366 378 Synthetic rubber .11 245 230 197 197 199 225 242 260 273 262 280 292 287 289 283 Synthetic fibers .59 199 180 160 164 174 178 189 199 200 215 211 220 222 ^228 ^218 Miscellaneous organic chemicals . . 1.03 186 178 172 174 175 178 183 185 187 192 195 196 199 r202 212 Vegetable and animal oils .64 130 130 117 110 108 117 117 162 159 149 157 157 r144 M38 131 .48 121 124 no 99 98 107 108 161 155 148 156 152 r141 r129 120 Grease and tallow .16 154 149 138 145 138 148 146 164 171 151 161 174 155 165 165 Soap and allied products .71 112 109 97 106 88 122 126 120 114 104 117 120 113 117 114 Paints * 66 Fertilizers . . .23 132 132 174 118 102 106 118 126 115 119 134 142 172 '212 189 Petroleum and coal products 2.50 141 134 127 131 133 140 138 137 140 144 146 145 148 138 ^138 1.97 150 145 136 141 146 149 148 147 151 159 160 157 154 147 ^145 Gasoline . 1.04 162 161 152 162 167 170 166 160 168 173 170 162 166 163 ^162 .98 157 156 149 157 162 163 159 154 161 167 165 156 162 159 Aviation gasoline .06 249 249 202 237 255 293 297 275 286 275 257 268 232 233 Fuel oil . .56 147 136 128 126 131 133 138 140 140 153 163 165 153 134 ^135 Distillate fuel oil 30 194 183 173 171 175 181 189 193 192 207 226 229 211 184 Residual fuel oil .26 93 82 75 75 80 79 80 79 80 90 91 92 86 77 .10 98 99 74 76 74 87 93 103 115 123 137 137 100 90 Lubricating oil .17 113 104 103 104 105 109 102 108 106 112 104 104 111 117 Coke .26 105 76 65 68 66 72 78 85 90 92 94 102 107 107 106 Asphalt roofing and siding .15 94 103 132 137 115 165 130 121 92 49 58 80 149 87 109 Foods Beverages* and Tobacco.. ... 11.51 112 115 110 119 118 127 250 129 120 110 108 111 110 r115 116 Food and beverage manufactures 10.73 112 115 110 119 119 126 131 129 120 110 107 109 109 '114 116 8.49 112 115 106 114 116 127 134 130 121 112 110 110 108 111 113 1.48 128 125 115 121 115 120 130 138 134 133 139 140 133 136 129 Beef .46 148 139 133 144 141 141 147 150 134 134 141 132 132 141 140 Pork .83 110 111 99 102 94 101 113 123 126 126 130 136 127 127 116 .69 111 110 137 146 133 121 103 93 89 87 92 100 109 121 141 Butter .14 109 105 134 137 111 91 79 80 88 92 103 106 110 115 132 Natural cheese .... .07 119 121 157 165 138 119 109 104 101 103 102 108 119 134 155 .19 102 99 143 142 117 95 84 77 70 76 83 88 99 115 139 Ice cream .28 111 112 122 142 149 149 122 104 94 84 87 99 109 117 136 1.13 126 134 98 122 163 236 242 175 125 105 92 93 97 rl 10 108 1.16 100 103 99 106 105 109 no 109 104 101 105 102 102 99 104 Wheat flour . .46 87 90 84 87 85 92 97 97 88 94 90 89 85 92 Cereals and feeds .70 108 112 109 118 118 120 93 117 no 109 113 111 111 108 113 121 Bakery products 1.64 100 101 100 103 104 102 102 103 101 101 98 99 99 99 102 .27 122 131 83 82 74 72 103 293 311 233 112 72 64 70 85 .11 112 115 112 125 126 136 125 117 114 107 103 104 113 118 137 Beet sugar .13 125 138 53 41 23 11 79 439 476 336 114 40 16 23 34 Confectionery .71 112 113 92 95 86 103 154 140 134 96 121 128 103 108 96 1.41 108 115 114 119 119 120 119 118 118 116 113 116 115 116 119 2.24 113 116 122 138 128 122 119 124 113 104 95 105 113 124 Bottled soft drinks .54 1.70 103 107 112 125 107 104 108 124 111 94 91 100 109 119 1.02 101 103 116 136 127 107 99 90 85 90 85 88 105 119 121 Liquor distilling .17 83 91 74 58 33 47 116 172 125 109 104 107 M06 112 .37 111 115 114 124 91 116 118 166 154 92 92 116 112 116 .78 111 118 118 125 109 130 125 130 128 103 121 130 121 129 128 Cigarettes . . ...... .46 116 124 126 134 119 138 129 132 128 108 123 127 121 129 132 Cigars .17 106 114 109 113 92 122 124 137 140 102 129 150 133 140 129 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 781 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 1947_49 average 1958 1959 Industry proportion 1957 1958 May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 128 117 109 115 110 120 123 124 123 124 124 123 122 124 127 MINERALS—TOTAL 8.35 128 117 108 113 168 119 122 122 124 127 127 126 123 '123 123 Mineral Fuels 2.68 83 68 61 72 46 70 73 75 76 73 74 69 72 Coal .36 49 42 37 47 30 42 47 40 50 50 39 34 33 Anthracite 2.32 88 72 65 75 48 75 77 81 80 76 79 74 78 Cr B ud it e u m oi i l n a o n u d s n c a o t a u l ral gas 4 5 . .6 8 7 2 1 1 5 4 0 6 1 1 4 3 1 9 1 1 3 2 0 9 1 1 3 3 3 0 1 1 3 3 7 4 1 1 4 4 2 1 1 1 4 4 5 4 1 1 4 4 4 3 1 1 4 4 7 5 1 1 5 4 1 9 1 1 5 5 2 0 1 1 5 5 0 0 1 1 4 4 9 9 1 1 4 4 9 9 O O i i C N l l a a r a N N u n n tu d d d a a e r t t a g g u u l o a a r r i a a s s g l l l a e w g g s x e a a t a l r s l s n a d c l d i t r q i i g o u ll a n i i d s n s g liquids 4. . . . . 1 3 8 7 3 2 4 5 0 6 2 1 1 1 1 1 3 7 9 8 2 8 1 8 4 2 1 1 1 1 1 2 7 9 5 6 9 9 7 2 1 1 1 1 1 1 6 8 4 9 9 8 2 0 7 1 1 1 1 1 2 6 9 8 5 2 7 8 2 0 1 1 1 1 1 8 2 9 7 5 4 6 7 3 1 1 1 1 1 1 4 3 7 9 8 9 3 8 5 6 2 1 1 1 1 0 3 9 7 5 1 6 0 9 0 2 1 1 1 1 1 9 3 5 8 2 6 4 4 1 2 2 1 1 1 0 3 3 8 5 9 0 4 8 9 2 2 1 1 1 4 1 3 9 6 7 9 7 3 5 1 1 1 9 6 3 2 3 8 P 2 1 2 1 0 5 2 3 0 2 2 8 P 1 1 2 1 9 4 3 1 8 6 6 6 '2 1 1 1 1 4 9 3 0 8 4 9 ^1 1 3 5 8 5 Metal, Stone, and Earth Minerals. 1.63 129 117 115 125 121 124 132 131 110 108 HI r128 Metal mining .82 116 91 86 100 91 96 107 107 93 81 86 91 91 105 137 N Iro o n n fe o r r r e ous metal mining . . 3 4 3 9 1 1 1 1 7 4 1 7 0 3 3 9 6 8 9 1 9 0 4 8 1 7 0 8 9 1 8 1 6 0 1 1 1 0 8 1 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 80 iii* Copper mining .24 133 121 112 105 88 100 123 132 145 135 139 141 146 150 Lead mining .09 85 68 71 72 62 59 59 62 73 64 69 71 64 62 Zinc mining .06 84 65 67 67 54 57 59 61 65 60 66 75 71 73 Stone and earth minerals .81 142 143 144 150 151 153 158 156 151 139 131 130 138 152 157 * Preliminary. f Revised. are included in major group totals but not in individual indexes for autos, i Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-71. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953, group in addition to the groups shown. Certain types of combat materiel pp. 1247-93 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] 1947^9 a A v n e n ra u g a e l 1958 1959 Industry proportion 1957 1958 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May ELECTRICITY AND GAS—TOTAL 100.00 233 243 237 241 242 245 248 250 249 252 ^257 ,258 .260 ^260 ^263 Residential . . 41 34 261 282 278 282 281 285 288 289 285 286 Nonresidential 58.66 213 215 208 213 214 217 220 223 224 228 Electricity 76.18 233 243 237 242 242 247 250 251 248 252 257 257 260 259 vl^ Residential 27.48 273 295 290 296 294 300 304 305 298 300 313 310 312 307 Industrial 23.68 213 208 199 203 206 210 216 217 216 221 220 224 228 229 General industrial . . . .. 23 49 193 189 180 184 187 192 197 198 198 202 202 206 209 211 Atomic energy .19 2670 2570 2590 2580 2570 2550 2550 2560 2550 2540 2560 2590 2580 2560 Commercial and other 25.02 208 219 214 220 220 224 224 224 224 228 230 230 234 235 Gas 23.82 232 243 238 239 239 240 242 247 251 253 P256 ^259 ^262 ^264 13 86 236 256 254 255 256 257 257 257 258 258 Industrial • • •. ••• 6 16 230 231 225 227 229 231 233 241 245 250 Comrnercial and other 3.80 218 215 203 199 196 196 201 222 236 238 p 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

782 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] 1947-49 a A v n e n ra u g a e l 1958 1959 pro- Product portion 1957 1958 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May SEASONALLY ADJUSTED CONSUMER DURABLES TOTAL. 100.00 130 113 105 111 114 115 103 108 133 134 133 132 135 137 141 69.72 138 114 104 111 116 116 99 105 142 143 140 137 141 146 151 32.10 146 101 96 99 99 95 56 67 139 143 139 130 142 147 153 36.13 132 127 113 123 133 137 138 141 148 144 143 146 142 147 152 Furniture and floor coverings 15.32 114 115 106 109 116 117 120 124 127 127 132 133 133 135 140 11.31 120 122 114 116 121 126 129 130 133 134 140 140 141 143 148 4.01 15.60 127 127 112 i25 129 132 137 148 159 156 140 145 139 144 11.88 133 131 113 128 133 139 144 157 168 161 141 149 145 150 *156 2.60 89 88 79 79 81 77 84 98 114 118 99 103 101 99 Refrigeration appliances 4.98 140 140 121 140 145 152 155 173 184 180 150 163 164 171 178 2.51 180 170 140 157 174 185 202 208 215 187 188 186 169 176 182 Heating apparatus 3.72 104 115 110 116 115 112 113 123 131 138 137 134 120 125 Radio and television sets 5.21 205 166 138 155 191 207 197 166 174 162 181 185 179 189 195 3.42 75 61 42 51 64 75 86 65 75 65 73 72 67 71 71 Television sets 1.79 453 365 320 355 435 459 408 359 363 346 387 400 392 415 432 Other Consumer Durables 30.28 111 110 105 111 111 112 113 114 113 114 118 119 121 115 117 14 00 Misc home and personal goods 16.28 114 109 104 106 111 110 114 114 114 113 114 114 117 119 123 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 130 113 103 109 100 100 103 116 143 137 136 140 144 142 141 69.72 138 114 103 109 97 94 96 113 155 147 145 150 155 154 153 32.10 146 101 99 100 87 53 37 71 160 161 154 149 163 164 162 lVfaior household coods •••• 36.13 132 127 108 119 108 130 150 151 153 138 140 154 151 148 148 Furniture and floor coverings 15.32 114 115 101 105 105 118 126 131 130 130 130 135 136 135 133 11.31 120 122 108 113 115 127 134 138 137 138 137 140 141 140 141 4.01 Annliances and heaters 15 60 127 127 115 132 109 114 150 147 156 137 131 158 159 156 M^aior aooliances 11.88 133 131 118 135 111 110 150 148 162 146 137 169 173 167 *>164 Ranges 2.60 89 88 75 84 62 68 92 102 114 108 96 115 117 104 Refrigeration appliances .... • . 4.98 140 140 139 165 134 111 149 138 156 153 145 187 205 201 205 Laundry appliances 2.51 180 170 133 141 124 155 228 229 241 189 183 212 186 182 173 Heating apparatus 3.72 104 115 106 123 102 128 149 145 136 108 112 121 116 120 Radio and television sets 5.21 205 166 112 122 114 214 222 221 212 163 193 199 173 166 176 3.42 75 61 41 39 40 64 80 82 99 79 73 73 70 68 69 Television sets • 1.79 453 365 246 281 257 500 493 485 429 322 422 440 369 353 380 Other Consumer Durables 30.28 111 110 102 108 107 115 119 123 117 113 115 117 117 112 114 14 00 Misc home a.nd personal goods 16.28 114 109 100 103 i03 112 118 123 122 114 109 114 116 116 118 P Preliminary. r Revised, Individual indexes without seasonal adjustment for woven carpets, i Publication suspended pending revision. appliances, heating apparatus, radio sets, and television sets may be NOTE.—For a description of these indexes, see BULLETIN for May 1954, obtained from the Division of Research and Statistics. pp. 438-47. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Total In tr d i u B al s u - sine C s o s rn- P u u ti b li l t i y c O n d r t e o t 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 ,272 942 3,610 1951 32,739 23,320 12,529 7,217 2,117 1,371 3,729 3,574 9,419 887 ,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 ,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 ,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 ,870 773 6,249 1955 44,581 32,620 18,705 10,160 2,399 3,218 4,543 3.755 11,961 1,313 4,050 701 5,897 1956 46,292 33,287 17,677 11,828 3,084 3,631 5,113 3,782 13,005 1,395 4,655 826 6,129 1957 48,115 33,988 17,019 12,745 3,557 3,564 5,624 4,224 14,127 1,322 4,971 971 6,863 1958 48,980 33,947 17,884 11,558 2,443 3,561 5,554 4,505 15,033 1,235 5,350 1,004 7,444 1958—June r 3,956 2,729 1,423 935 189 . 303 443 371 1,227 111 420 83 613 July. 4,030 2,771 1,470 923 180 307 436 378 1,259 112 432 80 635 Aug.*" 4,042 2,789 ,500 911 171 300 440 378 1,253 109 438 80 626 Sept.r 4,105 2,821 ,535 906 167 297 442 380 1,284 124 442 84 634 Oct.'. 4,198 2,872 ,590 900 165 295 440 382 1,326 134 457 89 646 Nov.' 4,356 2,948 ,653 908 167 298 443 387 1,408 160 510 86 652 Dec.' 4,451 3,030 ,733 915 166 300 449 382 1,421 135 524 93 669 1959—Jan.'. 4,553 3,109 ,793 924 160 304 460 392 1,444 127 552 95 670 Feb.r 4,523 3,124 ,812 926 160 308 458 386 1,399 125 500 93 681 Mar.f 4,654 3,166 ,867 913 156 305 452 386 1,488 133 582 98 675 Apr.P 4,631 3,220 ,931 907 153 311 443 382 1,411 135 512 99 665 May* 4,602 3,244 ,939 924 157 334 433 381 1,358 125 472 101 660 June? 4,544 3,228 ,893 940 163 344 433 395 1,316 118 449 98 651 Preliminary. r Revised. NOTE.—Revised yearly totals will be published in the BULLETIN for August. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 783 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o r m cia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1957 , 32,173 11,238 20,935 13,039 2,168 3,267 2,936 2,922 7,841 1958 35,090 13,427 21,663 14,696 1,400 3,197 2,908 3,444 9,446 1958—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 Sept 3,216 1,049 2,167 1,460 113 303 240 237 863 Oct 3,309 1,071 2,238 1,595 135 288 248 284 759 Nov 2,594 927 1,667 1,206 96 238 198 243 613 Dec 2,282 887 1,395 981 88 227 206 226 553 1959 Jan . .... 2,319 800 1,519 1,022 105 282 171 261 479 Feb 2,307 800 1,507 1,073 139 198 177 190 530 Mar 3,340 869 2,471 1,541 128 286 217 283 886 Apr 3,778 1,207 2,571 1,831 189 328 270 400 760 May 3 542 1,677 176 326 227 342 793 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 AH Month districts Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - 1958 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 May 3,399 182 361 141 288 233 316 492 190 184 178 208 628 1959—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 May 3,542 163 404 135 254 258 370 535 136 136 233 195 724 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates.* In thousands of units] p T ri o v t a a t l e Metro- Non- Private Government-underwritten i Year or month a ( n s a e n d a u j s a u o l s n t r a e a l d l t y e) Total p a o r l e it a a s n p m a o r e l e i t t r a a o s n - Total fam 1- ily fam 2- ily f M am u i l l t y i- Public Total FHA VA 1951 1,091 777 315 1,020 892 40 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 19 670 211 393 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 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 AUK 1,228 124 83 41 115 96 4 15 9 48 35 13 Sept. 1,255 121 85 36 111 93 3 14 10 50 35 14 Oct 1,303 115 79 36 113 94 4 15 2 54 39 15 Nov 1,427 109 74 36 107 85 4 18 2 40 29 11 Dec 1,432 91 64 27 90 70 3 16 2 38 29 9 1959 Jan 1,364 87 62 25 84 64 3 17 3 29 22 7 Feb 1,403 95 62 33 94 75 3 15 1 28 22 6 Mar 1,403 121 81 40 118 93 5 20 3 41 31 10 Apr P1.39O »137 96 41 n.a. n.a. n.a. P4 46 35 11 May . . P1,340 P134 93 41 n.a. n.a. n.a. n 47 36 10 June Pl,370 91 45 P131 n.a. n.a. n.a. 48 37 11 *» rPrreeiliimmiinnaarryy.. nn..aa.. Nrsooti aavvaanilaaobilee.. sure or guarantee the mortgages. VA figures after June 1950 and all FHA * Beginning June 1959 data are from the Bureau of the Census. figures are based on filed office reports of first compliance inspections; 1 Data from Federal Housing Administration and Veterans' Administra- earlier VA figures are estimates based on loans-closed information, tion represent units started under commitments of FHA or VA to in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 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 Employedl Not in the Une m m e p n l t oy- Year or month i p n o st p it u u l t a i t o io n n al l f a o b rc o e r Total Unem- labor force (per r a c t e e nt)2 In nonagri- In ployed Total in c d u u lt s u t r r a ie l s 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—June 121,900 73,049 70,418 64,981 58,081 6,900 5,437 48,851 6.8 July .... 