Federal Reserve Bulletin, 1959-09

FEDERAL RESERVE B U LLETIN September 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 Winfield W. Riefler Woodlief Thomas Charles Molony 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 Construction and Mortgage Credit 1091 1959 Survey of Consumer Finances: Housing of Nonfarm Families 1097 Security Pledged on Business Loans at Member Banks 1114 Law Department 1130 Current Events and Announcements 1141 National Summary of Business Conditions 1142 Financial and Business Statistics, U. S. (Contents on p. 1145) 1 147 International Financial Statistics (Contents on p. 1209) 1210 Board of Governors and Staff 1227 Open Market Committee and Staff; Federal Advisory Council 1228 Federal Reserve Banks and Branches 1228 Federal Reserve Board Publications 1230 Index to Statistical Tables 1232 Map of Federal Reserve System Inside back cover Volume 4^ Number 9 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per cooy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5X)0 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION ACTIVITY has increased CONSTIUCTION somewhat less than seasonally in recent oilfiont of dollurt months but has remained well above the 56 level of any previous year. Reflecting greater over-all demands for labor and ma- $2 terials, construction costs have advanced since the recession reached its lowest point last year. The rate of rise has been almost 48 as rapid as in the comparable period following the 1954 recession low, and costs are now at new highs. Housing demand has been sustained in most nonfarm areas as consumer incomes have continued upward. Vacancies have increased, however, even though the rate at which new households have been formed 16 has changed little over recent years and the 1955 1957 1959 frequency with which two or more married couples share the same dwelling has de- NOTE.—Bureau of the Census data at seasonally adjusted annual rates. Private residential excludes farm. Figures for recent months subject to revision. Latest figures shown, August. clined further. Mortgage markets have recently been un- 1958, and three-fourths of the $9 billion der increasing demand pressure, and mort- rise in total construction was accounted for gage yields have been rising. Lenders ap- by greater expenditures for building private pear to be more cautious in making com- nonfarm residences. mitments for future mortgage lending. Stepped-up activity in the construction of Mortgage loans closed, which reflect in part highways and streets, encouraged to some loan commitments made earlier, have nev- extent by special grants from the U. S. Govertheless been in record volume, and mort- ernment to various States, also contributed gage debt outstanding has expanded sharply. to the advance in total construction. The building of commercial facilities rose some- CONSTRUCTION what from May 1958 through April 1959 as Construction activity rebounded rapidly increases in store, restaurant, and garage after its recession low in May 1958. The construction slightly exceeded decreases in total value of new construction put in place outlays for office buildings and warehouses. increased nearly one-fifth to a record season- Industrial construction, however, declined ally adjusted annual rate of $56 billion in further, and in April 1959 reached the low- March, April, and May of this year. Larger est level in eight years. outlays were stimulated in part by emer- After rising almost continuously for a gency housing legislation enacted early in year after its recession low, total construc- 1091 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1092 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 tion outlays, seasonally adjusted, turned construction rose nearly every month and in down beginning in June, according to pre- April of this year reached a seasonally adliminary estimates. Even so, the August justed annual rate of 1,434,000 units. This rate was 13 per cent above the level a year was the highest level in more than four earlier. The downturn that started in June years. Starts then declined somewhat, but has reflected a less than seasonal increase even so the August rate was the second in private nonfarm residential construction. highest for that month on record. Total construction contracts, which precede Construction of privately owned apartactual outlays, have been at about the same ment houses has increased. Dwelling units high level in the past few months as they started in 3-or-more-family structures in were a year earlier. 1958 were the largest in number (170,- Commercial construction activity, sup- 000) in 30 years and the largest part (oneported mainly by larger outlays for store sixth) of total private starts since 1949. buildings, has advanced further. Accord- These trends appear to have been maining to estimates by Chain Store Age, at tained this year. least 900 shopping centers may be added Other types of new accommodations have this year to the 2,800 or so in operation at added to the supply of privately owned livthe end of 1958. This compares with 600 ing quarters. Shipments of mobile homes openings last year. Activity in industrial in 1958 were estimated by the Mobile construction turned up in May and further Homes Manufacturers Association at 102,recovery is suggested by sharp year-to-year 988 units, the third highest on record. In increases in construction contracts. terms of space provided, the largest mobile Most of the recent advance in the dollar homes were only one-fourth smaller than volume of construction activity has reflected the typical apartment unit started. Conrising real output rather than higher costs. struction contracts for motels and motor Estimated construction outlays in the first courts with some units suited to nontranseven months of 1959 were 15 per cent sient occupancy were more than one-half larger than in the corresponding 1958 pe- higher in the first seven months of 1959 riod, and the physical volume of construc- than in the same period of the preceding tion was 13 per cent larger. Costs of resi- active year. dential, commercial, and industrial building, Increases in the supply of new privately which changed little in 1957 and early 1958, owned living quarters have been supplehave since reportedly advanced about 5 per mented by community development procent each. This somewhat exceeds the avgrams. Public housing starts, including erage rise for all other types of construc- Federal, State, and local government protion costs. grams as well as armed services housing, totaled 26,600 units through the first eight FACTORS IN RESIDENTIAL CONSTRUCTION months of this year, down one-half from The upsurge of construction activity in 1958 the unusually high level in the corresponding and early 1959 reflected in large part a period of 1958. marked increase in starts of nonfarm dwell- Beginning of work was approved on 76 ing units for private ownership. After Feb- urban renewal projects through August of ruary 1958 private dwellings placed under this year, compared with 92 in all of 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE CREDIT 1093 Some further action has also been taken COMMITMENTS TO ACQUIIE M0II6A6ES under the college housing, school construclillioni of dollar. tion, and public facilities Federal loan programs and the program for Federal advances for public works planning. MUTUAL SAVINGS RANKS 1.5 Growth in the nation's housing stock has continued to exceed increases in the 1.0 number of occupied units, and vacancies IOAN ASSOCIATIONS have risen further. Vacancy rates in rental dwellings in the second quarter of this year, according to a sample survey, were the high- 1.5 est in more than two decades. Many vacant 1.0 rental units represented comparatively adequate living accommodations, but a larger proportion lacked full plumbing facilities than was the case for tenant-occupied properties. 1955 1*57 1959 NOTE.—Commitments outstanding to buy or originate mort- MORTGAGE MARKET CONDITIONS gages, for immediate or future delivery, as reported by the Federal Home Loan Bank Board for savings and loan associa- Rising demands for credit from other sec- tions; by the Superintendent of Banks, State of New York (September 30 data, 19SS-S8) and by Savings Banks Association tors of the economy have put mortgage of the State of New York (beginning with July 1958) for mutual savings banks in that State; and by the Federal National Mortgage Association (Federally underwritten residential mortgages markets under increasing pressure. Lend- only under its secondary market and special assistance programs). Latest figures shown, savings and loan associations ers have been screening mortgage loan ap- (June); mutual savings banks (July); FNMA (August). plications with greater care, and the cost of chase by the Federal National Mortgage borrowing has increased. Outstanding mort- Association under its secondary market opgage commitments by private lenders, after erations, and a step-up in FNMA sales. Outadvancing sharply when over-all credit destanding commitments of savings and loan mands were smaller, have recently leveled associations and reporting mutual savings off at an unusually high volume. Neverbanks increased substantially during 1958 theless, loan closings, partly reflecting past for the first time in three years, as shown commitments, have continued in record on the accompanying chart. volume and at relatively long maturities and Pressures on residential mortgage marliberal loan-value ratios. kets intensified toward mid-195 8. With the Toward the end of 1957, residential mortbroad recovery in construction and other gages became more attractive to investors economic activity, demands for mortgage when their yields declined less than average funds increased along with other needs for returns on alternative investments. With capital and credit. some liberalization in mortgage lending practices and receding demands in the cap- By the end of 1958, residential mortgage ital market from other sources, residential yields had advanced noticeably in response mortgage credit became increasingly avail- to these pressures. Interest rates on conable early in 1958. Easing was evidenced ventional first mortgages on new and existby a drop in mortgage offerings for pur- ing houses in metropolitan areas, as re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1094 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 ported by the Federal Housing Administra- some extent. Offerings to the Federal Nation, averaged about 5.80 per cent, 20 basis tional Mortgage Association increased, sales points over midyear. Average estimated by FNMA dropped markedly, and this inyields on certain FHA-insured 5lA per cent stitution became a net buyer of mortgages new-house mortgages available for imme- under its secondary market operations. The diate delivery in the private secondary mar- upward trend in outstanding commitments ket had risen 25 basis points to approxi- of mutual savings banks leveled off tomately 5.60 per cent. ward the end of 1958, as indicated in the Returns on alternative capital market in- chart on page 1093, as did that for reportvestments advanced even more during the ing life insurance companies. Savings and latter part of 1958. The gross spread be- loan associations, however, continued to tween average yields on FHA-insured mort- add to their outstanding commitments, reflecting the fact that these institutions place gages and new issues of high-grade corpormost of their funds in mortgages and are ate bonds narrowed sharply, as shown in the less influenced by alternative investment opchart. portunities. As the spread narrowed, investor interest in new residential mortgages diminished to Pressures on residential mortgage markets continued to increase in 1959. Mortgage yields, after changing little late last MORTGAGE YIELDS year and early this year, have since advanced to levels at or near postwar highs, CONVENTIONAL but the gross spread between mortgage and bond yields was lower in July than at the beginning of 1959. By June, estimated FHA INSURED conventional first mortgage interest rates on new and existing houses had reached an average of 5.90 per cent, and in July yields on selected FHA-insured new-house mortgages were at a record 5.75 per cent. VOLUME OF CREDIT 100 SPREAD IN YIELDS With construction activity near record levels, \ PHA MORTGAGES LESS CORPORATE IONDS mortgage financing has reached new highs. Mortgage debt outstanding increased more 1956 1957 1958 1959 in the first half of 1959 than in the corresponding period of any other year. By NOTE.—Mortgage yield data based on FHA field office opinions regarding market areas of insuring office cities. For con- June it attained an estimated $181 billion ventional, average interest rates on first mortgages on new and existing houses. For FHA insured, weighted average bid prices in private secondary market for certain new-house mortgages on all types of properties. for immediate delivery, converted to annual yield by Federal Reserve. Mortgage lending, based partly on com- Spread is gross (exclusive of servicing costs, which are higher for mortgages than for bonds) and is difference between FHA- mitments made earlier, ended a three-year insured series (shown in upper section of chart) and weighted average yields of new corporate issues publicly offered, adjusted decline early in 1958 and then climbed to a Aaa basis, as computed by First National City Bank of New York. sharply. From a seasonally adjusted an- Dashed lines indicate periods of adjustment to changes in the contractual interest rate on FHA-insured loans. Latest figures nual rate of $23.7 billion in February 1958, shown, conventional (June); others (July). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE CREDIT 1095 Lending on Federally underwritten mort- FNMA ACTIVITY gages has nevertheless remained extensive, SECONDARY MARKET OPERATIONS Millions of dollars and FHA insurance of loans has set new records. The proportion of VA-guaranteed loans closed with 30-year maturities, or for 200 which no downpayment was required, reached an all-time high toward mid-1959. As market pressures intensified this year, purchases by the Federal National Mortgage Association in the secondary market increased. In the first half of the year. FNMA mortgage acquisitions exceeded $225 million, three times the volume in the preceding six months, while its sales dropped I 0 to less than 5 per cent of the amount in the last half of 1958. This year, FNMA NOTE.—Unpaid principal on outstanding mortgages, exclusive has been the largest single institutional of premiums, discounts, and other charges. Offerings cover applications from sellers proposing that FNMA execute pur- buyer of FHA and VA mortgages, with chase contracts. Latest figures shown, August. combined purchases under secondary marrecordings of nonfarm mortgages for $20,- ket operations and special assistance func- 000 or less, chiefly on 1- to 4-family houses, tions exceeding $1 billion. These acquisiadvanced nearly every month to a $33.4 bil- tions sharply reduced the level of FNMA lion rate in June of this year. This was a new high and one-fourth above a year CHANGES IN INSTITUTIONAL HOLDINGS OF earlier. NONFARM RESIDENTIAL MORTGAGES FIRST HALF, 1955-59 Lending on conventional mortgages has [In billions of dollars] come to the fore more than in 1955 or 1950, and savings and loan associations, Type of institution which specialize in these loans, have ex- or mortgage 1955 1956 1957 1958 1959 tended a larger share of total mortgage Total. 6.2 5.3 3.9 3.7 6.7 credit than earlier in the decade. Mortgage recordings of savings and loan associa- Institution Savings and loan astions through July of this year represented sociations 2.8 2.2 2.1 2.3 3.7 41 per cent of total recordings, compared Commercial banks 1.0 .6 -.1 .3 1.0 Mutual savings banks... 1.1 .7 .9 .7 with 37 per cent in 1955 and 31 per cent Life insurance com- 1.1 panies 1.2 .7 .4 .4 in 1950. As in the corresponding period Federal National Mort- 1.3 of the preceding two years, residential mort- gage Association .1 .6 -.2 .9 .1 gage acquisitions by savings and loan as- Mortgage Conventional.... 3.3 2.8 2.5 2.8 4.2 sociations through June this year amounted FHA-insured.... .7 .5 .2 1.1 2.2 to more than three-fifths of net acquisitions VA-guaranteed... 2.2 2.0 1.2 -.2 .3 of all major private financial institutions, NOTE.—Federal Reserve estimates based on data from Federal including banks, life insurance companies, and private agencies. Figures for 1959 reflect a bank absorption that transferred $142 million from mutual savings banks to commercial banks. Details may not add to totals because and savings and loan associations. of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1096 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 mortgage commitments outstanding, as the each property. Compared with the first chart on page 1093 shows. seven months of 1958, the number of non- Total mortgage debt outstanding in- farm mortgages of $20,000 or less recorded creased in the first half of 1959 by a record through July of this year was about one-sixth $9.6 billion despite a large volume of mort- larger and the average amount was approxigage repayments. Seven-tenths of the rise mately one-tenth larger. was accounted for by mortgages on 1- to 4- Recorded mortgage loans of $20,000 or family houses. Of the $124.7 billion in 1- less averaged about $8,520 in the first seven to 4-family mortgage debt outstanding, the months of 1959. This was about 17 per Federal Government had underwritten two- cent more credit than was granted in the fifths. average recorded mortgage during 1955, Recent increases in mortgage debt out- and 60 per cent more than during 1950. standing have reflected a rise in both the The larger average amount of loan reflects number of properties being financed and higher housing prices and larger loan-value the average amount of credit extended on ratios than were typical in earlier years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1959 Purvey of Consumer Finances Housing of Nonfarm Families ONE IN FIVE nonfarm families moved in condition of the housing stock and the 1958. Almost 7 million families moved availability of credit. The Survey of Coninto rental properties and about 2.5 million sumer Finances provides some data on the bought new or existing houses. Consumer characteristics of recent house buyers, of purchases of new houses totaled 900,000, home owners generally, and of housing about the same number as in 1957 but ap- status over most of the postwar period.1 preciably fewer than in other recent years. ACTIVITY IN HOUSING MARKETS According to data from the Survey of Con- Elements of change in the demand for sumer Finances, the proportion of nonfarm housing in recent years can be observed families owning their homes rose to 6 in 10 from the housing market activity shown by early this year, the largest proportion on data from the Survey of Consumer Finances. record. Change of residence. More than 9 mil- The value of residential properties conlion nonfarm families changed their places tinued to advance last year, reflecting both of residence last year.2 As of early 1959 additions to the housing stock and rising real estate prices. In January of this year xThis is the third and final article presenting the the market value of the 29 million ownerfindings of the 1959 Survey of Consumer Finances occupied houses was estimated at $372 conducted by the Board of Governors of the Federal Reserve System in cooperation with the Survey Rebillion, compared with $183 billion for 20 search Center of the University of Michigan. The million houses in early 1949. first article appeared in the Federal Reserve BULLETIN for March, and an analysis of the financial position Both the proportion of homes mortof consumers appeared in the July BULLETIN. The gaged and the average ratio of mortgage present article was prepared by Theodore G. Flechsig debt to house value have continued to rise. of the Consumer Credit and Finances Section of the Board's Division of Research and Statistics. Work at At the beginning of this year more than the Survey Research Center was under the superone-half of all home-owning families owed vision of James N. Morgan and Charles Lininger. mortgage debt totaling an estimated $106 2 A family, as defined by the Survey, includes all persons living in the same dwelling who are related billion. The burden of monthly payments by blood, marriage, or adoption. A family may conhas changed little in the past decade, since sist of a single individual living alone or with unrelated persons. A family may include a single spending growth in income has kept pace with reunit or several separate ones. (See Note 8, p. 1101.) payment schedules. In order to obtain a more uniform group for the Developments in housing demand and analysis of such questions as house value and mortgage debt, families deriving the major part of their related developments in home ownership, income from farm operations have been excluded house value, and mortgage debt in recent from the current discussion. Other groups excluded from the discussion because they are not covered years have reflected changes in income and by the Survey of Consumer Finances are transients the rate of family formation as well as the and residents of institutions and military bases. 1097 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1098 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 HOUSING STATUS, EARLY 1959 100 OTHER RENTS: MOVED BEFORE 1956 80 MOVED 1956 - 58 I OWNS'- PURCHASED HOUSE 1956 - 58 40 PURHASED BEFORE 1956 m 20 88s 1 88 18 -24 25- 34 35-44 4 5-54 55-64 ' LOWEST 2nd 3rd 4th HIGHEST ALL FAMILIES AGE OF HEAD INCOME QUINTILE NOTE.—Quintiles represent successive fifths of nonfarm family farm families that rent part of another family's dwelling are units ranked by money income before taxes in the calendar included in the "other" category. "Other" also includes famyear 1958. The lowest quintile includes families with incomes ilies that receive housing as part of compensation, live temof less than $2,240. Income ranges for the other quintiles are: porarily in houses they have sold, etc. Data for 1956-58 insecond, $2,240-$4,080; third, $4,081-$5,779; fourth, $5,780- clude some cases for early 1959. $8,095; and highest, $8,096 and over. Two per cent of all nonabout one-third of all renters and one- families, of whom two-thirds are headed twelfth of all owners had occupied their by persons 55 or more years of age compresent dwelling units less than one year. pared with one-third or less in the other Families headed by persons 18 to 24 years quintiles. of age moved most often; one-half of this The 1959 Survey of Consumer Finances group moved in 1958, and two-thirds moved did not collect data on the previous housat least once in the period 1956-58, as ing status of families who moved in 1958, the accompanying chart shows.3 Mobil- but data from the immediately preceding ity of families decreases with home owner- Surveys suggest that about 4 in 10 house ship and with age. buyers in recent years owned a home just Frequency of moving varies less with in- prior to purchasing. Most of the remaincome than with age. Approximately 4 in ing buyers were former renters, although 10 families in each of the four highest in- some were newly formed families or famicome quintiles have moved in the past three lies that had been receiving housing rentyears. The proportion of movers who pur- free.4 chased houses, however, increased markedly Among both renters and owners in simifrom the second to the highest income quinlar age groups, those who moved in the tile. Less frequent moving by families in the lowest fifth of the income scale reflects * Data from the National Housing Inventory of the in large part the age characteristics of these Bureau of the Census show that about 1.5 million renters, including farm households, became owners in each of the years 1955 and 1956, and about 500,- 3 Families were classified by age of head as of early 000 owners became renters. Data from the Survey 1959 and income during 1958. For some recent mov- of Consumer Finances and the National Housing Iners, income and age of head may have changed since ventory appear to be comparable after allowing for they last moved. differences in coverage and definitions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING OF NONFARM FAMILIES 1099 past three years assumed much larger construction of new houses began to rise monthly housing payments than were paid sharply in the spring of 1958, new houses by those who did not move. Movement to reaching completion and available for sale a new address appears to have increased the did not increase much until late in the year. frequency and amount of expenditures for Total house purchases, however, began to household durable goods and equipment, al- increase around midyear in response to the though amounts spent in 1958 by renters upturn in business activity and the easing who did not move in 1956-58 were about of credit earlier in the year. For 1958 the same as for renters who moved. Home as a whole total house purchases amounted owners who purchased their homes during to 2.5 million, the same as in 1957. In both the past three years also made expenditures of these years a larger proportion of the for property improvements more often and reduced sales volume involved the purspent larger sums for such purposes last chase of an existing house.5 An estimated year than families who had purchased their 7 in 10 house buyers in each year purpresent home before 1956 (see Supplemen- chased an existing house compared with tary Table 15). about 6 in 10 in 1955.6 A larger proportion of families who According to Survey data, one-third of moved in 1956-58 had incurred personal the families who purchased houses in 1958 debt and on average owed substantially paid $15,000 or more, and about two-fifths more than their counterparts who did not paid less than $10,000. The median price of all houses purchased was $12,300, somemove. Movers among renters under age what above that for 1957. As in past 35, and among home owners in the age years, the average price of new houses in range 35 to 54, in particular, owed a great 1958 was substantially higher than that of deal more personal debt than nonmovers, existing ones. Four-fifths of all house purreflecting in part their more frequent purchasers used mortgage credit. The median chases of new automobiles on credit. While debt incurred was $9,300, about threethose who rented or purchased their present fourths of the average purchase price. dwelling during 1956-58 tended to hold Market trends. While distributions of liquid assets as often as those who did not house purchase prices reported in the Surmove, their average holdings were generally somewhat smaller. Also, those who pur- 5 Purchases of existing houses frequently involve the chased a house in the past year owned assumption of a mortgage already outstanding on the liquid assets less frequently and they held property. According to the National Housing Inventory, 1 in 4 existing house purchases in 1955-56 was smaller amounts than those who purchased of this type. That so large a proportion of these one or two years earlier. transactions are not directly dependent on new credit may partly explain why purchases of existing houses Recent house purchases. Purchases of new were relatively well maintained in 1957-58 compared or existing houses for owner-occupancy with purchases of new houses. 8 Federal Reserve estimates based on data from reached the highest level of the postwar various sources, including nonfarm housing starts from period in 1955, then declined through the the Bureau of the Census and nonfarm mortgage recordings of $20,000 or less from the Federal Home first half of 1958. The decline reflected Loan Bank Board. Annual data from the Survey of in part the reduced availability of credit in Consumer Finances, which are subject to relatively large sampling errors, suggest a similar shift to existthe earlier part of the period and later the ing houses from 1954 to 1957, but a movement back business recession of 1957-58. Although to new houses in 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1100 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 CHANGES IN HOUSING MARKET ACTIVITY built—to the first quarter of 1956. During PERCENTAGE DISTRIBUTION OF HOUSES PURCHASED the same period the proportion of houses PRICE OF HOUSE with 3 or more bedrooms increased from UNDER $5,000 100 slightly more than 3 in 10 to about 8 in 10. $5,000 - $9,999 1 - In addition, a greater proportion of the Sxlmm $10,000 $14,999 S mm —50 houses built in early 1956 included a full ii ill i basement, garage facilities, or such "extras" 1 $15,000 $19,999 H I as a second bathroom or built-in appliances. $20,000 AND OVER j§ O The shift in demand to more expensive INCOME OF PURCHASER : : : : : : : LOWEST QUIHTIIE _ : : : : : : : 100 houses reflects the general increase in in- 2nd Iill •x-x-x> sii mm . come levels as well as changes in income 1 distribution and age composition of puri - 1i i I 50 chasers. The median income reported by 1 i 1 all nonfarm family units in 1958 was about i MICUFCT flIIIIITIIC ?8v $5,000, 50 per cent larger than in 1948. I Cox 3 Q 888 AGE OF PURCHA SER »« After adjustment for changes in the cost of 18-24 p;=| 100 living, the increase was about 28 per cent. 25- 34 B Ii : 1 :::: 1 :x:: 1 :x:; - Moreover, the higher income groups have !i III m fTTTT1 1m 1 m " accounted for a larger proportion of pur- 35-44 :::x:x:x:: 50 chases than in earlier years. In the past 1 45 54 ?|1 1 !_ three years families in the top income quin- 5 65 5 -6 A 4 N D OVER JH I . 0 tile have purchased about one-third of all 195 b - 58 1951 - 53 1947 r -49 houses sold, compared with one-fourth in NOTE.—Data refer to nonfarm houses only and are weighted 1947-49 and 1951-53. averages for each three-year period. Price of house and income of purchaser as of year of purchase; age of purchaser at time The proportion of purchases involving of interview early in the following calendar year. older families has also increased somewhat vey have varied somewhat from year to in recent years. Not only are many of year, there has been a marked trend to- these purchasers in the higher income groups ward purchases of more expensive houses. but many have also accumulated liquid and Houses priced at $20,000 or more ac- other assets—including equities in former counted for 1 in 6 transactions in 1956-58 homes—which enabled them to purchase markets, compared with only 1 in 12 five more expensive houses than younger famyears earlier, as can be seen in the chart. ilies. The general rise in building costs and in A larger proportion of house purchases property values contributed to this develop- in recent years have been made by families ment, but there was also a substantial who already owned a house. The most change in the quality of housing demanded. recent data show that in 1955-57 previous This is indicated by data from the Bureau owners accounted for from 40 to 45 per of Labor Statistics which show that the cent of all house purchases, compared average size of new single-family houses with 32 per cent in 1949-50. This developincreased more than one-fourth from 1949- ment reflects to a great extent the fact that 50—when relatively small units were being the proportion of home owners in each age Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING OF NONFARM FAMILIES 1101 group over 24 has been larger in recent their services or as gifts from someone not years than it was a decade earlier. About living in the house with them. 6 in 10 families headed by persons 35-39 The frequency of home ownership inyears of age, for example, owned a house creases with the age of the head of the early this year whereas only 5 in 10 owned family. According to the 1959 Survey, it in 1949. rose sharply between the ages of 18 and 40, In recent years previous owners have and then more slowly until age 65. Six in 10 purchased more than half of the houses families headed by persons 35-39 years of priced at $15,000 and over. Most of these age owned their home; this proportion was families sold their former home to help three times as large as for families 15 years finance the new purchase, although some their junior and only slightly smaller than continued to hold it as an investment prop- for older families. More than 6 in 10 famerty.7 ilies headed by persons 65 or more years of age continued to be home owners, even CURRENT HOUSING STATUS though many of these families had experi- Early this year there were 50 million nonenced a decline in income because the head farm families in the United States. While had retired from the labor force. most of these families consisted of only one Home ownership varied from 8 in 10 spending unit, about 4.2 million included refamilies in the highest income quintile to lated secondary spending units who shared living quarters.8 Some characteristics of somewhat less than 5 in 10 in the two lowest. That so large a proportion of the housing of nonfarm families are disfamilies in the lowest quintile owned their cussed in the following paragraphs. own home is attributable primarily to the Home ownership. In early 1959 fiftylarge number of retired families in the eight per cent of all nonfarm families owned group. the house they occupied, and another 37 Renters for the most part occupy houses per cent rented their living quarters. The or separate apartments, although a small remaining families occupied separate dwellnumber share living quarters occupied by ing units received as part compensation for other families. Early this year more than one-half of all renters probably lived in 1- 7 According to the most recent Survey data, 1 in 10 or 2-family dwelling units. Data from the of those who already owned a house before they purchased another in 1956 continued to hold their former National Housing Inventory of the Bureau house for rental purposes. of the Census relating to the end of 1956 8 A spending unit, as defined in the Survey, consists of all related persons living together who pool their indicate that more than 3 in 10 nonfarm incomes. Related persons in the household are sepa- rental units were single-family houses and rate spending units if they earn more than $15 per about 2 in 10 were two-family units. Even week and do not pool their incomes. Approximately 8 in 10 of these separate units inside standard metropolitan areas, more are single persons who in most cases are either chilthan 4 in 10 were 1- or 2-family units. dren of the head of the family or are retired persons over 65. Of the remaining units, less than one House value. Each home owner intermillion are married couples, of whom about one-third viewed in 1959 was asked to estimate the are between the ages of 18 and 24 and may be living with their parents only temporarily. Most of the current market value of his house (includother couples living with relatives are considerably ing lot). About 16 per cent of the families older, and in many cases are probably a more permanent part of the family. valued their houses at $20,000 or more and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1102 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 HOME OWNER CHARACTERISTICS, EARLY 1959 gaged. An estimated 16 million families NONFARM FAMILIES GROUPED BY AGE owed $106 billion of debt secured by prop- Means, thousands of dollars 20 erties that they estimated were worth twice that much in current markets. One-half of the debtors reported mortgages that were VALUE OF HOUSE H 15 less than 50 per cent of the house value, and only one-tenth reported mortgages in excess - of 80 per cent. Home owners with incomes MONEY INCOME of $6,000-$ 10,000 had mortgaged houses ^—• more frequently and had a higher ratio of MORTGAGE DEBT debt to house value than owners in either lower or higher income brackets. Mort- 1 1 I gagors with incomes of $10,000 or more, Per cent 100 however, had the largest debts on the aver- OWNERS WITH MORTGAGE DEBT age; about 4 in 10 in this group owed $10,- - 50 000 or more compared with 2 in 10 for all RATIO OF MORTGAGE * mortgagors. DEBT TO HOUSE VALUE 1 The incidence and amount of mortgage 25-34 35-44 45-54 55-64 65 O V A E N R D debt are closely related to how recently the AGE OF HEAD owner acquired his present house and to his few N O to T E sh .— ow N u s m ep be a r r a o te f l y h . ome owners in the 18-24 age group too age.10 Whereas 80 per cent of those who purchased homes in the past three years 12 per cent at less than $5,000. The median had mortgages, less than one-half of those value was $12,000, and the mean $12,900.9 who purchased in 1946-49 owed such debt. Families in which the heads were in the 35- For those having mortgaged houses, the 54 age groups owned houses with higher average ratios of debt to value for the two mean values than those of other age groups, groups were 66 per cent and 26 per cent, and they also had higher average incomes, respectively. The low ratio for the latter as the chart shows. Mean house values reflects both the general increase in propranged from $7,500 for families in the erty values and the reduction in the amount lowest income quintile to $18,300 for those of mortgage as principal was repaid. Nearly in the highest. Most home owners in the one-half of all mortgage debt on ownerlowest quintile lived outside large cities and occupied properties in early 1959 was on suburbs in areas where incomes are someresidences that had been acquired in the what lower; one in five was nonwhite. preceding three years. Most of these mort- Mortgage debt. Approximately 56 per gages were owed by persons under 45 years cent of the home owners interviewed this year reported that their homes were mort- 10 Many mortgages currently outstanding, however, were not associated with the house purchase. Data 9 In 1950, owners'* estimates of house value were from National Housing Inventory show that 1 in 6 checked against estimates made by professional ap- of the mortgages on single-family nonfarm houses at praisers. While there were many differences between the end of 1956 had been placed after the house had the two sets of estimates, owners' estimates showed no been acquired. While most of these involved resignificant bias toward overvaluation or undervalua- financing of a previous mortgage, a significant proportion. tion were placed on unencumbered properties. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING OF NONFARM FAMILIES 1103 of age who accounted for 2 out of 3 house holds and the number who became home purchases in 1956-58. owners exceeded by a substantial margin The proportion of families owning an en- the number of new housing units concumbered property and the average amount structed. During this period a significant of their debt decline steadily after the age part of the demand for home ownership and of 34. Home owners in the 35-44 age for separate accommodations was filled by group, for example, owe less mortgage debt sales of rental units for owner-occupancy on the average than younger families, and by subdivision of existing dwelling although at the same time they own houses units into smaller units.11 Since 1950, howof considerably higher average value, as ever, construction of new units has conis shown in the chart on the opposite page. sistently exceeded the net increase in house- This reflects in part the fact that older holds. This has permitted a withdrawal families have owned their homes longer from the housing stock of some of the less on the average than younger families and desirable units and a return of others to that on most of these mortgages repayments seasonal use. have been made under regular amortiza- Home ownership. Over the past decade tion schedules. Even among recent house the number of home owners increased from purchasers, moreover, older families used HOUSING STATUS, SELECTED YEARS mortgage financing less frequently than NUMBER OF NONFARM SPENDING UNITS younger families. Those who used such financing assumed about the same amount 60 NEITHER OWNS of debt as younger families, but they gen- NOR RENTS erally bought higher priced houses. Many LIVES WITH 50 RELATIVES of the older purchasers transferred liquid 40 assets or the equity accumulated in a previously owned house to the newly acquired 30 property. 20 CHANGES IN HOUSING, 1949-59 A marked expansion in consumer income 10 and an improvement in the standard of living has accompanied the rapid growth 1959 1954 1949 of the population during postwar years. 20 million to nearly 29 million, as shown A strong demand for more and better housin the accompanying chart. The number ing has resulted in a record volume of of renters also increased—from 17.4 million housing construction, which has improved to 18.4 million—as newly formed families greatly the quality of housing accommodawho rented were more numerous than renttions. Over the period since 1946 the number and proportion of owner-occupied 11 The Bureau of the Census estimates that about houses have increased, and house values three million dwelling units that had been rented in 1940 were owner-occupied in 1950. While many have risen. transfers of this type occurred during the war, prob- In the early postwar years, the number ably equally as many took place in the latter half of the decade. Most units involved were single-family of families who established separate house- houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1104 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 ers who became home owners. The num- MORTGAGE STATUS OF NONFARM OWNER-OCCUPIED HOUSES ber of spending units living with relatives, on the other hand, declined from 6.6 Status 1959 1954 1949 million in 1949 to about 4 million this year, as married couples and single persons con- Number tinued to seek separate living quarters soon In millions: after they acquired financial independence. Total 128.8 24.9 20.0 Mortgaged 16.0 12.6 9.0 Only 8 per cent of all nonfarm spending Nonmortgaged 12.8 12.3 11.0 units lived with relatives early this year, Percentage distribution: whereas 14 per cent did so in 1949. Total 100 100 100 Mortgaged 56 50 45 The sharp increase in number of home- Nonmortgaged 44 50 55 owning families from 1949 to early this Value year reflected both the growth in the total In billions of dollars: number of families and an increase in the Total 372 265 183 proportion of home-owning families from 51 Mortgaged—Total 224 146 90 Debt 106 60 33 per cent to 58 per cent. Ownership is more Equity 118 86 57 Nonmortgaged 148 119 93 frequent for families of all age groups ex- Total equity 266 205 150 cept those under 25 years.12 From early Percentage distribution: 1949 to early 1959, the proportion of home Mortgaged—total 100 100 100 owners increased 80 per cent among fam- Debt 47 41 37 Equity 53 59 63 ilies between the ages of 25 and 34 in 1949, and even increased significantly for those 1 Excludes about 400,000 trailers, which were owner-occupied. NOTE.—Derived from estimates of current value of, and mortin the age group of 55-64 in 1949. Ex- gage debt outstanding on, individual houses as submitted by owners. tension in coverage of social security programs and growth in other retirement pro- as indicated in the table. This compares grams have probably influenced the decision with a total of $183 billion for early 1949. of many older families to seek a home of The growth in value has been due primarily their own or to retain ownership after the to investment in new houses, which inhead of the family has retired. creased both the number and average value House value. In the past decade the value of houses. The general increase in market of owner-occupied residential properties has prices of the existing housing stock—indoubled and the equity of owners has in- cluding the increase in prices of houses creased three-fourths. On the basis of added during the past 10 years—and the estimates made by home owners included large sums spent for property improvein the Survey, the aggregate value of non- ments were also important factors. The farm houses in early 1959 was $372 billion, average value of all nonfarm owner-occupied houses rose from $9,100 in 1949 to 13 In the early postwar years, there were many vet- $12,900 in early 1959.13 erans in this age group who were able to acquire houses by using VA-guaranteed financing on which private lenders required little or no downpayment. 13 Data from the National Housing Inventory show With the passing of time this age group has con- that single-family houses which were the same unit in tained fewer veterans, and others in the group have 1956 as in 1950 increased in value by one-third. The had to resort to FHA-insured or conventional mort- increase was fairly uniform for most value classes gages on which larger downpayments are customary. and was influenced little by the age of the property. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING OF NONFARM FAMILIES 1105 Expenditures by nonfarm home owners The increases in the number of houses for property improvement and repairs are mortgaged and in the amount of debt outestimated to have ranged from $6 billion standing are due almost entirely to the debt in 1948 to an average of $9 billion in the placed on houses built since 1949; most of past three years. Landlords in the mean- this debt resulted from the financing of time have spent an estimated $1-1.5 billion house purchases. About 85 per cent of all houses purchased in each year since annually for similar purposes. National 1949 have involved the use of mortgage Housing Inventory data give some indicacredit, according to Survey data. Additions tion of the improvements resulting from to mortgage debt during the past decade that such expenditures. These data show that have resulted from purchases of houses built 3.4 million houses (including some farm before 1949 have apparently been offset by units) classified in 1956 as nondilapidated the amounts repaid on all houses built before with all plumbing facilities had been upthat time.15 graded from units that had been dilapidated The rate of expansion in the average mortor that lacked facilities in 1950. Not all gage outstanding during the past 10 years— properties, however, had been kept in good from $3,700 to $6,650—was twice that in repair. About 1.9 million units that had the value of mortgaged properties. As a been in good condition in 1950 had become result, the average ratio of mortgage debt dilapidated by 1956; the majority of these to house value rose from 37 per cent to 47 were rental units, most of which lacked per cent. Both the continued high level facilities in 1950.14 of house purchases and the liberalization of Mortgage debt. Debt secured by ownermortgage terms to permit a higher ratio of occupied houses expanded threefold from original loan to purchase price and longer 1949 to $106 billion in early 1959, as the repayment periods contributed to this denumber of mortgaged homes and the aver- velopment. The ability of mortgagors to age size of mortgage increased. Encum- carry the larger mortgage debt, on balance, bered houses increased from 9 million or appears to have been maintained. In 1958 45 per cent of all owner-occupied houses as in 1948, mortgagors used about 12 per in 1949 to 16 million or 56 per cent early cent of their income to meet their monthly this year. mortgage payments. 14 Data from the same source show that about 85 15 National Housing Inventory data indicate that per cent of the 2.5 million units demolished or lost the amount of mortgage debt on single-family houses from the housing stock between 1950 and 1956 were built before 1950 and still in the inventory in 1956 rented or vacant at the beginning of the period, and was about the same in 1956 as in 1950, and the most were dilapidated or lacked facilities. Of the number mortgaged was slightly smaller. Only a relasingle-family owner-occupied houses lost, two-thirds tively small number of the houses built before 1950 had an estimated market value in 1950 of less than had disappeared from the housing stock by 1956, and the $3,900 median value indicated by the Survey the value of the remaining units had increased subof Consumer Finances. stantially. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1106 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 TECHNICAL NOTE Survey findings are based on information BULLETIN for July 1959, pages 709-12. To for a sample of family units and are there- determine the approximate sampling error fore subject to error arising from sampling for a Survey finding from these tables, it is variability.1 The range of error from this necessary to know the number of interviews source can be computed. Sampling errors on which particular percentages are based. for percentages based on Survey information These numbers are shown in the accomhave been computed for specific statistics panying table. from the 1953 and 1954 Surveys of Con- 1A discussion of the factors affecting sampling sumer Finances. These errors were puberrors in the Survey of Consumer Finances is availlished in Tables 2 and 3 of the technical note able on request from the Division of Research and Statistics, Board of Governors of the Federal Reserve to the Survey article that appeared in the System, Washington 25, D. C. SAMPLE SIZE FOR SPECIFIED GROUPS, 1959 SURVEY [Number of nonfarm families] Group characteristic Number Group characteristic Number Total 2,701 Race of head: White 2,415 Income: * Nonwhite 276 Under $2,000 462 Not ascertained. 10 $2,000-$2,999 284 $3,000-53,999 288 Housing status: $4,000-$4,999 316 Owner 1,567 $5,000-$5,999 333 Renter: $6,000-$7,499 358 Primary unit3 945 $7,500-$9,999 367 Unrelated secondary unit4. 49 $10,000 and over 293 Others 140 Age: Period of change in housing status, and age of head: 18-24 150 Owner, purchased house in 1956-58 388 25-34 534 18-34 143 35-44 625 35-54 171 45-54 513 55 and over 65 55-64 431 Owner, purchased before 1956 1,177 65 and over , 411 18-34 106 Not ascertained 37 35-54 551 55 and over 506 Occupation of head: Renter, moved in 1956-58 626 Professional and semiprofessional 253 18-34 314 Managerial 133 35-54 210 Self-employed businessman , 226 55 and over 95 Clerical and sales 293 Renter, moved before 1956 309 Skilled 385 18-34 49 Semiskilled 396 35-54 146 Unskilled and service 294 55 and over 108 Retired 419 Other2 299 Purchasers of nonfarm houses: Not ascertained 2 1958 131 1956-58 427 1951-53 370 1947_49 435 1 Money income before taxes for calendar year 1958. 4 Family units that rent part of another family unit's dwelling. 2 Family units headed by protective service workers, students, 5 Family units that receive housing as part of compensation, live housewives, and persons not employed at time of interview. temporarily in houses they have sold, etc. 3 Excludes family units that rent part of another family unit's dwelling. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING OF NONFARM FAMILIES 1107 SUPPLEMENTARY TABLE 1 HOUSING STATUS OF NONFARM FAMILY UNITS WITHIN SPECIFIED GROUPS 1 [Percentage distribution] Owns Rents 2 Other 3 All Group characteristic cases 1959 1954 1949 1959 1954 1949 1959 1954 1949 All nonfarm family units4 100 58 56 51 35 37 40 10 Nonfarm family income quintiles:5 Lowest 100 46 45 40 36 34 38 18 22 22 Second 100 42 46 43 48 47 46 9 7 11 Third 100 59 51 47 37 44 45 4 5 Fourth 100 63 65 55 34 32 41 4 3 Highest 100 79 71 69 20 28 28 1 1 Age of head of family: 18-24 100 16 17 21 57 58 48 26 25 31 25-34 100 42 42 35 52 52 53 6 6 12 35-44 100 63 57 53 33 38 42 5 5 5 45-54 100 64 63 59 31 31 34 5 5 7 55-64 100 69 66 62 25 28 32 6 6 6 65 and over 100 66 63 59 24 23 27 10 14 14 Occupation of head of family: Professional and semiprofessional 100 54 58 48 37 36 38 9 14 M Se a lf n - a em ge p r l i o a y l ed businessman 1 1 0 0 0 0 7 8 0 0 7 5 6 9 | 66 2 1 7 9 2 3 2 7 30 2 1 Clerical and sales 100 58 55 46 38 37 41 4 13 S S k em ill i e s d killed 1 1 0 0 0 0 6 5 3 4 54 52 4 3 2 3 41 44 4 4 4 Unskilled and service 100 43 41 40 43 42 43 14 17 17 Retired 100 68 65 60 23 21 25 9 14 14 Race of head of family: White 100 60 57 53 33 35 38 9 Nonwhite 100 40 40 31 52 52 51 18 1 As of date of interview, early in year indicated. 4 A family unit includes all persons living in the same dwelling 2 This group differs from that in other years because it excludes who are related by blood, marriage, or adoption. Single-person family units that rent part of another family unit's dwelling. If these family units are included. units were included, the proportion renting in 1959, 1954, and 1949 5 Quintiles were obtained by ranking nonfarm family units accordwould increase by 2, 3, and 4 percentage points, respectively, and the ing to money income before taxes in the preceding year. pro 3 p F o a r m tio il n y s u in n it t s h e t h " a o t t h r e e r n " t g p r a o r u t p o w f o a u n l o d t h d e e r c r f e a a m se i ly c o u rr n e i s t p 's o n d d w in e g ll l i y n . g, NOTE.—Details may not add to totals because of rounding. receive housing as part of compensation, live temporarily in houses they have sold, etc. SUPPLEMENTARY TABLE 2 HOUSING STATUS OF NONFARM SPENDING UNITS WITHIN AGE GROUPS 1 [Percentage distribution] Owns Rents2 Lives with relatives Other 3 All Age group cases 1959 1954 1949 1959 1954 1949 1959 1954 1949 1959 1954 1949 All nonfarm spending units4 100 54 50 44 34 36 38 8 10 14 4 4 4 18 24 100 9 8 9 43 35 26 40 55 60 7 2 5 25 34 100 39 37 29 50 48 51 8 13 16 4 2 4 35_44 . 100 60 55 49 32 37 40 5 4 8 4 4 3 45 54 100 63 60 57 31 31 36 2 5 4 4 4 3 55 64 . 100 68 64 58 26 29 34 3 4 4 4 4 100 62 61 56 24 26 29 7 4 7 7 9 8 1 As of date of interview, early in year indicated. 4 A spending unit includes all persons living in the same dwelling 2 All renters, including those who rent part of another spending and related by blood, marriage, or adoption, who pool their incomes unit's dwelling. to meet major expenses. Single-person spending units are included. 3 Spending units that receive housing as part of compensation, NOTE.—Details may not add to totals because of rounding. live temporarily in houses they have sold, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1108 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 SUPPLEMENTARY TABLE 3 NONFARM HOUSES CLASSIFIED BY VALUE AND MORTGAGE DEBT [Percentage distribution of owner-occupied nonfarm houses] Value i Mortgage debt 2 Amount 1959 1954 1949 1959 1954 1949 Zero 44 50 55 $l-$2,499 7 8 11 14 18 $2,500-$4,999.... 12 17 11 13 14 $5,000-$7,499.... 12 18 21 12 12 7 $7,500-$9,999.... 15 16 17 10 7 3 $10,000-$12,499.. 16 18 18 6 3 1 $12,500-$14,999.. 11 8 6 3 1 $15,000-$19,999.. 19 12 7 2 $20,000 and over. 16 9 6 All cases. 100 100 100 100 100 100 Median (thousands of dollars). 12.0 9.0 8.0 46.0 44.1 43.0 Mean (thousands of dollars)... 12.9 10.7 9.1 46.6 44.8 43.7 1 As valued by respondents early in year indicated, except that 3 No cases reported or less than one-half of 1 per cent. houses purchased during preceding year were valued at purchase 4 For mortgaged houses only. price. 2 Early in year indicated. NOTE.—Details may not add to totals because of rounding. SUPPLEMENTARY TABLE 4 SUPPLEMENTARY TABLE 5 MORTGAGE DEBT IN RELATION TO HOUSE VALUE 1 ANNUAL MORTGAGE PAYMENTS BY NONFARM FAMILY [Percentage distribution of owner-occupied nonfarm houses] UNITS [Percentage distribution of home-owning nonfarm family units] Mortgage debt as a 1959 1954 1949 percentage of house value Amount 1 1959 1954 1949 Zero (no mortgage) 44 50 55 1 19 8 9 9 Zero (no mortgage) 44 50 55 20 39 14 13 12 Under $500 9 16 24 40 59 14 14 10 $500-$999 29 27 13 60 79 14 10 5 $1,000 and over 17 7 3 6 3 3 No regular payment or amount not Not ascertained (2) 1 6 ascertained 2 1 5 100 100 100 All cases 100 100 100 Average ratio (per cent) 3 47 41 37 l For 1959 and 1954, scheduled monthly payment multiplied by 12; for 1949, actual payments during previous year. 1 As of date of interview, early in year indicated. NOTE.—Details may not add to totals because of rounding. 2 House value and amount of mortgage assigned if not determined in interview. 3 Ratio of mean debt to mean house value for mortgaged houses. NOTE.—Details may not add to totals because of rounding. SUPPLEMENTARY TABLE 7 SUPPLEMENTARY TABLE 6 FAMILY EXPENDITURES ON HOME IMPROVEMENT AND MONTHLY RENT OF NONFARM FAMILY UNITS 1 MAINTENANCE 1 [Percentage distribution of rent-paying nonfarm family units] [Percentage distribution of home-owning nonfarm family units] Amount 1959 1954 1949 Amount 1958 1953 1948 $1-$19 10 19 Zero 39 42 36 $20-$29 9 14 21 $l-$99 15 15 14 $3O-$39 11 18 23 $IOO-$199 11 10 } 29 $40-$49 16 16 15 $200-$499 16 14 $50-$74 33 26 16 $500-$999 9 9 12 $75-$99 17 10 3 $1,000 and over 8 8 9 $100 and over. . 5 2 Not ascertained 1 2 Not ascertained. 1 1 All cases 100 100 100 All cases. 100 100 100 1 Cost of additions made in year of house purchase excluded in 1 All renters, including those who rent part of another family 1953 and 1948. unit's dwelling; data are as of date of interview, early in each year. 2 No cases reported or less than one-half of 1 per cent. NOTE.—Details may not add to totals because of rounding. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING OF NONFARM FAMILIES 1109 SUPPLEMENTARY TABLE 8 SUPPLEMENTARY TABLE 9 PRICES PAID FOR NONFARM HOUSES 1 YEAR OF OCCUPANCY OF PRESENT RESIDENCE [Percentage distribution of purchasers] [Percentage distribution of nonfarm family units] Price 1958 1953 1948 All Year nonfarm Owners Renters 2 families * Under $5,000.... 16 15 31 $ $5 7 , , O 50 O 0 O -$ -$ 9 7 ,9 ,4 9 9 9 9 . . . . . . . . 1 1 3 2 24 6 1 1 6 9 19593 . .. 2 (? 4 $10,000-$ 12,499.. 8 21 13 1958 19 36 $12,500-$ 14,999.. 17 14 7 1956-57 20 16 26 $15,000-$ 19,999.. 18 11 9 1953-55 17 19 13 $20,000 and over. 15 9 5 1950-52 12 16 7 1946-49 9 12 5 All cases 100 100 100 1940-45 8 11 3 Before 1940 12 17 4 Median (thousands of dollars). 12.3 10.5 7.8 Not ascertained 1 1 2 All cases 100 100 100 1 Cost of additions made in year of purchase is included in price of house purchased in 1953 and 1948. NOTE.—Details may not add to totals because of rounding. 1 Excludes the 5 per cent of all nonfarm families that neither own nor rent their homes. 2 All renters, including those who rent part of another family unit's dwelling. 3 Family units that moved early in 1959, prior to time of interview. 4 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 10 HOUSE VALUE WITHIN FAMILY INCOME GROUPS, EARLY 1959 [Percentage distribution of home-owning nonfarm family units] House value All 1958 money income before taxes cases Under $5,000- $7,500- $10,000- $12,500- $15,000- $20,000 $5,000 $7,499 $9,999 $12,499 $14,999 $19,999 and over All income groups. 100 12 12 15 16 19 16 Under $2,000.... 100 38 24 14 12 3 5 5 $2,000-52,999.... 100 24 19 19 16 7 11 4 $3,OOO-$3,999.... 100 15 20 18 14 7 13 13 $4,000-$4,999.... 100 16 18 25 19 4 14 5 $5,OOO-$5,999.... 100 7 10 19 23 16 15 9 $6,000-$7,499.... 100 4 7 15 21 16 22 15 $7,500-59,999.... 100 1 9 10 16 18 31 17 $10,000 and over. 100 1 1 5 9 28 46 NOTE.—Details may not add to totals because of rounding. SUPPLEMENTARY TABLE 11 MORTGAGE DEBT WITHIN FAMILY INCOME GROUPS, EARLY 1959 [Percentage distribution of home-owning nonfarm family units] Amount of mortgage debt All 1958 money income before taxes cases Zero $1 $ , 1 9 - 99 $ $ 2 4 , , 0 9 0 9 0 9 - $ $ 5 7 , , 0 4 0 9 0 9 - $ $ 7 9 , , 5 9 0 9 0 9 - $ $ 1 1 0 4 , , 0 9 0 9 0 9 - a $ n 1 d 5 , o 0 v 0 e 0 r All income groups. 100 44 13 12 10 9 Under $2,000.... 100 80 10 8 1 1 0) 0) $2,000-$2,999.... 100 68 18 9 2 4 $3,000-$3,999.... 100 55 10 19 8 6 8 $4,000-$4,999.... 100 49 10 18 14 9 0) $5,000-$5,999.... 100 34 12 14 16 15 $6,000-$7,499.... 100 30 4 17 22 14 13 0) $7,500-$9,999.... 100 29 6 12 17 14 18 2 $10,000 and over. 100 33 4 10 12 13 19 3 8 i No cases reported or less than one-half of 1 per cent. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1110 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 SUPPLEMENTARY TABLE 12 MORTGAGE DEBT IN RELATION TO HOUSE VALUE WITHIN INCOME AND AGE GROUPS, EARLY 1959 [Percentage distribution of home-owning nonfarm family units] Debt as a percentage of house value All Income or age group cases Zero 1-19 20-39 40-59 60-79 80 and over All home-owning nonfarm family units 100 44 14 14 14 1958 family income before taxes: Under $2,000 100 80 7 6 4 2 $2,000-52,999 100 68 11 9 7 3 $3,000-$3,999 100 55 8 10 12 8 $4,000-54,999 100 49 8 11 12 14 $5,000-$5,999 100 34 11 20 10 18 $6,000-$7,499 100 30 6 18 18 21 $7,500-59,999 100 29 14 21 20 $10,000 and over 100 33 19 19 15 Age of head of family:l 25-34 100 19 5 9 21 32 14 35-44 100 24 6 18 21 23 7 45-54 100 38 13 22 15 6 55-64 100 66 9 13 7 1 65 and over 100 83 7 5 3 1 Too few cases to compute percentages in 18-24 age group. NOTE.—Details may not add to totals because of rounding. 2 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 13 INCOME AND AGE OF NONFARM FAMILY UNITS GROUPED BY HOUSING STATUS, EARLY 1959 [Percentage distribution of nonfarm family units] Owner Renter 2 All Income or age group n f o am nf i a li r e m s All P h u o r u ch se a s i e n d Pu b r e c f h o a r s e ed All Mo in ved M be o f v o e re d Other 3 1956-581 1956 1956-581 1956 1958 money income before taxes: Under $2,000 17 13 5 16 17 14 24 46 $2 000-$2 999 11 8 6 8 14 16 12 14 $3,000-$3,999 11 8 7 8 15 15 15 12 $4 000-$4 999 . 12 11 13 10 14 15 11 9 $5,000-$5,999 12 13 16 13 12 13 10 5 $6,000-57 499 13 14 15 14 13 12 14 8 57 500-59 999 . 14 17 21 16 9 10 8 4 $10,000-$14,999 8 10 14 10 4 4 4 1 $15,000 and over 3 5 4 5 1 1 1 (4) All cases 100 100 100 100 100 100 100 100 Age of head of family: 18-24 6 2 4 1 9 13 2 21 25-34 20 14 32 8 29 37 14 16 35-44 23 25 29 24 22 21 23 15 45-54 19 21 15 23 17 13 24 13 55-64 16 19 13 21 12 8 19 13 65 and over 15 18 4 22 10 8 16 21 1 2 2 1 1 1 2 (4) All cases 100 100 100 100 100 100 100 100 1 Includes early 1959. receive housing as part of compensation, live temporarily in houses 2 Excludes family units that rent part of another family unit's they have sold, etc. dwelling. 4 Less than one-half of 1 per cent. 3 Family units that rent part of another family unit's dweUing> NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING OF NONFARM FAMILIES 1111 SUPPLEMENTARY TABLE 14 FINANCIAL CHARACTERISTICS OF NONFARM FAMILY UNITS GROUPED BY HOUSING STATUS, EARLY 1959 Owner Renter 3 Owner Renter 3 Financial All a c n h d a r a a g c e te g ri r s o t u ic p n fa o m n A f il l a i l r e m s* P h u o r u ch se a s i e n d Pu b r e c f h o a r s e ed Mo in ved M be o f v o e re d f n a o m n i f l a ie rm s * P h u o r u ch se a s i e n d Pu b r e c f h o a r s e ed Mo in ved M be o f v o e re d 1956-582 1956 1956-582 1956 1956-582 1956 1956-582 1956 Holders or debtors as a percentage of all in group Medians in dollars4 Liquid assets: 18-34 75 88 87 71 60 335 320 440 305 5335 35-54 77 88 86 56 67 870 750 500 510 995 55 and over 74 87 80 68 63 1,815 1,795 2,015 1,510 1,490 Personal debt: 18-34 81 83 89 82 67 600 805 600 605 5335 35-54 71 75 70 79 62 575 1,120 610 470 305 55 and over 36 50 34 39 30 315 5425 410 5280 5165 1958 money income before taxes: 18-34 4,970 5,930 6,160 4,670 4,280 35-54 | (6) (6) (6) (6) (6) 5,940 7,520 6,715 4,705 4,775 55 and over 3,105 5,110 3,545 2,665 2,670 1 Includes the following not shown separately: family units that 3 Excludes family units that rent part of another family unit's rent part of another family unit's dwelling, those that receive housing dwelling. as part of compensation, those that live temporarily in houses they 4 Interpolated from bracket amounts for holders. have sold, etc. 5 Subject to large sampling error because of small number of cases. 2 Includes early 1959. 6 All family units are classified as having income. SUPPLEMENTARY TABLE 15 MAJOR EXPENDITURES IN 1958 OF NONFARM FAMILY UNITS GROUPED BY HOUSING STATUS, EARLY 1959 Owner Renter 3 Owner Renter 3 Type of expenditure All All and age group nonfarm Purchased Purchased Moved Moved nonfarm Purchased Purchased Moved Moved families 1 house in before in before families 1 house in before in before 1956-582 1956 1956-582 1956 1956-582 1956 1956-582 1956-58 Those making expenditure as a percentage of all in group Medians in dollars4 Monthly housing payment: 18-34 85 84 78 100 100 65 75 65 60 550 35-54 76 85 64 100 100 65 85 70 60 50 55 and over 43 59 21 100 100 50 575 50 555 550 Home improvement and maintenance: 18-34 31 60 59 14 18 150 270 180 55 545 35 54 47 67 63 13 27 225 360 260 60 70 55 and over 45 68 59 12 12 240 300 270 50 85 Household durable goods:6 18-34 59 63 61 65 39 305 325 290 310 5325 35 54 49 58 48 50 45 280 330 285 280 240 55 and over 33 48 34 36 27 260 5265 285 5245 5250 Automobiles: 18-34 28 30 26 31 12 (7) (7) (7) (7) (7) 35-54 28 33 31 26 14 (7) (7) (7) (7) 55 and over 14 25 15 13 5 (7) (7) (7) (7) 1 Includes the following not shown separately: family units that 5 Subject to large sampling error because of small number of cases. rent part of another family unit's dwelling, those that receive housing 6 Figures do not take into account household durable goods as part of compensation, those that live temporarily in houses they included in purchase price of house. Bureau of Labor Statistics data have sold, etc. indicate that a substantial proportion of all purchases include one 2 Includes early 1959. or more major items in the house price. 3 Excludes family units that rent part of another family unit's 7 Data not available. dwelling. 4 Interpolated from bracket amounts for those making expenditures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1112 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 SUPPLEMENTARY TABLE 16 INCOME DISTRIBUTION OF FAMILY UNITS AND OF TOTAL MONEY INCOME BEFORE TAXES ^ [Per cent] Family units Total money income Money income before taxes 1958 1957 1956 1955 1954 1948 1958 1957 1956 1955 1954 1948 Under $1 000 6 7 8 11 9 11 1 1 1 1 1 2 $1 000 $1 999 . . 11 12 11 11 12 15 3 3 3 3 4 6 $2 000-$2 999 11 9 10 11 11 20 5 4 5 6 6 12 $3 000 $3 999 11 11 11 13 15 20 7 7 7 9 11 18 $ $ $6 4 5 0 0 0 0 0 0 0 0 0 -$ $ $ 5 7 4 9 4 9 9 9 9 9 9 9 1 1 1 2 2 3 1 1 1 2 4 2 1 1 1 3 3 2 13 2 1 4 4 1 1 2 4 1 1 9 2 5 1 1 9 2 6 1 1 1 2 5 0 j 2 1 8 1 2 1 9 2 2 1 1 4 $7 500 $9 999 13 12 11 9 8 4 20 18 16 15 13 9 $10,000 and over 11 11 11 8 7 4 28 30 31 27 24 18 All cases. 100 100 100 100 100 100 100 100 100 100 100 100 Median income2 $4,830 $4,850 $4,700 $4,260 $4,100 $3,120 Me&n income 3 $5,580 $5,650 $5,640 $5,060 $4,900 $4,020 1 Income data for each year are based on interviews early in the 3 Mean income is obtained by dividing aggregate money income following year. before taxes by number of family units. 2 Median income is that of the middle family unit in a ranking of all units by size of money income before taxes. SUPPLEMENTARY TABLE 17 LIQUID ASSET DISTRIBUTION OF FAMILY UNITS X [Per cent] Amount 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 1949 Zero 24 25 23 28 28 25 28 29 27 29 28 $1—$199. . 18 16 17 14 16 14 14 16 15 15 15 $200-$499 13 14 13 12 12 ii 12 13 14 12 12 $500 $999 11 11 12 11 10 11 9 11 9 11 $1 000-$l,999 . . .. 10 11 11 11 11 12 10 12 11 11 $2 000 $4 999 12 13 13 13 13 11 12 13 12 14 13 $5 000-$9 999 6 6 6 6 i 13 6 6 6 6 6 $10,000 and over 5 5 5 5 i 5 4 4 4 4 All cases 100 100 100 100 100 100 100 100 100 100 100 o the Survey definition, are U. S. Data prior to 1957 also include marketable U. S. Government bonds, which were held by about 1 per cent of all family units early in 1957. Data are as of date of interview early in Survey year. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING OF NONFARM FAMILIES 1113 SUPPLEMENTARY TABLE 18 CONSUMER PLANS TO PURCHASE DURABLE GOODS AND NONFARM HOUSES WITHIN INCOME GROUPS 1 [Prospective purchasers as a percentage of spending units] Consumer durable goods Nonfarm houses, Money income before taxes Furniture and major new and used in preceding year New automobiles Used automobiles household appliances 1959 1958 1959 1958 1959 1958 1959 1958 All spending units2 10 28 28 Under $1,000 1 5 10 13 2 1 $l,000-$l,999 1 7 16 20 1 3 $2,000-52,999 3 3 7 24 18 5 5 $3,000-$3,999 4 3 12 11 26 26 8 6 $4,000-$4,999 6 6 12 10 29 31 11 9 $5,000-$5,999 6 6 11 11 33 32 12 8 $6,000-$7,499 10 7 10 10 39 37 12 10 $7,500-$9,999 16 14 10 11 36 37 15 15 $10,000 and over 18 21 9 40 41 14 Median planned expenditure4 $3,000 $2,700 $800 $800 $230 $250 1 Includes spending units planning definitely, probably, or possibly expenditures of spending units that reported they possibly would buy. to buy and those that have already bought in year indicated. These medians differ from those shown in the "Preliminary Findings" 2 House purchase plans are for nonfarm spending units only. published in the BULLETIN for March 1959. The medians shown in 3 No cases reported or less than one-half of 1 per cent. this table were computed from complete listings; those in the March 4 Data for automobiles are based on planned expenditures of article were interpolated from bracket amounts, and in addition the spending units that reported they would or probably would buy or 1959 data were not based on the full sample. had already bought; data for other items include, in addition, planned 5 Data not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Security Pledged on Business Loans at Member Banks TWO-THIRDS of the number and one-half assets of less than $1 million. For such borof the amount of all business loans out- rowers the use of collateral may result in standing at member banks in October 1957 a larger loan, a longer maturity, or a lower were secured or endorsed. Such loans to- rate of interest than if the credit were untaled $20.4 billion, about one-third more secured. than in the fall of 1955. For both number The largest amounts of secured business and amount of loans, the proportions se- loans in both October 1955 and October cured in total and for most industries were 1957 were to companies in the retail trade only a little higher in 1957 than they had and real estate fields. These two accounted been in 1946. for more than one-fourth of the total vol- The types of security most common in ume of secured loans outstanding. For business lending are real estate, equipment, certain business groups the proportions of and endorsement. These three types were loans secured in 1957 were much larger common in 1946, but their use became more than for others. For example, among real widespread over the next nine years and by estate companies, commodity dealers, and October 1955 they accounted for nearly service firms, about three-fourths of all three-fourths of the number and half the business loans were secured. This is in part volume of secured loans outstanding. Se- because small and medium-size borrowers cured loans with maturities of more than are concentrated in such industries and in one year rose sharply along with the growth part because the business operations of some in loans secured by real estate and equip- of these industries give rise to collateral that ment. The proportion of credit backed by is often used in bank financing. assignment of claims, a type of collateral Despite the large number of secured loans favored by large businesses, also increased made to small borrowers, the largest banks whereas the proportion secured by stocks, held nearly three-fourths of the amount and bonds, and inventories declined from 1946 two-fifths of the number of all secured to 1955. loans in 1955 and 1957. Small banks had The use of security in business financing only a small growth in the proportion of varies with the size of the borrower. Most secured loans between 1946 and 1957 secured loans are small and reflect the whereas banks with deposits of more than credit needs of small business. Nine-tenths $100 million showed a much larger inof the number and half the amount of se- crease. This is due in part to the growth cured loans in 1957 were to borrowers with in lending to small borrowers by big banks. This article summarizes the findings con- NOTE.—This article was prepared by Caroline H. cerning the characteristics of secured lend- Cagle of the Board's Division of Research and Staing of member banks to business from surtistics. 1114 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON BUSINESS LOANS 1115 veys conducted by the Board of Governors in the Federal Reserve BULLETINS for April of the Federal Reserve System in coopera- 1956, pages 337-39, and for April 1958, tion with the Federal Reserve Banks in Oc- pages 394 and 410-11. tober of 1955 and 1957 and includes some historical perspective from a similar survey PURPOSE AND IMPORTANCE OF SECURITY in November 1946.1 Information on the The use of security in extending business type of collateral and on certain types of credit is a common practice among banks lending were obtained in the 1955 Survey in the United States. The main purpose only. Additional findings concerning se- of collateral or other security is to limit the cured loans appeared in the articles "Mem- bank's risk of loss and facilitate collection ber Bank Term Lending to Business, 1955- in the event the borrower is unable or un- 57" and "Member Bank Lending to Small willing to repay the loan at maturity. While Business, 1955-57" in the Federal Reserve banks generally insist on collateral where BULLETINS for April 1959, pages 353-68, circumstances do not justify their making and April 1958, pages 393-409, respective- an unsecured loan, they still depend for rely.2 A discussion of the coverage of the payment in large part on the good faith of 1955 and 1957 Surveys, together with cop- the borrower. In some cases where the ies of the questionnaires used, is included bank would be willing to extend unsecured credit, the borrower may find it advantageous to use security to obtain a larger 1 See "Security Pledged on Member Bank Loans to Business," Federal Reserve BULLETIN, June 1947, pp. loan, a longer maturity, or a lower rate of 664-80. interest. 2 For other articles covering the 1955 Survey, see "Business Loans of Member Banks," Federal Reserve The kind of collateral available to the BULLETIN, April 1956, pp. 327-40; and "Credit Lines borrower may have a bearing on the adand Minimum Balance Requirements," Federal Reserve BULLETIN, June 1956, pp. 573-79. vantages of borrowing on a secured as com- TABLE 1 BUSINESS CLASSIFICATION OF BORROWERS ON SECURED BUSINESS LOANS AT MEMBER BANKS 1955 AND 1957 Business of borrower I o n f m d i o l l l l i a o r n s s c d e P i n s e t t a r r - i g - e bu P s e i o n r f c e e s to n s t ta l a o l g a e ns bution, Oct. 5, Oct. 16, 1957 1955 1957 1955 1957 All businesses 15,700 20,426 100.0 51.0 50.3 Manufacturing and mining: Food, liquor, and tobacco 636 729 3.6 34.0 30.5 Textiles, apparel, and leather 598 618 3.0 34.4 36.7 Metals and metal products 1,190 1,832 9.0 36.7 33.1 Petroleum, coal, chemicals, and rubber 1,355 1,686 8.3 52.0 45.0 All other 842 1,183 5.8 44.4 42.4 Trade: Wholesale 1,273 1,688 8.3 53.2 56.6 Commodity dealers 470 608 3.0 63.9 74.6 Retail 1,988 2,918 14.3 57.7 63.6 Other: Sales finance 503 550 2.7 17.8 17.8 Transportation, communication, and other public utilities 1,325 1,947 9.5 46.7 46.7 Construction 1,191 1,344 6.6 70.4 67.9 Real estate 2,142 2,591 12.7 88.2 87.1 Service 1,284 1,584 7.8 72.8 70.0 All other nonfinancial 901 1,149 5.6 67.6 71.5 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1116 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 pared with an unsecured basis. Some forms erably by business of borrower. In terms of security—such as stocks and bonds— of amounts outstanding less than one-fifth are easy and inexpensive for banks to handle, of all loans to sales finance companies were while others—such as inventories—involve secured whereas for real estate firms (inconsiderable administrative expense. These cluding mortgage companies) the propordifferences are usually reflected in the rate tion was nearly nine-tenths. of interest charged on the loan. The kind Variation from industry to industry in the of collateral may also affect the size and proportion of loans secured is attributable maturity of the loan. Since real estate is in large part to differences in the average less likely to decline in value than some size of business. For example, the proporother forms of collateral, a small borrower tion of secured loans is large in the conmay be able to obtain a larger loan and a struction, service, and retail trade groups, longer maturity by using it than by using where small and medium-size firms premost other types of security. dominate, but it is small for sales finance The extent to which security was used companies, where most borrowing is by in business loans outstanding in both the large concerns, many of which operate on 1955 and 1957 Surveys is shown in Table a nationwide basis. Table 2 indicates that 1 for various types of businesses. Some variations in the proportion of loans secured businesses relied on secured credit much are much smaller from one industry to anmore than others. The major factors acother when borrowers are grouped by size counting for these variations are discussed than when aggregates for an entire indusin subsequent paragraphs. try are compared. BORROWER CHARACTERISTICS Other differences from industry to indus- Size of borrower is the principal factor try in the proportion of secured loans are in the use of security in business lending: attributable in part to the fact that the opthe smaller the borrower, the higher the erations of some businesses make it posproportion of secured loans, as is shown in sible for them to supply collateral that is Table 2. In October 1957 less than oneconveniently and customarily used in bank fifth of the amount of member bank loans financing. For example, transportation to the largest businesses was secured, comcompanies and public utilities purchase pared with almost four-fifths for the smalllarge amounts of heavy equipment that is est firms. There are several reasons for often used as collateral for bank loans. In this. Small firms often have not been in contrast, sales finance companies deal in business for very long and may not have consumer instalment contracts, a troubleestablished acceptable credit ratings; some some collateral for banks to handle, and may have unsatisfactory earnings; and many most of their borrowing is on an unsecured have inadequate financial records. In adbasis. dition, the bargaining position of small firms is often weak, for they are likely to In October 1957 three-fourths of the have access to fewer banks and other volume of business loans to unincorporated sources of credit than larger businesses. businesses was secured, compared with less In October 1955 and October 1957 the than half for incorporated businesses (see proportion of secured loans varied consid- Appendix Table 2). This difference is re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON BUSINESS LOANS 1117 TABLE 2 SECURED LOANS AS A PERCENTAGE OF ALL MEMBER BANK BUSINESS LOANS OUTSTANDING TO BORROWERS CLASSIFIED BY SIZE AND TYPE OF BUSINESS, OCTOBER 16, 1957 Size of borrower (total assets, inthousands of dollars) All Business of borrower jorrowers1 th L a e n s 5 s 0 50-250 250-1,000 1 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 1 5 0 , 0 0 ,0 0 0 0 0 - a 1 n 0 d 0 , o 0 v 0 e 0 r Amount All businesses 50.3 78.4 76.5 72.1 59.9 45.0 28.2 17.5 Manufacturing and mining 37.5 78.0 75.0 67.7 52.7 36.9 26.0 11.1 Trade: Wholesale2 60.5 72.1 71.7 66.6 54.5 44.0 47.0 65.8 Retail 63.6 74.8 72.7 70.9 56.7 35.5 21.6 49.7 Other: 17.8 74.3 78.5 72.9 43.6 18.8 5.2 0 8 Transportation, communication, and other public utilities 46.7 90.6 85.0 86.3 74.2 62.4 34.6 27.3 Construction 67.9 72.1 72.6 73.4 71.6 44.5 26.8 51.4 87.1 89.1 88.1 84.7 85.2 89.0 82.8 62.8 70.0 81.8 81.9 76.6 68.3 38.5 26.2 11.1 All other nonfinancial. 71.5 82.4 78.3 73.4 67.2 70.7 54.9 52.3 Number 66.8 68.2 65.7 65.9 60.7 48.5 31.7 34.7 Manufacturing and mining 66.0 70.1 67.8 66.7 56.7 36.0 22.1 20.1 Trade: Wholesale2 63.1 65.0 62.5 62.2 59.0 58.8 56.5 65.2 Retail 63.1 64.4 60.9 59.5 57.6 46.4 30.0 72.1 Other: Sales finance 46.4 66.9 70.6 62.2 35.7 18.9 9.6 4.8 Transportation, communication, and other 81.4 86.4 80.9 81.6 78.5 61.4 41.6 48.8 65.9 62.5 65.4 70.3 68.3 61.7 28.5 75.6 77.1 79.2 76.4 73.4 73.0 85.5 76.0 85.1 68.7 69.4 67.2 64.0 63.8 58.4 60.0 42.2 All other nonfinancial ... . 71.4 72.5 67.5 67.0 58.9 76.0 51.4 70.4 i Includes loans for borrowers whose size was not ascertained. 2 Includes commodity dealers. lated in considerable part to variations in firms with assets of $1 million and over, on size and kind of business. The major part the other hand, unincorporated businesses of all business credit outstanding to unin- provided collateral for a much larger procorporated concerns in 1957 was to bor- portion of their loans than corporations. rowers with assets of less than $1 million Unincorporated borrowers of this size whereas only a small part of that to incor- were mainly in industries such as construcporated businesses was to borrowers in this tion, real estate, and retail trade, where the class. proportion of secured loans is large in all Among borrowers with assets of less than size classes. $1 million, unincorporated concerns sup- The relative share of secured loans in total plied security for a slightly smaller propor- bank lending to business has increased only tion of their loans than corporations, a a little since 1946—from 61 to 67 per cent difference that may be related to the lim- for the number and from 44 to 50 per cent ited liability of corporate owners. Among for the amount. The proportions were Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1118 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 larger in 1957 than in 1946 for all size sented about 6 per cent and were used princlasses of borrowers and for most major in- cipally by manufacturing and mining, servdustry groups, but the largest increases oc- ice, and "all other" nonfinancial businesses. curred in loans to retail trade and construc- The use of such collateral as life insurance tion concerns with assets of $250,000 and and savings accounts was concentrated over. Public utilities were the only group among smaller businesses (see Appendix in which there was a decline. For com- Table 4). Only 2 per cent of all business panies in this group the amount of loans loans outstanding in 1955 had a U. S. Govto very large borrowers increased much more ernment participation or guarantee (see than that to smaller firms and there was also Appendix Table 6). a decline in the relative importance of se- Between 1946 and 1955 loans secured cured loans among the largest borrowers. by stocks, bonds, and inventories declined from almost two-fifths to less than one-fifth LOAN TERMS AND CONDITIONS of the total volume of secured loans. Dur- The provisions of the loan contract, including the same period loans secured by real ing the amount of the loan, maturity, inestate, equipment, assignment of claims, and terest rate, and repayment method, are reendorsement rose from half to almost threelated to whether or not the loan is secured fourths. In 1946, businesses held substanand, if it is secured, to the kind of collateral tial amounts of liquid assets, principally that the borrower can provide. The type U. S. Government securities, which they had of collateral available to him depends to a accumulated during the war, and they were large extent on the size and nature of his increasing inventories rapidly. Business business. purchases of equipment, however, had only Type of security. For many years banks begun their peacetime rise when the 1946 have made most of their secured loans on Survey was made. By late 1955 many certain types of collateral, largely because companies had fewer Government securities of the availability of these types and the available for use as collateral, and they ease of appraising and handling them. In were building up inventories at a less rapid recent years the types most often pledged rate than in 1946. At the same time, howagainst business loans have been plant and ever, many firms were expanding their outother real estate, assignment of claims (inlays for new plant and equipment, much of cluding accounts receivable), endorsement, which could be pledged as security for bank and business equipment. About threeloans. fourths of all secured business credit out- Average size of loan. The average size of standing in October 1955 used one of these secured loans differs appreciably from that four types (see Appendix Table 3).3 Inof unsecured loans for both small and large ventories, an important type of collateral in borrowers. Survey statistics suggest that manufacturing and mining and in wholecollateral enables small borrowers to obsale and retail trade, accounted for about tain larger loans than they could obtain one-tenth of the volume of secured loans in without it. For firms with assets of less October 1955. Corporate stocks reprethan $5 million the average secured loan in 1957 (based on the original amount of 3 Detailed data by type of security were not colthe loan) was $21,900 compared with $17,lected in the 1957 Survey. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON BUSINESS LOANS 1119 100 for the average unsecured loan. Bor- chance there is of unforeseen deterioration rowers in larger asset classes, however, gen- in the earning power and financial position erally obtained larger unsecured loans than of the borrower before his loan matures. secured loans. The average unsecured loan According to the 1955 Survey, member outstanding in 1957 for borrowers with as- banks required security on nearly threesets of more than $100 million was more fifths of the volume of their term loans (mathan twice as large as the average secured turities of more than one year) but on only loan, while for borrowers of intermediate about half of their short-term loans. Small size it was about one-fifth larger. It is likely borrowers were required to secure a much that for firms in these two groups collateral larger proportion of their term loans than is used principally not for the typical loan large businesses. Relatively little credit is but for kinds of loans and borrowers that extended for more than a year to small borcarry a higher than average risk. rowers on an unsecured basis. Maturity. The maturity of a loan is one The kind of collateral used for business of the factors that determines the risk for loans is also related to the loan maturity, as the lender; the shorter the maturity, the less shown in Table 3. Nearly all loans secured TABLE 3 TYPE OF SECURITY RELATED TO ORIGINAL MATURITY OF MEMBER BANK LOANS TO BUSINESS, OCTOBER 5, 1955 Original maturity Original maturity Type of All All security loans m D a e n - d m U o n n 6 d t e h r s m 1 o n y 6 t e h a s r - y 1 e - a 5 rs 5 o a y v n e e d a r rs loans m D a e n - d m U o n n 6 d th er s m 1 o n y 6 t e h a s r - y 1 e - a 5 rs 5 o a y v n e e d a r rs Amount (in millions of dollars) Number (in thousands) All loans 30,805 4,504 13,109 2,735 4,883 5,574 1,185.2 149.7 540.8 129.7 268.4 96.5 Unsecured 15,105 975 8,374 1,491 1,828 2,438 386.1 35.1 269.5 42.2 36.0 3.2 Secured 15,700 3,529 4,735 1,244 3,054 3,136 799.1 114.6 271.3 87.5 232.4 93.3 Endorsed or comaker 1 2,755 274 1,746 245 324 165 185.9 16.1 115.8 20.6 31.4 1.9 Assignment of claims2... . 2,813 744 789 225 614 441 52.9 13.0 24.3 5.4 7.4 2.9 Inventories3 1,448 824 434 105 55 30 47.4 18.3 22.2 4.0 2.7 0.2 Equipment4 2,19.4 271 243 131 971 577 218.5 12.1 33.6 32.3 136.9 3.5 Plant and other real estate 3,592 555 497 203 670 1,667 164.4 15.9 18.6 8.4 38.5 83.0 U. S. Government securities. . 182 59 93 10 19 1 8.5 2.9 4.5 0.7 0.3 0.1 Other bonds 165 39 59 28 20 19 2.6 0.9 1.1 0.3 0.2 (5) Stocks 1,002 301 368 96 118 119 39.1 12.8 20.5 3.8 1. 0.2 Life insurance and savings accounts 447 135 188 72 42 10 53.8 18.4 23.3 8.2 3.7 0.2 Other security 1,102 327 318 128 223 107 26.1 4. 7.4 3.8 9.5 1.3 Percentage distribution of secured loans within maturity groups Secured—total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Endorsed or comaker1 17.5 7.8 36.9 19.7 10.6 5.3 23.3 14.1 42.7 23.6 13.5 2.0 Assignment of claims2 17.9 21.1 16.7 18.1 20.1 14.1 6.6 11.3 8.9 6.1 3.2 3.1 Inventories3 9.2 23.4 9.2 8.4 1.8 1.0 5.9 16.0 8.2 4.4 1.1 0.3 Equipment4 14.0 7.7 5.1 10.5 31.8 18.4 27.3 10.6 12.4 37.0 58.9 3.7 Plant and other real estate.... 22.9 15.7 10.5 16.3 21.9 53.1 20.6 13.9 6.8 9.5 16.6 88.9 U. S. Government securities.. 1.2 1.7 2.0 0.8 0.6 (6) 1.1 2.6 1.7 0.8 0.1 0.1 Other bonds 1.0 1.1 1.2 2.3 0.7 0.6 0.3 0.8 0.4 0.3 0.1 (6) Stocks 6.4 8.5 7.8 7.7 3.9 3.8 4.9 11.2 7.5 4.4 0.8 0.2 Life insurance and savings accounts 2.8 3.8 4.0 5.8 1.4 0.3 6.7 16.0 8.6 9.3 1.6 0.2 Other security 7.0 9.3 6.7 10.3 7.3 3.4 3.3 3.6 2.7 4.5 4.1 1.4 1 Includes nongovernment guarantee. 4 Includes assignment of title and chattel mortgages. run 2 s I . ncludes assignment of contracts, accounts receivable, and oil 5 6 L L e e s s s s t t h h a a n n 0 5 . 0 0 5 lo o a f n s o . ne per cent. NOTE.—Details may not add to totals because of rounding. 3 Includes trust receipts, warehouse receipts, and factors liens. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1120 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 by inventories, for example, were short- sets and the general acceptability of real term since inventories are pledged only un- estate mortgages as security. til they can be sold or used. Most loans The proportion of secured loans with masecured by endorsement, stocks, bonds, life turities of more than one year was much insurance, and savings accounts also had larger in 1957 than in 1946. The growth maturities of less than one year. In equip- in this period in the proportion of loans for ment financing, on the other hand, the gen- which real estate and equipment were eral practice is to write the loan for a pe- pledged affected principally term loans. riod of one to five years. Loans secured Much of the increase in term lending on by equipment constituted nearly one-third equipment appears to have gone to borof all secured business loans outstanding rowers with assets of more than $5 milin this maturity range in 1955. Plant and lion, while most of the growth in loans seother real estate were used as collateral for cured by real estate was to small and intermore than half of the secured loans with mediate-size borrowers. maturities of more than five years. This Repayment method. More than half of reflects the relative durability of these as- the amount of secured loans outstanding at TABLE 4 RELATION OF SECURITY TO REPAYMENT METHOD FOR MEMBER BANK LOANS TO BUSINESS, OCTOBER 5, 1955 Instalment repayment Instalment repayment T se y c p u e r it o y f re m p e a A t y h l m o l d e s nt Ori w gi i n th a l inte O re u s t t s t o a n n : ding rep S a in y g m le ent re m p e a A t y h l m l od e s nt Ori w gi i n th a l inte O re u s t t s t o a n n : ding rep S a in y g m le en t amount amount amount amount Amount outstanding (in millions of dollars) Number (in thousands) All loans. 30,805 1,238 10,108 19,459 1,185.2 198.8 325.8 660.6 Unsecured 15,105 546 ,315 11,244 386.1 28.2 58.7 299.2 Secured—total 15,700 692 ,793 8,215 799.1 170.7 267.1 361.4 Endorsed or comaker* 2,755 83 523 2,149 185.9 29.1 30.6 126.1 Assignment of claims2 2,813 73 1,303 1,436 52.9 4.8 14.7 33.4 Inventories 3 1,448 46 364 1,038 47.4 3.0 8.2 36.1 Equipment4 2,194 429 1,306 459 218.5 121.2 60.1 37.1 Plant and other real estate 3,592 26 2,557 1,010 164.4 2.4 130.7 31.2 U. S. Government securities 182 12 169 8.5 0.1 1.0 7.4 Other bonds 165 3 40 122 2.6 0.1 0.4 2.1 Stocks 1,002 14 228 759 39.1 0.6 5.6 32.9 Life insurance and savings accounts... 447 7 72 368 53.8 1.7 8.4 43.6 Other security 1,102 9 387 706 26.1 7.5 7.3 11.3 Percentage distribution of secured loans within repayment-method groups Secured—total. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Endorsed or comaker 1 17.5 12.0 7.7 26.2 23.3 17.1 11.5 34.9 Assignment of claims2 17.9 10.6 19.2 17.5 6.6 2.8 5.5 9.2 Inventories3 9.2 6.6 5.4 12.6 5.9 1.8 3.1 10.0 Equipment4 14.0 62.0 19.2 5.6 27.3 71.0 22.5 10.3 Plant and other real estate 22.9 3.7 37.6 12.3 20.6 1.4 49.0 8.6 U. S. Government securities 1.2 0.1 0.2 2.1 1.1 0.1 0.4 2.1 Other bonds 1.0 0.4 0.6 1.5 0.3 (5) 0.1 0.6 Stocks 6.4 2.1 3.4 9.2 4.9 0 3 2.1 9.1 Life insurance and savings accounts... 2.8 1.0 1.1 4.5 6.7 1.0 3.1 12.1 Other security 7.0 1.3 5.7 8.6 3.3 4.4 2.7 3.1 1 Includes nongovernment guarantee. 4 Includes assignment of title and chattel mortgages. 2 Includes assignment of contracts, accounts receivable, and oil 5 Less than 0.05 of one per cent. runs. NOTE.—Details may not add to totals because of rounding. 3 Includes trust receipts, warehouse receipts, and factors liens. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON BUSINESS LOANS 1121 member banks in 1955 was repayable in a were repayable in this manner. Most of single payment, and most of the remainder these equipment loans were to small and represented instalment loans with interest medium-size borrowers. computed on the outstanding amount. Two- Interest rates. One of the most imporfifths of all single-payment loans were se- tant factors affecting interest rates on busicured. Most of these represented loans se- ness loans is the banker's estimate of the cured by endorsements, inventories, and degree of risk on the loan. This risk is other short-term credit, as is shown in Table closely related to the borrower's size and the 4. On the other hand, most real estate amount of credit he is seeking. The use and other long-term loans to businesses were of collateral affects interest rates by reducrepayable in instalments and almost two- ing the estimated risk. In identical circumthirds of the volume of all instalment loans stances, the borrower generally pays a lower was secured. Consumer-type instalment rate for a secured than for an unsecured loans, those with interest computed on the loan. Some types of collateral, however, inoriginal amount of the loan, constituted volve substantial handling costs and these less than one-twentieth of all business loans are passed on to the borrower in higher inand were secured mainly by equipment. terest charges. For all equipment loans, however, half of Small borrowers generally paid the same the number and one-fifth of the amount or a lower rate on secured loans than on TABLE 5 INTEREST RATES ON BUSINESS LOANS TO BORROWERS CLASSIFIED BY SIZE, 1955 AND 1957 [Average annual rate at member banks, in per cent1] Size of borrower (total assets, in thousands of dollars) All Type of security borrowed Less 50- 250- 1,000- 5,000- 25,000- 100,000 than 50 250 1,000 5,000 25,000 100,000 and over October 16,1957 All loans.. 4.9 6.5 5.7 5.4 5.1 4.7 4.3 4.1 Unsecured 4.5 6.5 5.7 5.2 4.8 4.5 4.2 4.1 Secured 5.2 6.5 5.7 5.4 5.2 4.8 4.5 4.1 October 5, 1955 All loans. 4.2 5.9 5.1 4.7 4.2 3:8 3.4 3.1 Unsecured 3.7 6.0 5.2 4.5 3.8 3.6 3.3 3.1 Secured—total 4.6 5.9 5.1 4.7 4.4 4.1 3.7 3.1 Endorsed or comaker3 4.6 6.0 5.1 4.6 4.1 3.8 3.5 3.4 Assignment of claims4 4.7 5.8 5.6 5.1 4.7 4.4 3.9 3.6 Inventories5 4.3 5.8 4.8 4.5 4.2 3.8 3.8 3.5 Equipment6 5.1 7.9 6.6 5.5 5.1 4.2 3.3 2.7 Plant and other real estate 4.7 5.2 4.9 4.7 4.5 4.3 4.3 3.6 U. S. Government securities 3.4 4.3 3.7 3.6 3.1 3.0 3.6 2.4 Other bonds 3.6 4.7 4.0 3.8 3.4 3.6 3.3 3.5 Stocks 4.1 4.8 4.4 4.1 3.9 4.0 3.9 3.7 Life insurance and savings accounts. 4.1 4.7 4.2 4.0 3.7 3.8 3.0 3.5 Other security 4.3 6.1 5.0 4.6 4.2 4.1 3.8 4.0 1 Average rates computed by weighting each rate by the dollar 4 Includes assignment of contracts, accounts receivable, and oil olume of loans originally made at that rate. runs. 2 Includes loans for borrowers whose size was not ascertained. 5 Includes trust receipts, warehouse receipts, and factors liens. 3 Includes nongovernment guarantee. 6 Includes assignment of title and chattel mortgages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1122 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 unsecured loans in 1955 and 1957. All medium-size enterprises in the retail trade, other size groups of borrowers except the construction, real estate, service, and "all very largest, however, paid a higher rate other" groups, where security is required on secured loans, as Table 5 shows. This for most loans. Moreover, borrowers in reflects the fact that, among such borrow- these size classes need substantial amounts ers, secured loans are likely to be those that of term loans, nearly all of which must be carry higher risk. As a result, the average secured. interest rate on all secured loans was higher Nevertheless, small banks tend to require than that on unsecured loans. security less frequently than large banks on The lowest average interest rate on busi- loans to borrowers in certain size classes (see ness loans in 1955 was on those for which Appendix Table 5). For firms with as- U. S. Government securities were pledged. sets of $50,000 to $25,000,000, small banks This reflects the ideal characteristics of this require a smaller proportion of loans to be type of security. Other bonds, corporate secured than large banks. This is due in stocks, life insurance, and savings accounts part to the fact that loan officers at small are also preferred forms of collateral. Rates banks have a greater personal knowledge of charged on loans secured in these ways the borrower and feel more freedom in exwere only slightly higher than on loans for tending unsecured credit. which Government securities were pledged. Real estate often is the most acceptable Business loans secured by equipment had collateral small borrowers can offer and is the highest average interest rate. the most common form used at small banks. Among small borrowers the interest rate It was pledged as collateral for more than on equipment loans was much higher than one-third of the volume of all secured loans the rate on other secured loans. This re- at banks with deposits of less than $100 sults in part from their longer maturity and million in 1955, as shown in Table 6. greater administrative cost as compared with Equipment and endorsement also are forms most other types of secured loans. Many of security many small borrowers can proof these loans are made in the consumer vide, and they are often used at small banks. loan departments of banks, where interest There is less concentration in the use of charges are generally higher than on busi- particular kinds of security at large banks ness loans made in other departments. than at small banks, and some forms of financing, such as loans against assignment VARIATIONS IN BANK LENDING PRACTICES of claims and inventories, are handled to a Secured business credit is a much larger considerable extent by large banks. Asproportion of total business credit at small signment of claims, the most important type banks than at large banks. This reflects in of collateral at large banks in 1955, was large measure differences from small to used for about one-fifth of the volume of large banks in the average size of borrowall secured loans, and inventories for about ers and the nature of their business, the one-tenth. The relative importance of these period for which they need the credit, and two types of collateral at large banks rethe kind of collateral they can provide. lates in part to the ability of big businesses, Size of bank. Business loans at small which borrow mainly at these banks, to supbanks are made primarily to small and ply these types. It may also relate to some Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON BUSINESS LOANS 1123 reluctance on the part of small banks to use reason for this is that in recent years large these forms because of the greater cost and banks have accounted for a greater proporinconvenience involved in handling them as tion of all loans to small and medium-size compared with most other kinds of security. borrowers than they did near the end of Other secured loans at large banks in 1955 World War II. In 1946 banks with deposits were backed for the most part by endorse- of $100 million and over made only about ment, equipment, and real estate. one-fourth of all loans to borrowers with The use of security in business lending assets of less than $250,000; by 1957 this increased only slightly at small banks from proportion had risen to two-fifths. The 1946 to 1957 but rose much more at banks merger and consolidation movement in with deposits of $100 million and over. One which many large banks have taken over TABLE 6 TYPE OF SECURITY PLEDGED FOR MEMBER BANK BUSINESS LOANS, OCTOBER 5, 1955 WITHIN SIZE-OF-BANK GROUPS Size of bank Size of bank (total deposits, in millions of dollars) (total deposits, in millions of dollars) All All Type of security banks banks Less 10- 100- 500- 1,000 Less 10- 100- 500- 1,000 than 10 100 500 1,000 and over than 10 100 500 1,000 and over Amount outstanding (in millions of dollars) Number (m thousands) All loans 30,805 1,503 5,292 7,350 3,790 12,870 185.2 317.9 416.9 224.1 72.2 154.0 Unsecured 15,105 484 1,751 3,181 1,835 7,855 386.1 114.0 131.1 68.1 20.7 52.3 Secured—total 15,700 1,020 3,542 4,168 1,955 5,015 799.1 204.0 285.8 156.0 57.5 101.8 Endorsed or comaker 1 2,755 190 574 743 249 999 185.9 53.2 63.6 36.4 10.4 22.3 Assignment of claims2 2,813 61 470 825 420 1,036 52.9 10.1 22.1 11.7 5.0 4.0 Inventories 3 1,448 64 246 413 184 542 47.4 10.8 15.7 12.2 3.5 5.2 Equipment4 2,194 168 399 516 355 756 218.5 52.0 64.4 43.1 15.7 43.1 Plant and other real estate 3,592 390 1,211 875 480 637 164.4 50.2 66.5 27.5 8.1 12.1 U. S. Govt. securities 182 16 52 63 11 41 8.5 1.9 3.1 1.7 0.3 1.5 Other bonds 165 4 24 32 14 91 2.6 0.5 1.0 0.6 0.2 0.3 Stocks 1,002 54 254 243 98 354 39.1 7.8 16.7 7.2 1.7 5.7 Life insurance and savings accounts 447 49 189 104 35 70 53.8 12.5 23.2 10.3 2.7 5.2 Other security 1,102 25 123 355 110 489 26.1 5.0 9.6 5.5 3.9 2.2 Percentage distribution of all business loans All loans 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Unsecured 49.0 32.2 33.1 43.3 48.4 61.0 32.6 35.8 31.4 30.4 28.7 33.9 Secured 51.0 67.8 66.9 56.7 51.6 39.0 67.4 64.2 68.6 69.6 71.3 66.1 Percentage distribution of all secured business loans Secured—total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Endorsed or comaker 1 17.5 18.6 16.2 17.8 12.7 19.9 23.3 26.1 22.3 23.3 20.2 21.9 Assignment of claims2 17.9 6.0 13.3 19.8 21.5 20.7 6.6 5.0 7.7 7.5 9.8 3.9 Inventories3 9.2 6.2 6.9 9.9 9.4 10.8 5.9 5.2 5.5 7.8 6.8 5.1 Equipment4 14.0 16.4 11.3 12.4 18.1 15.1 27.3 25.5 22.5 27.6 30.5 42.5 Plant and other real estate 22.9 38.3 34.2 21.0 24.5 12.7 20.6 24.6 23.3 17.6 15.7 11.9 U. S. Govt. securities 1.2 1.6 1.5 1.5 0.5 0.8 1.1 0.9 1.1 1.1 0.5 1.5 Other bonds 1.0 0.4 0.7 0.8 0.7 1.8 0.3 0.3 0.3 0.4 0.4 0.3 Stocks 6.4 5.3 7.2 5.8 5.0 7.1 4.9 3.8 5.8 4.6 3.4 5.6 Life insurance and savings accounts 2.8 4.8 5.4 2.5 1.8 1.4 6.7 6.1 8.1 6.6 5.2 5.1 Other security 7.0 2.5 3.5 8.5 5.6 9.8 3.3 2.5 3.4 3.5 7.5 2.1 1 Includes nongovernment guarantee. 3 Includes trust receipts, warehouse receipts, and factors liens. 2 Includes assignment of contracts, accounts receivable, and oil 4 Includes assignment of title and chattel mortgages. runs. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1124 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 small banks, together with the expansion in age size of these loans is quite large. On the branch banking among large banks, helps to other hand, loans against stocks, bonds, life explain this trend. insurance, and savings accounts had the Participations in loans. The amount of smallest proportion of participations for all business loans involving the participation of bank groups. more than one bank varies with the size of Loans in which the U. S. Government bank and the type of security (see Appendix participated or guaranteed a portion of the Table 7). Data from the 1955 Survey indi- loan played a minor role in bank lending to cate that at small banks the loans that were business in the fall of 1955. Only $475 secured by inventories and at large banks million, or less than 2 per cent of all busithose that were secured by real estate and ness loans, had this form of participation equipment had somewhat larger proportions (see Appendix Table 6). This was about of participations than other secured loans.4 the same proportion as in 1946. Most This probably reflects the fact that the aver- Government guaranteed loans were secured, and nearly all of them were made to 4 Data on bank participations and U. S. Govern- medium-size and large borrowers by large ment participations and guarantees were not collected banks. in the 1957 Survey. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON BUSINESS LOANS 1125 APPENDIX TABLE 1 BUSINESS CLASSIFICATION RELATED TO SIZE OF BUSINESS LOAN BORROWERS, OCTOBER 16, 1957 [Secured business loans outstanding at member banks] Size of borrower (total assets, in thousands of dollars) All Business of borrower borrowers * th L an e ss 50 50-250 250-1,000 1 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 1 5 00 ,0 ,0 0 0 0 0 - a 1 n 0 d 0 , o 0 v 0 e 0 r Amount (in millions of dollars) All businesses 20,426 1,141 4,023 4,543 4,056 2,661 1,381 ,546 Manufacturing and mining. 6,048 143 772 1,214 1,514 987 675 523 Trade: Wholesale 2. 2,296 65 465 713 460 257 116 173 Retail 2,918 369 1,018 714 333 118 43 232 Other: Sales finance 550 3 53 185 165 92 32 10 Transportation, communication, and other public utilities 1,947 58 118 181 274 438 237 505 Construction 1,344 87 320 370 343 84 28 26 Real estate 2,591 70 472 576 599 435 113 28 Service 1,584 263 587 345 186 79 32 9 All other nonfinancial 1,148 82 219 244 182 170 104 40 Number (in thousands) All businesses 855.5 344.1 324.6 103.8 29.3 6.4 1.7 2.2 Manufacturing and mining.... 139.0 41.0 54.2 26.3 9.9 1.8 0.5 0.5 Trade: Wholesale 2. 70.1 17.1 31.4 14.8 3.7 1.0 0.2 0.2 Retail 249.7 116.7 98.7 18.0 3.2 0.5 0.1 0.5 Other: Sales finance 5.4 0.5 1.9 1.7 0.7 0.3 0.1 0.1 Transportation, communication, and other public utilities 40.0 19.0 11.5 4.0 1.8 0.7 0.3 0.8 Construction 71.1 24.9 29.4 10.3 2.6 0.3 (3) 0.1 Real estate 62.9 12.8 27.4 13.3 4.2 0.9 0.2 0.1 Service 157.9 83.9 52.3 9.7 2.0 0.4 0.1 0.1 All other nonfinancial 59.5 28.1 17.8 5.8 1.3 0.5 0.1 0.1 1 Includes loans for borrowers whose size was not ascertained. 3 Less than 50 loans. 2 Includes commodity dealers. NOTE.—Details may not add to totals because of rounding. APPENDIX TABLE 2 SIZE OF SECURED BUSINESS LOAN BORROWER RELATED TO CORPORATE STATUS, OCTOBER 16, 1957 [Secured business loans outstanding at member banks] Corporate status Corporate status All All Size of borrower (total assets, in thousands of dollars) borrowers Incorpo- Unincorpo- borrowers Incorpo- Unincorporated rated rated rated Amount (in millions of dollars) Number (in thousands) All borrowers 1 . 20,426 14,631 5,795 855.5 281.9 573.6 Less than 50 1,141 235 906 344.1 52.9 291.2 50-250 4,023 1,892 2,130 324.6 122.2 202.4 250-1 000 4,543 3,173 1,369 103.8 63.6 40.2 1,000 and over 9,644 8,603 1,041 39.7 31.5 8.1 Secured loans as a percentage of total business loans All borrowers * 50.3 44.5 75.2 66.8 69.5 65.6 Less than 50 78.4 79.1 78.2 68.2 74.7 67.1 50 250 .. 76.5 78.3 75.0 65.7 72.4 62.2 250 1 000 72.1 72.6 70.8 65.9 69.0 61.6 1,000 and over 36.5 34.4 74.7 54.1 52.0 64.2 i Includes loans for borrowers whose size was not ascertained. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1126 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 APPENDIX TABLE 3 TYPE OF SECURITY PLEDGED ON MEMBER BANK BUSINESS LOANS TO BORROWERS CLASSIFIED BY TYPE OF BUSINESS, OCTOBER 5, 1955 Business of borrower All Trade Other Type of security businesses fa M ct a u n ri u n - g m a in n i d ng W sa h l o e l i e- Retail fi S n a a l n e c s e u P ti u li b ti l e ic s2 str C u o c n ti - on e R st e a a t l e Service A fin l n l a o o n n c th - ia e l r Amount (in millions of dollars) All loans 30,805 11,346 3,155 3,418 2,833 2,834 1,694 2,427 1,763 1,333 Unsecured 15,105 6,725 1,411 1,431 2,329 1,510 501 288 479 432 Secured 15,700 4,621 1,744 1,988 504 1,324 1,193 2,140 1,284 901 Endorsed or comaker 3 2,755 1,005 402 398 118 83 294 173 158 125 Assignment of claims4 2,813 1,450 241 304 177 137 158 173 76 97 Inventories5 1,448 504 573 273 13 9 9 14 7 45 Equipment6 2,194 429 85 240 82 858 185 49 163 102 Plant and other real estate... 3,592 599 218 495 32 67 365 1,076 543 197 U.S. Government securities. 182 56 14 26 3 5 13 18 14 34 Other bonds 165 21 6 8 9 53 1 19 23 25 Stocks 1,002 301 82 102 12 70 37 122 134 143 Life insurance and savings accounts 447 110 46 106 2 11 21 29 72 49 Other security 1,102 145 77 36 56 31 111 469 94 83 Percentage distribution of amount All loans 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Unsecured 59.3 44.7 41.9 82.2 53.3 29.6 11.9 27.2 32.4 Secured 40.7 55.3 58.1 17.8 46.7 70.4 88.1 72.8 67.6 Secured—total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Endorsed or comaker 3 21.8 23.0 20.0 23.4 6.2 24.6 8.1 12.3 13.9 Assignment of claims4 31.4 13.8 15.3 35.2 10.4 13.2 8.1 5.9 10.8 Inventories5 10.9 32.9 13.7 2.6 0.7 0.8 0.6 0.6 5.0 Equipment6 9.3 4.9 12.1 16.3 64.8 15.5 2.3 12.7 11.3 Plant and other real estate... 13.0 12.5 24.9 6.4 5.0 30.6 50.3 42.3 21.9 U. S. Government securities. 1.2 0.8 1.3 0.6 0.4 1.1 0.8 1.1 3.8 Other bonds 0.5 0.3 0.4 1.8 4.0 0.1 0.9 1.8 2.8 Stocks 6.5 4.7 5.1 2.3 5.3 3.1 5.7 10.4 15.8 Life insurance and savings accounts 2.4 2.6 5.3 0.4 0.9 1.8 1.3 5.6 5.5 Other security 3.1 4.4 1.8 11.0 2.3 9.3 21.9 7.4 9.2 Number (in thousands) All loans. 1,185.2 204.1 96.7 370.3 12.0 40.4 94.3 67.5 212.0 87.8 Unsecured 386.1 68.7 36.4 131.1 6.5 7.1 30.2 17.1 65.8 23.2 Secured 7 1 9 8 9 5 . . 1 9 1 3 35 5 . . 4 1 6 1 0 8. . 1 3 23 63 9 . . 0 2 5 1. . 3 5 3 4 3 . . 3 3 6 1 4 5 . . 2 0 5 7 0 . .4 2 1 3 4 0 6 . . 9 2 6 1 4 1 . . 6 0 I E A E n n q s v s d u e i o i g n p r n t s m o m e r d e i e n e n o s t t 6 5 r o c f o c m la a i k m er s s 4 2 1 4 5 1 6 7 2 8 4 . . . . 9 4 5 4 2 1 3 7 1 8 4 . . . . 0 5 6 9 1 5 6 9 0 . . . . 3 5 6 6 3 4 5 8 0 4 4 . . . . 6 3 8 7 0 0 0 1 . . . . 2 7 8 4 2 0 2 2 1 . . . . 3 7 1 6 2 1 0 6 3 1 . . . . 5 7 4 5 2 0 2 2 8 . . . . 1 5 2 0 4 3 0 8 5 5 . . . . 9 0 8 5 2 2 9 2 1 . . . . 5 9 6 0 Plant and other real estate 8.5 1.9 0.9 2.5 0.1 0.1 0.4 0.6 1.2 0.9 U. S. Government securities. 2.6 0.3 0.1 0.7 0.1 0.1 0.1 0.3 0.4 0.4 Other bonds 39.1 6.0 3.3 9.8 0.3 0.7 1.7 3.1 7.9 6.4 Stocks Life insurance and savings 53.8 7.1 4.2 17.5 0.2 0.8 2.7 2.3 11.8 7.2 accounts 26.1 2.9 1.7 7.2 0.5 0.6 2.3 4.2 3.9 2.8 Other security 1 Includes commodity dealers. 5 Includes trust receipts, warehouse receipts, and factors liens. 2 Represents transportation, communication, and other public 6 Includes assignment of title and chattel mortgages. utilities. NOTE.—Details may not add to totals because of rounding. 3 Includes nongovernment guarantee. 4 Includes assignment of contracts, accounts receivable, and oil runs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON BUSINESS LOANS 1127 APPENDIX TABLE 4 TYPE OF SECURITY RELATED TO SIZE OF BUSINESS LOAN BORROWER, OCTOBER 5, 1955 [Business loans outstanding at member banks] Size of borrower Size of borrower (total assets, in thousands of dollars) (total assets, in thousands of dollars) Type All All of sorrow- borrowsecurity ers i t L h 5 e a 0 s n s 2 5 5 0- 0 1 2 , 5 0 0 0 - 0 1 5 , , 0 0 0 0 0 0 -5 2 3,, 5 0U , 0 0 U0 0 U 0 --2^ 1 5 0 ,0 0, 0 0 0 0 - 0 10 o a 0 v n , e 0 d r 00 ers t L h 5 e a 0 s n s 2 5 5 0- 0 1 2 , 5 0 0 0 - 0 1 5 , , 0 0 0 0 0 0 -5 2 , 5 0 , 0 0 0 00 -2 1 5 0 , 0 0 ,0 0 0 0- 0 10 o a 0 v n , e 0 d r 00 Amount (in millions of dollars) Number (in thousands) All loans 30,8051,5014,5055,051 5,586 4,742 3,240 503.2414.9125.8 37.9 11.0 4.4 6.0 Unsecured 15,105 3101,1311,599 2,290 2,746 2,411 4,513 386.1 155.8144.846.2 15.7 6.6 3.1 3.8 Secured—total 15,700 1,1913,3733,452 3,296 1,996 828 784 799.1347.4270.1 79.6 22.2 4.3 1.3 2.3 Endorsed or comaker: 2,755 241 655 761 615 224 104 62 185.9 86.961.5 19.1 4.5 0.6 0.1 0.3 Assignment of claims 2,813 74 355 565 759 513 263 182 52.9 14.620.6 10.0 3.8 0.9 0.2 0.5 Inventories4 1,448 42 256 340 410 247 32 93 47.4 14.920.2 6.2 2.6 0.5 0.1 0.1 Equipment5 2,194 246 371 395 377 279 136 291 218.5 115.153.5 14.3 3.8 0.7 0.4 1.0 Plant and other real estate 3,592 4141,192 852 548 242 73 42 164.4 63.470.4 17.7 4.0 0.7 0.1 0.2 U. S. Govt. securities. 182 10 46 50 30 10 4 12 8.5 2.4 3.6 1.2 0.3 (6) (6) ) Other bonds 165 2 12 38 30 7 32 27 2.6 0.6 0.8 0.6 0.2 (6) (6) Stocks 1,002 60 221 181 183 123 124 26 39.1 13.8 15.0 4.2 1.0 0.2 0.1 Life insurance and savings accounts.. 44' 75 172 94 51 5 (7) 53.8 25.3 18.0 3.5 0.6 (6) (6) Other security 1,10: 27 93 176 293 346 60 43 26.1 10.4 6.5 2.9 1.4 0.6 0.2 Percentage distribution of all business loans All loans. 100.0 100.0100.0100.0 100.0 100.0 100.0 100.0 100.0100.0100.0100.0 100.0 100.0 100.0 100.0 Unsecured. 49.0 70.725.131.7 41.0 57.9 74.4 85.2 32.631.0349 36.7 41.4 60.7 71.0 62.2 Secured 51.0 79.374.968.3 59.0 42.1 25.6 14.8 67.469.0651 63.3 58.6 39.3 29.0 37.8 Percentage distribution of secured business loans Secured—total. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0100.0 100.0 100.0 100.0 100.0 Endorsed or comaker '• 17.5 20.2 19.4 22.1 18.7 11.2 12.6 7.9 23.3 25.0 22.8 24.0 20.1 13.7 9.8 14.8 Assignment of claims: 17.9 6.2 10.5 16.4 23.0 25.7 31.8 23.3 6.6 4.2 7.6 12.6 17.2 20.2 19.4 20.7 Inventories4 9.2 3.5 7.6 9.8 12.4 12.4 3.9 11.8 5.9 4.3 7.5 7.8 11.5 12.7 5.2 4.1 Equipment5 14.0 20.7 11.0 11.5 11.4 14.0 16.4 37.2 27.3 33.1 19.8 17.9 17.0 17.0 29.8 42.1 Plant and other real estate 22.9 34.8 35.3 24.7 16.6 12.1 5.4 20.6 18.2 26. 22.3 18.2 16.0 11.5 10.3 U. S. Govt. securities 1.2 0.8 1.4 1.4 0.9 0.5 0.5 1.5 1.1 0.7 1.3 1.5 1.3 0.6 1.3 0.7 Other bonds 1.1 0.2 0.4 1.1 0.9 0.4 3.8 3.4 0.3 0.2 0.3 0.7 0.9 0.5 2.7 0.6 Stocks 6.4 5.0 6.5 5.2 5.6 6.2 15.0 3.4 4.9 4.0 5.6 5.3 4.6 4.7 6.9 0.9 Life insurance and savings accounts.. 2.8 6.3 5.1 2.7 1.6 0.3 () 0.7 6.7 7.3 6.7 4.3 2.7 0.6 0. 1.6 Other security 7.0 2.3 2.7 5.1 8.9 17.3 7.3 5.4 3.3 3.0 2.4 3.6 6.5 14.1 13.5 4.2 1 Includes loans for borrowers whose size was not ascertained. 5 Includes assignment of title and chattel mortgages. 2 Includes nongovernment guarantee. 6 Less than 50 loans. 3 Includes assignment of contracts, accounts receivable, and oil 7 Less than $500,000. uns. 8 Less than 0.05 of one per cent. 4 Includes trust receipts, warehouse receipts, and factors liens. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1128 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 APPENDIX TABLE 5 SIZE OF SECURED LOAN BORROWER RELATED TO SIZE OF BANK, OCTOBER 16, 1957 [Secured business loans outstanding at member banks] Size of bank Size of bank Size of borrower All (total deposits, in millions of dollars) All (total deposits, in millions of dollars) tho ( u t s o a t n al d s a s o s f e t d s, o i l n lars) banks Less 10- 100- 500- 1,000 banks Less 10- 100- 500- 1,000 than 10 100 500 1,000 and over than 10 100 500 1,000 and over Amount (in millions of dollars) Number (in thousands) All borrowers1. 20,426 1,147 4,416 5,395 2,305 7,163 855.5 197.5 313.2 174.4 50.2 120.3 Less than 50 1,141 354 412 190 54 131 344.1 112.6 113.7 55.0 13.1 49.6 50-250 4,023 588 1,710 936 268 520 324.6 69.9 132.3 65.3 17.9 39.2 250-1,000 4,543 135 1,400 1,533 489 987 103.8 8.2 41.9 29.4 8.0 16.3 1,000-5,000 4,056 28 540 1,591 603 1,294 29.3 1.2 8.2 11.6 2.6 5.7 5,000-25,000 2,661 3 102 543 430 1,583 6.4 0.2 1.1 2.1 0.9 2.2 25,000-100,000 1,381 2 31 177 138 1,033 1.7 0.1 0.3 0.5 0.2 0.6 100,000 and over 1,546 5 46 222 211 1,063 2.2 0.1 0.3 0.7 0.3 0.9 Secured loans as a percentage of all business loans All borrowers i 50.3 68.2 68.6 57.6 47.9 39.1 66.8 62.6 68.3 69.3 67.6 Less than 50 78.4 77.5 79.6 79.5 75.4 76.5 68.2 66.0 69.6 69.8 61.2 70.4 50-250 76.5 67.8 77.8 79.4 80.4 76.5 65.7 58.8 67.9 69.8 69.5 63.9 250-1,000 72.1 58.6 69.3 73.9 72.0 75.9 65.9 53.0 64.6 69.7 67.7 70.1 1,000-5,000 59.9 48.0 55.9 61.3 56.9 61.8 60.7 51.0 57.9 65.5 56.4 60.4 5,000-25,000 45.0 28.5 37.3 38.2 50.2 47.3 48.5 38.5 46.0 48.1 55.8 48.5 25,000-100,000... 28.2 28.9 29.1 25.7 20.3 30.3 31.7 38.3 32.1 33.6 30.9 29.6 100,000 and over. 17.5 41.2 27.8 23.6 21.2 15.9 34.7 31.9 34.7 40.4 30.1 32.6 1 Includes loans for borrowers whose size was not ascertained. NOTE.—Details may not add to totals because of rounding. APPENDIX TABLE 6 U. S. GOVERNMENT PARTICIPATION IN MEMBER BANK BUSINESS LOANS, OCTOBER 5, 1955 BY SIZE OF BORROWER AND BY SIZE OF BANK [In millions of dollars] Size of borrower Size of bank (total assets, in thousands of dollars) (total deposits, in millions of dollars) All Type loans i th L an es s 50 50-250 5 2 , 5 0 0 0 - 0 1 5 0 , 0 0 , 0 0 0 0 - 0 a 1 n 0 d 0 , o 0 v 0 e 0 r th L an es s 10 10-100 1 5 0 0 0 0 - 1 5 , 0 0 0 0 - 0 a 1 n , d 0 0 o 0 ver U. S. Govt. participation:2 All loans 475 18 19 121 220 27 10 29 114 52 270 Secured 366 17 18 109 155 6 10 26 98 34 198 Unsecured 109 1 12 65 21 (3) 3 15 18 72 No U. S. Govt. participation:2 fcfAll loans 30,330 1,483 4,486 10,516 7,762 5,270 1,493 5,263 7,236 3,738 12,600 Secured 15,333 1,174 3,356 6,640 2,669 778 1,009 3,516 4,070 1 921 4 817 Unsecured ... .. 14,996 309 1,131 3,877 5,093 4,492 484 1,747 3,166 1,817 7,783 1 Includes loans for borrowers whose size was not ascertained. 3 Less than $500,000. 2 Includes guarantees. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON BUSINESS LOANS 1129 APPENDIX TABLE 7 TYPE OF SECURITY RELATED TO MEMBER BANK PARTICIPATION IN BUSINESS LOANS OUTSTANDING, OCTOBER 5, 1955, BY SIZE OF BANK Percentage distribution within In millions of dollars type-of-security group Participation, by type Participation, by type Type of security lo A a l n l s p p a a N r t t i o i o c n i- Ex o c r e ig ss in o a r t e o d v e b r y -l : ine lo A a l n l s p p a a N r t t i o i o c n i- Ex o c r e ig ss in o a r t e o d v e b r y -l : ine Pool Pool Report- Another Report- Another ing bank bank ing bank bank All banks All loans 30,805 25,164 1,031 1,391 3,219 100.0 81.7 3.3 4.5 10.4 Unsecured 15,105 11,978 484 481 2,161 100.0 79.3 3.2 3.2 14.3 Secured—total 15,700 13,186 547 910 1,057 100.0 84.0 3.5 5.8 6.7 Endorsed and assignment of claims 1 6,670 5,453 266 392 559 100.0 81.8 4.0 5.9 8.4 Inventories 2 1,448 1,253 52 76 67 100.0 86.6 3.6 5.2 4.7 Equipment and real estate3 5,786 4,842 186 391 367 100.0 83.7 3.2 6.8 6.3 Stocks, bonds, life insurance, etc 1,795 1,637 43 52 64 100.0 91.2 2.4 2.9 3.6 Banks with deposits of $100 million and over All loans 24,009 18,876 805 1,200 3,129 100.0 78.6 3.4 5.0 13.0 Unsecured 12,871 9,907 428 407 2,129 100.0 77.0 3.3 3.2 16.5 Secured—total 11,138 8,969 377 792 1,000 100.0 80.5 3.4 7.1 9.0 Endorsed and assignment of claims 1 5,226 4,133 210 349 534 100.0 79.1 4.0 6.7 10.2 Inventories2 1,138 981 31 65 61 100.0 86.2 2.7 5.7 5.4 Equipment and real estate 3 3,619 2,824 107 342 345 100.0 78.0 3.0 9.5 9.5 Stocks, bonds, life insurance, etc 1,155 1,031 28 36 60 100.0 89.3 2.4 3.1 5.2 Banks with deposits of less than $100 million All loans 6,796 6,288 226 192 90 100.0 92.5 3.3 2.8 1.3 Unsecured 2,234 2,072 56 74 32 100.0 92.7 2.5 3.3 1.5 Secured—total 4,561 4,216 170 118 57 100.0 92.4 3.7 2.6 1.3 Endorsed and assignment of claims 1,443 1,320 56 43 25 100.0 91.4 3.9 3.0 \.l Inventories2 310 272 20 11 6 100.0 88.0 6.6 3.4 2.0 Equipment and real estate3 2,167 2,018 79 49 22 100.0 93.1 3.6 2.3 1.0 Stocks, bonds, life insurance, etc 641 606 15 16 4 100.0 94.6 2.3 2.5 0.7 1 Includes nongovernment guarantee, assignment of contracts, 2 Includes trust receipts, warehouse receipts, and factors liens. accounts receivable, and oil runs, as well as a small amount of loans 3 Includes assignment of title and chattel mortgages. for which security was designated as "all other." NOTE.—Details may not add to totals because of rounding. APPENDIX TABLE 8 DISTRIBUTION OF SECURED BUSINESS LOANS OF MEMBER BANKS BY FEDERAL RESERVE DISTRICT, OCTOBER 5, 1955 Percentage increase Percentage Percentage of all Amount Number 1946-55 distribution loans in district Federal Reserve district (in millions (in of dollars) thousands) Amount Number Amount Number Amount Number All districts 15,700 799.1 170.7 95.0 100.0 100.0 51.0 67.4 Boston .. . 869 65.4 131.2 111.0 5.5 8.2 49.2 66.9 New York 4,292 157.4 171.3 123.7 27.3 19.7 40.7 69.0 Philadelphia 923 60.0 281.3 150.3 5.9 7.5 57.9 68.1 Cleveland . .. ... 903 53.6 176.3 70.4 5.7 6.7 47.0 63.0 Richmond. . ... 701 55.1 149.3 89.5 4 5 6.9 60.0 73.8 Atlanta 977 68.4 163.5 118.4 6.2 8.6 67.4 73.5 Chicago 1,825 83.3 143.1 86.3 11.6 10.4 44.7 65.6 St Louis 586 31.8 76.1 63.5 3.7 4.0 56.8 67.8 ^Minneapolis 328 29.8 193.5 130.4 2.1 3.7 54.2 68.7 Kansas City . . . 703 38.5 196.9 83.6 4.5 4.8 62.8 65.6 Dallas 1,496 58.6 291.0 115.0 9.5 7.3 77.7 70.6 San Francisco 2,097 97.2 160.0 44.2 13.4 12.2 58.3 61.1 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Member Banks Dealing in Obligations of Ten- assembled, That the last sentence of paragraph seventh nessee Valley Authority and Inter-Amer- of Section 5136 of the Revised Statutes, as amended ican Development Bank (12 U.S.C. 24), is amended by striking out so much of the proviso as follows "shall hold obligations is- By Acts of Congress approved August 6, 1959 sued" and precedes "as a result" and by inserting in (Public Law 86-137), and August 7, 1959 (Pub- lieu thereof "by any of said organizations." lic Law 86-147), paragraph seventh of Section Federal Reserve Banks as Fiscal Agents for 5136 of the Revised Statutes of the United States Inter-American Development Bank was amended so as to permit national banks to The Act of Congress approved August 7, 1959 deal in and underwrite obligations issued by the (Public Law 86-147), also authorizes any Fed- Tennessee Valley Authority and by the Inter- eral Reserve Bank to act as depository and fiscal American Development Bank. Such transactions agent for the Inter-American Development Bank. remain subject to the limitation of 10 per cent The text of this provision of law is as follows: of the national bank's capital and surplus. Subject, of course, to any applicable provision of SEC. 6. Any Federal Reserve Bank which is requested to do so by the Bank shall act as its deposi- State law, the permission also extends to all State tory or as its fiscal agent and the Board of Governors member banks of the Federal Reserve System, of the Federal Reserve System shall supervise and direct the carrying out of these functions by the Fedas Section 9 of the Federal Reserve Act makes eral Reserve Banks. this paragraph of Section 5136 applicable to State member banks. The texts of the pertinent Industrial Loans by Federal Reserve Banks provisions of these laws are as follows: The Act of Congress approved August 21, SEC. 2. Paragraph seventh of Section 5136 of the 1958 (see 1958 Federal Reserve BULLETIN 1059) Revised Statutes (12 U.S.C. 24), as amended, is fur- repealed Section 13b of the Federal Reserve Act, ther amended by inserting after the words "obligations effective one year after the date of enactment issued by the International Bank for Reconstruction and Development which are at the time eligible for of that Act. Therefore, after August 21, 1959, purchase by a national bank for its own account" the the Federal Reserve Banks are no longer authorwords ", nor to bonds, notes and other obligations isized to make loans and commitments for indussued by the Tennessee Valley Authority," and by substituting for the words "said bank" in the immediately trial or commercial purposes. Accordingly, the following proviso the words "either of said organiza- Board of Governors terminated Regulation S tions." relating to industrial loans by Federal Reserve SEC. 10. The last sentence of paragraph seven of Section 5136 of the Revised Statutes, as amended (12 Banks, effective at the close of business August U.S.C. 24), is amended by inserting after the words 21, 1959. "International Bank for Reconstruction and Development" the words "or the Inter-American Development Bank" and by striking the words "said Bank" and in- Grace Periods for Savings Deposits serting in lieu thereof "either of said Banks." The Board of Governors of the Federal Reserve By act of Congress approved September 16, System, effective October 1, 1959, amended Sec- 1959 (Public Law 86-278), Section 5136 of the tion 3(d) of Regulation Q which provides for Revised Statutes was further amended to make a grace periods when computing interest on savings technical correction needed because these two Acts deposits. The amendment permits member banks were signed into law at almost the same time and to compute interest at the maximum rate for both amended the same provision of law. The the entire month on savings deposits received text of this Act reads as follows: during the first 10 calendar days of any month, in AN ACT lieu of the present provision which permits in- Making a technical correction in Section 5136 of the Revised terest for the entire month if received during the Statutes (relating to national banks). first 10 business days of any calendar month Resolved by the Senate and House of Representacommencing a quarterly or semi-annual interest tives of the United States of America in Congress 1130 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1131 period, and during the first 5 business days of following action for the purposes of such regany other calendar month. The text of the ulation: amendment is as follows: The designation of Hawaii is hereby deleted. AMENDMENT TO REGULATION Q AMENDMENT TO REGULATION H Regulation Q is hereby amended, effective Effective August 21, 1959, footnote 1 of Reg- October 1, 1959, by changing subsection (d) of ulation H is amended to read as follows: Section 3 thereof to read as follows: 1 Under the provisions of Section 19 of the Federal (d) Grace periods in computing interest on savings Reserve Act, national banks or banks organized deposits.