121 993 73 104 70,473 65 179 58 461 6,718 5 294 48 889 7.3 Aug 122 092 72 703 70,067 65,367 58 746 6,621 4,699 49,389 7.6 Sept 122.219 71,375 68,740 64,629 58,438 6,191 4,111 50,844 7.2 Oct 122 361 71 743 69,111 65,306 58 902 6,404 3,805 50,618 7.1 Nov 122,486 71,112 68,485 64,653 58,958 5,695 3,833 51,374 5.9 Dec . . . . 122 609 70 701 68,081 63 973 59 102 4,871 4,108 51,909 6.1 1959—Jan 122,724 70,027 67,430 62,706 58,013 4,693 4,724 52,697 6.0 Feb 122 832 70 062 67 471 62 722 58 030 4 692 4 749 52 770 6.1 Mar 122 945 70 768 68,189 63,828 58 625 5,203 4,362 52,177 5.8 Apr 123,059 71,210 68,639 65,012 59,163 5,848 3,627 51,849 5.3 May 123 180 71 955 69 405 66 016 59 608 6,408 3 389 51 225 4.9 June 123,296 73,862 71,324 67,342 60,111 7,231 3,982 49,435 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- j 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 i t on ti p o u n b l a i 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—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 11,143 385 6,448 8,049 1959—Jan 51,086 15,764 704 2.650 3,894 11,216 2,387 6,443 8,028 Feb 51,194 15,819 693 2,626 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 51,887 16,182 701 2,829 3,886 11,333 2,403 6,479 8,074 May 52,127 16,365 708 2,791 3,918 11.360 2,414 6,486 8,085 June 52,345 16,487 701 2,784 3,919 11,390 2,421 6,520 8,123 WITHOUT SEASONAL ADJUSTMENT 1958—June 50,413 15,206 717 2,806 3,904 11,035 2,391 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 ,887 3,897 11,225 2,380 6,463 8,040 Nov 51,432 15,795 712 2,784 885 11,382 2,374 6,426 8.074 Dec 51,935 15,749 713 2,486 881 11,976 2,373 6,384 8.373 1959—Jan 50,310 15,674 704 2,343 836 11,052 2,363 6,314 8,024 Feb 50,315 15,771 693 2,256 835 10.990 2,371 6,333 8,066 Mar 50,878 15,969 688 2.417 865 11.083 2,386 6,377 8,093 Apr 51,430 16,034 694 2.662 879 11,136 2.403 6.511 8,111 May 51,983 16,179 701 2.838 915 11.231 2.414 6,583 8,122 June 52,516 16,413 705 2,971 935 11.317 2.445 6,618 8.112 NOTE.—Data include all full- and part-time employees who worked family workers, and members of the armed forces are excluded. Figures during, or received pay for, the pay period ending nearest the 15th of the for May and June 1959 are preliminary. Back data may be obtained month. Proprietors, self-employed persons, domestic servants, unpaid from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 785 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1958 1959 1958 1959 June Apr. May June June Apr. May June Total 11,484 12,303 12,481 12,570 11,415 12,167 12,299 12,499 Durable goods 6,344 7,028 7,159 7,234 6,350 7,025 7,136 7,240 Ordnance and accessories 68 73 74 74 68 73 74 74 Lumber and wood products 558 583 596 612 578 568 599 633 Furniture and fixtures 296 319 326 331 287 317 318 321 Stone, clay, and glass products 415 444 453 462 416 444 453 464 Primary metal industries 859 1,037 1,058 1,070 859 1,037 1,053 1,070 Fabricated metal products 111 840 855 867 773 840 851 863 Machinery except electrical 1,004 1,109 1,135 1,139 1,014 1,126 1,146 1,150 Electrical machinery 723 803 819 835 716 803 811 827 Transportation equipment 1,084 1,229 1,237 1,233 1,084 1,229 1,237 1,233 Instruments and related products 200 215 220 222 199 216 219 221 Miscellaneous manufacturing industries.. 360 376 386 389 355 372 378 383 Nondurable goods 5,140 5,275 5,322 5,336 5,065 5,142 5.163 5,259 Food and kindred products 1,055 1,048 1,039 1,030 1,039 958 973 1,014 Tobacco manufactures 80 81 80 80 70 70 69 70 Textile-mill products 840 869 878 883 840 869 874 883 Apparel and other finished textiles 1,035 1,077 1,109 1,104 994 1,055 1,054 1,060 Paper and allied products 433 447 451 453 433 443 446 453 Printing, publishing and allied industries 541 556 557 557 541 553 554 557 Chemicals and allied products 508 530 537 538 500 535 534 530 Products of petroleum and coal 156 161 159 159 158 159 160 161 Rubber products 176 179 175 196 176 176 174 196 Leather and leather products 316 327 337 336 314 324 325 334 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 May and June 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 group 1958 1959 1958 1959 1958 1959 June Apr. May June June Apr. May June June Apr. May June Total 83.10 89.87 90.32 90.54 39.2 40.3 40.5 40.6 2.12 2.23 2.23 2.23 Durable goods 89.89 97.75 98.23 98.88 39.6 40.9 41.1 41.2 2.27 2.39 2.39 2.40 Ordnance and accessories 100.94 103.32 106.08 106.08 40.7 41.0 41.6 41.6 2.48 2.52 2.55 2.55 Lumber and wood products 76.14 78.96 80.36 81.38 40.5 40.7 41.0 41 1.88 1.94 1.96 Furniture and fixtures 69.06 72.40 72.76 73.71 38.8 40.0 40 2 40. 1.78 1.81 1.81 Stone, clay, and glass products 84.63 91.27 91.94 91.94 40.3 41.3 41.6 41 2.10 2.21 2.21 Primary metal industries 99.96 116.60 117.58 117.86 38.3 41.2 41.4 41 2.61 2.83 2.84 Fabricated metal products 90.80 96.59 98.36 99.25 40.0 41.1 41.5 41 2.27 2.35 2.37 Machinery except electrical 94.25 103.09 103.58 104.50 39.6 41.4 41.6 41 2.38 2.49 2.49 Electrical machinery 85.14 88.84 89.28 90.58 39.6 40.2 40.4 40.8 2.15 2.21 2.21 2.22 Transportation equipment 99.50 107.83 107.98 108.12 39.8 41.0 40.9 40.8 2.50 2.63 2.64 2.65 Instruments and related products 87.16 92.21 92.21 92.43 39.8 40.8 40.8 40.9 2.19 2.26 2.26 2.26 Miscellaneous manufacturing industries .. 73.08 76.57 76.76 77.14 39.5 40.3 40.4 40.6 1.85 1.90 1.90 1.90 Nondurable goods 75.08 79.00 79.20 79.20 38.7 39.5 39.6 39.6 1.94 2.00 2.00 2.00 Food and kindred products 81.81 84.42 85.88 85.68 40.7 40.2 40.7 40.8 2.01 2.10 2.11 2.10 Tobacco manufactures 66.30 65.02 67.90 66.99 39.7 37.8 38.8 38.5 1.67 1.72 1.75 1.74 Textile-mill products 57.98 63.27 63.99 64.46 38.4 40.3 40.5 40.8 1.51 1.57 1.58 1.58 Apparel and other finished textiles 52.50 55.63 55.48 55.12 35.0 36.6 36.5 36.5 1.50 1.52 1.52 1.51 Paper and allied products... v 88.20 92.87 93.30 93.95 41.8 42.6 42.8 42.9 2.11 2.18 2.18 2.19 Printing, publishing and allied industries.. 97.38 102.11 102.11 101.84 37.6 38.1 38.1 38.0 2.59 2.68 2.68 2.68 Chemicals and allied products 94.94 98.18 99.42 100.67 41.1 41.6 41.6 41.6 2.31 2.36 2.39 2.42 Products of petroleum and coal 111.93 118.20 117.67 116.81 41.0 40.9 41.0 40.7 2.73 2.89 2.87 2.87 Rubber products 91.10 101.57 101.52 90.86 39.1 41.8 42.3 37.7 2.33 2.43 2.40 2.41 Leather and leather products 57.46 59.57 60.54 61.99 36.6 37.0 37.6 38.5 1.57 1.61 1.61 1.61 n.a. Not available. NOTE.—Data are for production and related workers. Figures for May and June 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

786 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 a l - - 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 M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - SALESi 1951 112 109 107 112 114 115 117 110 111 107 117 120 112 1952 114 110 104 113 115 122 127 109 116 109 121 129 120 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 127 149 167 125 137 128 146 159 142 SEASONALLY ADJUSTED 1958—May 134 117 124 129 124 146 168 '123 136 126 148 161 142 June 133 115 124 129 122 146 176 119 133 123 141 162 143 July 140 129 133 141 132 153 174 131 139 129 147 162 140 Aug 147 137 137 143 140 163 183 136 151 137 158 172 148 Sept 135 119 125 129 129 145 167 124 144 126 147 162 140 Oct 135 125 128 140 126 151 165 122 131 123 144 159 141 Nov 137 122 125 135 125 149 170 125 133 130 149 166 149 Dec 143 132 133 142 139 156 176 134 148 136 150 160 148 1959_j an 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 138 116 123 129 128 146 167 129 144 141 155 166 155 Apr 141 120 126 142 132 156 175 130 138 127 149 169 153 May 124 130 139 136 158 135 1 125 173 154 WITHOUT SEASONAL ADJUSTMENT 1958—May '131 117 120 128 120 144 r161 122 137 121 145 159 135 June 126 115 120 121 115 135 153 117 124 119 136 147 135 July 112 93 97 103 107 123 144 103 114 103 130 144 124 Aug 129 107 105 115 124 139 165 121 136 130 152 160 144 Sept 137 127 129 135 129 151 160 129 143 135 149 156 140 Oct 141 127 135 143 129 158 173 129 144 142 149 165 142 Nov 166 149 160 179 154 186 197 154 161 150 173 190 173 Dec 251 240 235 251 244 286 305 228 250 227 260 277 262 1959—Jan 106 94 104 101 96 113 135 94 105 93 112 133 119 Feb 107 90 100 101 103 114 138 96 109 99 112 126 119 Mar 125 103 112 124 117 138 167 114 128 119 133 151 132 Apr 130 114 116 128 123 139 165 '123 129 122 140 157 138 May 124 126 138 132 156 "175 134 P149 126 172 146 STOCKS i 1951 131 129 127 132 132 129 145 125 130 121 137 135 137 1 1 9 9 5 5 2 3 1 1 2 3 1 1 1 1 2 1 4 7 1 11 2 5 0 1 12 2 9 0 1 1 2 1 5 5 1 1 4 27 1 1 1 5 4 5 3 1 1 1 2 2 2 1 13 2 1 0 1 1 1 2 3 3 1 1 3 4 0 6 1 1 2 4 9 3 1 1 3 4 1 0 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—May 144 133 133 '149 128 169 191 133 140 133 146 164 '153 June 147 135 136 157 126 173 191 138 144 136 152 168 156 July 148 140 135 152 131 171 192 142 145 135 149 163 156 Aug 148 137 135 153 128 172 192 144 143 137 152 163 152 Sept 150 141 137 155 132 175 198 145 136 142 155 164 158 Oct 152 142 142 157 131 176 202 146 136 141 159 170 159 Nov 153 142 140 159 130 180 207 143 137 140 165 172 160 Dec 150 139 141 157 128 172 205 140 134 137 159 163 157 1959_j an 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 151 138 138 155 127 175 201 142 141 '138 '151 174 166 May 138 136 156 128 172 ^200 140 143 136 P177 WITHOUT SEASONAL ADJUSTMENT 1958—May 146 135 136 '152 131 170 193 137 140 132 148 '162 '152 June 140 126 127 146 120 160 182 134 134 128 146 156 150 July 139 126 122 137 121 156 179 136 135 129 142 155 150 Aug 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 NOT 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 Apr 158 144 143 166 133 184 211 150 149 '140 158 181 169 May 141 140 160 132 173 P202 145 143 135 P175 * Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginning 1 Figures for sales are the average per trading day, while those for stocks 1947, see BULLETIN for December 1957, pp. 1323-52. Figures prior to arc 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 787 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t a o f o o l n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) i o ( s e r O t n d i a n d u e n g r t d - o s - f * m c ( e t R o f i o p o n e t r t t a - s h l 2 ) o m ( r N t o d f o o e n e t r w r t a h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S st p o t i a o n l u n u c g t d s k - - s ce R i e p - ts month) orders Annual average: 1950 376 1,012 495 391 401 2.8 1.4 4.2 .1 1951 391 1,202 460 390 379 3.2 1.3 4.4 .0 1952 397 1,097 435 397 401 2.9 1.2 4.1 .0 1953 406 1,163 421 408 401 3.0 l.l 4.1 .0 1954 409 1,140 388 410 412 3.0 1.0 4.0 .0 1955 437 1,195 446 444 449 2.9 L.I 4.0 .0 1956....... 454 1,286 470 459 458 3.0 L.I 4.1 .0 1957 459 1,338 461 461 458 3.1 1.1 4.1 .0 1958 462 1,320 436 461 463 3.0 1.0 4.1 .0 Month: 1958-May. 441 ••1,313 '323 r408 r415 3.0 0.7 3.7 0.9 June. 402 1,230 481 324 486 3.1 1.2 4.3 0.8 July. 366 1,216 563 352 434 3.3 1.5 4.9 L.O Aug. 420 1,276 534 480 451 3.0 1.3 4.3 .1 Sept. 451 1,395 553 570 589 3.1 1.2 4.3 .3 Oct.. 502 1,516 545 623 615 3.0 1.1 4.1 .2 Nov. 538 1,567 462 589 506 2.9 0.9 3.8 .1 Dec.. 911 1,231 332 575 445 1.4 0.4 1.7 ().6 1959—Jan. 379 1,217 412 365 445 3.2 1.1 4.3 1.0 Feb.. 342 1,278 449 403 440 3.7 1.3 5.0 1.2 Mar. 434 1,360 423 516 489 3.1 1.0 4.1 1.2 Apr.. 431 1,404 388 475 441 3.3 0.9 4.2 1.1 May? 453 1,365 419 414 445 3.0 3.9 3.9 0.9 * Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1958, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see 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 * Mer m ch il a it n a d r i y s - e a i e d x p sh or ip ts m e e x n c t l s u 2 ding Merchandise imports3 Period 1957 1958 1959 1957 1958 1959 1957 1958 1959 Jan 1,681 1,505 1,400 1,584 1,396 1,286 1,115 1,096 1,154 Feb 1,616 1,345 1,280 1,495 J.245 1,184 993 956 1,118 Mar 2,154 1.553 1,456 2 024 438 1,375 ,133 1,072 1,301 Apr .... 1,866 ,530 1,468 1,783 ,408 1.343 ,119 1,057 1,221 May 1,817 1,638 1,552 1,715 1,507 1,411 ,106 1,061 1,264 June 1,790 ,406 1,656 I 308 986 1,031 July 1,697 ,416 1,510 ,287 ,148 1,049 Aus 1 681 I 396 1 540 I 283 043 950 Sept 1,544 1,361 l|441 1,239 ,007 1,074 Oct 1,680 5Q9 1,606 1,418 1,148 1,142 Nov 1,688 1,596 1,601 ,408 ,043 1,089 Dec ... . . 1,636 1,514 1,541 379 ,142 1,253 Jan -M^ay 9,134 7,571 7,156 8,601 5,994 6,599 5,466 5,242 6,058 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

788 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a 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 - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a i c i n n o re g d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65 6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52 2 88.4 55 6 1945 76.9 68.9 90.9 76.3 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—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 AUK 123.7 120.7 127.9 138.1 117.5 133.6 103.3 132.1 106.6 141.0 145.0 128.9 116.7 127.1 Sept 123.7 120.3 127.9 138.2 118.0 135.2 103.6 132.2 107.1 141.3 146.1 128.7 116.6 127.1 Oct 123.7 119.7 127.9 138.3 118.1 135.6 103.4 132.4 107.3 142.7 146.7 128.8 116.6 127.2 Nov 123.9 119.4 128.0 138.4 118.1 135.8 103.5 132.6 107.7 144.5 147.0 129.1 117.0 127.2 Dec 123.7 118.7 128.2 138.7 118.2 137.0 103.6 132.8 107.5 144.3 147.3 129.0 116.9 127.3 1959 Jan 123.8 119.0 128.2 138.8 118.2 138.9 103.2 133.1 106.7 144.1 147.6 129.4 117.0 127.3 Feb 123.7 118.2 128.5 139.0 118.5 140.0 103.8 133.1 106.7 144.3 148.6 129.8 117.1 127.4 Mar 123.7 117.7 128.7 139.1 118.5 140.3 103.8 133.7 107.0 144.9 149.2 129.7 117.3 127.3 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 May . • 124.0 117.7 128.8 139.3 118.7 135.3 103.7 133.8 107.3 145.4 150.2 130.7 117.8 128.4 NOTE.—Revised index, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r th or m c t A o o ie m d l s l i - - p F u r a c o r t m d 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 e p u k a a r i n c i o t d n h t d d e s s e - s , r ,p l t o F i m a e i g w n u n r h a i g e d a e - t l - l r s , C p a i u a h c r l c n 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 - - p L w u a b r u o c n o e m o t d d r s d - - p p a P u a l a r l u c n o p ie l t d d e p s d - r, M m p u a r e e n c o t t t d d a a s l - l s p c m M u a t r e h i n c o v r o i a y t d n d e - s - - - h F d o h t b o a u u t u o l n h u r r e r l d s e a n d e s e r - i- -e s N r t t 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 v g d l 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. 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 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 r135.4 128.0 96.2 June 119.2 95.6 113.5 125.3 93.3 100.3 110.7 110.7 144.2 116.4 130.5 148.8 149.5 123.0 135.5 128.0 93.7 July 119.2 95.0 112.7 125.6 93.3 100.3 111.9 110.4 144.7 116.8 131.0 148.8 149.5 123.2 135.3 128.0 97.2 Aug 119.1 93.2 111.3 126. 93.3 100.5 113.7 110.0 144.4 118.6 131.0 150.8 149.5 123.0 135.2 128.0 95.6 Sept 119.1 93.1 111. 126.2 93.3 100.2 114.1 109.9 145.2 120.4 131.7 151.3 149.4 123.0 136.7 128.0 192.5 Oct 119.0 92.3 110.0 126.4 93.2 101.4 113.0 110.2 146. 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 90.8 107.2 128.1 93.9 108.5 115.0 109.8 146.7 124.2 132.0 153.6 152.2 123.5 137.7 132.1 97.0 Apr 120.0 92.4 107.2 128.3 94.1 117.8 '114.0 110.0! 147.5 126.3 132.2 152.8 152.1 '123.4 138.3 132.2 98.8 May 119.8 90.8 107.7 128.3 94.4 118.4 113.4 110.0| 148.7 127.9 132.0 152.9 152.3 123.5, 138.4 132.2 95.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 789 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1958 1959 1958 1959 Subgroup Subgroup May Mar. Apr. May May Mar. Apr. May Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce 122.0 93.6 114.2 107.0 Grains 84.2 77.7 79.7 78.6 Paperboard 136.0 136.2 136.2 136.2 Livestock and poultry , 99.8 91.1 91.9 90.5 Converted paper and paperboard 128.0 127.6 127.5 127.3 Plant and animal fibers 101.6 99.5 101.0 101.9 Building paper and board 144.1 144.2 145.0 146.7 Fluid milk 90.5 93.5 r91.9 90.4 Eggs 75.7 70.5 54.5 51.1 Metals and Metal Products: Hay and seeds 79.7 78.4 79.5 80.3 Other farm products 142.0 133.8 133.5 133.5 Iron and steel 166.2 171.9 170.8 170.4 Nonferrous metals 123.9 136.1 '134.7 136.1 Processed Foods: Metal containers 155.7 156.3 152.9 152.9 Hardware 170.7 173.0 173.0 173.1 Cereal and bakery products 117.9 119.0 118.9 119.5 Plumbing equipment 122.8 129.2 129.8 130.9 Meats, poultry, and fish 112.8 99.6 100.8 101.4 Heating equipment 120.8 121.9 '121.7 121.7 Dairy products and ice cream 110.6 113.0 112.0 111.7 Fabricated structural metal products. 134.1 132.9 132.9 132.9 Canned, frozen fruits, and vegetables 108.2 111.2 110.6 110.4 Fabricated nonstructural metal Sugar and confectionery 115.5 112.9 112.1 114.4 products 145.9 145.9 146.0 146.0 Packaged beverage materials 168.4 r148.0 145.2 145.2 Other processed foods 96.9 95.7 95.3 95.8 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 138.4 143.1 143.0 143.1 Cotton products 88.3 90.2 90.3 90.8 Construction machinery and equip- Wool products 100.5 97.8 99.5 101.1 ment 165.5 '171.9 172.0 171.9 Synthetic textiles 80.3 80.1 80.6 81.0 Metal working machinery 169.6 172.1 '172.5 173.1 Silk products 116.1 112.1 113.6 114.0 General purpose machinery and Apparel 99.1 99.3 99.3 99.3 equipment 159.6 163.3 162.8 162.8 Other textile products 75.4 76.1 75.7 75.7 Miscellaneous machinery 147.6 149.2 149.2 149.2 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 152.3 153.1 153.0 153.4 Motor vehicles 139.0 143.2 143.2 143.2 Hides and skins 55.4 87.7 108.5 98.6 Leather 91.1 103.6 120.4 124.5 Furniture and Other Household Dura- Footwear 121.8 123.6 '128.2 128.9 bles: Other leather products 97.3 103.4 110.1 112.9 Household furniture 122.8 124.1 123.4 123.6 Fuel, Power, and Lighting Materials: Commercial furniture 154.2 155.0 155.0 155.0 Floor covering 128.5 127.2 127.8 127.8 Coal 119.7 124.6 119.3 118.9 Household appliances 104.9 105.0 105.1 105.0 Coke 161.9 170.4 170.4 170.4 Television, radios, phonographs 94.3 93.4 93.4 93.4 Gas fuels (Jan. 1958= 100) 98.3 113.1 p108.6 109.9 Other household durable goods 155.1 156.0 156.2 156.5 Electric power (Jan. 1958= 100) 100.6 100.9 100.8 100.8 Petroleum and products 114.7 119.9 119.4 118.3 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.7 135.2 135.2 135.2 Concrete ingredients 139.0 140.2 140.2 140.2 Industrial chemicals 123.9 123.6 123.9 123.8 Concrete products 128.2 129.3 129.4 129.7 Prepared paint 128.4 128.4 128.3 128.3 Structural clay products 155.6 159.9 160.0 160.1 Paint materials 103.9 101.3 101.4 101.4 Gypsum products 133.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics... 94.3 92.8 '92.9 93.0 Prepared asphalt roofing 106.1 119.4 126.4 126.4 Fats and oils, inedible 61.5 60.3 60.4 60.8 Other nonmetallic minerals 131.2 132.7 132.7 132.5 Mixed fertilizers 111.2 110.0 109.6 108.9 Fertilizer materials 110.3 107.5 107.5 107.5 Tobacco Manufactures and Bottled Other chemicals and products 107.2 106.1 106.3 106.4 Beverages: Rubber and products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.6 106.6 106.6 Crude rubber 127.7 142.4 146.9 152.9 Other tobacco products 139.7 150.9 152.8 152.8 Tires and tubes 152.1 151.9 151.9 151.9 Alcoholic beverages 120.1 121.7 121.7 121.7 Other rubber products 143.0 143.6 143.4 143.6 Nonalcoholic beverages 149.3 171.1 171.1 171.1 Lumber and Wood Products: Miscellaneous: Lumber 116.7 125.5 126.8 128.7 Toys, sporting goods, small arms 119.1 117.2 116.9 117.0 Millwork 127.1 130.2 135.4 137.0 Manufactured animal feeds 78.0 79.6 82.9 76.6 Plywood 92.2 104.0 106.6 106.6 Notions and accessories 97.5 97.5 97.5 97.5 Jewelry, watches, photo equipment... 107.3 108.2 108.2 108.1 Pulp, Paper, and Allied Products: Other miscellaneous 132.4 132.6 132.6 132.3 Woodpulp 121.2 121.2 121.2 121.2 Wastepaper 71.8 115.7 115.7 110.5 Paper 141.8 142.1 143.3 143.3 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1958r 1959' 1929 1933 1941 1950 1954 1955 1956' 1957 r 1958r Gross national product 104.4 56.0 125.8 284.6 363.1 397.5 419.2 442.5 441.7 431.0 434.5 444.0 457.1 470.2 Personal consumption expenditures 79.0 46.4 81.9 195.0 238.0 256.9 269.9 284.8 293.0 287.3 290.9 294.4 299.1 303.9 Durable goods 9.2 3.5 9.7 30.4 32.4 39.6 38.5 40.3 37.6 36.9 36.7 37. 39.8 41.3 Nondurable goods 37.7 22.3 43.2 99.8 119.3 124.8 131.4 137.7 141.9 139.5 141.5 143. 143.6 145.3 Services 32.1 20.7 29.0 64.9 86.3 92.5 100.0 106.7 113.4 111.0 112.7 114.2 115.7 117.4 Gross private domestic investment 16.2 1.4 18.1 50.0 48.9 63.8 67.4 66.6 54.9 52.4 51.3 54.2 61.3 69.8 New construction* 8.7 1.4 6.6 24.2 29.7 34.9 35.5 36.1 35.8 35.5 34.6 35.4 37.3 39.7 Residential, nonfarm 3.6 .5 3.5 14.1 15.4 18.7 17.1 17.0 18.0 17.1 16.9 18.0 19.9 21.9 Other 5.1 1.0 3.1 10.1 14.3 16.2 17.8 19.0 17.7 18.4 17.7 17.4 17.4 17.8 Producers' durable equipment 5.9 1.6 6.9 18.9 20.8 23.1 27.2 28.5 22.9 23.8 22.6 22.2 23.2 23.9 Change in business inventories 1.7 -1.6 4.5 6.8 -1.6 5.8 4.7 2.0 -3.8 -6.9 -5.8 -3.4 .8 6.1 Nonfarm only 1.8 -1.4 4.0 6.0 -2.1 5.5 5.1 1.2 -4.9 -8.1 -7.0 -4.5 -.1 5.4 Net exports of goods and services 2.8 2.2 21.1 .6 1.0 1.1 2.9 4.9 1.2 2.0 1.2 1.6 .2 Q Exports 7.0 2.4 6.0 13.1 17.5 19.4 23.1 26.2 22.6 22.2 22.3 23.1 22.7 2l!5 Imports 6.3 2.3 4.8 12.5 16.5 18.3 20.2 21.3 21.3 20.2 21.1 21.5 22.5 22.4 Government purchases of goods and services 8.5 8.0 24.8 39.0 75.3 75.6 79.0 86.2 92.6 89.3 91.1 93.8 96.5 97.4 Fede N ra a l tional defense3 1.3 2.0 ' 1 1 6 3 .9 .8 1 1 9 4 . . 3 3 4 47 1 . . 5 2 4 3 5 9 . . 3 1 4 4 5 0 . . 7 4 4 4 9 4 . . 4 3 5 4 2 4 . . 2 5 5 4 0 4 . . 1 0 5 4 1 4 . . 3 3 5 4 3 4 . . 7 5 4 54 5 . . 2 3 5 4 3 5 . . 8 8 O Le th ss e : r Government sales4 - 1 . . 0 3 2. . 0 0 • 3i 5. . 2 1 6. . 7 3 6. . 6 4 5. . 7 3 5. . 5 4 8. . 1 5 6. . 6 5 7. . 5 5 8. . 9 3 9. . 4 6 8. . 3 3 State and local 7.2 6.0 7.8 19.7 27.7 30.3 33.2 36.8 40.5 39.2 39.7 40.8 42.2 43.6 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 363.1 392.7 400.9 408.3 399.0 391.0 393.1 400.9 410.8 420.6 r Revised. 4 Consists of sales abroad and domestic sales of surplus consumption 1 Includes expenditures for crude petroleum and natural gas drilling. goods and materials. 2 Net exports of goods and services and net foreign investment have NOTE.—For explanation of series see U. S. Income and Output (a supplebeen equated, since foreign net transfers by government were negligible ment to the Survey of Current Business for 1959) and the July 1959 issue dur 3 i n T g h i t s h e c a p t e e r g i o od ry 19 co 2 r 9 r - e 4 s 5 p . onds closely to the major national security of the Survey of Current Business. classification in the Budget of the United States Government for the fiscal year ending June 30, 1960. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1958 r 1959 r 1929 1933 1941 1950 1954 1955 1956' 1957' 1958' National income 87.8 40.2 104.7 241.9 301.8 330.2 350.8 366.5 366.2 355.8 358.9 369.5 380.4 389.4 Compensation of employees 51.1 29.5 64.8 154.2 207.6 223.9 242.5 255.5 256.8 252.5 253.2 258.5 262.9 269.9 Wages and salaries1 50.4 29.0 62.1 146.4 196.3 210.9 227.6 238.5 239.4 235.2 236.0 241.1 245.1 250.9 P M G r o i i l v v i a t e a t r e r n y ment civilian 45. . 5 3 23. . 9 3 51 1. . 9 9 1 1 2 5 4 7 . . . 0 3 1 1 6 0 1. . 9 0 1 2 7 9 6 4 . . . 2 9 1 2 8 9 8 9 . . . 7 4 6 19 9 8 . . 6 4 19 9 6 . . 7 2 19 9 3 . . 5 4 19 9 3 . . 7 2 1 1 97 0 . . 1 0 20 9 0 . . 9 8 20 9 6 . . 8 2 Supplements to wages and salaries 4.6 4.9 8.3 7.8 24.4 13.0 14.9 30.5 33.5 32.3 33.2 34.0 34.4 34.8 Proprietors' income2 .7 .5 2.7 37.5 11.3 42.1 43.7 17.0 17.4 17.3 17.2 17.5 17.8 19.0 Business and professional 14.8 5.6 17.4 23.5 40.4 30.4 32.1 44.5 46.6 46.1 45.9 46.8 47.4 46.9 Farm 8 6 . . 8 0 2 3 . . 4 2 1 6 0 . . 5 9 14.0 2 1 7 2 . . 8 7 11.8 11.6 3 1 2 1 . . 7 8 3 1 2 4 . . 4 2 3 1 1 4 . . 6 6 3 1 2 3 . . 0 9 3 1 2 4 . . 6 2 3 1 3 4 . . 2 1 3 1 3 3 . . 7 2 Rental income of persons 5.4 2.0 3.5 9.0 10.9 10.7 10.9 11.5 11.8 11.7 11.8 11.9 11.9 12.0 Corporate profits and inventory valuatioi adjustment 10.1 -2.0 14.5 35.7 33.7 43.1 42.0 41.7 36.7 31.5 33.8 38.0 43.5 45.5 Profits before tax 9.6 .2 17.0 40.6 34.1 44.9 44.7 43.3 37.1 32.0 33.6 38.3 44.6 46.5 Profits tax liability 1.4 .5 7.6 17.9 17.2 21.8 21.2 21.1 18.2 15.7 16.5 18.8 21.9 22.6 Profits after tax 8.3 9.4 22.8 16.8 23.0 23.5 22.2 18.9 16.3 17.1 19.5 22.7 23.8 -.4 Inventory valuation adjustment .5 -2.5 -5.0 -.3 -1.7 -2.7 -1.5 4 -.4 .2 -.3 -1.1 -.9 -2.1 Net interest 6.4 4.5 5.5 9.1 10.4 11.7 13.3 14.3 13.9 14.1 14.4 14.7 15.1 5.0 r Revised. 2 Includes noncorporate inventory valuation adjustment. 1 Includes employee contributions to social insurance funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 791 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally b a y d j q u u st a e r d te r a s nnual rates Item 1958 ' 1959 r 1929 1933 1941 1950 1954 1955 1956' 1957' 1958' Gross national product 104.4 56.0 125.8 284.6 363.1 397.5 419.2 442.5 441.7 431.0 434.5 444.0 457.1 470.2 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 28.8 32.0 34.4 36.9 37.9 37.5 37.6 38.0 38.5 39.3 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 30.2 32.9 35.7 38.1 39.0 38.3 38.9 39.1 39.9 40.7 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 3 6 . . 7 9 . . 5 4 .8 1.3 1 1 . . 0 5 1.6 1. . 7 5 1.7 1.7 1.7 -3 1 . . 3 7 -2 1 . . 4 7 1.7 Plus: Subsidies less current surplus of gov- -.7 .9 -2.4 -2.1 -1.2 -1.5 .0 ernment enterprises -.1 .0 .1 .0 1.1 1.0 1.0 .2 -.2 .9 1.0 1.1 1.1 .8 Equals: National income. 87.8 40.2 104.7 330.2 366.5 369.5 380.4 241.9 301.8 350.8 366.2 355.8 358.9 389.4 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 33.7 43.1 42.0 41.7 36.7 31.5 33.8 38.0 43.5 45.5 Contributions for social insurance .2 .3 2.8 6.9 9.7 11.0 12.6 14.6 15.1 14.8 14.8 15.3 15.5 17.5 Excess of wage accruals over disburse- Plus: Go m v e e n rn ts ment transfer payments . . 0 9 1. . 5 0 2. . 6 0 14 . . 0 3 15 . . 0 0 16 . . 0 0 17 . . 0 2 20. . 0 0 24. . 4 0 22. . 8 6 24. . 9 6 - 2 1 5 .3 .4 25. . 1 0 24. . 7 0 Net interest paid by government 1.0 1.2 1.3 4.8 5.4 5.4 5.7 6.2 6.2 6.2 6.2 6.1 6.1 6.3 Dividends 5.8 2.1 4.5 9.2 9.8 11.2 12.1 12.5 12.4 12.7 12.6 12.6 12.0 12.8 Business transfer payments .6 1.3 1.5 1.6 1.7 1.7 1.7 1.7 1.7 1.7 1.7 .7 .5 Equals: Personal income. 85.8 228.5 289.8 310.2 332.9 350.6 359.0 352.2 355.0 363.4 366.3 371.8 47.2 96.3 Less: Personal tax and nontax payments 2.6 20. 32.9 35.7 40.0 42.7 42.6 41.9 42.1 42.9 43.4 44.4 7.5 3.3 Federal 1.3 .5 2.0 18.2 29.2 31.5 35.2 37.4 36.7 36.2 36.3 37.1 31A 38.2 1.4 1.0 1.3 2.6 3.8 4.2 4.8 5.4 5. 5.8 5.9 6.0 6.2 State and local 5.7 83.1 45.7 93.0 207.7 256.9 274.4 292.9 307.9 316.5 312.9 320.4 322.9 327.4 Equals: Disposable personal income 310.3 79.0 46.4 81.9 195.0 238.0 256.9 269.9 284.8 293.0 290.9 294.4 299.1 303.9 Less: Personal consumption expenditures.... 287.3 4.2 -.6 11.1 12.6 18.9 17.5 23.0 23.1 23.5 22.0 26.0 23.7 23,5 Equals: Personal saving 22.9 Addendum: Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 256.9 273.4 286.9 292.9 295.2 290.0 291.6 299.2 300.4 304.3 rRevised. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] 1958' 1959 r Item* 1957 r 1958 ' June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Junep Xotal personal income 350 6 359 0 357 1 363 5 362 4 364 2 364 3 367 5 366 9 369 0 371 0 375 4 379 0 381 3 382 9 Wage and salary disbursements 238.5 239.4 237.9 243.2 241.3 242.5 242.1 246.1 247.0 248.7 250.1 254.0 257.3 259.8 261.1 Commodity-producing industries. . 102.2 97.8 96.7 97.2 97.9 99.3 98.7 101.8 102.2 102.8 103.5 106.3 108.6 109.8 110.4 Manufacturing only 80.6 76.7 75.7 76.1 76.7 77.9 76.9 79.7 80.6 80.9 81.7 83.8 85.4 86.7 87.2 Distributive industries 63.4 63.8 63.5 63.8 64.3 64.1 64.1 64.7 64.7 65.6 66.0 66.6 66.9 67.5 67.8 Service industries 32.7 34.6 34.6 34.8 35.0 35.0 35.2 35.3 35.6 35.6 36.0 36.4 36.8 37.1 37.2 Government. 40.2 43.2 43.1 47 4 44 1 44 1 44 1 44 3 44 4 44 6 44 7 44 8 45 0 45 4 45 7 Other labor income... 9.1 9.3 9.3 9.3 9.3 9.3 9.3 9.4 9.4 9.6 9.7 9.8 9.9 9.9 10.0 Proprietors' income: Business and professional 32.7 32.4 32.3 32.4 32.6 32.8 33.2 33.1 33.4 33.5 33.7 34.0 34.3 34.5 34.6 Farm 11 8 14 2 13 4 14 1 14 2 14 3 14 2 14 1 14 2 13 5 13 2 12 9 12 2 12 0 1? 1 Rental income..... - 11.5 11.8 11.8 11.8 11.9 11.9 11.9 11.9 11.9 12.0 12.0 12.0 12.0 12.0 12.0 Dividends ... 12.5 12.4 12.6 12.6 12.6 12.6 12.6 12.6 10.8 12.7 12 8 12.8 12.9 13.0 13.1 Personal interest income . 19 5 20 4 20 4 20 4 20 5 20 6 20 7 20 8 'M 0 21 1 21 3 21 6 21 8 22 0 22 2 Transfer payments ^ 21 7 26 1 26 4 26 8 27 2 27 3 27 4 26 6 26 3 26 1 26 4 26 6 26 9 26 4 ~>6 2 Less: Personal contributions for social insurance 6 7 7 0 7 0 7 2 7 1 7 1 7 1 7 1 7 1 8 1 8 1 8 2 8 3 8 3 8 4 Nonagricultura' income 3 335 2 341 1 339 9 345 7 344 5 346 1 346 3 349 6 348 8 351 6 353 8 358 5 362 7 365 3 366 9 Agricultural income 15.3 17.9 17.2 17.8 17.9 18.1 18.1 18.0 18.1 17.4 17.2 16.9 16.3 16.0 16.0 r Revised. » Preliminary. enterprises* farm wages, agricultural net interest, and net dividends paid 1 Monthly data are seasonally adjusted totals at annual rates. by corporations. 2 Mainly social insurance benefits and veterans' payments. NOTE.