—A member bank may pay interest on a under local laws, located in a dependency or savings deposit received during the first 10 calendar insular possession or any part of the United States days of any calendar month at the applicable maxi- outside the States of the United States and the District mum rate prescribed pursuant to subsection (a) of of Columbia are not required to become members of this section calculated from the first day of such the Federal Reserve System but may, with the consent calendar month until such deposit is withdrawn or of the Board, become members of the System. Howceases to constitute a savings deposit under the pro- ever, this Regulation H is applicable only to the advisions of this regulation, whichever shall first occur; mission of banks eligible for admission to membership and a member bank may pay interest on a savings under Section 9 of the Federal Reserve Act and does deposit withdrawn during its last 3 business days of not cover the admission of banks eligible under Secany calendar month ending a regular quarterly or tion 19 of the Act. Any bank desiring to be admitted semi-annual interest period at the applicable maxi- to the system under the provisions of Section 19 mum rate prescribed pursuant to subsection (a) cal- should communicate with the Federal Reserve Bank culated to the end of such calendar month. with which it desires to do business. Regulations Amended to Reflect Statehood AMENDMENT TO REGULATION I of Hawaii The Board of Governors of the Federal Re- Effective August 21, 1959, footnote 1 of Regserve System, effective August 21, 1959, amended ulation I is amended to read as follows: Regulations E, G, H, I, J, L, and U as the ad- 1 Under the provisions of Section 19 of the Federal mission of Hawaii to Statehood made certain Reserve Act, national banks located in a dependlanguage in these Regulations inappropriate. The ency or insular possession or any part of the United States outside the States of the United States and texts of the amendments are as follows: the District of Columbia are not required to become members of the Federal Reserve System but may, AMENDMENT TO REGULATION E with the consent of the Board, become members of the System. Any such bank desiring to be admitted to the Effective August 21, 1959, the term "munici- System under the provisions of Section 19 should compality" as defined in Section II of Regulation E municate with the Federal Reserve Bank with which is amended to read as follows: it desires to do business. The term "municipality" shall be construed to mean AMENDMENT TO REGULATION J "State, county, district, political subdivision, or municipality in the States of the United States and the Dis- Effective August 21, 1959, footnote 1 of Regtrict of Columbia, including irrigation, drainage, and reclamation districts." ulation J is amended to read as follows: 1 For the purposes of this Regulation, any depend- AMENDMENT TO REGULATION G ency, insular possession or part of the United States Effective August 21, 1959, footnote 1 of Reg- outside the States of the United States and the District ulation G is amended to read as follows: of Columbia shall be deemed to be in or of such Federal Reserve District as the Board of Governors 1 For the purposes of this Regulation, any depend- may designate. ency, insular possession or part of the United States outside the States of the United States and the Dis- DESIGNATIONS OF FEDERAL RESERVE DISTRICTS FOR trict of Columbia shall be deemed to be in or of BANKS IN TERRITORIES, DEPENDENCIES, ETC. such Federal Reserve District as the Board of Governors may designate. Pursuant to footnote 1 of Regulation J, as DESIGNATIONS OF FEDERAL RESERVE DISTRICTS FOR amended, the Board of Governors has taken the BANKS IN TERRITORIES, DEPENDENCIES, ETC. following action for the purposes of such regula- Pursuant to footnote 1 of Regulation G, as tion: amended, the Board of Governors has taken the The designation of Hawaii is hereby deleted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1132 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 AMENDMENT TO REGULATION L F.R. 6465); the said Notice having provided interested persons an opportunity, before issuance Effective August 21, 1959, footnote 3(b) to of the Board's final Order, to file objections or Section 2(b) of Regulation L is amended to read comments upon the facts stated and the reasons as follows: indicated in the Tentative Statement; and the time 3(b) Banking institutions organized under the laws of for filing such objections and comments having territories, dependencies, or insular possessions of the expired and no such objections or comments United States, such as Puerto Rico or the Canal Zone, and not organized under the National Bank Act; and having been filed; IT IS HEREBY ORDERED, for the reasons set forth AMENDMENT TO REGULATION U in the Board's Statement of this date, that the said application be, and hereby is, granted, and the Effective August 21, 1959, Section 221.2(i) acquisition by The Marine Corporation of 2,400 of Regulation U is amended to read as follows: or more of the 3,000 outstanding voting shares of (i) Any loan made outside the States of the United Pewaukee State Bank is hereby approved, pro- States and the District of Columbia; vided that such acquisition is completed within Orders under Section 3 of Bank Holding three months from the date hereof. Company Act Dated at Washington, D. C. this 31st day of August, 1959. The Board of Governors of the Federal Reserve System on August 31, 1959, issued an By order of the Board of Governors. Order with respect to an application by a holding Voting for this action: Chairman Martin, Vice Chaircompany, pursuant to Section 3(a)(2) of the man Balderston, and Governors Szymczak, Mills, Bank Holding Company Act of 1956, for ap- Robertson, Shepardson, and King. proval of the acquisition of voting shares of a (Signed) KENNETH A. KENYON bank, and on September 3, 1959, issued an Assistant Secretary. Order approving an application of a corporation (SEAL) for permission to become a bank holding com- STATEMENT pany under Section 3(a)(l) of such Act. The Board's Orders and accompanying Statements The Marine Corporation, Milwaukee, Wisconread as follows: sin ("Marine"), a bank holding company, has applied, pursuant to Section 3(a) (2) of the Bank THE MARINE CORPORATION Holding Company Act of 1956 ("the Act"), for In the Matter of the Application of The Marine the Board's prior approval of Marine's acquisition Corporation for prior approval of acquisition of of 2,400 or more of the 3,000 outstanding voting voting shares of Pewaukee State Bank, Pewaukee, shares of Pewaukee State Bank, Pewaukee, Wis- Wisconsin. consin. Views and recommendations of the Commis- ORDER APPROVING APPLICATION UNDER sioner of Banks. As required by Section 3(b) of BANK HOLDING COMPANY ACT the Act, the Board gave notice of the application There having come before the Board of Gov- to the Commissioner of Banks of the State of ernors pursuant to Section 3(a) (2) of the Bank Wisconsin. The Commissioner informed the Holding Company Act of 1956 (12 U.S.C. 1843) Board that he was not aware of any factor which and Section 4(a)(2) of the Board's Regulation Y would warrant objection to the transaction by his (12 CFR 222.4(a)(2)), an application on behalf office. of The Marine Corporation whose principal office Statutory factors. Section 3(c) of the Act reis in Milwaukee, Wisconsin, for the Board's prior quires the Board to take into consideration the approval of the acquisition of 2,400 or more of following five factors: (1) the financial history the 3,000 outstanding voting shares of Pewaukee and condition of the holding company and bank State Bank, Pewaukee, Wisconsin; a Notice of concerned; (2) their prospects; (3) the character Tentative Decision referring to a Tentative State- of their management; (4) the convenience, needs, ment on said application having been published and welfare of the communities and the area conin the Federal Register on August 11, 1959 (24 cerned; and (5) whether or not the effect of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1133 acquisition would be to expand the size or extent this could be of some importance in connection of the bank holding company system involved with increased lending activities, in view of the beyond limits consistent with adequate and sound prospects for continued growth in the area served banking, the public interest, and the preservation by the bank. of competition in the field of banking. With respect to the competitive factor, the Discussion. Marine is a bank holding com- Board finds that the present competitive position pany, as defined in Section 2(a)(l) of the Act, of the Marine group in the primary service area because it directly owns over 90 per cent of the of Pewaukee State Bank is not significant, in view voting shares of four banks, in or near Mil- of the substantial distances between the banking waukee. The largest bank of the group is Marine offices of Pewaukee State Bank and those of the National Exchange Bank, located in the business Marine group, the presence of a number of altercenter of Milwaukee, with deposits of $171 million native sources of banking service within relaon December 31, 1958. The other banks in the tively short distances of the offices of Pewaukee, group are Holton State Bank (deposits $10.8 mil- and the economic characteristics of Pewaukee's lion), which is about two miles north of Marine primary service area, with agriculture, small busi- National Exchange Bank; Cudahy State Bank nesses, and growing residential areas predominat- (deposits $12.3 million), about eight miles south ing. The Board also finds that acquisition of of Marine National Exchange Bank; and South Pewaukee by Marine would not have a materially Milwaukee Bank (deposits $8.6 million), about adverse effect on other banks in the area or on the two miles further south. The aggregate deposits general competitive situation. of the group are slightly in excess of $200 million. It appears, therefore, that the proposed acquisi- Pewaukee State Bank, with deposits of $6.1 tion probably would have some beneficial effect on million on December 31, 1958, has its main office the convenience, needs, and welfare of the comin Pewaukee and branches in Brookfield and Mer- munities and the area concerned, and would not ton; all of these are in Waukesha County, Wis- expand the Marine holding company system beconsin, which adjoins Milwaukee County on the yond limits consistent with adequate and sound west. The Brookfield office is over 12 miles, and banking, the public interest, and preservation of the other two offices more than 18 miles, from competition in the field of banking. the nearest banking office of the Marine group. Conclusion. The above views were incorpo- There are no competing banking offices in the rated in a Tentative Statement issued in connecthree communities, but several are in operation tion with a Notice of Tentative Decision in this within a six-mile or eight-mile radius of each of case, published in the Federal Register on August the three. Waukesha, which is the county seat 11, 1959 (24 F.R. 6465) affording interested perand considerably larger than any of the communi- sons an opportunity to submit comments on or ties in which Pewaukee State Bank operates, is objections to the Board's proposed action and no about six miles from Pewaukee and seven miles such comments or objections were received within from Brookfield. The two banks in Waukesha the period specified for their submission. hold deposits of $52.6 million and $14.2 million. Viewing the relevant facts in light of the pur- The financial history, condition, prospects, and poses of the Act and the factors enumerated in management of the holding company and the bank Section 3(c), it is the judgment of the Board that are satisfactory, although the capital structure of the proposed acquisition would not be inconsistent the bank is relatively low as a result of the rapid with the statutory objectives and the public interincrease in its deposit liabilities during recent est and that the application should be approved. years. Ownership of Pewaukee State Bank by IT IS SO ORDERED. the holding company probably would benefit that bank by making available to it the skill, knowl- BANK STOCK CORPORATION OF edge, and experience of the Marine National Ex- MILWAUKEE change Bank. It also appears likely that the holding company could supply additional capital to In the Matter of the Application of Bank Stock Pewaukee State Bank more advantageously than Corporation of Milwaukee for prior approval of the bank could obtain additional capital directly; action to become a bank holding company under Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1134 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 Section 3(a)(l) of the Bank Holding Company Act STATEMENT of 1956. Bank Stock Corporation of Milwaukee, Milwaukee, Wisconsin ("Bank Stock"), a corpora- ORDER APPROVING APPLICATION UNDER tion organized under the laws of Wisconsin, has BANK HOLDING COMPANY ACT applied, pursuant to Section 3(a)(l) of the Bank There having come before the Board of Gov- Holding Company Act of 1956 ("the Act"), for the Board's prior approval of action that would ernors, pursuant to Section 3(a)(l) of the Bank result in Bank Stock becoming a bank holding Holding Company Act of 1956 (12 U.S.C. 1842) company—namely, acquisition of 80 per cent or and Section 4(a) (1) of the Board's Regulation Y more of the outstanding voting shares of Marshall (12 CFR 222.4(a)(l)), an application on behalf and Ilsley Bank ("M & I Bank") and of Northern of Bank Stock Corporation of Milwaukee, a Wis- Bank, both of which are located in Milwaukee. consin corporation with its principal office in Views and recommendations of the Commis- Milwaukee, for the Board's prior approval of sioner of Banks of the State of Wisconsin. Since action whereby Applicant would become a bank both banks are State banks organized under the holding company through the acquisition of 80 laws of Wisconsin, the Board, in accordance with per cent or more of the outstanding voting shares the requirements of Section 3(b) of the Act, gave of the Marshall and Ilsley Bank and Northern notice of the application to the Commissioner of Bank, both of which are located in Milwaukee; a Banks of the State of Wisconsin and requested his Notice of Tentative Decision referring to a Ten- views and recommendations with respect to the tative Statement on said application having been application. The Commissioner's reply stated, published in the Federal Register on August 11, inter alia, that, based upon his study of the ap- 1959 (24 F.R. 6465); the said Notice having plication and factors involved, he found no provided interested persons an opportunity, be- grounds upon which to object to the application. fore issuance of the Board's Order, to file objec- Statutory factors. Section 3(c) of the Act retions or comments upon the facts stated and the quires the Board to take into consideration the reasons indicated in the Tentative Statement; and following five factors: (1) the financial history the time for filing such comments and objections and condition of the holding company and banks having expired and no such objections or com- concerned; (2) their prospects; (3) the character of their management; (4) the convenience, needs, ments having been filed; and welfare of the communities and the area con- IT IS HEREBY ORDERED, for the reasons set forth cerned; and (5) whether or not the effect of the in the Board's Statement of this date, that the said acquisitions would be to expand the size or extent application be, and hereby is, granted, and the of the bank holding company system involved acquisition by Bank Stock Corporation of Mil- beyond limits consistent with adequate and sound waukee of 80 per cent or more of the outstanding banking, the public interest, and the preservation voting shares of the Marshall and Ilsley Bank and of competition in the field of banking. Northern Bank is hereby approved, provided that Discussion. Milwaukee County, which includes such acquisition is completed within three months the City of Milwaukee and surrounding territory, from the date hereof. had a population of 871,000 in 1950 and has a Dated at Washington, D. C. this 3rd day of presently estimated population in excess of one September, 1959. million. In the County are 43 commercial banking offices, representing 29 banks and holding By order of the Board of Governors. aggregate deposits of $1,641 million on Decem- Voting for this action: Chairman Martin and Gov- ber 31, 1958, including $1,322 million of deernors Szymczak and Mills. Voting against this ac- posits of individuals, partnerships, and corporation: Vice Chairman Balderston and Governor Rob- tions ("IPC deposits"). On that date, all comertson. mercial banking offices in the State of Wisconsin (Signed) KENNETH A. KEN YON (about 700 in number) held $4,363 million of Assistant Secretary. deposits, of which $3,828 million were IPC (SEAL) deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1135 The main office of M & I Bank is in the busi- tending to 12th Street on the west. Its branch ness center of Milwaukee, and its only branch is serves an area to the west of the downtown sec- 1.6 miles to the west. The trade area of M & I tion; the northern boundary of its primary service Bank extends throughout Milwaukee County. It area is in the vicinity of West North Avenue. holds IPC deposits of $196 million, being the Consequently, it appears that the primary service second largest bank in the City, County, and area of Northern Bank does not substantially State. overlap the primary service area of either the Northern Bank, situated about 3.7 miles north- main office or the branch of M & I Bank. west of M & I Bank's main office and almost three It is recognized that existing and potential miles from its branch, is the fourth largest bank in competition between the two banks is not inthe City and County of Milwaukee, holding IPC significant. Of Northern Bank's total IPC dedeposits of $50 million. Its primary trade area posits, it is estimated that about 10 per cent extends eastward to North 12th Street and south- originate in the primary service areas of M & I's ward to West North Avenue, and does not extend two offices, and M & I derives approximately 9 into what may be called the downtown area of per cent of its IPC deposits from Northern Bank's Milwaukee. primary service area. However, in view of the The financial history, condition, prospects, and locations and the nature of the operations of these management of the two banks are satisfactory, as banks, and the number, locations, and character are the proposed financial structure, proposed of competing institutions in the City and County management, and prospects of the projected hold- of Milwaukee, it does not appear that the creaing company. tion of Bank Stock Corporation or its ownership It appears to the Board that the closer affilia- of a majority of the stock of M & I Bank and tion with M & I Bank in the holding company Northern Bank would have a materially adverse might enable Northern Bank to improve the serv- effect upon the preservation of competition in ice it renders to customers in its area. Likewise, and around Milwaukee. the holding company might be in a position to Conclusion. It appears, therefore, that the obtain needed additional capital for its banks establishment of the proposed holding company more economically or otherwise more advanta- and its acquisition of stock of the two banks geously than could the banks individually. might have a beneficial effect on the convenience, Two bank holding company systems presently needs, and welfare of the communities and the operate banks in Milwaukee and Milwaukee area concerned, and would not result in the exist- County. The largest bank in the area is a sub- ence of a holding company system extending besidiary of a holding company whose banks hold yond limits consistent with adequate and sound about 40 per cent of the IPC deposits of banks in banking, the public interest, and preservation of the County, and the third largest bank is in a competition in the field of banking. holding company system that holds about 12 per The above views were incorporated in a Tentacent of such IPC deposits. The proposed Bank tive Statement issued in connection with a Notice Stock group would hold about 19 per cent of the of Tentative Decision in this case, published in IPC deposits of all banks in the County. the Federal Register on August 11, 1959 (24 F.R. Banks that are holding company subsidiaries 6465) affording interested persons an opportunity and those proposed to be controlled by Bank to submit comments on or objections to the Stock Corporation hold, in the aggregate, about Board's proposed action, and no such comments 71 per cent of the IPC deposits of all banks in or objections were received within the period Milwaukee County. However, the City and specified for their submission. County are served by a substantial number of Viewing the relevant facts in the light of the smaller banks not controlled by holding com- purposes of the Act and the factors enumerated panies. in Section 3(c), it is the judgment of the Board As previously indicated, M & I Bank serves that the proposed formation of a holding company customers throughout Milwaukee County, but a system, comprising Marshall and Ilsley Bank and large majority of its main-office deposits are de- Northern Bank, would not be inconsistent with rived from the downtown area of the City, ex- the statutory objectives and the public interest and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1136 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 that, accordingly, the application should be ap- Act of 1956 (12 U.S.C. § 1843) and Section 5(b) proved. IT IS SO ORDERED. of the Board's Regulation Y (12 CFR 222.5(b)), so as to make it unnecessary for the prohibitions DISSENTING STATEMENT BY of Section 4 of the Act with respect to retention VICE CHAIRMAN BALDERSTON AND of shares in nonbanking organizations to apply in GOVERNOR ROBERTSON order to carry out the purposes of the Act. The The two banks involved here are the second time for filing with the Board exceptions and and fourth largest banks in the City and County brief to the recommended decision of the Hearing of Milwaukee. The information available re- Examiner expired without any exceptions or brief flects that significant actual and potential com- having been filed. petition between them will be eliminated by com- Pursuant to Section 4(c) (6) of the Bank Holdbining these banks in a holding company system. ing Company Act and Section 5(b) of the Board's In view of this unfavorable factor, the proposed Regulation Y, and on the basis of the entire acquisition should not be approved unless it is record, the Board hereby adopts the findings of shown there are favorable considerations suffi- fact, conclusions of law, and the recommendation ciently important to outweigh that unfavorable of the Hearing Examiner as set forth in the atfactor. tached copy of his Report and Recommended In our judgment, such a showing has not been Decision. The Board's approval of the request made. The mere bringing together of independ- of Wisconsin Bankshares Corporation is based ent banks under common control surely is not by solely on the facts disclosed by the record; and itself sufficient to justify approval, and it is diffi- if the facts should change in the future in such cult to see how the transaction will contribute to manner as to make the reasons for the Board's the convenience, needs, or welfare of the com- conclusion no longer applicable, the statutory munity or area. Accordingly, we would deny the exemption resulting from the Board's determinaapplication. tion as set forth below would, of course, cease to obtain. Accordingly, the Board makes the fol- Order under Section 4 of Bank Holding lowing Order: Company Act IT IS HEREBY ORDERED, for the reasons set forth The Board of Governors of the Federal Rein the Hearing Examiner's Report and Recomserve System on August 17, 1959, issued an Order mended Decision of July 15, 1959, and on the with respect to the request by a holding company basis of the record made at the hearing in this for a determination under Section 4(c)(6) of the matter, that First Wisconsin Company and the Bank Holding Company Act of 1956 for exempactivities thereof are determined to be so closely tion of a subsidiary company. The Board's Order related to the business of banking or of managing and accompanying Report and Recommended Deor controlling banks as to be a proper incident cision read as follows: thereto and as to make it unnecessary for the pro- WISCONSIN BANKSHARES CORPORATION hibitions of Section 4 of the Bank Holding Company Act of 1956 to apply in order to carry out In the Matter of the Request of Wisconsin Bankthe purposes of that Act, and therefore, Applishares Corporation for a determination under cant's request with respect to First Wisconsin Section 4(c)(6) of the Bank Holding Company Act Company shall be, and hereby is, granted. of 1956. Docket Number BHC-48. Dated at Washington, D. C. this 17th day of ORDER August, 1959. On July 15, 1959, the Hearing Examiner issued By order of the Board of Governors. his Report and Recommended Decision in the Voting for this action: Chairman Martin, Vice Chairabove-entitled proceeding, recommending to the man Balderston, and Governors Szymczak, Mills, and Board that it grant the request of Wisconsin Bank- King. Absent and not voting: Governors Robertson shares Corporation for a determination that First and Shepardson. Wisconsin Company, Milwaukee, Wisconsin, and (Signed) KENNETH A. KENYON activities thereof are of the kind described in Assistant Secretary. Section 4(c)(6) of the Bank Holding Company (SEAL) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1137 REPORT AND RECOMMENDED DECISION ing being owned directly or beneficially by Bankshares. STATEMENT OF THE CASE 3. First Wisconsin Company was organized in 1934 On February 27, 1959, Wisconsin Bankshares Cor- and in 1939 performed its first business activity which poration (hereinafter referred to as "Bankshares" or was the writing of automobile insurance on auto loans "Applicant") filed with the Board of Governors of made by First Wisconsin National Bank of Milwaukee, the Federal Reserve System (hereinafter referred to hereinafter referred to as "the Bank." In the 1950's it as "the Board") a request for a hearing under the became less important for the bank to offer such inprovisions of Section 4(c)(6) of the Bank Holding surance, so that as of April 1, 1959, First Wisconsin Company Act of 1956, hereinafter referred to as "the Company and the Bank permanently discontinued the Act," (12 U.S.C. 1843), so that the Board can make automobile insurance lines. First Wisconsin Company a determination as to whether the First Wisconsin has had no interest in those lines since that time. Company and its activities are of the kind described 4. The gross commissions received by First Wisin the Act and Section 5(b) of the Board's Regulation consin Company in the automobile insurance lines for Y (12 CFR 222.5(b)), as to make it unnecessary for the calendar years 1954-1958, inclusive, were as the provisions of Section 4(a) of the Act to apply in follows: order to carry out the purposes of the Act. 1954 $ 9,130.22 On March 27, 1959, the Board ordered a hearing 1955 19,715.63 with respect to this matter. Said order was published 1956 17,477.53 in the Federal Register on April 4, 1959 (24 F.R. 1957 14,992.27 2634). 1958 7,961.33 Pursuant to said order a hearing was held in Chicago, Illinois, on May 26, 1959, before the under- In the latter part of 1954, the Bank started providing signed, a Hearing Examiner duly selected by the Civil credit life insurance on loans through the agency of Service Commission in accordance with the pro- First Wisconsin Company. The insurance policy ofvisions of Section 11 of the Administrative Procedure fered is issued by Continental Assurance Company Act (5 U.S.C. 1010) and thereafter duly designated and approved by the Wisconsin Department of Inby the Board to conduct the hearing in this proceed- surance. ing. The Applicant was represented by Allen M. 5. The credit life insurance, as the auto insurance Taylor, Esq., and James P. Brody, Esq., of Fairchild, had been, is entirely optional to the customers of the Foley & Sammond, 735 North Water Street, Milwau- Bank. The purchase of life insurance is never made a kee 2, Wisconsin. The Board, in a nonadversary condition to a customer's obtaining a loan. The Bank capacity, was represented by Gordon W. Lamphere, has not turned down any loan applications because the Assistant General Counsel of the Federal Reserve borrower refused to buy credit life insurance. Such Bank of Chicago and Paul C. Hodge, Vice President a rejection would be contrary to established Bank and General Counsel of the Federal Reserve Bank policy and instructions, and any Bank lending officer imposing such a requirement would be subject to of Chicago. criticism. The insurance program is explained to the The record consists of documentary evidence subprospective borrower by the lending officer, or it could mitted by both parties and the testimony of several be a dealer or his salesman if it is a sales finance witnesses called by the Applicant. Orders correcting transaction. A pamphlet explaining the group credit errors in the transcript were entered on June 23, 1959 life insurance policy is given to an applicant when he and July 7, 1959. On July 1, 1959, the Applicant submakes application for a loan if he is interested. A mitted proposed findings of fact and conclusions of simple form is filled out. The Bank actually makes up law with a brief in support thereof. To the extent the certificate of insurance. The Bank furnishes all consistent with findings made below, the Applicant's of the necessary information to the First Wisconsin proposed findings are accepted. Company, and remits the premiums to it; it in turn Upon the entire record in the case and from my pays the premiums to the insurance company. The observation of the witnesses, I make the following Bank does not receive any portion of the premium on the dividends. FINDINGS OF FACT 6. Most individual instalment borrowers qualify 1. Wisconsin Bankshares Corporation (Bankshares) for credit life insurance. There is no medical examiis a registered bank holding company under the Bank nation. Borrowers over age 60 and corporations are Holding Company Act of 1956. Its banking sub- not eligible; also, if a loan exceeds $10,000, it would sidiaries consist of six national banks, First Wisconsin not be eligible. National Bank of Milwaukee, The Union National 7. Credit life insurance is used in connection with Bank of Eau Claire, The First National Bank of instalment credit loans, commonly called consumer Madison, First National Bank of Oshkosh, First Na- loans, but there is a sizable percentage of those loans tional Bank of Fond du Lac, and Southgate National actually made to small businessmen for business pur- Bank of Milwaukee, and one trust company, First poses. All types of instalment loans are eligible for Wisconsin Trust Company, organized as a State bank the credit life insurance. It has not been used in conunder Wisconsin law. Its other subsidiaries are First nection with commercial loans, and it is not contem- Wisconsin Investment Corporation, First Central Com- plated to do so. pany, First Wisconsin Mortgage Company, Wisconsin 8. The Bank's collateral requirements are not Equities, Inc., Title Guarantee Company of Wiscon- changed by the insurance. The loans in question are sin and First Wisconsin Company, the corporation secured loans in the regular way with the credit ininvolved in these proceedings. surance in addition. 2. First Wisconsin Company, a Wisconsin corpora- 9. A borrower cannot obtain credit life insurance tion, is a wholly-owned subsidiary of Bankshares, all for an amount greater than the amount of his loan. of the 100 shares of capital stock which are outstand- As the instalments are paid, the amount of insur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1138 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 ance coverage declines in exact relation to the loan bank in accordance with the terms of the policy. balance outstanding. When the loan is paid by the (f) If an individual credit life insurance policy plan customer, the life insurance ceases and there are no is used, the licensed officer or employee may turn over conversion privileges of any type. to his employer bank any commission received from 10. Roughly fifty per cent of the instalment credit the sale of such insurance, and the bank is authorized borrowers who are eligible for credit life insurance to accept such payments from him. (i.e., individuals under sixty with loans under the maximum limits) purchase credit life policies. The 15. The Comptroller of the Currency has ruled percentages during the calendar years 1955-1958 in- that a national bank may purchase individual policies clusive were as follows: of insurance on the lives of its borrowers or a group or blanket policy, and may charge its borrowers a separate 1955 44.8 premium for such coverage, provided that such bank, 1956 43.54 if located in a town of more than 5,000 inhabitants, 1957 51.12 cannot receive and retain more of the commissions 1958 53.48 or dividends than sufficient to cover the bank's actual cost of furnishing this service. The percentage of noneligible transactions is small, 16. Practically all the financial institutions in the probably less than one per cent. field which make instalment credit loans offer credit 11. The credit life insurance policy contains a pro- life insurance and other forms of insurance, such as vision for total and permanent disability. If the bor- accident and health, as a part of their lending service. rower is unable to work for ninety consecutive days This includes the large sales finance companies, the because of accident or illness, then on the ninety-first majority of banks in Milwaukee, and credit unions. day the insurance company considers the borrower The credit union association has a company of its permanently disabled and pays the balance on the own, which is used by most of the credit unions. loan. The premium being charged is fifty cents per 17. In Milwaukee the following banks are offering one hundred dollars for life insurance. That is in credit life insurance: Milwaukee Western Bank, First contrast to a maximum of seventy-five cents per one National Bank of Wauwatosa, Wauwatosa State Bank, hundred dollars which is permitted by the State In- Marine National Exchange Bank, Cudahy State Bank, surance Commissioner. Then another premium of Home State Bank, South Milwaukee, Home Savings fifty cents per one hundred dollars is charged for the Bank, City Bank and Trust Company, Park State disability insurance, which makes a total premium Bank, Wisconsin State Bank and Marshall and Ilsley of $1.00 per one hundred dollars per year. Bank. Two of these banks (Marine National Ex- 12. The insurance company (Continental) retains change Bank and Marshall and Ilsley Bank) are subtwelve per cent of the premium dollars, including a sidiaries of present or prospective bank holding comcommission received by Marsh and McLennan, panies. The Marshall and Ilsley Bank is the largest brokers. After losses are paid, any residue is refunded local competitor of the Bank. It is located next door. to First Wisconsin Company with an annual account- 18. Nobody connected with the Bank, Bankshares ing to show how the experience rebate is computed. or First Wisconsin Company receives any commis- 13. The net profits of First Wisconsin Company as sion or premium or a portion of any commission or shown by its books of account were computed with- premium related to credit life insurance. out full representation of allocable expenses. Charges 19. As to advertising other than the pamphlet given for some items of expense were included in expenses, the borrower, in recent years credit life insurance but no cost accounting system was used to allocate a has been mentioned in general advertising on instalshare of the salaries for the lending officers who dediment credit of the Bank. It was avoided for some cate a considerable amount of time to the credit life years because of policy reasons. First Wisconsin insurance program. Nor does the current bookkeep- Company does not carry on any advertising program. ing system make any allowance for general administra- 20. It would not be possible for a borrower to go tive expenses, allocation of official time and the like, to his own insurance company and get such credit its general expense being borne directly by Bankshares. life insurance. This insurance is group insurance and 14. On December 29, 1958, the Attorney General requires no medical examination. An indiviual could of the State of Wisconsin gave a formal opinion to purchase term insurance with the diminishing balance, the Wisconsin Commissioner of Banks to the followand that is done in larger amounts on mortgages. ing effect: However, for the average amount of a loan involved (a) A bank may obtain a group credit life insurance on these instalment loans, insurance companies would policy to cover its borrowers, and may charge them not be interested in issuing individual policies because for such coverage. of the time involved. From the standpoint of the (b) A bank officer or employee may obtain a spe- borrower, very few borrowers would go through the cial license from the Department of Insurance to sell necessary procedures, including physicals, etc. There to bank borrowers group credit life insurance only. might be alternatives, but they would not be prac- (c) The licensed officer or employee of the bank ticable, and the rate would be higher. may turn over to his employer bank part or all of any 21. First Wisconsin Company does not act as an commissions received from the insurance company. agency for the writing of any insurance other than (d) The bank may accept such payments of com- credit life insurance. mission proceeds and retain them as income to the 22. Applicant supervises the operations of First bank. Wisconsin Company, which is housed in the office of (e) A bank which is a policyholder under a group the Applicant. credit life insurance policy issued on the lives of 23. The Bank benefits from the credit life insurborrowers from the bank may accept dividends, loss ance program because it can provide a completely experience refunds, or other payments such as distri- rounded lending service which satisfies the public, bution of savings, earnings or surplus when paid to the and avoids collection expenses and averts some losses Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1139 in the event of the death of a borrower. may charge borrowers for credit life insurance pro- 24. First Wisconsin Company does not require any vided it receives no more of the premium charged credit, has never used any bank credit in the past and than is necessary to cover the bank's actual cost. In does not expect to use any. Wisconsin, State banks may accept dividends and re- 25. If given Federal Reserve Board approval, First funds on credit life insurance policies issued on the Wisconsin Company contemplates expanding the lives of its borrowers whether under a group policy credit life operation to other banking affiliates of or an individual plan. There can be no doubt, there- Bankshares. fore, that both under State and national laws, both State and national banks may engage directly in the DISCUSSION OF THE ISSUES credit life insurance business. Moreover, the record One of the major purposes of the Bank Holding in this proceeding indicates that such is the case as a Company Act of 1956 is to require bank holding matter of fact. Competitors of First Wisconsin Nacompanies to divest themselves of their nonbanking tional Bank of Milwaukee which are State banks are interests. Section 4 of the Act provides that after a directly engaged in this business, as are practically specified period: all of the financial institutions such as sales finance ... no bank holding company shall . . . retain direct or in- companies and credit unions. direct ownership or control of any voting shares of any com- Similarly, the legislative history of the Act estabpany which is not a bank or a bank holding company. . . . lishes the close relationship between the writing of The Act, however, goes on to provide a number of credit life insurance and the banking business. When exceptions to this divestiture requirement. Section the Bank Holding Company Act was being debated 4(c)(6) excludes from the prohibition: on the floor of the Senate, Senator Robertson was • . . shares of any company, all the activities of which are of a asked what type of company would qualify under financial, fiduciary, or insurance nature, and which the Board after due notice for hearing, and on the basis of the record Section 4(c)(6) for the exemption. He replied: made at such hearing, by order has determined to be so closely Certain operations are mentioned in the committee amendrelated to the business of banking or of managing or controlling ment which are held to be so closely related to the banking banks as to be a proper incident thereto and as to make it industry as to make it neither necessary nor desirable to force unnecessary for the prohibitions of this section to apply in a bank holding company to give them up, although technically order to carry out the purposes of this Act; . . . they are not banking operations. Mr. Thye. Could the Senator from Virginia describe the na- There is no question but that all of the activities ture of the business? of First Wisconsin Company are of an insurance Mr. Robertson. Credit life insurance is one; the operation of safety deposit boxes— nature. The only purpose of this proceeding is to Mr. Thye. Of course, that has been a customer's privilege in determine whether its activities are "so closely re- all the banks of which I have any knowledge. We certainly lated to the business of banking or of managing or would not wish a bank to divest itself of that sort of business. controlling banks" as to (1) be a "proper incident" Mr. Robertson. That is correct. One is the credit life insurance program in connection with bank loans; another is the thereto: and (2) make it unnecessary for the pro- operation of insurance programs in cases where the bank holds hibitions of the Act to apply "in order to carry out the mortgage. And there are many other activities of a finanthe purposes" of the Act. cial, fiduciary, or insurance nature which cannot be determined to be closely related to banking without a careful examination First Wisconsin Company is engaged solely in the of the activities. business of writing credit life insurance upon the So, we spell out a few exemptions and leave out the others. loans made by First Wisconsin National Bank of A bank holding company can go before the Federal Reserve Board and say, "Here is an activity which is not technically Milwaukee, one of the Applicant's banking sub- banking but it is so closely related to it that we think it should sidiaries. Although First Wisconsin Company pre- not be held to be a nonbanking asset," and the Board can act viously wrote automobile insurance lines as well, that upon it. (Cong. Rec. 85th Cong.; p. 6052. Emphasis supplied.) business has been abandoned completely. The credit This interpretation was confirmed by the Report on life insurance written by First Wisconsin Company is the Bill submitted by the Senate Committee on Banklimited to the amount of the loan and decreases as ing and Currency. In explaining the divestment prothe loan is repaid. The policy is not convertible, nor visions and particularly the "closely related" exempcan it be continued after the loan has been repaid. tion the Senate Report states: Thus, it is closely related to the business of banking Exemption (6) has been included by the committee as a necas conducted by a banking subsidiary of the bank essary provision to enable the administering authority under this holding company, to paraphrase the language of bill to permit the retention by a bank holding company of activities found to be closely related to banking. It should Regulation Y, Section 5(b). be noted that the Board is required to make its determination The measure of close relationship required by after due notice and hearing and on the basis of the record Section 4(c)(6) is specified in the Act itself. The first made at the hearing. The Federal Reserve Board's action is required to be taken in the form of an order, as to which any of these tests of close relationship is the "proper in- aggrieved party can obtain a review in the appropriate court of cident" test. As to "proper incident," reference is appeals. In the opinion of your committee, certain activities made to the definition applied by the Board of Gov- of a financial, fiduciary, or insurance nature are obviously so closely related to banking as to require no divestment by a ernors in the Matter of the Application of Trans- bank holding company. For example, the operation of a credit america Corporation relating to Occidental Life In- life-insurance program in connection with bank loans is clearly surance Company of California, docket number BHC- within the scope of banking operations as presently conducted. 28, decision and order dated August 20, 1957. The So is the operation of an insurance program under which the insurance proceeds retire the outstanding balance of the mort- Board there stated: gage upon the death of the mortgagor in cases where the bank It is clear that Section 4(c)(6) is intended to exempt only holds the mortgage. However, there are many other activithose nonbanking businesses that "usually" or "naturally" "de- ties of a financial, fiduciary, or insurance nature which cannot pend upon" or "appertain to" the business of banking or of be determined to be closely related to banking without a caremanaging or controlling banks. ful examination of the particular type of business carried on under such activity. For this reason your committee deems it The National Bank Act (12 U.S.C. 92) prohibits a advisable to provide a forum before an appropriate Federal authority in which decisions concerning the relationship of national bank in towns of more than 5,000 from actsuch activities to banking can be determined in each case on ing as an insurance agent. Nevertheless, the Comp- its merits. (Report No. 1095 on S. 2577, Senate Committee on troller of the Currency has ruled that a national bank Banking and Currency, p. 13. Emphasis supplied.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1140 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 It is my conclusion, therefore, that the credit life though an individual could purchase term insurance insurance activities of First Wisconsin Company are with a diminishing balance covering an outstanding so closely related to the business of banking as con- loan, that practice is found only in large loans such as ducted by the Applicant's subsidiaries as to be a proper mortgages. For the smaller instalment type loan, it is incident thereto according to applicable State laws, not feasible or practical for an individual borrower relevant Federal rulings, the intention of Congress as to seek out an insurance company interested in writrevealed by the legislative history of the Act, and ing a credit life policy in such a case. Finally, First banking business practices in the areas affected. Wisconsin Company requires no credit and has never There is, however, one more condition of Section used any bank credit. There is no expectation that 4(c)(6) that must be satisfied. That section requires it will ever have occasion to use bank credit. a finding that the divestment provisions of the Act Under these circumstances and with due regard for need not be applied to a nonbanking subsidiary in the purposes of the divestment provisions of the Bank order to carry out the purposes of the Act. As stated Holding Company Act of 1956, it is my opinion that by the Board in the Occidental decision: divestment is not necessary in this case in order to carry out the purposes of the Act. First Wisconsin . . . Congress has recognized that banking is a unique business, with unique economic power and responsibilities. . . . The pub- Company is not going to be favored. No one is asked lic interest requires that decisions as to whether or not a bank or required to do business with First Wisconsin Comextends credit in a particular case should be based, as far as pany in order to benefit from the lending operations possible, solely on creditworthiness. Congress apparently felt that this objective could be furthered by laying down a general of the Bank nor will the Bank be tempted to extend rule, subject to only limited exceptions, that no company should unwarranted credit to First Wisconsin Company which own or control both banks and nonbanking enterprises. requires no credit from anyone. For the same reason, As the Board points out in that case, the propriety First Wisconsin Company will not gain a preference of the nonbanking activities is linked to the purposes over alleged competitors with respect to banking of the Bank Holding Company Act in order to avoid credits available. The likelihood of improper banking and remove potential sources of evil. The Board practices should Applicant be permitted to retain First points out that in critical times holding companies Wisconsin Company in its present activities is so might be subjected to strong temptation to have sub- remote as to be deemed nonexistent. sidiary banks make loans to nonbanking affiliates in I, therefore, make the following unwarranted circumstances. Similarly, holding companies might deny credit to competitors of the non- CONCLUSIONS OF LAW banking affiliates without justification or might exert 1. All of the activities of First Wisconsin Company pressure on borrowers to do business with the affiliate are of a financial, fiduciary, or insurance nature. rather than with its competitors. 2. All of the activities of First Wisconsin Company In this case the record establishes beyond any doubt are so closely related to the business of banking or of that the credit life insurance program as conducted by managing or controlling banks as to be a proper in- First Wisconsin Company through the subsidiary cident thereto. banks of Bankshares is entirely optional to customers 3. All of the activities of First Wisconsin Company of the Bank. Borrowers rejecting credit life insurance are so closely related to the business of banking or of are not turned down on loan applications for that managing or controlling banks as to make it unnecesreason. Company records indicate that almost all in- sary for the divestment provisions of the Bank Holdstalment credit borrowers are eligible for credit life ing Company Act to apply in order to carry out the insurance; nevertheless, for the years 1955 through purposes of that Act. 1958, only about fifty per cent of such borrowers did Accordingly, I recommend that the request of Wispurchase credit life policies. First Wisconsin Com- consin Bankshares Corporation for an order exemptpany, moreover, does not solicit any insurance busi- ing shares of First Wisconsin Company from applicaness from the public at large. It carries on no adver- tion of the prohibitions of Section 4 of the Act be tising program. Its only customer is the Bank. In granted. addition, there is no real competition for the First (Signed) HARRY R. HINKES Wisconsin Company. The insurance offered is group Hearing Examiner. insurance requiring no medical examination. Al- Date: July 15, 1959. 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Current Events and Announcements INCREASE IN FEDERAL RESERVE DISCOUNT RATES Effective September 1, 1959, Mr. Charles J. The Board of Governors of the Federal Reserve Scanlon was appointed First Vice President of the System has recently approved action by the direc- Federal Reserve Bank of Chicago to succeed Mr. tors of the 12 Federal Reserve Banks increasing Harris for the unexpired portion of the five-year the discount rate at those Banks to 4 per cent. term which began March 1, 1956. Mr. Scanlon The effective dates at the several banks were as joined the staff of the Reserve Bank in 1933 and follows: was assigned to the Bank Examination Department in 1938. He was given official status with New York the title Assistant Chief Examiner in 1953 and Cleveland j became Chief Examiner on January 1, 1955. Richmond | Mr. Guy S. Freutel, First Vice President of Chicago js Sept. 11, 1959 the Federal Reserve Bank of St. Louis, died on St. Louis August 29, 1959. Dallas San Francisco INCLUSION OF HAWAII IN 12TH DISTRICT Kansas City With the admission of Hawaii to Statehood on Boston ] August 21, 1959, the Board of Governors added Atlanta }- Sept. 14, 1959 the State of Hawaii to the 12th Federal Reserve Minneapolis j District, effective as of that date. Within that Philadelphia Sept. 18, 1959 district the State of Hawaii has been included in the zone served by the head office. The effect The rate previously in effect at all 12 Reserve of this change on various Regulations of the Board Banks was 3Vi per cent. of Governors is included in the Law Department, CHANGES IN THE BOARD'S STAFF beginning on page 1130. Clarke L. Fauver, Assistant Secretary of the Board, was appointed Assistant to the Board, in the Board TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, AND Members' Offices, effective September 1, 1959. QUARTERLY Mr. Fauver joined the Board's organization in Latest BULLETIN Reference 1947 as an Economist in the Division of Research Annually Issue Page and Statistics. He became Administrative As- Earnings and expenses: Federal Reserve Banks Feb. 1959 208-09 sistant to the Chairman in 1950, and in 1951 was Member banks: appointed Assistant Director of the Division of Calendar year June 1959 650-58 First half of year Nov. 1958 1346 Selective Credit Regulation. In 1954 he was Insured commercial banks June 1959 659 Banks and branches, number of, by class appointed a Special Assistant to the Board in the and State Apr. 1959 442-43 Operating ratios, member banks July 1959 794-96 Board Members' Offices. He had served as an Stock Exchange firms, detailed debit and credit balances Sept. 1959 1208 Assistant Secretary of the Board since August 10, Banking and monetary statistics, 1958.. j j^ J9^ 550I53 1955. Bank holding companies, Dec. 31, 1958: List of June 1959 660 Banking offices and deposits of group CHANGES IN OFFICERS AT RESERVE BANKS banks Aug. 1959 1064 Mr. Ernest C. Harris, First Vice President of the Semiannually Federal Reserve Bank of Chicago, retired Au- Banking offices: Analysis of changes in number of Aug. 1959 1044 gust 31, 1959. Mr. Harris began his Reserve On, and not on, Federal Reserve Par List, number of Aug. 1959 1045 Bank service in 1943 as Vice President in charge Quarterly of the Detroit Branch, and transferred to the Head Flow of funds Aug. 1959 1046-62 Office when he became First Vice President on Principal assets and liabilities of Federal business-type activities Aug. 1959 1063 February 1, 1950. 1141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication September 15 Industrial output and employment levels de- In the auto industry, assemblies were down 16 clined further in August and early September as per cent from the advanced rate reached in July the impact of work stoppages in basic metal in- when dealers' stocks reached a record level. New dustries spread. Consumer and business demands model changeovers reduced assemblies further in were generally maintained at advanced levels and early September before an upturn developed. prices of some basic materials increased. Com- Output of most other consumer goods, including mercial bank loans continued to expand rapidly. apparel and household products, has been main- Bond yields rose and common stock prices de- tained at the new record levels reached by midclined. year. Production of paper, textiles, and other nondurable materials and of most construction PRODUCTION materials has also been at or above midyear levels. Industrial production declined 3 per cent in August to 149 per cent of the 1947-49 average, CONSTRUCTION as compared with 153 in July and a peak of 155 The seasonally adjusted total value of new conin June. Despite a marked curtailment in indusstruction put in place in August was maintained trial use of electricity in August, unusually hot close to the revised peak annual rate of about $56 weather resulted in a slight increase in total utility billion reached last spring. Some further decline output to 276 per cent of 1947-49. in residential construction and a small decrease The August declines in industrial production in commercial building in August were not fully were centered in primary metal manufacturing offset by further gains in highway and industrial and mining industries as the steel strike, which building activity. began on July 15, continued and additional stoppages developed in nonferrous metal industries. LABOR MARKET Steel ingot production was at 12 per cent of Seasonally adjusted employment in nonfarm capacity, as compared with 42 in July and 90 establishments decreased about one-half million in June, and this rate continued during the first to 52 million in mid-August, as a result of strike half of September. Some industries fabricating influences, offset partly by increases in employment metal products began to curtail activity in August. in construction, trade, finance, and State and local government. Earnings of factory workers, INDUSTRIAL PRODUCTION 1947-49-100 reflecting work stoppages in higher paid manufacturing industries, declined somewhat. Unemployment decreased about 320,000 to 3.4 million. This was less than the usual seasonal amount and the seasonally adjusted unemployment rate rose to 5.5 per cent from 5.1 in July. DISTRIBUTION Retail sales in August remained near the advanced level of the previous three months and were 7 per cent larger than a year ago. Sales at furniture and food stores were somewhat higher. Dealers' deliveries of new autos reached the highest August rate since 1955 and stocks dropped sharply. Trade in most other lines declined mod- Federal Reserve indexes, seasonally adjusted. Monthly fig- erately. ures; latest shown are for August. 1142 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1143 AGRICULTURE rise of around the same amount in July. At the end of August the money supply was about 3 per Crop prospects improved further during Aucent larger than a year ago. gust to an indicated volume of 117 per cent of Member bank borrowings from the Federal the 1947-49 average, only one point below last Reserve averaged $975 million and excess reyear's record harvest. Output of livestock and serves $485 million over the four weeks ending products has increased further this year, and total September 9. Further gold outflows and an agricultural production is estimated at a new increase in currency in circulation absorbed rehigh. serves over the period while reserves were sup- COMMODITY PRICES plied by Federal Reserve purchases of U. S. Gov- Prices of basic materials, which were relatively ernment securities. Required reserves declined stable during the first month of the steel strike, somewhat. began to rise again after early August. Prices of SECURITY MARKETS livestock and other foodstuffs remained at ear- From mid-August to mid-September yields on lier reduced levels reflecting mainly continuing Government securities in all maturities rose large supplies. Consumer prices generally rose sharply to new post-World War II highs. Market further, by .3 per cent, from June to July and the yields on 3-month Treasury bills rose above 4 total index was .8 per cent above a year earlier, per cent and yields on long Treasury bonds averalthough retail food prices were 2 per cent lower. aged AVA. In mid-September discount rates at Federal Reserve Banks were raised one-half per- BANK CREDIT AND RESERVES centage point to 4 per cent. Yields on corporate Total commercial bank credit changed little in and State and local government bonds, after de- August. Loans continued to expand rapidly, clining in early August, increased sharply. Comwhile holdings of U. S. Government securities mon stock prices advanced in late August, and were reduced. The seasonally adjusted money then declined in the first half of September to supply declined about $1.5 billion following a the lowest level since mid-June. RETAIL TRADE PRICES 1947 - 49 = 100 1947-49=101 Federal Reserve indexes, seasonally adjusted; retail sales Bureau of Labor Statistics indexes. Monthly figures, latest based on Department of Commerce data. Monthly figures; shown: July for consumer prices, and August for wholesale latest shown for stocks is July, for other series, August. prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 1147 Reserve Bank discount rates; reserve requirements; margin requirements. . 1150 Federal Reserve Banks 1151 Bank debits; currency in circulation 1154 All banks: consolidated statement of monetary system; deposits and currency 1156 All banks, by classes 1157 Commercial banks, by classes. 1160 Weekly reporting member banks. 1162 Business loans. 1165 Interest rates.... 1166 Security prices; stock market credit; open market paper 1167 Savings institutions. 1168 Business finance. 1170 Security issues. 1172 Federal finance 1173 Federal business-type activities. 1178 Real estate credit 1179 Short- and intermediate-term consumer credit. 1182 Selected indexes on business activity. . 1186 Production 1187 Employment and earnings. 1194 Department stores . 1196 Foreign trade 1197 Wholesale and consumer prices. ... 1198 National product and income series. . 1200 Weekly reporting member banks, 1958-59. 1202 Stock market credit. 1208 Tables not published each month—list, with latest BULLETIN references 1141 Index to statistical tables 1232 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. 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly averages of daily figures Billions of dol I a rs 25 MEMBER BANK RESERVE BALANCES 20 *& REQUIRED RESERVES 15 2 EXCESS RESERVES 0 35 CURRENCY IN CIRCULATION A RESERVE BANK CREDIT GOLD STOCK U.S. GOVERNMENT SECURITIES 20 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT ^A^A/^/ ^WsA^ 1953 1954 1955 1956 1957 1958 1959 Latest averages shown are for week ending August 26. See p. 1147. 1146 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank e W nd e i e n k g T U o . ta S l . G B r o o o i v g u u t h t . g - t h s t ecu r a u c H e r g n h p i r e t d a u e i l s e e d e r e r s - - c v D o a a a u n n i d s d c n - - e ts s Float Total s G to o c ld k T s r c o t u i e r a u n u e r n n g r y t a c - - d s y - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o n r a e r l g s y d a h s s - - Tr u w e r a i y t s h - r F e . F e s e o i R r g r v . n - e B s, a O nk th s er O F. t h R er . Total q re u s R i e r e r e - v d e 2 s c E e x s - s2 ment Averages of daily figures 1958 July 2 25,422 25,419 97 815 26,380 21,349 5,203 31,163 687 446 268 405 1,10518,859 18,204 655 9 25,456 25,456 143 947 26,589 21,306 5,202 31,385 677 489 265 377 1,09718,809 18,051 758 16 25,262 25,262 115 979 26,398 21,300 5,202 31,375 686 497 358 371 1,09518,518 17,949 569 23 25,157 25,157 85 1,045 26,328 21,280 5,203 31,217 692 465 293 340 1,09118,712 17,924 788 30 25,035 25,035 108 823 26,005 21,252 5,206 31,086 697 543 300 333 1,04118,462 17,824 638 Aug. 6 25,240 25,240 112 828 26,212 21,195 5,207 31,171 696 662 291 350 1,14818,296 17,738 558 25,646 25,626 20 229 774 26,685 21,154 5,210 31,291 699 504 300 329 1,16618,760 18,073 687 25,406 25,406 216 1,008 26,665 21,086 5,210 31,295 696 528 259 301 1,23318,648 18,027 621 27 25,257 25,257 271 857 26,417 21,086 5,211 31,249 486 234 320 1,21218,526 17,953 573 Sept. 3 25,353 25,353 461 792 26,638 21,011 5,211 31,381 691 539 305 324 1,175 18,446 17,899 547 10 25,233 25,233 514 883 26,661 21,012 5,213 31,433 694 478 330 319 1,153 18,479 17,873 606 17 25,001 25,001 563 049 26,644 20,939 5,215 31,393 694 304 397 282 1,156 18,572 17,935 637 24 24,893 24,893 433 203 26,558 20,895 5,216 31,285 683 508 308 320 1,162 18,404 17,811 593 Oct. 1 24,940 24,940 401 904 26,275 20,866 5,219 31,217 690 448 261 387 1,123 18,234 17,774 460 25,143 25,143 434 91126,519 20,830 5,219 31,352 691 447 299 343 1,119 18,318 17,753 565 15 25,498 25,353 145 472 992222 2266,925 20,764 5,220 31,498 689 386 327 412 1,121 18,475 17,989 486 22 25,242 25,242 369 1,40127,046 20,724 5,220 31,435 681 464 308 332 1,117 18,652 18,086 566 29 25,300 25,300 456 977 26,767 20,690 5,221 31,299 681 512 270 321 1,080 18,515 17,993 522 Nov. 5 25,459 25,380 79 403 796 26,694 20,679 5,222 31,422 681 325 283 391 1,078 18,416 18,008 408 12 25,660 25,614 46 470 934 27,100 20,652 5,225 31,660 687 371 297 375 1,078(18,510 17,891 619 19 25,411 25,392 19 453 ,188 27,087 20,680 5,225 31,754 692 475 316 341 1,074118,340 17,900 440 26 25,734 25,578 156 430 ,199 27,399 20,616 5,225 31,825 686 455 243 337 1,063 18,631 18,225 406 Dec. 3 26,143 26,033 110 580 ,087 27,844 20,609 5,228 32,057 693 465 222 401 1,103 18,740 18,232 508 10 . . 