—For description of series see U. S. Income and Output, a supple- 3 Personal income exclusive of net income of unincorporated farm ment to the Survey of Current Business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 BUSINESS FINANCE ANNUAL SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS [In millions of dollars] Industry 1946 1947 1948 1949 1950 1951 1952 1953 Total (180 corps.): Sales 33,313 46,717 56,377 55,680 67,202 78.047 81,231 96,469 Profits before taxes 3,253 6,098 7,889 7,382 11,610 12,544 10,345 11,966 Profits after taxes 1,929 3,704 4,850 4,531 5,999 5,056 4,613 5,189 Dividends 1,300 1,647 1,780 2.268 3.061 2,744 2,777 2,903 Nondurable goods industries (79 corps.):1 Sales 16,019 20,252 23,867 22,875 26,051 30,770 31,732 35,941 Profits before taxes 2,259 2,895 3,595 3,022 4,354 5,127 4,212 4,591 Profits after taxes 1,388 1,822 2,304 1.924 2,392 2,265 2,060 2,225 Dividends 634 795 851 1.022 1,275 1,217 1,262 1,294 Durable goods industries (101 corps.):2 Sales 17,294 26,465 32,511 32,805 41,151 47,277 49,499 60,528 Profits before taxes 993 3,203 4,294 4,361 7,256 7,416 6,133 7,375 Profits after taxes 540 1,882 2,546 2.607 3,607 2,791 2,553 2,965 Dividends 665 852 929 1.246 1,787 1,527 1,515 1,609 Selected industries: Foods and kindred products (25 corps.): Sales 5,656 6,606 7,153 6,851 7,125 !,024 8,405 8,901 Profits before taxes 663 673 696 710 833 783 752 822 Profits after taxes 387 407 425 431 448 354 326 352 Dividends 179 212 224 230 245 245 245 247 Chemicals and allied products (21 corps.): Sales 3,520 4,613 5,443 5.208 6,324 7,828 7,851 8,485 Profits before taxes 687 885 1,008 944 1,608 1,923 1,624 1,683 Profits after taxes 374 491 562 517 757 646 603 632 Dividends 219 272 218 384 533 449 460 483 Petroleum refining (16 corps.): Sales 3,887 5,330 7,212 7,042 7,872 9,229 9,801 12,470 Profits before taxes 480 793 1,297 920 1,157 1,482 1,177 1,278 Profits after taxes 378 607 967 711 800 917 831 905 Dividends 145 199 282 292 353 365 399 406 Primary metals and products (35 corps.): Sales 7,098 9,943 12,015 10,893 14,044 16,588 15,821 18,647 Profits before taxes 627 1,344 1,707 1,352 2,321 2,810 1,680 2,429 Profits after taxes 380 827 1,051 796 1,195 1,079 826 1,079 Dividends 278 352 401 403 529 551 535 556 Machinery (25 corps.): Sales 3,173 5,301 6,717 6,674 8,036 9,706 10,904 12,077 Profits before taxes 90 589 784 770 1,296 1,410 1,361 1,334 Profits after taxes 30 360 463 475 651 532 554 548 Dividends 138 164 179 204 291 269 284 325 Automobiles and equipment (14 corps.): Sales 4,696 8,255 10,328 11,631 14,772 15,417 15,435 20,569 Profits before taxes 65 944 1,305 1,747 2,849 2,310 2,237 2,594 Profits after taxes 22 526 738 1,025 1,347 840 813 927 Dividends 139 210 208 485 771 519 503 517 1 Includes 17 companies in groups not shown separately. 2 Includes 27 companies in groups not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 793 QUARTERLY SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS [In millions of dollars] 1955 1956 1957 Industry Total (180 corps.): Sales 25,164 26,812 25,519 27,511 27,032 27,432 24,874 28,969 29,642 29,135 27,931 28,125 Profits before taxes 3,525 3,953 3,451 3,874 3,708 3,576 2,547 3,587 3,870 3,540 2,972 2,966 Profits after taxes 1,761 1,998 1,756 2,048 1,875 1,864 1,380 1,974 2,026 1,859 1,607 1,685 Dividends 811 816 899 1,321 962 988 970 1,147 1,026 1,019 1,026 1,121 Nondurable goods industries (79 corps.):1 Sales 9,002 9,270 9,385 9,804 9,854 9,887 9,873 10,439 10,703 10,471 10,628 10,508 Profits before taxes 1,170 1,227 1,276 1,340 1,334 1,291 1,223 1,298 1,391 1,252 1,237 1,129 Profits after taxes 650 677 710 777 738 723 705 111 810 725 716 693 Dividends 353 354 376 506 403 402 412 465 434 425 430 487 Durable goods industries (101 corps.):2 Sales 16,161 17,542 16,134 17,707 17,178 17,545 15,001 18,531 18,939 18,665 17,303 17,618 Profits before taxes 2,355 2,726 2,175 2,534 2,375 2,284 1,324 2,290 2,479 2,288 1,735 1,837 Profits after taxes 1,112 1,321 1,046 1,272 1,137 1,141 676 1,197 1,215 1,134 891 992 Dividends 458 462 523 815 559 586 558 682 592 594 596 634 Selected industries: Foods and kindred products (25 corps.): Sales 2,174 2,347 2,374 2,341 2,385 2,499 2,510 2,590 2,547 2,647 2.696 2,703 Profits before taxes 171 230 244 223 213 251 244 246 220 258 '282 263 Profits after taxes 79 109 116 109 99 119 120 122 105 125 135 132 Dividends 66 59 62 73 72 64 65 76 75 65 67 82 Chemicals and allied products (21 corps.): Sales 2,291 2,400 2,399 2,494 ,510 2,535 2,511 2,643 :,674 2,623 2,739 2,633 Profits before taxes 447 467 469 483 476 454 414 461 476 462 463 422 Profits after taxes 228 234 239 254 241 232 218 251 240 239 238 231 Dividends 134 139 156 260 161 167 168 203 174 175 175 213 Petroleum refining (16 corps.): Sales 2,821 2,755 2,837 3,103 3,127 ,004 3,02! 3,294 ,599 3,294 ,260 3,309 Profits before taxes 337 287 335 385 401 338 347 358 469 317 285 254 Profits after taxes 238 217 239 285 279 247 255 287 354 255 240 226 Dividends 107 107 109 115 115 116 123 127 126 126 129 131 Primary metals and products (35 corps.): Sales 4,581 5,299 5,259 5,606 5,724 6,087 4,636 5,918 5,811 5,890 5,547 5,220 Profits before taxes 664 864 812 928 958 1,003 449 922 867 830 691 588 Profits after taxes 334 434 406 478 480 509 240 498 439 419 359 323 Dividends 158 155 163 254 193 220 189 279 216 216 218 223 Machinery (25 corps.): Sales 3,038 3,097 3,014 3,330 ,199 3,415 3,507 3,786 3,747 3,797 ,740 ,832 Profits before taxes 335 343 284 291 274 318 293 324 392 383 329 354 Profits after taxes 164 168 144 161 116 166 158 167 191 188 169 181 Dividends 94 89 98 103 99 99 102 106 101 103 106 Automobiles and equipment (14 corps.): Sales 6,252 6,645 5,438 6,288 ,872 5,447 4,237 5,660 6,618 6.001 5,151 ,684 Profits before taxes 1,068 1,181 763 998 850 639 291 693 934 750 406 611 Profits after taxes 474 554 341 472 398 305 131 353 440 363 211 340 Dividends 154 159 206 353 197 198 198 199 200 200 198 207 1 Includes 17 companies in groups not shown separately. 2 Includes 27 companies in groups not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 MEMBER BANK OPERATING RATIOS OPERATING RATIOS OF MEMBER BANKS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS, 1958 [Averages of individual ratios, expressed as percentages] Size group—total deposits Ratio of time deposits to (in thousands of dollars) total deposits (per cent) All groups u 1 a n ,0 n d 0 d e 0 r 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 2 0 5 , , 0 0 0 0 0 0 -2 5 5 0 , , 0 0 0 0 0 0 -5 0 0 0 ,0 ,0 0 0 0 0 - 10 O 0 v ,0 e 0 r 0 Un 2 d 5 er 25-50 o a 5 v n 0 e d r Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 13.4 9.6 11.0 12.4 13.9 14.9 16.2 16.5 17.8 14.4 13.7 11.3 Profits before income taxes 13.0 8.9 10.0 11.5 13.4 15.3 17.8 16.9 18.4 13.6 13.5 11.1 Net profits 6.6 7.3 8.2 9.1 11.0 9.9 10.2 9.2 9.1 7.7 Cash dividends declared 3.1 2.6 2.7 3.0 3.1 3.2 3.4 3.6 4.3 3.4 3.1 2.7 Percentage of total assets: Total earnings 3.82 3.91 3.81 3.78 3.84 3. 3.85 3.84 3.72 3.66 3.89 Net current earnings before income taxes. 1.11 1.12 1.12 1.10 1.11 1.08 1.11 1.16 1.29 1.26 1.10 .95 Net profits .73 .77 .74 .73 .73 .72 .73 .69 .73 .81 .72 .64 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 22.8 21.6 24.7 24.1 22.5 21.6 21.1 20.0 18.2 24.0 22.6 21.9 Other securities 6.9 4.8 6.1 7.1 7.7 7.1 6.7 6.0 5.6 6.8 6.8 7.2 Earnings on loans 59.0 63.9 59.8 59.0 58.6 57.8 57.4 59.1 60.1 57.0 58.6 62.1 Service charges on deposit accounts 6.2 5.1 5.2 5.7 6.8 7.6 7.3 6.6 5.0 6.8 6.6 4.8 Other current earnings 5.1 4.6 4.2 4.1 4.4 5.9 7.5 8.3 11.1 5.4 5.4 4.0 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 30.4 37.3 32.7 30.7 29.2 29.2 29.1 29.3 28.3 34.5 30.1 25.7 Interest on time deposits 17.6 10.6 15.5 17.7 19.1 19.3 18.4 16.0 14.1 6.8 18.6 29.7 Other current expenses 22.7 24.0 22.4 22.2 22.7 23.5 23.6 24.1 22.3 24.1 23.1 20.3 Total expenses 70.7 71.9 70.6 I 70.6 71.0 72.0 71.1 69.4 64.7 65.4 71.8 75.7 Net current earnings before income taxes 29.3 28.1 29.4 29.4 29.0 28.0 28.9 30.6 35.3 34.6 28.2 24.3 Net losses (or recoveries and profits, +)1. + 1.4 1.0 1.1 .2 + 1.4 + 3.8 + 6.4 + 5.8 +7.0 + .7 +2.0 + 1.3 Net increase in valuation reserves 2.3 1.5 1.7 2.4 3.0 3.9 4.9 5.6 2.4 2.5 1.9 Taxes on net income 9.0 6.9 7.1 7.9 8.8 10.1 11.8 13.5 16.5 10.5 9.0 7.1 Net profits 19.4 19.4 19.7 19.6 19.2 18.7 19.6 18.0 20.2 22.4 18.7 16.6 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities. . 2.61 2.70 2.73 2.66 2.59 2.50 2.46 2.47 2.47 2.68 2.59 2.56 Interest and dividends on other securities. 2.7' 3.49 3.10 2.79 2.64 2.61 2.55 2.49 2.78 2.83 2.74 2.76 Net losses (or recoveries and profits, +)1 • + .30 + .03 + .04 + .15 + .32 + .52 + .74 + .78 + .91 + .26 + .37 + .25 Return on loans: Earnings on loans 6.1 6.81 6.43, 6.22 6.19 6.02 6.02 5.70 5.31 6.29 6.22 5.92 Net lossesx .10 .10 .09! .10 .12 .11 .09 .12 .06 .09 .11 .11 Distribution of assets: Percentage of total assets: U. S. Government securities 31.9 29.7 33.1 32.6 31.7 32.0 31.7 29.9 26.6 31.3 32.0 Other securities 9.7 6.2 7.9 9.8 11.1 10.5 9.9 9.1 7.6 9.2 10.2 Loans 37.2 37.7 36.2 36.5 37.0 37.7 38.4 39.9 42.3 34.0 41.2 Cash assets 19.9 25.6 21.9 20.0 18.9 18.3 18.3 19.4 21.7 24.3 15.4 Real estate assets 1.1 1.0 1.2 1.3 1.4 1.3 1.2 1.0 1.1 Other ratios: Total capital accounts to: Total assets 12.2 9.2 7.6 7.0 7.1 7.4 9.1 8.4 Total assets less Government securities and cash assets 19.2 29.1 24.6 20.6 17.4 15.7 14.5 14.4 14.5 21.9 18.4 17.2 Total deposits 9.7 14.0 11.7 10.2 9.1 8.3 7.7 7.8 8.2 10.2 9.4 9.8 Time to total deposits 35.1 22.3 31.6 35.2 38.0 38.9 36.3 31.9 26.7 13.6 37.4 59.2 Interest on time deposits2 2.0: 2.00 2.05 2.04 2.0' 2.05 2.09 2.0: 2.1- 1.9: 2.10 2.13 Trust department earnings to total earnings2 3.0 .3 1.0 1.6 1.9 2.9 3.6 4.3 6.0 3.9 3.0 1.9 Number of banks 3 6,273 210 859 2,102 1,371 965 346 187 233 1,989 2,771 1,513 For notes see second succeeding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS 795 OPERATING RATIOS OF MEMBER BANKS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK, 1958 [Averages of individual ratios, expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over All Item groups Size group—total deposits (in thousands of dollars) 2 u a , n 0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 25 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 2 u a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 25 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 2 u a , n 0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 2 , 5 0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes . . 13.4 11.7 13.8 16.2 17.4 10.4 12.4 14.7 16.7 9.1 10.7 11.9 15.3 Profits before income taxes 13.0 10.5 12.6 15.3 18.2 9.3 11.7 14.8 17.9 8.6 10.1 11.9 16.3 Net profits 7.8 9.0 10.2 10.1 6.8 8.3 9.8 10.8 6.2 7.2 8.1 10.6 Cash dividends declared 3.1 3.2 3.5 3.4 3.8 2.4 2.9 3.3 3.7 2.1 2.6 2.8 3.5 Percentage of total assets: Total earnings 3.82 3.76 3.59 3.71 3.56 3.90 3.86 3.91 3.93 3.89 3. 4.04 Net current earnings before income taxes. . 1.11 1.24 1.24 1.27 1.31 1.06 1.08 1.11 1.14 .93 .96 .94 .97 Net profits .73 .82 .80 .75 .70 .72 .73 .73 .64 .65 .64 .66 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U.S. Government securities 22.8 24.7 25.9 23.4 19.3 24.1 23.6 22.0 20.4 22.8 22.7 21.1 20.4 Other securities 6.9 5.5 7.7 7.5 5.5 6.1 6.8 7.2 6.3 6.0 6.9 7.9 7.4 Earnings on loans 59.0 59.8 55.5 55.3 59.0 60.1 59.4 57.9 58.0 63.5 62.6 61.6 59.7 Service charges on deposit accounts 6.2 5.9 6.7 8.3 5.7 4.9 5.9 7.6 6.8 3.9 4.2 5.3 6.9 Other current earnings 5.1 4.1 4.2 5.5 10.5 4.8 4.3 5.3 8.5 3.8 3.6 4.1 5.6 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.4 37.7 35.4 32.9 29.5 31.7 30.4 29.7 29.2 27.2 25.4 25.3 26.5 Interest on time deposits 17.6 5.4 6.2 7.7 8.9 18.3 18.9 18.6 18.5 29.3 30.0 29.8 28.8 Other current expenses 22.7 23.5 24.4 22.9 22.6 23.4 23.3 19.9 20.0 20.6 23.9 24.9 Total expenses 70.7 65.1 62.8 72.9 71.9 71.7 71.0 76.4 75.4 75.7 76.1 67.0 65.5 Net current earnings before income taxes.. . 29.3 34.9 37.2 27.1 28.1 28.3 29.0 23.6 24.6 24.3 23.9 33.0 34.5 Net losses (or recoveries and profits, +) 1 + 1.4 1.2 .9 + 6.2 1.2 + 2.8 +6.6 .4 .1 +2.1 +6.3 Net increase in valuation reserves 2.3 1.5 1.9 + 1.7 4.6 1.4 2.7 4.7 .7 1.3 2.2 4.7 Taxes on net income 9.0 7.9 9.0 3.0 17.3 6.5 7.7 9.5 12.3 6.2 6.6 7.6 8.7 Net profits 19.4 22.4 23.1 11.2 21.5 18.0 18.8 18.9 18.6 16.3 16.6 16.6 16,8 22.0 Rates of return on securities and loans: Return on securities: Interest on U.S. Government securities 2.61 2.80 2.75 2.61 2.45 2.70 2.64 2.54 2.48 2.59 2.59 2.54 2.47 Interest and dividends on other securities 2.77 3.24 2.76 2.64 2.64 3.10 2.82 2.62 2.57 3.18 2.78 2.62 2.65 Net losses (or recoveries and profits, +)1 + .30+ .03+ .09+ .36+ .87+ .04+ .20+ .45+ .80+ .05+ .15+ .35+ .65 Return on loans: Earnings on loans 6.17 6.68 6.34 6.32 5.41 6.53 6.30 6.16 5.94 6.04 5.96 5.86 5.83 Net losses 1 .10 .08 .07 .14 .07 .11 .12 .11 .10 .07 .11 .11 .10 Distribution of assets: Percentage of total assets: U.S. Government securities 31.9 31.7 32.5 31.7 27.1 33.2 32.6 32.3 31.2 32.8 32.6 31.2 31.5 Other securities 9.7 7.1 10.4 10.6 7.5 8.1 9.5 10.6 9.5 7.9 9.5 11.6 11.1 Loans 37.2 34.4 32.3 33.1 39.3 36.5 36.9 37.0 39.9 41.2 41.1 41.1 41.9 Cash assets 19.9 26.1 23.8 23.3 24.3 21.1 19.8 18.7 17.7 17.1 15.7 14.8 14.0 Real estate assets 1.1 .6 .9 1.2 1.2 1.0 1.1 1.3 1.4 .9 1.0 1.2 1.2 Other ratios: Total capital accounts to: Total assets 8.7 10.9 9.2 8.1 7.6 10.7 9.1 7.8 7.0 10.4 9.3 8.2 6.5 Total assets less Government securities and cash assets 19.2 27.5 22.5 19.0 16.1 24.8 20.5 16.4 13.9 21.7 18.5 15.5 12.2 Total deposits 9.7 12.4 10.2 8.9 8.4 12.2 10.1 8.6 7.7 11.8 10.3 9.1 7.1 Time to total deposits 35.1 11.0 12.4 15.8 16.8 37.3 37.6 37.5 36.7 60.2 59.8 58.8 56.6 Interest on time deposits2 2.05 1.95 1.86 1.92 2.00 2.12 2.11 2.08 2.14 2.11 2.12 2.13 2.22 Trust department earnings to total earnings2 3.0 1.5 2.0 2.7 5.5 1.7 2.6 4.1 .5 1.4 1.9 2.5 Number of banks 3 6,273 495 695 516 283 358 844 1,200 369 216 563 620 114 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 MEMBER BANK OPERATING RATIOS OERATING RATIOS OF MEMBER BANKS BY FEDERAL RESERVE DISTRICTS, 1958 [Averages of individual ratios, expressed as percentages] Federal Reserve district All Item tr d i i c s t - s B to o n s- 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 - Lo S u 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 13.4 11.8 11.6 10.8 12.1 12.9 14.2 13.8 13.6 16.1 14.3 13.9 15.8 Profits before income taxes 13.0 11.3 10.9 10.3 11.5 12.7 14.1 14.5 13.0 16.8 13.4 11.9 15.2 Net profits 7.1 7.4 7.1 7.4 8.1 9.6 10.2 11.3 9.3 8.4 9.4 Cash dividends declared 3.1 3.2 2.9 2.7 2.8 3.0 2.9 2.8 3.0 3.9 3.4 3.5 3.4 Percentage of total assets: Total earnings 3.82 4.16 3.95 3.77 3.70 3.91 4.00 3.56 4.09 3.83 3.82 4.42 Net current earnings before income taxes 1.11 1.13 .96 1.06 1.08 1.15 1.09 1.04 1.18 1.24 1.18 1.11 Net profits .73 .69 .60 .70 .66 .73 .74 .76 .82 .81 .73 .66 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 22.8 16.8 19.4 21.1 23.2 21.1 20.9 27.8 28.3 22.8 23.3 20.1 19.4 Other securities 6.9 5.1 8.1 7.6 6.4 5.9 7.2 6.4 7.3 8.2 6.7 7.2 5.3 Earnings on loans 59.0 60.5 60.5 63.1 61.0 63.3 59.4 54.7 55.9 54.9 58.0 61.9 59.3 Service charges on deposit accounts 6.2 10.2 7.4 3.6 4.9 5.0 7.3 6.1 4.1 6.6 7.4 6.3 9.2 Other current earnings 5.1 7.4 4.6 4.6 4.5 4.7 5.2 5.0 4.4 7.5 4.6 4.5 6.8 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.4 32.4 28.7 25.7 26.9 27.7 30.4 30.8 30.4 29.5 34.6 34.9 Interest on time deposits 17.6 14.0 25.4 24.7 20.3 21.1 18.4 17.9 13.3 20.4 10.6 8.5 Other current expenses 22.7 26.4 21.7 21.6 23.6 21.7 24.1 22.0 23.3 21.3 22.0 25.4 Total expenses 70.7 72.8 75.8 72.0 70.8 70.5 72.9 70.7 67.0 71.2 67.2 68.8 Net current earnings before income taxes.. 29.3 27.2 24.2 28.0 29.2 29.5 27.1 29.3 33.0 28.8 32.8 31.2 Net losses (or recoveries and profits, +)l + 1.4 + .9 + 1.3 + .3 + 1.1 +2.1 +2.6 +4.1 + 1.3 +2.2 + .1 1.6 Net increase in valuation reserves 2.3 2.1 2.8 1.6 2.5 2.4 2.6 2.9 2.7 1.2 2.1 2.3 Taxes on net income 9.0 9.2 7.3 8.1 9.9 10.4 8.6 9.0 10.0 9.6 9.3 7.8 Net profits 19.4 16.8 15.4 18.6 17.9 18.8 18.5 21.5 21.6 20.2 21.5 19.5 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 2.61 2.50 2.55 2.52 2.51 2.61 2.64 2.52 2.67 2.71 2.69 2.79 Interest and dividends on other securities 2.77 2.69 2.56 2.95 2.87 2.77 2.82 2.66 2.81 2.92 2.78 2.79 Net losses (or recoveries and profits, +)l + .30+ .40+ .28+ .20+ .28+ .36+ .44+ .47+ .27+ .34+ .18+ .12 + Return on loans: Earnings on loans 6.17 6.28 5.76 5.81 5.73 6.32 6.70 5.81 6.08 6.16 6.51 6.90 6.53 Net lossesi .10 .15 .11 .11 .09 .13 .09 .09 .07 .08 .14 .15 Distribution of assets: Percentage of total assets: U. S. Government securities 31.9 26.9 28.9 30.7 33.0 30.3 30.3 37.5 35.6 33.2 31.8 26.6 31.3 Other securities 9.7 8.4 12.1 10.3 8.6 8.6 10.4 9.0 9.5 11.0 9.6 10.0 8.3 Loans 37.2 42.5 41.8 41.5 39.7 39.7 35.7 34.0 32.7 36.9 35.0 35.1 40.1 Cash assets 19.9 20.4 15.6 16.2 17.4 19.9 21.9 18.6 21.3 17.7 22.8 26.9 18.8 Real estate assets 1.1 1.5 1.3 1.2 1.2 1.3 1.5 1.0 .7 1.3 1.3 Other ratios: Total capital accounts to: Total assets 10.0 8.6 9.2 9.2 8.2 7.8 7.8 9.0 7.4 Total assets less Government securities and cash assets 19.2 19.4 16.1 20.0 19.6 19.3 17.7 19.0 22.4 16.7 21.2 20.1 15.6 Total deposits 9.7 11.3 9.5 11.6 10.3 10.3 9.1 9.7 8.5 10.1 9.9 8.2 Time to total deposits 35.1 29.2 48.0 52.2 44.7 40.1 31.4 37.9 27.4 41.9 20.2 14.8 42.5 Interest on time deposits2 2.05 1.92 2.25 1.96 1.80 2.20 2.45 1.78 1.77 2.17 2.06 2.36 2.57 Trust department earnings to total earnings2 3.0 4.9 3. 3.5 3.8 2.9 2.6 2.7 2.1 2.3 2.3 2. 4.3 Number of banks3 6,273 284 529 506 588 452 397 1,014 489 473 747 625 169 1 Net losses is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation operations 01 individual oanKS, wnne ratios cased on aggregates snow reserves; net recoveries and profits is the reverse. Transfers to and from combined results for the banking system as a whole and, broadly speaking, reserves are excluded. are the more significant for purposes of general analyses of credit and 2 Banks with no time deposits, or no trust department earnings, as the monetary problems. case may be, were excluded in computing this average. Figures of earnings, expenses, etc., used in the calculations were taken 3 The ratios for 39 member banks in operation at the end of 1958 were from the annual earnings and dividends reports for 1958. Balanceexcluded from the compilations because of unavailability of data covering sheet figures used in the compilations were obtained by averaging the the complete year's operations, certain accounting adjustments, lack of amounts shown in each bank's official condition reports submitted for comparability, etc. Dec. 31, 1957 and June 23 and Sept. 24, 1958 (and Mar. 4 and Dec. 31, NOTE.—These ratios, being arithmetic averages of the operating ratios 1958, for the New York District), except for a limited number of banks of individual member banks, differ in many cases from corresponding for which all reports were not available; such reports as were available ratios computed from aggregate dollar amounts, see BULLETIN for June were used in those instances. Savings deposits are included in the time 1959, pp. 655-58. Such differences result from the fact that each bank's deposit figures used in these tables. Banks with no time deposits (164 figures have an equal weight in calculation of the averages whereas the in number) are included with the banks having ratios of time to total figures of the many small and medium-sized banks have but little influence deposits of less than 25 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 798 Net gold purchases and gold stock of the United States. 806 Estimated foreign gold reserves and dollar holdings. 807 Reported gold reserves of central banks and governments 808 Gold production. 809 International Bank and Monetary Fund. 810 United States balance of payments. . 811 Money rates in foreign countries. . 811 Foreign exchange rates. 813 Index to statistical tables. 819 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. 797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

798 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date G T r o a t n a d l t t i e i n I o r s n n n t - a i a - - l Foreign countries m R G F a e e e n d p r y - . . , Italy U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia O A th ll er tutions 2 Total Official of 1954_Dec. 31 12,919 1,770 11,149 6,770 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—May 31 15,215 1,522 13,693 7,947 1,598 1,121 1,056 3,269 7,044 1,789 2,504 2,044 312 June 30 15,271 1,454 13,817 7,931 [,468 ,071 1,060 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 1,098 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 1,006 3,652 7,427 2,052 2,390 2,107 266 Sept. 30 15,648 1,483 14,165 8,411 1,733 ,087 1,076 3,664 7,560 1,944 2,291 2,092 277 Oct. 31 15,945 ,436 14,508 8,664 1,761 ,152 945 3,785 7,643 2,060 2,394 2,126 286 Nov. 30 16,052 ,485 14,567 8,637 1,755 ,132 977 3,792 7,656 2,071 2,407 2,148 285 Dec. 31 16,159 ,544 14,615 8,663 1,755 ,121 875 3,960 7,710 2,019 2,401 2,205 279 1959—Jan. 31 16,230 ,538 14,693 8,528 [,693 ,159 ,078 3,784 7,713 2,081 2,381 2,235 282 Feb. 28 16,619 ,541 15,078 8,752 1,697 ,170 ,133 3,920 7,920 2,142 2,382 2,339 295 Mar. 31 16,657 ,676 14,982 8,622 1,385 ,231 1,125 4,005 7,746 2,087 2,522 2,337 290 Apr. 30^ 16,775 ,666 15,110 8,432 ,280 ,239 1,230 4,080 7,829 2,170 2,464 2,357 290 May 31P 17,143 ,719 15,424 8,797 1,403 ,298 1,096 4,178 7,975 2,094 2,659 2,391 304 Table la. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - France Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l w a e n r i - t d z- T k u ey r- Y sl u av g i o a - ot A h l e l r4 1954—Dec. 31 3,030 273 100 71 41 715 113 249 103 91 71 141 672 8 9 371 1955 Dec 31 3 357 261 108 60 49 1,081 176 164 82 132 104 153 757 9 13 209 1956—Dec. 31 3,089 296 117 65 53 626 177 134 67 137 43 217 836 20 17 282 1957—Dec. 31 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 11 349 1958 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 4,005 411 117 138 75 644 138 347 108 175 30 294 846 20 6 650 Apr. 30p 4,080 410 151 130 72 647 145 361 104 171 29 321 853 25 7 651 May 31P 4,178 409 124 110 70 853 156 363 108 162 33 322 854 22 6 585 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a P p i R c m u a e n b o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r nam 1954 Dec 31 1,906 160 29 120 70 222 237 60 30 35 329 49 74 83 90 194 124 1955 Dec 31 2,000 138 26 143 95 131 253 65 24 45 414 47 86 92 65 265 112 1956—Dec. 31 2,346 146 29 225 91 153 211 68 25 64 433 69 109 84 73 455 111 1957 Dec 31 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958 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 61 144 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 2 522 180 20 178 95 189 263 41 33 43 401 74 156 74 96 508 170 Apr. 30^ 2,464 180 20 151 92 199 256 50 38 43 412 78 157 81 84 443 180 May 31? 2,659 211 22 176 102 209 250 46 39 44 445 78 149 82 85 549 172 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. 799 Table 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Ko- Date Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R l u e i e b a c - , - P p i h i p n i - e l- s T w a a i n - T la h n a d i- Other Total A tra u l s i - a C g B o i e n a l n g - o Egypt s 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—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. 21 2,337 62 90 119 55 62 998 147 173 94 138 400 290 83 33 16 28 130 Apr. 30P 2,357 57 91 108 54 65 1,028 146 164 91 134 418 290 83 33 15 28 132 May 31^ 2,391 58 94 81 51 70 1,068 142 175 92 133 427 304 83 33 16 33 139 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. Czechoslovakia7 .7 .5 .7 .6 China Mainland7. 36.2 35.5 36.3 36.0 Eastern Germany 1.3 1.2 3.1 Iraq. 14.7 16.9 19.6 18.0 Estonia .8 1.9 1.7 1.7 Jordan. 1.2 2.0 1.6 2.8 Hungary 1.0 .8 .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 L.O .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 .5 Viet-Nam 62.3 50.1 58.5 48.8 U. S. S. R.7 .7 2.2 AH other: Other Latin America: British dependencies 3.8 2.3 1.8 British dependencies 16.6 24.1 24.0 40.9 Ethiopia and Eritrea 24.2 35.1 27.8 Costa Rica 17.6 14.6 16.4 24.5 French dependencies 10.5 10.7 6.5 Ecuador 14.9 18.0 22.7 17.4 Liberia 23.7 23.0 13.0 French West Indies and French Guiana. .6 1.0 .8 .5 Libya 3.7 10.7 6.4 Haiti 12.1 8.9 11.2 7.7 Morocco: Honduras 9.7 10.2 12.6 6.3 Morocco (excl. Tangier) 13.6 32.2 25.4 Nicaragua 12.8 11.8 12.7 11.3 Tangier 22.4 19.2 18.1 Paraguay 3.6 4.0 5.1 3.4 New Zealand 2.2 1.9 6.9 Portuguese dependencies 2.8 4.4 4.0 Other Asia: Somalia .9 1.3 n.a. Afghanistan 4.1 5.3 4.7 n.a. Spanish dependencies .3 .7 .4 Bahrein Islands .5 1.7 .9 .9 Sudan .4 1.7 5.2 British dependencies 8.2 7.4 8.0 4.3 Tunisia .5 .3 5 Part of the United Arab Republic since February 1958. 6 Except where noted, these data are based on reports by banks in the Second (New York) Federal Reserve District. They represent a 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 $26 million NOTE.—Statistics on international capital transactions of the United on May 31, 1959. States are based on reports by U. S. banks, bankers, brokers, and dealers, 2 Includes International Bank for Reconstruction and Development, by branches or agencies of foreign banks, by certain domestic institutions International Monetary Fund, and United Nations and other inter- not classified as banks that maintain deposit or custody accounts for national organizations. foreigners, and by the U. S. Treasury. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions, as well as banks, organizations, and individuals domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Date, or area Total in P a f y o a re b i l g e n and country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n ry d Other Total Deposits T bi r l e ls a s a u n r d y Other certificates certificates Total amounts outstanding 1Q54 rw 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 Mav 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 Aug 31 .... 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 1,897 242 153 77 Nov 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 16,657 14,115 6,936 6,079 1,099 2,488 1,970 313 205 54 Apr 30p 16,775 14,169 6,863 6,221 1,085 2,539 1,968 339 232 67 May 31*> 17,143 14,559 6,773 6,625 1,161 2,524 1,975 307 243 59 Area and country detail, March 31, 1959 Europe: 417 415 398 5 12 2 2 (i) (i) 117 72 55 2 15 45 38 3 4 0) 138 125 67 55 2 13 10 2 1 (1) Finland 75 74 47 26 2 1 644 586 218 349 20 57 49 6 2 1 Germany, Fed. Rep. of 1,385 1,365 222 979 164 20 17 2 1 1 Greece « 138 126 82 44 0) 12 11 1 (1) Italy 1,231 1,201 137 791 30 22 8 0) 0) 347 319 141 140 27383 28 21 5 2 1 108 66 48 17 1 41 39 1 0) 0) 175 132 121 11 43 43 1 C1) 0) 30 13 12 1 17 16 C1) (1) (1) 294 283 66 189 28 11 11 (1) (1) 846 690 333 151 206 153 97 19 37 3 20 17 17 0) 2 2 C1) United Kincdom 1,125 723 347 341 35 369 147 174 48 32 6 6 6 Other Europe 650 623 188 313 122 27 24 2 1 0) Total 7,746 6,835 2,504 3,401 930 872 551 223 98 39 2,087 1,777 1,223 542 13 301 190 73 38 9 Latin America: 180 113 112 1 67 66 0) 0) 0) B B o ra li z v il ia 1 2 78 0 73 4 68 4 C1) 4 10 1 6 6 10 1 0 6 0) 6 C1) Chile ... 95 39 39 (i) 56 56 0) 1 (1) 189 118 118 70 70 (1) 1 Cuba • . 263 142 97 43 2 121 114 2 5 Dominican Republic. ... 41 13 13 28 28 0) •pi Salvador 33 15 13 17 17 0) Guatemala 43 26 13 (6 6 18 18 Mexico 401 261 245 14 2 139 135 2 2 0) Neth. W. Indies and Suri- 74 40 23 11 6 34 15 3 17 Panama RCD of 156 34 33 0) 123 91 4 28 Peru 74 28 28 (1) 46 45 (i) 1 (1) 96 52 49 0) 44 40 C1) 4 C1) Venezuela 508 346 345 0) (1) 162 158 2 3 (1) Other Latin America 170 87 64 12 11 80 79 1 0) Total 2,522 1,391 1,263 87 40 1,127 1,045 15 66 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. 801 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Area and Total in P a f y o a re b i l g e n country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n ry d Other Total Deposits T bi r l e ls a s a u n ry d Other certificates certificates Area and country detail, March 31, 1959—Continued Asia: Hong Kong 62 32 27 4 30 30 0) 0) 0) India .. . .... 90 67 62 4 22 22 0) 119 117 65 0) 2 2 0) Iran . . 55 51 51 52 (0 4 4 Israel 62 59 25 15 3 3 19 Japan 998 985 601 35 13 13 0) C1) Korea, Rep. of 147 145 144 349 1 2 2 Philippines 173 154 132 11 18 18 C1) 0) T T a h i a w il a a n nd . .. 1 9 3 4 8 1 8 3 6 5 8 6 5 7 0 12 ) (3 8 3 3 8 C1) 0) Other Asia 400 360 282 63 40 39 0) 0) 0) 57 21 Total 2,337 2,191 1,542 555 94 146 144 1 0) All other: Australia . .... 83 79 37 39 3 4 3 C1) 0) 1 Belgian Congo 33 32 13 13 6 1 1 Egypt 2 16 15 15 1 1 0) 6) 6) Union of South Africa 28 25 17 3 3 Other 130 95 79 ! 13 35 32 0) 0) 1 Total 290 245 160 63 22 43 40 0) 2 2 Total foreign countries. 14,982 12,439 6.692 4,649 1,099 2,488 1,970 312 205 54 International institutions 1,676 1,676 244 1,431 o 0) i v ' Grand total 16,657 14,115 6,936 6,079 1,099 2,488 1,970 313 205 54 i Less than $500,000. 2 Part of the United Arab Republic since February 1958. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding, in millions of dollars] Date Total France R m G F e a e p e n d . r y - . o , f Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1954 Dec 31 1,387 14 70 20 16 173 109 402 76 728 143 37 1955 Dec 31 1,549 12 88 30 26 109 158 423 144 706 233 43 1956 Dec 31 .. 1,946 18 157 43 29 104 216 568 157 840 337 43 1957 Dec 31 2,199 114 140 56 34 98 211 654 154 956 386 50 1958 May 31 2,479 93 140 41 27 84 in 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 ,048 462 78 Sept 30 2,540 90 109 39 36 127 315 716 256 1,040 450 79 Oct 31 2,577 93 103 36 38 115 316 700 276 1,078 442 81 Nov. 30 2,487 96 88 35 35 120 301 675 232 1,064 438 79 Dec 30 2,542 102 77 36 42 124 315 696 243 1,099 435 69 1959 Jan 31 2 432 102 68 31 38 107 297 644 241 1,072 407 68 Feb 28 2,379 100 68 29 35 102 288 622 218 1,054 422 63 Mar. 31 2,419 102 60 36 39 88 264 589 246 1,068 454 61 Apr 30^ 2,393 103 58 33 45 94 255 588 230 1.028 486 61 May 31* 2,428 99 52 34 39 105 236 566 236 1,064 502 61 P Preliminary. foreigners; drafts drawn against foreigners that are being collected by 1 Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year: loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