26,282 26,250 32 415 ,11227,847 20,593 5,229 32,218 696 376 232 328 1,191 18,629 18,160 469 17 26,315 26,223 92 519 ,439 28,311 20,576 5,229 32,394 693 428 263 335 1,161 18,844 18,374 470 24 26,272 26,188 84 631 ,944 28,889 20,536 5,231 32,533 684 540 239 328 ,172119,160 18,548 612 31 26,437 26,241 196 808 ,618 28,910 20,526 5,232 32,458 692 521 332 333 1,165 19,167 18,511 656 1959 Jan. 7 26,184 26,090 94 644 ,40128,275 20,534 5,234 32,008 701 446 279 356 1,122 19,131 18,588 541 14 25,922 25,817 105 730 ,01127,708 20,526 5,234 31,710 704 390 297 345 1,121 18,901 18,340 563 21 25,580 25,580 457 ,288 27,368 20,515 5,234 31,385 712 401 357 373 ,118 18,769 18,234 535 28 25,471 25,471 507 ,074 27,094 20,515 5,235 31,150 714 404 298 343 ,118 18,817 18,424 393 Feb. 4 ... 25,673 25,592 81 433 946 27,092 20,476 5,235 31,120 723 442 278 344 ,146 18,749 18,345 404 11 25,657 25,621 36 553 887 27,136 20,476 5,236 31,193 727 364 304 333 ,185118,742 18,189 553 18 25,529 25,523 6 583 960 27,112 20,475 5,238 31,205 741 398 313 391 i ,214118,562 18,120 442 25 25,399 25,394 5 474 1,050 26,965 20,474 5,239 31,111 724 443 308 448 ,255 18,389 17,979 410 Mar. 4 25,355 25,294 61 548 95126,892 20,479 5,241 31,129 721 534 298 339 ,214 18,375 17,957 418 11 ... 25,366 25,331 35 722 849 2266,976 20,448 5,242 31,215 716 454 311 336 ,212;18,421 17,868 553 18 25,471 25,419 52 543 1,000 27,048 20,442 5,244 31,287 727 437 290 340 ,214^18,439 18,051 388 25 25,510 25,461 49 619 9~6" 127,123 20,442 5,246 31,231 714 456 295 339 .218 18,558 18,100 458 Apr. 1 25,494 25,462 32 629 998 27,151 20,442 5,247 31,229 709 523 364 512 ,18118,323 17,855 468 8 25,722 25,484 238 690 914 27,357 20,442 5,250 31,280 709 524 296 348 ,18018,711 18,302 409 15 25,789 25,545 244 721 816 27,357 20,440 5,253 31,365 712 471 279 343 ,18118,698 18,254 444 22 25,544 25,511 33 767 1,130 27,472 20,409 5,254 31,332 705 456 286 362 ,17818,817 18,307 510 29 25,608 25,608 673 900 27,212 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 5,259 31,368 711 542 256 360 ,13618,571 18,213 358 13 26,010 25,940 70 726 79527,563 20,251 5,262 31,505 710 521 269 383 ,13918,550 18,096 454 20 25,935 25,926 9 870 1,15527,989 20,197 5,264 31,515 710 504 280 367 ,24518,829 18,227 602 27 25,905 25,905 675 940 27,548 20,188 5,268 31,473 708 543 281 363 ,24418,393 18,063 330 June 3 25,905 25,905 866 853 27,650 20,188 5,272 31,645 701 548 297 376 ,21918,324 18,021 303 10 25,939 25,939 996 774 27,736 20,141 5,275 31,803 716 476 260 364 ,21818,314 17,886 428 17 25,944 25,944 993 1,02927,994 20,136c5,280 C31,876 715 436 259 361 ,22618,537 18,081 456 24 25,970 25,936 34 894 1,2"5'6 28,147 20,017c5,280 C31,807 626 515 283 349 ,23818,627 18,170 457 July 1. 26,045 26,018 27 938 1,032 28,042 19,712C5,283 C31,852 407 552 296 353 ,19018,386 18,069 317 8. 26,300 26,255 45 1,044 948 28,319 19,704C5,283 c32,105 412 516 278 360 ,18318,452 18,017 435 15. 26,494 26,383 111 1,019 922 28,462 19,695^5,283 C32,194 419 394 269 338 ,18518,640 18,229 411 22. 26,449 26,390 59 929 1,29928,705 19,669C5,283 c32,036 412 460 255 334 ,18318,976 18,488 488 29. 26,459 26,408 51 890 99828,374 19,636*5,284 C31,883 403 559 271 340 ,13718,702 18,353 349 Aug. 26,549 26,440 109 1,034 790 28,399 19,626 5,281 31,922 403 503 277 340 ,16618,696 18,296 400 26,605 26,597 8 1,073 77128,473 19,619 5,282 32,071 401 475 257 343 ,20318,622 18,080 542 19. 26,531 26,525 6 945 1,06528,562 19,601 5,282 32,051 397 638 256 349 ,24618,509*>18,063 M46 26. 26,573 26,518 55 941 950 28,485 19,600 5,283 31,951 395 564 257 321 ,29418,586^18,124 c Corrected. Preliminary. For other notes see following page. 1147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1148 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . t a S l . G B o r o o i v g u u t h g t . - t h s t ecu r a u c H e r g h n i p t r e a d i u e l e s e d e r e s r - - c a D o a a n u n d i c s n d - e t s s Float Total s G to o c ld k T r s o c e t u i r a n u n u e r n g c r y t a - - d y s - - r c C t e c u i i n i u o 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 - r F es F . e e o i R r g r v . - n e B s, a O nk th s er O c F o a . t u h c R - n e t . r s Total r q e u s R i e r e r e v - d e 2 s Exment Averages of daily figures 1958 Aug.. :5,410 25,406 252 85826,554 21,112 5,210 31,268 694 541 274 324 1,19418,580 17,946 634 Sept.. :5,O51 25,051 476 99026,548 20,940 5,215 31,342 691 445 325 325 1,15118,425 17,854 571 Oct.. ;5,296 25,260 425 1,03526,789 20,750 5,220 31,390 685 449 299 352 ,10818,476 17,955 521 Nov.. 15,650 25,562 488 1,03927,211 20,648 5,225 31,732 688 410 276 369 ,06818,540 18,034 506 Dec. :6,312 26,216 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 ,17418,899 18,383 516 1959 Jan... 25,776 25,723 53 574 1,17027,564 20,518 5,234 31,521 709 415 306 353 ,120 18,893 18,396 497 Feb.. 25,532 25,503 29 526 96127,059 20,475 5,238 31,158 729 417 303 378 ,21118,577 18,117 460 Mar.. 25,446 25,400 46 620 95427,055 20,448 5,244 31,227 717 477 312 377 ,20818,429 17,968 461 Apr.. 25,661 25,538 123 694 93727,323 20,403 5,253 31,304 708 505 283 347 ,16818,664 18,247 417 May. 25,920 25,882 38 784 93527,669 20,217 5,265 31,490 708 532 274 369 ,19718,580 18,132 448 June. 25,963 25,949 14 938 1,00927,937 20,030 =5,278 '31,813 632 495 277 359 ,21918,451 18,043 408 July.. 26,422 26,354 68 969 1,02328,441 19,674C5,283 -32,042 411 490 269 344 1,17018,671 18,271 400 Aug.. 26,588 26,548 40 1,008 89128,509 19,596 5,281 31,993 399 546 260 337 1,23918,613 Midyear or year-end 1929—June.... 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933__june 1,998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec 2,484 2,484 7 91 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec 2,254 2,254 3 94 2,361 22,in 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec 24,262 24,262 249 57825,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec... 20,778 20,725 53 67 1,36822,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1955—Dec... 24,785 24,391 394 108 1,58526,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 1956—Dec... 24,915 24,610 305 50 1,66526,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 1957—June.. 23,035 22,994 41 558 1,19924,816 22,623 5,107 31,082 758 498 449 308 1,07518,376 18,543 -167 Dec... 24,238 23,719 519 55 1,42425,784 22,781 5,146 31,834 761 481 356 246 99819,034 19,091 -57 1958—June.. 25,438 25,438 41 75826,283 21,356 5,203 31,172 692 410 269 420 1,09618,784 18,158 626 End of month 1958 Aug 25,346 25,346 555 80526,739 21,011 5,211 31,371 684 540 313 332 1,18418,538 17,860 678 Sept 24,986 24,986 255 86026,130 20,874 5,219 31,245 684 371 258 395 1,12218,147 17,785 362 Oct 25,443 25,373 70 407 78826,675 20,690 5,222 31,386 674 363 288 335 1,079 18,462 18,009 453 Nov 26,229 26,069 160 717 1,02628,006 20,609 5,228 32,036 694 424 226 430 1,03818,994 18,217 777 Dec 26,34^ 26,252 95 64 1,29627,755 20,534 5,234 32,193 683 358 272 391 1,12218,504 18,574 -70 1959 Jan 25,715 25,611 104 46: 97927,197 20,416 5,235 31,125 721 447 274 345 1,11818,878 18,355 523 Feb 25,350 25,295 55 632 99927,020 20,479 5,241 31,129 718 492 310 334 1,21518,540 17,972 568 Mar 25,49' 25,497 327 86226,716 20,442 5,247 31,250 689 398 308 388 1,18018,192 17,815 377 25,703 25,623 80 500 94327,176 20,305 5,257 31,349 711 539 266 341 1,13618,396 18,201 195 May!!!!'.!!!! 25,905 25,905 984 86027,777 20,188 5,273 31,638 694 567 291 369 1,21918,459 17,975 484 June 26,044 26,025 421 84627,337 19,705, 5,279 31,914 394 535 294 363 1,18117,640 18,054 414 July 26,543 26,408 135 1,229 77228,569 19,626 5,280 31,898 397 522 278 337 1,13818,905 18,308 597 26,690 26,650 40 69: 77928,181^19,524^5,273*31,952 ^403 537 252 329 1,260 1'8",245^18,115 0 Aug Wednesday 1959 25,905 25,905 731 81127,473 20,188 5,272 31,687 710 474 354 391 1,218 18,099 18,033 66 June 3 25,944 25,944 906 70027,576 20,137 5,279 31,832 717 414 258 352 1,21718,201 17,914 287 10 25,944 25,944 1,131 1,24128,344 20,135c5,280 C31,830 717 378 278 450 1,23718,869 18,298 571 17 25,919 25,919 909 91127,765 19,771C5,281 C31,746 412 532 337 364 1,23718,188 18,053 135 24 July 1 26,118 26,099 603 88027,627 19.704 C5,283 C31,971 409 567 288 386 ,18117,812 18,151 -339 8 26,344 26,255 1,032 82428,225 19.705 C5,283 C32,183 415 461 262 351 ,18:18,358 17,962 396 15 26,418 26,383 780 1,00928,234 19,681!C5,283 c32,097 421 422 240 335 ,18318,500 18,233 267 22 26,497 26,408 70: 1,06928,294 19,637| C5,283 C31,935 409 451 264 339 ,18:18,635 18,436 199 29 26,459 26,408 51 631 74527,860 19,636 C5,284 C31,849 40: 630 281 337 ,13718,145 18,332 -187 Aug- ii:::::: 2 2 6 6 , , 5 5 5 9 3 8 2 2 6 6 , , 5 5 9 1 7 7 6 5 3 9 1 1 7 7 4 1 1 32 27 7 , , 9 9 5 2 3 2 1 1 9 9 , , 6 6 2 0 6 0 5 5 , , 2 2 8 8 1 2 3 3 1 2 , , 9 0 8 4 7 8 4 40 0 1 5 3 5 8 1 7 4 2 27 7 5 7 3 3 3 6 4 8 , , 2 2 0 0 1 3 1 1 8 8 , , 2 0 3 2 6 6 1 1 8 8 , ,0 2 4 1 3 7 -1 1 7 9 19 26,536 26,493 52 96828,049 19,600 5,282 31,991 39' 517 259 345 ,30618,117pl8,083 26 26,519 26,519 557 76127,858 19,600 5,283 31,887 395 534 284 34: ,25818,041»18,133 * Preliminary. c Corrected. 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 1149 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 b A e n e m l k r l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba o tr n u y k n s - Item and period b m a b A e n e m l k r l s - Ne c w ity ban C ks hi- b s 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—July 18,609 4,132 7,772 5,617 1958—July 656 32 104 515 Aug 18,580 4,014 ,097 7,820 5,651 Aug 635 26 89 516 Sept 18,425 3,951 ,064 7,731 5,679 Sept 571 27 65 474 Oct 18,476 3,935 ,061 7,755 5,724 Oct 521 27 55 433 Nov 18,540 3,883 ,054 7,819 5,784 Nov 506 17 69 420 Dec 18,899 4,033 ,077 7,940 5,849 Dec 516 23 57 430 1959—Jan 18,893 4,031 ,066 7,929 5,868 1959—Jan 497 12 56 428 Feb 18,577 3,968 ,052 7,777 5,780 Feb 460 15 55 390 Mar 18,429 3,994 ,029 7,702 5,704 Mar 461 30 49 381 Apr 18,664 4,008 ,041 7,825 5,790 Apr 417 7 34 372 May 18,580 3,979 ,037 7,792 5,772 May 448 24 64 357 June 18,451 3,933 ,009 7,744 5,765 June 408 7 39 359 July 18,671 3,981 ,028 7,838 5,824 July 400 4 29 366 Week ending: Week ending: 1959—July 22 18,976 4,079 ,052 7,926 5,919 1959—July 22 488 32 425 29 18,702 4,013 ,046 7,867 5,776 29 349 38 303 Aug'ii::::::: 1 1 8 8 , , 6 6 9 2 6 2 3 3 , , 9 8 8 6 7 4 1 1, , 0 0 2 5 5 2 7 7, , 8 8 0 5 1 2 Aug. 1 5 2 4 5 0 4 0 2 4 4 6 8 4 3 6 4 9 5 19 18,509 3,828 1,020 7,791 19 41 26 18,586 3,866 1,034 7,845 5,841 26 42 Required reserves:2 Borrowings at Federal Reserve Banks 1958—July 17,953 4,101 ,084 7,667 5,101 Aug 17,946 3,987 ,094 7,731 5,134 1958—July 109 16 1 49 44 Sept 17,854 3,923 ,058 7,667 5,205 Aug 252 48 3 111 90 Oct 17,955 3,909 ,055 7,700 5,291 Sept 476 106 8 266 96 Nov 18,034 3,866 ,055 7,750 5,364 Oct 425 35 9 253 128 Dec 18,383 4,010 ,070 7,883 5,419 Nov 486 60 16 258 152 Dec 557 103 39 254 162 1959—Jan 18,396 4,018 ,065 7,873 5,440 Feb 18,117 3,953 ,051 7,723 5,390 1959—Jan 557 77 54 279 147 Mar 17,968 3,965 ,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 May 18,132 3,955 ,033 7,728 5,415 Apr 676 96 69 317 194 June 18,043 3,926 1,006 7,705 5,406 May 767 75 44 424 224 July 18,271 3,977 1,028 7,809 5,458 June 921 22 66 574 259 July 957 157 47 510 242 Week ending: Week ending: 1959_july 22 18,488 4,055 1,046 7,893 5,494 29 18,353 4,009 1,041 7,830 5,473 1959—July 22 912 217 489 169 29 890 150 442 260 Aug. 5 18,296 3,983 1,047 7,806 5,460 12 18,080 3,841 1,023 7,753 5,463 ,034 197 557 250 19 2>18,O63 3,839 1,021 7,750 ^5,453 Aug-.!:::::::: ,073 278 497 252 26 ^18,124 3,841 1,026 7,803 ^5,454 19 945 260 435 201 26 940 232 439 233 July1958 Free reserves:2 4 Deposits: 1958—July 546 16 56 471 Aug 383 -22 -22 426 Gross demand deposits: Sept 95 -79 -3 -201 378 Total 119,654 24,432 6,382 47,365 41,475 Oct 96 -8 -3 -198 305 Interbank 14,003 4,442 1,324 6,843 1,393 Nov 20 -43 -16 -189 268 Other 105,651 19,990 5,058 40,521 40,082 Dec -41 -80 -31 -198 268 Net demand deposits 3. . 102,141 21,312 5,622 40,002 35,206 Time deposits 52,643 5,291 1,438 21,342 24,572 1959—Jan -59 -65 -53 -223 281 Demand balances due Feb -47 -28 -26 -195 202 from domestic banks. 7,107 82 131 2,205 4,690 Mar -140 16 -122 -228 194 Apr -258 -89 -64 -284 178 May -318 -51 -41 -360 133 July 1959 June -513 -15 -63 -536 101 July -557 -154 -47 -482 124 Gross demand deposits: Week ending: Total 122,132 24,019 6,140 48,417 43,556 Interbank 12,895 4,097 1,153 6,306 1,339 1959—July 22 -424 -192 -31 -457 256 Other 109,236 19,922 4,987 42,110 42,218 -541 -146 -33 -404 43 Net demand deposits3. . 104,315 20,707 5,303 40,634 37,671 Time deposits 54,818 4,988 1,464 22,086 26,280 -634 -193 -26 -511 95 Demand balances due Aug-!2:::::::: -531 -255 -45 -449 217 from domestic banks. 6,367 76 102 2,042 4,147 19 P-499 -271 -51 -394 26 -207 -28 -397 » 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 * Free reserves are excess reserves less borrowings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1150 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advance (S s e s e e s c . u 1 re 3 d a b n y d e 1 li 3 g a ib ) l i e paper [Sec. 10(b)] obli ( g la a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Aug. 31 beginning— rate Aug. 31 beginning— rate Aug. 31 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 June12,1959 Mar. 13,1959 h 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 Minneapolis.. May 29, 1959 May 29, 1959 Mar. 16,1959 4 Kansas City.. June 5, 1959 June 5, 1959 Mar. 13,1959 41,4 Dallas May 29, 1959 May 29, 1959 Oct. 24,1958 4 San Francisco June 11, 1959 June 11, 1959 Mar. 12,1959 4 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES i MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Range F. R. Range F. R. Net demand deposits 1 Time deposits Date (or level)— Bank Date (or level)— Bank effective all F. R. of effective all F. R. of Apr 1 . 9 1 56 3... 2 B 1/ a 2 n — k 3 s N 2 . 3 4 Y. Apr 1 . 9 1 58 8... 1 B 3 a 4— nk 2 s ^4 N. 1 3 Y 4 . Ef o fe f c c ti h v a e n g d e ate 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 - C r r e e e a c s s n i n e e t t r r d y r v v a e e l C ba o tr n u y k n s - 20... 234-3 234 May 9... 134 134 banks Aug. 24... 234-3 3 Aug. 15... 134—2 13^ 31... 3 3 Sept. 12... l34-2 2 1957 Oct. 24'.'.'. 2 -2% Jr*. 1917—June 21 13 10 7 3 Aug. 9... 3 -3% 3 Nov. 7... 2% 2 2% 1936—Aug. 16 19% 15 10% f 4r% Nov. 2 1 3 5 . . . . . . 3 *% I* 1959 1937— M M a a y r. 1 1 2 2 2 6 34 2* 1 1 2 4 14 Dec. 2... 3 3 Mar. 6... 2%-3 3 1938—Apr. 16 2234 12 Mar. 16... 3 3 Jan. 1 9 2 58 2... 234-3 3 J M u a n y e 2 1 9 2 . . . . . . 3 -3% ig 1 1 9 9 4 4 1 2 — N A o ug v . . 20 1 2 2 6 4 171/i 14 6 6 24... 234-3 ft Sept. 14 22 20 Mar. 7... 214-3 In effect Oct. 3 20 13... 214-234 214 Aug. 31... 3% 3% 21... 214 214 1948—Feb. 27 22 J S u e n p e t. 1 1 1 6,24*.... 2 2 6 4 22 16 VA VA 1 Under Sees. 13 and 13a (as described in table above). For data for 1949_May 1,5* 24 21 15 19 N 41 O - T 5 E 5, . — se T e h B e U ra L t L e E c T h IN a r f g o e r d J b a y n u th a e ry F e 1 d 9 e 5 r 9 a , l p R . e 7 s 6 e . rve Bank of New York on J A u u n g e . 30 1 , , J 1 u 1 ly * . 1 . * .. . WA 2 1 0 % 1 1 4 3 6 5 6 repurchase contracts against U. S. Govt. securities was the same as its dis- Aug. 16,18*.... 19 12 5 count rate except in the following periods (rates in percentages): 1956— Aug. 25 g* I8I/2 Aug. 24-29, 2.75; and 1957—Aug. 22, 3.50. Sept. 1 18 1951_jan. 11,16*.... 23 19 13 6 6 Jan. 25, Feb. 1*. 24 20 14 1953—July 1,9* 22 19 13 MARGIN REQUIREMENTS 1 1954—June 16,24*.... 21 5 5 July 29, Aug. 1* 20 18 12 [Per cent of market value] 1958—Feb. 27, Mar. 1* 8* i?" 11" Jan. 16, Aug. 5, Effec- A M p a r r . . 2 1 0 7 , Apr. 1* I?4 Prescribed in accordance with 1958- 1958- tive Apr. 24 16% Securities Exchange Act of 1934 Aug. 4, Oct. 15, Oct. 16, 1958 1958 1958 In effect Sept. 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 10 10 7 3 3 For short sales 50 70 90 Maximum 22 22 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 1151 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1959 1959 1958 Aug. 26 Aug. 19 Aug. 12 Aug. 5 July 29 Aug. July Aug. Gold certificate account 18,371,140 18,371,14218,371,14218,396,14218,406,14118,296,14018,396,142 19.555,892 930,661 930,794 932,755 934,264 936,862 930,661 936,862 868,402 Redemption fund for F. R. notes., Total gold certificate reserves. 19,301,801 19,301,93619,303,89719,330,406 19,343,00319,226,80119,333,004 20,424,294 F. R. notes of other Banks 419,775 383,411 353,404 351,989 387,985 408,642 378,438 329,677 Other cash 389,437 386,381 377,453 380,607 392,324 388,262 398,780 374,475 Discounts and advances: F F o o r r n m o e n m m b e e m r b b e a r n k b s anks, etc 55 5 1 , , 0 7 0 27 0 524,092 591,264 630,720 631,370 691, 7 2 0 6 0 0 1,228,628 554,588 Industrial loans 341 Acceptances—Bought outright 20,553 "20^554 "22^247 "24^500 "25 ^ 397 20,104 ' "25^68 32,547 Held under repurchase agreement. 582 U. S. Government securities: Bought outright: Bills 2,517,800 2,492,200 2,595,700 2,516,400 2,406,900 2,649,400 2,406,900 1,345,060 Certificates—Special Other 10,506, 10,506,99310,506,99310,506,99318,649,72610,506,99318649,726 21 507,291 Notes 11,010; 11,010,29811,010,29811,010,298 2,867,56511,010,298 867,565 10,000 Bonds 2,483; 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 483,771 Total bought outright 26,518,86226,493,262 26,596,76226,517,462 26,407,962 26650,462 26.407,962 25,346,122 Held under repurchase agreement. 42,900 1,500 35,900 51,000 39,250 135,211 Total U. S. Government securities. 26,518,862 26,536,162 26,598,26226,553,362 26,458,962 26,689,712 26,543,173 25,346,122 Total loans and securities 27,096,142 27,080,808 27,211,77327,208,582 27,115,72927,402,35827,796,909 25,933,598 Due from foreign banks. 15 15 15 15 15 15 15 Uncollected cash items.. 4,953, 5,732,133 5,391,342 ,809,442 ,020,430 4,337,366 4,476,035 ,194,129 Bank premises 96! 96 942 96,185 96,156 96,199 96,578 95,985 89,858 Other assets 140; 122,903 209,989 192,553 240,961 152,490 244,972 124,509 Total assets. 52,397,69553,104,529 52,944,058 52,369,750 52,596,646 52,012,51252,724,13851,470,555 Liabilities Federal Reserve notes 27,510,494 27,576,906 27,601,174 27,548,965 27,454,488 27,580,799 27,499,084 26,960,980 Deposits: Member bank reserves 18,041,265 18,117. 18,026,34218236,49518,144,92118,245,24518,904,81718,537,527 U. S. Treasurer—general account. 533,534 516; 514,362 386,911 629,507 537,073 521,839 540,136 Foreign 283,663 258; 274,989 277,065 281,150 252,400 277,545 313,238 Other 342,114 344; 367,875 334,067 336,866 329,490 337,360 332,022 Total deposits. 19,200,576 19,237,736 19,183,568 19,234,538 19,392,444 19,364,208 20,041,56119,722,923 Deferred availability cash items. 4,191,800 4,764. 4,650,121 4,096,099 4,275,789 3,558,470 3,704,315 3,388,779 Other liabilities and accrued dividends. 38,722 37; 38,861 36,878 36,018 40,578 37,874 17,352 Total liabilities. 50,941,592 51,616,640 51,473,724 50,916,480 51,158,739 50,544,055 51,282,834 50,090,034 Capital Accounts Capital paid in 382,484 381,807 381,028 380,872 380,820 382,485 380,826 355,913 Surplus 868,410 868,410 868,410 868,410 868,410 868,410 868,410 ^36,741 Other capital accounts 205,209 237,672 220,896 203,988 188,677 217,562 192,068 187,867 Total liabilities and capital accounts. 52,397,695 53,104,529 52,944,058 52,369,750 52,596,646 52,012,51252,724,138 51,470,555 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 41.3 41.2 41.3 41.3 41.3 41.0 40.7 43.8 Contingent liability on acceptances purchased for foreign correspondents 73,133 74,415 70,798 73,019 74,621 71,650 73,853 90,807 Industrial loan commitments 350 350 355 355 355 350 355 1,036 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advance; -total. 556 524 591,264 630,720 631,370 691,960 1,228,628 554,588 Within 15 days 547; 516 583,153 618,009 621,421 681,411 1,205,622 550,783 16 days to 90 days 9; 7,891 12,479 9,713 9,674 22,770 3,805 91 days to 1 year 220 232 236 875 236 Industrial loans—total 341 Within 15 days 179 16 days to 90 days 20 91 days to 1 year 63 Over 1 year to 5 years 79 Acceptances—total 20. 20, 554 22,247 24,500 25,397 20,686 25,108 32,547 Within 15 days 5; 5,864 5,317 5,590 7,246 6,888 6,068 9,296 16 days to 90 days U; 690 16,930 18,910 18,151 13,798 19,040 23,251 U. S. Government securities—Total. 26,518; 26,536', 162 26,598,262 26,553,362 26 458,962 26,689,712 26 543,17325,346,122 Within 15 days 310; "~ 110 466,050 509,340 631,323 170,710 ,595,034 151,710 16 days to 90 days 6,396; 6,275;300 ,288,550 ,205,860 1,174,710 699,850 ,308,210 ,193,350 91 days to 1 year 11,817; 11,807,683 11,349,593 11,344,093 11,301,593 11,825,083 11,288,593 21,507,291 Over 1 year to 5 years 6,523; 6,523,91212;023,912 12,023,912 3,881,179 6,523,912 ,881,179 ,023,614 Over 5 years to 10 years 410; 410,385 410,385 410,385 410,385 410,385 410,385 83,910 Over 10 years 1,059; 1,059,772 059,772 1,059,772 1,059,772 1,059,772 ,059,772 ,386,247 1 Includes, prior to Sept. 2, 1958, Section 13b surplus of $27,543,000. 2 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1152 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1959 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Assets Gold certificate account 845,138 4,937,549 1,022,8421,619,472 994,238 873,2083,150,810 672,627 381,303 639,843 697,554 2,461,556 Redemption fund for F. R. notes 55,770 192,028 60,259 84,932 78,044 57,491 176,075 42,767 23,328 43,986 29,671 86,310 Total gold certificate reserves 900,908 5,129,5771,083,1011,704,404 1,072,282 930,6993,326,885 715,394 404,631 683,829 727,225 2,547,866 F. R. notes of other Banks.. 46,709 69,014 37,400 20,046 32,505 67,974 26,972 10,127 29,999 22,263 15,479 30,154 Other cash 27,508 68,335 24,215 35,817 24,631 38,132 59,461 23,936 8,220 13,908 13,243 50,856 Discounts and advances: Secured by U. S. Govt. securities 21,300 132,765 37,605 83,150 43,767 98,165 60,470 24,650 47,350 90,336 20,285 25,450 Other 39 5,196 46 63 35 33 431 26 657 27 36 78 Acceptances: Bought outright 20,104 Held under repurchase agreement 582 U. S. Govt. securities: Bought outright 1,444,855 6,706,642 1,519,7692,307,3441,707,9751,404,586 4,611,9161,083,874 607,018 1,148,7681,063,726 3,043,989 Held under repurchase agreement 39,250 Total loans and securities. .. 1,466,194 6,904,5391,557,420 2,390,5571,751,7771,502,784 4,672,817 1,108,550 655,0251,239,1311,084,0473,069,517 Due from foreign banks.... 1 14 1 1 1 1 2 1 1 1 Uncollected cash items 339,582 796,096 287,389 387,149 340,555 353,947 710,681 163,317 123,451 189,358 193,722 452,119 Bank premises 4,428 10,078 4,104 9,331 6,832 9,601 13,453 6,906 5,115 4,692 9,559 12,479 Other assets 8,029 36,865 8,387 13,338 9,576 9,048 25,617 6,348 3,455 7,439 6,130 18,258 Total assets. 2,793,359 13,014,508 3,002,017 4,560,6433,238,159 2,912,186 8,835,8882,034,579 1,229,8962,160,6212,049,406 6,181,250 Liabilities F. R. notes 1,583,999 6,424,902 ,736,4762,529,5732,075,7231,510,456 5,260,0311,203,057 609,051 1,108,518 794,780 2,744,233 Deposits: Member bank reserves 748,166 5,081,703 855,96519442,744 778,865 955,3192,823,651 618,549 419,309 813,891 985,3662,721,717 U. S. Treasurer—general account 33,569 80,784 30,451 35,252 44,587 37,683 42,248 40,757 25,846 45,166 43,471 77,259 Foreign 12,980 382,480 15,576 21,240 11,800 11,092 34,928 8,732 5,664 9,204 12,272 26,432 Other 365 273,908 2,055 1,167 2,359 1,478 386 468 476 1,664 1,130 44,034 Total deposits 795,080 5,518,875 904,0471,500,403 837,6111,005,5722,901,213 668,506 451,295 869,9251,042,239 2,869,442 Deferred availability cash items 329,024 660,405 262,869 394,820 246,145 322,911 450,065 104,768 132,316 121,581 135,924 397,642 Other liabilities and accrued dividends 2,785 10,260 2,058 3,885 2,215 2,139 6,420 1,490 1,324 1,676 1,511 4,815 Total liabilities 2,710,88812,614,442 2,905,450 4,428,6813,161,694 2,841,078 8,617,7291,977,8211,193,9862,101,700 1,974,454 6,016,132 Capital Accounts Capital paid in 18,975 109,746 22,753 36,003 17,137 19,663 52,190 12,733 8,686 15,600 21,926 47,073 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. 13,380 51,418 14,207 19,316 14,482 11,971 33,810 10,279 6,439 10,386 9,590 22,284 Total liabilities and capital accounts 2,793,359 13,014,5083,002,017 4,560,6433,238,159 2,912,186 8,835,888 2,034,5791,229,896 2,160,6212,049,406 6,181,250 Reserve Ratio. 37.9 42.3 36.8 37.0 40.8 38.2 38.2 34.6 39.6 45.4 Contingent liability on acceptances purchased for foreign correspondents 4,020 419,018 4,825 6,579 3,655 3,436 10,819 2,705 1,754 2,851 3,801 8,187 Industrial loan commitments. 10 340 . 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $52,632,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $169,920,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1153 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month 1959 1959 1958 Aug. 26 Aug. 19 Aug. 12 Aug. 5 July 29 Aug. July Aug. F. R. notes outstanding (issued to Bank)... 28,494,38228,489,354 28,480,370 28,382,57128,439,603 28,556,383 28,414,500 27,827,273 Collateral held against notes outstanding: Gold certificate account 10,750,00010,750,00010,750,000 10,750,00010,750,00010,750,00010,750,00011,593,000 Eligible paper 79,185 69,282 79, 103,860 121,960 152,590 241,260 89,245 U. S. Government securities 18,910,00018,910,00018,810,000 18,810,00018,810,00018,910,00018,810,00017,520,000 Total collateral 29,739,18529,729,282 29,639,285 29,663,860 29,681,960 29,812,590 29,801,260 29,202,245 EACH FEDERAL RESERVE BANK ON AUGUST 31, 1959 Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m 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 - F. R. notes outstanding (issued to Bank) 1,656,790 6,662,274 1,790,3862,591,782 2,152,186 1,576,853 5 376,618 1,255,576 626,091 1,140,283839,1432,888,401 Collateral held: Gold certificate acct.. 580,0002,920,000 640,000 920,000 670,000 500,000 2 000,000 430,000 200,000 300,000 290,0001,300,000 Eligible paper 37,605 24,665500 90,335 U. S. Govt. securities. 1,150,000 4,000,000 1,200,000 ,750,000 1,500,0001,200,0003,566^666 935,"0"0"0 450,000 850,0"0""0 575^666i ^ 8oo * 666 Total collateral 1,730,000 6,920,000 ,877,605 2,670,000 2,170,000 1,700,000 5,500,000 1,389,650 650,0001,240,335 865,000 3,100,000 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 f r N b u A e m r a p - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r A e o o t o t v m p e n u ^e d - o n d 1 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 ( s C a t m a m o o n m e u o d n t u m i - t n n s i g t t ) - o ( i s n a P p f t t a u m g a a o f n t t r i i o u i i n d t o o n i u t a i c - n n s n n n i t s s g - c t i ) - - 3 y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a A r a n iz t s m e ed ount am To o t o u a u n l t t L st o a a n n d s g P in u o t g a e r e t r i a d o n n - a u o a A b n v n u o a d t a d t m e m s r i d e e r l t i r e a a o o t n b a n i w u g o g t l d n s e u e n r i t r e a n a s t e r g l o - - 1953 3,765 803,429 1,951 1,900 3,569 3,649 1953 1,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 1,367 2,500 472 368 273 1955 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956 3,782 832,550 794 2,365 1,129 1956 1,468 2,761 389 289 125 1957 3,786 841,290 524 1,109 1,122 1957 1,503 2,912 395 300 135 1958 1958 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 June 3,787 843,321 328 360 381 June 1,557 3,170 317 240 137 July 3,787 843,321 327 355 380 July 1,557 3,170 323 244 129 1 Includes applications approved conditionally by the Federal Reserve 1 Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by Federal Reserve Bank commitment to purchase or NOTE.—The difference between guaranteed loans authorized and sum discount. of loans outstanding and additional amounts available to borrowers NOTE.—The difference between amount of applications approved and under guarantee agreements outstanding represents amounts repaid, the sum of the following four columns represents repayments of advances, guarantees authorized but not completed, and authorizations expired or and applications for loans and commitments withdrawn or expired. withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1154 BANK DEBITS MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [Per cent per annum] [In effect Aug. 31] Nov. 1, Feb. 1, Jan. 1, Effec- Fees Payable to Guaranteeing Agency by Financing 1933- 1935- 1936- tive Institution on Guaranteed Portion of Loan Type of deposit Jan. 31, Dec. 31, Dec. 31, Jan. 1, 1935 1935 1956 1957 Guarantee fee Percentage of Percentage of (percentage of any commitment Savings deposits 3 21/2 2i/2 3 loan guaranteed interest payable fee charged by borrower) borrower Postal savings deposits 3 2i/2 21/2 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 a th n y a t s h n t s o 9 o 0 6 r d m m a o y o s r n e ths.... 3 3 3 2 2 21 i i / / / 2 2 2 2i/2 2 3 1/2 7 8 8 5 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 deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Year or month Without seasonal adjustment Seasonally adjusted 3 Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers1 centers2 City centersl centers2 City centers * centers2 1951 , 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1958 2,439,754 958,721 487,443 993,590 53.6 30.0 22.9 1958—May 195,116 77,315 38,645 79,156 51.2 28.2 22.0 52.0 28.2 22.1 June 219,465 95,473 41,228 82,765 65.7 31.4 23.8 62.7 30.7 23.5 July. 206,524 82,214 40,701 83,609 54.8 29.6 22.9 55.9 30.0 22.9 Aug. 185,849 68,620 37,942 79,287 46.4 27.4 21.7 51.6 29.4 22.7 Sept. 195,205 70,887 40,520 83,798 49.4 30.3 23.6 50.1 30.7 23.3 Oct.. 212,894 79,620 43,594 89,680 50.1 29.8 23.1 52.6 31.6 23.7 Nov. 183,092 64,804 38,224 80,064 47.4 30.0 23.8 47.4 29.4 22.6 Dec. 238,975 92,711 48,690 97,573 58.2 33.2 24.9 52.4 32.2 23.8 1959—Jan.. 221,969 86,507 44,505 90,957 54.0 30.3 23.2 53.1 31.0 23.2 Feb. 195,779 74,346 39,635 81,798 54.1 31.0 24.1 53.6 31.4 24.2 Mar. 223,383 84,710 47,485 91,188 54.5 34.2 24.0 53.1 31.6 24.3 Apr. 226,377 88,049 46,955 91,372 56.2 33.9 23.9 57.3 32.9 24.6 May 216,017 80,725 44,646 90,645 54.9 32.9 24.8 55.7 32.9 24.9 June 228,615 86,598 46,429 95,588 56.8 32.7 25.0 54.2 32.0 24.7 July. '235,645 89,600 '48,422 '97,622 58.4 33.6 25.4 59.5 34.1 25.4 Aug. 208,131 75,233 43,265 89,634 50.0 P30.4 *>23.4 55.6 2*32.6 P24.5 v 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 1155 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 262 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 . . 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31,834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,111 5,752 280 384 3 13 1958—July 31,171 22,134 2 108 1 376 81 2,064 6 450 10,056 9 037 2 705 5 671 274 376 3 8 Aug 31,371 22,296 2,117 1,398 80 2,082 6,502 10,117 9,075 2,711 5,703 274 376 3 8 Sept 31,245 22,154 2,127 1,417 80 2,072 6,433 10,025 9,091 2,704 5,726 274 376 3 8 Oct 31,386 22,264 2,142 1,426 80 2,091 6,477 10,048 9,122 2,707 5,759 273 371 3 8 Nov 32,036 22,832 2,163 1,457 80 2,154 6,683 10,294 9,205 2,739 5,808 273 373 4 9 Dec 32,193 22,856 2,182 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 80 2,075 6,410 9,968 9,139 2,704 5,789 270 366 3 8 Apr 31,349 22,209 2,175 1,429 80 2,083 6,452 9,989 9,140 2,710 5,787 269 363 3 8 May 31,638 22 479 2 193 1 447 81 2,112 6,534 10,112 9 158 2 721 5 796 269 361 3 8 June 31,914 22,731 2,215 1,449 83 2,117 6,584 10,282 9,184 2,742 5,808 265 357 3 8 July 31,898 22,721 2,224 1,436 82 2,104 6,562 10,312 9,178 2,742 5,804 266 355 3 8 i Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation i Held bv Total out- F. R.' Kind of currency s J t u a 1 l n y 9 d 5 3 i 9 n 1 g , A g a s o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n n o R d k r . s B ag a a e n n n d k t s s Ju 1 ly 9 5 3 9 1, Ju 1 n 9 e 5 3 9 0, Ju 1 ly 9 5 3 8 1, certificates agents Gold 19,626 19,364 2262 Gold certificates 19,364 16,517 2,816 3i 31 32 Federal Reserve notes . . 28,414 83" 1,294 27,037 27,029 26,366 Treasury currency—total 5,280 ^2,414 51 399 4,830 4,855 4,773 Standard silver dollars 488 162 29 9 288 285 270 Silver bullion ... 2,251 2,251 Silver certificates and Treasury notes of 1890.. . . 32,414 287 2,127 2,156 2,173 Subsidiary silver coin 1,497 14 64 1,419 1,415 1,349 Minor coin 530 3 9 517 514 489 United States notes 347 5 28 313 316 314 Federal Reserve Bank notes 110 (4) 1 109 110 119 National Bank notes 57 (4) (4) 57 57 59 Total July 31 1959 (5) 21,778 397 16,517 4,508 31,898 June 30 1959 (5) 21.863 394 16,601 4,351 31,914 July 31 1958 (5) 23,076 685 17,805 4,437 31,171 1 Outside Treasury and Federal Reserve Banks. Includes any paper receipt); (3) as security for outstanding silver certificates—silver in bullion currency held outside the continental limits of the United States. Totals and standard silver dollars of a monetary value equal to the face amount for other end-of-month dates are shown in table above; totals for Wednes- of such silver certificates; and (4) as security for gold certificates—gold day dates, in table on p. 1148. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of 4 Less than $500,000. the Federal Reserve Act, or of direct obligations of the United States. 5 Because some of the types of currency shown are held as collateral or Each Federal Reserve Bank must maintain a reserve in gold certificates of reserves against other types, a grand total of all types has no special at least 25 per cent against its Federal Reserve notes in actual circulasignificance and is not shown. See NOTE for explanation of duplications. tion. Gold certificates deposited with Federal Reserve agents as collat- NOTE.—There are maintained in the Treasury—(1) as a reserve for eral, and those deposited with the Treasury of the United States as a United States notes and Treasury notes of 1890—$156,039,431 in gold redemption fund, are counted as reserve. Gold certificates, as herein bullion; (2) as security for Treasury notes of 1890—an equal dollar amount used, includes credits with the Treasurer of the United States payable in standard silver dollars (these notes are being canceled and retired on in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1156 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, Date Gold T s r t c o e u r i a u n n e u r n a g r y c t d - - s y - - Total Lo n a e n t s, Tot U al . S. G m o C v e a o r n e m c 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 n T a i i a n e a p t o n i t b e i e t — d t t i a s a l 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 ',899 20,670 244,135 224,943 19,193 1956—Dec. 31. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 ,723 20,461 250,757 230,510 20,246 1957—Dec. 31. 22,781 5,146 229,470 115,157 91,370 65,792 24,238 ,340 22,943 257,397 236,372 21,023 1958—June 23. 21,356 5,204 240,451 116,842 97,849 71,611 25,000 ,238 25,760 267,011 244,131 22,880 Aug. 27. 21,100 5,200 241,100 115,300 100,000 73,500 25,200 ,300 25,800 267,400 243,400 24,100 Sept. 24. 20,900 5,200 240,400 115,900 98,200 72,100 24,900 ,200 26,300 266,500 242,600 23,900 Oct. 29. 20,700 5,200 243,300 117,000 100,100 73,500 25,400 ,200 26,200 269,200 245,100 24,100 Nov. 26. 20,600 5,200 246,200 118,200 102,000 75,000 25,800 ,200 26,000 272,000 248,200 23,800 Dec. 31. 20,534 5,234 249,082 121,602 101,207 73,641 26,347 ,219 26,273 274,850 252,022 22,829 1959__jan. 28. 20,500 5,200 247,300 119,800 101,500 74,900 25,400 ,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 ,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 ,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 ,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 ,200 26,400 273,400 249,200 24,200 June 24* 19,800 5,300 247,900 126,600 94,900 67,900 25,900 ,200 26,300 273,000 249,100 23,800 July 29* 19,600 5,300 250,100 128,200 95,700 68,100 26,500 ,100 26,300 275,100 251,200 23,900 Aug. 26*> 19,600 5,300 250,600 129,500 94,900 67,200 26,500 ,100 26,200 275,500 250,900 24,600 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o n d a i s e g e n i - t n t k s, T h c i 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 R t ks . Total Total m T b C i e a o m r n m c k e i a s - d l e M p s b a o a u v s n t i i n u k ts g a s 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 T e r j a p m o r u n o e s t a d s n a t n e i l c t d d y s j m p u D o a d s a e d s e t n - i - e - t d d s b r C o e s a i n u u n d c t r k e - - y s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31.. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30.. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,800 24,500 1955—Dec. 31.. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 10099,914 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 1,647111,391 28,335 134,400 106,700 27,700 1957—Dec. 31.. 3,270 761 4,179 481 227,681 89,126 56,139 31,662 1,325110,254 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 1,214 106,169 27,790 135,400 107,400 28,000 Aug. 27.. 3,900 700 5,800 500 232,500 97,000 62,700 33,100 1,200107,500 28,000 137,300 109,200 28,100 Sept. 24.. 3,800 700 4,500 500 233,100 97,200 62,700 33,300 1,200108,100 27,900 136,700 108,900 27,800 Oct. 29.. 3,800 700 3,700 500 236,400 97,500 62,900 33,400 1,200111,000 28,000 138,100 110,200 27,900 Nov. 26.. 3,700 700 5,900 500 237,500 96,800 62,100 33,500 1,100111,900 28,800 138,800 110,600 28,200 Dec. 31.. 3,870 683 4,558 358 242,553 98,306 63,166 34,006 1,134115,507 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 1,100113,800 27,600 138,500 110,700 27,800 Feb. 25.. 3,700 700 4,500 500 237,700 98,700 63,700 34,000 ',100111,300 27,700 139,100 111,200 27,900 Mar. 25.. 3,900 700 3,900 500 237,600 99,500 64,100 34,300 ,100110,300 27,900 140,300 112,200 28,100 Apr. 29*, 3,700 700 4,600 500 240,300 99,900 64,500 34,300 100 112,500 27,900 140,700 112,500 28,200 May 27* 3,700 700 5,200 500 239,100100,300 64,900 34,400 100 110,700 28,100 140,900 112,600 28,300 June 24* 3,600 400 4,700 500 239,900100,900 65,300 34,600 100 110,700 28,300 140,900 112,500 28,400 July 29* 3,400 400 5,000 600 241 800100,800 65,200 34,600 ,000112,600 28,400 142,600 114,100 28,500 Aug. 26*> 3,300 400 6,000 500 240 101,200 65,500 34,700 ,000111,100 28,400 141,300 112,900 28,400 NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in other securities and xcludes interbank time deposits; U. IS. Treasurers time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, ^ Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957, pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1157 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank2 Other Cla a s n s d o d f a b te ank Total Loans o G U bl o . i v g S a t . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b a i a l l p i n i a t i d i t - e a l s Total2 De- Demand r B i o n o w g r s - - c T a o p t i a ta l l N ba b u o n e m f r ks tions co a u c n - ts3 mand Time U.S. Time Other Govt. All banks: 1939—Dec. 30. . 50,884 22,165 19,417 9,302 77. 68,242 9,874 32,516 25,852 26 8,194 5,035 1941—Dec. 31.. 61,126 26,615 25,511 8,999 90; 81,816 10,982 44,355 26,479 23 8,414 4,826 1 1 1 1 9 9 9 9 4 4 5 5 5 7 6 0 — — — — D D D D e e e e c c c c . . . . 3 3 3 3 1 1 1 0 4 . . . . . . . 4 4 9 3 0 7 8 4 , , , , 2 0 0 9 2 6 2 2 7 3 1 4 4 3 6 1 3 0 0 0 , , , , 0 3 3 0 0 6 8 7 2 2 6 9 0 7 6 8 6 1 2 1 , , , , 5 2 1 8 2 9 8 9 3 9 8 4 2 0 4 8 0 , , , ; 7 5 7 4 4 7 6 2 1 1 7 3 4 4 9 1 , , 6 0 4 8 1 6 2 1 1 7 5 9 7 0 5 1 7 ; ; 0 7 3 3 9 7 1 3 1 0 7 2 22 6 6 7 7 1 5 5 , , , , 5 8 2 6 6 4 9 1 5 6 6 2 2 6 3 , , , 1 7 5 1 3 9 7 4 3 3 7 ,06 1 5 , 4 2 4 6 4 6 2 0 2 2 3 1 , , , 1 8 7 3 0 0 3 4 5 9 6 6 ,9 1 1 9 3 2 0 4 5 5 1 , , , 3 3 9 8 0 3 1 8 6 4 8 5 5 5 0 3 6 , , , , 6 9 1 5 0 1 0 1 8 3 5 3 2 7 9 6 2 8 0 6 7 1 . 0 9 1 3 , , , , 5 9 2 8 4 4 4 3 8 9 2 71 4 4 4 4 , , , , 5 1 7 6 5 6 1 5 3 7 4 0 1957—Dec. 31.. :03,849 15,115 65,792 222,94349,318257,864233,020 5,636 1,386 3,903123,99388,102 8020,428 4,090 1958—June 23 . . 115,179 17,808 71,611 760 44;423264,525 237,204 3,789 2,497 9,209117,11394,596 1,13721,359 4,055 Aug. 27. . 15,740 16,390 73,510 840 42110 262,700234,940 4,150 2,380 5,490116,83096,090 1,30021,54014,036 Dec. 31. . :21,485 21,571 73,641 ,273 49911276;430 250; 5,799 2,374 4,253130132 97,498 8121,70514,020 1959—Jan. 28 . . 21,920 21,030 74,850 ,040 43200270 100 241 110 2,410 4,490 124240 97,580 1,77021,78014,030 Feb. 25. . 120,340 21,370 72,880 ,090 43560268;750239,740 2,850 2,290 4,150 122520 97,930 2,21021,86014,022 Mar. 25.. 119,690 .22,850 70,580 ,260 42240266,8802381/5"0 ,030 2,340 3,590120480 98,710 2,05021,980"4,012 Apr. 29*. 122,500 124,990 70,920 ,590 43340270,920242,,'050__,83O 2,360 4,280123470 99,110 2,09022,110 144,009 May 27*. 222,570 126,360 69,780 ,430 42630270;290 240,90012,700 2,230 4,840121520 99,610 2,26022,25014,000 June 24*. 222,710128,510 67,880 26,320 42;,970270,770241,,04012,800 2,070 4,400121560 100,210 2,80022,29013,997 July 29*. 224,530130,170 68,070 26,290 42^56600 272^90 242,52012,560 2,030 4,680123, 190 100,060 2,65022,44013,994 Aug. 26». 225,260'31,810 67,230 26,220 42,530 272,890 242,45012,830 1,950 5,680121,510 100,480 2,87022,63013,996 All commercial banks: 1939—Dec. 30... 17,238 16,316 7,114 12,474 65,216 57, 9,874 32,513 15,331 26 6,88514,484 1941—Dec. 31. .. 21,714 21,808 7; 26,551 79,104 7i; 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31. .. 26,083 90,606 7; 34,806160,312150, 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 31*.. 38,057 69,221 9 006 37,502155,377144,103 792 240 1,343 94,36735,360 6510,05914,181 1950—Dec. 30... 52,249 62,02712399 40,289168,932155,265 577 462 2,806 917 36,503 9011,590 1144,121 1956—Dec. 31. .. 90,302 58,55216;269 48,720217,460197,515 133 1,460 3,733 282 50,908 7516,30213,640 1957—Dec. 31... 93,899 58,23917,93048,428222,696201,326 636 1,385 3,898123,96756,440 7717,36813,568 1958—June 23. .. 95,571 64,19420,14043,507227,847 204,335 789 2,495 9,205117,08661,759 ,13618,17813.535 Aug. 27... 93,760 66,06020,17041,270225,620201,840 150 2,380 5,490116,80063,020 ,30018,31013,517 Dec. 31. .. 98,214 66,376 20,57548,990238,651216,017 799 2,372 4,250 130,10463,493 7318,48613,501 1959—Jan. 28. .. 97,710 67,530 380 42,400232,470207,96013,110 2,410 4,490 124,21063,740 1,770 18,57013,512 Feb. 25 . .. 97,890 65,520 430 42,740230,900205,760 850 2,290 4,150 122,49063,980 2,210 18,62013,504 Mar. 25 . .. 99,190 63,160 ; 590 41,380228,710203,850 030 2,340 3,590120,45064,440 2,050 18,73013,494 Apr. 29*.. 101,190 63,54020,900 42,590232,760207,750 830 2,360 4,280 123,44064,840 2,090 18,87013,491 May 27*.. 102,360 62,39020,75041,880231,910206,480 700 2,230 4,840121,49065,220 2,260 18,97013,482 June 24*.. 104,320 60,57020,620 42,170232,220206,420 800 2,070 4,400 121,53065,620 2,800 18,99013,479 July 29*.. 105,810 60,79020,62041,840233,710207,940 560 2,030 4,680 123,16065,510 2,650 19,13013,476 Aug. 26*>. . 107,240 59,98020,55041,800234,110207,770 830 1,950 5,680121,48065,830 2,870 19,30013,478 All member banks: 1939—Dec. 30. . 33,94 13,962 14,328 5,65119, 49 9,257 154 743 27,- 11,699 5,52 6,362 1941—Dec. 31.. 43,52 18,021 19,539 5,96123; 61 10,385 140 709 37, 12,347 4 5,886 6,619 1945—Dec. 31.. 107,183 22,775 78,338 6,07029;845138,304129,67013,576 64 22179 69,( 24,210 208 7,589 6,884 1947_Dec. 31.. 97,846 32,628 57,914 7,30432,845132,060122,52812,353 50 ,176 80,i 28,340 54 8,464 6,923 1950—Dec. 30. . 107,424 44,705 52,36510,35535,524144,660133,08913,106 341 ,523 87,' 29,336 79 9,695 6,873 1956—Dec. 31.. 138,768 78,034 47,57513,15942,906184,874167,90615,567 1,289 3,292106,85040,909 4813,655 6,462 1957—Dec. 31.. 142,353 80,950 47,07914,32442,746188,828170,63715,082 1,246 3,472105,54'45,290 5714,554 6,393 1958—June 23 . . 151,589 82.146 53,16516,27738,489194,003173,90413,274 2,266 8,658 49,893 1,07815,181 6,357 Aug. 27. . 151,259 80,299 54,63416,32636,229191,358171,01213,594 2,153 4,992 50,861 1,21315,299 6,341 Dec. 31. . 154,865 84,061 54,29916,504 43,188202,017182,81615,227 2,187 3,822110,44851,132 5415,460 6,312 1959—Jan. 28 . . 155,054 83,588 55,13616,33037,336196,333175,36412,619 2,224 3,979105,22051,322 1,684 15,509 6,302 Feb. 25. . 153,504 83,728 53,40316,37337,681195,014173,45912,394 2,102 3,716103,74951,498 2,083 15,556 6,295 Mar. 25. . 152,81 84,882 51,39216,53936,382193,065171,78512,582 2,155 3,203101,98851,857 1,949 15,642 6,289 Apr. 29*. 155,151 86,659 51,66916,82237,533196,711175,32312,371 2,175 3,863104,68852,226 1,944 15,779 6,291 May 27*. 155,067 87,660 50,73116,67636,935195,986174,22512,253 2,046 4,365103,008 52,5532,097 15,856 6,292 June 24*. 155,007 89,301 49,16416,54237,171196,182174,07312,357 1,889 3,943102,99252,892 2,619 15,875 6,279 July 29*. 156,55.r 90,697 49,34016,52136,765197,411175,344 12,119 1,842 4,250104,39052,743 2,500 15,980 6,271 Aug. 26^. 156,58! 91,779 48,39016,42036,622197,190174,65512,355 1,767 5,087102,62752,823 2,696 16,090 6,263 All mutual savings banks: 1939—Dec. 30 10,216 4,92' 3,10 2,188 818 11,852 10,524 10,521 1,309 551 1941_Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945_Dec. 31 16,20r 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947_Dec. 314 18,64 4,944 11,978 1,718 88 19,71 17,763 17,745 1,889 533 1950—Dec. 30 21,34< 8,137 10,868 2,342 797 22,385 20,031 20,009 2,247 529 1956—Dec. 31 31,94C 19,777 7,971 4,192 920 33,311 30,032 30,001 2,947 527 1957_Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 31,662 3,059 522 1958 -June 23 35,274 22,23' 7,417 5,620 91 36,678 32.869 32.837 3,181 520 Aug. 27 35,750 22,630 7,450 5,670 84C 37,080 33,1OC 33,070 3,230 519 Dec. 31 36,32C 23,357 7,265 5,698 92 37,779 34,04C 34,006 3,219 519 1959—Jan. 28 36,3OC 23,320 7,320 5,660 80C 37,630 33,87C 33,840 3,210 518 Feb. 25 36,50C 23,480 7,36C 5,660 82C 37,850 33,98C 33,950 3,240 518 Mar. 25 36,75C 23,660 7,420 5,670 86C 38,170 34,30C 34,270 3,250 518 Apr. 29* 36,87f 23,800 7,380 5,690 750 38,160 34,30C 34,270 3,240 518 May 27* 37,071 24,000 7,390 5,680 750 38,380 34,42C 34,390 3,280 518 June 24* 37,20C 24,190 7,310 5,700 800 38,550 34,62C 34,590 3,300 518 July 29* 37,31C 24,360 7,280 5,670 720 38,580 34,58C 34,550 3,310 518 Aug. 26? 37,49C 24,570 7,250 5,670 730 38,780 34,68C 34,650 3,330 518 * Preliminary. * Revised preliminary figures. company, and (5) three mutual savings banks that became members 1 All banks in the United States. Beginning with January 1959, in 1941 (these banks are excluded from all commerical banks). all banks in Alaska with total deposits of $172 million were included Stock savings banks and nondeposit trust companies are included with in the series (a national member bank has been included since April commercial banks. Number of banks includes a few noninsured banks 1954); beginning with August 1959, all banks in Hawaii with total deposits for which asset and liability data are not available. Comparability of of $365 million were included in the series (a national member bank figures for classes of banks is affected somewhat by changes in Federal with total deposits of $220 million has been included in the series since Reserve membership, insurance status, and the reserve classifications of April 1959). cities and individual banks, and by mergers, etc. All banks comprise all commercial banks and all mutual savings banks. 2 Beginning June 30, 1942, excludes reciprocal balances, which on All commercial banks comprise (1) all nonmember commercial and Dec. 31, 1942, aggregated $513 million at all member banks and $525 (2) all member commercial banks. Member banks include (1) seven million at all insured commercial banks. national banks in Alaska (one became a member on Apr. 15, 1954, and 3 Includes other assets and liabilities not shown separately. six on Apr. 3, 1959); (2) one in the Virgin Islands (May 31, 1957); and (3) one in Hawaii (Apr. 13, 1959), and (4) a noninsured nondeposit trust For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1158 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 io l o . i S n v g . s a t. - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l u p o i i n c a t n i t d i - t a - e t a l s s l 3 Total2 m D In a e n t - e d rba T n i k m 2 e U. D S e . ma O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f k r s - Govt. Other Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,231 7 74 9,459 736 1 592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,370 268 451 18,836 1,722 70 2,351 23 1956—Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,022 965 747 19,940 2,475 2 2,873 18 1957—Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 2 3,136 18 1958—June 23 27,149 16.764 8,035 2,350 8,272 36,664 31,469 4,345 .774 2,946 18,898 3,506 483 3,214 18 Aug. 27 25,673 15,174 8,039 2,460 6,652 33,562 28,386 4,184 ,696 1,203 17,801 3,502 365 3,250 18 Dec. 31 25,966 16,165 7,486 2,315 9,298 36,398 31,679 4,786 ,739 968 20,704 3,482 3 282 18 1959—Jan. 28 25,959 16,011 7,650 2,298 7,314 34,447 29,191 3,897 ,764 925 19,130 3,475 543 3^272 18 Feb. 25 25,549 15,864 7,361 2,324 7,624 34,353 28,900 3,964 ,689 815 18,946 3,486 723 3,281 18 Mar. 25 25,594 16,147 6,997 2,450 7,066 33,808 28,627 4,079 ,773 691 18,479 3,605 513 3,277 18 Apr. 29* 25,886 16,307 6,971 2,608 7,521 34,533 29,410 3,991 ,740 889 19,243 3,547 519 3,290 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 3,302 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 3,292 17 July 29* 26,112 17,062 6,699 2,351 6,984 34,262 28,688 3,883 ,438 1,250 18,608 3,509 894 3,314 17 Aug. 26? 25,636 17,206 6,087 2,343 6,815 33,594 27,859 3,897 ,363 1,054 18,043 3,502 1,000 3,334 17 Chicago: 1939—Dec. 30 2,105 569 1,203 333 ,446 3,595 3,330 888 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 ,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 ,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,225 174 4,604 ,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 ',914 8,929 8,022 1,249 705 4,626 ,403 80 708 14 Aug. 27 6,701 3,329 2,719 653 ,961 8,738 7,828 1,310 337 4,744 ,401 73 718 14 Dec. 31 6,830 3,637 2,562 631 ,158 9,071 8,214 1,357 249 5,136 ,438 3 733 14 1959—Jan. 28 6,651 3,433 2,611 607 ,881 8,617 7,695 1,138 201 4,913 ,409 68 726 14 Feb. 25 6,637 3,440 2,572 625 ,952 8,667 7,726 1,163 233 4,900 ,397 79 725 14 Mar. 25 6,759 3,551 2,576 632 ,745 8,583 7,438 1,135 223 4,655 ,395 296 728 14 Apr. 29* 6,602 3,575 2,344 683 ,883 8,575 7,616 1,153 306 4,733 ,393 90 738 14 May 27* 6,630 3,637 2,288 705 ,856 8,574 7,582 1.109 304 4,734 ,402 125 739 14 June 24* 6,516 3,687 2,137 692 ,842 8,440 7,423 1,123 259 4,586 ,424 164 740 14 July 29* 6,631 3,811 2,120 700 ,949 8,661 7,677 1,116 273 4,823 ,433 137 743 14 Aug. 26*> 6,676 3,953 2,067 656 ,817 8,568 7,531 1,105 286 4,685 ,427 182 749 14 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,565 120 435 9,004 4,616 1 828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1^967 351 1945—Dec. 31 40,108 8,514 29,552 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947_Dec. 31 36,040 13,449 20,196 2,396 1133,066 49,659 46,467 5,627 22 405 28,990 11',423 1 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,69513,998 55,369 51,437 6,391 57 976 32,366 11,647 3 322 336 1956—Dec. 31 53,915 31,783 17,368 4,764 1177,716 72,854 66,524 7,584 294 ,201 40,64716,797 21 5,076 289 1957—Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67,483 7,241 301 ,358 39,9-6"0 18,623 21 5,370 278 1958__ A jU u n g e . 2 2 7 3 5 5 9 9 , , 2 7 7 6 3 2 3 3 2 2 , , 8 7 5 5 1 8 2 2 0 1 , , 4 0 3 5 6 5 5 5 , , 9 9 8 4 6 9 1 1 "5 4 , , 4 9 4 4 3 4 7 7 6 6 , ,1 1 3 5 1 5 6 6 8 8 , , 6 4 7 2 2 8 6 6 , , 3 7 9 2 7 7 4 4 1 0 6 3 , ,9 1 6 5 8 0 3 3 8 8 , , 0 2 0 6 3 4 2 21 0, , 7 0 0 6 6 6 3 5 5 4 0 5 5 5 , , 6 6 1 6 7 3 2 2 8 7 0 8 Dec. 31 60,558 34,003 20,645 5,910 17,701 79,781 72,647 7,506 377 ,429 42,259 21,075 14 5,760 274 1959—Jan. 28 60,698 34,083 20,776 5,83915,626 77,845 69,800 6,232 382 ,439 40,452 21,295 832 5,782 273 Feb. 25 60,033 34,279 19,928 15,672 77,155 68,876 6,011 336 ,479 39,708 21,342 932 5,802 272 Mar. 25 59,524 34,720 18,946 5,85815,381 76,360 68,272 6,122 316 ,226 39,23321,375 839 5,845 273 Apr. 29* 60,439 35,490 19,107 5,84215,708 77,773 69,509 5,969 367 ,457 40,-2'4~8 -2'1,468 909 5,906 273 J M u a n y e 2 2 4 7 * * 6 6 0 0 , , 5 61 5 7 0 3 36 5 , , 6 8 1 0 6 6 1 1 8 8 , , 9 2 0 2 7 4 5,7771 1 5 5 , , 7 6 6 7 2 2 7 7 7 7 , , 7 8 1 8 7 7 6 6 9 9 , , 2 4 9 4 1 8 5 5 , , 9 9 1 9 8 4 3 3 4 6 1 2 , , 6 6 0 8 0 0 3 39 9 , ,7 72 22 1 2211, , 7 6 9 0 2 9 1,1 9 4 7 0 3 5 5 , , 9 9 3 4 2 5 2 2 7 7 3 3 July 29* 61,096 37,301 18,046 5,74915,447 78,087 69,734 5,896 338 ,494 40,3-6"8 2~1\638 1,049 5,976 272 Aug. 26P 61,190 37,808 17,682 5,70015,424 78,099 69,706 6,093 342 2,078 39,580 21,613 975 6,004 272 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 2,40810,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,19311,571 52,689 48,897 1,121 922 31,97714,865 9 3,532 6,501 1956—Dec. 31 54,571 26,491 22,037 6,04214,390 69,945 64,289 1,597 ,160 41,1"9'4 -2"0,317 21 5,046 6,141 1957—Dec. 31 56,820 28,191 21,815 6,81414,139 72,062 65,991 1,640 ,181 40,724 22,429 30 5,359 6,083 1958—June 23 58,225 28,937 22,000 7,28812,860 72,255 65,741 1,282 ,857 38,286 24,277 164 5,641 6,045 Aug. 27 59,123 29,038 22,821 7,264 1122,672 72,927 66,370 1,373 ,484 38,603 24,892 230 5,668 6,031 Dec. 31 61,511 30,257 23,606 7,64814,031 76,767 70,277 1,578 ,175 42,349 25,137 37 5,685 6,006 1959—Jan. 28 61,746 30,061 24,099 7,586 1122,515 75,424 68,678 1,352 ,414 40,725 25,143 241 5,729 5,997 Feb. 25 61,285 30,145 23,542 7,59812,433 74,839 67,957 1,256 ,189 40,195 25,273 349 5,748 5,991 Mar. 25 60,936 30,464 22,873 7,59912,190 74,314 67,448 1,246 ,063 39,62125,482 301 5,792 5,984 Apr. 29* 62,223 31,287 23,247 7,689 1122,421 75,830 68,788 1,258 ,211 40,4 6"4 -2"5,818 426 5,845 5,987 May 27* 62,200 31,637 22,879 7,68412.293 75,759 68,622 1,227 ,372 39,999 25,987 469 5,883 5,988 June 24* 62,386 32,317 22,377 7,69212,363 75,986 68,787 1,232 ,309 40,11526,094 510 5,898 5,975 July 29* 62,719 32,523 22,475 7,72112,385 76,401 69,245 1,224 ,233 40,59126,163 420 5,947 5,968 Aug. 26^ 63,087 32,812 22,554 7,72112,566 76,929 69,563 1,260 ,669 40,"3-19 2"'6,281 539 6,003 5,960 V Beginning with Dec. 31, 1947, the all-bank series was revised as an- from noninsured mutual savings to nonmember commercial banks. nounced in November 1947 by the Federal bank supervisory agencies. 5 Less than $5 million. Because preliminary data are rounded to the At that time a net of 115 noninsured nonmember commercial banks nearest $10 million no amount is shown except on call dates. with total loans and investments of about $110 million was added, and For other notes see preceding and opposite pages. 8fbanks 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 1159 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i— Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i v n g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l l a u o p i i n c a t n i t d - i t a - t e a s l s l 3 Total2 m D In a e n t - e d rba T n i k m 2 e U. D S e . ma O O n t d t h h e e r r Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N ba b u o n e m f r ks - Govt. All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,98425,788 76,820 69,411 10,654 41,29815,699 10 6,84413,,426 1945_Dec. 31 121,809 25,765 88,912 7,13134,292157,544147,775 13,883 276 2299,876 215 8,67113,,:297 1947—Dec. 31 114,274 37,583 67,941 8;750 36,926152,733141,85112,615 54 975 34,882 61 9,73413,,398 1956—Dec. 31 163,601 89,831 57,83715,933 48,352215,514195,95315,981 1,301 124;346 50,608 56 5,98813,,195 1957—Dec. 31 168,595 93,430 57,58017,585 48,127 2"2~0,865 199,87615,489 1,264 3,859123,127 56,137 66 7,05113,142 1958—June 23 178,330 95,105 63,489 19,,735 43243225,945202,81913,632 2,288 9,162116,308 61,429 1,125 7,8571133;,121 Dec. 31 183,596 97,730 65,669 20,198 48,689236,724214,48515,653 2,209 4,241129,214 63,168 6718;i5413,101 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945_Dec. 31 69,312 13,925 51,250 4,137 2200,114 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 5,17822,024 88,182 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1956—Dec. 31 88,477 48,109 31,568 8,800 2277,006 117,345107,161 9,322 522 2,074 674,"34 27,810 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 34,49810,65623,964 122,100110,065 7,849 825 4,751 62,886 33,754 492 9,451 4,599 Dec. 31 99,277 52,627 35,71410,936 2266,781 128,397116,714 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 39,441166 13,098 29 5,205 1,811 1957—Dec. 31 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958—June 23 55,691 31,403 18,667 5,621 14,525 71,904 63,839 5,425 1,441 3,907 36,92616,140 586 5,730 1,758 Dec. 31 55,588 31,435 18,585 5,568 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 3,360 959 6,810 1945_Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947_Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1956—Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 414 425 17,497 9,724 2,336 6,737 1957—Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,58010,873 2,500 6,753 1958—June 23 26,768 12,972 10,335 3,460 4,756 31,971 28,942 359 504 16,49611,562 2,679 6,768 Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,76612,063 2,696 6,793 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945_Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947_Dec. 3H 2,009 474 1,280 255 576 2,643 2,251 177 185 18 '1,392 478 325 783 1956—Dec. 31 1,521 471 714 336 369 1,946 1,562 152 159 936 300 313 444 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 10,99: 9,573 457 5,504 3,613 18 1,288 ,662 1945_Dec. 31 16,849 3,310 12,277 1,26: 4,962 22,024 20,571 425 14,101 6,045 11 1,362 ,130 1947_Dec. 314 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 ,261 1956—Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 566 171 440 18,43310,024 27 2,649 ,181 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554| 138 427 184,2"0 11,176 21 2,817 ,178 1958—June 23 28,343 13,438 11,040 3,865 5,020 33,873 30,458 515 229 548 17,274 11,892 58 3,000 181 Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 185 428 19,65512,387 20 3,028 7,192 Insured mutual savings banks: 1941—Dec. 31 1,693 64: 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1212,192 1,252 194 1956—Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 2322,857 2,130 223 1957—Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 1 26 "2,4991 2,308 239 1958—June 23 27,869 18,132 5,234 4,503 745 29,021 26,082 26 26,052 2,433 239 Dec. 31 28,980 19,180 5,215 4,585 75: 30,189 27,277 1 2827,243 2,473 241 Noninsured mutual savings banks: 1941—Dec. 31 4,259 3,075 1,353 64: 9,846 8,744 8,738 1,07 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947_Dec. 3H 5,957 1,384 3,813 760 211 6,215 5,556 5,553 63' 339 1956—Dec. 31 7,770 4,235 2,453 1,08 18: 8,028 7,146 7,143 81' 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 6,762 746 278 For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1160 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans 2 Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying Other tions Class of bank loans in- securities loans Direct of and and clud- Agri- Real to States Other call date i m nv e e n s t t s - TotaP o i p n e g n c tu u r l - - To t e a s t - e i d n i- - O lo th an er s Total Certifi- Guar- p a o n li d t- s ri e t c ie u s mar- al brok- To loans vid- Total cates an- ical ket ers oth- uals of in- teed subpa- and ers Bills debt- Notes Bonds diviper deal- ed- sions ers ness All commercial banks3 1947—Dec. 31.. 116,284 38, 18,1671,660 8301,220 9,393 5,723 063 78,22669,2212.193 7.789 6.034 53,191 14 276 3,729 1957_Dec. 31.. 170,06893 40,526 44;006666 2,601i;620 23; 110 20,217 533 76,16958,2395,405 4,813 10,60837,406 915 4,014 1958—June 23.. 179, < 38,886 4,552 3,6991,925 23,693 _20.,,.0_9_1 4|562 84,334 64,1944,502 3,88312,34843,456 ,716 4,424 Dec. 31.. 185,165 98 40,425 4,973 2,8321,829 25,25520,698 4,156 86,95166,3766,294 7,399 13,396 3"9,281 505 4,070 All insured commercial banks: 1941—Dec. 31.. 49,290 21,259 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 9,461 314 3,164 3,606 4,677 2,361 ,18196,04388,9122,45519,07116,04551,321 22 3,8—73 33,258 1947—Dec. 31.. 114,274 3"7",583 18,0121,610 8231,190 9,266 5,654 028 76,69167,9412,124 7,552 5,91852,334 14 ; ,621 1956—Dec. 31.. 163,60189,83138,5714,1012,565 1,669 222,394 18,765 73,77057,8375,763 1,981 11,,772222 3388,358 1312,675 3,258 1957—Dec. 31.. 168,,595 93,43040,380 4,0152,569 1,601 2233,000033 20,'122 3i513 75,16457,5805,290 4,758 10,49337,031 13,688 3,897 1958—June 23.. 178,,33095,10538,750 4>99 3,677 1.,,9.0.7. 22_3.3,,558855 19,981 4,541 83,22463,4894,416 3,841 12,21343,013 15,457 4,278 Dec. 31.. 183,,59697,73040,289 4,9132,797 1,810 25,148 20,589 4,134 85,86665,6696,159 7,36213,240 3"8,902 16,266 3,932 Member banks, total: 1941—Dec. 31.. 43,52118,021 8,671 972 594 3,494 3,692 25,500 19,539 971 3,00711,729 3,832 090 2,871 1945—Dec. 31.. 107,18322,775 8,949 855 3,133 3 3,455 1,900 ,104 84,40878,3382,27516,98514,27144,792 16 ,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1 7,130 4,662 952 65,21857,9141,987 5,816 4,81545,286 10 199 3,105 1957—Dec. 31.. 142,35380,950 37,868 2,472 2,448 1 18,23116,7753,31661,403 47,0793,948 3,534 8,560 3311,031 7 ,089 1958—June 23.. 151,589 82,146 36,125 2,774 3,574 1 18,771122 16,544 4,336 69,44353,1653,574 2,90510,480 36,201 5 2, ,492 Dec. 31.. 154,865 84,061 37,444 3,052 2,730 1 20,013 028 3,920j70,80454,2994,644 6,14311,117 32,390 6 13,405 3,100 1959—June 10.. 155,289 88,431 38,469 3,132 2,260 1669 21,180 397 5,098 66,85850,2253,854 3,68811,410 31,264 820 2,813 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.. 26,143 334 3,044 2,4531,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31.. 20,393 179 5,361 545 267 111 564 33013,21411,9721,002 640 558 9,771 638 604 1957—Dec. 31.. 23,82816 10211,651 1,280 387 565 1,5131,053 7,726 5,r~ 648 214 1,093 3,924 1,435 411 1 1 9 9 5 5 8 9 — _ D J ju u e n n c e e . 1 3 2 0 1 3 . . . . . . 2 2 2 7 5 5 , , , 6 1 9 4 4 6 8 9 6 1 1 1 6 6 6, , 7 5 1 6 1 6 4 4 5 1 1 1 0 0 0, , , 7 9 9 3 7 2 1 8 8 2 1 1 , , , 1 5 6 6 5 5 4 6 2 4 4 3 2 0 8 0 9 2 5 7 64 4 5 1 6 7 1 1 1 , , , 4 6 5 2 3 0 5 7 2 1 1 1 , , , 5 8 4 1 6 2 9 6 4 1 9 9 0 , , , 1 8 3 3 8 0 4 5 2 7 8 6 , , ,0 4 7 3 4 8 5 5 6 1 1 , , 0 1 6 2 6 4 3 5 3 1, 2 1 3 0 8 5 6 6 0 1 1 1 , , , 7 6 7 2 1 0 9 7 2 4 4 3 , , , 9 1 51 9 3 1 6 5 1 1 1 , , , 7 8 9 6 7 4 9 8 8 4 4 6 1 4 0 1 6 2 Chicago:4 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,598 4.213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1957—Dec. 31.. 6,446 3,852 2,903 200 97 143 425 180 2,594 2,032 65 126 313 1,528 408 154 1958—June 23.. 6,942 3,594 2,618 178 100 143 336 318 3,348 2,694 268 145 490 1,791 495 159 Dec. 31.. 6.830 3,637 2,628 266 97 161 357 220 3,193 2,562 232 361 522 1,446 491 140 1959—June 10.. 6,581 3,643 2,678 146 107 181 386 241 2,938 2,235 178 205 439 1,414 564 139 Reserve city banks: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 1,527 512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 1,459 855 404 31,59429,5521,034 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 22,59120,196 373 2,358 1,90115,560 3 1,342 1,053 1957—Dec. 31.. 55,225599 3322,80515,702 494 603 673 7,667 6,893 370 22,45417,3521,009 1,285 3,29711,760 2 4,027 1,075 1958—June 23.. 59,27332,85114,789 611 881 904 7,841 6,741 706 26,42220,436 874 1,009 4,41014,142 2 4,767 1,218 Dec. 31.. 60,555588 3344,00315,808 669 518 851 8,405 6~" ,'4922 266,55520,645 ,293 2,370 4,49712,482 3 4,864 047 1959—June 10.. 60,81236,31516,410 753 404 860 8,986 7,513 2,07324,49718,663 870 1,512 4,23012,049 2 4,885 949 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 ,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 36329,40726,999 630 5,102 4,54416,713 9 1,342 ,067 1947—Dec. 31.. 