802 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Date E O u t r h o e p r e A t u r s i - a g B i e u l- m m D a en r - k l F a i n n- d Greece N l e a e t n r d h - s - N w o a r y - t P u o g r a - l Spain S d w e e n - T k u e r y - Y sl u a g v o i - a o A t l he l r 1954 Dec 31 . 109 (1] 20 10 3 3 16 2 {1} 4 4 41 1 5 1955—Dec. 31 158 16 13 3 4 11 9 5 7 78 2 7 1956—Dec. 31 216 1 28 12 4 4 21 23 2 8 13 88 (2) 7 1957 Dec 31 211 6 25 11 4 6 29 23 2 8 10 76 (2) 10 1958 Mav 31 277 5 27 7 5 7 46 24 2 46 18 81 9 June 30 263 8 16 8 4 7 41 26 2 44 16 78 1 9 July 31 267 8 18 7 4 8 44 25 2 44 16 79 1 11 Aug 31 312 9 67 6 3 8 43 25 2 57 14 67 1 9 Sept 30 315 9 63 8 3 8 44 22 2 59 13 72 (2) 10 Oct 31 316 9 64 7 4 10 49 20 2 55 13 72 1 11 Nov 30 301 8 68 10 5 8 53 21 2 31 15 69 (2) 9 Dec 31 315 7 65 14 6 7 56 22 2 30 24 72 9 1959 Jan 31 297 6 66 15 6 6 58 20 2 26 18 64 1 10 p M e a b r 2 3 8 1 2 2 8 6 8 4 5 5 6 6 4 3 1 1 6 2 6 5 5 6 5 5 9 2 1 1 8 5 2 2 2 2 5 7 1 1 6 6 6 5 0 0 1 1 9 9 Apr 30* 255 5 62 10 5 7 40 14 3 29 14 51 1 14 May 31* 236 5 51 9 6 8 34 11 2 28 15 51 2 16 Table 3b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba p m i D R c u li i a o e b c n n - - - - v S a E a d l l o - r G m u a a l t a e- Mex- l I W S a a n e u n n d r e r d d - i s i e s - t s l a P p i R m c u a e b n o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e n r r nam 1954—Dec. 31. 728 6 273 14 107 71 3 10 116 9 16 7 63 27 1955_Dec. 31. 706 7 69 14 143 92 5 8 154 17 29 18 105 34 1956—Dec. 31. 840 15 72 16 145 90 7 11 213 12 35 15 144 49 1957—Dec. 31. 956 28 100 33 103 113 15 231 18 31 42 170 51 1958—May 31. 1,050 22 202 50 123 11 6 255 21 38 37 141 50 June 30. 1,023 37 189 54 71 105 7 7 252 25 33 39 136 54 July 31. 1,033 49 216 49 54 105 11 7 240 23 30 42 138 55 Aug. 31. 1,048 48 200 48 54 132 12 7 243 26 30 45 134 55 Sept. 30. 1,040 48 183 47 49 127 14 10 9 274 24 28 50 125 49 Oct. 31. 1,078 35 165 47 50 151 19 10 9 290 23 31 54 138 49 Nov. 30. 1,064 34 138 47 51 155 19 11 10 294 23 31 54 139 49 Dec. 31. 1,099 40 148 52 51 166 19 10 12 293 23 31 52 142 53 1959_Jan. 31. 1,072 38 176 51 49 151 20 12 269 22 28 50 140 52 Feb. 28. 1,054 38 176 48 48 150 23 11 260 24 30 43 139 53 Mar. 31. 1,068 38 172 50 49 149 25 9 263 25 34 45 144 53 Apr. 30* 1,028 40 136 52 50 153 25 10 263 23 38 33 139 54 May 31* 1,064 43 156 58 50 144 23 10 278 23 37 34 143 52 Table 3c. Asia and All Other Asia Date Hong Total Kong 1954 Dec 31 143 3 1955 Dec 31 233 3 1956 Dec 31 ... 337 4 1957 Dec 31 386 7 1958 May 31 465 7 June 30 450 8 July 31 463 6 Aug 31 462 6 Sept 30 450 5 Oct. 31 442 5 Nov 30 438 6 Dec 31 435 6 1959 Jan. 31 407 6 Feb 28 422 5 Mar 31 454 6 Apr 30p 486 May 31* ... 502 00 00 India Iran Israel Japan Phil- Tai- ippines wan 5 16 11 50 7 5 5 18 10 103 19 6 20 16 170 16 6 22 24 146 53 6 29 19 224 45 5 6 29 18 229 32 6 5 31 18 224 38 6 5 29 19 222 39 6 27 21 209 41 8 29 22 196 39 8 27 27 186 41 4 27 23 179 67 4 29 25 168 38 5 28 22 175 42 5 34 19 204 34 6 34 18 224 29 5 32 16 242 29 NONONJ All other Thai- Other Total land 6 39 37 8 60 43 9 91 43 14 110 50 16 114 71 17 106 77 16 119 76 14 122 78 14 121 79 14 123 81 7 16 120 79 6 13 111 69 7 14 116 68 8 13 124 63 8 14 130 61 9 17 141 10 17 142 vovo t A r u al s i - a C g B o i e n a l g - n o Egypt3 U S n o o i u f o t n h Other Africa 14 6 1 6 10 11 5 8 17 11 6 2 8 17 13 5 1 12 19 13 6 2 36 14 14 7 1 38 17 12 7 2 70 16 12 5 3 41 17 13 5 3 1 41 17 14 4 4 37 23 13 4 3 29 29 13 4 3 23 27 12 3 2 24 27 12 3 2 24 22 11 4 1 21 24 11 4 2 19 24 12 3 2 19 25 * Preliminary. 2 Less than $500,000. 1 See note 1 on preceding page. 3 Part of the United Arab Republic since February 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 803 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 t L er o m n — g- Loans to: and country total* Total Total Banks and C t o o io u ll n t e - s c- Other Total De w p i o th sits Other official Others standing foreigners institutions Total amounts outstanding 1954 T)ec 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 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 1 373 2,487 2,298 806 418 420 654 189 174 16 Dec 31 .... 1,362 2,542 2,344 840 428 421 656 198 181 16 1959 Jan 31 1 359 2 432 2,281 780 416 All 667 151 136 15 Feb 28 1 363 2,379 2,227 744 412 413 658 152 138 13 Mar 31 1,361 2,419 2,258 746 424 428 660 161 146 15 Apr 30p 1 380 2 393 2,241 739 423 432 648 152 136 16 May 31* 1,401 2,428 2,264 732 423 434 675 164 149 15 Area and country detail, March 31, 1959 Europe: Austria 25 5 5 2 1 2 (2) (2) 32 63 61 47 6 4 2 2 (2) Denmark 1 12 11 1 % 3 8 Finland 3 5 5 (2) 1 4 (2) 20 102 99 2 7 87 1 Germany, Fed. Rep. of.... 10 60 55 8 3 19 24 5 5 Greece 6 6 2 4 Italy 24 36 35 9 7 10 10 1 1 (2) Netherlands 14 52 49 5 28 11 5 2 2 Norway ^ 132 15 15 1 5 3 6 (2) (2) 2 5 27 2 2 2 6 n 2 1 1 11 P) Sweden 31 16 14 (2) 4 5 5 11 1 (2) Switzerland 3 39 30 13 11 4 2 9 9 (2) Turkey 50 50 47 3 United Kingdom 87 88 28 11 2 14 60 56 4 1 1 1 C2) Other Europe. 11 9 9 2 3 1 1 (2) Total 399 589 503 164 69 99 171 86 81 5 Canada 97 246 182 19 143 7 12 64 61 4 Latin America: Argentina 29 38 38 20 4 11 3 (2) (2) 3 3 1 3 Brazil 260 172 172 39 22 20 91 (2) (2) (2) Chile 8 50 50 26 10 11 4 (2) Colombia 24 49 49 5 7 2t 15 (2) (2) 96 149 149 108 12 15 14 (2) Dominican Republic 25 25 5 7 3 10 P) •pi Salvador 1 5 5 1 3 1 Guatemala 1 9 9 1 6 2 (2) (2) Mexico 108 263 261 90 57 25 89 2 2 1 Netherlands W. Indies and Surinam 4 4 1 1 2 Panama ReD of 23 25 25 19 3 2 (2) (2) Peru 14 34 34 3 4 14 13 (2) (2) Uruguay 1 45 45 14 4 24 (2) (2) (2) Venezuela 46 144 140 13 35 47 45 4 1 3 Other Latin America 51 53 53 3 15 26 9 (2) (2) Total 662 1,068 1,061 328 197 213 322 7 3 4 P Preliminary. 2 Less than $500,000. i Represents mainly loans with an original maturity of more than one ir Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 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 C t o io ll n e s c- Deposits Total Banks and out- Other Total with Other official Others standing foreigners institutions Area and country detail, March 31, 1959—Continued As I i n a d : onesia 1 9 0 1 S 6 6 5 3 1 8 i 2 1 1 (2) C (2) 2) 4 33 (2) (2) Israel 12 19 11 19 2 15 204 204 61 4 27 112 ( ) (2) is 3 2 4 3 2 4 ( 1 2 6 ) 1 2 2 17 (2) (2) Taiwan 8 8 6 3 13 14 14 7 3 4 Other Asia 17 127 127 115 1 11 (2) (2) (2) Total 98 454 453 214 7 84 148 2 1 Allother: Australia 18 11 10 1 5 5 I i Belgian Congo 2 4 4 4 (2) I i (2\ Union of South Africa 10 21 21 ft Other 76 24 23 4 9 (2) 1 (2) 9 Total 105 61 59 21 7 25 6 2 i International institutions.... Grand total 1,361 2,419 2,258 746 424 428 660 161 146 15 i Represents mainly loans with an original maturity of more than 2 Less than $500,000. one year. 3 Part of the United Arab Republic since February 1958. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales s c N a h l a e e t s 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 - ch P a 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 - 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—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.. 37 18 19 231 224 7 63 89 -26 45 84 -39 Apr.P 59 14 45 226 196 30 49 74 -25 51 76 -25 May* 38 23 15 240 203 37 111 169 -57 47 83 -36 P Preliminary. 2 Includes small amounts of U. S. municipal securities. i 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. 805 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, (-). In millions of dollars] Type of security Country Year or month Total 2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o n i m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- ot A h l e l r2 1955 156 128 29 14 9 -21 142 30 10 183 -80 27 26 1956 291 256 35 23 23 -7 147 87 7 280 -53 38 27 1957 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958 -39 -56 17 -3 2 -8 19 1 10 -86 23 14 1958 May -3 -3 (3 1 1 -1 2 3 -9 -1 3 June -17 -2 (3 (3) 1 1 -2 -3 -10 -5 1 July 5 14 -9 (3 3 31 3 -9 -3 8 1 Aug -12 -16 4 1 -2 5 -4 -6 1 Sept 1 -7 8 8 4 4 -6 2 Oct 6 3 3 (3) 5 1 4 -7 6 2 Nov ... . 11 1 10 -1 2 -2 13 -4 1 9 -6 6 2 Dec 3 -3 6 4 -4 14 -7 -3 3 -6 3 3 1959_jan 18 19 —2 1 1 -1 17 -6 1 13 (3) 3 2 Feb 17 15 2 2 2 -1 7 2 15 2 1 Mar 7 2 5 (3) (3) -1 20 -12 8 -6 2 3 Apr & 30 25 5 1 27 -2 4 31 -8 2 4 37 36 1 4 21 4 5 33 -3 3 4 9 Preliminary. 2 Includes transactions of international institutions. i Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS* [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Y m e o a n r t o h r na in ti s o ti n - al f c o o re u i n g - n Europe C a a d n a - A L m ati e n r- Asia o A th l e l r Date Deposits tutions tries ica U. S. Govt. Miscelsecurities 2 laneous 3 1955 —27 -4 -46 74 24 -49 -7 1956 -33 -478 8 -447 17 -40 -16 1957—Dec. 31 356 3,729 353 1957 -384 -338 231 -552 15 -45 13 1958 -558 -805 -72 -543 5 -45 -150 1958—June 30 269 2,974 491 July 31 288 3,167 541 1958—May... -156 -154 1 -130 4 -4 -25 Aug. 31.. 313 3,344 523 June... -91 31 82 -44 2 -3 -5 Sept. 30 258 3,609 493 July.... -17 -84 -26 -55 1 -4 0) Oct. 31 288 3,777 481 Aug.... -15 -51 -11 -30 -8 -1 — 1 Nov. 30 226 3,822 487 Sept.... 3 -31 12 -10 2 -2 -33 Dec. 31 272 3,695 480 Oct.... -11 -50 -32 -10 -1 -3 c 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 ! Apr. 30 266 3,559 504 Feb.... 6 -124 -14 -64 -3 -41 -2 May 31 291 3,750 524 Mar... -5 -60 -22 -24 -9 -8 3 June 30 294 3,900 528 Apr.p. -8 -42 -28 -2 -3 -8 -1 MayP. -50 -43 18 -61 3 -4 2 * Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of next page for total gold under earmark 9 Preliminary. at Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 3 C U o . n S s . i s T ts r e o a f s b u a ry n k b er i s ll * s , a c c e c r e t p if t i a c n a c te e s s , o c f o m in m d e e r b c t i e a d l n p e a ss p , e r n , o a t n es d a fo 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

806 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 J M an a . r - . A Ju p n r e .- J S u e l p y t - . O D c e t c .- . J M an ar .- . 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 ""—16818 — 123 8' —56*3 Netherlands -4.5 -100.0 -65.0 25.0 -260.9 -41.9 -62.9 -46.4 -109.7 -29.9 •portuEal -34.9 -5.0 -59.9 -54!9 -5.6 -20.0 -20.0 -32 0 -20.0 -15.0 15.2 Switzerland -15.0 22.5 -65.0 -15.5 -8.0 -215.2 -5.0 -135 1 —75 1 Bank for Int'l Settlements.... -30.4 (2) -94.3 -20.0 -178.3 -15.1 -74.4 -60.7 -28.0 -7.0 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 j Total 525.6 451.2 -480.5 -50.5 -.1 100.3 -900.0 -300.0 -450.0 -50.0 — 100.0 -10.0 7.2 14.6 5.2 Latin America: Argentina -49.9 -20.0 -84.8 115.3 75.4 67.2 12 0 55 2 -60.2 87.7 -28.1 80.3 9 30.0 200.0 Other -15.0 -10.2 -18.8 12.2 14.0 56.4 5.5 1.8 -.1 -.4 -.3 2.6 « Total -126.0 57.5 -131.8 62.5 14.0 -28.3 80.9 69.0 -.1 -.4 11 7 57.8 — 5 Asia -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 (2) -.4 1.0 14.1 -.2 -.7 -.5 -.1 -.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: $8.0; 1952, $2.0; and 1953, $9.9. 2 Less than $50,000. and 1959, Jan.-Mar., $49.9. 3 Includes purchases of gold from Spain as follows (in millions): 1957, 5 Figures represent purchase 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 o y d s l - d o f s T t y o o e c a t k a r l ) i in c o T s c g ( r r t r o - e o o e ) d a t l c a a d s e k s l e - e : , i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E l r a ( r e d e - r a a ) : a k i r s n s d - e e e - d e , - D p ti r c o t o i m g o d o n u e l c s d - - Month ( T e r u n G e r d a o y s l o d - f m s T to o o c n t k a th l i ) in c o s T c g r t ( r r o o e o - e d a ) c t l a a d s e k s l e - : e, i e m g x N ( o o - p p ) e r l o o d t r r t t, g m c o c o r E l r a ( r e d e - r a a ) a : i k r s n s d e - e e - d e , - D p ti r c o t o i m g o d o n u e l c s d - - 1946 20,529 20,706 623.1 311.5 465.4 51.2 1958—June 21,356 21,412 -262.4 3.4 — 285 0 4 9 1947 .. . 22,754 22,868 22,162.1 1,866.3 210.0 75.8 July 21,210 21,275 -136 5 18 0 — 164 3 6 1 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 Aug 21,011 21,082 -193.1 3 7 — 196 7 5 4 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Sept 20,874 20,929 -153.2 71.2 — 220 2 6 2 1950 . ... 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Oct 20,690 20,741 -188 4 5 4 — 189 0 6 7 Nov 20,609 20,653 -88.0 11.7 -96.9 5.5 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Dec 20,534 20,582 —70 7 12 2 —79 3 5 9 1952 23,187 23,252 379.8 684.1 -304.8 67.4 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 1959_jan 20,476 20,527 —55 5 10 3 — 65 6 4 2 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 Feb 20,479 20,520 -6 7 9 9 —13 0 4 1 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 Mar 20,442 20,486 -33.6 18 3 —48 0 3 8 1956 21,949 22,058 305.9 106.1 318.5 65.3 Apr 20,305 20,358 — 128 6 3 2 — 127 5 3 8 1957 22,781 22,857 798.8 104.3 600.1 63.0 May 20,188 20,227 — 130 3 9 6 -136*5 (3) 1958 20,534 20,582 -2,275.1 259.6 -2,515.0 63.0 June ^19,704^19,745^4-482.1 (3) 5-491.7 (3) * Preliminary. to the International Monetary Fund. 1 Includes gold in Exchange Stabilization Fund. Gold in active portion 3 Not yet available. of this Fund is not included in regular statistics on gold stock (Treasury 4 Includes payment of $343.8 million as increase in United States gold) used in the Federal Reserve statement "Member Bank Reserves, gold subscription to the International Monetary Fund. Reserve Bank Credit, and Related Items" or in the Treasury statement 5 Gold held under earmark at the Federal Reserve Banks for foreign ''United States Money, Outstanding and in Circulation, by Kinds." and international accounts amounted to $9,420.0 million on June 30, 1959. 2 Net after payment of $687.5 million as United States gold subscription 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 807 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1957 Mar. 3U 1958 June 3C), 1958 Sept. 30, 1958 Dec. 31, 1958 Mar. 31, 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: 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 6 143 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 Germanv (Federal Republic of) 4,099 14 3,971 15 4,043 12 4,330 13 4,394 13 4,063 15 167 167 135 125 139 151 Italy 1,531 2 1,528 <*> 1,678 4 1,934 1 2,207 2 2 386 2 Netherlands (and Netherlands West Indies and Surinam) 1,044 14 1,260 14 1,289 13 1,389 13 1,497 15 1,614 17 Norway 138 105 150 95 151 89 144 97 173 120 151 125 Portugal (and dependencies) 651 658 678 694 707 728 Soain (and deoendencies) 126 3 130 132 134 106 100 3 Sweden 479 5 461 8 458 4 496 3 507 10 498 31 2 685 128 2,620 118 ? 684 88 2,733 no 2,777 76 2,781 80 Turkey 162 ?2 157 156 154 (2"V 164 164 Other3 851 962 6 1,131 5 1,165 6 1,370 3 1,366 16 Total 14,757 319 14,950 296 15,508 269 16,633 259 17,606 274 17,648 358 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 4 211 218 222 228 241 245 India 329 1 326 328 320 324 337 Union of South Africa 255 1 231 1 183 1 216 1 241 1 221 j 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: Argentina 263 270 265 245 203 233 Brazil 456 440 1 450 1 458 1 463 1 504 1 Chile 115 1 117 1 126 1 124 1 140 135 Colombia 215 200 192 207 (2) 241 ( 262 Cuba 371 371 146 417 86 409 86 366 1 343 86 92 93 1 91 75 l 69 70 Miexico 566 4 536 485 3 517 561 544 3 Panama Republic of 136 148 140 1 148 146 156 2 Peru 88 82 93 92 96 2 93 Uruguay 235 266 258 <*> 260 262 276 (%) 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 11 291 13 Total 4 368 176 4,251 168 4,281 108 4,040 108 4,008 106 4,134 107 Asia: Indonesia 190 128 (2) 127 129 145 156 I J r a a p n an 7 1 1 9 4 3 8 1 3 9 3 0 (2) 9 2 3 0 2 2 1 1,0 1 1 8 8 1 1 1,0 1 9 8 4 4 1,2 1 2 9 6 5 (2) 1 Philippines 181 5 196 5 175 5 191 3 186 3 180 3 Thailand 269 1 269 1 260 252 1 245 250 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: E O g th y e p r t4 2 1 2 6 8 2 7 2 1 1 7 6 1 (2)s 1 1 5 9 2 2 (2) 1 1 3 9 6 2 8 1 1 9 4 0 0 8 1 1 9 4 0 9 Total . 390 7 387 8 344 7 328 8 330 8 339 10 Total foreign countries5 28,579 1,220 29,266 1,212 30,555 1,004 31,475 996 32,564 983 33,199 1,070 International institutions 2,697 222 2,563 356 2,696 446 2,790 462 2,876 495 3,027 523 Grand total5 31,276 1,442 31,829 1,568 33,251 1,450 34,265 1,458 35,440 1,478 36,226 1,593 P Preliminary. 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