36,324^0-,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,10817,681 6 2,006 .262 1957—Dec. 31.. 56, ,191 7,613 11,970 365 252 9,856 7,944 713 " "" ,8152,226 1,909 3,85713,819 4 5,365 ,449 1958—June 23.. 58,22528,937 7,739 2•',,154 351 28210,172 8,030 746 29,,2 88 22,0001,409 1,465 3,85215,272 3 5,775 ,513 Dec. 31.. 61,5113300,257 8,080 2,,368 294 26810,806 8.239 78431,254 23,6062,475 2,306 4,49514,327 3 6,181 ,467 1959—June 10.. 62,248 3311,960 8;650 2,362 154 29311,267 8,872 96530,288 22,5811,642 1,622 5,02314,290 5 6,392 ,315 Nonmember commercial banks:3 1947_Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 4 1,078 625 1956—Dec. 31.. 26,38112,279 2,424 1,683 143 218 4,708 3,085 19614,10210,989 ,541 528 2,330 6,588 1 2,409 704 1957—Dec. 31.. 27,74112,961 2,657 1,594 153 211 4,891 3,442 21714,78011,172 ,457 1,279 2,049 6,385 1 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 1 2,932 933 Dec. 31.. 30,32714,165 2,981 1,921 102 230 5,256 3,671 23516,16112,088 ,651 1,255 2,280 6,901 1 3,102 971 1 All commercial banks in the United States. These figures exclude banks. Comparability of figures for classes of banks is affected somewhat data for banks in U. S. territories and possessions except for member by changes in Federal Reserve membership, insurance status, and the banks. During 1941 three mutual savings banks became members of reserve classifications of cities and individual banks, and by mergers, etc. the Federal Reserve System; these banks are included in member banks For other notes see opposite page. but are not included in all insured commercial banks or all commercial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1161 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Bal- De- Cla c s a s l a l o n d f d a b te ank F B s s w e e R e a r d r i n v e t e v - k e h r e s s al C va i a n u s l h t b m a a w d n e n o c i s k t - e t h s i s c 5 ju p m s o a d a t d s e e n i - - d t d s 6 m D e I s n o d t - t e i e c p r s o b s a i F n t e s i k o g r n - G U o .S v . t. p v s S o i u a l t s i a b n i t o t d i d e c n i s a - s l c C c h o a f e e e i e f t n e f c r r c d i t . s d - k i ' - s, p a v n s a p i I t d h i d r n o o t u i d r n p n c a a i e o s s l - - r , s r - , - I b n a t n er k - P G U i s a o n a o . n s g v v t d S s a - t . . l v S s p i a u i s t o c a n i b l o a t i d d e l n t- i s s - p a v n s a p I t i h i d d r n o o t i u d r n c p n a a i e o s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p - l n i t - s All commercial banks: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1957—Dec. 31.... 18,972 3,335 12,342110,266 13,867 1,769 3,898 10,693 3,620 109,653 1,385 301 2,773 53,366 77 17,368 1958—June 23.... 18,568 3,017 10,904106,178 12,141 1,648 9,205 10,892 3,741 102,453 2,495 286 4,100 57,3721,136 18,178 Dec. 31.... 18,427 3,249 12,609115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 73 18,486 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 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 12,079109,439 13,752 1,736 3,859 10,594 3,597 108,936 1,264 301 2,717 53,120 66 17,052 1958—June 23.... 18,568 2,997 10,682105,419 12,022 1,610 9,162 10,800 3,715 101,793 2,288 286 4,032 57,1101,125 17,857 Dec. 31.... 18,427 3,227 12,353114,645 14,025 1,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 67 18,154 Member banks, total'. 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1957—Dec. 31.... 18,973 2,536 7,806 92,191 13,356 1,726 3,472 8,412 3,331 93,804 1,246 275 2,170 42,845 57 14,554 1958—June 23.... 18,570 2,277 6,913 89,186 11,676 1,597 8,658 8,628 3,482 87,703 2,266 259 3,296 46,3391,078 15,181 Dec. 31.... 18,428 2,441 7,977 96,218 13,614 1,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48.004 54 15.460 1959—June 10 18,086 2,351 6,375 93,722 11,446 1,499 2,406 8,207 3,110 93,353 1,990 297 2,937 49,5652,686 15,919 New York City:* 1941 Dec 31.... 5 105 93 141 10 761 3 595 607 866 319 450 11 282 29 778 1 648 1945—Dec! 31.... 4^015 111 78 15'065 3^535 1,105 6,940 237 1,338 15J12 17 10 20 1,206 195 2^120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1957—Dec. 31.... 4,564 158 110 15,849 3,480 1,389 737 299 1,284 18,377 912 24 56 2,813 2 3,136 1958—June 23.... 4,418 145 76 15,305 3,084 1,261 2,946 337 1,645 16,916 1,774 28 249 3,229 483 3,214 Dec. 31.... 4,454 161 92 16,170 3,519 1,267 968 329 1,540 18,835 1,739 36 100 3,345 3,282 1959_june 10.... 4,090 148 66 16,010 2,888 1,148 479 295 1,259 17,657 1,564 27 140 3,423 809 3,300 Chicago:4 1941—Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945 Dec. 31 942 36 200 3 153 1 292 20 1,552 237 66 3 160 719 377 1947 Dec. 31.... 1 070 30 175 3 737 1 196 21 72 285 63 3 853 2 9 902 426 1957—Dec. 31.... 1,071 39 148 4,084 1,293 40 195 333 77 4,493 15 3 10 1,332 4 689 1958—June 23 1,183 31 128 4,089 1,211 38 705 456 75 4,095 39 4 10 1,389 80 708 Dec. 31.... 1,058 36 185 4,271 1,314 43 249 302 88 4,746 34 7 7 1,423 3 733 1959_june 10 998 29 105 3,947 1,119 41 120 235 77 4,345 31 8 12 1,387 272 743 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—June 10.... 7,350 750 2,110 34,625 6,159 291 858 2,959 830 36,201 361 122 1,466 20,1361,141 5,930 Country banks: 1941—Dec. 31 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1957—Dec. 31.... 5,576 1,549 4,964 38,676 1,621 18 1,181 4,669 1,027 35,029 18 135 928 21,366 30 5,359 1958—June 23.... 5,392 1,395 4,432 36,648 1,267 15 1,857 4,769 943 32,573 38 135 1,331 22,811 164 5,641 Dec. 31.... 5,444 1,476 5,030 40,272 1,565 13 1,175 4,819 1,032 36,498 36 132 1,250 23,755 37 5,685 1959—June 10.... 5,647 1,423 4,093 39,140 1,281 19 950 4,718 944 35,150 34 140 1,320 24,620 463 5,946 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 * Central reserve city banks. gross (i.e., before deduction of valuation reserves); they do not add to the 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on total and are not entirely comparable with prior figures. Total loans Dec. 31, 1942, aggregated $513 million at all member banks and $525 continue to be shown net. million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not 6 Demand deposits other than interbank and U. S. Govt., less cash items available prior to 1947; summary figures for earlier dates appear in the reported as in process of collection. preceding table. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1162 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Financial iiistitutions Wednesday i m l T 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 s a o v e t n d a e e n d - s n d t t s s - ! j L us a o t d a e - n d s 1 i C n m t a c r o d n i i e a u m a d r l l s - - - A t c u u g r l r a - i l - G U t l a T i o i o o . g n b o v n a - d S s - t b . . d r e o O a k c t l s u e t i e e e h r r r - s s i s e - r G U t l i o i T o o g . b v n o a - S s - t . . oth O c e t s u i t r e e h r s - s i e - r F ei o g r B n - ank c m m D s c o t e i o i e m a s c - r - l - - f & i s i C n P e n o N O s a t e s n c S a n o r t . . a l , - i c n e l t e u s b t a O io n t k n h s er e R st e a a t l e l o o A t a h l n e l s r V se t a r i r e o l v - u n e a s - Total— Leading Cities 1959 96 289 31,005 609 2,11 1,382 1,837 10 099 12 580 1 243 10 .... 96,494 31,238 618 2,12* 1,378 1,794 10 148 12,644 1 245 17 96 535 32,017 625 2,16<) 1,361 1,306 10 207 12 762 1 244 24 . . 96,121 31,989 628 1,984 1,362 1,583 10 246 12,811 1 246 July 1 96,816 32,012 630 2,15' r 1,358 2,111 10,247 12,992 1,256 JUly 1 104,995 103,476 63,351 28,482 883 293 894 157 1,253 596 1,519 3,8321,462 12,198 13,640 1,339 8 105,457 104,383 63,232 28,395 886 428 ,773 165 1,243 593 1,074 3,7491,454 12,217 13,671 1,342 15 106,643 105,457 63,774 28,499 895 614 758 165 1,256 609 1,186 3,8501,485 12,259 13,730 1 346 22 105,865 104,671 63,797 28,585 896 455 ,736 165 1,271 618 1,194 3,8731,502 12,262 13,781 1,347 29 105,502 104,187 63,820 28,585 907 401 ,705 164 1,274 610 1,315 3,911 1,528 12,277 13,812 1 354 A iT.2 5 105,123 103,737 64,040 28,688 912 354 1,704 167 1,277 598 1,386 4,004 1,542 12,264 13,889 1 359 12.:: 104,879 103,398 64,209 28,759 916 321 1 757 166 1,264 599 1,481 3,9941,565 12,302 13,932 1,361 19 105,221 104 025 64,588 28,910 929 402 ,766 167 1,264 619 1,196 4 0601,565 12 324 13 942 1 360 26 105,249 103,876 64,609 28,976 927 406 1 697 166 1,259 613 1.373 4,041 1,528 12,350 14,008 1 362 New York City 1959 June 3 25,554 10,683 1 190 ,361 41 398 1,122 721 2 478 378 10 25 571 10,777 1 272 ,285 41 397 958 735 2 487 378 17 25,480 11,153 1 316 ,268 41 386 612 760 2 501 378 24 25 404 11,090 1 190 1,281 41 383 866 752 2 512 378 July 1 25,871 11,129 1 236 1,387 40 379 1,132 759 2 578 379 July 1 26,034 25 285 16 588 9,703 1 236 ,387 40 379 382 749 1 339 276 783 2 441 379 8 25,942 25,515 16,386 9,659 1 318 ,770 43 380 378 427 1,244 267 779 2,426 379 15 . . .. 26 531 26 083 16 661 9,670 1 442 ,282 42 386 391 448 1 332 275 800 2 424 384 22 26,255 25,720 16,595 9,710 1 345 741 43 405 391 535 1,322 283 794 2,445 385 29 26,133 25,550 16,575 9,708 1 303 44 407 395 583 1,336 285 794 2,461 392 Aug 5 . . .. 25,836 25 291 16 678 9,746 1 269 ,241 45 411 392 545 1 382 303 774 2 510 396 12 25,574 25,052 16,723 9,759 1 245 ,289 45 415 388 522 1 367 314 790 2 506 396 19 25,764 25,236 16,863 9,836 1 240 ,770 44 413 405 528 1,444 305 798 2 503 396 26 25,691 25,226 16,859 9,882 1 225 .222 43 416 412 465 1,425 304 805 2 520 396 Outside New York City 1959 June 3 70,735 20,322 608 560 943 715 9 378 10 102 865 10 70 923 20,461 617 57 I 940 836 9 413 10 157 867 17 71 055 20 864 624 58 5 934 694 9 447 10 261 866 24 70,717 20,899 627 51:} 938 717 9 494 10 299 868 July 1 70,945 20,883 629 53^I 939 979 9,488 10,414 877 July 1 78,961 78,191 46,763 18,779 882 57 507 117 874 214 770 2 4931,186 11 415 11 199 960 8 79 515 78 868 46 846 18,736 885 110 503 122 863 215 647 2 5051 18711 438 11 245 963 15 80,112 79,374 47,113 18,829 894 172 476 123 870 218 738 2,518 1,210 11 459 11 306 962 22 79,610 78,951 47,202 18,875 895 110 495 122 866 227 659 2,551 1,219 11,468 11,336 962 29 79,369 78,637 47,245 18,877 906 98 472 120 867 215 732 2,5751,243 11,483 11,351 962 Aug 5 79,287 78,446 47,362 18,942 911 85 463 122 866 206 841 2,6221,239 11 490 11 379 963 12... 79,305 78,346 47,486 19,000 915 76 463 121 849 211 959 2,627 1,251 11,512 11,426 965 19 79,457 78,789 47,725 19,074 928 162 496 123 851 214 668 2,616 1,260 11,526 11,439 964 26 79,558 78,650 47,750 19,094 926 181 475 123 843 201 908 2,616 1,224 11,545 11,488 966 i Exclusive of loans to domestic commercial banks and deduction of the new basis; comparable figures for the period July 9, 1958-June 24, valuation reserves; individual loan items are shown gross. 1959 (see pp. 1202-07 of this BULLETIN) reflect the added coverage but NOTE.—June 1959 and the first July 1, 1959 figures are for the old figures for revised loan classifications or subdivided items are not availseries. (For description of changes in the series see BULLETIN for August able. 1959, p. 885.) The second July 1, 1959 and subsequent figures are on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 1163 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— All Total Wednesday C ti e fi r - - Not m es a a tu n r d in b g o : nds O se t c h u e - r Total a w B n a i c t l e h - s a w B n a i c t l e h - s C i a n sh s w e R r i v e t - h es a o s t s h e e t r s lia a ti b n e i d s li- Total Bills e o d c d f a e n t b i e e n t s s - - s W 1 i y i n t e h a - r 5 1 y e t a o rs 5 A y f e te a r rs rities d b o a t m n ic k es s - b e f a o i n g r k n - s vault B F a . n R k . s a c c a c p o i u ta n l ts Total— Leading Cities 1959 June 3 28,538 2,243 2,224 24,071 9,371 15,895 2,361 82 951 12,501 2,841 124,562 10 28,453 2,237 2,181 24,035 9,338 16,178 2,404 90 1,028 12,656 2,875 125,236 17 28,072 2,060 2,103 23,909 9,260 16,792 2,603 90 1,017 13,082 2,781 127,137 24 27,484 1,623 2,034 23,827 9,280 16,117 2,356 72 1,050 12,639 2,830 124,484 July 1 27,326 1,652 1,979 23,695 9,239 15,893 2,593 71 971 12,258 2,932 126,927 July 1 29,980 1,747 2,157 1,692 17,696 6,688 10,145 17,165 2,981 72 1,125 12,987 3,142 136,868 8 30,966 2,850 2,099 1,694 17,618 6,705 10,185 17,299 2,630 76 1,151 13,442 3,064 135,675 15 31,502 3,514 2,055 1,650 17,608 6,675 10,181 17,705 2,903 80 1,174 13,548 3,079 139,704 22 30,702 3,027 2,020 1,519 17,466 6,670 10,172 17,710 2,738 73 1,178 13,721 3,028 136,773 29 30,24f 2,753 1,850 1,502 17,482 6,655 10,125 17,209 2,622 82 1,211 13,294 3,064 135,132 Aug. 5 29,646 2,345 1,166 1,546 17,885 6,704 10,051 17,030 2,658 84 1,067 13,221 3,160 134,896 12 29,196 2,068 1,143 1,509 17,798 6,678 9,993 17,047 2,738 88 1,204 13,017 3,169 135,578 19 29,448 2,460 1,096 1,800 17,418 6,674 9,989 17,090 2,725 90 1,158 13,117 3,036 135,370 29,267 2,378 1,095 1,762 17,379 6,653 10,000 17,061 2,612 101 1,195 13,153 2,971 134,489 26 New York City 1959 6,511 1,048 356 5,107 2,426 3,945 135 3,702 1,149 33,897 June 3 6,610 1,149 347 5,114 2,386 4,326 149 4,076 ',167 34,284 10 6,473 1,035 354 5,084 2,347 4,278 142 4,031 ,120 34,369 17 6,292 857 347 5,088 2,374 4,171 146 3,937 ,162 33,751 24 6,268 871 343 5,054 2,341 3,887 143 3,640 ,185 34,889 July 1 July 1 6,336 871 345 453 3,313 1,354 2,361 3,917 146 3,661 ,185 35,082 8 6,743 1,268 331 474 3,320 1,350 2,386 4,132 150 3,881 ,179 34,424 15 7,016 1,589 279 480 3,327 1,341 2,406 4,112 138 3,864 ,190 35,704 22 6,759 1,409 289 379 3,343 1,339 2,366 4,200 140 3,969 ,160 34,854 29 6,609 i,28r 251 357 3,376 1,343 2,366 3,969 146 3,734 ,151 34,275 Aug. 5 6,29' 998 141 366 3,443 1,349 2,316 3,947 142 3,711 1,226 33,767 12 6,019 798 126 336 3,418 1,341 2,310 3,930 145 3,693 1,250 33,710 19 6,038 835 126 382 3,356 1,339 2,335 3,856 139 3,611 1,200 33,833 26 6,011 831 117 375 3,350 1,338 2,356 3,899 145 3,646 1,136 33,658 Outside New York City 1959 June 3 22,027 1,195 1,868 18,964 6,945 11,950 2,296 816 8,799 1,692 90,665 10 21,843 1,088 1,834 18,921 6,952 11,852 2,350 879 8,580 1,708 90,952 17 21,599 1,025 ,749 18,825 6,913 12,514 2,549 875 9,051 1,661 92,768 24 21,192 766 ,687 18,739 6,906 11,946 2,298 904 8,702 1,668 90,733 July 1 21,058 781 ,636 18,641 6,898 12,006 2,521 828 8,618 1,747 92,038 July 1 23,644 876 ,81 1,239 14,383 5,334 7,78- 13,248 2,903 979 9,326 1,957 101,786 8 24,223 ,58: ,768 1,220 14,298 5,355 7,799 13,167 2,565 1,001 9,561 1,885 101,251 15 24,486 ,925 ,776 1,170 14,281 5,334 7,775 13,593 2,829 1,036 9,684 1,889 104,000 22 23,943 ,618 ,731 1,140 14,123 5,331 7,806 13,510 2,679 1,038 9,752 1,868 101,919 29 23,633 ,471 ,599 1,145 14,106 5,31" 7,759 13,240 2,574 1,065 9,560 1,913 100,857 Aug. 5 23,349 ,34' 1,025 1,180 14,442 5,355 7,735 13,083 2,607 925 9,510 1,934 101,129 12 23,177 ,270 1,017 1,173 14,380 5,337 7,683 13,117 2,688 1,059 9,324 1,919 101,868 19 23,410 ,625 970 1,418 14,062 5,335 7,654 13,234 2,665 1,019 9,506 1,836 101,537 26 23,256 54^ 978 1,387 14,029 5,315 7,644 13,162 2,562 1,050 9,507 1,835 100,831 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1164 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Other Capital Wednesday d ju m e D p s a a t o d e e n - - s d d i t 1 s Do t m I ic n e t s e - rban F e k i o g r n - G U o .S v . t. S p s d s a i t o i u c i a o n v b l a t n i d - i e l t - s - s c C c h o f a e e e i f e t n e c f r r c i d d . t s - k i ' - s, p v r c s a i a I o d h a r n t r t i n u i d n o p p d a i e n o s - l , r s - s - , I b n a t n e k r- P G U i s a o n . o a n s g v v d t S s a - t. . l S p s d s a i t i o u c i o a n v b l a t n d i - i e l t s - - s p v r c a s i a I o d h a r n t r t i n u i d n p o p d a i e o n s - l , r s - s - , B F F. a r o n R m k . s o F t r h o e m rs li i a ti b e i s l- co a u c- nts Total— Leading Cities 1959 June 3 56,054 10,414 1,460 2,685 4,352 2,404 58,835 1,981 174 1,578 25,039 581 1,614 3,074 10,371 10 57,387 10,540 1,452 1,549 4,159 2,317 60,600 1,924 175 1,570 25,084 739 1,685 3,078 10,364 17 57,184 10,822 ',509 2,642 3,867 2,529 61,817 1,905 175 1,548 25,105 999 1,021 2,851 10,347 24 56,540 9,973 ,506 2,853 4,155 2,201 59,600 1,814 177 1,521 25,221 700 1,542 2,866 10,355 July 1 56,407 10,667 ,515 2,942 4,444 2,949 60,300 1,805 174 1,514 25,234 460 1,723 2,794 10,406 July 1 60,835 10,841 ,523 3,056 4,864 3,064 64,473 1,825 178 1,767 29,022 461 1,789 2,949 11,056 8 60,498 11,060 ,540 3,809 4,523 2,547 63,283 1,801 177 1,752 28,984 879 1,350 2,905 11,065 15 61,199 11,272 ,532 4,669 4,539 2,621 66,316 1,794 178 1,742 28,962 635 1,441 2,958 11,045 22 61,973 10,473 ,457 3,874 4,570 2,523 65,050 1,797 177 1,721 28,939 561 1,659 2,939 11,033 29 62,214 9,998 ,431 3,310 4,699 2,333 64,539 1,770 178 1,652 28,924 425 1,826 2,972 11,075 Aug. 5 61,218 10,769 ,448 2,906 4,837 2,219 63,745 1,744 174 1,644 28,941 463 1,849 3,045 11,112 12 61,047 10,977 ,416 2,397 4,576 2,104 64,850 1,705 176 1,631 28,940 410 2,173 3,096 11,127 19 60,020 10,695 ,441 4,293 4,540 2,185 63,318 1,694 175 1,617 28,926 382 1,866 3,097 11,141 60,776 10,239 ,403 3,856 4,573 2,232 63,179 1,701 175 1,594 28,921 326 2,037 3,110 11,143 26 New York City 1959 15,246 2,937 1,143 909 294 1,310 16,891 1,585 27 155 3,349 642 1,388 3,267 June 3 15,994 2,889 1,134 480 313 1,250 17,651 1,529 27 157 3,373 25 790 1,397 3,269 10 15,787 2,937 1,193 674 261 1,266 17,751 1,512 27 153 3,354 92 576 1,307 3,266 17 15,537 2,818 1,189 779 308 1,048 17,195 1,441 27 148 3,379 60 745 1,353 3,261 24 15,519 3,040 1,194 902 357 1,661 17,447 1,431 27 147 3,333 48 640 1,379 3,283 July 1 July 1 15,655 3,041 1,194 906 368 1,663 17,570 1,431 27 151 3,377 48 640 1,379 3,287 8 15,301 2,966 1,219 1,320 302 1,297 16,873 1,408 27 150 3,391 170 652 1,359 3,290 15 15,395 3,050 1,209 1,810 380 1,341 17,545 1,411 27 140 3,361 117 648 1,376 3,289 22 15,646 2,924 1,132 1,488 313 1,232 17,340 1,419 27 140 3,335 855 1,359 3,290 29 15,692 2,777 1,105 1,231 274 1,147 17,293 1,399 27 141 3,338 860 1,358 3,287 Aug. 5 15,445 2,825 1,120 1,016 256 1,050 16,897 1,376 26 141 3,336 927 1,415 3,312 12 15,355 2,840 1,082 757 268 923 17,120 1,351 25 138 3,336 1,109 1,440 3,314 19 15,039 2,857 1,102 1,248 260 1,026 16,766 1,342 26 140 3,322 981 1,414 3,315 26 15,234 2,806 1,090 1,058 253 1,109 16,804 1,328 26 140 3,328 1,001 1,396 3,306 Outside New York City 1959 June 3 40,808 7,477 317 1,776 4,058 ,094 41,944 396 147 ,423 21,690 581 972 1,686 7,104 10 41,393 7,651 318 1,069 3,846 ,067 42,949 395 148 ,413 21,711 714 895 1,681 7,095 17 41,397 7,885 316 1,968 3,606 ,263 44,066 393 148 ,395 21,751 907 445 1,544 7,081 24 41,003 7,155 317 2,074 3,847 ,153 42,405 373 150 ,373 21,842 640 797 1,513 7,094 July 1 40,888 7,627 321 2,040 4,087 ,288 42,853 374 147 ,367 21,901 412 1,083 1,415 7,123 July 1 45,180 7,800 329 2,150 4,496 ,401 46,903 394 151 ,616 25,645 413 1,149 1,570 7,769 8 45,197 8,094 321 2,489 4,221 ,250 46,410 393 150 ,602 25,593 709 698 1,546 7,775 15 45,804 8,222 323 2,859 4,159 ,280 48,771 383 151 ,602 25,601 518 793 1,582 7,756 22 46,327 7,549 325 2,386 4,257 ,291 47,710 378 150 ,581 25,604 561 804 1,580 7,743 29 46,522 7,221 326 2,079 4,425 ,186 47,246 371 151 ,511 25,586 387 966 1,614 7,788 ^il::::::: 45,773 7,944 328 1,890 4,581 ,169 46,848 368 148 1,503 25,605 393 922 1,630 7,800 45,692 8,137 334 1,640 4,308 ,181 47,730 354 151 1,493 25,604 403 1,064 1,656 7,813 19 44,981 7,838 339 3,045 4,280 ,159 46,552 352 149 1,477 25,604 348 885 1,683 7,826 26 45,542 7,433 313 2,798 4,320 1,123 46,375 373 149 1,454 25,593 313 1,036 1,714 7,837 1 Demand deposits other than interbank and U. S. Government, less 1959, p. 885.) The second July 1, 1959 and subsequent figures are on the cash items reported as in process of collection. new basis; comparable figures for the period July 9, 1958-June 24, 1959 NOTE.—June 1959 and the first July 1, 1959 figures are for the old (see pp. 1202-07 of this BULLETIN) reflect the added coverage but figures series. (For description of changes in the series, see BULLETIN for August for revised loan classifications or subdivided items are not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 1165 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Period2 l F iq a o n u o d o d r , , a T p e a p x n a t d i r l e e l s , , M m p a r e e n o t t d a d a l - l s :h P l c e e e o m u t a r m i o l c , , - al, Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s u P p t t ( t r o i u i i a l n o b r i n c t n t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e d g s t i e - s ch r w e a i a e n p n a n e d o l g k d l ' r e l l t — y tobacco leather ucts 3 and ing rubber banks 1957_july_Dec 531 -159 -496 150 -161 420 183 -49 58 269 -188 1958—Jan.-June 4 -658 84 146 -140 157 -158 -283 -177 56 69 -905 -1,085 July-Dec.4 522 -232 -454 -14 -121 162 410 234 50 362 920 723 1959_jan._july l -519 218 864 -162 188 284 -364 -141 106 145 620 762 1959—Junes -117 44 195 -47 32 23 -57 195 55 148 472 499 Julys -60 50 21 6 73 6 44 47 -2 -129 55 103 Aug 115 85 22 31 36 86 19 10 -15 381 391 Week ending: 1959_june 1 3 0 - - 3 2 2 6 -2 21 -1 34 -2 -5 9 -1 5 1 3 7 - - 1 1 3 4 -3 4 5 6 1 1 6 5 39 120 - 1 8 3 4 1 17 36 19 115 12 35 16 -3 116 20 91 456 508 24 -36 27 -5 4 10 -18 52 2 5 42 53 July 1 -60 20 -20 -12 -23 -9 16 1 15 67 25 July 8 -52 18 -10 -4 -15 5 17 -14 -58 -107 -87 15 3 25 31 9 8 16 12 12 12 -68 58 104 22 -2 1 2 1 -2 10 -16 1 3 5 6 2 7 -4 21 5 -3 5 8 5 -1 2 -5 3 1 -5 10 86 29'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'. Aus-ii:::::::::::::::: -1 3 5 8 2 3 6 0 -23 -2 3 -2 12 2 4 9 1 8 8 -2 2 2 8 2 6 1 2 4 9 5 4 4 1 7 0 1 3 19 26 23 39 22 16 60 -36 5 n 157 151 26 66 6 -16 -1 5 -6 49 -3 -24 76 66 1 Data for a sample of about 210 banks reporting changes in their NOTE.—Beginning with the week ended July 8, 1959, changes in comlarger loans; these banks hold about 95 per cent of total commercial mercial and industrial loans exclude loans to sales finance companies and industrial loans of all weekly reporting member banks and about and certain other nonbank financial concerns (for description of revisions, 75 per cent of those of all commercial banks. See BULLETIN for August 1959, p. 885.) Figures for earlier periods in the 2 Figures for periods other than weekly are based on weekly changes. last two columns have been adjusted only to exclude loans to sales finance 3 Includes machinery and transportation equipment. companies. Thus, these data are not strictly comparable with current 4 January-June includes 25 weeks; July-December, 27 weeks. figures. 5 June figures include changes for week ended J uly 1; July figures, changes for July 8-29. BANK RATES ON SHORT-TERM BUSINESS LOANS i [Per cent per annum] Size of loan Size of loan (thousands of dollars) (thousands of dollars) Area All Area All pe a r n i d od loans 1- 10- 100- 200 pe a r n i d od loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly (cont.), 19 large cities: New York City: 1950 2.7 4.5 3.6 3.0 2.4 1958 June 3.88 5.18 4.72 4.13 3.74 1951 3.1 4.7 4.0 3.4 2.9 Sept 4.00 5.19 4.74 4.28 3.87 1952 3.5 4.9 4.2 3.7 3.3 Dec . .. 4.29 5.38 4.94 4.52 4.18 1953 3.7 5.0 4.4 3.9 3.5 1959—Mar 4.29 5.30 4.93 4.56 4.18 1954 3.6 5.0 4.3 3.9 3.4 June 4.71 5.55 5.24 4.97 4.6! 1955 3.7 5.0 4.4 4.0 3.5 7 Northern and Eastern 1956 4.2 5 2 4.8 4.4 4.0 cities: 1957 4.6 5.5 5.1 4.8 4.5 1958 4 3 5 5 5 0 4 6 4 1 1958 June 4 17 5 48 4 85 4 39 3 99 Sept 4.21 5.48 4.90 4.42 4.03 Quarterly,2 Dec 4.50 5.53 5.05 4.66 4.36 19 large cities* 1959_Mar 4.49 5.54 5.06 4.71 4.35 June 4.90 5.67 5.33 5.06 4.78 1958—June 4.17 5.45 4.88 4.40 3.95 Sept 4.21 5.45 4.90 4.47 4.00 11 Southern and Dec 4.50 5.49 5.06 4.68 4.33 Western cities: 1959—Mar 4.51 5.53 5.09 4.74 4.32 June 4.87 5.68 5.33 5.06 4.72 1958—June . 4.58 5.56 4.99 4.57 4.31 Sept 4.54 5.55 4.99 4.63 4.23 Dec 4.79 5.53 5.12 4.79 4.59 1959_Mar 4.84 5.62 5.20 4 87 4.60 June 5.07 5.74 5.37 5.13 4.87 1 For description see BULLETIN for March 1949, pp. 228-37. 214; 1951—Jan. 8, 2V2; Oct. 17, 23^; Dec. 19, 3; 1953—Apr. 27, 3%; 2 Based on figures for first 15 days of month. 1954—Mar. 17, 3; 1955— Aug. 4, 3V4; Oct. 14, 3%; 1956—Apr. 13, 3%; NOTE.—Bank prime rate was 2 per cent Jan. 1-Sept. 21, 1950. Changes Aug. 21, 4; 1957—Aug. 6, 4V2; 1958—Jan. 22, 4; Apr. 21, 3%; Sept. 11, thereafter (in per cent) occurred on the following dates: 1950—Sept. 22, 4; and 1959—May 18, 4%; Sept. 1, 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1166 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government securities (taxable)2 Finance Prime company Prime com- paper bankers' 3-month bills 6-month bills 9- to 12-month issues Year, month, or week mercial placed acceptpaper, directly, ances, 3- to 5- 4- to 6- 3- to 6- 90 daysi Rate Rate Bills year months1 months i on new Market on new Market (market Other 3 issues4 issue yield issue yield yield) 1956 average . . 3.31 3.06 2.64 2.658 2.62 2.83 3.12 1957 average 3.81 3.55 3.45 3.267 3.23 3.53 3.62 1958 average 2.46 2.12 2.04 1.839 1.78 2.09 2.90 1958 Aug 1.96 1.52 1.65 1.686 1.69 2.14 3.11 Sept 2 93 2.47 2.39 2.484 2 44 2 84 3.57 Oct 3.23 2.87 2.75 2.793 2.63 2.83 3.63 Nov ... . 3.08 2.75 2.75 2.756 2.67 2.92 3.60 Dec 3.33 2.94 2.75 2.814 2.77 3.24 3.65 1959_jan 3.30 3.05 2.75 2.837 2.82 3.097 3.09 3.26 3.86 Feb 3.26 3.00 2.75 2.712 2.70 3.166 3.12 3.38 3.85 Mar 3.35 3.22 1 88 2.852 2.80 3.159 3.13 3.56 3.88 Apr 3.42 3.36 2.98 2.960 2.95 3.277 3.27 3.66 4.03 May 3.56 3.44 3.17 2.851 2.84 3.368 3.32 3.92 4.16 June 3.83 3.66 3.31 3.247 3.21 3.531 3.52 3.97 4.33 July 3 98 3.81 3.45 3.243 3 20 3.885 3.82 4.30 4.40 3.97 3.87 3.56 3.358 3.38 3.840 3.87 4.31 4.32 4.45 Week ending: Aug 1 3.99 3.81 3.50 3.047 3.01 3.860 3.76 4.23 4.25 4.40 8 3.89 3.81 3.50 3.043 3.00 3.737 3.68 4.19 4.14 4.37 15 3.88 3.81 3.50 3.150 3.17 3.690 3.66 4.19 4.14 4.31 22 3.98 3.81 3.59 3.417 3.50 3.782 3.84 4.34 4.34 4.44 29 4.10 3.99 3.63 3.824 3.73 4.152 4.18 4.44 4.59 4.63 1 Average of daily prevailing rates. 3 Consists of certificates of indebtedness and selected note and bond 2 Except for new bill issues, yields are averages computed from daily issues. closing bid prices. • Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Corporate bondsj Stocks5 G U o .S v . t. S g ta o t v e t . a b n o d n l d o s c 3 al By selected By Dividend / Earnings / Year, month, or week bonds ratings groups price ratio price ratio (long- TotaH term) 2 Indus- Rail- Public Pre- Com- Com- TotaH Aaa Baa Aaa Baa trial road utility ferred mon mon 4-7 20 5 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 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 Seot 3 75 3.74 3.28 4.32 4.39 4.09 4.87 4.24 A.52 4.41 4.58 3.69 5.63 Oct 3 76 3.69 3.23 4.25 4.42 4.11 4.92 4 25 4 56 4 46 4.64 3 54 Nov 3 70 3.59 3.17 4.11 4.40 4.09 4.87 4.23 4.56 4.40 4.65 3.42 Dec 3.80 3.57 3.12 4.10 4.38 4.08 4.85 4.24 4.52 4.39 4.63 3.33 5.14 1959—Jan 3.90 3.60 3.19 4.11 4.41 4.12 4.87 4.28 4.53 4.43 4.54 3.24 Feb 3 92 3.57 3 16 4.08 4 43 4.14 4.89 4.31 4 51 4 46 4 52 3 32 Mar 3 92 3.44 3.06 3.93 4.40 4.13 4.85 4.28 4.51 4.43 4.48 3.25 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 5.70 July 4 11 3.92 3.51 4.43 4.72 4.47 5.08 4.58 4.79 4.79 4.75 3.11 Aug 4.10 3.84 3.44 4.36 4.71 4.43 5.09 4.56 4.80 4.77 4.70 3.14 Week ending: Aug 1 4.10 3.89 3.48 4.39 4.72 4.45 5.07 4.57 4.80 4.77 4.74 3.07 8 4 08 3.84 3.44 4.37 4.70 4.43 5.08 4.55 4 80 4 77 4.75 3 08 15 4 06 3.84 3.43 4.37 4.70 4.42 5.09 4.54 4.80 4.76 4.70 3.14 22 4.08 3.83 3.43 4.35 4.70 4.42 5.09 4.55 4.80 4.76 4.69 3.20 29 4.15 3.83 3.44 4.35 4.73 4.44 5.11 4.58 4.82 4.79 4.65 3.15 1 Monthly and weekly yields are averages of daily figures for U. S. * 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

SECURITY MARKETS 1167 SECURITY PRICES i Bond prices Common stock prices Vol- Sta ( n in d d a e rd x , a 1 n 9 d 4 P 1- o 4 o 3 r = 's 1 s 0 e ) ries Securities an ( d i n E d x e c x h , a 1 n 9 g 3 e 9 = C o 1 m 00 m ) ission series t u r o m a f d e - Ye o ar r , w m e o ek nth, t ( G e U l r o o m . n S v g ) . t . - 2 g n ( r h M ic a i i g d u p h e - a ) - l 3 g ( C r h r p a a i o o g d t r - e h e - ) - 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 b c l- - Total Tot M al anu r D a fa b u c l - t e urin N ra d g o b u n l - e - T p t r o i a o r n n ta s - - P u l i u i t t c i y b l - - - T n s a a r e i f c n a n i r - v e d d c - e e , , M in i g n- s s t h i h a n ( a o n o i g r n f d e u 4 s s - ) Number of issues. 15 17 500 425 25 50 265 170 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—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 July.. 85.00 99.4 93.8 59.74 64.23 36.86 44.21 434 543 522 551 364 218 429 321 3,222 Aug.. 85.11 100.6 94.3 59.40 63.74 35.56 45.15 434 542 516 556 349 219 425 324 2,431 Week ending: Aug. 1. 85.11 100.4 94.1 60.39 64.99 36.47 44.62 441 554 525 570 362 218 431 333 3,014 85.33 100.8 94.4 60.35 64.89 36.18 44.98 438 548 520 564 353 219 424 329 2,554 15. 85.56 100.8 94.5 59.14 63.44 35.26 45.17 433 542 514 557 347 220 420 326 2,776 22. 85.36 100.8 94.3 58.86 63.10 35.25 45.32 431 538 510 552 348 219 426 322 2,352 29. 84.48 100.0 93.8 59.21 63.50 35.54 45.27 434 542 520 552 349 218 432 321 2,101 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 tradins are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5x/i-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 W En e d d n o e f s d m a o y n o th f m or o l n a t s h t o s t T e h c e o u r t r a i t t h i l e - a s n N N ew et Y d o e r b k it f S i b r t m a o l c s a k 1 n c E e x s c w ha it n h ge ch b a B ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e ry a o l i e n t r h g s e ) s r s e fo c ( u r t h r p i a t u i n e r s - 2 Money borrowed Cust n o e m t er's U. S. Govt. free o ( b c c l o i o l g . 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 io o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o o v n t s . se O cu th ri e ti r es U ob . l S ig O . a G n tio o n v s t. sec o O u th r n i e t r ies ba c l r a e n d c it es 1955—Dec.. 4,030 34 2,791 32 ,239 51 2,246 894 1956—Dec.. 3,984 33 2,823 41 ,161 46 2,132 880 1957—Dec.. 3,576 68 2,482 60 ,094 125 1,706 896 1958—July.. '4,293 149 3,021 113 ,272 306 1,903 1,080 Aug.. '4,243 140 3,013 48 ,230 251 1,751 1,103 Sept.. '4,350 122 3,109 51 ,241 210 1,865 1,119 Oct.. '4,409 123 3,188 59 ,221 193 1,832 1,140 Nov.. '4,464 124 3,245 50 ,219 210 1,923 1,148 Dec. '4,537 146 3,285 63 ,252 234 2,071 1,159 1959_jan... '4,597 155 3,297 62 ,300 230 1,990 1,226 Feb.. '4,569 157 3,253 65 ,316 223 1,963 1,196 Mar.. '4,636 153 3,305 55 1,331 218 1,977 1,257 Apr.. '4,764 166 3,401 55 1,363 252 2,156 1,205 May. '4,758 163 3,385 58 1,373 252 2,159 1,188 June. '4,734 158 3,388 58 1,346 237 2,246 1,094 July.. 4,648 153 3,374 164 1,274 228 2,205 1,079 ' 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. Prior to July 1959, loans for purchasing or carrying U. S. Governcarrying margin accounts, as reported to the Exchange. Customers' debit ment securities were reported separately only by New York and Chicago and free credit balances exclude balances maintained with the reporting banks. Accordingly, for that period Column 5 includes any loans for firm by other member firms of national securities exchanges and balances purchasing or carrying such securities at other reporting banks. Comof the reporting firm and of general partners of the reporting firm. Bal- position of series also changed beginning with July 1959; revised data ances are net for each customer—i.e., all accounts of one customer are for the new reporting series (but not for the breakdown of loans by purconsolidated. Money borrowed includes borrowings from banks and pose) are available back through July 1958 and have been incorporated. from other lenders except member firms of national securities exchanges. Data are as of the end of the month, except money borrowed, which is as of the last Wednesday of the month beginning with June 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1168 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year Accepting banks F. R. Goods stored in or or month Placed Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly Others into from exdealers^ ( p f a in p a e n r c )* e T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 July 3,627 966 2,661 426 328 98 34 108 785 269 380 141 313 251 Aue 3,371 981 2,390 [,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 ,209 290 234 55 34 75 810 251 348 94 265 251 Dec 2,744 840 1,904 ,194 302 238 64 49 68 775 254 349 83 244 263 1959 Jan 3,076 875 2,201 1,133 276 226 51 40 60 756 251 346 118 168 250 Feb 3,322 897 2,425 I 161 309 232 77 39 62 751 275 339 112 183 252 Mar 3,267 883 2,384 [,054 271 227 44 30 60 692 278 329 111 82 253 Apr 3,334 822 2,512 029 269 208 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 June 3,401 729 2,672 983 213 175 38 26 76 668 256 327 111 33 256 July 3,552 759 2,793 957 198 160 38 25 74 661 259 334 85 26 253 1 As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series revised to include 270-day other commercial paper sold in the open market. paper. Figures on old basis for November and December, respectively, 2 As reported by finance companies that place their paper directly with were (in millions of dollars): Total, 3,192 and 2,731; placed directly, 2,252 investors. and 1,891. MUTUAL SAVINGS BANKS [National Association of Mutual Savings Banks data. In millions of dollars] Loans Securities Total assets— E o n r d m o o f n y t e h ar M ga o g r e t- Other G U m ov . e S e n r . t n- l S o e t c r a n a t m e l g e a o n n v t d - r C a o t t o e h r e p a r o n i - d a C s a se sh ts O as t s h e e ts r p l a l i u a n T b s d o i a l t s i c a t u i c l e r t - s s. Deposits lia O b t i h li e ti r es a S c u c r o p u l n u t s s 1941 4,787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 1951 9,747 129 9,827 140 2,490 883 288 23,504 20,900 154 2,450 1952 11,231 144 9,443 336 2,925 917 304 25,300 22,610 163 2,527 1953 12,792 165 9,191 428 3,311 982 330 27,199 24,388 203 2,608 1954 14,845 188 8,755 608 3,548 1,026 380 29,350 26,351 261 2,738 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 r3,227 1958—June. 21,958 '268 7,419 726 4,881 924 540 36,716 32,982 553 3,181 July. 22,151 243 7,430 734 4,915 858 537 36,868 33,070 599 3,199 Aug. 22,349 267 7,449 736 4,923 853 542 37,119 33,213 675 3,231 Sept. 22,530 287 7,422 738 4,957 871 551 37,356 33,480 625 3,251 Oct.. 22,725 258 7,330 735 4,951 863 534 37,396 33,575 581 3,240 Nov. 22,876 280 7,298 734 4,951 825 555 37,519 33,617 634 3,268 Dec. 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 r3,227 1959_jan.2 23,107 212 r7,324 728 '4,931 803 533 37,639 33,861 570 3,208 Feb.. 23,232 239 7,364 724 4,937 821 538 37,855 33,974 641 3,240 Mar. 23,407 256 7,426 763 4,908 866 559 38,185 34,287 r629 r3,269 Apr.. 23,562 242 7,382 729 4,967 752 541 38,175 34,293 630 3,252 May. 23,723 278 7,395 739 4,947 760 550 38,392 34,413 '699 r3,280 June. 23,868 320 7,310 758 4,947 803 547 38,553 34,615 643 3,295 r Revised. NOTE.—These data differ somewhat from those shown elsewhere in 1 Includes securities of foreign governments and international organiza- the BULLETIN; the latter are for call dates and are based on reports filed tions and obligations of Federal agencies not guaranteed by the U. S. with Federal and State bank supervisory agencies. Loans are shown Government, as well as corporate securities. net of valuation reserves. 2 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 1169 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 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 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 End of month:4 1956—Dec 95,844 10,989 7,519 2,234 1,236 40,976 38,067 2,909 32,994 2,829 3,505 4,551 1957—Dec 101,309 10,691 7,028 2,377 1,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958—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 7,300 597 1,347 45,351 42,200 3,151 36,323 3,355 4,114 4,667 Sept 105,493 11,268 7,307 616 1,345 45,561 42,370 3,191 36,462 3,368 4,138 4,696 Oct 106,053 11,299 7,319 641 1,339 45,876 42,689 3,187 36,648 3,388 4,162 4,680 Nov 106,540 11,355 7,344 672 1,339 46,015 42,817 3,198 36,794 3,415 4,183 4,778 Dec 107,419 11,250 7,205 685 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 May.... 109,928 11,644 7,235 2,968 1,441 47,545 44,086 3,459 37,737 3,493 4,346 5,163 June 110,424 11,679 7,246 2,991 1,442 47,800 44,314 3,486 37,894 3,522 4,380 5,149 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 Total Mortgage End of year U.S. assets—2 Reserves loan or month g M ag o e rt s - 2 o G b o li v g t a . - a C s a se sh ts Others lia T b o il t i a ti l es S c a a v p i i n ta g l s und a i n v d ided B m or o r n o e w y e 4 d L p o r a o n ce s s i s n Other c m om en m ts i 5 ttions profits 1941. 4,578 107 344 775 6,049 4,878 475 256 l40 n.a. 1945. 5,376 2,420 450 356 8,747 7,386 644 336 381 n.a. 1951. 15 564 1 603 1 066 899 19 222 16 107 1 453 894 768 n a 1952. 18,396 1,787 1,289 1,108 22,660 19,195 1,658 944 863 n.a. 1953. 21,962 1,920 1,479 1,297 26,733 22,846 1 901 1 027 9SQ n a 1954. 26,108 2,013 1,971 1,541 31,633 27,252 2,187 '950 1,244 n.a. 1955. 31,408 2,338 2,063 1,847 37,656 32,142 2,557 1 546 411 833 1956. 35,729 2 782 2,119 2,199 42,875 37,148 2 950 1 347 1 430 843 1957. 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 48/1 862 1958. 45,599 3,821 2,569 3,125 55,114 47,926 3,857 1,451 1,170 ' 710 J 47Q 1958--June 42,333 3,329 2,740 2,965 51,367 45,020 3,561 1,036 1,052 698 1,340 July 42,866 3,369 2,443 2,885 51,563 45,082 997 1,095 1,407 Aug 43,423 3,480 2,373 2,894 52,170 45,435 1,052 1,115 1,432 Sept 43,997 3,627 2,295 2,936 52,855 45,875 1,137 1,162 1,482 Oct.. 44 602 3,734 2,187 3,067 53 590 46,376 1 195 1 184 I 499 Nov 45,067 3,784 2,231 3,169 54,251 46,853 1,236 1,173 1,541 Dec 45,599 3,821 2,569 3,125 55,114 47,926 3,857 1,451 1,170 710 1,479 1959—Jan.. 46 009 4 117 2 269 3,072 55 467 48 360 3 864 1 270 1 133 840 I 515 Feb 46,436 4,214 2,243 3,152 56,045 48,768 3,873 1^213 1,175 1,016 1,630 Mar 47.029 4,293 2,244 3,244 56,810 49,297 3,874 1,208 1,290 1,141 1,756 Apr 47,733 4,399 2,061 3,397 57,590 49,717 3 875 1 306 1 388 1 304 .923 May 48,483 4,422 2,089 3,578 58,572 50,321 3,886 1,369 1,484 1,512 1,976 June 49,323 4,417 2,338 3,584 59,662 51,411 4,100 1,682 1,598 871 1,980 n.a. Not available. declined consistently in recent years and amounted to $42 million at the Da 1 ta F i b g e u g re in s n a in re g fo w r it a h l l s 1 a 9 v 5 i 1 n g a s r a e nd b a l s o e a d n a o s n s o m ci o at n io th n l s y in r e t p h o e r t U s ni o t f e d in S s t u a r te e s d . end 3 I o n f c l 1 u 9 d 5 e 7 s . other loans, stock in the Federal home loan banks and other associations and annual reports of noninsured associations. Data prior investments, real estate owned and sold on contract, and office buildings to 2 1 P 95 ri 1 o r a r t e o b 1 a 9 s 5 e 8 d m en o ti r r t e g l a y g e o s n a a r n e n n u e a t l o re f p m or o t r s t . gage pledged shares. Asset and 4 C fi o x n tu si r s e t s s . of F.H.L.B. advances and other borrowing. items will not add to total assets which include gross mortgages with 5 Not a balance-sheet item. no deduction for mortgage pledged shares. Beginning with January 6 Not available separately. 1958, no deduction is made for mortgage pledged shares. These have NOTE.—Data for 1958 and 1959 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1170 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1 [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a ar r te o r r P b t r a e o x fo f e i r t s e s c ta o I x n m - es e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s - d Y qu e a ar 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... 44.7 21.2 23.5 12.1 11.4 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957... 43.3 21.1 22.2 12.5 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1958... 37.1 18.2 18.9 12.4 6.5 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 1957—1 46.2 22.5 23.7 12.6 11.1 2 43.5 21.2 22.3 12.7 9.6 1958—2 4,049 1,581 2,468 2,453 1,318 1,135 1,596 264 1,333 3 44.0 21.4 22.5 12.8 9.7 3 3,575 1,367 2,208 2,294 1,028 1,266 1,281 339 942 4 39.4 19.2 20.2 12.2 8.0 4 3,519 1,313 2,207 2,148 762 1,386 1,371 550 821 1958—1 32.0 15.7 16.3 12.7 3.6 1959—1 3,054 1,165 1,890 1,592 688 903 1,462 476 986 2 33.6 16.5 17.1 12.6 4.5 2 3,410 1,266 2,144 1,818 834 983 1,593 432 1,161 3 38.3 18.8 19.5 12.6 6.9 4 44.6 21.9 22.7 12.0 10.7 1 Reflects cash transactions only. As contrasted with data shown on p.,,1172, new issues 1959—1 46.5 22.6 23.8 12.8 11.0 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. 1172. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U ec o . u S v . r t i . - Not r e e s c e a i n v d a b a l c e cts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c t l d i a o a e x m - ra e l Other ties U. S. Other U. S. Other bilities Govt. 2 Govt. 2 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953.. 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955.. 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 1 113.4 234.9 32.3 16.0 2.7 95.4 81.5 7.0 121.5 2.1 76.5 12.4 30.4 2 115.0 232.9 34.2 13.9 2.6 96.6 78.4 7.1 117.9 1.9 75.3 9.8 30.8 3 117.1 237.8 35.2 15.0 2.7 100.5 77.3 7.2 120.7 1.8 76.4 11.4 31.1 4 119.8 243.7 37.1 18.2 2.8 101.0 77.6 7.0 123.8 1.7 77.9 13.3 30.9 1959 l. 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 i Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total f M a i c a n t n g u u r- - M in i g n- Rail- Other P u u t t i b i e l l s i i - c c m C at o u i m o n n i - - s Other 2 Quarter Total fa m a i c n n i t n g d u - r- T p t o r i a r o n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l r 3 road ing 1951 . 25.6 10.9 .9 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 1.5 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 i.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 1.5 4.2 1.7 6.5 4 8.0 3.2 .6 1.7 2.5 1955 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 1956 35.1 15.0 1.2 1.2 1.7 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 1.8 6.2 3.0 7.4 2r 8.3 3.3 .8 1.5 2.8 1958 . . .. 30.5 11.4 .9 .8 5 6.1 2.6 7.2 34>\... 8.6 3.4 .9 1.5 2.7 19594r 33.3 12.4 1.0 1.0 2.0 5.8 109 44 9.5 4.1 .8 1.6 2.9 r Revised. 3 Includes communications and other. 2 1 I C n o cl r u p d o e r s a t t e ra a d n e d , n se o r n v c ic o e r , p f o in ra a t n e c e b , u a si n n d e s c s o , n e s x t c ru lu c d ti i o n n g . agriculture. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 1171 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1957 1958 1959 1954 1955 1956 1957 1958 Manufacturing Total (180 corps.): Sales 88,338 10055,,000066 108,307114,834105,251 28,125 25,542 25,620 25,367 28,722 •"29,555 32,449 Profits before taxes 10,640 1' 4", 8"0" 3 418 13,349 10,524 2,966 2,308 2,249 2,436 3,531 '3,899 4,653 Profits after taxes 5,549 7,564 094 7,177 5,737 1,685 1,243 1,194 1,287 2,013 '2,016 2,363 Dividends 3,222 3,847 068 4,192 4,078 1,121 1,038 1,011 987 1,042 n, 033 1,035 Nondurable goods industries (79 corps.):* Sales 33,653 37,462 42,309 41,820 10,508 10,012 10,113 10,626 11,069 rll,085 11,445 Profits before taxes 4,214 5,013 5,010 4,421 1,129 987 947 1,191 1,297 1,376 1,481 Profits after taxes 2,326 2,814 2,944 2,572 693 574 541 679 778 '769 806 Dividends 1,426 1,588 1,776 1,785 487 452 440 430 463 '459 450 Durable goods industries (101 corps.):2 Sales 54,685 67,544 72,525 63,430 17,618 15,530 15,506 14,741 17,653 18,470 21,004 Profits before taxes 6,427 9,790 8,339 6,102 1,837 1,321 1,303 1,245 2,234 '2,523 3,172 Profits after taxes 3,223 4,750 4,233 3,165 992 669 652 608 1,235 1,247 1,557 Dividends 1,796 2,259 2,416 2,293 634 586 572 557 578 575 585 Selected industries: Foods and kindred products (25 corps.): Sales 8,886 9,236 9,984 10,592 11,085 2,703 2,632 2,760 2,828 2,865 '2,786 2,938 Profits before taxes 816 868 955 1,024 1,151 263 250 283 310 308 '287 321 Profits after taxes 388 414 460 497 555 132 119 138 149 149 136 153 Dividends 258 260 277 289 312 82 80 72 72 85 78 Chemicals and allied products (21 corps.): Sales 8,294 9,584 10,199 10,669 10,393 2,633 2,422 2,533 2,679 2,760 2,770 3,059 Profits before taxes 1,525 1,866 1,804 1,823 1,541 422 329 339 398 475 493 595 Profits after taxes 725 955 942 948 831 231 174 179 208 271 254 302 Dividends 582 690 698 737 717 213 182 178 172 185 180 177 Petroleum refining (16 corps.): Sales 10,590 11,515 12,454 13,463 12,790 3,309 3,194 2,982 3,210 3,404 '3,447 3,228 Profits before taxes 1,128 1,344 1,444 1,325 941 254 247 146 274 274 '360 300 Profits after taxes 851 979 1,068 1,075 788 226 199 136 219 234 '263 220 Dividends 413 438 481 512 516 131 130 130 127 129 133 133 Primary metals and products (35 corps.): Sales 16,378 20,744 22,365 22,468 19,100 5,220 4,382 4,644 4,881 5,193 5,621 7,119 Profits before taxes 1,935 3,267 3,331 2,977 2,205 588 391 481 562 111 821 1,187 Profits after taxes 1,015 1,652 1,727 1,540 1,163 323 205 255 294 409 416 587 Dividends 582 730 880 873 801 223 203 201 194 203 201 204 Machinery (25 corps.): Sales 11,288 12,480 13,908 15,115 14,654 3,832 3,485 3,669 3,703 3,796 3,853 4,189 Profits before taxes , 1,191 1,253 1,209 1,457 1,470 354 304 344 395 426 '422 507 Profits after taxes 604 637 607 729 741 181 151 174 204 212 212 254 Dividends , 345 368 403 416 422 106 111 102 104 104 113 106 Automobiles and equipment (14 corps.): Sales 18,227 24,624 21,217 23,453 18,483 5,684 5,003 4,472 3,329 5,679 6,259 6,579 Profits before taxes , 2,276 4,011 2,473 2,701 1,330 611 396 234 -15 715 1,012 1,120 Profits after taxes 1,089 1,841 1,186 1,354 706 340 202 101 -44 446 491 545 Dividends 629 872 791 805 758 207 198 194 183 183 184 196 Public Utility Railroad: Operating revenue 9,371 10,106 10,551 10,491 9,564 2,582 2,244 2,299 2,466 2,555 2,390 2,636 Profits before taxes 908 1,341 1,268 1,058 844 261 62 144 272 366 167 310 Profits after taxes 682 927 876 737 602 200 33 102 195 271 100 207 Dividends 379 448 462 438 410 122 96 79 77 157 120 83 Electric Power: Operating revenue 7,588 8,360 9,049 9,644 10,205 2,464 2,704 2,410 2,469 2,623 '2,936 2,661 Profits before taxes 2,049 2,304 2,462 2,557 2,721 631 768 615 650 688 853 682 Profits after taxes 1,134 1,244 1,326 cl,413 1,517 358 421 349 357 390 469 385 Dividends 868 942 1,022 1,077 1,134 269 281 287 276 290 303 302 Telephone: Operating revenue 4,902 5,425 5,966 6,467 6,939 1,673 1,672 1,715 1,745 1,807 1,825 1,891 Profits before taxes 1,050 1,282 1,430 1,562 1,860 400 402 454 494 510 522 551 Profits after taxes 525 638 715 788 921 203 200 226 244 251 258 272 Dividends 448 496 552 613 674 160 164 166 171 173 178 183 r Revised. Telephone. Revenues and profits are for telephone operations of the 1 Includes 17 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and 2 Includes 27 companies in groups not shown separately. the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Data are obtained primarily Telegraph Company) and for two affiliated telephone companies, which from published company reports. together represent about 85 per cent of all telephone operations. Dividends 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 of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and 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. 662-66 of the BULLETIN for June^l949 account for about 95 per cent of all electric power operations) and are (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public obtained from reports of the Federal Power Commission, except that utilities); and p. 908 of the BULLETIN for September 1944 (electric power). quarterly figures on operating revenue and profits before taxes are partly For back data for manufacturing, see pp. 792-93 of the BULLETIN for estimated by the Federal Reserve to include affiliated nonelectric opera- July 1959; back data for other series are available from the Division ;Of tions. Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1172 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Proposed uses of net proceeds, Gross proceeds, all issuers2 all corporate issuers6 Noncorporate Corporate New capital Year or Remonth Bonds Mis- Re- tire- Total Fed- State Total cel- tire- ment U.S. eral and Pre- Com- New lane- ment of Govt.3 agen- mu- Others Total Pub- Pri- ferred mon Total money7 ous of secucy 4 nici- Total licly vately stock stock pur- bank rities 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 6,531 226 363 486 1952 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 9,380 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 106 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 18? 10,240 7,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,002 4 225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958 34,435 12,063 2,321 7,449 1,047 11,555 9,684 6,333 3,351 551 1,320 11,373 10,790 9,936 854 583 1958—June.. 3,049 1,411 554 122 963 866 370 497 58 38 948 881 709 172 67 July... 2,423 418 164 631 13 1,196 907 735 172 70 219 1,174 1,102 1,026 76 72 Aug... 1,340 369 389 9 573 492 209 283 12 70 563 538 518 20 25 Sept.. 2.197 352 647 23 1,175 1,098 851 246 23 55 1,159 1,144 1,038 106 15 Oct... 3,076 1,461 220 439 66 890 652 287 365 67 170 873 858 739 119 15 Nov... 1,408 324 459 1127 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 April.. '4,511 2,583 940 r60 '928 '619 310 '309 92 '217 '908 '899 '832 '66 '9 May.. '1,787 338 569 '51 '829 '624 '380 '244 '38 167 '809 '791 '764 '27 '17 June.. 2,275 323 995 47 910 614 270 343 43 254 890 874 814 60 15 Proposed uses of net iproceeds, major groups of corporate issuers Commercial and Real estate Manufacturing miscellaneous Transportation Public utility Communication and financial Year or inonth 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 16 111 39 3,598 139 1,294 117 944 49 1958 June 267 49 29 (9) 106 390 16 12 78 2 July.. 519 24 55 49 348 46 101 31 1 122 16 47 2 26 6 281 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 1 18 127 2 89 55 5 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 Mar... 92 6 46 51 1 331 9 102 April. '277 '7 '78 '1 '75 '314 '16 '139 '1 May.. '248 10 '56 '2 '38 r(9) '338 4 '6 '105 '1 June 221 6 127 8 96 313 22 95 ' Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues maturing in more than one year sold for cash of flotation, i.e., compensation to underwriters, agents, etc., and expenses. in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debt are included under the uses for which the bank 4 Issues not guaranteed. debt was incurred. 5 Represents foreign governments, International Bank of Reconstruc- 9 Less than $500,000. tion and Development, and domestic eleemosynary and other nonprofit 10 Represents all issues other than those for retirement of securities. organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY ISSUES; FEDERAL FINANCE 1173 NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars] All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer2 Use of proceeds 2 Total Period Special amount Total G g o a e b a t n i l l o e i- r n - R n e u v e e- A P H u i u i o t t n b y h u g l o 3 s ic - r- F l G o e a o a d n v l e s t r . 4 - State d a s i u t t a s o i a t n t t h r t r y d y u i o c - r t - Others d er e e li d v 6 - Total c E a d ti u o - n R br a o i n d a d g d e s s W s o u e a t t a t i w n h i e t l d e e s e i- r r r , h R d i t o n e e i u a g s n l s i 7 - - - V a a e n i t s d e ' r- O p p o t u h s r e e - s r 1951 3,278 2,220 730 328 n.a. 668 722 1,889 n.a. 3,188 582 580 640 361 42 983 1952 4,410 2,633 1,463 305 9 718 1,305 2,387 n.a. 4,096 969 938 642 424 100 1,024 1953 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1,119 1954 6,969 3,380 3,205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 1,333 1955 . .. 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 1,414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 1,464 1957 87,150 4,795 1,964 66 324 1,508 1,279 4,362 6,568 7,099 2,551 1,041 1,524 299 333 1,352 1958 7,832 5,446 1,778 187 420 2,016 1,368 4,448 7,708 7,746 2,644 1,172 1,403 530 339 1,657 1958—July.... 825 428 199 198 183 97 545 700 806 208 62 135 193 100 108 Aug.. . . 408 310 93 21 77 310 615 403 169 45 108 81 Sept.. . . 663 462 189 2 12 232 119 312 427 651 203 129 112 2 20 184 Oct 462 334 103 25 52 86 324 626 456 170 57 114 6 6 104 Nov.. . . 476 297 125 47 7 29 140 307 434 474 162 15 131 47 120 Dec 439 387 39 12 191 27 221 556 435 253 47 44 3 89 1959—Jan 649 300 323 20 6 53 306 291 354 636 158 26 339 23 20 71 Feb 880 490 264 103 23 142 255 483 562 856 161 91 123 124 357 Mar.. . . 646 446 184 1 \A 185 139 321 905 645 196 49 141 12 50 197 Apr 939 494 430 15 186 397 356 617 930 263 166 334 10 33 124 May.... 595 368 93 105 29 50 147 397 901 592 190 25 188 121 68 June.... 985 522 423 40 271 355 359 610 980 215 130 313 29 100 192 July 548 214 183 150 150 57 341 963 548 150 156 45 145 51 n.a. Not available. 4 Beginning with 1957, coverage is considerably broader than earlier. 1 Data prior to 1957 are from the Bond Buyer as classified by Federal 5 Consists of municipalities, counties, townships, school districts and, Reserve. prior to 1957, small unclassified issues. 2 Classifications prior to 1957 as to use of proceeds and type of issuer 6 Excludes Federal Government loans. These data are based on date are based principally on issues of $500,000 or more; smaller issues not of delivery of bonds to purchaser (and of payment to issuer) which occurs classified. As a result some categories, particularly education, are under- after date of sale. Other data in table are based on date of sale. stated relative to later data. 7 Includes urban redevelopment loans. - 3 Includes only bonds sold pursuant to the Housing Act of 1949. 8 Beginning in 1957 this figure differs from that shown on the opposite These are secured by a contract requiring the Public Housing Administra- page, which is based on Bond Buyer data. The principal difference is in tion to make annual contributions to the local authority. the treatment of Federal Government loans. UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, AUGUST 31, 19591 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Sept. 3,1959 ,501 Jan. 28, 1960 401 Aug. 1,1961 4 2,136 Dec. 15, 1963-68... 21/2 2,819 Sept. 10, 1959 ,600 Feb. 4, 1960 400 Oct. 1, 1961 IV2 332 Feb. 15, 1964 3 3,854 Sept. 17, 1959 ,601 Feb. 11, 1960 400 Feb. 15, 1962 3% 647 June 15, 1964-69... 21/2 3,741 Sept. 21, 1959* ,502 Feb. 18, 1960 400 Feb. 15, 1962 4 1,435 Dec. 15, 1964-69... 21/2 3,816 Sept. 24, 1959 ,600 Feb. 25, 1960 400 Apr. 1,1962 IV2 551 Feb. 15, 1965 2y8 6,896 O O c c t t . . 8 1 , , 1 1 9 9 5 5 9 9 1 , ,6 5 0 0 1 0 A M p a r r . . 2 1 2 5 , , 1 1 9 96 60 0 * 4 2 , ,0 0 0 0 3 4 A O u ct g . . 15 1 , , 1 1 9 9 6 6 2 2 11/ 4 2 2,0 5 0 9 0 0 A M u a g r . . 1 1 5 5 , , 1 19 9 6 6 6 5 -70.. .2i/2 3 4 1 , , 6 48 9 4 6 O O c c t t . . 2 1 2 5 , , 1 1 9 9 5 5 9 9 , , 6 4 0 0 0 6 July 15, 1960 2,001 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 6 6 2 3 3 2 3 % 4 3 1 , , 9 1 7 4 1 3 J M un ar e . 1 1 5 5 , , 1 1 9 9 6 6 6 7 - - 7 7 1 2 . . . .. . 2 2 i 1 / / 2 2 2 1 , , 9 82 4 5 5 Oct. 29, 1959 ,400 Certificates Apr. 1,1963 11/2 533 Sept. 15, 1967-72... 21/2 2,716 Nov. 5, 1959 ,401 Nov. 15, 1959 3% 7,711 May 15, 1963 4 1,743 Dec. 15, 1967-72... 21/2 3,682 Nov. 12, 1959 ,600 Feb. 15, 1960 3% 11,363 Oct. 1,1963 11/2 506 Oct. 1, 1969 4 1,276 N N o o v v . . 2 1 7 9 , , 1 1 9 9 5 5 9 9 , , 6 6 0 0 0 0 May 15, 1960 4 1,269 A M p a r y . 1 1 5, , 1 1 9 9 6 6 4 4 1 4 V % 2 4,1 1 8 9 4 8 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 7 8 4 0 3% 4 6 8 5 8 4 4 Dec. 3,1959 400 Treasury notes June 15, 1978-83...314 1,602 D D D e e e c c c . . . 2 1 1 2 0 7 , , , 1 1 1 9 9 9 5 5 5 9 9 9 * 1,5 5 5 0 0 0 0 0 0 N A O p o ct r v . . . 1 1 5 1 , , , 1 1 1 9 9 9 6 5 5 0 9 9 1 3 l 1 1 i / / / 2 2 2 1,1 1 8 9 9 4 9 8 Tr J D e u a e s n c u . e r y 1 1 5 5 B , , o 1 1 n 9 9 d 5 5 s 9 9 - - 6 6 2 2 . . . . . . 2 2 1 V 4 4 5 3 , ,4 2 5 6 4 6 M F F e e a b b y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 8 9 5 5 0 3 3 V i/ 3 4 2 2 1 1 , , , 1 7 7 3 2 3 5 7 9 Dec. 24, 1959 500 May 15, 1960 314 2,738 Nov. 15, 1960 2i/8 3,806 Dec. 31, 1959 500 May 15, 1960 3V2 2,406 Dec. 15, 1960-65 3.. 234 1,485 Panama Canal Loan.... 3 50 Jan. 7,1960 400 Aug. 15, 1960 4Y4 9,561 Sept. 15, 1961 234 2,239 Jan. 14, 1960 401 Oct. 1, 1960 iy2 278 Nov. 15, 1961 21/2 11,177 Convertible bonds J J a a n n . . 2 1 1 5 , , 1 1 9 9 6 6 0 0 2,0 4 0 0 6 0 A M p a r y . 1 1 5 , , 1 1 9 9 6 6 1 1 3 1V % 7 4,0 1 7 4 8 4 J A u u n g e . 1 1 5 5 , , 1 19 9 6 6 3 2 -67... 2 2 1 1 / / 2 2 2 6 , , 1 7 1 5 1 5 I A n p v r e . s tm 1 e , n 1 t 9 S 7 e 5 ri - e 8 s 0 B ... 2 Y4 7,575 * Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 1166. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1174 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 d T g e r o o b t s a t s i 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 7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952 Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954 Dec 278 8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956 Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 Dec 275 0 274 9 227 1 164 2 26.9 34 6 20 7 82 1 9 5 53 4 52 5 45 8 1958 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 July 288.8 288.7 241 .8 183.1 37.0 33.8 27.3 84.8 7.6 51.1 50.2 44.1 Aug 290.5 290.4 242.9 184.5 38.6 20.3 40.7 84.8 7.6 50.8 50.0 44.7 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $416 million on Aug. 31, 1959) and fully guaranteed securities, not Postal Savings bonds. shnoowwnn sseeppaarraatteellyy.. 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 fuinds, which 6 Less than $50 million. aggregated $10,039 million on July 31, 1959. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f i ( n s a i g e n n c c t g e u lu u e ri d a d - r - - Spe tr c u ia st l fun P d u s b * lic 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 a n 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 te ' l s Savi I n n g d s ividu O al t s her i M t n o v r is e s c s 3 . ties) issues issues bonds securities 1941—Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.5 12.7 49.4 15.5 13.2 1954—Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.2 14.4 50.0 13.7 13.9 1955—Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 23.5 15.1 50.2 15.1 15.6 1956—Dec 276.7 45.6 8.4 222.7 24.9 59.5 8.0 12.8 19.1 16.1 50.1 16.0 16.1 1957—June 270.6 46.8 8.7 215.1 23.0 56.2 7.9 12.3 16.1 16.9 49.1 17.7 16.0 Dec 275.0 45.8 9.4 219.8 24.2 59.5 7.6 12.0 17.2 17.0 48.2 17.5 16.5 1958—May 275.7 46.1 9.7 220.0 24.2 64.0 7.5 11.7 15.3 17.0 48.1 17.1 15.4 June 276.4 46.2 9.7 220.5 25.4 65.3 7.4 11.7 13.9 16.9 48.0 16.7 15.2 July 275.6 45.9 9.7 220.0 24.5 65.3 7.4 11.8 14.5 17.0 47.9 16.4 15.0 Aug 278.6 46.3 9.7 222.6 25.3 66.8 7.5 11.9 15.3 17.0 47.9 16.0 14.9 Sept 276.8 46.0 9.6 221.2 25.0 65.8 7.4 11.9 15.0 17.0 47.9 15.9 15.3 Oct 280.3 45.4 9.7 225.3 25.4 67.0 7.4 12.1 16.8 17.2 47.8 15.9 15.8 Nov 283.2 45.1 9.7 228.4 26.2 68.0 7.3 12.1 18.0 17.2 47.8 15.7 16.0 Dec 283.0 44.8 9.6 228.6 26.3 67.5 7.3 12.1 18.2 17.3 47.7 15.8 16.5 1959_jan 285.9 43.9 9.6 232.4 25.7 68.2 7.3 12.4 19.8 17.7 47.7 16.8 16.7 Feb 285.2 43.9 9.8 231.6 25.3 66.3 7.4 12.2 20.2 17.8 47.6 17.4 17.3 Mar 282.2 43.9 9.8 228.4 25.5 63.2 7.4 12.0 19.5 17.9 47.5 18.2 17.2 Apr 285.5 43.3 9.8 232.4 25.7 64.7 7.4 12.0 20.9 18.2 47.3 18.5 17.8 May 286.4 44.2 10.0 232.2 25.9 63.2 7.4 12.0 21.4 18.2 47.2 18.6 18.2 June*9 284.8 44.8 9.9 230.2 26.0 61.3 7.3 12.0 20.0 18.3 47.0 18.7 19.4 p Preliminary. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $293 million on Dec. 31, 1958. 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 1175 OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk l d e e s t 2 - v b e C o r o t n i n d b - s le Total W 1 i y th ea in r y 1 e - a 5 rs 5-10 O y v e e a r r s 10 All holders: 1955_jUne 30 166,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38,188 33,687 33,628 1956—June 30 166,050 20,808 16,303 35,952 81,890 11,098 154,953 58,714 31,997 31,312 32,930 1957_jUne 30 165,985 23,420 20,473 30,973 80,839 10,280 155,705 71,033 39,184 14,732 30,756 1958—June 30 175,573 22,406 32,920 20,416 90,932 8,898 166,675 67,782 41,071 22,961 34,860 Dec. 31 183,896 29,748 36,364 26,072 83,402 8,309 175,586 72,616 52,318 18,652 31,999 1959—Apr. 30 188,526 34,244 34,390 27,204 84,871 7,816 180,709 70,115 62,326 14,797 33,471 May 31 188,726 35,014 33,843 27,274 84,861 7,734 180,993 75,954 56,780 14,796 33,463 June 30 185,709 32,017 33,843 27,314 84,853 7,681 178,027 72,958 56,819 18,538 29,713 U. S. Govt. agencies and trust funds: 1955__june 30 7,162 40 119 3,556 3,439 3,723 74 199 506 2,944 1956—June 30 8,236 273 355 688 3,575 3,345 4,891 927 500 434 3,030 1957—June 30 8,554 130 416 1,282 3,664 3,063 5,491 1,138 1,210 295 2,848 1958—June 30 9,477 173 599 1,169 4,703 2,833 6,644 899 1,565 913 3,267 Dec. 31 9,379 78 492 1,338 4,711 2,759 6,620 721 1,696 1,179 3,025 1959—Apr. 30 9,624 93 482 1,386 4,959 2,704 6,920 618 1,916 1,192 3,194 May 31 9,806 175 537 1,397 5,005 2,692 7,114 1,019 1,696 1,205 3,194 June 30 9,681 86 537 1,389 4,988 2,680 7,001 930 1,679 1,448 2,944 Federal Reserve Banks: 1955_jUne 30 23,607 886 8,274 11,646 2,802 23,607 17,405 3,773 1,014 ,415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1,014 ,415 1957—June 30 23,035 287 11,367 8,579 2,802 23,035 20,246 681 750 ,358 1958—June 30 25,438 2,703 19,946 2,789 25,438 23,010 1,014 57 ,358 Dec. 31 26,347 2,284 18,704 '2^875' 2,484 26,347 20,995 3,881 206 ,264 1959—Apr. 30 25,703 1,679 18,665 2,875 2,484 25,703 20,347 3,886 206 ,264 May 31 25,905 1,904 18,650 2,868 2,484 25,905 20,553 3,881 206 ,264 June 30 26,044 2,032 18,650 2,879 2,484 26,044 20,687 3,887 410 ,060 Commercial banks: 1955—June 30 55,667 2,721 1,455 15,385 35,942 164 55,503 7,187 21,712 21,110 5,494 1956—June 30 49,673 181 1,004 11,620 34,712 155 49,517 7,433 18,234 19,132 4,719 1957—June 30 48,734 853 2,913 8,984 33,839 144 48,590 12,268 23,500 8,600 4,222 1958—June 30 57,509 796 3,331 11,532 38,720 130 57,379 13,431 24,494 14,259 5,195 Dec. 31 59,048 194 6,686 12,285 34,753 130 58,918 14,380 29,696 10,433 4,409 1959_Apr. 30 56,432 504 4,583 13,197 34,025 123 56,309 9,527 34,592 7,556 4,634 May 31 55,190 384 4,208 12,733 33,745 120 55,070 11,371 31,552 7,558 4,589 June 30 53,513 3,563 3,883 12,417 33,531 120 53,394 10,045 31,304 8,233 3,812 Mutual savings banks: 1955—June 30 8,069 84 53 289 6,422 1,222 6,848 164 533 1,405 4,746 1956—June 30 7,735 107 37 356 6,074 1,161 6,574 247 540 1,331199 4,468 1957—June 30 7,397 163 114 367 5,655 1,098 6,299 576 1,082 601 4,040 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 1,106 675 4,094 Dec. 31 6,942 139 115 538 5,268 882 6,060 300 1,229 958 3,573 1959—Apr. 30 7,126 197 186 655 5,292 796 6,329 407 1,413 868 3,641 May 31 7,138 204 201 670 5,268 795 6,343 503 1,356 865 3,620 June 30 7,079 175 209 684 5,228 783 6,296 480 1,360 1,700 2,756 Insurance companies: 1955—June 30 13,117 630 74 789 8,479 3,145 9,972 810 1,339 2,027 5,796 1956—June 30 11,702 318 44 760 7,789 2,791 8,911 632 1,192 ,802 5,285 1957—June 30 10,936 326 136 648 7,277 2,549 8,387 955 1,775 ,022 4,634 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1,650 ,004 5,074 Dec. 31 10,984 726 231 731 7,255 2,042 8,943 1,158 1,976 ,156 4,653 1959—Apr. 30 10,973 605 322 755 7,349 1,942 9,031 984 2,230 ,095 4,722 May 31 10,968 586 333 763 7,352 1,933 9,035 1,157 2,058 ,110 4,710 June 30 10,947 503 347 798 7,371 1,928 9,019 1,092 2,085 1,678 4,164 Other investors: 1955—June 30 59,260 15,153 3,973 12,502 23,927 3,706 55,554 24,062 10,633 7,626 13,233 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—Apr. 30 78,667 27,166 10,152 8,336 30,763 2,250 76,416 38,231 18,290 3,880 16,016 May 31 79,719 27,761 9,914 8,845 31,006 2,193 77,526 41,351 16,237 3,851 16,086 June 30 78,444 25,659 10,216 9,147 31,252 2,171 76,273 39,724 16,503 5,069 14,977 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