808 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 a l e d l d 1 M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- 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 80 704 320 896 42 76 1953 Dec 36,435 1,702 22,091 12,640 372 117 52 101 776 321 996 42 86 1954—Dec 37,080 1,740 21,793 13,545 372 138 62 115 778 322 1,080 42 86 1955 Dec 37,740 1,808 21,753 14,180 372 144 71 116 929 323 1,141 44 86 1956 Dec 38,245 1,692 22,058 14,495 224 107 71 122 925 324 1,113 46 57 1957 Dec .. . . 38,970 1,180 22,857 14,935 126 126 103 81 915 324 1,115 40 62 1958 Mav 1,241 21,674 126 143 103 84 1,099 324 1,089 40 66 June 39,395 1,242 21,412 16,740 125 147 103 83 1,140 325 1,086 40 67 July 1,242 21,275 125 150 107 82 [,182 325 1,096 40 68 1,247 21,082 125 153 125 82 1,212 325 1,088 40 69 Sept . . 39,545 [,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 1,270 325 1,089 40 71 Dec 39,865 ,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 1,076 40 72 Feb I 349 20 520 208 69 I 225 326 I 082 40 72 Mar *40,060 ,352 20,486 ^18,220 212 69 1,246 326 1,072 40 73 Apr 20,358 222 65 1.265 326 1,071 40 May 20 227 222 1,289 326 074 40 Ger- E m n o d n t o h f Cuba m De a n rk - D R o i e c m p a u n i b n - - E d c o u r a- Egypt 2 E v l a d S o a r l- l F a i n n d - France3 R F m e e p d a u n e b r y a l , i l c Greece G m u a a l t a e- India I n n e d s o ia lic of 1952 Dec 214 31 12 23 174 29 26 573 140 10 27 247 235 1953 Dec 186 31 12 23 174 29 26 576 328 11 27 247 145 1954 Dec 186 31 12 23 174 29 31 576 626 11 27 247 81 1955—Dec 136 31 12 23 174 28 35 861 920 11 27 247 81 1956 Dec 136 31 11 22 188 28 35 861 1,494 10 27 247 45 1957—Dec 136 31 11 22 188 31 35 575 2,542 13 27 247 39 1958—May 136 31 11 22 174 31 35 575 2,499 27 247 38 June 136 31 11 22 174 31 35 575 2,575 27 247 38 July 136 31 11 22 174 31 35 589 2,581 27 247 38 Aug • • 136 31 11 22 174 31 35 589 2,587 27 247 38 Sept 135 31 11 22 174 31 35 589 2,597 27 247 38 Oct 135 31 11 22 174 31 35 589 2,633 27 247 38 Nov 120 31 11 22 174 31 35 589 2,639 27 247 38 Dec 80 31 11 22 174 31 35 589 2,639 27 247 37 1959 Jan 31 11 22 174 31 35 589 2,678 27 247 37 Feb 31 11 22 174 31 38 589 2,678 27 247 37 Mar . .. 31 11 22 174 31 38 589 2,678 27 247 37 Apr 31 11 20 174 31 38 589 2,678 27 247 36 May 31 11 20 174 31 38 589 2,684 247 41 Ire- E m n o d n t o h f Iran Iraq R l e a p n u d b , - Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l ulic of 1952 Dec .. 138 18 346 31 144 544 33 50 38 46 9 286 1953 Dec 137 18 346 35 158 737 33 52 38 36 9 361 1954 Dec 138 18 346 63 62 796 33 45 38 35 9 429 1955—Dec 138 8 18 352 74 142 865 33 45 48 35 16 428 1956 Dec 138 14 18 338 77 167 844 33 50 49 35 22 448 1957 Dec . ... 138 20 18 452 91 180 744 33 45 49 28 6 461 1958 May 138 25 18 491 91 154 881 33 43 49 20 10 474 June 138 25 18 607 91 153 910 33 43 49 20 11 474 July 138 25 18 677 91 150 920 33 43 49 20 12 474 Aug 138 25 18 754 91 148 944 33 43 49 20 13 486 Sept 138 25 18 847 91 147 956 33 43 49 20 14 486 Oct 141 25 18 907 91 146 9Q9 33 43 49 19 15 486 Nov 141 34 18 995 91 144 [,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 1,155 95 143 1,145 33 43 49 19 7 498 Mar 140 18 102 1,164 33 43 49 19 7 501 Apr 140 18 102 1,164 33 43 49 19 9 502 May . . 18 102 I 164 33 43 50 19 * Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 809 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 May 161 203 1,836 24 112 144 3 039 180 720 14 254 159 204 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 Aue 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 193 204 112 144 3 139 180 719 17 378 Apr 190 204 1,931 112 144 3 251 180 719 15 533 May 197 204 1,912 144 3,119 180 719 10 479 » 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 month U. / S „. .S. i R.) Total A So fr u ic th a R de h s o ia - Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 1 Brazil Chile 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 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 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 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 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 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 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 1958 618 0 19 4 29.2 12 8 63 0 158 8 7 2 3 9 1958 Apr.. . 79.7 50.3 1.6 2.4 1.2 4.5 13.4 .9 .6 .3 .2 May 81.3 51.6 1.6 2.4 1.0 4.6 13.3 .9 .6 .4 June 81.5 50.6 1.6 2.5 1.4 4.9 13.4 .9 .6 .3 July .. 84.5 52 4 1 5 2.5 .9 6.1 13.2 .7 .7 .4 Aug 52.6 1.6 2.5 1.2 5.4 12.8 10 .7 .3 Sent 53 0 1 7 2 5 1 1 6 2 13 1 1 2 6 4 Oct 54 0 1 6 2.4 .9 6.7 14.0 1.1 .6 .3 Nov 53 3 1 7 2 5 1.0 5 5 12 9 6 .3 Dec 53 1 1 7 2 2 7 5 9 13 2 6 3 1959 Jan 54 1 1 6 2 6 1.2 4 2 13 2 .5 .3 Feb . 52 8 1 5 2.6 .9 4.1 12.5 .8 .3 Mar 55 9 2.6 1.0 3.8 13.2 .6 .3 Apr 57 9 3.8 13.2 .5 .3 CO COW] Other Colom- Aus- bia tralia India 15.1 31.3 7.9 14.8 34.3 8.9 15.3 37.7 7.8 13.2 39.1 8.4 13.3 36.7 7.4 15.3 36.1 7.3 11.4 37.9 6.3 13 0 38 6 6 0 1.0 2.9 .5 1.1 3.2 .4 1.2 3.3 .5 1.3 3.7 .5 .9 3.0 .5 9 3 5 5 1.3 3.3 .5 1.0 3.1 .5 1 0 3 6 5 1.3 2 8 4 1.1 1 Gold exports, representing about 90 per cent of total production. Ghana, Belgian Congo and Brazil, data for which are from American Sources.—World production: estimates of the U. S. Bureau of Mines. Bureau of Metal Statistics. For the United States, annual figures through Production reported monthly: reports from individual countries except 1957 are from the U. S. Bureau of the Mint and figures for 1958 and 1959 are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

810 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 Apr. July Oct. Jan. Apr. Mar. June Sept. Dec. Mar. Gold 1,238 1,242 1,307 1,332 1,352 Dollar deposits and U. S. securities 683 917 900 943 937 Investments' 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 696 664 717 780 951 Other assets3 90 93 91 101 92 Other 6,060 6,119 6,025 5,958 5,807 Gold and currency in separate IBRD bonds outstanding 1,405 1,658 1,687 1,792 1,840 accounts:l ° Undisbursed loans 699 675 753 910 893 Gold 1 Other liabilities 24 27 27 24 28 Currency 4 R C e a s p e i r ta v l e * s 1,8 3 7 3 2 5 1,8 3 8 5 1 0 1,9 3 0 6 4 6 1,9 3 0 8 4 2 1,9 4 1 0 1 1 U Ot n h p e a r i d a s m se e ts mber subscriptions 898 873 958 9 979 9 94 9 4 Member subscriptions.. 9,088 9,088 9,193 9,228 9,228 Loans by country, May 31, 1959 Reserves and liabilities. 12 18 23 30 40 Outstanding Quota Cumulative net drawings Area and member country4 on the Fund Prin- Dis- Rebursed paid Total S t o o ld Country Paid 1958 1959 others5 Total in gold Apr. Mar. Apr. Continental Western Europe, total 1,384 1,169 238 931 160 Austria 91 60 60 3 Argentina 150 38 75 91 94 Belgium and Luxembourg.. 173 151 20 131 35 Bolivia 10 3 8 9 9 Denmark 60 40 5 35 4 Brazil 150 38 75 113 113 F F i r n a l n a c n e d 2 1 6 0 7 2 26 6 7 0 2 1 5 5 2 4 4 5 2 1 4 0 B Ch u i r l m e a 5 1 0 5 9 1 3 1 7 5 4 1 2 2 4 1 2 2 Italy 258 173 3 170 21 Netherlands 236 236 154 83 81 Colombia 50 13 35 30 30 Norway 75 63 2 60 2 Cuba 50 13 25 25 25 Turkey 61 58 6 53 France 525 108 328 394 394 Yugoslavia 61 61 52 Haiti 2 1 4 4 Honduras 2 4 1 1 Sterling area, total 1,411 1,172 135 1,036 117 Australia 318 318 31 286 32 India 400 28 200 200 200 Ceylon 25 13 (6) 13 1 Indonesia 110 16 55 55 55 India 532 423 32 391 31 Iran 35 9 17 17 17 Pakistan 126 84 15 69 3 Mexico , 90 23 23 23 Union of S. Africa 185 173 42 131 26 United Kingdom 193 138 131 25 Paraguay 2 6 6 Other 32 22 15 Peru 25 3 12 15 Philippines 15 4 21 21 Latin America, total 923 668 109 559 19 Sudan 10 5 5 Brazil 255 176 25 151 Turkey 43 39 39 Chile 74 47 8 39 Colombia 131 99 29 70 Union of South Ecuador 46 13 1 13 Africa 100 25 25 36 36 El Salvador 32 23 2 21 United Arab Re- Mexico 186 157 14 143 public 60 10 30 30 30 Nicaragua 23 20 6 14 United Kingdom. 1,300 236 562 345 345 Peru 62 40 5 35 United States 2,750 688 H-2,016 n-1,757 n-l,763 Uruguay 64 55 8 47 Yugoslavia 60 23 23 23 Other 50 37 11 26 Asia to (e t x al cluding Sterling area), 589 308 295 20 2 1 R C e u p rr r e e n se c n ie t s s i p n r c in lu c d ip e a d l e o m f a a n u d th o o b ri l z ig e a d t i l o o n a s n h s, e l l d es s in l o li a e n u s o n f o d t e y p e o t si e t f s f . ective, Iran 147 75 75 5 repayments, the net amount outstanding on loans sold or agreed to be J L M P a h e p a i b l l a a i a n p n y p o a i n nes 2 2 5 3 1 7 4 6 9 169 ( 1 6) 6 1 5 4 1 12 sol 3 4 5 d E L I t n o x o c c a l o l u n u t s d h d e e e t s o r s s a d , u l e s n a o p c n e a d e n l f l e f d e e x e d c c n ti p h c v a i o e e n r s t g l i o e a o a r n n e a s s d i o n j a u f c g s l r c t u e m a d e p e d e i d n t t a t o . l w b s it u e h b s s m o c l r e d i m p b t b u io e t r n n . s o . t yet disbursed. Thailand 107 47 40 6 7 I L n e c s l s u d th e a s n $ 1 $ 6 5 3 0 0 m ,0 i 0 ll 0 io . n in loans not yet effective. Af E ri t c h a a i r o e p a) i ( , a e t x o c t l a u l ding Sterling 6 2 3 4 9 8 1 ° U I n P . c a S l i u d . d T e b r s y e a $ m s 3 u 0 e r 0 m y m b b e i i l r l l l s i p o p e n u n n r d c o i h n t g a g s u e in d a c r a r w e n i a t t e s h e e d p i r n o b c y q e u t e h o d e s t a B fr b a o e n m c k o . s m al i e n g o f e g ff o e l c d ti . ve, Sudan 39 i! Represents sales of U. S. dollars by the Fund to member countries for local currencies, less repurchases of such currencies with dollars. Total 74,368 3,344 496 2,8 8319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 811 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1956 r 1957 r 1958' 1959 Item Exports of goods and services, total1 5,380 6,009 5,753 6,563 6,743 7,010 6,326 6,654 5,566 5,920 5,571 6,142 5,414 Merchandise 3,960 4,420 4,112 4,887 5,108 5,158 4,462 4,662 4,054 4,191 3,806 4,176 3,789 Services2 1,420 1,589 1,641 1,676 1,635 1,852 1,864 1,992 1,512 1,729 1,765 1,966 1,625 Imports of goods and services, total. 4,870 4,997 5,113 4,849 5,092 5,318 5,361 5,152 4,904 5,250 5,372 5,425 5,440 Merchandise 3,255 3,173 3,156 3,220 3,297 3,344 3,265 3,385 3,139 3,166 3,124 3,517 3,607 Services 834 1,025 1,263 948 915 1,124 1,381 1,047 936 1,176 1,407 1,070 1,028 Military expenditures 781 799 694 681 850 715 720 829 908 841 838 805 Balance on goods and services1 510 1,012 640 1,714 1,651 1,692 965 1,502 662 670 199 717 -26 Unilateral transfers (net) 3 -574 -635 -544 -645 -576 -662 -499 -581 -562 -599 -541 -616 -620 Private remittances and pensions... -154 -163 -164 -184 -184 -174 -164 -180 -178 -170 -173 -186 -187 Government nonmilitary grants.... -420 -472 -380 -461 -392 -488 -335 -401 -384 -429 -368 -430 -433 U.S. long- and short-term capital (net)3 -554 -899 -987 -1,179 -1,070 -1,563 -544 -956 -888 -1,247 -783 -892 -483 Private, total -417 -690 -806 -1,077 -813 -1,364 -410 -588 -642 -1,025 -451 -726 -394 Direct investment -288 -353 -524 -694 -402 -993 -339 -324 -155 -411 -156 -372 -242 Portfolio and short-term investment -129 -337 -282 -383 -411 -371 -71 -264 -487 -614 -295 -354 -152 Government -137 -209 -181 -102 -199 -134 -368 -246 -222 -332 -166 -89 -257 Foreign capital and gold (net) 605 441 647 -195 316 -269 227 585 1,069 907 878 924 Increase in foreign short-term assets -381 and Government securities 498 391 668 -283 514 -260 275 202 9 450 479 768 Increase in other foreign assets.... 119 153 143 115 -199 127 18 50 13 -15 -26 52 60 Gold sales by United States -12 -103 -164 -27 166 -325 -27 -98 370 1,075 483 347 96 Errors and omissions 244 305 -348 347 -192 203 107 218 -87 205 376 p Preliminary. r Revised. 2 Including military transactions. 1 Excluding military transfers under grants. 3 Minus sign indicates net outflow. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Sw la i n tz d er- Month 3 T m re b o a il s n l u s th ry si D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e e n p e s t t r h - s' s 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - y e 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—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 4.13 2.00 2.31 1.61 1.50 2.00 May 4.98 4.26 3.43 3.33 2.67 2.00 2.00 2.56 1.63 1.34 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

812 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 June 30, 1958 Rate Country 1958 1959 Ju a n s e o 3 f 0, Per Month 1959 cent effective July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Argentia2 6.0 Dec. 1957 6.0 Austria 5.0 Nov. 1955 4 5 4.5 Belgium 4.0 June 1958 3.75 3.5 3 25 3.25 Brazil2 10.0 Apr. 1958 10.0 Burma 3 0 Feb 1948 3.0 Canada3 1.97 June 1958 1.12 1.74 2.52 3.08 3.13 3.74 3.53 4.32 4.55 5.01 5.15 5.36 5.36 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 Egypt 3.0 Nov. 1952 3.0 El Salvador2 4.0 Apr. 1957 4.0 Finland2 6.5 Apr. 1956 6 0 6.0 France 5.0 Aug. 1957 4 5 4 25 4 0 4.0 Germany 3.0 June 1958 2 75 2.75 Greece 10.0 May 1956 10.0 Honduras4 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 7.0 Indias 4.0 May 1957 4.0 Indonesia2 3.0 Apr. 1946 3.0 Iran 4.0 Aug. 1948 4.0 Ireland 5.0 May 1958 4 5 4 25 4.25 Israel 6.0 Feb. 1955 6 0 J It a a p ly an2 7 3 . 6 5 7 J J u u n n e e 1 1 9 9 5 5 8 8 7 3 6 94 6 3 . 9 5 4 Mexico 4.5 June 1942 4.5 Netherlands 3.5 June 1958 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 5.0 June 1958 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 V4 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 813 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- Year or month (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r l k an k d a) Official Free 1953... 7.198 224.12 3.8580 2.0009 101.650 21.046 .4354 1954... 7.198 223.80 3.8580 1.9975 102.724 21.017 .4354 1955... 7.183 222.41 3.8580 1.9905 101.401 20.894 .4354 1956... 5.556 2.835 222.76 3.8580 2.0030 101.600 20.946 .4354 1957... 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 .3995 1958... 15.556 12.207 223.88 3.8536 2.0044 103.025 21.049 .3118 1958—June. 5.556 2.376 223.99 3.8536 2.0050 103.960 21.066 .3118 July.. 556 2.352 223.42 3.8536 2.0049 104.162 20.996 .3118 Aug.. 556 2.221 223.51 3.8536 2.0050 103.645 21.020 .3118 Sept.. 5.556 2.025 223.37 3.8536 2.0056 102.357 21.016 .3118 Oct.. 5.556 1.656 223.67 3.8536 2.0061 103.005 21.049 .3118 Nov.. 5.556 1.386 223.55 3.8536 2.0056 103.253 21.039 .3118 Dec. 15.556 11.518 223.41 3.8536 2.0057 103.660 21.032 .3118 1959—Jan... 21.5187 223.62 3.8444 2.0003 103.402 21.046 .3115 Feb.. 1.5242 223.85 3.8481 2.0004 102.583 21.063 .3114 Mar.. 1.4703 224.12 3.8484 1.9997 103.117 21.074 .3114 Apr.. 1.3680 224.42 3.8487 2.0037 103.774 21.089 .3114 May. 1.1774 224.27 3.8488 2.0057 103.838 21.081 .3114 June. 1.1I091 224.11 3.8510 2.0027 104.278 21.072 .3120 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 ( I ru n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - 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—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 June. .2039 23.931 21.049 281.25 .1611 .2779 32.870 8.006 26.504 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 e o p l ) - ic (e P s o g c r a u t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e S fr r w a la n i n t c - d ) ( U K p d n o i o n i u m t g n e - d d ) 1953 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 276.80 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1957 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958 278.19 14.008 49.695 3.4900 279.93 52.3810 19.328 23.328 280.98 1958—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 June 278.47 14.052 49.695 3.5004 280.20 2.3810 19.327 23.194 281.25 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 814 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 815 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. LOUTS 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