1176 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. ( —) of borrowing Excess of rects. Period r B ec u N e d e i g p t e t t s re T P f c u l r e u n u i s d p s : t ts t I G L r n a e o t n s r v s s a : t . - . 1 E p T r f u q e r t u o b o h c a t l m e t a i s l c s l . 2 : B p t e u u e n d x re d g - s i e - t p T P t f e u u e l r n x u r n u e d - s d s s : i t - A m L d e e j n s u s t s s : t 3 - E p p t T q o u a u o y b t a t h t l a l i s e s l c . : t p p o f u a r th o o ( b y r e m - l t i s ) c . , & ( c ( c o - d r d r r I e a ) e i e n r , a g a d b e - s s e e i c t e n e n - t , .) t a i r G n g . N v e o f n . e u v . t b n t & . L d y e s ss: O d n c e t a o h b s n e h t - 4 r b E r i o e q n c N ( r p u g a ) r a e s a o o h y t l w s r t : . - 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—1956 68,165 11,685 2,739 77,088 66,540 9,436 3,358 72,617 4,471 -578 3,166 623 -4,366 1957 71,029 14,369 3,242 82,107 69,433 12,961 2,386 80,008 2,099 -1,053 2,339 -292 -3,100 1958 69,117 16,329 3,493 81,893 71,936 16,069 4,592 83,413 -1,520 6,216 657 -200 5,760 1959*\... 68,158 17,067 3,646 81,534 18,535 4,692 94,542 -13,007 9,656 -1,080 2,160 8,576 Semiannually: 1957—July-Dec 29,325 7,167 1,410 35,057 36,060 7,133 1,254 41,938 -6,882 5,556 -120 -34 5,711 1958—Jan.-June 39,792 9,162 2,083 46,836 35,876 8,936 3,337 41,475 5,362 660 777 -166 49 July-Dec 28,902 7,635 1,627 34,892 39,906 8,921 1,288 47,539 -12,649 6,873 -1,494 653 7,713 1959—Jan.- June?... 39,256 9,432 2,019 46,642 40,793 9,614 3,404 47,003 -358 2,783 414 1,507 863 Monthly: 1958—July 2,946 .Ml 271 3,784 6,613 1,786 487 7,912 -4,128 -835 -337 70 -569 Aug 4,838 f956 236 6,554 6,198 1,412 16 7,594 -1,040 3,017 391 51 2,575 Sept 7,208 885 155 7,936 6,633 1,397 -253 8,283 -348 -1,650 -338 63 -1,374 Oct 2,769 ,025 195 3,596 7,144 1,597 713 8,028 -4,432 3,640 -571 183 4,027 Nov 4,962 ,486 214 6,231 6,237 1,310 346 7,200 -969 2,867 -276 141 3,003 Dec 6,180 ,171 556 6,791 7,080 1,419 -24 8,522 -1,732 -166 -363 145 51 1959_jan 4,528 759 236 5,049 6,776 1,883 1,074 7,585 -2,536 2,801 -846 101 3,546 Feb 6,576 ,637 212 7,998 6,331 1,462 -232 8,025 -28 -434 128 64 -627 Mar 8,426 ,322 162 9,581 6,461 1,451 789 7,124 2,457 -3,016 93 145 -3,253 Apr 4,258 ,302 171 5,384 6,427 1,905 328 8,005 -2,621 3,491 -665 69 4,086 May 5,425 2,479 189 7,708 6,164 1,426 -288 7,879 -171 1,248 1,148 84 15 Junep 10,042 1,933 1,047 10,923 8,632 1,486 1,734 8,383 2,539 -1,306 555 1,042 -2,903 July** 3,246 1,214 490 3,969 6,557 2,174 564 8,167 -4,198 4,339 -506 239 4,606 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. ( —) States (end of period) Period s B d u u N e r o p f d i e r l g c t u i e t s t , a l c d T a f c e u t r o u f i n u i o 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 F t . r n e ( v e u b t c - t d s y y . ) t . , I d n ( p e d g c - c u i r r ) o r r b o e e , e r l a s i c a i n s s c s t e e , T o r H u e t a e s s l i u d d r e y a T u c r c r e e o a r u ' s s n - t Balance ( B F a a D a . v b n e a R l k p e il . s o - sits T T i a L n r u x o e — r a a y a n s n - d O as n t s h e e t e t r s tions 5 funds 5 debt funds) Accts. Fiscal year—1956 1,626 2,250 320 173 -2,617 -1,623 -202 331 6,546 522 4,633 ,391 1957 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 ,010 1958 -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 ,121 -12,541 -1,468 57 71 1,131 8,363 12 -4,399 5,350 535 3,744 ,071 Semiannually: 1957_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 1959—Jan.-June? -1,537 -182 289 192 -13 1,784 143 389 5,350 535 3,744 ,071 Monthly: 1958—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 -980 950 -67 -81 5,888 567 4,117 ,204 Junep 1,410 447 -125 54 -548 -1,597 178 -538 5,350 535 3,744 ,071 July -3,311 -960 35 -1 671 3,976 -77 486 5,837 522 4,364 951 p Preliminary. r Revised. n.a. Not available. Budget expenditures, and payroll deductions for Federal employees re- 1 Consists primarily of interest payments by Treasury to trust accounts tirement funds. and to Treasury by Govt. agencies, transfers to trust accounts representing 2 Small adjustments to arrive at this total are not shown separately. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1177 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 1otal Income and Budget receipts profit taxes Period B c u N e r d i e e p - g t t e s t t O a ru g ld T s e - t rans H f t w e r i u r g a s s y h t - to— R m t r i . r e e e R - n - t . c fu e R r o n i e e p f d - - t s s B c T u e r o d i e p t g - a t e l s t W he I i n t ld h d - ivid O ua th l er C ra o ti r o p n o- ta c E i x x s e e - s t p m a E l x o e m e n y s - t - 7 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r r s e s . * ' fund 6 fund acct. Fiscal year—1956 68,165 6,337 534 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 * 516 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958 69,117 7,733 2,116 S75 4,433 83 974 27,041 11 528 20 533 10,814 8 644 5,414 2 946 1 734 4 316 1959? 68,158 8,004 2,171 527 4,934 83,794 28,996 11,733 18,092 10,763 8,855 5,355 n.a. n.a. n.a. Semiannually: 1957 Julv-Dec .... 29,325 3,135 1,151 505 655 34,571 13,760 2,874 6,273 5,595 3,445 2,625 1,574 848 2,226 1958—Jan.-June .... 39,792 4,598 965 270 3,778 49,403 13,281 8,654 14,260 5,219 5,199 2,789 1,372 886 2,090 July-Dec 28,902 3,383 1,112 265 634 34,296 13,769 2,827 6,174 5,364 3,653 2,509 1,600 931 1,963 1959—Jan.-June*> 39,256 4,621 1,059 262 4,300 49,498 15,227 8,906 11,918 5,399 5,202 2,846 n.a. n.a. n.a. Monthly: 1958 July 2,946 338 177 17 147 3,624 1,195 258 479 926 355 411 252 154 Aug • ... 4,838 1,032 206 72 133 6,280 3,476 123 316 908 1,105 352 249 164 1,006 Sept 7,208 504 188 44 175 8 119 2,093 1 815 2 267 912 549 483 265 160 Oct 2,769 365 180 112 3,446 1,225 162 374 954 386 344 328 171 Nov 4,962 747 198 68 4 5,979 3,641 94 319 811 816 298 284 147 957 Dec 6,180 397 164 44 64 6 848 2,139 373 2,419 853 441 623 222 136 1959 Jan 4,528 267 172 14 -26 4,956 948 1,996 424 847 321 420 201 155 Feb 6,576 949 182 71 374 8,152 4,356 846 362 906 1,281 401 209 141 1,194 Mar 8,426 799 152 43 1,301 10,722 2,213 725 5,459 927 857 540 245 150 Apr . ... 4,258 540 148 16 1,412 6,375 969 3,033 477 852 558 486 243 159 May 5,425 1,417 214 70 1,030 8 155 4,196 617 410 1,020 1,488 424 276 156 n.a. 10,042 649 191 47 208 11,137 2,547 1,689 4,786 846 697 572 n.a. n.a. July 3,246 311 192 20 167 3,936 1,239 364 568 971 332 462 n.a. n.a. n.a. Budget expenditures8 Major national security Agri- Vet- culture Period Total TotaP 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 i d l r c . s e In e t s e t r- ic e b e s r e f e s a i n r t n a v s e n s - - ' d w L a a e n l b f d o ar r e t a c a u r g u n e r r l d - a 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 vear 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 43,270 439 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 39,06? 2 187 268 2 234 7 689 5 026 3 447 4 389 1 543 2 109 1 356 1959P 80,699 46,413 41,227 2,327 ,547 3,685 7,686 5,131 4,052 6,780 1,669 3,362 1,937 Semiannually: 1957 July-Dec 36,060 21,724 370 1 031 1,080 1,216 3 912 2,400 1,636 2 65l 850 1,003 661 1958 Jan -June 35,876 22,418 19,692 1,156 ,188 1,018 3,777 2,626 1,811 1,738 693 1,106 695 July-Dec 39,906 23,246 619 1,145 ,269 1,206 3,686 2,580 2,158 3,922 896 1,438 765 1959 Jan -Junep 40,793 23,167 20,608 1,182 1,278 2,479 4,000 2,551 1,894 2,858 773 1,924 1,172 Monthly: 1958 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 6,198 3,605 3,?05 122 215 233 578 404 368 495 151 233 127 Sept 6,633 3,863 3,489 151 189 158 586 410 345 769 165 212 123 Oct 7,144 4,225 3,80? 168 221 220 608 454 436 673 166 233 135 6,237 3,589 169 189 211 175 614 441 343 574 151 238 109 Dec 7,080 4,212 3,758 221 211 198 652 440 310 781 141 224 123 1959 Feb 6,331 3,596 3, 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 6,427 3,898 3,465 209 211 162 656 361 482 351 125 242 150 May 6,164 3,642 3 ?53 165 214 167 658 433 355 273 122 389 129 June** .. 8,633 4,474 3,940 307 220 1,578 713 431 351 432 2C0 320 149 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

1178 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 1958 1959 1952 1953 1954 1955 1956 1957 Loans, by purpose and agency: To aid agriculture, total 5,070 6,811 6,929 6,715 6,752 6,681 7,605 6,931 7,402 8,672 9,630 Banks for cooperatives 424 377 367 375 457 454 428 410 473 511 518 Federal intermediate credit banks 2 . 673 590 638 689 734 935 1,040 1,228 1,247 1,169 1,313 Farmers Home Administration 596 648 701 681 724 832 906 903 900 819 935 Rural Electification Administration. 1,920 2,096 2,226 2,348 2,488 2,688 2,732 2,774 2,820 2,874 2,919 Commodity Credit Corporation 1,426 3,076 2,981 2,621 2,349 1,778 2,499 1,600 1,962 3,298 3,944 Other agencies 31 23 18 1 (3) (3) (3) (3) (3) (3) (3) To aid home owners, total 2,603 2,930 2,907 3,205 3,680 4,769 4,917 4,628 4,607 4,860 5,352 Federal National Mortgage Association. 2,242 2,462 2,461 2,641 3,072 3,998 4,096 3,776 3,716 3,924 4,362 V O e th te e r r a n ag s e A nc d i m es inistration \ 362 / \ 3 16 0 8 0 3 6 8 3 3 48 8 0 4 4 1 6 4 4 5 770 1 820 1 851 1 890 1 936 1 989 1 To industry, total 598 588 431 678 619 674 645 654 658 680 695 Treasury Department... 174 353 306 209 251 224 222 221 216 212 Commerce Department. 598 l 261 219 217 203 191 190 187 182 Other agencies 413 79 191 206 219 241 247 278 301 To financing institutions 864 952 870 1,419 1,233 1,270 701 931 1,010 1,298 1,087 To aid States, territories, etc., total. 1,020 645 272 245 246 264 275 271 294 293 291 Public Housing Administration.. 894 500 112 90 106 105 107 91 106 106 91 Other agencies 126 145 160 155 140 159 167 180 188 187 200 Foreign, total 7,736 8,043 8,001 7,988 8,223 8,754 8,965 9,022 9,271 9,510 9,712 Export-Import Bank 2,496 2,833 2,806 2,702 2,701 3,040 3,111 3,094 3,239 3,362 3,439 Treasury Department4 3,667 3,620 3,570 3,519 3,470 3,470 3,470 3,470 3,470 3,419 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 2,782 Other agencies 58 53 1 57 49 46 45 47 46 73 All other purposes, total 75 119 166 256 213 344 393 449 489 548 562 Housing and Home Finance Agency. 5 29 127 209 156 283 331 383 423 458 497 Other agencies 69 90 39 47 57 62 62 65 66 89 66 Less: Reserves for losses -140 -203 -228 -268 -309 -367 -354 -486 -450 -368 -353 Total loans receivable (net). 17,826 19,883 19,348 20,238 20,657 22,395 23,147 22,383 23,280 25,493 26,977 Investments: U. S. Government securities, total 2,421 2,602 2,967 3,236 3,739 3,804 4,523 4,467 4,365 4,198 4,533 Federal home loan banks 311 387 641 745 1,018 896 1,456 1,366 1,250 995 1,202 Federal Savings and Loan Insurance Corp.. 208 217 228 241 256 274 283 293 278 288 296 Federal Housing Administration 316 319 327 381 458 471 533 536 559 567 586 Federal Deposit Insurance Corporation 1,437 1,526 1,624 1,720 1,825 1,937 2,013 2,030 2,034 2,049 2,139 Other agencies 148 152 147 149 181 226 238 242 245 300 310 Investment in international institutions 3,385 3,385 3,385 3,385 3,420 3,420 3,420 3,420 3,420 3,420 3,420 Other securities6 223 219 197 179 249 298 333 3,696 3,703 3,703 3,702 Inventories, total 1,280 2,515 3,852 4,356 21,375 21,628 21,206 21,540 20,743 20,810 20,504 Commodity Credit Corporation.. 978 2,087 3,302 3,747 3,651 3,025 2,636 3,310 3,013 3,036 2,906 Defense Department 11,004 11,136 10,866 10,344 9,730 9,681 9,421 G Ot e h n e e r r a a l g S en e c rv ie ic s es Administration. 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 7,9 1 8 9 7 1 Land, structures, and equipment, total 3,213 8,062 8,046 7,822 9,985 9,962 10,020 10,459 10,422 10,670 10,753 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,535 4,568 4,589 4,550 4,721 4,736 Panama Canal Company 415 363 421 421 398 398 396 396 398 396 402 Tennessee Valley Authority 1,251 1,475 1,739 1,829 1,762 1,801 1,789 1,803 1,790 1,777 1,802 Housing and Home Finance Agency 1,202 1,040 728 450 236 88 77 32 26 25 20 Nat. Aeronautics and Space Administration 276 283 274 280 282 285 289 Bonneville Power Administration 311 342 345 349 371 372 373 General Services Administration 1,298 1,308 1,327 1,341 1,319 1,322 1,237 Post Office Department 590 599 599 637 637 637 637 Other agencies 345 350 360 300 613 608 644 1,033 1,050 1,134 1,257 Bonds, notes, & debentures payable (not guar.), total... 1,330 1,182 1,068 2,379 2,711 4,662 4,749 3,812 3,981 4,038 4,212 Banks for cooperatives 181 150 156 185 257 247 224 207 260 303 310 Federal intermediate credit banks 704 619 640 665 721 902 992 1,181 1,211 1,124 1,256 Federal home loan banks 445 414 272 958 963 825 468 455 612 714 699 Federal National Mortgage Association 570 770 2,688 3,065 1,968 1,898 1,947 1 Figures except for trust revolving funds (shown on p. 1063 of the the banks for cooperatives; Treasury compilations prior to 1956 classified BULLETIN for August 1959) exclude interagency items. this item as an interagency asset. 2 Effective Jan. 1, 1957, the production credit corporations were merged NOTE.—Coverage has changed in some of the periods shown. Bein the Federal intermediate credit banks, pursuant to the Farm Credit ginning 1956, changes reflect the expanded coverage and the new classi- Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations fication of activities by type of fund now reported in the Treasury Bulletin. of the banks are classified as trust revolving transactions. Classifications by supervisory authorities are those in existence currently. 4 3 F L i e g s u s r t e h s a r n e p $ r 5 e 0 s 0 en ,0 t 0 l 0 a . rgely the Treasury loan to the United Kingdom, W do h w e n r e o c f u l r o re a n n t s , T t r h e e a s s e u r i y te m co s m h p a i v l e a ti b o e n e s n d c o la s n s o if t i e p d r o b v y i d F e e a d e d ra e l t ai R le e d s er b v r e e a o k n and through 1952 are based in part on information not shown in Treasury basis of information about the type of lending activity involved. compilation. For the most recent quarterly data by type of fund and activity, see 5 Figure derived by Federal Reserve. 6 Includes investment of the Agricultural Marketing revolving fund in BULLETIN for August 1959, p. 1063. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1179 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial properties1 or quarter All Finan- All All Finanhold- cial hold- hold- cial Other ers insti- Selected Indi- ers Finan- Other Finan- Other ers insti- iolders2 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 7 85.7 2 8 25.2 105.4 75.7 62.5 13.2 29 7 19 9 9 8 8 3 3 3 5 0 1955 . . .. 129.9 99.3 3.1 27.5 120.9 88.2 73.8 14.4 32.6 21.8 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 171.5 131.4 4.8 35.2 160.3 117.9 98.9 19.0 42.4 28.4 14.0 11.2 4.2 7.0 1957 Sept 153.7 117.7 4.5 31.6 143.3 105.7 88.5 17.2 37.5 25.2 12.4 10.4 4.0 6.4 Dec 156.6 119.7 4.7 32.1 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958—Mar.*1 159.1 121.5 4.9 32.7 148.4 109.3 91.2 18.1 39.2 26.2 12.9 10.6 4.1 6.6 Junep 162.7 124.5 4.6 33.6 151.8 111.7 93.5 18.2 40.1 26.9 13.2 10.9 4.1 6.7 Sept.23 166.8 127.9 4.6 34.3 155.7 114.7 96.2 18.5 41.0 27.5 13.5 11.1 4.2 6.9 Dec v . . 171.5 131.4 4.8 35.2 160.3 117.9 98.9 19.0 42.4 28.4 14.0 11.2 4.2 7.0 1959 Mar*> 175.5 134.3 5.3 35.9 164.0 120.7 101.1 19.6 43.3 29.0 14.4 11.5 4.3 7.2 Junep 181.0 138.4 5.8 36.8 169.2 124.7 104.3 20.4 44.5 29.6 14.8 11.8 4.4 7.4 P Preliminary. Federal agencies represent HOLC, FNMA, and VA (the bulk of the 1 Derived figures, which include negligible amount of farm loans held amounts through 1948 held by HOLC, since then by FNMA). Other by savings and loan associations. Federal agencies (amounts small and separate data not readily available 2 Derived figures, which include debt held by Federal land banks and currently) are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank 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 ,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 ,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 12,943 11 334 3 489 3 053 4 792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 ,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 ,797 17,457 15,568 4,150 5 773 5 645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 ,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 ,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958? 25,523 18,591 5,476 3,335 9,780 5,461 ,471 22,263 20,935 5,501 8,361 7,073 2,275 53 1957 Sent 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 ,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 ,39S 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 Sept P 24,700 18,049 5,205 3,355 9,489 5,100 ,461 22,746 20,460 5,280 8,276 6,904 2,231 55 Dec P 25,523 18,591 5,476 3,335 9,780 5,461 ,471 23,263 20,935 5,501 8,361 7,073 2,275 53 426,130 19,020 5,660 3,305 10,055 5,605 ,505 423,638 21,257 5,684 8,435 7,138 2,328 53 June23 27,060 19,615 5,885 3,230 10,500 5,875 ,570 24,100 21,667 5,910 8,509 7,248 2,379 54 P Preliminary. estimates based in part on data from National Association of Mutual 1 Represents all banks in the United States and possessions. Savings Banks. 2 Includes loans held by nondeposit trust companies but excludes 4 On Jan. 1, 1959, holdings of commercial banks increased by $143 holdings of trust departments of commercial banks. March and Septem- million, and those of mutual savings banks declined by that amount, ber figures are Federal Reserve estimates based on data from Member as a result of the absorption of a mutual savings bank by a commercial Bank Call Report and from weekly reporting member banks. bank. 3 Figures for 1941 and 1945, except for the grand total, are estimates Sources.—All-bank series prepared by Federal Deposit Insurance based on Federal Reserve preliminary tabulation of a revised series of Corporation from data supplied by Federal and State bank supervisory banking statistics. March and September figures are Federal Reserve agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1180 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 . . . .. 5 277 4 839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1958 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 M^ay . 433 386 105 18 263 47 37,737 34,958 7,813 7,286 19,859 2,779 June 469 428 116 17 295 41 37,894 35,094 7,877 7,258 19,959 2,800 July 535 501 124 11 366 34 38,173 35,400 7,945 7,220 20,235 2,773 NOTE.—Certain mortgage loans secured by land on which oil drilling end-of-year figures, because monthly figures represent book value of or extracting operations are in process are classified with farm through ledger assets whereas year-end figures represent annual statement asset June 1959 and with nonfarm conventional thereafter. These loans values, and because data for year-end adjustments are more complete. totaled $38 million on July 31, 1959. Source.—Institute of Life Insurance; end-of-year figures are from For loans acquired, the monthly figures may not add to annual totals, Life Insurance Fact Book, and end-of-month figures from the Tally of and for loans outstanding, the end-of-December figures may differ from 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* F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r t o h r Se a a a l d s l o y - n- s W e a a d it s j h o u o n s u t a - t l in l S o g a a s v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed l ment 2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 J.9H 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 .. 5,650 2,017 250 1,097 217 1952 (5,617 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 18,01'8 6,452 1,420 3,600 1,137 1954 3,969 3,076 3,846 26,108 1,170 4,709 20,229 1953 19,747 7,365 1,480 3,680 1,327 1955 11,432 4,041 5,241 31,408 1,404 5,883 24,121 1954 22,974 8,312 1,768 A,239 1,501 1956 1(),545 3,771 A,121 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 1(),402 3,562 4,708 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958 i:2,346 4,096 5,251 45,599 2,210 7,093 36,296 1957 . ... 24,244 9,217 1,472 4,264 1,429 1958 27,388 10,516 1,460 5,204 1,640 1958 1958 June 1,107 379 461 42,333 1,833 6,995 33,505 July 1,180 374 511 42,866 1,901 7,012 33,953 June 2,192 2,275 910 110 429 140 Aug 1,180 373 538 43,423 1,940 7,034 34,449 July 2,291 2,543 986 125 491 165 Sept ,215 401 537 43,997 2,007 7,031 34,959 Aug 2,413 2,535 995 130 476 169 Oct 1,290 428 570 44,602 2,084 7,053 35,465 Sept 2,488 2,596 1,022 136 493 170 Nov 1,053 345 469 45,067 2,155 7,062 35,850 Oct 2,576 2,857 1,086 150 558 175 Dec 1,136 376 488 45,599 2,210 7,093 36,296 Nov 2,652 2,432 932 128 474 154 Dec 2,629 2,629 983 143 508 165 1959 1959 Jan 1,013 317 442 46,009 2,277 7,109 36,623 Feb 1,012 326 429 46,436 2,331 7,127 36,978 Jan 2,677 2,352 870 121 454 123 Mar 1,257 439 515 47,029 2,392 7,117 37,520 Feb 2,631 2,245 865 106 426 113 Apr 1,359 480 562 47,733 2,466 7,126 38,141 Mar 2,683 2,586 1,059 116 492 112 May [,434 522 601 48,483 2,532 7.136 38,815 Apr 2,683 2,776 1,148 115 553 124 June ,555 554 674 49,323 2,610 7,135 39,578 May 2,757 2,768 1,151 112 534 140 June . . 2,974 1,261 120 543 168 » Preliminary. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Beginning 1958 includes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1181 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month mortgages Proj- P e r r o t p y - mortgages G un o d v e e r r w nm rit e t n e t n - Total p N r e o w p- p is E r ti o x n p - g - g m a ty g o p e r e s t- 1 p lo m r i a m o e n v n - s e t 2 - Total 3 p N r e o w p- p is E r t o i x n p - g - q y E e u n a a d r r t o o e r r f Total t C i v o e o n n n a - - l erties erties erties erties FHA- VA- Total in- guarsured anteed 1945 665 257 217 20 171 192 1950 4 343 1,637 856 1,157 694 3,072 1,865 1,202 1945.. 18.6 4.3 4.1 .2 14.3 1951 3,220 1,216 713 582 708 3,614 2,667 942 1952 3 113 969 974 322 848 2,719 1,823 890 1951 51.7 22.9 9.7 13.2 28.8 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1952 58.5 25.4 10.8 14.6 33.1 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1953 66.1 28.1 12.0 16.1 38.0 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1954 75.7 32.1 12.8 19.3 43.6 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1955 88.2 38.9 14.3 24.6 49.3 1957 3,715 880 1,371 595 869 3,761 2,890 863 1956 99.0 43.9 15.5 28.4 55.1 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1957 107.6 47.2 16.5 30.7 60.4 1958? 117.9 50.1 19.7 30.4 67.8 1958—-juiy 524 132 236 98 58 127 83 43 599 128 243 170 58 156 91 64 1957—Sept 105.7 46.5 16.1 30.4 59.2 Seot ... . 756 160 320 146 130 189 107 82 Dec 107.6 47.2 16.5 30.7 60.4 Oct 641 174 327 58 83 239 140 99 Nov 559 165 292 31 71 216 135 81 1958—Mar.p... 109.3 47.7 17.1 30.6 61.6 Dec 624 190 320 24 89 257 174 82 June p . . 111.7 48.3 17.7 30.6 63.4 Sept.*... 114.7 49.1 18.6 30.5 65.6 1959—Jan 700 217 369 37 77 276 194 81 Dec.P. .. 117.9 50.1 19.7 30.4 67.8 Feb 598 196 311 37 54 238 174 64 Mar 643 211 319 33 81 260 201 59 1959—Mar.p.... 120.7 51.3 20.9 30.4 69.4 A M p a r y 6 6 3 5 9 2 1 1 9 8 6 6 2 2 9 9 4 1 8 8 0 6 6 8 9 8 2 2 3 1 1 1 1 1 6 7 1 9 5 5 2 0 June25.... 124.7 52.1 21.8 30.3 72.6 June 680 208 312 68 92 221 165 56 July 694 214 310 71 99 227 168 59 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) End of year ( p d e u r r io in d g ) m m e i n t t - s Year or month Ad- Repayor month Total F su H in re A - d - a g n V u t A a e r e - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt 1 - L te o r n m g 2 - 1945 278 213 195 176 19 1950 1,347 169 1,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 1,714 411 62 76 1955 1,251 702 1,417 991 426 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 1957 3,974 ,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 July 3,703 1,300 2,403 17 51 1.308 1958—July. 108 137 901 392 509 3,683 1,298 2,385 22 23 ,543 Aug. 100 62 939 427 512 Sept 3,693 1,320 2,373 37 8 ,674 Sept. 119 48 1,010 490 520 Oct 3,729 1,353 2,376 59 1 1,669 Oct.. 126 52 1,083 545 538 Nov 3,791 1,405 2,386 82 1 1,640 Nov. 86 47 1,123 576 547 Dec 3 901 1,483 2,418 134 1 1,541 Dec., 229 53 1,298 685 613 1959 Jan 4,032 1,564 2,468 150 1,432 1959—Jan.. 98 251 1,146 599 547 Feb 4 188 1 664 2 523 176 291 Feb.. 50 94 1,101 559 542 Mar 4,340 ,740 2,600 175 1 1,182 Mar. 83 96 1,087 531 556 Apr 4,508 1,831 2,677 193 1,063 Apr.. 157 62 1,183 570 612 May 4,641 [.900 2,740 154 982 May, 116 53 1,246 596 650 June 4,793 2,000 2,794 177 875 June, 351 60 1,537 750 786 July 4,948 2,104 2,844 178 1 788 July. 235 214 1,557 807 750 1 Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1182 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 - x e co p g O n a o s t p o h u e d e m r r s 1 er e a r n R l n d o i e z a 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 rg n e ts S c e r r e v d i i c t e 1939. 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941. 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945. 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1951. 22,617 15,294 5,972 4,880 1,085 3,357 7,323 1,934 3,605 1,784 1952. 27,401 19,403 7,733 6,174 1,385 4,111 7,998 2,120 4,011 1,867 1953. 31,243 23,005 9,835 6,779 1,610 4,781 8,238 2,187 4,124 1,927 1954. 32,292 23,568 9,809 6,751 1,616 5,392 8,724 2,408 4,308 2,008 1955. 38,670 28,958 13,472 7,634 1,689 6,163 9,712 3,002 4,579 2,131 1956. 42,097 31,827 14,459 8,510 1,895 6,963 10,270 3,253 4,735 2,282 1957. 44,774 34,095 15,409 8,692 2,091 7,903 10,679 3,365 4,829 2,485 1958. 45,065 33,865 14,131 9,007 2,145 8,582 11,200 3,543 5,018 2,639 1958—July 42,923 33,074 14,567 8,197 2,061 8,249 9,849 3,373 3,927 2,549 Aug 43,128 33,165 14,514 8,254 2,091 8,306 9,963 3,453 3,956 2,554 Sept 43,144 33,079 14,332 8,312 " 107 8,328 10,065 3,495 4,033 2,537 Oct 43,164 33,052 14,164 8,411 128 8,349 10,112 3,414 4,191 2,507 Nov 43,464 33,126 14,066 8,528 146 8,386 10,338 3,499 4,297 2,542 Dec 45,065 33,865 14,131 9,007 2,145 8,582 11,200 3,543 5,018 2,639 1959—Jan 44,415 33,768 14,155 8,881 2,125 8,607 10,647 3,464 4,504 2,679 Feb 44,071 33,751 14,223 8,767 2,116 8,645 10,320 3,563 4,004 2,753 Mar 44,203 33,943 14,375 8,721 2,127 8,720 10,260 3,618 3,883 2,759 Apr 44,916 34,453 14,686 8,777 2,149 8,841 10,463 3,674 3,997 2,792 May 45,790 35,029 14,991 8,911 2,198 8,929 10,761 3,779 4,220 2,762 June 46,716 35,810 15,419 9,077 2,240 9,074 10,906 3,842 4,318 2,746 July 47,256 36,449 15,780 9,183 2,282 9,204 10,807 3,807 4,272 2,728 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1947, of purchasing automobiles and other consumer goods, whether held by and a general description of the series are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1948-57, in the BULLETINS individuals of automobiles or other consumer goods that may be used for October 1956, pp. 1035-42, December 1957, pp. 1420-22, and Novemin part for business. ber 1958, pp. 1344-45. A detailed description of the methods used to 2 Represents repair and modernization loans held by financial institu- derive the estimates may be obtained from Division of Research and tions; holdings of retail outlets are included in other consumer goods Statistics. paper. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n 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 a C c n u n o a m o i m n n e e c s - - r e 1 Other i Total D s m t e o p e re a n s r t t 2 - F s t t u o u r r r n e e i s - H s a h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2 462 1,776 745 300 102 629 686 131 240 17 28 270 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 I 082 1953 23 005 18,963 8,998 5,927 1,124 2,137 777 4,042 1,064 1,004 377 527 I 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1,511 1,044 365 487 1,101 1956 31,827 27,084 11,707 9,100 2,014 3,056 1,207 4,743 1,408 1,187 377 502 1,269 1957 34,095 29,427 12,753 9,573 2,429 3,333 ,339 4,668 1,393 1,210 361 478 1,226 1958 33,865 28,943 12,730 8,740 2,664 3,381 1,428 4,922 1,702 1,220 360 425 I 215 1958 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 1,373 4 182 1 251 1 110 340 440 L 041 Sept ... . 33,079 28,758 12,607 8,891 2,591 3,280 1,389 4,321 1,393 1,110 344 433 l'O41 Oct 33,052 28,666 12,612 8,777 2,613 3,274 1,390 4,386 1,426 1,126 346 427 1,061 Nov 33 126 28,648 12,617 8,708 2,628 3,281 1,414 4,478 1,474 1,149 351 424 I 080 Dec 33,865 28,943 12,730 8,740 2,664 3,381 1,428 4,922 1,702 1,220 360 425 I 215 1959 Jan 33,768 29,016 12,856 8,733 2,639 3,374 1,414 4,752 1,615 1,183 356 425 I 173 Feb 33,751 29,070 12,884 8,724 2,661 3,372 1,429 4,681 1,611 1,166 350 427 1,127 Mar 33 943 29,324 13,028 8,780 2,700 3,371 1,445 4,619 1,581 1 129 348 430 I 131 Apr 34,453 29,825 13,312 8,921 2,754 3,379 1,459 4,628 1,582 1,127 347 439 I 133 M!ay 35 029 30 333 13,568 9,089 2,802 3,385 I 489 4 696 1 606 1 128 349 448 I 165 June 35,810 31,032 13,882 9,350 2,881 3,416 1,503 4,778 1,639 1,136 349 461 l'l93 July 36,449 31,656 14,158 9,592 2,935 3,454 1,517 4,793 1,626 1,140 350 473 ,204 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 1183 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 o o f n y t e h ar i c T m n r s o e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g p O c u o a o t m o p h n d e e e - r s r r e R l m r t o a e n i o n a p o i d d z n n a a - s ir - l s P o o a e n n r a - s l E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m i R z lo o a a e n a d t p i d n e a o s r i n r n- s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1951 3,654 2,863 452 63 276 1951 . . . 5,771 1,135 1,311 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 . . . 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1.303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11 707 3 651 2,075 2,394 469 2 118 1957 9,573 7,470 1,413 20 670 1957 12,753 4,130 2,225 2,467 ,580 2,351 1958 8,740 6,404 1,567 19 750 1958 12,730 3,938 2,191 2,324 ,613 2,664 1958—July... 9,121 6,795 1,592 21 713 1958 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 2,324 613 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 M^ar. 13,028 4,049 2,282 2,340 1,598 2,759 Apr.. . 8,921 6,543 1,5*2 20 776 Apr 13 312 4 154 2,345 2,361 1 616 2 836 May. . 9,089 6,679 1,605 22 783 May 13,568 4,244 2,395 2,395 1,649 2,885 June.. 9,350 6,884 1,647 23 796 June 13,882 4,373 2,443 2,431 1,680 2,955 July... 9,592 7,063 1,695 25 809 July 14,158 4,482 2,483 2,473 1,713 3,007 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d a n a i l t l t - m A pa o u p b t e o il r - e s g 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 m ci e a r l - Other m pa e r n t- t Other 1939 789 81 24 15 669 banks stores i 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 .. . 2,719 625 162 236 1,178 518 1951 2,699 373 233 134 1,959 1941 3,087 693 152 275 1,370 597 1952 3,346 452 310 188 2,396 1945 3,203 674 72 290 1.322 845 1953 4,038 538 370 247 2,883 1954 4,510 539 375 282 3,314 1951 7,323 1,684 250 698 2,907 1,784 1955 5,406 761 537 326 3,782 1952 7,998 1,844 276 728 3,283 1,867 1956 6,277 948 648 403 4,278 1953 8,238 1,899 288 772 3,352 1,927 1957 7,101 1,106 622 491 4,882 1954 8,724 2,096 312 793 3,515 2,008 1958 7,473 1,173 619 513 5,168 1955 9,712 2,635 367 862 3,717 2,131 1956 10,270 2,843 410 893 3,842 2,282 1958—July 7,190 1,134 591 489 4,976 1957 10,679 2,937 428 876 3,953 2,485 AUK 7,245 1,146 596 498 5,005 1958 11,200 3,057 486 907 4,111 2,639 Sept 7,260 1,152 599 504 5,005 Oct 7,277 J.I 57 605 506 5,009 1958—July 9,849 2,968 405 533 3,394 2,549 Nov 7,323 ,161 607 513 5,042 Aug 9,963 2,980 473 546 3,410 2,554 Dec 7,473 ,173 619 513 5,168 Sept 10,065 2,965 530 600 3,433 2,537 Oct 10,112 2,977 437 623 3,568 2,507 1959 Jan 7,427 ,161 616 501 5,149 Nov 10,338 2,998 501 669 3,628 2,542 Feb 7,462 ,170 623 503 5,166 Dec 11,200 3,057 486 907 4,111 2,639 Mar. . 7,516 185 631 508 5,192 Apr 7,592 .205 645 513 5,229 1959_jan 10,647 3,030 434 757 3,747 2,679 May 7,676 ,225 663 527 5,261 Feb 10,320 3,075 488 637 3,367 2,753 June 7,800 ,258 682 537 5,323 Mar 10,260 3,100 518 608 3,275 2,759 July 7,906 279 695 544 5,388 Apr 10,463 3,181 493 601 3,396 2,792 May 10,761 3,222 557 609 3,611 2,762 June 10,906 3,299 543 599 3,719 2,746 NOTE.—Institutions represented are consumer finance companies, credit July 10,807 3,289 518 558 3,714 2,728 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

1184 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p um er 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 U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1951 23,576 8,956 7,485 841 6,294 1952 29,514 11,764 9,186 ,217 7,347 1953 31,558 12,981 9,227 ,344 8,006 1954 31,051 11,807 9,117 ,261 8,866 1955 39,039 16,745 10,634 ,388 10,272 1956 40,063 15,563 11,590 ,568 11,342 1957 42,426 16,545 11,626 ,662 12,593 1958 40,497 14,154 11,747 ,620 12,976 1958-July 3,328 3,483 1,151 ,281 965 956 135 146 ,077 ,100 Aug 3,416 3,385 1,142 ,193 ,018 976 142 151 ,114 ,065 Sept 3,326 3,297 1,082 ,105 ,005 993 142 158 ,097 ,041 Oct 3,451 3,475 1,199 ,173 ,005 1,075 143 159 ,104 ,068 Nov 3,594 3,338 1,276 ,091 ,041 1,054 142 141 ,135 ,052 Dec 3,720 4,350 1,420 ,360 ,002 1,435 134 131 ,164 ,424 1959—Jan 3,799 3,321 1,437 ,248 ,047 886 146 111 ,169 ,076 Feb 3,816 3,247 1,454 ,258 ,057 839 141 111 ,164 ,039 Mar 3,749 3,786 1,414 ,476 ,058 982 151 141 ,126 ,187 Apr 3,939 4,022 1,502 ,580 ,126 1,074 158 156 ,153 ,212 May 4,045 4,053 1,497 ,568 ,154 1,124 171 178 ,223 ,183 June 3,983 4,432 1,487 ,765 1,121 1,179 160 177 ,215 ,311 July 4,102 4,292 1,544 ,707 1,129 1,113 163 176 1,266 ,296 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—July.. 3,365 3,417 1,275 1,304 948 949 132 133 1,010 ,031 Aug.. 3,403 3,294 1,276 1,246 947 919 124 121 1,056 ,008 Sept.. 3,376 3,383 1,246 1,287 949 935 140 142 1,041 ,019 Oct.., 3,418 3,502 1,281 1,341 964 976 134 138 1,039 ,047 Nov.. 3,447 3,264 1,243 1,189 1,001 937 124 123 ',079 ,015 Dec. 3,414 3,611 1,262 1,295 953 956 129 132 ,070 ,228 1959—Jan... 3,412 3,418 1,252 1,224 956 1,012 130 131 ,074 ,051 Feb.. 3,483 3,264 1,281 1,190 981 953 127 120 ,094 ,001 Mar.. 3,431 3,594 1,265 1,324 983 1,028 126 130 ,057 ,112 Apr.. 3,516 3,512 1,282 1,269 1,006 1,018 136 134 ,092 ,091 May. 3,602 3,477 1,320 1,263 1,003 990 134 129 ,145 ,095 June. 3,531 3,651 1,284 1,337 1,000 1,013 133 135 1,114 ,166 July. . 3,602 3,653 1,317 1,346 1,009 1,007 133 134 1,143 ,166 Change in outstanding credit1 1951 + 591 -102 + 81 +69 +543 1952 +4,109 + 1,761 + 1,294 +300 +754 1953 +3,602 +2,102 +605 +225 +670 1954 +563 -26 -28 +6 +611 1955 + 5,390 + 3,663 + 883 +73 +771 1956 +2,869 +987 +876 +206 +800 1957 +2,268 +950 + 182 + 196 +940 1958 -230 -1,278 + 315 +54 + 679 1958—July.. -37 +66 -124 -23 + 17 +7 +3 + 13 +67 +69 Aug.. + 13 +91 -134 -53 +71 +57 + 18 +30 +58 +57 Sept.. -50 -86 -164 -182 +56 +58 XI + 16 +56 +22 Oct.., +33 -27 -82 -168 +41 +99 +21 +65 +21 Nov.. + 147 +74 +33 -98 +40 + 117 + 18 + 18 +56 +37 Dec. +306 +739 + 158 +65 +49 +479 +5 +94 + 196 1959—Jan.., + 387 -97 + 185 +24 +91 -126 + 16 -20 +95 +25 Feb.. + 333 -17 + 173 +68 +76 -114 + 14 -9 +70 +38 Mar.. +318 + 192 + 149 + 152 +75 -46 +25 + 11 +69 +75 Apr.. +423 +510 +220 +311 + 120 +56 +22 +22 +61 + 121 May. +443 + 576 + 177 + 305 + 151 + 134 + 37 +49 +78 + 88 June. +452 +781 + 203 +428 + 121 + 166 +27 +42 + 101 + 145 July., + 500 + 639 +227 + 361 + 120 + 106 + 30 +42 + 123 + 130 i Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting the •N B O U T L E L >— ETI M N o f n o t r h l O y c f to ig b u e r r e 1 s 9 f 5 o 6 r ; f 1 o 9 r 4 1 0 9 -5 5 4 5- 5 a 7 r , e i n s h th ow e n BU o LL n E T p IN p S . f 1 o 0 r 4 D 3- e 5 c 4 e m of - r in e c c u o r r r d e s d o f u r n e d ta e i r l o th ut e le i t n s s a ta n l d m f e in n a t n c c o ia n l t i r n a s c t t i . t ut R io e n n s e a w n a d ls o f a te n n d i n re c f l i u n d an e c c i h n a g r g o e f s 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 1185 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 July 3,328 3,483 1.255 1,320 753 851 853 875 467 437 3,416 3,385 •,249 1,235 714 756 889 858 564 536 Sept i 3,326 3,297 ,206 1,209 632 656 873 831 615 601 Oct 3,451 3,475 ,272 1,261 732 738 885 864 562 612 Nov 3,594 3,338 ,321 1,160 758 687 911 857 604 634 Dec 3,720 4,350 ,330 1,357 827 855 935 1,143 628 995 1959 Jan 3,799 3,321 1,443 1,333 883 753 903 803 570 432 Feb.i 3,816 3,247 ,395 1,227 865 723 922 824 634 473 Mar 3,749 3,786 ,367 1,426 883 883 900 941 599 536 Apr 3,939 4,022 1,455 1,555 941 933 908 939 635 595 M!ay 4,045 4,053 .472 1,511 940 940 990 966 643 636 June 3,983 4,432 1,424 1,620 914 1,074 987 1,064 658 674 July 4,102 4,292 1,534 1,612 942 1,061 1,006 1,030 620 589 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 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 ,215 806 825 837 816 536 527 Oct 3,418 3,502 1.230 1,256 800 852 841 847 547 547 Nov 3,447 3,264 ,228 ,155 785 756 855 811 579 542 Dec 3,414 3,611 1,196 1,244 782 823 864 993 572 551 1959 Jan 3,412 3,418 1,210 1,207 789 760 870 849 543 602 Feb i 3,483 3,264 ,262 ,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 June 3,531 3,651 1,251 1,306 785 813 900 940 595 592 July 3,602 3,653 1,302 .336 812 819 913 924 575 574 Chmge in outstanding credit2 1951 +591 -27 — 57 +403 +272 1952 +4 109 + 1 753 + 1 057 +647 +652 1953 + 3,602 + 1,474 + 1,216 +692 +220 1954 +563 -202 +217 +472 +76 1955 +5,390 + 1,805 +2,299 +896 +390 1956 +2,869 + 1,106 +657 + 871 +235 1957 +2,268 + 1,046 +473 +824 -75 1958 —230 — 23 -833 + 372 +254 1958 July -37 +66 +52 +86 -75 + 16 +32 +41 -46 -77 Aug + 13 +91 +29 +49 -92 -38 +44 +55 +32 +25 Sept. i -50 -86 -33 -48 -197 -192 +36 + 15 + 144 + 139 Oct + 33 -27 +42 +5 -68 -114 +44 + 17 + 15 +65 Nov + 147 +74 +93 + 5 -27 -69 +56 +46 +25 +92 Dec +306 +739 + 134 + 113 +45 +32 +71 + 150 +56 +444 1959 Jan +387 -97 +233 + 126 +94 -7 +33 -46 +27 -170 Feb. 1 +333 -17 + 109 +28 +72 -9 +65 +35 +87 -71 Mar +318 + 192 + 129 + 144 + 102 +56 +54 +54 +33 -62 Apr. +423 +510 + 194 +284 + 133 + 141 +43 +76 +53 +9 M^ay • +443 + 576 + 172 +256 + 121 + 168 +75 +84 +75 +68 June +452 +781 + 173 + 314 + 129 + 261 + 87 + 124 +63 +82 July + 500 + 639 +232 +276 + 130 +242 +93 + 106 +45 + 15 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 credit extended, except as indicated in note 1. NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of loans, repurcnases ana resales 01 instalment paper, ana certain otner transthe BULLETIN for October 1956; for 1955-57, in the BULLETINS for Decem- actions may increase the amount of both credit extended and credit ber 1957, pp. 1420-22, and November 1958, pp. 1344-45. repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1186 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise noted. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In ( d p u hy st s r i i c a a l l p v r o o l d u u m c e t ) io * n 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) i 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 d a 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 p N m t a c e u l g o m u o e r r l n n a y i - - - l - t - pr E o M m d m u a p e n c l n u t o i t f y o a - n c t w ur o in r P r k o g a e l y l r s s - F i l r n c o e a g a i r g s d - * h - t v s ( m s r a a t e l l o e 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 16 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 78 136 123 5 119 2 1958 Aug 136 136 138 144 133 120 130 134 128 115.6 93.2 94.1 150.0 79 147 123 7 119 1 Sept 137 140 139 145 133 123 121 135 111 116.1 94.8 96.5 155.7 80 135 123.7 119.1 Oct 138 143 140 146 134 122 125 148 109 115.6 93.4 94.8 152.5 83 135 123.7 119.0 Nov 141 144 143 151 135 123 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 153 164 142 124 142 170 123 118.6 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 89 144 124.0 119.8 June . 155 155 158 172 r144 125 138 163 120 119.8 r101 9r101 3r174 4 87 144 124 5 r119 7 July 153 144 157 168 146 120 138 157 125 120.2 102.1 100.6 170.8 73 P149 124.9 119.5 Aug «149 ?147 P\52 P\59 ?146 PH9 ^119.0 ^97.7 ^98.6H65.2 72 *150 ' Estimated. p 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 1187 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 947-49 Annual 1958 1959 pro- average Industry portion 1957 1958 July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL.. 00.00 143 134 134 136 137 138 141 142 143 145 147 150 153 155 153 MANUFACTURES—TOTAL 90.02 145 136 136 138 139 140 143 144 145 148 150 153 156 158 157 Durable Manufactures—Total 45.17 160 141 141 144 145 146 151 152 153 157 160 164 169 172 168 Primary metals 6.70 131 104 102 109 113 122 123 123 125 138 146 149 154 150 108 Metal fabricating 28.52 775 755 154 755 755 755 755 755 755 755 770 775 779 754 755 Fabricated metal products 5.73 139 128 129 132 135 133 136 136 136 135 138 142 148 150 150 Machinery 13.68 168 145 144 147 148 147 150 152 154 158 159 163 170 178 180 Nonelectrical machinery 9.04 150 127 125 126 129 130 133 132 132 138 142 145 150 '156 156 Electrical machinery 4.64 204 179 181 188 186 180 183 190 199 198 192 198 209 '222 226 Transportation equipment 7.54 213 187 185 186 178 183 203 204 204 204 207 211 '214 216 218 Autos, trucks, and parts 4.80 128 99 96 96 82 91 119 123 124 123 128 132 136 139 142 Other transportation equipment 2.74 344 319 318 321 322 321 327 322 322 322 322 '327 '327 326 328 Instruments and related products 1.29 172 164 162 162 166 169 173 175 176 179 181 183 189 197 199 Clay, glass, and lumber products 5.97 755 729 752 755 755 754 757 755 755 757 745 r150 755 '752 757 Stone, clay, and glass products 2.82 155 145 152 150 157 149 151 148 147 149 158 166 170 174 181 Lumber and products 3.09 114 115 114 120 118 120 125 125 127 126 129 136 139 133 135 Furniture and misc. manufactures 4.04 752 727 729 750 752 754 754 757 755 755 755 745 747 749 755 Furniture and fixtures 1.64 120 119 119 123 126 127 129 127 133 132 135 138 143 145 149 Miscellaneous manufactures 2.40 140 133 135 134 137 138 137 134 137 137 141 147 150 152 155 Nondurable Manufactures—Total.... 44.85 130 130 132 133 133 134 135 135 137 139 140 142 144 r144 146 Textiles and apparel 11.87 105 103 107 108 109 777 110 no 112 r113 115 119 122 123 126 Textile mill products 6.32 99 98 101 103 103 104 104 104 106 108 110 115 118 '118 122 Aooarel and allied products 5.55 111 110 115 114 116 118 117 116 118 119 121 123 127 128 130 Rubber and leather products 3.20 118 775 114 775 119 779 725 725 724 725 729 725 725 '757 742 Rubber products 1.47 135 125 125 132 136 133 141 140 142 150 156 135 134 155 172 Leather and products 1.73 104 102 104 103 104 108 113 108 109 109 106 112 '118 111 Paper and printing 5.95 148 147 148 750 750 755 752 750 755 755 755 755 757 '759 754 Paper and allied products 3.46 158 160 163 166 167 171 168 166 167 172 173 176 180 175 185 Printing and publishing 5.47 141 139 138 140 140 142 142 139 144 145 145 147 149 149 150 Newsprint consumption 1.85 131 126 126 128 127 131 130 120 129 131 130 135 135 133 138 Job printing and periodicals 3.62 146 146 145 147 146 148 149 150 152 152 153 153 155 157 156 Chemical and petroleum products 9.34 772 770 777 774 174 775 777 750 752 754 757 755 790 795 797 Chemicals and allied products 6.84 184 184 184 186 187 189 192 194 196 199 201 204 208 211 211 Industrial chemicals 2.54 203 195 193 196 204 209 212 214 216 222 226 '232 '234 246 244 Petroleum and coal products 2.50 141 134 136 139 135 137 139 142 143 144 149 143 142 143 Foods, beverages, and tobacco 77.57 112 775 775 775 775 775 777 777 775 720 720 727 '722 '779 118 Food and beverage manufactures 10.73 112 115 116 116 115 115 116 117 118 119 119 120 122 120 119 Food manufactures 8.49 112 115 116 116 116 115 116 116 117 119 120 120 121 121 119 Beverages 2.24 113 116 114 115 114 115 119 121 122 121 118 124 125 117 Tobacco manufactures .78 111 118 121 121 121 120 126 126 121 130 121 134 124 114 MINERALS—TOTAL 9.98 128 117 116 120 123 122 123 124 124 124 123 124 126 125 120 Mineral fuels 8.35 725 777 775 727 725 725 725 724 725 725 727 722 724 724 779 Coal 2.68 83 68 65 68 70 69 72 73 69 74 72 71 73 '73 56 Anthracite .36 49 42 38 41 44 39 37 48 45 37 39 38 37 36 31 Bituminous coal 2.32 88 72 69 73 74 74 77 77 73 79 77 77 79 '78 60 Crude oil and natural gas 5.67 150 141 141 146 149 148 147 148 '148 146 144 146 148 148 Crude oil 4.12 138 129 128 137 140 138 135 135 137 135 133 135 137 136 2>134 Natural gas and gas liquids .70 198 197 200 198 198 202 203 205 198 204 207 *>209 Metal, stone, and earth minerals 7.55 729 777 775 775 779 720 724 725 729 725 752 135 754 '757 725 Metal mining .82 116 91 80 83 90 92 101 108 113 114 115 114 115 106 P92 Stone and earth minerals .81 142 143 146 144 149 148 148 142 145 143 148 155 154 '156 158 9 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1188 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Annual 1947_49 average 1958 1959 Industry proportion 1957 1958 July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL.. 100.00 143 134 125 136 140 143 144 140 142 147 149 152 153 155 144 MANUFACTURES—TOTAL 90.02 145 136 127 138 141 145 146 141 144 150 152 155 156 158 147 Durable Manufactures—Total 45.17 160 141 132 140 146 149 155 152 154 160 163 166 169 mi 157 Primary Metals 6.70 131 104 90 102 111 123 124 119 127 144 r153 155 157 r154 95 Ferrous metals 5.03 130 99 85 98 106 117 120 117 125 142 154 156 157 152 83 Pig iron and steel 3.51 140 105 92 105 114 129 129 127 136 156 170 171 170 165 76 Pig iron .37 137 99 87 97 106 119 124 123 127 139 152 155 157 153 72 Steel 3.05 139 105 92 105 114 129 128 127 136 156 170 171 170 164 76 Carbon steel 2.62 138 104 94 106 113 126 127 125 133 151 164 165 165 161 75 Alloy steel .43 143 106 81 101 118 144 138 135 157 191 205 206 203 182 84 Ferrous castings and forgings 1.52 108 85 70 87 90 99 93 98 112 118 122 128 123 Iron and steel castings 1.29 107 85 72 81 88 91 101 93 98 112 118 122 127 r123 Steel forgings .23 113 81 58 75 80 85 96 101 111 115 121 133 125 Nonferrous metals 1.67 136 121 102 115 125 140 137 126 r134 149 '152 151 r156 r160 133 Primary nonferrous metals .38 164 146 126 128 139 150 157 162 163 169 167 169 168 r174 164 Copper smelting .09 129 120 90 95 111 138 144 130 132 136 145 144 141 141 111 Copper refining .06 135 121 108 99 110 111 130 144 135 155 138 140 133 140 132 Lead .04 114 99 86 99 101 93 98 97 97 87 93 87 86 73 Zinc .10 123 97 90 91 90 93 105 105 108 110 108 106 107 ^100 Aluminum .09 275 268 240 254 263 283 295 308 317 318 318 325 332 350 363 Secondary nonferrous metals .13 111 93 74 90 94 111 105 102 r103 119 113 123 118 Nonferrous shapes and castings 1.16 129 116 97 114 124 141 133 117 127 145 151 149 156 160 Copper mill shapes .63 104 94 74 96 102 128 114 87 103 123 129 117 123 '128 76 Aluminum mill shapes .20 198 193 198 190 207 219 202 203 204 225 243 264 r287 305 321 Nonferrous castings .33 136 110 83 103 116 118 130 123 129 140 139 141 144 134 Metal Fabricating 28.52 176 155 144 150 156 158 167 168 168 172 174 176 179 182 Fabricated metal products 5.73 139 128 123 133 141 136 136 136 134 135 138 142 146 150 143 Structural metal parts 2.68 152 140 137 143 148 144 144 148 144 144 146 151 155 160 154 Stampings and misc. metal products 2.12 124 108 100 104 115 115 119 125 124 123 128 130 133 136 128 Tin cans .30 146 150 171 232 208 161 130 104 118 125 128 146 158 167 180 Furnaces, gas ranges, and heaters .63 99 106 87 115 132 133 128 104 107 116 109 111 114 116 95 Machinery 13.68 168 145 133 142 151 150 153 152 156 162 164 165 170 175 166 Nonelectrical machinery 9.04 150 127 120 119 128 127 131 133 134 142 147 149 153 r156 150 Farm and industrial machinery 8.13 146 121 114 114 119 118 121 125 128 132 137 140 144 r148 145 Farm machinery 1.02 84 79 80 77 80 83 65 72 80 99 106 107 116 117 113 Industrial and commercial machinery.. 7.11 155 127 119 119 124 124 129 133 135 137 142 144 148 152 149 Machine tools and presses .68 182 119 112 109 114 115 113 116 116 118 125 130 134 138 139 Laundry and refrigeration appliances.... .69 148 131 123 170 163 179 163 194 196 196 191 159 Electrical machinery 4.64 204 179 158 186 195 194 197 190 199 202 196 196 203 213 197 Electrical apparatus and parts 3.23 201 177 166 170 178 177 182 192 192 193 195 198 203 209 206 Radio and television sets .74 205 166 115 214 223 221 212 163 193 200 173 166 177 198 149 Transportation equipment 7.54 213 187 175 173 170 184 211 214 211 212 215 217 215 214 209 Autos, trucks, and parts 4.80 128 99 84 77 69 92 132 134 131 133 139 141 139 138 132 Autos 1.50 146 101 87 53 37 71 160 161 154 149 163 164 162 158 150 Trucks .66 104 90 76 78 67 89 112 100 110 133 138 143 148 147 134 Light trucks .22 100 82 68 61 49 75 123 120 114 123 124 130 134 131 120 Medium trucks .19 50 24 23 16 12 12 33 30 28 32 31 36 36 40 36 Heavy trucks .14 194 203 164 189 155 221 221 173 227 308 327 329 343 337 310 Truck trailers .07 137 116 106 120 131 132 135 134 145 '161 r168 184 187 192 161 Auto and truck parts 2.58 123 Other transportation equipment 2.74 344 319 312 317 322 321 327 329 325 326 325 r327 324 323 321 Aircraft and parts 1.30 608 572 561 573 583 582 591 595 587 587 583 580 572 r571 569 Shipbuilding and repair .81 129 128 128 127 126 129 130 128 131 128 132 138 141 r137 134 Railroad equipment .53 77 39 28 30 30 20 29 32 28 35 36 43 42 45 46 Railroad cars .35 24 34 38 80 34 19 22 20 15 19 19 26 27 36 39 Instruments and related products 1.29 176 188 195 172 164 157 160 168 171 174 176 179 183 185 194 Clay, Glass and Lumber Products 5.91 126 157 r158 133 129 126 142 143 143 139 128 134 140 150 149 Stone, clay, and glass products 2.82 153 145 166 111 111 175 Glass and pottery products 1.09 155 145 148 155 160 155 127 124 141 145 156 146 146 r150 145 Flat glass and vitreous products .60 141 125 123 131 136 122 141 144 125 133 143 166 167 r169 159 H G o l F a m s la s e t c g a o l n n a d s ta s i w o n t a e h r r e e s r a g n l d as s pottery . . . 2 2 4 3 6 7 1 1 1 9 6 3 6 2 1 6 4 1 1 1 8 3 3 3 2 5 9 7 1 1 1 8 3 3 3 2 9 5 3 1 1 1 8 4 4 4 4 1 7 6 1 1 1 8 6 5 4 4 0 4 2 1 1 1 9 4 2 2 1 5 3 0 1 1 8 4 3 6 1 0 1 1 8 1 4 0 6 4 1 1 1 7 2 4 4 9 6 2 2 1 1 1 8 3 4 4 9 8 7 8 1 1 1 8 7 3 6 6 1 7 7 1 1 7 4 1 9 1 1 9 7 4 0 1 6 r1 1 ' 7 5 9 3 5 8 1 1 6 5 0 0 Cement .32 148 155 175 186 192 193 170 139 109 109 143 177 196 203 201 Structural clay products .35 128 118 122 126 132 133 127 120 112 115 121 132 134 142 Brick .12 114 113 122 126 134 136 123 110 96 101 111 131 129 143 Clay, firebrick, pipe, and tile .20 140 123 125 129 134 133 132 129 126 127 130 134 139 '143 146 Concrete and plaster products .48 188 187 200 209 209 207 199 187 182 182 192 208 219 229 233 Misc. stone and earth manufactures .58 174 157 150 157 163 169 169 171 172 175 180 184 189 r192 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 1189 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual Industry 9 p 4 r 7 o - - 49 average 1958 1959 portion 1957 1958 July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar.! Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 114 115 106 130 127 131 126 109 116 124 125 136 143 141 126 Lumber , 2.05 96 94 88 107 105 105 101 87 89 98 101 106 113 109 102 Millwork and plywood. .60 187 202 176 235 220 240 234 193 225 243 234 269 278 270 Millwork .39 112 110 101 141 133 134 133 103 110 120 118 141 162 157 Softwood plywood.., .12 312 356 301 390 364 416 403 341 419 448 429 484 471 456 Wood containers , .29 84 76 77 77 80 80 78 77 75 78 79 83 84 82 Furniture and Misc. Manufactures, 4.04 132 127 121 131 138 141 139 135 132 136 138 139 142 146 143 Furniture and fixtures 1.64 120 119 113 124 130 132 132 132 132 134 135 135 137 141 141 Household furniture 1.10 120 122 115 127 134 138 137 138 137 140 141 140 141 "144 144 Fixtures and office furniture. 120 114 108 119 123 120 120 122 120 120 125 129 "136 136 .54 122 Miscellaneous manufactures 140 133 126 135 143 147 144 137 133 137 142 145 149 145 2.40 139 Nondurable Manufactures—Total 130 130 123 135 137 142 138 130 135 140 143 143 144 136 44.85 141 Textiles and Apparel 105 103 92 110 107 115 112 103 113 119 123 122 120 109 11.87 121 Textile mill products 99 98 86 103 103 109 107 100 107 113 113 111 119 117 107 Cotton and synthetic fabrics. 6.32 105 104 86 107 111 112 118 106 119 122 122 131 129 121 119 Cotton consumption 3.72 95 91 72 94 96 98 99 86 101 103 102 106 104 97 96 Synthetic fabrics 2.30 119 115 107 117 124 125 137 141 135 138 149 154 156 156 147 Fabric finishing .97 94 98 75 104 109 101 115 87 115 119 108 139 130 107 110 .45 Wool textiles .97 75 69 67 76 75 75 71 62 Wool apparel yarns. .16 78 72 71 81 78 73 72 62 79 85 84 95 94 85 Wool fabrics .75 75 69 67 76 75 76 71 63 Knit goods. 1.15 104 104 98 114 113 116 115 96 109 111 111 116 115 115 108 Hosiery .65 93 92 80 99 97 102 102 75 101 99 94 97 91 86 74 Full-fashioned hosiery. .45 89 84 72 89 86 89 92 66 90 87 83 84 77 69 59 Seamless hosiery .20 102 108 97 123 123 132 127 98 125 127 120 129 123 125 110 Knit garments .50 118 120 122 134 135 134 132 124 120 126 132 140 146 153 151 Floor coverings *. .48 Woven carpets. .31 71 63 36 61 70 79 76 75 76 91 87 90 16 76 Apparel and allied products... 5.55 111 110 99 117 113 121 117 105 120 127 130 128 125 124 113] Men's outerwear 1.78 102 100 77 110 106 108 107 93 119 120 117 139 136 118 1091 Men's suits and coats.... .73 86 75 52 91 78 79 84 67 81 82 81 99 98 89 641 Men's suits .50 87 73 47 82 72 76 84 70 87 86 83 95 91 81 55] Men's outercoats .13 61 66 59 104 86 73 62 38 37 46 52 92 99 98 86 Shirts and work clothing. .99 112 115 91 122 123 128 121 109 145 146 142 167 164 138 140 j Women's outerwear 1.85 112 112 107 120 112 120 113 90 119 141 138 133 129 118 109 Women's suits and coats. .76 128 129 138 153 139 150 101 151 175 147 114 144 138 122 138 Misc. apparel and allied mfrs.... 1.92 117 117 112 121 126 129 126 125 130 129 125 126 128 124 '128 Rubber and Leather Products. 3.20 118 113 97 117 120 125 118 129 138 136 121 125 121 129 Rubber products 1.47 135 125 103 127 137 143 145 137 150 158 159 138 132 152 141 Tires and tubes .70 123 113 96 110 117 129 128 128 138 154 155 111 108 141 147 Auto tires .40 134 120 105 118 122 131 131 132 149 167 171 120 120 154 162 Truck and bus tires .30 107 103 85 99 109 125 124 122 124 137 133 99 92 122 125 Miscellaneous rubber products. .77 147 136 108 142 156 156 160 146 161 161 163 163 154 162 136 Leather and products.. . 1.73 104 102 92 108 105 109 108 102 111 120 116 113 112 110 Leather .44 89 84 68 85 83 91 93 85 90 94 88 89 93 85 Cattlehide leathers. .29 98 91 72 94 92 101 102 94 r98 102 95 95 97 87 Skin leathers .15 72 61 65 65 72 74 69 r76 79 73 77 79 Shoes and slippers* .90 Miscellaneous leather products. .39 94 94 92 100 100 105 107 104 99 102 103 98 103 Paper and Printing. 8.93 148 147 137 148 152 160 155 145 150 156 159 164 162 159 152 Paper and allied products 3.46 158 160 145 168 169 181 170 153 166 177 176 185 180 •111 165 Pulp and paper 1.76 154 154 137 159 159 171 164 148 161 171 171 179 175 174 158 Wood pulp .51 176 175 156 179 180 199 188 168 187 194 195 203 200 203 184 Paper and board 1.25 145 145 129 151 150 160 154 140 150 162 161 169 165 "162 148 Printing paper .22 133 133 121 136 131 138 132 127 138 142 145 153 149 151 137 Fine paper .14 139 142 116 143 145 151 152 145 145 160 161 165 162 "162 128 Coarse paper .20 127 125 109 129 129 142 139 120 129 140 135 147 142 "141 130 Miscellaneous paper .18 179 178 158 176 174 195 186 175 193 200 194 205 200 '191 177 Paperboard .41 153 154 136 163 164 173 166 146 157 173 172 178 174 "168 157 Building paper and board. .10 124 129 130 141 145 145 128 115 124 137 143 157 148 145 150 Converted paper products., 1.70 163 166 154 177 179 192 176 158 171 183 182 190 186 180 172 Shipping containers .51 157 157 146 173 175 184 168 148 160 172 174 179 181 177 166 Sanitary paper products. .11 179 191 176 185 188 213 199 187 203 213 202 223 199 185 188 Preliminary. f Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1190 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average- 100] 1947-49 A av n e n r u ag a e l 1958 1959 Industry proportion 1957 1958 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued 5.47 141 139 132 136 142 147 146 140 139 142 148 150 150 148 143 PriNnetiwngsp arnindt pcounbsliushminpgtion 1.85 131 126 110 115 128 141 142 119 119 127 136 145 143 133 Job printing and periodicals 3.62 146 146 143 147 149 149 149 151 150 150 154 153 154 155 155 Chemical and Petroleum Products 9.34 172 170 163 170 174 179 180 181 184 187 189 190 189 189 181 Chemicals and allied products 6.84 184 184 174 182 187 195 195 195 198 202 204 '209 207 '206 198 Ind B u a s s t i r c i a i l n o c r h g e a m n i i c c a l c s hemicals 2. . 5 5 4 7 2 2 0 0 2 3 1 19 9 8 5 1 1 8 7 3 9 1 1 9 8 0 2 2 1 0 9 2 6 2 2 1 1 1 0 2 2 1 1 9 4 2 2 1 1 7 0 '2 2 1 0 9 9 2 2 2 2 3 6 2 23 2 1 9 '2 2 3 3 7 5 '2 2 3 3 7 2 '2 2 4 2 1 4 2 2 1 3 1 2 Industrial organic chemicals 1.97 204 195 184 193 204 212 213 219 221 227 231 '237 '238 245 238 Plastics materials .24 272 284 244 276 316 336 328 320 332 350 366 379 '377 386 Synthetic rubber .11 245 230 199 225 242 260 273 262 280 292 287 289 283 284 295 Synthetic fibers .59 199 180 174 178 189 199 200 215 211 220 222 231 224 235 Miscellaneous organic chemicals 1.03 186 178 175 178 183 185 187 192 195 196 199 202 209 '214 212 Vegetable and animal oils .64 130 130 108 117 117 162 159 149 '156 '155 144 138 131 121 118 Vegetable oils .48 121 124 98 107 108 161 155 148 '154 141 129 120 108 103 Grease and tallow .16 154 149 138 148 146 164 171 151 161 174 155 165 165 158 161 Soap and allied products .71 112 109 88 122 126 120 114 104 117 120 113 117 114 107 75 66 Fertilizers .23 132 132 102 106 118 126 115 119 134 142 172 212 192 127 111 Petroleum and coal Droducts 2.50 141 134 133 140 138 137 140 144 146 145 148 138 139 143 Petroleum refining 1.97 150 145 146 149 148 147 151 159 160 157 154 147 146 151 v 149 Gasoline 1.04 162 161 167 170 166 160 168 173 170 162 166 163 164 171 ^169 Automotive gasoline .98 157 156 162 163 159 154 161 167 165 156 162 159 162 167 Aviation gasoline .06 249 249 255 293 297 275 286 275 257 268 232 233 215 234 Fuel oil .56 147 136 131 133 138 140 140 153 163 165 153 134 133 136 ^133 Distillate fuel oil .30 194 183 175 181 189 193 192 207 226 229 211 184 186 190 Residual fuel oil .26 93 82 80 79 80 79 80 90 91 92 86 77 74 75 Kerosene .10 98 99 74 87 93 103 115 123 137 137 100 90 80 80 Lubricating oil .17 113 104 105 109 102 108 106 112 104 104 111 117 113 113 Coke .26 105 76 66 72 78 85 90 92 94 102 107 107 106 104 39 Asphalt roofing and siding .15 94 103 115 165 130 121 92 49 58 80 149 87 109 121 129 Foods9 Beverages9 and Tobacco 11.51 112 115 118 127 130 129 120 110 108 111 no 115 r118 r122 120 Food and beverage manufactures 10.73 111 115 119 126 131 129 120 110 107 109 109 114 111 rni 111 Fo M od ! B e a e m t e f a p n ro u d fa u c c t t u s r es .. 8 1 . . . 4 4 4 9 8 6 1 1142 1 88 2 1 1 13 1 2 9 5 5 1 1 1 4 1 1 1 6 5 1 1 1 4 2 2 1 7 0 1 1 1 4 3 3 7 4 0 1 1 1 3 3 5 8 0 0 1 1 1 2 3 3 1 4 4 1 1 1 3 3 1 4 3 2 1 1 1 4 3 1 1 9 0 1 1 1 3 1 4 2 0 0 1 1 1 3 3 0 2 3 8 1 1 1 4 1 3 1 1 6 1 1 1 4 2 1 0 9 3 '1 1 1 1 4 2 8 3 9 11 1 42 1 47 9 Pork .83 110 111 94 101 113 123 126 126 130 136 127 127 116 114 111 Dairy products .69 111 110 133 121 103 93 89 87 92 100 109 121 141 146 130 Butter . . . .14 109 105 111 91 79 80 88 92 103 106 110 115 132 123 98 Natural cheese . .07 119 121 138 119 109 104 101 103 102 108 119 134 155 158 130 Concentrated milk .19 102 99 117 95 84 77 70 76 83 88 99 115 139 140 111 Ice cream . .28 111 112 149 149 122 104 94 84 87 99 109 117 136 152 154 Canned and frozen foods 1.13 126 134 163 236 242 175 125 105 92 93 97 110 110 '135 165 Grain-mill products 1.16 100 103 105 109 110 109 104 101 105 102 102 99 105 '107 105 Wheat flour .46 87 90 85 92 93 97 97 88 94 90 89 85 92 88 83 Cereals and feeds .70 108 112 118 120 121 117 110 109 113 111 111 108 114 119 120 Bakery products . . 1.64 100 101 104 102 102 103 101 101 98 99 99 99 102 104 105 Sugar .27 122 131 74 72 103 293 311 233 112 72 64 70 83 '81 78 Cane sugar .11 112 115 126 136 125 117 114 107 103 104 113 118 135 '126 132 Beet sugar .. .13 125 138 23 11 79 439 476 336 114 40 16 23 32 '36 25 Confectionery .71 112 113 86 103 154 140 134 96 121 128 103 108 96 92 84 Miscellaneous food preparations 1.41 108 115 119 120 119 118 118 116 113 116 115 116 119 '125 120 2.24 113 116 128 122 119 124 113 104 '97 105 113 '126 '133 139 Bottled soft drinks .54 Alcoholic beverages 1.70 103 107 107 104 108 124 111 94 91 100 109 119 124 123 Beer and ale 1.02 101 103 127 107 99 90 85 90 85 88 105 119 121 131 Liauor distilling .17 83 91 33 47 116 172 125 109 104 107 106 112 111 92 Liauor bottlins .37 111 115 91 116 118 166 154 92 92 116 112 116 128 114 .78 111 118 109 130 125 130 128 103 121 130 121 129 128 124 Cigarettes .46 116 124 119 138 129 132 128 108 123 127 121 129 132 127 Cigars .17 106 114 92 122 124 137 140 102 129 150 133 140 129 126 P Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1191 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 r 7 o- -49 a A v n e n ra u g a e l 1958 1959 Industry portion 1957 1958 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 128 117 110 120 123 124 123 124 123 123 122 124 127 127 116 MINERALS—TOTAL Mineral Fuels 8.35 125 117 108 119 122 122 124 127 126 126 123 123 124 r123 113 Coal 2.68 83 68 46 70 73 75 75 76 73 74 69 68 72 72 46 Anthracite .36 49 42 30 42 47 43 40 50 50 39 34 34 33 38 25 Bituminous coal 2.32 88 72 48 75 77 80 81 80 76 79 74 74 78 '77 49 Crude oil and natural gas 5.67 150 141 137 142 145 144 147 151 152 150 149 149 148 147 Oil and gas extraction 4.82 146 139 134 141 144 143 145 149 150 150 149 149 147 145 Crude oil 4.12 138 129 126 133 136 134 134 137 138 138 138 139 138 136 Natural gas and gas liquids .70 198 197 184 186 190 196 209 219 216 220 215 Natural gas .. .. .34 212 216 197 195 201 212 230 247 241 242 235 Natural gas liquids 36 184 179 173 178 179 181 188 193 192 200 196 194 191 192 Oil and gas well drilling . .85 171 152 151 149 150 154 159 165 163 152 146 148 155 161 165 Metal Stone f and Earth Minerals 1.63 129 117 121 124 132 131 121 no 108 111 114 128 146 r147 134 Metal raining .82 116 91 91 96 107 107 93 81 86 91 91 105 135 133 I N ro 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 1 7 0 8 9 1 8 1 6 0 1 10 1 1 8 1 1 0 0 7 7 1 5 1 3 9 1 3 1 8 0 1 4 1 3 4 1 5 1 2 8 1 5 1 0 8 1 8 2 1 1 1 12 5 1 7 1 1 1 6 5 0 100 Copper mining .24 133 121 88 100 123 132 145 135 139 141 146 149 151 140 124 Lead mining . . .09 85 68 62 59 59 62 73 64 69 71 64 65 61 65 56 Zinc mining .06 84 65 54 57 59 61 65 60 66 75 71 73 73 70 56 .81 142 143 151 153 158 156 151 139 131 130 138 152 157 162 164 v Preliminary. ' Revised. are included in major group totals but not in individual indexes for autos, 1 Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-71. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953, group in addition to the groups shown. Certain types of combat materiel pp. 1247-93 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] 1947_49 A av n e n ra u g a e l 1958 1959 Industry proportion 1957 1958 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July ELECTRICITY AND GAS—TOTAL 100.00 233 '244 242 '246 '249 '251 '250 252 259 260 262 P262 ?266 ^272 P274 Residential 41 34 261 282 281 285 288 289 285 286 301 301 301 Nonresidential 58.66 213 '216 '215 '218 '222 '224 '225 '229 229 231 234 Electricity . 76.18 233 243 242 247 250 251 248 252 257 257 260 259 265 272 ^274 Residential . • 27.48 273 295 294 300 304 305 298 300 313 310 312 307 312 318 23.68 213 208 206 210 216 217 216 221 220 224 228 229 235 244 General industrial 23.49 193 189 187 192 197 198 198 202 202 206 209 211 216 225 .19 2670 2570 2570 2550 2550 2560 2550 2540 2560 2590 2580 2560 2560 2580 25.02 208 219 220 224 224 224 224 228 230 230 234 235 241 248 Gas . . .. 23.82 232 '246 r242 '243 '247 '251 '254 254 265 268 267 *269 P271 2>273 ^275 Residential 13 86 236 256 256 257 257 257 258 258 276 282 279 Industrial 6.16 230 231 229 '230 '235 '238 '241 '243 r245 247 248 Commercial and other 3.80 218 '232 '213 '212 '231 '250 '260 '255 254 251 253 * Preliminary. r Revised. Indexes without seasonal adjustment may be obtained from the Division NOTE.—For description and back figures sec BULLETIN for October of Research and Statistics. 1956, pp. 1055-69. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1192 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] 1947-49 a A v n e n r u a a g l e 1958 1959 pro- Product portion 1957 1958 July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL 100.00 130 113 114 115 103 108 133 134 133 132 135 137 141 145 149 Maior Durables 69.72 138 114 116 116 99 105 142 143 149 137 141 146 151 155 158 Autos 32.10 146 101 99 95 56 67 139 143 139 130 142 147 153 156 158 lVTaior household eoods 36.13 132 127 133 137 138 141 148 144 143 146 142 147 153 156 160 15.32 114 115 116 117 120 124 127 127 132 133 133 135 140 140 144 Household furniture 11.31 122 121 126 129 130 133 134 140 140 141 143 148 148 152 4.01 15.60 127 127 129 132 137 148 159 156 iio145 139 144 151 145 149 11.88 133 131 133 139 144 157 168 161 141 149 145 150 158 154 157 2.60 89 88 81 77 84 98 114 118 99 103 101 99 109 104 99 Refriseration aooliances 4.98 140 140 145 152 155 173 184 180 150 163 164 171 178 170 181 2.51 180 170 174 185 202 208 215 187 188 186 169 176 182 184 190 Heating apparatus 3.72 104 115 115 112 113 123 131 138 137 134 120 125 128 118 124 Radio and television sets 5.21 205 166 191 207 197 166 174 162 181 185 179 189 195 235 240 Radio sets 3.42 75 61 64 75 86 65 75 65 73 72 67 71 71 92 91 Television sets 1.79 453 365 435 459 408 359 363 346 387 400 392 415 432 507 526 Other Consumer Durables 30.28 111 110 111 112 113 114 113 114 118 119 121 115 117 124 128 14 00 Misc home and personal soods 16.28 114 109 111 110 114 114 114 113 114 114 117 119 123 125 132 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 130 113 100 100 103 116 143 137 136 140 144 142 142 144 134 IVfaior Durables ...... ....... 69.72 138 114 97 94 96 113 155 147 145 150 155 154 154 154 139 32.10 146 101 87 53 37 71 160 161 154 149 163 164 162 158 150 36.13 132 127 108 130 150 151 153 138 14t 154 151 148 149 152 131 Furniture and floor coverings 15.32 114 115 105 118 126 131 130 130 130 135 136 135 133 135 131 11.31 120 122 115 127 134 138 137 138 137 140 141 140 141 144 144 Floor coverings1 4.01 15.60 127 127 109 114 150 147 156 137 131 158 159 156 155 154 126 11.88 131 111 110 150 148 162 146 137 169 173 167 165 163 131 2.60 89 88 62 68 92 102 114 108 96 115 117 104 103 111 75 4.98 140 140 134 111 149 138 156 153 145 187 205 201 205 201 168 2.51 180 170 124 155 228 229 241 189 183 212 186 182 173 166 135 3.72 104 115 102 128 149 145 136 108 112 121 116 120 123 125 110 5.21 70S 166 114 214 222 221 212 163 193 199 173 166 176 198 148 3.42 75 61 40 64 80 82 99 79 73 73 70 68 69 76 53 1.79 453 365 257 500 493 485 429 322 422 440 369 353 380 431 331 30.28 T11 110 107 115 119 123 117 113 115 117 117 113 114 121 123 14.00 16.28 114 109 103 112 118 123 122 114 109 114 116 116 118 122 122 * Preliminary. r Revised. Individual indexes without seasonal adjustment for woven carpets, 1 Publication suspended pending revision. appliances, heating apparatus, radio sets, and television sets may be NOTE.—For a description of these indexes, see BULLETIN for May 1954, obtained from the Division of Research and Statistics. pp. 438-47. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor.* Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Total In tr d i u B al s u - sin m e C e s o s rc m ia - l P u u ti b li l t i y c O n d r t e o t i e h a s n n i l e - - - r Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r 1951 32,700 23,447 12,529 7,344 2,117 1,498 3,729 3,574 9,253 887 2,353 912 5,101 1952 34,670 23,889 12,842 7,500 2,320 1,137 4,043 3,547 10,781 ,387 2,679 900 5,815 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 ,290 3,015 892 6,039 1954 39,362 27,684 15,379 8,531 2,030 2,212 4,289 3,774 11,678 ,003 680 773 6,222 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 ,287 861 701 5,875 1956 45,779 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,712 ,360 4,395 826 6,131 1957 47,795 33,778 17,019 12,535 3,557 3,564 5,414 4,224 14,017 ,287 4,892 971 6,867 1958 49,109 33,833 18,047 11,326 2,382 3,589 5,355 4,460 15,276 ,402 5,364 1,019 7,491 1958—Aug.. 4,042 2,789 ,500 911 171 300 440 378 1,253 109 438 80 626 Sept.. 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... 4,557 ,113 ,793 928 160 304 464 392 1,444 127 552 95 670 Feb.. 4,526 ,127 ,812 929 160 308 461 386 1,399 125 500 93 681 Mar.. 4,669 ,181 ,867 928 156 305 467 386 1,488 133 582 98 675 Apr.r 4,670 ,259 ,952 925 153 311 461 382 1,411 135 512 99 665 May r 4,670 ,300 ,981 938 157 334 447 381 1,370 137 472 101 660 June?9 4,662 ,270 ,922 953 163 344 446 395 1,392 133 492 112 655 July*5. 4,625 3,247 ,882 960 170 351 439 405 1,378 134 500 89 655 A 4,571 3,203 ,829 962 175 347 440 412 1,368 127 529 85 627 Preliminary. r Revised. * Beginning with June 1959, data are from Bureau of the Census. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1193 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 Fac- Com- Educa- Other public tories mercial tional utilities 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—July 3,607 1,550 2,058 1.557 150 282 264 381 974 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_ F ja e n b 2 2 , , 3 3 1 0 9 7 8 8 0 0 0 0 1 1 , , 5 5 1 0 9 7 1 L , , 0 O 2 7 2 3 1 1 0 3 5 9 2 1 8 9 2 8 1 1 7 7 1 7 2 1 6 9 1 0 4 5 7 3 9 0 Mar 3,340 869 2,471 1,541 128 286 217 283 886 3,778 1,207 2,571 1,831 189 328 270 400 760 May 3,542 1,094 2,447 1.677 176 326 227 342 793 June.. 3,659 1,167 2,492 1,762 151 292 251 361 842 July 3 657 1,690 194 354 265 378 776 NOTE.—Beginning in 1958, monthly data exceed annual total and are in policy of accounting for negative adjustments in monthly data after not comparable with monthly data for earlier years because of a change original figures have been published. CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district All Month districts Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - 1958—May 3,399 182 361 141 288 233 316 492 190 184 178 208 628 June 3,820 166 562 149 312 262 419 454 174 153 243 288 639 July 3,607 176 398 127 342 311 335 453 140 122 246 293 665 1959—May 3,542 163 404 135 254 258 370 535 136 136 233 195 724 June 3,659 176 398 138 292 269 339 543 175 130 202 299 698 July 3,657 151 438 137 322 268 422 499 181 159 214 224 641 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates.* In thousands of units] Year or month a ( n s a e n p d T a u r j s i o u a v o l s t a n a t r t e a l e a d l t ly e) Total p M a o r l e i e t t a r an o s - p m N a o e r l o e i t t r n a a o - s n - Total fam 1- il P y rivat f e am 2- ily f M am u i l l t y i- Public G T o o v t e a r l nmen F t- H u A nderwri V tt A en l 1951 1.091 111 315 1,020 892 40 88 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 463 192 271 1957 1,042 700 342 993 840 33 120 49 313 185 128 1958 .209 827 382 1,142 933 39 170 68 429 327 102 1958—Aug 1,228 124 83 41 115 96 4 15 9 48 35 13 Sept 1,255 121 85 36 111 93 3 14 10 50 35 14 Oct. 1,303 115 79 36 113 94 4 15 2 54 39 15 Nov 1,427 109 74 36 107 85 4 18 2 40 29 11 Dec 1,432 91 64 27 90 70 3 16 2 38 29 9 1959 Jan 1,364 87 62 25 84 64 3 17 3 29 22 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 32 10 Apr 1,434 142 97 45 137 109 5 24 5 46 35 11 May 1,370 137 94 43 134 107 5 21 4 47 36 10 June 1 368 137 93 44 131 110 5 16 6 47 36 11 July »l,35O ^126 86 40 ^125 n.a. n.a. n.a. 2>2 43 32 11 Aug *l,340 *>129 87 43 H25 n.a. n.a. n.a. 43 33 10 P Preliminary. n.a. Not available. 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

1194 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employed1 Unemploy- Year or month i p n o st p i u tu l t a i t o io n n al l f a o b rc o e r Total Total In c n ul o t n u a ra g l ri- In U pl n o e y m ed - l N ab o o t r i n f o t r h c e e (pe m r r a c e t e n e n t t)2 industries agriculture 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 3.0 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 2.7 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 2.5 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 5.0 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 4.0 1956 118,734 70,387 67,530 64,979 58,394 6,585 2,551 48,348 3.8 19573 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1958 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 July 123,422 73,875 71,338 67,594 60,769 6,825 3,744 49,547 5.1 Aug 123,549 73,204 70,667 67,241 60,884 6,357 3,426 50,345 5.5 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. Tn thousands of persons] Transporta- Federal Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c 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—Aug 50,570 15,330 701 2,711 ,867 11,175 2,377 6,420 7,989 Sept 50,780 15,529 707 2,698 ,858 11,151 392 6,440 8,005 Oct 50,582 15,358 708 2,698 ,887 11,154 2,392 6,399 7,986 Nov 50,877 15,693 708 2,690 ,875 11,119 2,386 6,426 7,980 Dec 50,844 15,701 709 2,550 ,859 11,143 2,385 6,448 8,049 1959—Jan 51,086 15,764 704 2,650 ,894 11,216 2,387 6,443 8,028 Feb 51,194 15,819 693 2,626 ,880 11,279 2,395 6,462 8,040 Mar 51,456 16,006 688 2,719 ,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 52,125 16,372 708 2,787 3,917 11,363 2,413 6,486 8,079 June 52,407 16,527 709 2,799 3,928 11,425 2,418 6,525 8,076 July 52,585 16,586 712 2,809 3,922 11,459 2,424 6,574 8,099 Aug 52,047 16,051 619 2,832 3,897 11,494 2,436 6,563 8,155 WITHOUT SEASONAL ADJUSTMENT 1958_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 ,886 11,151 392 6,472 7,943 Oct 51,136 15,536 708 2,887 ,897 11,225 380 6,463 8,040 Nov 51,432 15,795 712 2,784 3,885 11,382 2,374 6,426 8,074 Dec 51,935 15,749 713 2,486 3,881 11,976 373 6,384 8,373 1959—Jan 50,310 15,674 704 2,343 3,836 11,052 363 6,314 8,024 Feb 50,315 15,771 693 2,256 3,835 10,990 6,333 8,066 Mar 50,878 15,969 688 2,417 3,865 11,083 2,386 6,377 8,093 Apr 51,430 16,034 694 2,662 3,879 11,136 2,403 6,511 8,111 May 51,982 16,187 701 2,834 3,914 11,234 2,413 6,583 8.116 June 52,580 16,455 713 2,986 3,944 11,352 2,442 6,623 8,065 July 52,371 16,418 708 3,045 3,951 11,318 2,472 6,607 7,852 Aug 52,084 16,175 625 3,127 3,926 11,326 2,473 6,596 7,836 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 July and August 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 1195 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 Aug. June July Aug. Aug. June July Aug. Total 11,530 12,600 12,628 12,083 11,645 12,524 12,447 12,195 Durable goods 6,377 7,244 7,284 6,744 6,339 7,248 7,167 6,705 Ordnance and accessories 67 73 73 73 67 73 73 73 Lumber and wood products 559 603 616 606 581 624 628 630 Furniture and fixtures 306 331 333 337 301 321 320 332 Stone, clay, and glass products 426 464 469 465 430 466 464 470 Primary metal industries 868 1,067 1,048 618 864 1,067 1,038 615 Fabricated metal products 796 870 872 839 788 866 846 831 Machinery except electrical 1,002 1,155 1,170 1,165 977 ,167 1,152 1,136 Electrical machinery 749 841 869 876 734 833 839 858 Transportation equipment 1,034 1,224 1,209 1,130 1,034 1,224 1,209 1,130 Instruments and related products 202 225 226 230 199 224 221 227 Miscellaneous manufacturing industries 368 391 399 405 366 385 379 403 Nondurable goods 5,153 5,356 5,344 5,339 5,306 5,276 5,280 5,490 Food and kindred products 1,034 1,047 1,020 1,023 1,172 1,030 1,071 1,158 Tobacco manufactures 78 80 77 81 86 70 67 89 Textile-mill products 864 883 900 901 855 883 873 892 Apparel and other finished textiles 1,024 1,113 1,097 1,085 1,044 1,068 1,048 1,107 Paper and allied products 440 453 455 454 442 453 450 456 Printing, publishing and allied industries 547 555 557 561 542 555 551 555 Chemicals and allied products 512 535 538 540 504 527 527 532 Products of petroleum and coal 154 158 157 157 157 160 160 160 Rubber products 183 196 205 202 181 196 199 200 Leather and leather products 317 336 338 335 323 334 335 342 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 July and August 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 Aug. June July Aug. Aug. June July Aug. Aug. June July Aug. Total 84.35 91.17 89.87 88.70 39.6 40.7 40.3 40.5 2.13 2.24 2.23 2.19 Durable goods 91.14 99.36 97.03 96.12 39.8 41.4 40.6 40.9 2.29 2.40 2.39 2.35 Ordnance and accessories 100.69 105.47 104.14 105.32 40.6 41.2 41.0 41.3 2.48 2.56 2.54 2.55 Lumber and wood products 77.74 82.19 80.78 83.20 40.7 41.3 40.8 41.6 1.91 1.99 1.98 2.00 Furniture and fixtures 72.09 74.66 74.66 76.49 40.5 40.8 40.8 41.8 1.78 1.83 1.83 1.83 Stone, clay, and glass products 86.90 92.16 92.57 91.91 40.8 41.7 41.7 41.4 2.13 2.21 2.22 2.22 Primary metal industries 103.95 118.43 109.59 107.18 38.5 41.7 39.0 40.6 2.70 2.84 2.81 2.64 Fabricated metal products 92.52 99.72 97.41 98.06 40.4 41.9 41.1 41.2 .29 2.38 2.37 2.38 Machinery except electrical 93.77 104.75 103.25 102.59 39.4 41.9 41.3 41.2 .38 2.50 2.50 2.49 Electrical machinery 84.96 90.58 88.80 89.65 39.7 40.8 40.0 40.2 2.14 2.22 2.22 2.23 Transportation equipment 102.00 109.06 108.53 108.54 40.0 41.0 40.8 40.5 2.55 2.66 2.66 2.68 Instruments and related products 87.96 94.35 94.12 92.80 39.8 41.2 41.1 40.7 2.21 2.29 2.29 2.28 Miscellaneous manufacturing industries... 72.68 76.95 75.79 76.76 39.5 40.5 40.1 40.4 1.84 1.90 1.89 1.90 Nondurable goods 76.04 79.60 80.00 80.00 39.4 39.8 39.8 40.0 1.93 2.00 2.01 2.00 Food and kindred products 81.56 85.69 84.86 83.23 41.4 41.0 40.8 40.6 1.97 2.09 2.08 2.05 Tabacco manufactures 62.96 67.99 70.58 67.97 39.6 39.3 40.1 40.7 1.59 1.73 1.76 1.67 Textile-mill products 59.19 64.46 63.83 64.62 39.2 40.8 40.4 40.9 1.51 1.58 1.58 1.58 Apparel and other finished textiles 55.33 55.05 55.72 57.00 36.4 36.7 36.9 37.5 1.52 1.50 1.51 1.52 Paper and allied products 90.53 94.60 94.81 95.24 42.5 43.0 42.9 42.9 2.13 2.20 2.21 2.22 Printing, publishing and allied industries.. 98.54 102.87 102.87 104.34 37.9 38.1 38.1 38.5 2.60 2.70 2.70 2.71 Chemicals and allied products 95.24 100.43 100.28 100.12 40.7 41.5 41.1 41.2 2.34 2.42 2.44 2.43 Products of petroleum and coal 110.29 117.79 120.35 118.49 40.4 40.9 41.5 41.0 2.73 2.88 2.90 2.89 Rubber products 96.80 98.74 107.75 107.93 40.5 40.3 43.1 43.0 2.39 2.45 2.50 2.51 Leather and leather products 58.19 61.50 60.74 60.48 37.3 38.2 38.2 37.8 1.56 1.61 1.59 1.60 NOTE.—Data are for production and related workers. Figures for July and August 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

1196 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 P a 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 Chi- Lo S u t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - SALESi 1951 112 109 107 112 114 115 117 110 111 107 117 120 112 1952 114 110 104 113 115 122 127 109 116 109 121 129 120 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 127 149 167 125 137 128 146 159 142 SEASONALLY ADJUSTED 1958—July 140 129 133 141 132 153 '175 131 139 129 147 162 '141 Aug 147 137 137 143 140 163 183 136 151 137 158 172 148 Sept 135 119 125 129 129 145 167 124 144 126 147 162 140 Oct 135 125 128 140 126 151 165 122 131 123 144 159 141 Nov 137 122 125 135 125 149 170 125 133 130 149 166 149 Dec 143 132 133 142 139 156 176 134 148 136 150 160 148 1959—Jan 138 119 129 134 123 160 173 124 138 127 150 168 150 Feb 140 120 127 134 133 159 168 129 141 133 154 162 155 Mar 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 144 124 130 139 136 158 182 135 148 131 157 173 154 June 144 118 128 140 135 157 186 133 140 139 153 176 '161 July P149 ^133 138 148 142 161 140 134 174 161 WITHOUT SEASONAL ADJUSTMENT 1958—July nn 93 97 103 107 123 '146 103 114 103 130 144 '125 N D O A Se c e o u p t c v g t 2 1 1 1 1 5 4 6 2 3 1 1 6 9 7 2 1 1 1 1 4 4 2 0 2 0 9 7 7 7 2 1 1 1 1 3 3 0 6 2 5 5 5 0 9 2 1 1 1 1 5 4 7 1 3 1 3 9 5 5 2 1 1 1 1 4 2 2 5 2 4 9 9 4 4 2 1 1 1 1 8 5 8 5 3 6 1 6 8 9 3 1 1 1 1 0 7 9 6 6 5 3 7 5 0 2 1 1 1 1 2 2 2 5 2 8 1 9 4 9 2 1 1 1 1 5 6 4 3 4 0 1 3 6 4 2 1 1 1 1 2 5 4 3 3 7 0 2 5 0 2 1 1 1 1 6 7 4 4 5 0 3 9 9 2 2 1 1 1 1 7 6 9 5 6 7 5 0 6 0 2 1 1 1 1 6 7 4 4 4 2 3 2 0 4 1959—Jan 106 94 104 101 96 113 135 94 105 93 112 133 119 Feb 107 90 100 102 103 114 138 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 141 124 126 138 132 156 175 134 149 127 154 172 146 June 136 118 125 132 127 146 162 130 130 135 147 160 151 July 100 108 115 129 111 107 155 143 STOCKS i 1951 131 129 127 132 132 129 145 125 130 121 137 13-5 137 1952 121 117 115 120 115 127 143 112 120 in 130 129 131 1953 131 124 120 129 125 141 155 122 131 *46 143 140 1954 128 126 117 127 122 138 152 120 125 123 141 140 135 1955 136 132 119 135 124 159 170 127 135 124 152 153 142 1956 148 141 130 148 133 175 195 138 148 130 164 168 156 1957 152 138 138 154 136 178 203 143 149 142 160 174 158 1958 148 136 136 154 129 171 197 139 140 146 153 165 155 137 SEASONALLY ADJUSTED 1958—July 148 140 '134 '149 131 mi 192 142 145 135 149 163 '157 N O D S A e c o e u p t c v g t 1 1 1 1 1 5 5 5 4 5 3 0 2 8 0 1 1 1 1 1 4 3 4 4 3 1 9 2 2 7 1 1 1 1 1 4 3 4 4 3 1 5 0 2 7 1 1 1 1 1 5 5 5 5 5 9 7 3 7 5 1 1 1 1 1 3 2 2 3 3 1 8 8 0 2 1 1 1 1 1 7 8 7 7 7 6 0 2 5 2 2 2 2 1 1 0 0 0 9 9 5 7 2 8 2 1 1 1 1 1 4 4 4 4 4 3 6 5 0 4 1 1 1 1 1 3 3 3 4 3 7 6 6 3 4 1 1 1 1 1 4 3 4 4 3 1 7 0 2 7 1 1 1 1 1 6 5 5 5 5 5 9 9 5 2 1 1 1 1 1 6 7 7 6 6 3 2 0 3 4 1 1 1 1 1 5 5 6 5 5 7 9 0 8 2 1959—Jan 152 137 141 155 139 177 200 141 144 136 159 168 160 Feb 150 139 138 153 127 172 198 141 138 142 155 168 161 Mar 148 136 137 153 127 171 195 138 138 139 150 169 163 Apr 151 138 138 155 127 175 201 142 141 138 151 174 166 May 151 138 136 156 128 172 200 140 143 140 154 175 167 June 156 142 141 164 131 183 202 149 147 141 157 181 170 July 147 142 164 138 212 152 151 143 ^157 ^180 WITHOUT SEASONAL ADJUSTMENT 1958—July 139 126 '121 134 121 '157 179 136 135 129 142 155 '152 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 Nov 173 166 161 183 147 205 234 163 153 159 184 190 180 Dec 136 130 130 141 117 157 178 123 121 127 144 152 148 1959—Jan 136 124 126 137 123 158 182 129 128 126 143 148 144 Feb 143 131 130 147 122 166 196 133 134 136 148 163 151 Mar 153 13S 141 158 131 182 204 139 143 143 156 178 165 Apr 15S 144 143 166 133 184 211 150 149 140 158 181 169 May 153 141 140 159 132 173 202 145 143 139 155 174 166 June 148 134 132 '152 125 169 192 145 136 133 150 169 163 July 132 129 148 127 197 146 140 136 ^149 P 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, po. 1323-52. Figures prior to are as of the end of the month or averages of monthly data. 1947 may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 1197 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t o a f o o l n e t r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i o m ( s e r O t o n d i a n d u n e n g r t t d - s h o - ) f i m c ( e t R o f o i o n p e t r - t a t h s l 2 ) m o ( r N t o d f o o e n e t r w t a r h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S s o t p o t r i a o d n l u n u c e g t d s k - rs - s ce R i e p - ts Annual average: 1950 376 1,012 495 391 401 2.8 1.4 4.2 1.1 1951 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4.0 1.0 1955 437 1,195 446 444 449 2.9 1.1 4.0 1.0 1956 454 1,286 470 459 458 3.0 1.1 4.1 1.0 1957 459 1,338 461 461 458 3.1 1.1 4.1 1.0 1958 462 1,320 436 461 463 3.0 1.0 4.1 1.0 Month: 1958—July.. 366 ,215 563 ^349 '432 3.3 1.5 4.9 1.0 Aug.. 420 ,276 534 480 451 3.0 1.3 4.3 1.1 Sept.. 451 ,395 553 570 589 3.1 1.2 4.3 ,3 Oct... 502 ,516 545 623 615 3.0 1.1 4.1 ,2 Nov.. 538 ,567 462 589 506 2.9 0.9 3.8 A Dec... 911 ,231 332 575 445 1.4 0.4 1.7 6 1959—Jan... 379 ,217 412 365 445 3.2 1.1 4.3 ,0 Feb... 342 ,278 449 403 440 3.7 1.3 5.0 ,2 Mar.. 434 ,360 r422 516 489 3.1 1.0 4.1 \l Apr... 431 ,404 388 475 441 3.3 0.9 4.2 .1 May.. 453 ,365 418 414 444 3.0 0.9 3.9 0.9 June.. 446 299 600 380 562 2.9 1.3 4.3 0.9 July?3. 388 ^304 662 393 455 3.4 1.7 5.1 1.0 p Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1958, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdep 2 a D rt e m ri e v n e t d s f t r o o r m e s t a h l e e s r . eported figures on sales and stocks. LETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports i Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t lu s2 ding Merchandise imports3 Period 1957 1958 1959 1957 1958 1959 1957 1958 1959 Jan ... 1,681 1.505 1,400 1,584 \ 396 1 286 1 115 1 096 1,154 Feb 1,616 1,345 1,280 1,495 L,245 1,184 993 956 1,118 Mar 2,154 1,553 1,456 2,024 1,438 1,375 1,133 1,072 1,301 Apr 1,866 L,53O 1,468 1,783 ,408 1,343 1,119 1,057 1,221 May 1,817 1,638 1,552 1,715 1,507 1,411 1,106 1,061 1,264 June 1 790 I 406 1,426 1 656 I 308 1 348 986 1,031 1,369 July 1,697 L ,416 1,469 1,510 1,287 1,354 1,148 1,049 1,248 Aug . . ... 1,681 1,396 1,540 1,283 1,043 950 Sept 1,544 1,361 1,441 1,239 1,007 1,074 Oct 1,680 1,599 1,606 1,418 1,148 1,142 Nov 1 688 I 596 1 601 I 408 1,043 1,089 Dec 1,636 1.514 1,541 L.379 1,142 1,253 Jan -July . 12,621 10,393 10,051 11,767 9,589 9,300 7,600 7,322 8,675 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

1198 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other All Ap- Trans- Med- Per- ing goods Year or month items Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - parel p t o io rt n a- c ic a a re l s c o a n r a e l re t a c i n o re d n a- s a i e c n r e v d s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52 2 88 4 55 6 1945 76.9 68.9 90.9 76.3 1951 111.0 112.6 112.4 113.1 103 1 116 4 111.2 109 0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106 6 123 9 107.9 115 3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.1 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111 8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1957 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1958 123.5 120.3 127.7 137.7 117.0 134.9 103.9 131.4 107.0 140.5 144.4 128.6 116.7 127.2 1958 July 123.9 121.7 127.7 137.8 117.0 132.3 104.0 131.2 106.7 140.3 144.6 128.9 116.6 127.2 Aug. 123.7 120.7 127.9 138.1 117.5 133.6 103.3 132.1 106.6 141.0 145.0 128.9 116.7 127.1 Sect. 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 June 124.5 118.9 128.9 139.5 119.3 133.9 104.1 133.9 107.3 r145.9 150 6 131.1 118.1 129.2 July 124.9 119.4 129.0 139.6 119.5 134.0 104.0 134.3 107.5 146.3 151.0 131.3 119.1 130.8 NOTE.—Revised index, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a r t 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 t i d o n h t d d e s s e s - , r ,p l t F o i m a e i g w n u r n h a i g e d e a t - l r - ls , C p a i u a c h r l n c l a o 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 - - L p w u a b r u o c n o e m o t d d r s d - - p p a P u a l a r l u n c o p ie l t d d e p s d - r,M m p u a r e e n c o t t t d d a a s l - l s p c M m u a t e r h i n c o v r i o a y t d n d e - s - - - h F d o h t b o a u u t u o n l h u r r e r l d e s n a e d s e r - i- - e s N t r m t m t a a u r o l l i u r e l s n n a 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 l d c - s e e - o . d s n c M e e o l i l s u a - - s 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114. 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 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 89.6 1958 119.2 94.9 110.9 126.0 93.5 100.6 112.7 110.4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1958 July 119.2 95.0 112.7 125.6 93.3 100.3 111.9 110.4 144.7 116.8 131.0 148.8 149.5 123.2 135.3 128.0 97.2 Aug 119.1 93.2 111.3 126.1 93.3 100.5 113.7 110.0 144.4 118.6 131.0 150.8 149.5 123.0 135.2 128.0 95.6 Sept 119.1 93.1 111.1 126.2 93.3 100.2 114.1 109.9 145.2 120.4 131.7 151.3 149.4 123.0 136.7 128.0 192.5 Oct 119.0 92.3 110.0 126.4 93.2 101.4 113.0 110.2 146.1 120.8 131.9 152.2 149.9 123.0 136.7 128.8 91.2 Nov 119.2 92.1 109.5 126.8 93.1 102.3 112.6 110.2 146.6 120.0 131.9 153.0 151.2 122.7 136.7 128.7 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. 97.0 Apr 120.0 92.4 107. 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 119.9 90.8 107.7 128.4 94.5 118.5 113.4 110.0 148.8 128.2 132.0 153.0 152.5 123.5 138.4 132.2 95.2 June '119.7 '89.8 108.1 '128.2 94.9 118.9 111.2 110.0 147.3 r128.9 132.3 r153.3 r153.O 123.6 r137.4 132.2 91.0 July 119.5 107.5 128.4 95.2 119.0 110.9 109.9 147.3 128.3 132.5 152.9| 153.7 123.7 137.6 134.5 92.9 f Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1199 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1958 1959 1958 1959 Subgroup Subgroup July May June July July May June July Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce 106.3 107.0 100.9 98.5 Grains 79.8 78.6 78.2 78.2 Paperboard 136.0 136.2 136.2 135.9 Livestock and poultry 96.7 90.6 r89.5 84.8 Converted paper and paperboard.. . 127.9 127.3 127.6 127.7 Plant and animal fibers 101.8 101.9 101.6 100.0 Building paper and board 143.4 146.7 146.7 147.3 Fluid milk 92.0 90.2 90.0 92.6 Eggs 76.1 51.1 56.5 65.4 Metals and Metal Products : Hay and seeds 76.2 80.3 r78.0 74.9 Other farm products 139.9 133.5 132.8 132.2 Iron and steel 167.0 170.4 171.3 171.8 Nonferrous metals 124.9 136.2 136.1 134.1 Processed Foods: Metal containers , 155.7 152.9 152.9 152.9 Hardware 171.7 173.0 173.0 173.0 Cereal and bakery products 117.5 119.5 119.2 119.5 Plumbing equipment 119.9 130.9 130.9 130.9 Meats, poultry, and fish 112.1 101.4 101.9 99.3 Heating equipment 121.2 121.7 121.7 121.7 Dairy products and ice cream 111.4 111.7 111.9 113.9 Fabricated structural metal products 133.1 132.9 132.9 132.9 Canned, frozen fruits, and vegetables 111.3 110.4 111.1 110.6 Fabricated nonstructural metal Sugar and confectionery 116.4 114.4 115.6 115.2 products 145.0 146.1 146.1 145.3 Packaged beverage materials 165.2 145.2 145.2 145.2 Other processed foods 97.1 95.8 95.4 96.1 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 138.4 143.5 143.5 143.6 Cotton products 87.4 90.8 91.6 91.9 Construction machinery and equip- Wool products 100.5 100.9 r102.2 102.9 ment 165.6 171.9 172.1 172.2 Synthetic textiles 80.1 81.0 81.5 82.1 Metal working machinery 169.7 173.1 173.9 173.9 Silk products 116.2 114.0 114.2 113.4 General purpose machinery and Apparel 99.3 99.6 99.6 99.8 equipment 159.7 162.8 165.8 165.9 Other textile products 74.8 75.7 75.6 75.5 Miscellaneous machinery 147.5 149.2 149.3 149.5 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 152.6 154.1 154.2 156.3 Motor vehicles 139.0 143.2 143.2 143.2 Hides and skins 58.1 98.6 106.7 107.8 Leather 91.5 124.5 120.1 118.7 Furniture and Other Household Dura- Footwear 121.8 129.5 130.2 130.3 bles: Other leather products 97.1 112.4 112.0 113.2 Household furniture 122.6 123.7 124.0 124.3 Fuel, Power, and Lighting Materials: Commercial furniture 155.0 155.0 155.1 155.3 Floor covering 126.7 127.8 128.1 128.6 Coal 121.1 118.9 '119.8 121.1 Household appliances 104.8 105.0 104.9 104.5 Coke 161.9 170.4 170.4 170.4 Television, radios, phonographs.... 95.0 93.4 '93.5 93.5 Gas fuels (Jan. 1958= 100) 97.9 109.9 106.8 101.4 Other household durable goods 155.1 156.5 156.7 156.9 Electric power (Jan. 1958= 100) 100.1 100.9 100.8 100.8 Petroleum and products 117.1 118.3 115.0 114.8 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.7 135.2 135.3 135.3 Concrete ingredients 139.0 140.2 140.1 140.4 Industrial chemicals 123.1 123.8 123.8 123.9 Concrete products 128.4 129.7 129.7 129.9 Prepared paint 128.2 128.3 128.3 128.3 Structural clay products 155.6 160.1 160.4 160.6 Paint materials 103.4 101.4 101.4 101.3 Gypsum products 133.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics. . 94.4 93.1 93.4 93.5 Prepared asphalt roofing.... 103.3 126.4 113.6 113.5 Fats and oils, inedible 62.5 60.4 '58.4 55.5 Other nonmetallic minerals. 131.2 132.5 132.5 132.5 Mixed fertilizers 111.1 108.9 108.9 108.8 Fertilizer materials 108.0 107.5 107.6 107.4 Tobacco Manufactures and Bottled Other chemicals and products 107.0 106.4 r106.5 106.5 Beverages: Rubber and products : Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.6 106.6 106.6 Crude rubber 133.0 152.9 148.7 149.3 Other tobacco products. 139.7 152.8 152.8 153.7 Tires and tubes 152.1 151.9 150.0 150.0 Alcoholic beverages 120.1 121.7 121.7 126.8 Other rubber products 142.7 144.0 144.2 143.8 Nonalcoholic beverages. 149.3 171.1 171.1 171.1 Lumber and Wood Products: Miscellaneous: Lumber 116.7 128.9 '130.4 129.8 Toys, sporting goods, small arms. . 119.1 117.0 117.0 117.5 Millwork 127.3 137.5 137.3 137.7 Manufactured animal feeds 79.7 76.6 69.0 72.2 Plywood 98.3 106.6 105.2 102.7 Notions and accessories 97.5 97.5 97.5 97.5 Jewelry, watches, photo equipment. 107.8 108.1 108.1 108.2 Pulp, Paper, and Allied Products: Other miscellaneous 132.3 132.3 132.0 131.9 Woodpulp 121.2 121.2 121.2 121.2 Wastepaper 86.1 110.5 115.9 115.9 Paper 141.8 143.3 143.3 143.7 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1200 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 1958 1959 1929 1933 1941 1950 1954 1955 1956 1957 1958 2 3 4 1 2 104.4 56.0 125.8 284.6 363.1 397.5 419.2 442.5 441.7 434.5 444.0 457.1 470.2 484.5 79.0 46.4 81.9 195.0 238.0 256.9 269.9 284.8 293.0 290.9 294.4 299.1 303.9 311.2 Durable goods .. 9.2 3.5 9.7 30.4 32.4 39.6 38.5 40.3 37.6 36.7 37.1 39.8 41.3 44.1 37.7 22.3 43.2 99.8 119.3 124.8 131.4 137.7 141.9 141 5 143.1 143.6 145.3 147.7 32.1 20.7 29.0 64.9 86.3 92.5 100.0 106.7 113.4 112.7 114.2 115.7 117.4 119.4 Gross private domestic invostm&nt. .. . 16.2 1.4 18.1 50.0 48.9 63.8 67.4 66.6 54.9 51.3 54.2 61.3 69.8 77.5 8.7 1.4 6.6 24.2 29.7 34.9 35.5 36.1 35.8 34 6 35 4 37.3 39.7 41.0 3.6 .5 3.5 14.1 15.4 18.7 17.7 17.0 18.0 16.9 18.0 19.9 21.9 23.1 Other • 5.1 1.0 3.1 10.1 14.3 16.2 17.8 19 0 17 7 17 7 17 4 17 4 17.8 17.9 5.9 1.6 6.9 18.9 20.8 23.1 27.2 28.5 22.9 22 6 22.2 23.2 23.9 26.0 Change in business inventories........ 1.7 -1.6 4.5 6.8 -1.6 5.8 4.7 2.0 -3.8 -5.8 -3.4 .8 6.1 10.4 1.8 -1.4 4.0 6.0 -2.1 5.5 5.1 1.2 -4.9 -7.0 -4.5 -.1 5.4 9.8 2.8 2.2 21.1 .6 1.0 1.1 2.9 4.9 1.2 1.2 1.6 .2 -.9 -1.8 Exports 7.0 2.4 6.0 13.1 17.5 19.4 23.1 26.2 22.6 22.3 23.1 22.7 21.5 22.1 6.3 2.3 4.8 12.5 16.5 18.3 20.2 21.3 21.3 21.1 21.5 22.5 22.4 23.9 Government purchases of goods and services 8.5 8.0 24.8 39.0 75.3 75.6 79.0 86.2 92.6 91.1 93.8 96.5 97.4 97.7 Fede N O ra t a l h ti e o r nal defense3 } 1 , . . 3 , 2 2 . . 0 0 / { 1 1 3 6 3 . . . 2 9 8 1 1 5 9 4 . . . 2 3 3 4 47 6 1 . . . 5 7 2 4 3 5 6 9 . . . 3 6 1 4 45 5 0 . . . 7 7 4 4 4 5 9 4 . . . 4 5 3 4 52 8 4 . . . 2 1 5 5 4 7 4 7 . . . 5 3 5 5 4 3 8 4 . . . 1 9 5 5 4 9 4 5 . . . 2 4 3 5 4 3 8 5 . . . 8 3 8 5 4 3 8 6 . . . 9 0 2 Less * Government sales 4 .0 .0 .1 .3 .4 3 .4 5 5 3 .6 .3 .3 State and local 7.2 6.0 7.8 19.7 27.7 30.3 33.2 36.8 40 5 39 7 40.8 42.2 43.6 43.8 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 363.1 392.7 400.9 408.3 399.0 393.1 400.9 410.8 420.6 431.8 1 Includes expenditures for crude petroleum and natural gas drilling. 4 Consists of sales abroad and domestic sales of surplus consumption 2 Net exports of goods and services and net foreign investment have goods and materials. been equated, since foreign net transfers by government were negligible NOTE.—For explanation of series see U. S. Income and Output (a supplec d l u a r 3 s m s i T f g i h c i t a s h t e io c p n a e te r i g n io o d t r h y e 1 9 c B 2 o u 9 r d - r g 4 e e s 5 p t . o o n f d t s h e c U lo n se it l e y d t S o t at t e h s e G m o a v j e o r r n m n e a n t t i o fo n r a l t h s e e c fi u s r c i a ty l m of e t n h t e to s thc Su o r f v e C y u o r f r e C n u t r B r u e s n i t n B es u s s . iness for 1959) and the July 1959 issue year ending June 30, 1960. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [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 1929 1933 1941 1950 1QCC 1957 1958 2 3 4 1 2 National income 87.8 40.2 104.7 241.9 301.8 330.2 350.8 366.5 366.2 358.9 369.5 380.4 389.4 Compensation of employees 51.1 29.5 64.8 154.2 207.6 223.9 242.5 255.5 256 8 253 2 258 5 262 9 269 9 278 9 Wages and salaries^ . . . 50.4 29.0 62.1 146.4 196.3 210.9 227.6 238.5 239.4 236.0 241.1 245.1 250.9 25P.4 Private 45.5 23.9 51.9 124.1 161.9 174.9 189.6 198.4 196.2 193 2 197 1 200 8 206 2 214.0 .3 .3 1.9 5.0 10.0 9.8 9.7 9.6 9.7 9.7 10.0 9.9 9.8 9.8 Government civilian 4.6 4.9 8.3 17.3 24 4 26 2 28 4 30 5 33 5 33 2 34 0 34 4 34 8 35 6 Supplements to wages and salaries .7 5 2 7 7 8 11 3 13 0 14 9 17 0 17 4 17 2 17 5 17 8 19 0 19 6 Proprietors' income2 . 14 8 5 6 17 4 37 5 40 4 42 1 43 7 44 5 46 6 45 9 46 8 47 4 46 9 46 6 Business and professional . 8.8 3.2 10.9 23.5 27.8 30.4 32.1 32.7 32.4 32.0 32.6 33.2 33.7 34.5 Farm 6.0 2 4 6.5 14.0 12 7 11 8 11 6 11 8 14 2 13 9 14 2 14 1 13 2 12 1 Rental income of persons 5 4 2 0 3 5 9 0 10 9 10 7 10 9 11 5 11 8 11 8 11 9 11 9 12 0 12 0 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 33.7 43.1 42.0 41.7 36.7 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 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 16.5 18.8 21.9 22.6 Profits after tax 8.3 -.4 9.4 22.8 16.8 23.0 23.5 22.2 18.9 17.1 19.5 22.7 23.8 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.3 -1.7 -2.7 -1.5 -.4 .2 -.3 -1.1 Q Net interest ... . 6.4 5.0 4.5 5.5 9.1 10.4 11.7 13.3 14.3 14.1 14.4 14.7 15.1 15.4 i Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 1201 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1958 1959 1929 1933 1941 1950 1954 1955 1956 1957 1958 Gross national product 104.4 56.0 125.8 284.6 363.1 397.5 419.2 442.5 441.7 434.5 444.0 457.1 470.2 484.5 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 28.8 32.0 34.4 36.9 37.9 37.6 38.0 38.5 39.3 39.9 Indirect business tax and nontax liability 7.0 7. 11.3 23.7 30.2 -32.9 35.7 38.1 39.0 38.9 39.1 39.9 40.7 41.7 Plus: B S S t u u a b s t i s i n s id t e i s i c e s a s l t r l d a e i n s s s s c f r e c e r u p r a p r n a e c y n y m t s e u n r ts plus of gov- . . 6 3 . . 7 9 . . 5 4 -.7 .8 1. . 3 9 1 1 . . 5 0 -2 1 . . 4 6 1. . 7 5 -2 1 .1 .7 -1 1 .5 .7 -3 1 . . 3 7 -2 1 . . 4 7 1. . 7 0 1.7 ernment enterprises -.1 .0 2 .0 .9 1.1 .7 .2 1.0 1.1 1.0 1.0 Equals: National income 87.8 40.2 104.7 301.8 330.2 350.8 366.5 389.4 241.9 366.2 358.9 369.5 380.4 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 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 15.3 15.5 17.5 17.9 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .6 -1.3 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 15.0 16.0 17.2 20.0 24.4 24.9 25.4 25.1 24.7 24.8 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 6.1 6. 6.3 6.6 Dividends 5.8 2.1 4.5 9.2 9.8 11.2 12.1 12.5 12.4 12.6 12.6 12.0 12.8 13.0 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 85.8 228.5 289.8 310.2 332.9 350.6 359.0 355.0 363.4 366.3 371.8 381.1 47.2 96.3 Less: Personal tax and nontax payments 2.6 20.8 32.9 35.7 40.0 42.7 42.6 42.1 42.9 43.4 44.4 45.8 1.5 3.3 Federal 1.3 .5 2.0 18.2 29.2 31.5 35.2 37.4 36.7 36.3 37.1 37.4 38.2 39.5 1.4 1.0 1.3 2.6 3.8 4.2 4. 5.4 5.8 5.8 5.9 6.0 6.2 6.3 State and local 83.1 45.7 93.0 207.7 256.9 274.4 292.9 307.9 316.5 312.9 320.4 322.9 327.4 335.3 Equals: Disposable personal income 79.0 46.4 81.9 195.0 238.0 256.9 269.9 284.8 293.0 290.9 294.4 299. 303.9 311.2 Less: Personal consumption expenditures.... 4.2 -.6 11.1 12.6 18.9 17.5 23.0 23.1 23.5 22.0 26.0 26.7 23.5 24.1 Equals: Personal saving Addendum: Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 256.9 273.4 286.9 292.9 295.2 291.6 299.2 300.4 304.3 310.7 PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] 1958 1959 Item* 1957 1958 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Julyr Aug, Total personal income. 350.6 359.0 362.4 364.2 364.3 367.5 366.9 369.0 371.0 375.4 379.0 381.3 383.8 384.0 381.4 Wage and salary disbursements 238.5 239.4 241.3 242.5 242.1 246.1 247.0 248.7 250.1 254.0 257.3 259.8 261.7 261.5 258.9 Commodity-producing industries. . 102.2 97.8 97.9 99.3 98.7 101.8 102.2 102.8 103.5 106.3 108.6 109.8 110.9 109.9 106.7 Manufacturing only 80.6 76.7 76.7 77.9 76.9 79.7 80.6 80.9 81.7 83.8 85.4 86.7 87.7 86.9 83.9 Distributive industries 63.4 63.8 64.3 64.1 64.1 64.7 64. 65.6 66.0 66.6 66.9 67.5 68.0 68.4 68.5 Service industries 32.7 34.6 35.0 35.0 35.2 35.3 35.6 35.6 36.0 36.4 36.8 37.1 37.2 37.3 37.6 Government 40.2 43.2 44.1 44.1 44. 44.3 44. 44.6 44.7 44.8 45.0 45.4 45.6 45.9 46.1 Other labor income. 9.1 9.3 9.3 9.3 9.3 9.4 9.6 9.7 9.8 9.9 9.9 10.0 10.1 10.1 Proprietors' income: Business and professional. 32.7 32.4 32.6 32.8 33.2 33.1 33. 33.5 33.7 34.0 34.3 34.5 34.7 34.9 34.9 Farm 11.8 14. 14.2 14.3 14.2 14.1 14. 13.5 13.2 12.9 12.2 12.0 12.1 11.9 11.2 Rental income 11.5 11.8 11.9 11.9 11.9 11.9 11. 12.0 12.0 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 10.8 12.7 12.8 12.8 12.9 13.0 13.1 13.2 13.4 Personal interest income 19.5 20.4 20.5 20.6 20.7 20.8 21.C 21.1 21.3 21.6 21.8 22.0 22.2 22.4 22.6 Transfer payments2 21.7 26. 27.2 27.3 27.4 26.6 26.3 26.1 26.4 26.6 26.9 26.4 26.4 26.3 26.6 Less: Personal contributions for social insurance 6.7 7.0 7.1 7.1 7.1 7. 8.1 8.3 8.3 8.4 8.4 8.4 Nonagricultural income3. 335.2 341.1 344.5 346.1 346.3 349.6 348.8 351.6 353.8 358.5 362.7 365.3 367.8 368.3 366.4 Agriculture income 15.3 17.9 17.9 18.1 18.1 18.0 18. 17.4 17.2 16.9 16.3 16.0 16.0 15.7 15.0 r Revised. v Preliminary. enterprises, farm wages, agricultural net interest, and net dividends paid 1 Monthly data are seasonally adjusted totals at annual rates. bv 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

1202 WEEKLY REPORTING MEMBER BANKS, 1958-59 LOANS AND INVESTMENTS OF BANKS IN ALL LEADING CITIES—REVISED COVERAGE* [In millions of dollars] LoansJ U. S. Government obligations For purchasing or carrying securities Wednesday i m T l n o a v o e n a e n t n d a s t s t l s - j i L m u n a o a s v e n t d a e n e d - n s t d t s s - 1 j L us a o t d a e - n d s 1 C i m n t a c r o d n i i e a m a u d r l l - s - - A t c u u g r l r a - i l - G T a U n o o .S d v . b t d . r e o O a k s l t e e e h - r r e s s r G U T o .S o v . t o . t O h s e t e h r - s 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 n C t e f a e i e e f d t b s i i e r - n - t s - s - - Notes Bonds 2 O s r t i e t h c i u e e - r s b L a o t n a o k n s s t l i o i o g b n a - s - c t u ie r s i- t l i o i o g b n a - s - c t u ie r s i- 1958 July 9 103,784102,162 57,05130,374 762 2,530 ,462 10,65212,51534,9992,188 1,776 7,511 23,52410,112 1,622 16 103,186101,799 56,81830,196 767 2,421 ,458 10,69812,520 3344,8142,018 1,762 7,545 23,48910,167 1,387 23 102,969101,482 56,50929,899 777 2,456 ,417 10,70512,49834,7231,989 1,808 7,552 23,37410,250 1,487 30 102,516101,169 56,31329,779 790 2,323 ,385 10,74412,53534,6512,015 1,802 7,588 23,24610,205 1,347 104,749103,134 56,08529,837 788 2,095 ,315 10,74212,554 36,8262,248 4,841 7,612 22,12510,223 1,615 Aus-»!:::::::: 104,184102,551 992 29,905 804 1,910 ,281 10,78612,55236,3081,918 4,780 7,646 21,96410,251 1,633 20 103,764102,432 224 30,144 822 1,830 ,275 10,82712,,5"7"2 3"5,942 ',732 4,692 7,603 21,91510,266 1,332 27 103,670102,042 096 30,118 814 1,687 ,278 10,84712,,599 35,584 ,541 4,629 7,570 21,84410,362 1,628 Sept. 3 103,722102,011 56,354 30,104 815 1,852 ,288 10,85612,689 35,346 ,485 4,592 7,501 21,76810,311 1,711 10 104,040102,416 56,61330,312 808 \860 ,288 10,88612,71035,3401,709 4,510 7,393 21,72810,463 1,624 17 103,606101,837 56,92130,702 799 ,714 ,290 10,93312,734 "3'4,579 1,685 4,430 7,363 21,10110,337 1,769 24 102,652101,127 56,62330,361 811 ,689 ,292 10,96412,756 33,840',417 4,379 7,297 20,7471'"0,664 1,525 Oct. 1 103,166101,338 56,87130,531 798 ,830 ,271 10,98212,70534,103 ,477 4,345 7,260 21,02110,364 1,828 8 103,372101,927 56,79930,473 801 ,747 ,263 11,04712,709 3~4,695 2,114 4,339 7,247 20,995 10,433 1,445 15 104,010102,418 57,156 3300,699 808 ,742 ,274 11,12412,753 34,^83344 2",079 4,365 7,408 20,98210,428 1,592 22 103,394101,915 56,95230,555 816 ,662 ,270 11,15312,740 344,570 ,984 4,257 7,347 20,982,10,393 1,479 29 103,266101,792 57,074 3"0,569 829 ,660 ,280 11,18912,789 344,3511,882 4,191 7,341 20,93710,367 1,474 Nov. 5 103,551101,900 57,379 30,688 832 ,757 1,276 11,24412,82734,2601,821 4,172 7,324 20,94310,261 1,651 12 103,644101,662 57,62930,844 841 ,800 1,275 11,28812,82934,0171,644 4,161 7,290 20,92210,016 1,982 19 103,113101,743 57,72130,861 838 ,798 1,267 11,336 12;868 3344,0041,657 4,158 20,91310,018 1,370 26 104,397103,196 57,917.30,836 840 ,935 1,269 11,381 2252,887 4,213 20,90610,054 1,201 Dec. 3 104,567102,901 57,99530,928 827 1,876 1,273 11,37412,96734,8912,546 4,363 7,487 20,49510,015 1,666 10 104,938103,116 58,348 3311,066 832 2,044 1,279 11,42012,958 34^09 22,257 4,364 7,498 20,49010,159 1,822 17 105,583103,991 59,19331,450 836 2,404 1,286 11,45513,013 636 2,339 4,340 7,509 20,44810,162 1,592 24 105,229103,918 59,166 3"1,408 843 2,320 2,399 10,37013,075 618 2,366 4,325 7,475 20,45210,134 1,311 31 105,426104,715 59,894 31,699 833 2,569 1,315 11,48713,287 34;6272,400 4,325 7,457 20,44510,194 711 1959 Jan. 7 104,693103,076 58,81731,078 827 2,400 1,313 11,42613,078 34,078 2,258 4,210 7,441 20,16910,181 ,617 14 103,870102,337 58,37930,925 826 2,074 1,334 11,47513,05333,8012,218 4,051 7,441 20,09110,157 ,533 21 104,817103,282 58~3"~52 3300,700 820 2,226 1,339 11,49613,078 -3'4,8622,248 3,925 8,721 19,9681"0,068 ,535 28 104,617102,870 58^156 30,544 822 2,146 1,362 11,50513,082 34,7012,193 3,817 8,691 20,00010,013 ,747 Feb. 4 104,278102,573 57,983 30,452 815 2,378 1,333 11,21813,09434,,529 2,192 3,864 8,532 19,94110,061 ,705 11 103,641102,002 57,920 30,449 814 1,928 1,358 11,56713,11134,138 2,049 3,742 8,528 19,819 9,944 ,639 18 103,368101,773 58,03130,542 809 1,902 1,362 11,58313,14133,7582,451 3,991 7,537 19,779 9,984 ,595 25 103,4761.01,566 58,12330,543 811 1,939 1,381 11,59913,162 33^12 2",351 3,808 7,507 19,74610-,031 ,910 Mar. 4 103,174101,479 58,18930,596 1,938 1,370 11,586 13,20533,199 2,355 3,751 7,414 19,67910,091 ,695 11 103,668101,964 58,55130,966 807 1,883 1,370 11,61813,22333,178 2,450 3,716 7,374 19,63810,235 ,704 18 103,905102,446 59,33731,521 831 2,004 1,384 11,64513,27132,852 2,326 3,598 7,290 19,63810,257 ,459 25 103,070101,342 59,21931,484 827 1,852 1,386 11,67213,316 31,'9052,189 2,904 7,236 19,57610,218 ,728 Apr. 1 105,244103,274 59,80031,473 833 2,309 1,430 11,69413,378 33,1232,676 2,854 7,865 19,72810,351 1,970 8 104,482102,962 59,51131,305 839 2,125 1,409 11,72813,42332,9802,652 2,856 7,775 19,69710,471 1,520 15 104,959103,332 60,06631,557 855 2,288 1,422 11,77413,489 32^87 2',502 2,816 7,733 19,63610,579 1,627 22 104,215102,732 60,07431,517 850 2,235 1,430 11,79513,565 32,229 2,249 2,730 7,698 19,55210,429 1,483 29 104,332102,500 60,178 3"1,524 861 2,226 1,418 11,82013,647 31,8772,160 2,673 7,625 19,41910,445 1,832 May 6 103,654102,117 60,35931,660 862 2,239 1,412 11,85113,656 31,4841,987 2,630 7,497 19,37010,274 1,537 13 104,927103,223 60,76831,880 868 2,269 1,421 11,91813,73532,2503,024 2,585 7,361 19,28010,205 1,704 20 104,538102,696 60,89031,964 870 2,200 1,425 11,95013,80331,5492,590 2,458 7,279 19,22210,257 \842 27 104,238102,449 60,8-7'6 31,957 878 2,075 1,431 11,97113,88931,277 "2,408 2,435 7,219 19,21510,296 ,789 June 3 104,133102,287 60,95431,923 870 2,149 1,742 11,66913,930 31095 2,360 2,372 7,182 19,18110,238 ,846 10 104,340102,568 61,37732,150 894 2,160 1,425 12,04214,034 30,994 2,345 2,342 7,158 19,14910,197 ,772 17 104,384103,055 62,33732,940 891 2,202 1,405 12,09814,13130,5982,164 2,262 7,082 19,09010,120 ,329 24 103,968102,366 62,220 3"2',904 896 2,017 1,404 12,13614,19530,0611,722 2,211 6,987 19,14110,085 ,602 * For description of revised coverage, see BULLETIN for August 1959, 1 Exclusive of loans to banks and after deduction of valuation reserves; p. 885. individual loan items are shown gross. 2 Includes guaranteed obligations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1958-59 1203 RESERVES AND LIABILITIES OF BANKS IN ALL LEADING CITIES—REVISED COVERAGE* [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Re- Bal- De- Indi- Demand Wednesday s B F w e . a r i v n t R h e k . s s C va i a n u s l h t b m a w a n d e o i n c s t - e h k ti s s c j p m u o a d s a e d s t n - e i - t d d s 1 S p s d s a i t o i u c i a n o b v l a t d i n - e i l t - s - s c C h c o a f e e e e i f t n e c c f r r d i . t d k s - i ' s - G U o .S v . t. s p p u n c v h a o a a e o i n i r d r l p r r d s a t - - - s - , - , S p s d s i a t o i u c i a o n v b l a t n i d - e i l t - s - s P G U i s a o n o a . n s S g v v d t . s a - t. l m D t e o i s c - - F ei o g r n - Time B F F. a r o n R m k . s F ot r h o e m rs c C o i a a t u c a p - n - l ts tions 1958 July 9 13,757 1,144 3,09258,91261,121 4,697 2,242 4 783 27,713 2,200 16812,290 1,492 2,262 100 1,078 10,612 16 14,015 1,130 3,154 5"9,735 63,158 4,481 2,317 4; 17027,832 2,142 166 12,065 1,661 2,147 78 71210,581 23 13,886 1,137 3,032 60^549 6622,703 4,544 3,104 3,332255 2277,861 2,139 169 11,551 1,653 2,154 27 83610,594 30 13,643 1,169 3,070 60,755 62,322 4,637 2,249 2,81627,906 2,136 17011,383 1,634 2,152 63 61610,621 Aug. 6 13,733 1,048 2,945 59,849 61 460 4,668 2,252 4.484 27,996 2,123 17012,026 1,650 2,143 224 99610,649 13 13,798 1,154 2,957 59,670 62 674 4,448 2,045 4,210 28,019 2,113 171 12,123 1,614 2,124 106 1,098 10,654 20 13,752 1,114 2,878 59,438 61 672 4,462 1,976 4.485 2277,998 2,073 170 11,591 1,595 2,129 198 85710,650 27 13,577 1,185 2,705 59,953 61 753 4,536 1,882 3,881 28,028 2,057 17211,191 1,619 2,140 111 1,022 10,671 Sept. 3 13,394 1,127 2,927 59 613 61,822 4,657 2,128 3,673 28,062 2,046 16911,717 1,577 2,136 127 1,117 10,683 10 13,447 1,178 2,860 60^"1' 4' 6633,360 4,451 2,127 2,29428,169 2,025 171 11,885 1,508 2,191 406 1,102 10,680 17 13,463 1,142 3,05360,93964,263 4,338 2,167 2,116 2"8",033 2,005 168 12,041 1,503 2,162 164 1,238 10,663 24 13,349 1,173 2,801 59,"7"16 6611,782 4,363 1,829 2,92::3 28,054 1,989 16811,206 1,438 2,134 278 1,152 10,671 Oct. 1 13,258 1,073 2,967 60,118 62,996 4,577 2,581 2,62028,067 1,928 16911,710 1,428 2,104 151 1,305 10,718 8 13,430 1,125 2,700 59,773 62,082 4,223 1,919 3,193 2288,112 1,910 16911,667 1,430 2,114 322 1,023 10,739 15 11,49" 3,379 3,040 60,329 65,768 4,121 2,048 3,12128,138 1,896 171 12,390 1,448 2,099 158 1,24810,719 22 13,92: 1,169 2,793 60,933 64,145 4,176 1,882 2,35928,161 1,875 17111,410 1,499 2,085 705 1,089 10,712 29 13,483 1,204 2,819 61,541 64,045 4,396 1,974 2,07728,192 1,866 17211,165 1,492 2,076 236 94310,747 Nov. 5 13,45: ,111 2,846 60,749 64,164 4,772 2,166 1,96828,191 1,802 17211,860 1,443 2,088 409 1,257 10,776 12 12,916 ,245 3,012 61,,1 70165,208 4,464 2,044 1,34728,048 1,791 173 11,760 1,463 2,076 256 1,680 10,777 19 13,840 ,175 22,,883322 6611,169 64,466 4,403 2,080 2,15727,941 1,773 17211,336 1,500 2,090 482 1,210 10,772 26 14,11" ,161 2,812 6^589 64,980 4,620 2,253 3,64527,957 1,720 172 10,776 1,476 2,111 859 1,016 10,796 Dec. 3 12,566 ,089 2,787 61,520 64,239 4,595 2,339 2,89327,964 1,742 17211,244 1,464 2,094 246 1,491 10,809 10 13,501 ,298 , 65,914 4,554 2,179 1,466 ~2~8,029 1,754 17311,288 1,511 2,107 335 1,369 10,798 17 14,128 ,314 3,107 63,800 67,267 4,585 2,766 2,152 28,069 1,729 17411,846 1,556 2,126 465 1,099 10,788 24 14,159 ,177 . 66,591 4,587 2,435 2,82928,179 1,791 183 11,310 1,562 2,158 696 911 10,806 31 13,816 ,220 3,672 63,507 68,599 4,841 2,979 2,952 2"8",390 1,800 185 12,709 1,585 2,135 21 10,834 1959 Jan. 7 13,946 ,203 2,883 62,90365,519 4,632 2,869 1,45128,067 1,780 18912,019 1,520 2,161 669 1,118 10,801 14 13,729 ,256 2,974 62 67,141 4,530 2,516 930 28,094 1,779 18811,965 1,454 2,167 383 1,126 10,783 21 13,903 ,158 847 63,38366,401 4,619 2,627 ,105 1,778 18410,977 1,442 2,195 308 947 10,756 28 13,643 ,189 748 62,79165,168 4,719 2,273 904 28,101 1,786 18410,453 1,403 2,183 319 1,181 10,796 Feb. 4 13,636 ,064 2,740 61,73364,047 4,734 2,365 2,995 28,129 1,772 179 11,006 1,403 2,173 272 1,145 10,838 11 13,344 ,153 2,773 61,71864,819 4,488 2,517 2,53628,100 1,782 17910,796 1,466 2,056 186 1,177 10,828 18 13,63^ ,136 2,848 60,88064,044 4,679 2,524 3,16428,150 1,789 179 10,701 1,450 2,048 353 1,152 10,818 25 13,484 ,204 2,797 61,26864,296 4,583 2,358 2,861 28,150 1,800 17810,262 1,421 2,059 372 1,456 10,830 Mar. 4 13,249 1,049 2,794 60,399 63,326 4,609 2,470 2,295 28,226 1,788 17910,891 1,551 2,073 410 1,29310,867 11 13,193 1,148 2,805 61,86865,044 4,422 2,275 1,451 28,318 1,782 18010,871 1,592 2,048 350 1,22910,861 18 14,031 1,122 2,889 61,23364,671 4,408 2,531 3,04728,334 1,809 18010,927 ,649 2,013 893 1,02710,840 25 13,364 1,148 2,69160,84763,391 4,476 2,046 2,42528,354 1,751 18210,299 1,585 2,102 453 1,33110,848 Apr. 1 13,210 1,080 3,412 60 63,125 4,833 2,769 5,099 28,371 1,786 18011,349 1,562 2,080 239 1,361 10,904 8 13,771 1,096 2,690 60. 63,378 4,459 2,401 3,51728,399 1,757 17910,989 1,524 2,110 657 1,082 10,920 15 13,935 1,120 3,117 62,009 66,465 4,828 2,621 2,,773322 2288,333 1,745 18011,689 1,489 2,129 764 1,112 10,913 22 13,809 1,147 2,734 62,080 65,038 4,817 2,539 2,48328,339 1,769 17910,447 1,418 2,165 856 1,148 10,904 29 13,518 1,177 2,779 62,016 64,249 5,124 2,458 2,934 28",411 1,798 179 10,291 1,381 2,118 371 1,338 10,937 May 6 13,67 ,065 2,668 60,43162,864 4,974 2,255 3,052 28,435 1,810 179 10,768 1,406 2,117 734 1,096 10,969 13,580 ,177 2;784 60i410 64,625 4,651 2,110 4,482 28,444 1,821 17810,798 1,428 2,083 495 1,302 10,939 20'.'.'.'.'.'.'.'.'.'. 13,10: ,143 2,847 60;454 63,526 4,736 2,10: 3,97328,495 1,819 17810,470 1,519 2,032 231 1,332 10,961 27 13,254 ,195 2,705 60,93863,626 4,871 2,081 3,34728,563 1,825 17910,053 1,515 1,990 352 1,488 10,973 June 3 13,166 ,098 2,702 60,240 62,781 4,761 2,50: 2,806 28,628 1,840 17610,592 1,466 2,000 578 1,666 10,988 10 13,308 ,172 2,74961,59864,560 4,576 2,421 1,645:28,677 1,157 17710,714 L461 2,614 741 1,728 10,981 17 13,734 ,169 61,42665,802 4,299 2,631 2,758 28,703 1,811 17711,001 1,516 1,922 995 1,036 10,962 24 13,331 1,201 2,712 60,78l!63,572 4,582 2,299 2,957 28,823 1,781 17710,147 1,514 1,832 715 1,580 10,972 * For description of revised coverage, see BULLETIN for August 1959, 1 Demand deposits other than interbank and U. S. Govt., less cash p. 885. items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1204 WEEKLY REPORTING MEMBER BANKS, 1958-59 LOANS AND INVESTMENTS OF BANKS IN NEW YORK CITY—REVISED COVERAGE* [In millions of dollars] Loans 1 U. S. Government obligations For purchasing or carrying securities Wednesday i m l T n o a v o e a n e n t n d a s t s t s l - j i L m u n a s o a v e t n d a e e n d - n s d t t s s - ! j L us o a t d a e - n d s 1 C i m n a c o d n i e a m u d r l - s - - A t c u u g r l r a - i l - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e O l t o h an e s r Total Bills o d c C t f a e i e f t b i i e r n - t - s - - Notes Bonds 2 O s ri e t t c h ie u e s - r b L a o t n a o k n s s trial G U o .S v . t. O s t e h - er G U o . v S t . . O s t e h - er n e e d s - s ob- curi- ob- curiliga- ties liga- ties tions tions 1958 July 9 26,468 25,654 15,30610,882 4951,110 354 562 2,183 8,040 962 309 1,749 5,020 2,308 814 16 26,309 25,477 15,141 10,784 4391,072 352 573 2,192 8,008 948 292 1,756 5.012 2,328 832 23 26,233 25,376 15,041 10,627 5191,052 347 579 2,185 7,965 912 323 1,687 5,043 2,370 857 30 25,894 25,037 14,821 10,534 4421,005 347 578 2,193 7,854 825 325 1,686 5,018 2,362 857 Aug. 6 26,468 25,788 14,74410,616 377 958 343 562 2,201 8,656 904 1,306 1,695 4,751 2,388 680 13 26,148 25,433 14,63710,598 285 958 346 574 2,207 8,382 671 1,261 1,725 4,725 2,414 715 20 25,870 25,199 14,592 10,682 186 928 343 583 2,202 8,176 517 1,229 1,719 4,711 2,431 671 27 25,755 24,932 14,47210,613 139 899 346 587 2,222 7,985 437 1,162 1,710 4,676 2,475 823 Sept. 3 25,907 24,918 14,557 10,553 154 966 344 584 2,291 7,901 441 1,163 1,663 4,634 2,460 989 10 25,906 25,130 14,735 10,614 227 995 345 581 2,309 7,896 560 1,150 1,563 4,623 2,499 776 17 25,828 24,715 14,810 10,816 127 955 349 585 2,317 7,446 553 1,126 1,531 4,236 2,459 1,113 24 25,291 24,443 14,72810,724 141 950 349 586 2,316 7,281 420 1,149 1,528 4,184 2,434 848 Oct. 1 25,722 24,638 14,872 10,759 196 986 334 590 2,335 7,333 477 1,144 1,525 4,187 2,433 1,084 8 25,362 24,625 14,781 10,704 152 987 334 601 2,333 7,386 553 1,127 1,517 4,189 2,458 737 15 25,723 .24,819 14,874 10,738 188 946 334 618 2,381 7,469 559 1,153 1,565 4,192 2,476 904 22 25,330 24,542 14,71610,642 142 935 334 620 2,374 7,375 567 1,082 1,532 4,194 2,451 788 29 25,515 24,550 14,760 10,653 152 947j 335 620 2,383 7,354 581 1,050 1,519 4,204 2,436 965 Nov. 5 25,180 24,506 14,849 10,687 139 993 340 633 2,391 7,327 577 1,030 1,523 4,197 2,330 674 12 25,310 24,296 14,955 10,747 171 ,011 349 640 2,375 7,187 463 1,021 1,507 4,196 2,154 1,014 19 25,222 24,401 14,965 10,717 169 ,033 347 644 2,393 7,272 534 1,019 1,518 4.201 2,164 821 26 25,607 24,905 15,071 10,723 190 346 659 2,402 7,629 795 1,068 1,526 4,240 2,205 702 Dec. 3 25,754 24,821 15,096 10,758 198 ,066 346 643 2,424 7,536 693 1,128 1,593 4,122 2,189 933 10 26,022 25,018 15,277 10,796 288 ,118 347 653 2,413 7,448 583 1,124 1,607 4,134 2,293 1,004 17 26,262 25,487 15,697 11,026 399 ,204 350 663 2,390 7,466 593 1,124 1,616 4,133 2,324 775 24 25,968 25,290 15,526 10,946 357 ,149 355 654 2,399 7,462 647 1,093 1,591 4,131 2,302 678 31 26,047 25,553 15,806 11,011 461 ,207 352 648 2,453 7,418 631 1,107 1,559 4,121 2,329 494 1959 Jan. 7 26,140 25,260 15,498 10,783 514 ,095 351 654 2,440 7,372 653 1,105 1,582 4,032 2,390 880 14 25,578 24,807 15,259 10,716 323 ,094 359 658 2,444 7,176 583 1,026 1,584 3,983 2,372 771 21 25,904 25,225 15,251 10,635 424 ,054 360 655 2,459 7,637 662 994 2,052 3,929 2,337 679 28 26,024 25,099 15,193 10,612 413 ,083 370 651 2,393 7,600 635 922 2,089 3,954 2,306 925 Feb. 4 26,099 25,253 15,070 10,565 346 ,061 373 659 2,397 7,848 730 1,039 2,131 3,948 2,335 846 11 25,786 24,915 14,976 10,527 250 ,072 375 674 2,414 7,675 655 988 2,211 3,821 2,264 871 18 25,593 24,648 14,959 10,542 202 ,085 376 671 2,410 7,398 834 1,002 1,772 3,790 2,291 945 25 25,619 24,610 14,977 10,536 291 ,020 382 670 2,405 7,299 832 929 1,789 3,749 2,334 1,009 Mar. 4 25,744 24,711 14,974 10,544 267 ,032 378 670 2,411 7,336 958 884 1,770 3,724 2,401 1,033 11 26,035 25,046 15,102 10,678 220 ,074 378 673 2,409 7,4751,105 911 1,765 3,694 2,469 989 18 25,964 25,318 15,427 10,944 258 ,083 388 672 2,416 7.3981,070 897 1,774 3,657 2,493 646 25 25,666 24,670 15,264 10,872 179 ,064 386 675 2,422 6,945 909 602 1,793 3,641 2,461 996 Apr. 1 26,435 25,380 15,529 10,811 443 ,105 383 673 2,447 7,3281,078 596 1,948 3,706 2.523 1,055 8 26,054 25,361 15,394 10,721 271 ,185 394 696 2,460 7,3411,122 577 1,918 3,724 2,626 693 15 26,191 25,554 15,558 10,762 307 ,279 397 701 2,445 7,2651,058 574 1,939 3,694 2.731 637 22 25,892 25,200 15,503 10,743 256 ,289 400 701 2,449 7,068 925 511 1,953 3,679 2,629 692 29 25,966 25,067 15,537 10,733 257 ,323 397 704 2,458 6,910 896 485 1,958 3,571 2,620 899 May 6 25,435 24,773 15,596 10,768 253 ,335 398 716 2,461 6,737 823 490 1,899 3,525 2,440 662 13 25,989 25,140 15,690 10,794 296 ,322 400 735 2,479 7,0561,303 446 1,805 3,502 2,394 849 20 25,887 24,786 15,653 10,791 295 ,281 402 732 2,486 6,7041,066 382 1,760 3,496 2,429 101 27 25,780 24,633 15,569 10,786 203 ,283 403 735 2,495 6,601 1,029 364 1,706 3,502 2,463 1,147 June 3 25,717 24,595 15,570 10,714 190 ,361 398 745 2,498 6,5791,048 358 1,683 3,490 2,446 1,122 10 25,734 24,776 15,69210,808 272 ,285 397 759 2,507 6,6781,149 349 1,687 3,493 2,406 958 17 25,643 25,031 16,123 11,184 316 ,268 386 784 2,521 6,5411,035 356 1,666 3,484 2,367 612 24 25,567 24,701 15,947 11,121 190 ,281 383 776 2,532 6,360 857 349 1,668 3,486 2,394 866 * For description of revised coverage, see BULLETIN for August 1959, 1 Exclusive of loans to banks and after deduction of valuation reserves; p. 885. individual loan items are shown gross. 2 Includes guaranteed obligations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1958-59 1205 RESERVES AND LIABILITIES OF BANKS IN NEW YORK CITY—REVISED COVERAGE* [In millions of dollars] I D ex em ce a p n t d i n d te e r p b o a s n it k s, e T xc im ep e t d in e t p e o r s b i a ts n , k In d t e e p r o b s a i n ts k Borrowings Re- Bal- De- Indi- Indi- Demand Wednesday s B F w e a r . i v R n t e h k . s s C va i a n u s l h t b m a w a d n e n o c i s t k e - h ti s s c j p m u o s a d a t d s ( e n i - d t d s s p p u n c v h a o a a o e i n i r d r l p r r d a s t - - - s - , - , S p s d s a i i t o u i c o a n v l b a t d n i i e t l - - s - s c C h c o a f e e e e i f n t c e f r r c d i t k s d . - i ' s - G U o . v S t . , s p p u c n v h a o a a o n e i i r r d l p r r d a s t - - - s - , - , S p s d s a i i t o u c i o a n v l a b t n i d i e l t - - s - s G P U s i a o n a o n . s g v v S d t s - a t . . l m D ti e o c s - - F ei o g r n - Time F B F r a . o R n m k . s F ot r h o e m rs c C o i a t u a c a p n - l - ts tions tions 1958 July 9 4,116 151 15,11716,65! 303 1,125 1,755 3,243 275 26 3,36: 1,191 1,78: 56: 3,206 16 3,963 139 15,41417,03' 340 1,164 1,55" 3,282 240 26 3,229 1,335 1,698 222 3,205 23 4,103 138 15,72917,255 335 1,971 1,179 3,280 238 28 3,287 1,317 1,705 309 3,210 30 4,079 144 15,78317,206 246 1,169 93" 3,295 240 28 3,147 1,279 1,702 274 3,207 Aug. 6 4,116 141 15,32516,524 285 1,161 1,657 3,285 231 28 3,109 1,288 1,689 120 553 3,226 13 3,992 145 15,24116,716 308 956 1,513 3,282 229 28 3,089 1,249 1,675 3 543 3,227 20 3,970 136 15,18916,544 309 902 1,453 3,271 209 26 2,965 1,242 1,672 71 425 3,220 27 3,914 145 15,37916,770 323 81' 1,203 3,284 197 24 2,926 1,256 1,681 11 365 3,222 Sept. 3 3,756 144 15,35316,71 316 93: 1,157 3,287 197 24 3,017 1,226 1,681 426 3,220 10 4,063 149 4915,98317,292 370 1,008 66" 3,377 191 24 2,921 1,171 1,725 567 3,220 17 3,743 147 16,10117,601 365 913 48' 3,294 192 22 3,045 1,154 1,715 279 3,210 24 3,828 145 15,41716,617 308 732 851 3,306 191 22 2,873 1,106 1,683 364 3,212 Oct. 1 3,807 140 15,59917,349 344 1,392 779 3,291 191 21 3,169 1,10: 1,655 462 3,227 8 3,884 150 15,37416,602 309 888 965 3,267 175 21 2,940 1,107 1,656 25 438 3,231 2 1 2 5 4 3 , , 1 8 2 6 8 4 1 14 5 9 5 1 15 5 , , 6 3 4 2 9 9 1 1 7 7, , 6 2 5 0 1 6 3 3 6 7 3 4 9 8 2 2 1 8 6 9 5 2 5 8 3 3 , , 2 2 5 5 3 4 1 1 9 8 1 9 2 2 2 2 2 3 , , 9 1 4 9 0 4 1 1 , , 1 1 7 3 9 1 1 1 , , 6 6 4 5 2 1 'i57 4 6 5 1 8 9 3 3 , , 2 2 3 3 3 2 29 3,873 160 15,90917,260 454 928 584 3,268 191 22 2,986 1,166 1,638 320 3,232 Nov. 5 4,038 164 15,45617,170 554 1,041 546 3,238 160 22 3,020 1,129 1,649 625 3,250 12 3,552 175 64 15,30317,081 450 839 328 3,194 155 22 3,039 1,136 1,641 730 3,251 19 3,904 153 15,61917,140 405 791 509 3,191 146 21 2,883 1,165 1,662 617 3,252 26 4,136 166 15,70"17,625 366 1,064 946 3,226 141 21 2,859 1,144 1,655 186 557 3,248 Dec. 3 3,805 168 15,76: 17,24' 370 1,120 822 3,227 142 21 2,853 1,137 1,666 2 606 3,239 10 3,957 201 16,55318,074 333 950 355 3,271 140 21 2,848 1,189 1,677 2 636 3,237 17 4,025 200 16,52618,236 326 1,377 544 3,294 109 21 3,030 1,227 1,698 70 495 3,238 24 4,096 163 15,93917,861 313 1,119 856 3,319 114 26 2,920 1,232 1,717 198 449 3,243 31 4,446 165 16,26418,96" 327 1,534 978 3,361 114 31 3,526 1,251 1,700 3,257 1959 Jan. 7 4,139 168 16,22817,76: 315 1,531 438 3,293 117 3,103 1,196 1,724 252 584 3,253 14 4,139 165 16,03318,029 343 1,283 249 3,316 118 3,150 1,147 1,727 63 575 3,248 21 4,237 148 16,26717,923 378 1,453 832 3,310 117 2,896 1,128 1,755 27 497 3,241 28 4,013 151 16,17917,743 344 1,166 913 3,320 137 2,794 1,102 1,742 44 504 3,244 Feb. 4 3,870 143 15,85017,313 313 1,240 996 3,353 132 26 2,957 1,114 1,750 510 3,272 11 3,740 159 15,79317,546 282 1,470 795 3,321 138 26 2,886 1,152 1,665 493 3,272 is :. 3,889 143 15,59117,387 327 ',261 925 3,333 138 26 2,929 1,118 1,660 442 3,260 25 3,985 158 15,66317,524 311 ,229 810 3,333 138 26 2,862 1,101 1,667 728 3,254 Mar. 4 3,798 143 15,59817,247 319 ,283 729 3,371 136 27 2,928 1,237 1,678 4 520 3,259 11 3,849 157 16,26717,971 278 ,090 458 3,432 137 27 2,893 1,260 1,681 5 412 3,256 18 4 4 , , 0 3 2 2 5 1 1 1 4 4 5 5 51 1 1 5 5 , , 7 74 7 6 01 1 7 7 , , 6 3 1 6 1 6 3 3 1 0 4 2 ,262 6 9 9 7 7 6 3 3 , , 4 4 4 1 7 4 1 1 5 5 7 7 2 2 7 7 2 2 , , 9 8 7 6 3 4 1 1 , , 2 2 9 1 1 6 1 1 , , 6 7 6 3 0 4 18 7 0 5 6 1 1 8 2 3 3 , , 2 2 4 5 9 2 25 Apr. 1 3,728 141 49816,03217,907 318 1,488 1,615 3,427 154 27 2,930 1,190 1,715 5 275 3,264 8 4,205 145 5215,83617,300 285 1,229 1,119 3,410 153 27 2,880 ',199 1,701 18 679 3,266 15 4,207 146 6415,81117,876 416 1,288 803 3,370 147 27 3,288 ,174 1,709 169 672 3,267 22 4,080 142 5615,97117,639 382 1,218 751 3,367 146 27 2,827 ,087 1,746 190 607 3,267 29 3,980 151 6116,05517,600 486 1,275 880 3,405 139 27 2,916 ,073 1,701 528 3,263 May 6 4,048 143 5415,35116,875 454 1,096 960 3,387 133 27 2,948 ,103 1,696 111 508 3,281 13 3,907 152 5315,33817,216 324 988 1,516 3,373 149 27 2,905 ,121 1,661 8 566 3,281 20 3,602 139 6415,43017,025 355 963 1,240 3,372 150 27 2,918 ,209 1,618 270 3,278 27 3,824 161 8315,65717,362 336 981 1,024 3,394 157 27 2,805 1,193 1,575 534 3,274 June 3 3,723 138 7115,38217,014 305 1,312 913 3,393 159 27 2,938 1,143 1,585 642 3,271 10 4,097 152 6016,130'7,774 324 1,252 484 3,417 161 27 2,890 1,134 1,529 790 3,273 17 4,052 145 6015,923 7,874 272 1,268 678 3,398 157 27 2,938 1,193 1,512 576 3,270 24 3,958 149 64'5,673 7,318 319 1,050 783 3,423 152 27 2,819 1,189 1,441 745 3,265 * For description of revised coverage, see BULLETIN for August 1959, i Demand deposits other than interbank and U. S. Govt., less cash p. 885. items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1206 WEEKLY REPORTING MEMBER BANKS, 1958-59 LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES OUTSIDE NEW YORK CITY—REVISED COVERAGE* [In millions of dollars] Loansl U. S. Government obligations For purchasing or carrying securities Wednesday i m T l n o a v o e n a e n t n d a s t s t l s - j i L m u n a o a s v e n t d a e n e d - n s t d t s s - 1 j L us o a t d a e - n d s ! C i m n a c o d n i e a m d u r l - s - - A t c u u g r l r a - i l - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o c d C t f a e i e f t b i i e r n - t - s - - Notes Bonds2l I ! r O s i e t t i c h e u s e - r b L a o t n o a k n s s trial G U o o . b S v - . t.O s t e h - erG U o o . b S v - . t.O s t e h - er n e e d s - s liga- curi- liga- curitions ties tions ties 1958 July 9 77,316 76,508 41,74519,492 761 925 1,026 10,09010,332 26,9591,226 1,467 5,762 18,504' 7,804 16 76,877 76,322 41,67719,412 766 910 1,016 10,12510,328 26,8061,070 1,470 5,789 18,477 7,839 555 23 76,736 76,106 41,46819,272 776 885 977 10,12610,313 26,7581,077 1,485 5,865 18,3311 7,880 630 30 76,622 76,132 41,49219,245 789 876 956 10,16610,342 26,7971,190 1,477 5,902 18,228 7,843 490 Aug. 6 78,281 77,346 41,34119,221 787 760 924 10,18010,35328,1701,344 3,535 5,917 17,374 7,835 935 13 78,036 77,118 41,35519,307 803 667 905 10,21210,34527,9261,247 3,519 5,921 17,239 7,837 918 20 77,894 77,233 41,63219,462 821 716 903 10,24410,370 2277,7661,215 3,463 5,884 17,204 7,835 661 27 77,915 77,110 41,62419,505 813 649 905 10,26010,37727,5991,104 3,467 5,860 17,168 7,887 805 Sept. 3 77,815 77,093 41,79719,551 814 732 917 10,27210,398 27,4451,044 3,429 5,838 17,134 7,851 722 10 78,134 77,286 41,87819,698 807 638 916 10,30510,40127,4441,149 3,360 5,830 17,105 7,964 848 17 77,778 77,122 42,11119,886 798 632 917 10,34810,41727,1331,132 3,304 5,832 16,865 7,878 656 24 77,361 76,684 41,89519,637 810 598 918 10,37810,440 "2,6559 997 3,230 5,769 16,563 8,230 677 Oct. 1 77,444 76,700 41,99919,772 797 648 902 10,39210,370 26,7701,000 3,201 5,735 16,834 7,931 744 8 78,010 77,302 42,01819,769 800 608 896 10,44610,376 27,3091,561 3,212 5,730 16,806 7,975 708 15 78,287 77,599 42,28219,961 807 608 908 10,50610,372 27,3651,520 3,212 5,843 16,790 7,952 688 22 78,064 77,373 42,23619,913 815 585 905 10,53310,366 27,1951,417 3,175 5,815 16,788| 7,942 691 29 77,751 77,242 42,31419,916 828 561 913 10,56910,406 26,9971,301 3,141 5,822 16,733! 