816 FEDERAL RESERVE BULLETIN • JULY 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 James M. Slay Edward A. Wayne J. Dewey Daane Joseph M. Nowlan Thomas I. Storrs Aubrey N. Heflin Atlanta Malcolm Bryan J. E. Denmark Harold T. Patterson Earle L. Rauber Lewis M. Clark John L. Liles, Jr. L. B. Raisty S. P. Schuessler J. E. McCorvey Chicago Carl E. Allen Ernest T. Baughman Hugh J. Helmer C. T. Laibly E. C. Harris W. R. Diercks Paul C. Hodge George W. Mitchell A. M. Gustavson Robert C. Holland H. J. Newman St. Louis Delos C. Johns Homer Jones Dale M. Lewis Joseph C. Wotawa Guy S. Freutel George E. Kroner Howard H. Weigel Minneapolis Frederick L. Deming C. W. Groth A. W. Johnson M. H. Strothman, Jr. A. W. Mills M. B. Holmgren H. G. McConnell Kansas City H. G. Leedy John T. Boysen Joseph S. Handford Clarence W. Tow Henry O. Koppang George H. Clay E. U. Sherman D. W. Woolley Dallas Watrous H. Irons James L. Cauthen G. R. Murff L. G. Pondrom Harry A. Shuford Thomas A. Hardin Thomas W. Plant Morgan H. Rice San Francisco H. N. Mangels J. L. Barbonchielli E. R. MiUard John A. O'Kane Eliot J. Swan H. E. Hemmings R. H. Morrill O. P. Wheeler A. B. Merritt Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis Helena Kyle K. Fossum Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City Denver Cecil Puckett Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha P. A. Debus Charlotte R. L. Cherry Atlanta Birmingham H. C. Frazer Dallas El Paso Howard Carrithers Jacksonville T. A. Lanford Houston J L Cook Nashville R. E. Moody, Jr. San Antonio Carl H. Moore New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City E. R. Barglebaugh Memphis Darryl R. Francis Seattle J. M. Leisner Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 681-84 of the June 1959 Bulletin. THE FEDERAL RESERVE SYSTEM—PURPOSES AND THE FEDERAL FUNDS MARKET—A Study by a FUNCTIONS. April 1954. 208 pages. Federal Reserve System Committee. May 1959. Ill pages. $1.00 per copy; in quanti- ANNUAL REPORT OF THE BOARD OF GOVERNORS ties of 10 or more for single shipment, 85 cents OF THE FEDERAL RESERVE SYSTEM. each. FEDERAL RESERVE BULLETIN. Monthly. Sub- DEBITS AND CLEARINGS STATISTICS AND THEIR scription price in the United States and its pos- USE (rev. ed.). May 1959. 144 pages. $1.00 sessions, Bolivia, Canada, Chile, Colombia, per copy; in quantities of 10 or more for single Costa Rica, Cuba, Dominican Republic, Ecua- shipment, 85 cents each. dor, Guatemala, Haiti, Republic of Honduras, ALL-BANK STATISTICS, 1896-1955. Revised statis- Mexico, Nicaragua, Panama, Paraguay, Peru, tics for all banks in the United States, by class of El Salvador, Uruguay, and Venezuela is $6.00 bank, together with descriptive and explanatory per annum or 60 cents per copy; elsewhere material. Part I, U. S. Summary. Part II, Sum- $7.00 per annum or 70 cents per copy. Group maries by States and other areas. April 1959. subscriptions in the United States for 10 or 1,229 pages. $4.00. more copies to one address, 50 cents per copy THE FEDERAL RESERVE ACT, as amended through per month, or $5.00 for 12 months. December 31, 1956, with an Appendix con- FEDERAL RESERVE CHART BOOK ON FINANCIAL taining provisions of certain other statutes af- AND BUSINESS STATISTICS. Monthly. Annual fecting the Reserve System. 385 pages. $1.00. subscription includes one issue of Historical FLOW OF FUNDS IN THE UNITED STATES, 1939-53. Supplement. Subscription price in the United A new accounting record designed to picture States and the countries listed above is $6.00 the flow of funds through the major sectors of per annum; 60 cents per copy, or 50 cents each the national economy. December 1955. 390 for 10 or more of same issue for single shippages. $2.75. ment; elsewhere $7.00 per annum or 70 cents A STATISTICAL STUDY OF REGULATION V LOANS. each. September 1950. 74 pages. 25 cents per copy; HISTORICAL SUPPLEMENT TO FEDERAL RESERVE in quantities of 10 or more copies for single CHART BOOK. Issued annually in September. shipment, 15 cents each. Annual subscription to monthly chart book in- BANKING AND MONETARY STATISTICS. Statistics of cludes one issue of Supplement. In the United banking, monetary, and other financial develop- States and countries listed above under Federal ments. November 1943. 979 pages. $1.50. Reserve Bulletin, single copies 60 cents each or RULES OF ORGANIZATION AND RULES OF PROCEin quantities of 10 or more for single shipment DURE—Board of Governors of the Federal Re- 50 cents each; elsewhere 70 cents each. serve System. 1946. 31 pages. TREASURY-FEDERAL RESERVE STUDY OF THE GOV- REGULATIONS OF THE BOARD OF GOVERNORS OF ERNMENT SECURITIES MARKET. PART I. 108 THE FEDERAL RESERVE SYSTEM. pages. luly 1959. Parts II and III will be issued ADMINISTRATIVE INTERPRETATIONS OF REGULAlater. Individual books $1.00 each; set of 3 TION F—SECTION 17—COMMON TRUST FUNDS. books $2.50. 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. 817 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

Index to Statistical Tables Acceptances, bankers', 756, 757 Department stores: Agricultural loans of commercial banks, 752, 754 Merchandising data, 787 Agriculture, Govt. agency loans, 760, 761 Sales and stocks, 776, 786 Assets and liabilities {See also Foreign liabilities and Deposits {See also specific types of deposits): claims reported by banks): Adjusted, and currency, 748 Banks and the monetary system, consoli- Banks, by classes, 749, 753, 755 dated, 748 Federal Reserve Banks, 743, 744, 805 Corporate, current, 768 Postal savings, 746, 748 Domestic banks, by classes, 749, 752. 754 Turnover of, 746 Federal business-type activities, Deposits, reserves, and borrowings, by class of memby fund or activity, 760, 761 ber bank, 741 Federal Reserve Banks, 743, 744 Discount rates, 742, 812 Automobiles: Discounts and advances by Federal Reserve Consumer instalment credit, 772. 773, 774 Banks, 739, 743 Production index, 778, 782 Dividends, corporate, 767, 768, 792, 793 Dollar assets, foreign, 805, 807 Bankers' balances, 753, 755 Dwelling units started, 783 {See also Foreign liabilities and claims reported by banks) Banks and the monetary system, consolidated state- Earnings and hours, manufacturing indusment, 748 tries, 776, 785 Bonds {See also U. S. Govt. securities): Employment, 776, 784, 785 New issues, 766, 768 Export-Import Bank, loans, etc., 760, 761 Prices and yields, 757, 758 Brokers and dealers in securities, bank loans to, 752, 754 Farm mortgage loans, 760, 769, 770 Business expenditures on new plant and equip- Federal business-type activities, assets and liabilities, ment, 768 by fund or activity, 760, 761 Business indexes, 776 Federal Deposit Insurance Corporation, Business loans {See Commercial and industrial loans) assets, etc., 760, 761 Federal finance: Cash transactions, 762 Capital accounts: Receipts and expenditures, 763 Banks, by classes, 749, 753, 755 Treasurer's balance, 762 Federal Reserve Banks, 743, 744 Federal home loan banks, loans, etc., 760, 761, 771 Carloadings, 776 Federal Housing Administration, loans, etc., 760, 761, Central banks, foreign, 808, 812 769, 770, 771 Coins, circulation of, 747 Federal National Mortgage Association, Commercial banks: loans, etc., 760, 761, 771 Assets and liabilities, 749, 752 Federal Reserve Banks: Consumer loans held, by type, 773 Condition statement, 743, 744 Number, by classes, 749 U. S. Govt. securities held by, 739, 743, 744, Real estate mortgages held, by type, 769 764, 765 Commercial and industrial loans: Federal Reserve credit, 739, 743, 744 Commercial banks, 752 Federal Reserve notes, 743, 744, 745, 747 Weekly reporting member banks, 754, 756 Finance company paper, 756, 757 Commercial paper, 756, 757 Foreign central banks, 808, 812 Commodity Credit Corporation, loans, etc., 760, 761 Foreign deposits in U. S. banks, 739, 743, 744, 748, Condition statements {See Assets and liabilities) 753, 755 Construction, 776, 782, 783 Foreign exchange rates, 813 Consumer credit: Foreign liabilities and claims reported by Instalment credit, 772, 773, 774, 775 banks, 798, 800, 803, 805 Major parts, 772, 774 Foreign trade, 787 Noninstalment credit, by holder, 773 Consumer durable goods output indexes, 782 Consumer price indexes, 776, 788 Gold: Consumption expenditures, 790, 791 Earmarked, 806 Corporate sales, profits, taxes, and Net purchases by U. S., 806 dividends, 767, 768, 792, 793 Production, 806, 809 Corporate security issues, 766, 768 Reserves of central banks and governments, 808 Corporate security prices and yields, 757, 758 Reserves of foreign countries and international Cost of living {See Consumer price indexes) institutions, 807 Currency in circulation, 739, 747 Stock, 739, 748, 806 Customer credit, stock market, 758 Gold certificates, 743, 744, 745, 74J Govt. debt {See U. S. Govt. securities) Debits to deposit accounts, 746 Gross national product, 790, 791 Demand deposits: Adjusted, banks and the monetary system, 748 Adjusted, commercial banks, by classes, 753 Home owners, Govt. agency loans, 760, 761 Banks, by classes, 749, 755 Hours and earnings, manufacturing indus- Type of holder, at commercial banks, 753 tries, 776, 785 819 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 FEDERAL RESERVE BULLETIN • JULY 1959 Industrial advances by Federal Reserve Banks, 743, Real estate loans: 744, 745 Commercial banks, 752, 754, 769 Industrial production indexes, 776, 777, 782 Type of mortgage holder, 769, 770, 771 Instalment loans, 772, 773, 774, 775 Type of property mortgaged, 769, 770, 771 Insurance companies, 759, 764, 765, 770 Regulation V, loan guarantees, 745, 746 Insured commercial banks, 751, 752 Reserve requirements, member banks, 742 Interbank deposits, 749, 753, 755 Reserves: Interest rates: Commercial banks, 753 Bond yields, 757 Federal Reserve Banks, 743, 744 Business loans by banks, 757 Foreign central banks and governments, 808 Federal Reserve rates, 742 Foreign countries and international institu- Foreign countries, 811, 812 tions, 807 Open market, 757, 811 Member banks, 739, 741, 743, 744, 753, 755 Regulation V loans, 746 Residential mortgage loans, 769, 770, 771 Stock yields, 757 Sales finance companies, consumer loans of, 772, Time deposits, maximum rates, 746 773, 775 International capital transactions of the U. S., 798 Savings, 791 International financial institutions, 806, 807, 808, 810 Savings deposits {See Time deposits) Inventories, 790 Savings institutions, principal assets, 759 Investments {See also specific types of investments): Savings and loan associations, 759, 770 Banks, by classes, 749, 752, 754 Securities, international transactions, 804, 805 Federal Reserve Banks, 743, 744 Security issues, 766, 768 Govt. agencies, etc., 760, 761 Silver coin and silver certificates, 747 Life insurance companies, 759 State member banks, 751 Savings and loan associations, 759 State and municipal securities: Labor force, 784 New issues, 766 Loans {See also specific types of loans): Prices and yields, 757, 758 Banks, by classes, 749, 752, 754 States and political subdivisions: Federal Reserve Banks, 739, 741, 743, 744, 745 Deposits of, 753, 755 Govt. agencies, etc., 760, 761 Holdings of U. S. Govt. securities, 764 Insurance companies, 759, 770 Ownership of obligations of, 752, 759 Savings and loan associations, 759, 770 Stock market credit, 758 Loans insured or guaranteed, 745, 769, 770, 771 Stocks: New issues, 766 Manufacturers, production indexes, 776, 777, 782 Prices and yields, 757, 758 Margin requirements, 742 Tax receipts, Federal, 763 Member banks: Time deposits, 741, 746, 748, 749, 753, 755 Assets and liabilities, by classes, 749, 752 Treasurer's account balance, 762 Borrowings at Federal Reserve Banks, 739, 741 Treasury cash, 739, 748 Deposits and reserves, by classes, 741 Treasury currency, 739, 747, 748 Number, by classes, 749 Treasury deposits, 739, 743, 744, 762 Operating ratios, 794 Reserve requirements, by classes, 742 Unemployment, 784 Reserves and related items, 739 U. S. balance of payments, 811 Weekly reporting series, 754 U. S. Govt. balances: Minerals, production indexes, 776, 777 Commercial bank holdings, by classes, 753, 755 Money rates {See Interest rates) Consolidated monetary statement, 748 Mortgages {See Real estate loans) Treasury deposits at Federal Reserve Mutual savings banks, 748, 749, 751, 764, 765, 769 Banks, 739, 743, 744, 762 U. S. Govt. securities: National banks, 751 Bank holdings, 748, 749, 752, 754, 764, 765 National income, 790, 791 Federal Reserve Bank holdings, 739, 743, 744, National security expenditures, 763, 790 764, 765 Nonmember banks, 743, 751, 752 Foreign and international holdings, 807 International transactions, 804, 805 Operating ratios, member banks, 794 New issues, gross proceeds, 766 Outstanding, by type of security, 764, 765 Payrolls, manufacturing, index, 776 Ownership of, 764, 765 Personal income, 791 Prices and yields, 757, 758 Postal Savings System, 746, 748 United States notes, outstanding and in circula- Prices: tion, 747 Consumer, 776, 788 Utility output index, 781 Security, 758 Veterans Administration, loans, etc., 760, 761, 769, Wholesale commodity, 776, 788 770, 771 Production, 776, 777, 781, 782 Profits, corporate, 767, 768, 792, 793 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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