7,931 509 Nov. 5 78,371 77,394 42,530 20,001 831 625 907 10,61110,436 26,9331,244 3,142 5,801 16,746 7,931 977 12 78,334 ii,zee 42,674 20,097 840 618 901 10,64810,45426,8301,181 3,140 5,783 16,726 7,862 968 2 1 6 9 7 7 8 7 , , 7 8 9 9 0 1 7 7 8 7 , , 2 3 9 4 1 2 4 42 2 , , 8 7 4 5 6 6 2 2 0 0 , , 1 1 1 4 3 4 8 8 3 3 9 7 6 5 5 9 7 6 8 8 9 9 5 7 1 10 0 , , 7 6 2 9 2 2 1 1 0 0 , , 5 4 0 7 3 5 - 2 ' 7 , , 7 5 3 96 2 2 1 , , 0 12 9 3 2 3 3 , , 1 1 4 3 5 9 5 5 , , 6 7 9 5 3 8 1 1 6 6 , , 6 7 6 1 6 2 7 7 , , 8 8 4 5 9 4 4 5 9 4 9 9 Dec. 3 78,813 78,080 42,89920,170 826 612 902 10,73110,543 27,3551,853 3,235 5,894 16,373 7,826 733 10 78,916 78,098 43,07120,270 830 638 905 10,76710,54527,1611,674 3,240 5,891 16,356i 7,866 818 2 1 4 7 7 7 9 9 , , 3 2 2 6 1 1 7 7 8 8 , , 5 6 0 2 4 8 4 4 3 3 , , 4 6 •9 4 ""6 0 2 2 0 0 , , 4 4 2 6 4 2 8 84 3 1 4 8 8 0 1 1 4 2, 9 0 0 1 7 4 1 9 0 , , 7 7 1 9 6 21 1 0 0 ', , ,6 6 62 7 23 6 3 2 2 2 7 77 , , 1 1 5 7 6 01 1 , , 7 7 4 1 6 9 3 3 , , 2 2 1 3 6 2 5 5 , , 8 8 9 8 3 4 1 1 6 6 , , 3 3 1 2 5 1 ! ! 7 7 , , 8 8 3 3 8 2 8 63 1 3 7 31 79,379 79,162 44,08820,688 831 901 922 10,83910,83427,2091,769 3,218 5,898 16,324 7,865 217 1959 Jan. 7 78,553 77,816 43,31920,295 826 791 933 10,77210,63826,7061,605 3,105 5,859 16,137! 7,791 737 14 78,292 77,530 43,120 2200,209 825 657 942 10,81710,609 -2'6,6251,635 3,025 5,857 16,108i 7,785 762 21 78,913 78,057 43,10120,065 819 748 947 10,84110,619 27,2251,586 2,931 6,669 16,039'i 7,731 856 28 78,593 77,771 42,96319,932 821 650 953 10,85410,689 27,1011,558 2,895 6,602 16,046 7,707 822 Feb. 4 78,179 77,320 42,91319,887 814 971 921 10,55910,, 697 26,6811,462 2,825 6,401 15,993 7,726 859 11 77,855 77,087 42,94419,922 813 606 949 10,89310,69726,4631,394 2,754 6,317 15,998 7,680 768 18 77,775 77,125 43,072 '2"0,000 808 615 943 10,91210,73126,3601,617 2,989 5,765 15,989 7,693 650 25 77,857 76,956 43,14620,007 810 628 956 10,92910,757 2"6,1131,519 2,879 5,718 15,997 7,697 901 Mar. 1 4 1 7 7 7 7 , , 4 6 3 3 0 3 7 7 6 6 , , 7 9 6 1 8 8 4 4 3 3 , , 2 4 1 4 5 9 2 "2 0 ,0 , 2 0 8 5 8 2 8 8 0 0 7 6 6 5 3 8 9 9 9 95 4 1 9 1 10 0 , , 9 9 4 1 5 61 1 0 0 , , 7 8 9 1 4 4 2 2 5 5 , , 7 8 0 6 3 31 1 , , 3 3 9 4 7 5 2 2 , , 8 8 6 0 7 5 5 5, , 6 6 0 4 9 4 1 IJ 5 , ,9 ^ 4 J 4 J 1 ! ' ' 7 7 7/, , , , 6 7 9 6 0 6 7 6 1 6 5 2 18 77,941 77,128 43,910 20,577 830 663 959 10,97310,85525,4541,256 2,701 5,516 15,981 7",764 813 25 77,404 76,672 43,95520,612 826 609 963 10,99710,89424,9601,280 2,302 5,443 15,935 7,,757 732 Apr. 1 78,809 77,894 44,27120,662 832 761 1,008 11,02110,93125,7951,598 2,258 5,917 16,022| 7,828 915 8 78,428 77,601 44,117 2200,584 838 669 976 11,03210,96325,6391,530 2,279 5,857 15,973 7,845 827 15 78,768 77,778 44,50820,795 854 702 986 11,07311,044 '2"5,4221,444 2,242 5,794 15,942 7,848 990 22 78,323 77,532 44,57120,774 849 690 993 11,09411,11625,1611,324 2,219 5,745 15,873 7,800 791 29 78,366 77,433 44,64120,791 860 646 984 11,11611,189 24,9671,264 2,188 5,667 15,848 7,825 933 May 6 78,219 77,344 44,76320,892 861 651 976 11,13511,195 24,747 1,164 2,140 5,598 15,845j 7,834 875 13 78,938 78,083 45,07821,086 867 651 983 11,18311,256)25,194 1,721 2,139 5,556 15,778 7,811 855 20 78,651 77,910 45,23721,173 869 624 983 11,21811,317 24,845 1,524 2,076 5,519 15,726 7,828 741 27 78,458 77,816 45,30721,171 877 589 987 11,23611,394 24,6761,379 2,071 5,513 15,713 7,833 642 June 3 78,416 77,692 45,38421,209 869 598 1,303 10,92411,432 24,5161,312 2,014 5,499 15,691 7,792 724 10 78,606 77,792 45,68521,342 893 603 987 11,28311,527 24,316 1,196 1,993 5,471 15,656! 7,791 814 17 78,741 78,024 46,214 •2 1,756 890 618 978 11,31411,610 24,057 1,129 1,906 5,416 15,606 7,753 717 24 78,401 77,665 46,27321,783 895 546 980 11,36011,663123,701 865 1,862 5,319 15,655 7,691 736 * For description of revised coverage, see BULLETIN for August 1959, 1 Exclusive of loans to banks and after deduction of valuation reserves; p. 885. individual loan items are shown gross. 2 Includes guaranteed obligations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1958-59 1207 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES OUTSIDE NEW YORK CITY—RE VISED COVERAGE* [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Wednesday s B F w e R . a r i e v n t R - h e k . s s C va a i u n s l h t b m a w B a d n e o n a i c s t - l e k h t - s i s c j p m u D o a s d a t e s d e e n - - i - t d d s 1 s p I p u n c v h a n o a a o e i n i d r d r l p r r d s a t i - - - s - - , - , S p s d s a i t i o u c i a o n v l b a t d n i - i e l t - s - s c C h c o a f e e e i e f t n e c f c r r d i d . t s k - i ' s - , G U o .S v . t. s p I p u n c v h a n o a a o e i n i d r d r l p r r d a s t i - - - s - - , - , S p s d s a i t i o u c i a o n v l b a t n d i - i e l t - s - s G P U s i a o n o a . n S g s v v d t . s - t a . l m D t e D i o c s - - eman F ei d o g r n - Time F B F. r a o n R m k . s F ot r h o e m rs C i a ta p l tions tions 1958 July 9 9,641 993 3,042 43.795 44,469 4,394 1,117 3,028 24,470 ,925 8,928 301 479 100 516 7,406 16 10,052 991 3,097 44;321 46,121 4,141 1,153 2,613 24,550 ,902 140 8,836 326 449 78 490 7,376 23 9,783 999 2,975 44;820 45,448 4,209 1,133 2,146 24,581 ,901 141 8,264 336 449 27 527 7,384 30 9,564 1,025 3,013 44972 45,116 4,391 1,080 1,879 ,896 142 8,236 355 450 56 342 7,414 Aug. 6 9,617| 907 2,896 44,524 44,936 4,383 ,091 2,827 24,711 ,892 142 8,917 362 454 104 443 7,423 13 9,806 1,009 2,906 44,429 45,958 4,140 ,089 2,69724,737 ,884 143 9,034 365 449 103 555 7,427 20 9,782 978 2.819 44,249 45,128 4,153 ,074 3,032 24,727 ,864 144 8,626 353 457 127 432 7,430 27 9,663 1,040 2^60 44,574 44,983 4,213 ,065 2,678 24,744 ,860 148 8,265 363 459 100 657 7,449 Sept. 3 9,638 983 2,872 44,260 45105 4,341 ,196 2,516 24,775 ,849 145 8,700 351 455 127 691 7,463 10 9,384 1,029 2,811 44,83146;068 4,081 ,119 1,627 24,792 ,834 147 8,964 337 466 364 535 7,460 17 9,720 995 3,001 44,838 4'6,662 3,973 ,254 1,629 24,739 ,813 146 8,996 349 447 163 959 7,453 24 9,521 1,028 2,747 44,299 45,165 4,055 ,097 2,072 2-4,748 ,798 146 8,333 332 451 254 788 7,459 Oct. 1 9,451 933 2,894 44,519 45,647 4,233 ,189 1,841 24,776 ,737 148 8,541 326 449 151 843 7,491 8 9,546 975 2,645 44,399 45,480 3,914 ,031 2,22824,845 ,735 148 8,727 323 458 297 585 7,508 15 7,628 3,224 2,976 45,000 48,117 3,747 ,127 2,193 2'4",884 ,707 149 9,196 317 448 158 629 7,487 22 9,794 ,020 2,734 45,284 46,939 3,813 ,054 1,704 24,908 ,684 149 8,470 320 443 548 631 7,479 29 9,610 ,044 2,76145,632 46,785 3,942 ,046 1,493 24,924 ,675 150 8,179 326 438 236 623 7,515 Nov. 5 9,414 947 2,784145,,293 46,994 4,218 ,125 1,422 24,953 ,642 150 8,840 314 439 319 632 7,526 12 9,364 ,070 2,948 45,867 48,127 4,014 ,205 1,019 24,854 ,636 151 8,721 327 435 231 950 7,526 19 9,936 ,022 2,769 45,550 47,326 3,998 ,289 1,648 24,750 ,627 151 8,453 335 428 482 593 7,520 26 9,976 995 2,732 45,882 47,355 4,254 ,189 2,699 2"4 ,7311,579 151 7,917 332 456 673 459 7,548 Dec. 3 8,761 ,921 2,724 45,758 46,992 4,225 ,219 2,07124,737 1,600 151 8,391 327 428 244 885 7,570 10 9,544 ,097 2,713 46,745 47,840 4,221 ,229 1,111 24,758 1,614 152 8,440 322 430 333 733 7,561 17 10,103 ,114 3,042 47,274 49,031 4,259 ,389 1,608 24,775 1,620 153 8,816 329 428 395 604 7,550 24 10,063 ,014 2,896 46,938 48,730 4,274 ,316 1,973 24,860 1,677 157 8,390 330 441 498 462 7,563 31 9,370 ,055 3,595 47,243 49,637 4,514 ,445 1,974 2"5-,029 1,686 154 9,183 334 435 21 1 7,577 1959 Jan. 7 9,807 ,035 2,824 46,675 47,757 4,317 ,338 1,01324,774 1,663 153 8,916 324 437 417 534 7,548 14 9,590 ,091 2,912 46,853 49,112 4,187 ,233 68124,778 1,661 152 8,815 307 440 320 551 7,535 21 9,666 ,010 2,786 47,116 48,478 4,241 ,174 1,70724,795 1,661 153 8,081 314 440 281 450 7,515 28 9,630 ,038 2.688 46,612 47,425 4,375 1,107 1,99124,781 1,649 153 7,659 301 441 275 677 7,552 Feb. 4 9,766 921 2.689 45,883 46,734 4,421 1,125 1,999 24,776 ,640 153 8,049 289 423 272 635 7,566 11 9,604 994 2,720 45,925 47,273 4,206 1,047 1,74124,779 ,644 153 7,910 314 391 186 684 7,556 18 9,748 993 2,786 45,289 46,657 4,352 ,263 2,223399 2244,817 ,651 153 7,772 332 347 710 7,558 25 9,499 1,046 2,740 45,605 46,772 4,272 ,129 2,05124,817 ,662 152 7,400 320 372 728 7,576 Mar. 4 9,451 906 2,729 44,80146,079 4,290 ,187 566 24,855 ,652 152 7,963 314 395 406 773 7,608 11 9,344 991 2,749!45,60147,073 4,144 ,185 99324,886 ,645 153 7,978 332 367 345 817 7,605 18 9,710 977 2,828 45,446633 47,060 4,106 ,269 2,07124,920 ,652 153 7,954 358 353 713 415 7,588 25 9,339 1,003 2,640 45,10146,025 4,162 ,152 728 24,907 ,594 155 7,435 369 368 446 813 7,599 Apr. 1 9,482 939 2,914 44,025 45,218 4,515 ,281 3,48424,944 ,632 153 8,419 372 365 234 1,086 7,640 8 9,566 951 2,638 45,067 46,078 4,174 ,172 2,398 2-4,989 ,604 152 8,109 325 409 639 403 7,654 15 9,728 974 3,053 46,198 48,589 4,412 ,333 1,929 24,963 ,598 153 8,401 315 420 595 440 7,646 22 9,729 1,005 2,678 46,109 47,399 4,435 ,321 1,732 24,972 ,623 152 7,620 331 419 666 541 7,637 29 9,538 1,026 2,718 45,96146,649 4,638 ,183 2,054 25,006 ,659 152 7,375 308 417 371 810 7,674 May 6 9,624 922 2,614 45,080 45,989 4,520 ,159 2,092 25,048 ,677 152 7,820 303 421 623 588 7,688 9,673 1,025 2,73145,072 47,409 4,327 ,122 2,,966 25,071 ,672 151 7,893 307 422 487 736 7,658 20:;;:;;;;;;;;; 9,500 1,004 2,783 4"5,024 [46,501 4,381 ,139 2,73325,123 ,669 151 7,552 310 414 231 1,062 7,683 27 9,430 1,034 2,,622 45,281 46,264 4,535 ,100 2,32325,169 ,668 152 7,248 322 415 352 954 7,699 June 3 9,443 960 2,63144,858 45,767 4,456 ,190 1,89325,235 ,681 149 7,654 323 415 578 1,024 7,717 10 9,211 1,020 2,689 45^68 46,786 4,252 ,169 1,16125,260 996 150 7,824 327 1,085 716 938 7,708 17 9,682 1,0.24 2,908 45 503 47,928 4,027 ,363 2,080 2"5,305 ,654 150 8,063 323 410 903 460 7,692 24 9,373 1,052 2,648 45 108 46,254 4,263 ,249 2,174 25,400 ,629 150 7,328 325 391 655 835 7,707 * For description of revised coverage, see BULLETIN for August 1959, 1 Demand deposits other than interbank and U. S. Govt., less cash p. 885. items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1208 STOCK MARKET CREDIT DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE NEW YORK STOCK EXCHANGE CARRYING MARGIN ACCOUNTS, JUNE 1952-591 [End of month figures. Amounts in millions of dollars] Item 1952 1953 1954 1955 1956 1958 1959 DEBIT BALANCES Cash on hand and in banks 365 282 309 337 322 324 363 Securities borrowed 43 37 64 85 65 134 129 Securities sold, delivery pending (failed to deliver) 79 67 121 214 148 170 291 Net debit balances due from member firms of national securities exchanges: Member firms of New York Stock Exchange 81 100 77 144 151 132 159 Member firms of other exchanges 12 11 10 16 14 15 18 Net debit balances due from all other customers exclusive of firms' own partners: S S e e c c u u r r e e d d b b y y U ot . h e S r . G co o l v la e t r e n ra m l ent obligations [1,327 1,684 1,857 2,768 2,811 \ f 2 ,9 2 2 5 6 3 3,3 1 6 6 9 5 Net debit balances in partners' individual investment and trading accounts 9 7 10 14 21 35 36 Debit balances in firm investment and trading accounts: I I n n f f i i r r m m t in ra v d e i s n t g m e a n n t d a u c n c d o e u r n w ts riting accounts 427 347 492 673 625 / 335 2 33 8 7 5 Commodity margins on deposit with banks and commodity guaranty funds on deposit.. 42 37 41 35 38 39 All other debit balances 110 93 98 144 137 195 151 Total. 2,493 2,665 3,080 4,430 4,332 4,985 5,385 CREDIT BALANCES Money borrowed: From banks and trust companies: U. S. agencies of foreign banks 902 [, 196 1,159 2,075 2,231 622 605 U. S. banks 1,743 1,871 In New York City 825 \066 976 744 1,872 1,402 1,427 Elsewhere 77 130 183 331 359 341 444 From other lenders (not including members of national securities exchanges) 2 10 20 14 40 35 21 31 Securities loaned 72 68 116 156 124 187 204 Securities bought, delivery pending (failed to receive) 85 67 123 218 156 181 293 Net credit balances due to member firms of national securities exchanges: Member firms of New York Stock Exchange 71 89 68 126 123 120 132 Member firms of other exchanges 9 6 11 11 9 13 Credit balances of other customers exclusive of firms' own partners: Free credit balances 708 653 838 919 837 1,034 1,070 Other net credit balances 219 163 248 239 207 367 277 Credit balances and money borrowed which are subordinated to general creditors under approved agreements3 n.a. n.a. n.a. n.a. n.a. 20 22 Net credit balances in partners' individual investment and trading accounts 23 23 23 31 34 34 38 Credit balances in firm investment and trading accounts 16 16 45 62 34 82 71 All other credit balances (except those included in next item) 55 45 64 83 78 83 148 Net balance in capital and profit and loss accounts and partners' drawing accounts , 324 319 372 469 466 483 610 Total. 2,493 2,665 3,080 4,430 4,332 4,985 5,385 Memorandum: Value of securities sold under repurchase agreements. 24 25 Number of firms. 292 287 278 299 303 316 320 Money borrowed according to type and ownership of collateral:3 Secured by customers' collateral: Entirely by obligations of U. S. Government or its agencies 245 156 Entirely by other securities exempted under Section 3(a) of Securities Exchange Act—1934 150 161 By nonexempt securities or mixed collateral 1,451 1,823 Secured by firm or partners' collateral: Entirely by obligations of U. S. Government or its agencies 204 105 Entirely by other securities exempted under Section 3(a) of Securities Exchange Act—1934 98 74 By nonexempt securities or mixed collateral 239 188 Unsecured 1 n.a. Not available. due from all other customers exclusive of firms' own partners," "money 1 Data not collected for June 1957. borrowed," and "credit balances of other customers exclusive of firms' 2 Prior to 1958 probably includes some borrowing from U. S. agencies own partners—free credit balances" are conceptually identical to these of foreign banks. items (including debit balances secured by and money borrowed on 3 Collected in 1958 for the first time. U. S. Government obligations), as shown in the table on Stock Market « Less than $500,000. Credit, p. 1167, but the data differ somewhat because of minor differences NOTE.—For explanation of these figures see "Statistics on Margin Ac- in coverage, statistical discrepancies in reporting, and—since June 1955 counts" in BULLETIN for September 1936. The items "net debit balances for the item "money borrowed"—the date of reporting. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 1210 Net gold purchases and gold stock of the United States 1218 Estimated foreign gold reserves and dollar holdings 1219 Reported gold reserves of central banks and governments 1220 Gold production 1221 International Bank and Monetary Fund. 1222 United States balance of payments. . 1223 Money rates in foreign countries 1223 Foreign exchange rates 1225 Index to statistical tables 1232 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. 1209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1210 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 to ra ta n l d t t i e i n I o r n s n n t - a a i- - 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 e - d E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia ot A h l e l r tutions2 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 ,079 1,275 3,231 7,142 1,623 2,575 1,946 355 1958—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 ,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 1,436 14,508 8,664 1,761 ,152 945 3,785 7,643 2,060 2,394 2,126 286 Nov. 30 16,052 1,485 14,567 8,639 1,755 1,132 977 3,792 7,656 2,071 2,407 2,148 285 Dec. 31 16,159 1,544 14,615 8,665 1,755 ,121 875 3,960 7,710 2,019 2,401 2,205 279 1959_ F ja e n b . . 3 2 1 8 1 16 6 , , 6 2 1 3 9 0 1 1 , , 5 5 4 3 1 8 1 1 4 5 , , 6 0 9 7 3 8 8 8, , 7 5 5 3 7 3 1 1 , , 6 69 9 7 3 1 1 , , 1 1 5 7 9 0 1 1 , , 0 1 7 3 8 3 3 3 , , 7 9 8 2 4 0 7 7 , , 7 9 1 2 3 0 2 2 , , 0 1 8 4 1 2 2 2 , , 3 3 8 8 1 2 2 2 , , 2 3 3 3 5 9 2 2 8 9 2 5 Mar. 31 16,657 1,676 14,982 8,622 1,385 1,231 1,125 4,005 7,746 2,087 2,522 2,337 290 Apr. 30 16,799 1,668 15,132 8,435 1,295 1,245 1,228 4,081 7,849 2,171 2,466 2,357 290 May 31 17,145 1,719 15,426 8,799 1,403 1,298 1,094 4,181 7,976 2,094 2,661 2,391 304 June 30? 18,406 42,756 15,651 8,942 1,459 1,406 1,082 4,273 8,220 2,122 2,548 2,439 322 July 31» 18,635 2,777 15,857 9,074 1,430 1,422 1,091 4,391 8,334 2,238 2,436 2,522 327 Table la. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a e r n k - . 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 he ll rs 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—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_ F ja e n b . . 3 2 1 8 . . . . 3 3, , 9 7 2 8 0 4 4 4 0 1 8 0 1 1 0 0 9 5 1 1 2 4 9 2 7 7 4 6 6 5 3 1 7 8 1 1 2 3 9 2 3 3 4 5 5 6 1 1 1 1 2 4 1 1 5 4 7 8 3 3 1 2 2 2 8 8 0 0 7 7 9 8 6 6 2 1 0 8 6 8 6 6 8 6 2 6 Mar. 31.. 4,005 417 117 138 75 644 138 347 108 175 30 294 846 20 6 650 Apr. 30.. 4,081 410 151 130 72 649 145 361 104 171 29 321 853 25 7 651 May 31.. 4,181 409 124 110 70 855 156 363 108 162 33 322 857 22 6 582 June 30?. 4,273 390 118 110 67 981 153 356 112 151 35 350 878 21 7 542 July 31P. 4,391 390 122 119 69 1,047 166 395 109 153 32 351 868 27 6 538 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 ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a e o 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 e r r d d - i s i e s - t s l a p P i R c m u a e b n o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L i m a t c h t a 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 July 31 2,407 147 21 126 74 129 278 54 30 59 322 67 144 74 78 664 142 Aug. 31 2,390 133 21 159 78 144 292 49 26 54 351 73 139 75 75 580 142 Sept 30 2,291 131 21 133 84 137 274 48 25 48 370 72 148 72 80 514 136 Oct. 31 2,394 134 22 130 74 170 276 42 26 45 383 76 147 70 82 582 135 Nov. 30 2,407 141 21 132 73 176 280 42 23 43 413 81 145 73 83 542 139 Dec 31 2,401 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 131 1959—Jan 31 2,381 149 22 164 95 178 281 40 31 40 393 72 147 72 92 464 143 Feb 28 2,382 189 20 166 85 198 267 38 33 43 389 76 155 72 89 410 152 Mar. 31 2,522 180 20 178 95 189 263 41 33 43 401 74 156 74 96 508 170 Aor 30 . ... 2,466 180 20 151 92 199 257 49 38 43 412 79 157 81 84 443 181 May 31 2,661 211 22 176 102 210 250 46 39 44 445 78 150 82 85 549 172 June 30^ 2,548 206 22 154 130 201 242 44 38 42 406 78 147 77 89 500 170 July 31* 2,436 222 23 154 121 203 227 43 33 39 402 80 159 77 75 407 171 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. 1211 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 rea, Union Total H K o o n n g g India I n n e d si o a - Iran Israel Japan p R l u i e b c - - P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total A tr u a s li - aC g B o ia e n l n g - o Egypt6 A S f o r o u i f c t a h Other of 1954—Dec. 31 1,821 61 87 100 31 41 721 96 257 34 123 270 265 48 44 47 33 94 1955—Dec. 31 2,181 55 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956—Dec. 31 2,415 66 76 186 20 45 1,017 99 272 61 148 425 346 84 44 50 53 114 1957—Dec. 31 1,946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 40 38 153 1958—July 31 2,134 68 80 89 55 51 858 119 168 91 145 411 285 86 35 16 22 126 Aug. 31 2,107 67 76 80 51 46 901 123 172 92 141 357 266 70 36 18 19 123 Sept. 30 2,092 65 73 91 43 40 889 128 177 93 140 353 277 74 31 18 28 126 Oct. 31 2,126 64 76 99 35 45 925 129 159 96 136 361 286 77 31 20 30 128 Nov. 30 2,148 63 75 105 38 52 925 133 158 99 133 367 285 76 31 20 30 127 Dec. 31 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 16 30 125 1959_jan. 31 2,235 61 78 108 53 54 957 144 156 98 134 391 282 82 31 17 31 121 Feb. 28 2,339 57 86 112 51 60 1,020 147 169 96 139 402 295 80 31 17 37 129 Mar. 31 2,337 62 90 119 55 62 998 147 173 94 138 400 290 83 33 16 28 130 Apr. 30 2,357 57 91 108 54 65 1,028 146 164 91 133 418 290 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 June 30*> 2,439 57 99 77 39 86 1,101 145 168 90 134 443 322 91 35 16 36 144 July 31^.... 2,522 56 113 O88O 27 86 1,131 147 163 90 133 487 327 84 39 16 48 140 Table Id. Supplementary Areas and Countries7 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 n.a. Burma 19.1 7.0 6.7 n.a. British dependencies .4 .4 .3 .4 Cambodia 13.1 17.2 20.0 24.9 Bulgaria .7 .2 .6 .3 Ceylon 32.9 41.2 34.2 n.a. Czechoslovakia 8 . . .7 .5 .7 .6 China M^ainland 8 36.2 35.5 36.3 36.0 Eastern Germany 1.3 1.2 3.1 1.4 Iraq . .... 14.7 16.9 19.6 18.0 Estonia 1.8 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 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 1.0 .6 .5 .6 Malaya, Fed. of 1.6 1.4 1.6 n.a. Lithuania .3 .4 .5 .7 Pakistan 5.7 20.2 12.8 5.6 Luxembourg 3.1 13.2 16.4 16.1 Portuguese dependencies 2.0 2.7 3.1 3.1 Monaco. 5 6 4 3 5 4 5 9 Ryukyu Islands 34 0 30 6 32.7 15.2 Poland8 2.5 3 3 3 2 4 9 Saudi Arabia 79 5 97 4 94.8 60.2 Rumania 8 8.1 .9 .8 .9 Syria 6 13.1 17.1 3.5 4.7 Trieste 1.4 1.4 1.2 .5 Viet-Nam 62.3 50.1 58.5 48.8 U. S. S. R.8 .7 .8 .7 2.2 All other: Other Latin America: British dependencies ... 2.4 3.8 2.3 1.8 British dependencies 16.6 24.1 24.0 40.9 Ethiopia and Eritrea 23.7 24.2 35.1 27.8 Costa Rica 17.6 14.6 16.4 24.5 French dependencies 8.0 10.5 10.7 6.5 Ecuador 14.9 18.0 22 7 17.4 Liberia.... 13.1 23.7 23.0 13.0 French West Indies and French Guiana. . .6 1.0 .8 .5 Libya 9.9 3.7 10.7 6.4 Haiti ... 12.1 8.9 11.2 7.7 Morocco: Honduras 9.7 10.2 12.6 6.3 M^orocco (excl Tangier) . . 14.8 13.6 32.2 25.4 Nicaragua . . 12.8 11.8 12.7 11.3 Tangier 33.5 22.4 19.2 18.1 Paraguay 3 6 4 0 5 1 3 4 New Zealand 1 9 2 2 1 9 6 9 Portuguese dependencies 5.3 2.8 4.4 4.0 Other Asia: Somalia 2 9 1.3 n a. Afghanistan 4.1 5.3 4.7 n.a. Spanish dependencies .7 .3 .7 .4 Bahrein Islands .5 1.7 .9 .9 Sudan n a 4 1.7 5.2 British dependencies 8.2 7.4 8.0 4.3 Tunisia .7 .5 .8 .3 P Preliminary. n.a. Not available. the Second (New York) Federal Reserve District. They represent a 1 Does not include banking liabilities to foreigners maturing in more partial breakdown of the amounts shown in the "other" categories~in than one year; such liabilities amounted to $42 million on July 31, 1959. tables la-lc. 2 Includes International Bank for Reconstruction and Development, 8 Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other inter- NOTE.—Statistics on international capital transactions of the United national organizations. States are based on reports by U. S. banks, bankers, brokers, and dealers, 3 Represents liabilities to foreign central banks and foreign central by branches or agencies of foreign banks, by certain domestic institutions governments and their agencies (including official purchasing missions, not classified as banks that maintain deoosit or custody accounts for trade and shipoing missions, diplomatic and consular establishments, etc.). foreigners, and by the U. S. Treasury. The term "foreigner" is used to 4 Includes $1,031 million reoresenting increase in United States dollar designate foreign governments, central banks, and other official institusubscription to the International Monetary Fund paid in June 1959. tions, as well as banks, organizations, and individuals domiciled abroad 5 Includes Bank for International Settlements. and the foreign subsidiaries and offices of U. S. banks and commercial 6 Part of the United Arab Republic since February 1958. firms. 7 Except where noted, these data are based on reports by banks in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1212 INTL 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 Date, or area To banks and official institutions To all other foreigners Payable Total in foreign and country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates1 certificates Total amounts outstanding 1954—Dec 31 12,919 11,070 5,479 4,955 637 1,805 1.520 251 34 43 1955 Dec 31 13,601 11,777 5,451 5,670 656 1,783 [,543 184 56 40 1956 Dec 31 14,939 12,860 5,979 5,990 891 2,030 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 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 30 16,799 14,191 6,864 6,237 1,090 2,540 1,968 338 234 69 May 31 17,145 14,561 6,775 6,625 1,161 2,523 1 Q7S 305 243 62 June 30p . . 18,406 15,771 6,685 7,927 1,159 2,561 2| 004 313 243 75 Julv 31^ 18,635 15,987 6,484 8,341 1,163 2,580 2,030 302 248 67 Area and country detail, May 31, 1959 Europe: A D Be u e l n s g t m i r u i a a m rk 4 1 1 0 1 2 9 4 0 4 1 0 7 0 7 7 0 3 6 9 5 1 1 0 3 11 7 1 26 6 3 4 1 6 2 0 38 2 8 2 (3 7 ) 1 ( 3 ) 70 68 26 36 6 2 2 France 855 794 247 494 52 61 53 4 3 Germany, Fed. Rep. of 1,403 1,381 203 958 220 21 18 2 1 Greece . 156 144 27 117 12 12 Italy 1,298 1,266 131 959 177 31 23 7 j (3) Netherlands . 363 329 140 132 58 34 27 5 1 1 Norway 108 61 45 16 47 45 2 Portugal 162 114 110 4 48 48 (3) Spain 33 17 16 1 16 16 (3) Sweden 322 310 65 201 45 12 11 1 (3) Switzerland 857 702 313 166 223 152 95 17 40 3 Turkey 22 20 20 2 2 (3) United Kingdom 1,094 692 304 348 41 3s68 128 177 63 33 6 6 6 Other Europe 582 551 125 310 $ 25 2 1 2 Total . . 7,976 7,040 2,279 3,785 977 894 553 221 120 42 Canada 2,094 1,775 1,202 565 8 309 196 65 48 11 Latin America: Argentina 211 141 140 1 69 69 Bolivia 22 7 7 15 15 Brazil 176 65 61 (3) 4 111 105 (3) Chile 102 45 44 57 56 (3) (3) Colombia 210 136 134 2 73 73 (3) Cuba 250 138 92 44 2 112 104 1 6 (3) Dominican Republic 46 15 15 31 30 (3) Fl Salvador 39 20 14 2 4 19 19 Guatemala 44 27 12 7 7 17 17 p\ 445 311 281 28 2 134 131 1 2 (3) Neth. W. Indies and Surinam 78 39 24 9 6 39 13 6 20 Panama Reo of 150 30 29 1 120 90 4 25 Peru 82 38 38 44 42 1 1 Urusuav 85 39 35 4 46 41 5 Venezuela ... 549 386 385 (3) 163 158 2 Other Latin America 172 90 61 16 12 78 76 1 1 4 Total 2,661 1,527 1,374 106 48 1,128 1,040 17 71 5 » Preliminary. 2 Represents principally bankers' acceptances and commercial paper. 1 Includes International Monetary Fund's holdings of non-negotiable, 3 Less than $500,000. non-interest-bearing demand notes of the United States which amounted to $1,989 million on July 31, 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BVTL CAPITAL TRANSACTIONS OF THE U. S. 1213 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 Payable country in foreign U.S. U. S. currencies Total Deposits T bi r l e ls a s a u n r d y Other i Total Deposits T bi r l e ls a s a u n ry d Other i certificates certificates Area and country detail, May 31, 1959—Continued Asia: Hong Kong 58 30 26 4 29 29 (2) 8 India 94 69 64 4 2 24 24 Indonesia 81 79 44 34 2 2 Iran 51 47 47 4 4 Israel 70 66 24 28 14 4 4 « Japan 1,068 1,055 592 423 39 13 13 p) Korea Rep of 142 139 138 1 1 3 3 Philippines 175 155 129 12 15 20 20 Taiwan 92 86 86 6 6 (2) Thailand 133 130 45 80 3 3 2 Other Asia 427 387 290 71 26 40 39 (2) 1 ( ) Total.... 2,391 2,243 1,484 653 106 148 146 1 1 1 All other: Australia 83 79 37 39 3 3 3 1 Belgian Congo 33 32 13 13 6 1 1 Egypt3 16 15 14 1 1 1 (2) (2) Union of South Africa.... 33 28 20 8 4 4 1 Other 139 103 85 5 14 35 32 1 2 1 Total 304 257 168 66 23 43 40 1 2 3 Total foreign countries. 15,426 12,842 6,507 5,174 1,161 2,523 1,975 305 243 62 International institutions.... 1,719 1,719 268 1,451 Grand total 17,145 14,561 6,775 6,625 1,161 2,523 1,975 305 243 62 1 Represents principally bankers' acceptances and commercial paper. 3 Part of the United Arab Republic since February 1958. 2 Less than $500,000. 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 z a w e n r i d - t- 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 TQ56 r)ec 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 July 31 2,489 86 117 43 31 103 267 647 271 1.033 463 76 Aug 31 2,562 84 111 43 33 126 312 709 265 1,048 462 78 Sept 30 2,540 90 109 39 36 127 315 716 256 1,040 450 79 Oct. 31 2,577 93 103 36 38 115 316 700 276 1,078 442 81 Nov 30 2,487 96 88 35 35 120 301 675 232 1,064 438 79 Dec 31 . 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 2,399 103 58 33 45 94 255 588 242 l\027 481 61 May 31 2,427 99 52 34 39 105 236 565 236 1,064 502 61 June 30p 2,439 94 54 37 34 105 219 544 229 1,081 519 65 July 31P 2,388 91 54 31 36 122 235 570 245 1,000 510 64 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 he]'4 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

1214 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w e e n - T k u ey r- Y sl u a g vi o a - o A th l e l r 1 1954—Dec. 31. 109 20 10 16 2 4 41 5 1955—Dec. 31. 158 16 13 11 9 7 78 7 1956—Dec. 31. 216 28 12 21 23 13 88 7 1957—Dec. 31. 211 25 11 29 23 2 10 76 10 1958—July 31. 267 18 7 44 25 2 44 16 79 11 Aug. 31. 312 67 6 43 25 2 57 14 67 9 Sept. 30. 315 63 8 44 22 2 59 13 72 10 Oct. 31. 316 64 7 10 49 20 2 55 13 72 11 Nov. 30. 301 68 10 53 21 2 31 15 69 9 Dec. 31. 315 65 14 56 22 2 30 24 72 9 1959—Jan. 31. 297 66 15 58 20 2 26 18 64 10 Feb. 28. 288 64 16 59 18 2 25 16 60 9 Mar. 31. 264 63 12 52 15 2 27 16 50 9 Apr. 30. 255 62 10 40 14 3 29 14 51 14 May 31. 236 51 9 34 11 2 28 15 51 16 June 30*> 219 50 31 10 2 26 10 49 13 July 31 v 235 54 32 2 25 12 57 14 Table 3b. Latin America Neth- Date A L m i a c t e a in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba p m i D R c u li i o a e b c n - - n - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- I l W S a a n e u n n d r e r d d - i s i e - s t s l a P p i R c m u a e b n o - a - - , f Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e n r r nam 1954_Dec. 31 728 6 3 273 14 107 71 3 10 4 116 1 9 16 7 63 27 1955 Dec. 31 706 7 4 69 14 143 5 8 5 154 3 17 29 18 105 34 1956—Dec. 31 840 15 4 72 16 145 \ 7 11 7 213 5 12 35 15 144 49 1957—Dec. 31 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958—July 31 1,033 49 3 216 49 54 105 11 7 8 240 3 23 30 42 138 55 Aug. 31 1,048 48 3 200 48 54 132 12 7 8 243 3 26 30 45 134 55 Sept. 30 1,040 48 3 183 47 49 127 14 10 9 274 2 24 28 50 125 49 Oct. 31 1,078 35 3 165 47 50 151 19 10 9 290 4 23 31 54 138 49 Nov. 30 ,064 34 3 138 47 51 155 19 11 10 294 6 23 31 54 139 49 Dec. 31 ,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959 Jan. 31 ,072 38 4 176 51 49 151 20 6 12 269 4 22 28 50 140 52 Feb. 28 ,054 38 3 176 48 48 150 23 6 11 260 3 24 30 43 139 53 Mar. 31 ,068 38 3 172 50 49 149 25 5 9 263 4 25 34 45 144 53 Apr. 30 ,027 40 3 136 52 50 153 25 5 10 263 4 23 38 33 139 54 May 31 ,064 43 3 156 58 50 140 23 5 10 278 3 23 41 34 143 52 June 30*> 1,081 45 3 167 65 53 130 27 6 10 278 3 22 31 38 151 51 July 31* ,000 44 3 151 40 53 119 29 6 9 271 3 21 34 27 139 49 Table 3c. Asia and All Other Asia All other Date Total K H o o n n g g India Iran Israel Japan ip P p h i i n l e - s T w a a i n - T la h n a d i- Other Total t A ra u l s i - a C g B o i e n a l n - go Egypt3 A U S f n o o r i u i f o c t a n h Other 1954 Dec 31 143 3 5 16 11 50 7 5 6 39 37 14 6 1 6 10 1955 Dec 31 233 3 5 18 10 103 19 6 8 60 43 11 5 1 g 17 1956 Dec 31 337 4 6 20 16 170 16 6 9 91 43 11 6 2 8 17 1957 Dec 31 386 7 6 22 24 146 53 6 14 110 50 13 5 1 12 19 1958 Julv 31 463 6 5 31 18 224 38 6 16 119 76 12 7 2 39 16 Aug 31 462 6 5 29 19 222 39 6 14 122 78 12 5 3 41 17 Sept 30 .... 450 5 6 27 21 209 41 6 14 121 79 13 5 3 41 17 Oct 31 442 5 8 29 22 196 39 6 14 123 81 14 4 4 37 23 Nov. 30 438 6 8 27 27 186 41 7 16 120 79 13 4 3 29 29 Dec 31 435 6 4 27 23 179 67 6 13 111 69 13 4 3 23 27 1959 Jan 31 407 6 4 29 25 168 38 7 14 116 68 12 3 2 24 27 Feb 28 422 5 5 28 22 175 42 8 13 124 63 12 3 2 24 22 Mar 31 454 6 5 34 19 204 34 8 14 130 61 11 4 21 24 Apr 30 481 8 6 34 18 224 29 9 17 137 61 11 4 2 19 24 May 31 502 8 5 32 16 242 29 10 17 142 61 12 3 2 19 25 June 30p 519 7 5 35 16 260 24 9 20 143 65 15 3 2 20 26 July 31^ 510 8 6 31 17 256 18 8 12 153 64 14 3 1 20 25 P Preliminary. 2 Less than $500,000. i 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

INTX CAPITAL TRANSACTIONS OF THE U. S. 1215 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- D an a d te , c o o r u n a t r r e y a t t e o rm tal — i Total Loans to: C t o io ll n e s c- Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Total amounts outstanding 1954_Dec. 31. 441 1,387 1,176 449 142 301 283 211 173 38 1955—Dec. 31. 671 1,549 1,385 489 236 353 307 164 144 20 1956—Dec. 31. 839 1,946 1,796 582 330 440 444 150 131 19 1957—Dec. 31. 1,174 2,199 2,052 627 303 423 699 147 132 15 1958—July 31. 1,275 2,489 2,308 776 363 430 740 181 166 15 Aug. 31. 1,330 2,562 2,384 871 368 423 720 178 165 13 Sept. 30. 1,327 2,540 2,324 862 375 406 680 217 204 13 Oct. 31. 1,340 2,577 2,347 859 394 428 666 230 212 18 Nov. 30. 1,378 2,487 2,298 806 418 420 654 189 174 16 Dec. 31. 1,362 2,542 2,344 840 428 421 656 198 181 16 1959—Jan. 31. 1,359 2,432 2,281 780 416 417 667 151 136 15 Feb. 28.. 1,363 2,379 2,227 744 412 413 658 152 138 13 Mar. 31. 1,361 2,419 2,258 746 424 428 660 161 146 15 Apr. 30. 1,379 2,399 2,247 738 434 427 648 152 136 16 May 31. 1,402 2,427 2,264 731 424 434 674 164 149 15 June 30? 1,441 2,439 2,278 741 413 455 669 161 144 17 July 31" 1,482 2,388 2,204 719 412 437 637 184 153 31 Area and country detail, May 31, 1959 Europe: Austria 24 5 5 2 1 1 Belgium 30 51 48 36 3 7 Denmark 1 9 8 1 (2) 2 4 Finland 3 6 6 1 4 France 20 99 97 '3 2 7 84 2 Germany, Fed. Rep. of... 52 41 8 4 19 10 10 Greece 1 8 8 3 (2) 4 1 Ttaly 26 34 33 4 10 10 9 Netherlands 21 34 31 3 14 10 4 149 11 10 3 6 Norway Portugal 2 2 () ( 2 () () Snain 5 28 27 13 1 11 Sweden 29 15 14 (2) 5 5 4 1 T Sw ur i k tz e e y rland 3 5 9 1 2 5 9 1 4 1 7 0 10 4 3 5 11 United Kingdom 105 14 12 76 72 Yugoslavia 2 1 (2) Other Europe 16 15 3 Total 565 456 150 58 149 109 103 Canada 236 193 11 165 10 43 39 Latin America: Argentina 40 43 43 20 14 Bolivia (2) 3 3 () 3 () Brazil 261 156 155 38 22 18 77 Chile 58 58 27 10 12 10 C C o u l b o a mbia 9 2 6 1 1 5 4 0 0 1 4 3 9 9 10 6 1 7 5 2 1 2 6 1 1 6 5 Dominican Republic 23 23 5 3 10 El Salvador () 5 5 1 3 1 Guatemala 10 10 2 6 2 Mexico 118 278 276 107 53 27 Netherlands W. Indies and Surinam 1 Panama, Rep. of 27 23 23 19 3 () Peru 14 41 41 9 17 13 Uruguay 1 34 34 3 3 2 27 Venezuela 45 143 138 13 34 47 45 Other Latin America 49 52 52 5 15 27 6 Total 683 1,064 ,056 328 189 221 318 r Preliminary. 2 Less than $500,000. * Represents mainly loans with an original maturity of more than one year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1216 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 Payablein foreign currencies Long- Area and term— Loans to: country total i Total Collections Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, Viay 31, 1959—Continued Asia: 2 8 8 4 1 3 «3 si (2) 9 5 5 1 3 (2) Iran 9 4 ( 3 2 2 ) ( 3 2 1 ) 1 ( 3 2 0 ) ( 2 ) f2 1 ) Israel 11 16 16 4 3 9 Japan 17 242 242 59 3 25 155 (2) (2) 1 1 1 Philippines 14 29 29 13 C2) 2 14 (2) C2) (2) Taiwan 10 10 5 (2) 4 Thailand 13 17 17 8 3 5 (2) Other Asia 7 141 141 126 1 11 2 1 (2) Total 87 502 500 222 7 80 192 1 1 1 All other: Australia 21 12 12 1 6 5 1 2 3 3 8 C2) Egypt3 2 2 1 (2) Union of South Africa 10 19 18 9 3 Other 75 25 24 10 4 10 (2) 1 Total 108 61 58 21 6 25 5 2 l 1 International institutions.... 1,402 2,427 2,264 731 424 434 674 164 149 15 1 Represents mainly loans with an original maturity of more than 2 Less than $500,000. one year. 3 Part of the United Arab Republic since February 1958. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) r - 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 — 214 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 — 126 1957 666 718 -52 1,617 1,423 194 699 1,392 -693 593 622 — 29 1958 1,224 1,188 36 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1958 Julv 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 . 59 19 39 226 196 30 49 74 -25 51 76 -25 May 38 23 15 240 203 37 111 169 -57 47 83 —36 June** 24 23 1 222 181 41 45 45 49 56 5 Julyp 63 40 23 222 190 32 60 163 -102 48 53 -5 p Preliminary. 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFL CAPITAL TRANSACTIONS OF THE U. S. 1217 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, ( —). In millions of dollars] Type of security Country Year or month Total2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada 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 1 10 -86 23 14 1958—July 5 14 g (3) 3 -1 3 -9 -3 8 1 Aus -12 -16 4 (3) 1 -4 -2 -4 -3 -6 1 Sept 1 — 7 8 (3) 4 -1 4 -6 2 Oct 6 3 3 5 1 -} 4 -7 6 2 Nov 11 10 -1 (2 -2 13 —4 9 -6 6 2 Dec 3 -3 6 (3) 4 -4 14 -7 -3 3 -6 3 3 1959 Jan 18 19 -2 1 1 17 -6 1 13 3 2 Feb 17 15 2 2 2 -1 7 2 2 15 — 1 2 1 Mar 7 2 5 -1 20 -12 8 -6 2 3 Apr 30 25 5 & 1 27 -2 4 31 — 8 2 4 Mav 37 36 1 4 21 4 5 33 -3 3 4 June**. . 41 36 5 2 21 4 4 31 2 2 5 Julyp 32 29 3 2 19 i 2 23 1 4 4 p Preliminary. 2 Includes transactions of international institutions. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (—). In millions of dollars] [In millions of dollars] Y m e o ar n th or na I i n n ti t s o e ti n r - - al f c o T o r o e u t i n a g l - n Europe C a a d n a - A L m at e in r- Asia o A th l e l r Date Deposits Assets in custody tutions tries ica U. S. Govt. Miscelsecurities2 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—Aug. 31 313 3,344 523 Sept. 30 258 3,609 493 1958—July.... -17 -84 -26 -55 1 -4 C1) Oct. 31 288 3,777 481 Aug -15 -51 -11 -30 -8 -1 -1 Nov. 30 226 3,822 487 Sept.... 3 -31 12 -10 2 -2 -33 Dec. 31 272 3,695 480 Oct.... -11 -50 -32 -10 -1 -3 -5 Nov -6 -97 -3 -67 C1) -6 -22 1959—Jan. 31 274 3,681 510 Dec -96 -66 -9 -14 -6 -8 -31 Feb. 28 310 3,857 509 Mar. 31 307 3,593 509 1959—Jan.... -44 -99 -37 -59 5 -9 1 Apr. 30 266 3,559 504 Feb.... 6 -124 -14 -64 -3 -41 -2 May 31 291 3,750 524 Mar.... -5 -60 -22 -24 -9 -8 3 June 30 294 3,900 528 Apr -8 -42 -28 2 -3 -8 1 July 31 278 4,131 525 May... -50 -43 18 -61 3 -4 2 Aug. 31 252 4,286 520 Junep.. -8 2 5 C1) 3 -i 2 July*.. . 0) -107 -2 -100 1 -5 -1 1 Excludes assets held for international institutions, and earmarked gold. See note 5 at bottom of next page for total gold under earmark p Preliminary. at Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 3 C U o . n S s . i s T ts r e o a f s b u a ry n k b e i r l s l ' s , a c c c e e rt 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 s p s, e r n , o a t n e d s f a o n r d e ig b n o n a d n s d . international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1218 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 A u p n r e - J S u e l p y t - . O D c e t c .- . J M an ar .- . A Ju p n r. e - Continental Western Europe: -6.2 -84.2 25 9 58 3 -39.3 Belgium 1-18.3 1-5.8 1-94.8 3.4 3.4 -329.4 -143.6 -113.4 -58.3 -38.5 20.0 -67.5 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Italy "-348!8 i68 8 i23 8 56 3 Netherlands -4.5 -100.0 -65.0 25.0 -260.9 -62.9 -46.4 -109.7 -29.9 Portugal -34.9 -5.0 -59.9 '-54.9 "-5.'6 -20.0 -20.0 -io!6 -32.0 -20.0 -15.0 15.2 Switzerland -15.0 22.5 -65.0 -15.5 -8.0 -215.2 -135.1 -75.1 Bank for Int'l Settlements -30.4 (2) -94.3 -20.0 -178.3 -74.4 -60.7 -28.0 -7.0 -25.0 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 -5.2 Total -184.8 -115.6 -546.4 -328.3 -78.5 -20.2 67.7 -1,428.3 -623.2 -447.5 -281.4 -38.2 -118.0 Sterling Area: United Kingdom 469.9 440.0 -480.0 -50.0 100.3 -900.0 -450.0 -50.0 -100.0 -200.0 Union of South Africa 52.1 11.5 Other . ... 3.6 -.3 -.5 -.5 -.1 Total 525.6 451.2 -480.5 -50.5 100.3 -900.0 -450.0 -50.0 -100.0 -200.0 -10.0 7.2 14.6 5.2 Latin America: Arsentina -49.9 -20.0 -84.8 115.3 75.4 67.2 12.0 55.2 Mexico -60.2 87.7 -28.1 80.3 -20.0 -.9 -30.0 -200.0 Other -15.0 -10.2 -18.8 12.2 14.0 56.4 5.5 1.8 -.4 -.3 2.6 -.5 -.5 Total -126.0 57.5 -131.8 62.5 14.0 -28.3 80.9 69.0 -.4 11.7 57.8 -.5 -20.5 Asia -53.7 -6.7 -5.7 -9.9 -4.9 -.2 18.0 4-27.1 -.4 -2.7 4-23.4 4-45.1 4-50.1 All other -76.0 (2) -.4 1.0 14.1 -.2 -.7 -.1 -.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 -1,074.1 -488.5 -347.1 -83.8 -388.7 200.0 600.0 -7.1 -7.1 -8.8 5—343 8 Grand total 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 771.6 -2,294.2 -1,081.2 -488.5 -347.1 -92.6 5-732.5 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; Apr.-June, $45.0. 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; includes payment of $343.8 million in June 1959 as increase in United States gold subscription. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Gold stock Total Net Ear- Gold stock Total Net Ear- Year T ( r u e e r n a y d s - of T y o ea ta r l ) i in c o s c g r ( r t r e - o o e ) a d l c a d s e k s e - e : , i e m g x ( o o - p p ) r l o o d r r t t, g m c o c o r l r a ( r e d e - r a ) a : i k n s s d e e - e d e , - D p ti r c o t o i m o d g n o u e l c s d - - Month ( T e r u n e r d a y s o - f m T o o n ta th l ) i in c o s c g r t ( r r e o - o e ) d a l c a d s e k s e - : e, i e m g x ( o o - p p ) l r o o d r r t t, g m c o c o r l r a ( r e d e r - a a : i k ) n s s d e e e - d e , - D p ti r c o t o i m o g d n o u e l c s d - - 1946 20,529 20,706 623.1 311.5 465.4 51.2 1958_Aug 21,011 21,082 -193.1 3.7 -196 7 5 4 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Sept 20,874 20,929 -153.2 71.2 -220.2 6 2 1948 . . 24,244 24,399 1,530.41,680.4 -159.2 70.9 Oct 20,690 20,741 -188.4 5.4 — 189 0 6 7 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Nov 20,609 20,653 -88.0 11.7 -96.9 5.5 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Dec 20,534 20,582 -70.7 12.2 -79.3 5.9 1951 22,695 22,873 52.7 -549.0 617.6 66.3 1959_jan 20,476 20,527 -55.5 10.3 — 65 6 4 2 1952 23,187 23,252 379.8 684.1 -304.8 67.4 Feb 20,479 20,520 -6.7 9 9 -13 0 4 1 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 Mar 20,442 20,486 -33.6 18.3 -48.0 3 8 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 Apr 20,305 20,358 -128.6 3.2 -127.5 3.8 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 May 20,188 20,227 -130 3 9 6 -136 5 4 1 1956 21,949 22,058 305.9 106.1 318.5 65.3 June 19,705 19,746 3-481.9 15.4 — 491 7 4 6 1957 22,781 22,857 798.8 104.3 600.1 63.0 July 19,626 19,672 -73.5 25.5 -98.1 5.3 1958 20,534 20,582 -2,275.1 259.6 -2,515.0 r61.6 Aug P19,524 *>19,569 P-103.4 (4) 5-176.3 (4) P Preliminary. r Revised. to the International Monetary Fund. 1 Includes gold in Exchange Stabilization Fund. Gold in active portion 3 Includes payment of $343.8 million as increase in United States of this Fund is not included in regular statistics on gold stock (Treasury gold subscription to the International Monetary Fund. gold) used in the Federal Reserve statement "Member Bank Reserves, 4 Not yet available. Reserve Bank Credit, and Related Items" or in the Treasury "Circulation 5 Gold held under earmark at the Federal Reserve Banks for foreign Statement of United States Money." and international accounts amounted to $9,694.4 million on Aug. 31, 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 1219 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1957 June 30, 1958 Sept. 30, 1958 Dec. 31, 1958 Mar. 31, 1959 June 30, 1959^ Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U. S. Gold& U.S. Gold& U. S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Continental Western Europe: Austria 452 466 554 605 629 7 646 7 Belgium-Luxembourg (and Belgian Congo). 1,184 1,390 1,471 1,522 1,489 6 1,510 7 Denmark 143 145 193 200 169 43 141 44 Finland 99 82 98 104 113 1 105 1 France (and dependencies) * 946 890 1,019 1,134 1,246 12 1,583 32 Germany (Federal Republic of) 4,099 4,043 4,330 4,394 4,063 15 4,163 16 Greece 167 135 125 139 151 166 Italy 1,531 1,678 1,934 2,207 2,421 2,628 Netherlands (and Netherlands West Indies and Surinam) 1,044 14 1,289 1,389 1,497 15 1,614 17 1,627 22 Norway 138 105 151 144 173 120 151 125 155 133 Portugal (and dependencies) 651 678 694 707 (2) 728 711 S S w pa e i d n e n (and dependencies) 4 1 7 2 9 6 5 4 1 5 3 8 2 4 1 9 3 6 4 5 r 0 9 7 4 10 49 8 8 8 55 9 5 2 31 Switzerland 2,685 128 ?,684 2,733 2,777 76 2,781 2,787 82 Turkey 162 () 156 154 164 164 () 165 () Other3 851 12 1,131 1,165 1,370 1,341 16 1,513 22 Total 14,757 319 15,508 269 16,633 259 17,594 274 17,646 358 18,547 402 Sterling Area: United Kingdom 2,875 205 3,810 220 3,851 216 3,725 194 3,925 184 3,907 201 United Kingdom dependencies... i 104 101 100 4 109 4 110 4 105 4 Australia 211 222 228 (2) 241 246 226 India 329 328 320 324 337 346 () Union of South Africa 255 183 216 1 241 221 237 Other 228 230 35 233 41 251 43 250 199 46 Total 4,002 245 4,874 261 4,948 263 4,891 242 5,089 238 5,020 252 Canada '2,723 457 '3,078 345 r3,022 346 3,097 341 3,159 344 3,195 342 Latin America: Argentina 263 265 245 203 233 259 B C r h a i z le il 4 1 5 1 6 5 i 4 1 5 2 0 6 4 1 5 2 8 4 4 1 6 4 3 0 8 5 1 0 3 4 5 4 1 8 7 0 0 Colombia ' 215 192 207 () 241 262 275 ( C G u u b a a temala 3 9 7 2 1 4 9 1 1 7 40 7 9 5 186 3 6 6 9 6 186 3 7 4 0 3 1 3 6 2 9 2 87 Mexico 566 485 517 561 543 i 548 (2) Panama, Republic of. 136 140 148 1 146 156 147 4 Peru 88 93 92 96 93 96 Uruguay 235 258 260 262 276 269 () Venezuela 1,554 1,460 1,233 1,213 1,227 1,219 Other 277 304 272 12 248 292 13 319 10 Total 4,368 176 4,281 108 4,040 108 4,008 106 4,134 ~io7 4,173 104 Asia: Indonesia 190 127 129 145 156 118 11 Iran 193 202 181 184 195 179 Japan 714 932 1,018 1,094 1,226 1,374 Philippines 181 175 191 186 180 178 Thailand 269 260 252 245 250 246 Other 777 765 723 778 824 937 1 7 Total 2,324 16 2,461 14 2,494 12 2,632 12 2,831 3,032 14 All other: Egypt* 228 192 192 190 190 () 190 () Other 162 152 136 140 149 10 171 11 To" Total 390 7 344 7 328 330 8 339 361 11 Total foreign countries5 '28,564 1,220 '30,546 1,004 '31,465 996 '32,552 983 33,198 1,070 34,328 1,125 International institutions 2,697 222 2,696 446 2,790 462 2,876 495 3,027 523 4,665 523 Grand totals '31,261 1,442 '33,24: 1,450 '34,255 ,458 r35,428 ,478 36,225 1,593 38,993 1,648 P Preliminary. r Revised. 5 Excludes gold reserves of the U. S. S. R., other Eastern European 1 Excludes gold holdings of French Exchange Stabilization Fund. countries, and China Mainland. 2 Less than $500,000. NOTE.—Gold and short-term dollars include reported and estimated 3 Includes Yugoslavia, Bank for International Settlements (including official gold reserves, and total dollar holdings as shown in Short-term European Payments Union account through December 1958 and Euro- Liabilities to Foreigners Reported by Banks in the United States by pean Fund account thereafter), gold to be distributed by the Tripartite Countries (Tables 1 and la-Id of the preceding section). U. S. Govt Commission for Restitution of Monetary Gold, and unpublished gold bonds and notes represent estimated holdings with original maturities reserves of certain Western European countries. of more than one year; these estimates are based on a survey of selected * 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

1220 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] E m n o d n t o h f w m E t o o a s r t t t a l e i d - l d l M F I t u a n o r n t n y ' d l e- U S n ta i t t e e s d r m w e E s a o s t t r t e i l o - d d f A t r i g n e a n- t A ra u l s i - a A tr u i s a - C g B o i e n a l g n - o g B iu el m - Brazil Canada Chile lo C m o b - ia 1952—Dec. '35,990 1,692 23,252 11,045 287 112 52 80 704 320 '885 42 76 1953—Dec.. '36,425 1,702 22,091 12,630 372 117 52 101 776 321 '986 42 86 1954—Dec.. •"37,075 1,740 21,793 13,540 372 138 62 115 778 322 '1,073 42 86 1955—Dec.. '37,730 1,808 21,753 14,170 372 144 71 116 929 323 '1,134 44 86 1956—Dec, '38,235 1,692 22,058 14,485 224 107 71 122 925 324 '1,103 46 57 1957—Dec. '38,960 1,180 22,857 14,925 126 126 103 81 915 324 '1,100 40 62 1958—July.. 1,242 21,275 125 150 107 82 ,182 325 '1,085 40 68 Aug.. 1,247 21,082 125 153 125 82 ,212 325 '1,079 40 69 Sept.. '39,535 1,307 20,929 17,300 114 154 136 82 ,228 325 '1,078 40 70 Oct... 1,307 20,741 74 157 144 83 ,251 325 '1,074 40 70 Nov.. 1,331 20,653 74 160 155 83 ,270 325 '1,079 40 71 Dec. '39,850 1,332 20,582 17^935' 162 194 83 ,270 325 1,078 40 72 1959_jan... 1,332 20,527 164 200 78 ,248 325 1,076 40 72 Feb.. 1,349 20,520 160 208 69 ,225 326 1,082 40 72 Mar.. '40^055 1,352 20,486 163 212 69 ,246 326 1,072 40 73 Apr.. 1,353 20,358 166 222 65 ,265 326 1,071 40 73 May. 1,522 20,227 169 222 63 ,289 326 1,074 40 74 June. 1,910 19,746 135 '256 ,270 326 1,073 40 74 July.. 19,672 280 ,281 1,061 40 Ger- Domin- many, E m n o d n t o h f Cuba m De a n rk - Re ic p a u n b- E d c o u r a- Egypt* E v l a d S o al r - l F a i n n d - France 3 R F e e p d u e b ra li l c Greece G m a a u l t a e- India I n n e d si o a lic of 1952—Dec. 214 23 174 26 573 140 247 235 1953—Dec. 186 23 174 26 576 328 247 145 1954—Dec. 186 23 174 31 576 626 247 81 1955—Dec. 136 23 174 35 861 920 247 81 1956—Dec. 136 22 188 35 861 1,494 247 45 1957—Dec. 136 22 188 35 575 2,542 247 39 1958—July.. 136 22 174 35 589 2,581 247 38 Aug.. 136 22 174 35 589 2,587 247 38 Sept.. 135 22 174 35 589 2,597 247 38 Oct... 135 22 174 35 589 2,633 247 38 Nov.. 120 22 174 35 589 2,639 247 38 Dec. 80 22 174 35 589 2,639 247 37 1959—Jan... 22 174 35 589 2,678 247 37 Feb.. 22 174 38 589 2,678 247 37 Mar.. 22 174 38 589 2,678 247 37 Apr.. 20 174 38 589 2,678 247 36 May. 20 174 38 589 2,684 247 41 June. 20 174 38 589 2,704 247 41 July.. 20 174 38 589 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, 138 346 31 144 544 33 50 38 46 286 1953—Dec, 137 346 35 158 737 33 52 38 36 361 1954—Dec., 138 346 63 62 796 33 45 38 35 429 1955—Dec., 138 352 74 142 865 33 45 48 35 428 1956—Dec, 138 14 338 77 167 844 33 50 49 35 448 1957—Dec. 138 20 452 91 180 744 33 45 49 28 461 1958—July. 138 25 677 91 150 920 33 43 49 20 474 Aug. 138 25 754 91 148 944 33 43 49 20 486 Sept. 138 25 847 91 147 956 33 43 49 20 486 Oct.. 141 25 907 91 146 999 33 43 49 19 486 Nov. 141 34 995 91 144 1,026 33 43 49 19 486 Dec 141 34 1,086 91 143 1,050 33 43 49 19 493 1959_jan.. 141 34 1,119 91 143 1,125 33 43 49 19 498 Feb.. 141 34 1,155 95 143 1,145 33 43 49 19 498 Mar. 140 34 1,190 102 142 1,164 33 43 49 19 501 Apr., 140 34 1,222 102 142 1,164 33 43 49 19 502 May, 140 34 102 1,164 33 43 50 19 507 June 140 34 102 1,164 33 43 50 19 512 July. 140 102 1,164 33 30 50 513 p Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 1221 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 ,411 14 113 143 1,846 207 373 12 196 158 1953—Dec. . . 176 218 ,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 ,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—July 167 204 1,907 24 112 144 3,084 180 719 14 167 Aug 180 204 1,929 24 112 144 3,089 180 719 15 171 Sept 188 204 1,934 24 112 144 3,120 180 719 15 187 126 Oct 201 204 1,935 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 [ 993 24 112 144 3 111 180 719 17 312 Feb 211 204 1,993 24 112 144 3,156 180 719 17 351 Mar 193 204 1,935 112 144 3,139 180 719 17 378 Apr 190 204 1,931 112 144 3,251 180 719 15 533 May 197 204 1,912 112 144 3,119 180 719 10 479 June 201 205 I 909 144 3,172 180 10 486 July 217 205 925 144 3,220 10 436 1 Excludes U.S.S.R., other Eastern European countries, and China 2 Part of the United Arab Republic since February 1958. Mainland. 3 Represents holdings of Bank of France (holdings of French Exchange Represents reported gold holdings of central banks and governments Stabilization Fund are not included). and international institutions, unpublished holdings of various central 4 Beginning with December 1958, represents Exchange Equalization banks and governments, estimated holdings of British Exchange Equaliza- Account gold and convertible currency reserves, as reported by British tion Account based on figures shown for United Kingdom, and esti- Government; prior to that time represents reserves of gold and United mated official holdings of countries from which no reports are received. States and Canadian dollars. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated Y m e o a n r th or p U ro . w ( S d e o . x u S r c c l . l d R t . io .) n Total A So fr u ic th a R de h s o i - A a fric G a hana 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 - No M i r c t e h o x - and r N a S g i o c u u a a t - 1 h A B m ra e z ri i c l a Chile Co b l i o a m- t A ra u l s ia - Othe I r ndia 1951 840.0 763.1 403 1 17.0 22.9 12.3 66 3 153.7 13 8 o o 4.8 6.1 15.1 31.3 7 9 1952 868.0 785.7 413.7 17.4 23.8 12.9 67.4 156.5 16.1 8.9 4.9 6.2 14.8 34.3 8.9 1953 864 5 780.5 417 9 17.5 25.4 13 0 69 0 142 4 16.9 9 1 4.0 4.6 15.3 37.7 7.8 1954 910.0 830.4 462.4 18.8 27.5 12.8 65.1 152.8 13.5 8.2 4.2 4.4 13.2 39.1 8.4 1955 955.5 877.7 510.7 18.4 23.8 13.0 65.7 159.1 13.4 8.1 3.9 4.3 13.3 36.7 7.4 1956 994.0 914.8 556.2 18.8 21.9 13.1 65.3 153.4 12.3 7.6 4.3 3.3 15.3 36.1 7.3 1957 1,036.0 956.3 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 3.6 11.4 37.9 6.3 1958 1,064.0 r984.0 618.0 19.4 29.2 12.8 r61.6 158.8 11.6 7.2 3.9 3.9 13.0 38.6 6.0 1958 June 81.5 50.6 1.6 2.5 1.4 4.9 13.4 .9 .6 .3 .3 1.2 3.3 .5 July 84.5 52.4 1.5 2.5 .9 6.1 13.2 .7 .7 .4 .5 1.3 3.7 .5 Aug. ... 83.1 52.6 1.6 2.5 1.2 5.4 12.8 1.0 .7 .3 .7 .9 3.0 .5 Sept 85.0 53 0 1.7 2.5 1.1 6 2 13.1 1 2 .6 .4 .3 .9 3.5 .5 Oct 87.2 54.0 1.6 2.4 .9 6.7 14.0 1.1 .6 .3 .5 1.3 3.3 .5 Nov 83.6 53.3 1.7 2.5 1.0 5.5 12.9 1.1 .6 .3 .2 1.0 3.1 .5 Dec 83.6 53.1 1.7 2.2 .7 5.9 13.2 .5 .6 .3 .3 1.0 3.6 .5 1959—Jan. 283 1 54.1 1.6 2.6 1.2 4.2 13.2 .9 .5 .3 1.3 2.8 .4 Feb 280.1 52.8 1.5 2.6 .9 4.1 12.5 1.0 .8 .3 1.1 3.0 .5 Mar 55.9 1.7 2.6 1.0 3.8 13.2 6 3 .7 3.3 .5 Apr . . . 57.9 1.6 2.6 .8 3.8 13.2 .5 .3 1.0 2.9 May 58 7 2.6 1.3 4.1 13.3 .7 .3 1.0 June 59.5 2.6 1.0 4.6 12.5 7 3 r Revised. Ghana, Belgian Congo and Brazil, data for which are from American 1 Gold exports, representing about 90 per cent of total production. Bureau of Metal Statistics. For the United States, annual figures are 2 Excluding Chile. from the U. S. Bureau of the Mint and monthly figures are from American Sources.—World production: estimates of the U. S. Bureau of Mines. Bureau of Metal Statistics. Production reported monthly: reports from individual countries except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1222 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. June Sept. Dec. Mar. June Gold 1,238 1,242 1,307 1,332 1,352 Dollar deposits and U. S. securities 917 900 943 937 966 Investments9 200 200 200 200 200 Other currencies and securities1... 752 747 693 636 657 Currencies: i Effective loans* 2,829 2,999 3,275 3,408 3,387 United States 696 664 717 780 951 Other assets3 93 91 101 92 93 Other 6,060 6,119 6,025 5,958 5,807 Gold and currency in separate IBRD bonds outstanding 1,658 1,687 1,792 1,840 1,905 accounts: i o Undisbursed loans 675 753 910 893 839 Gold 1 Other liabilities 27 27 24 28 28 Currency 4 Reserves 350 366 382 401 420 Unpaid member subscriptions 898 873 958 979 944 Capital 1,881 1,904 1,904 1,911 1,911 Other assets 8 8 9 9 9 Member subscriptions 9,088 9,088 9,193 9,228 9,228 Reserves and liabilities 12 18 23 30 40 Loans by country, July 31, 1959 Outstanding Quota Cumulative net drawings Area and member country 4 on the Fund Prin- Dis- Recipal bursed paid Sold Country Total to Paid 1958 1959 others5 Total in gold June May June Continental Western Europe, D A B F F i r e e u n t a l n o s g l n t a m t i c r a u n i e l a a m d rk and Luxembourg.. 1,4 3 1 1 3 9 6 0 7 0 8 1 0 2 3 2 1,1 2 1 8 4 6 6 6 5 4 2 7 0 2 3 2 ( 2 2 4 1 6 0 6 5 1 ) 5 2 9 1 4 4 3 4 6 3 7 2 8 3 0 3 1 3 5 1 4 5 9 5 3 0 B A B C B r h u o r a g i l r z l i m e v e i n l i a a tina 1 1 5 5 5 1 1 0 0 0 5 0 3 3 9 8 8 3 1 1 7 3 1 1 5 7 8 3 5 1 4 9 1 1 2 9 7 3 2 1 9 4 1 0 2 2 9 2 0 I Y N N T t u a u e o l r t g r y k h w o e e s a y r l y l a a v n i d a s 2 2 5 9 6 6 3 8 5 1 1 6 2 1 5 3 6 6 8 9 6 4 1 0 15 9 4 2 6 4 1 6 5 5 8 7 2 3 2 3 5 2 8 2 0 1 C C H H Pr o u a o a l i b n n o t a i d c m u e b ra ia s 52 5 5 8 5 0 0 8 10 1 1 2 2 8 3 3 39 3 4 5 1 39 2 2 4 4 5 5 3 3 2 2 9 4 5 5 3 4 Ste I A C P n r a e l u d i k y n s i i l a t g s o r t a n a a l n i r a ea, total 1,4 3 5 1 7 2 1 9 2 6 5 8 2 6 1,1 4 3 8 3 1 8 1 6 0 8 8 3 1 ( 3 3 3 1 6 4 2 4 5 ) 1,0 2 3 5 8 7 9 1 2 4 2 8 2 11 3 3 2 1 5 0 I I I M n n ra d d e n x o ia i n c e o sia 4 1 9 0 3 1 0 0 5 0 2 2 1 9 8 3 6 20 5 1 0 5 7 20 5 2 1 0 5 3 7 2 5 2 0 1 5 3 0 7 U O U t n n h i i e t o e r n d o K f i S ng . d A o f m rica 1 1 2 9 9 5 7 3 1 14 7 1 5 6 6 43 1 1 3 3 1 7 3 5 2 2 4 7 P P P e h a r r il u a i g p u p a in y es 2 1 5 8 5 2 4 3 1 6 5 2 1 6 1 5 1 1 6 5 9 La B ti r n a z A il merica, total 9 2 3 6 4 7 6 1 8 8 0 0 1 2 1 8 6 5 1 6 5 5 2 18 T Su u d rk a e n y 4 1 3 0 11 18 3 5 9 3 5 9 C C E E P M N U e l c h o i r e r c u u i l S x u l o a a g e a i r m d c u l a v o o a b g a r y i u d a a or 1 1 4 2 7 6 6 3 3 8 5 3 4 2 4 2 1 6 1 1 4 4 2 2 5 5 0 1 1 8 3 1 6 8 0 5 2 1 2 6 9 9 6 7 1 4 4 7 2 3 4 1 1 8 0 1 1 5 2 5 4 Y U U U U u n n n n p A g i i i i u t t t o f o e e e r b n s d d d i l c l i a a c S K v A o — t i i a f a r n t a E e g b s g S d y o o R p u m t e t . . h - .. . 2 1 , ,3 7 1 0 5 6 6 0 0 0 0 0 0 2 68 2 3 1 8 5 6 8 0 H-2,0 5 4 2 5 3 3 6 3 0 0 6 n-l,7 3 5 2 4 2 3 1 3 5 5 0 n-l,7 3 3 2 2 4 3 2 3 5 5 0 Other 50 38 27 1 Currencies include demand obligations held in lieu of deposits. As I J P L T M O i r a a h h e a t p a t i h b a n o ( l l a e i e i a a t n p l r x a n y a p l c o a n i l n d n u e d s ing Sterling area), 2 5 1 1 5 9 2 3 0 4 1 4 5 7 6 7 6 7 9 3 1 ( 4 7 2 7 1 6 9 5 8 6 6 9 3 ) 19 3 1 ( 4 0 7 7 1 ) 2 9 5 6 3 3 1 1 5 9 1 r s e o p l 2 4 7 5 6 3 8 d a I I E R L I L y t n n n o m x e o e c c c s c p a l l l e s o l u u u n r u n e t d d s d t h d t s h e e e s e e e t a s s , s o s r n n s t t $ $ a , d u h s l 2 2 $ e e n s a 5 9 5 p o p c n 2 5 0 n r e a d i e 0 n e l n m m l f , t d e e f c 0 i e i x e d i 0 a l l c p n l c l 0 m t i i a p h c i o o . v l i a o o n n e e n r u o s t g i n n f i l n e a o o o t a r n a t l e u o o a n s g t d u a s i h u o n n j t o u s a f a c s t r s r g l a c i u a t n r z m n a n d e o e p d e t e t e d e i i d d n t n e y a t l g d e t . w l o o t a s i b o t n e u b y h n f s b e f , t e s m l h s l c o c e o e t e r a s i l i m v n s d p B e s t b l . a i b o o e s n u a r o n k . t n l s . d s . n o n o t o r t y a e y g t e r t e d e i e s d f b fe u to c r t s i e v b d e e . , 9 U. S. Treasury bills purchased with proceeds from sale of gold. Af E S ri u t c h a d a i r a o e n p a) i ( a , e t x o c t l a u l ding Sterling 6 2 3 3 4 9 2 1 1 9 3 6 2 1 1 7 1 6 for 1 1 0 l 1 o P R c a a e l i p d c r e u b s r y e r e n m n ts c e i m s e a s b l , e e l r s e s p o s e f n r U e d p i . n u S g rc . h i d n a o c s l r e l e s a a r s o s e f b i s y n u c t q h h u e o c u t F a r u r b n e e n d c c o i t e o m s m i w n e g i m t h e b f d e fe o r c l t l c i a v o r e u s . . ntries Total 74,506 3,407 511 2,896 8315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 1223 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1956 1957 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 781 799 694 681 880 850 715 720 829 908 841 838 805 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 -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 -257 -199 -134 -368 -246 -222 -332 -166 -89 Foreign capital and gold (net) 605 441 647 -195 -381 316 -269 227 585 1,069 907 878 924 Increase in foreign short-term assets and Government securities 498 391 668 -283 -199 514 -260 275 202 9 450 479 768 Increase in other foreign assets.... 119 153 143 115 166 127 18 50 13 -15 -26 52 60 Gold sales by United States -12 -103 -164 -27 -348 -325 -27 -98 370 1,075 483 347 96 Errors and omissions 81 244 305 376 217 347 -192 203 107 218 -87 205 p Preliminary. 2 Including military transactions. 1 Excluding military transfers under grants. 3 Minus sign indicates net outflow. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m re b o a i n l s l u t s h ry s * D m a o d y n a - y e t y o 2 - 3 B a a a c m n n c o k c e e n p e s r t t - h s' s T 3 r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - 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—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 2.73 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 3.88 2.00 2.56 1.63 1.34 2.00 June 5.15 4.49 3.54 3.45 2.74 2.00 3.67 2.00 2.50 1.82 1.46 2.00 July 5.23 4.52 3.57 3.46 2.79 2.00 2.00 2.25 1.79 1.48 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

1224 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 Aug. 31, 1958 Rate Country 1958 1959 as of Aug. 31 Per Month 1959 cent effective Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Argentina2 6.0 Dec. 1957 6.0 Austria 5.0 Nov 1955 4.5 4.5 Belgium 3.5 Aug. 1958 3 25 3.25 Brazil2 10.0 Apr. 1958 10.0 Burma 3.0 Feb 1948 3.0 Canada3 1.74 Aug. 1958 2.52 3.08 3.13 3.74 3.53 4.32 4.55 5.01 5.15 5.36 5 72 5.58 5.58 Ceylon 2.5 June 1954 2.5 Chile2 6 0 Feb 1957 6.0 Colombia 2 4.0 July 1933 4.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 5.5 Denmark 4.5 Aug. 1958 4.5 Ecuador 10.0 May 1948 10.0 3.0 Nov. 1952 3.0 El Salvador2 4.0 Apr. 1957 4.0 Finland2 6.5 Apr. 1956 6.0 6.0 Pf ance 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 Honduras 4 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 7.0 India* 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 6 0 Feb 1955 6.0 Italy 3 5 June 1958 3.5 Japan2 7.67 June 1958 7.3 6 94 6.94 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 6.25 6.25 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 4.5 Aug. 1958 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 rat«s 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—£ 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 1/A 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 1225 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—Aug.. 5.556 2.221 223.51 3.8536 2.0050 103.645 21.020 .3118 Sept.. 5.556 2.025 223.37 8536 2.0056 102.357 21.016 .3118 Oct... 5.556 1.656 223.67 8536 2.0061 103.005 21.049 .3118 Nov.. 5.556 1.386 223.55 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. 1.1091 224.11 3.8510 2.0027 104.278 21.072 .3120 July.. 1.1851 224.04 3.8506 2.0031 104.456 21.062 .3120 Aug.. 1.1I922 223.86 3.8502 2.0013 104.754 21.060 .3116 Year or month F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e a il 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—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 July. .2038 23.918 21.032 281.17 .1611 .2779 32.856 8.006 26.515 Aug.. .2039 23.901 21.028 280.95 .1610 .2779 32.837 8.006 26.463 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 u a t l d u o - ) ( A p S o o fr u u i n c th d a ) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u i n m t n g e d - d ) 1953 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 276.80 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1957 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958 278.19 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1958—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. 211.IS 14.008 49.695 3.4900 279.51 2.3810 19.328 23.300 280.55 Dec.. 277.60 14.009 49.695 3.4900 279.33 2.3810 19.329 23.317 280.38 1959—Jan.. 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 July. 278.38 14.050 49.695 3.5001 280.12 52.0679 19.330 23.204 281.17 Aug. 278.17 14.038 49.713 3.4990 279.90 1.6600 19.327 23.178 280.95 1 Based on quotations through Dec. 29, 1958. on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc 2 Effective Jan. 12, 1959, the Argentine Government established a was further devalued to 493.706 francs per U. S. dollar. single exchange rate for the peso in place of the former official and free 4 Based on quotations beginning Mar. 2, 1959. rates. 5 Effective July 20, 1959, the par value for the Spanish peseta was set 3 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957, at 60 pesetas per U.S. dollar. was extended to all foreign exchange transactions on Oct. 28, 1957, and 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. WINFIELD W. RIEFLER, Assistant to the WOODLIEF THOMAS, Economic Adviser to the Chairman Board JEROME W. SHAY, Legislative Counsel CHARLES MOLONY, Assistant to the Board CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KEN YON, Assistant Secretary ROBERT C. MASTERS, Associate Director C. C. HOSTRUP, Assistant Director LEGAL DIVISION FRED A. NELSON, Assistant Director HOWARD H. HACKLEY, General Counsel GLENN M. GOODMAN, Assistant Director DAVID B. HEXTER, Assistant General Counsel HENRY BENNER, Assistant Director G. HOWLAND CHASE, Assistant General Counsel JAMES C. SMITH, Assistant Director THOMAS J. O'CONNELL, Assistant General LLOYD M. SCHAEFFER, Chief Federal Reserve Counsel Examiner DIVISION OF RESEARCH AND STATISTICS RALPH A. YOUNG, Director DIVISION OF PERSONNEL ADMINISTRATION FRANK R. GARFIELD, Adviser EDWIN J. JOHNSON, Director GUY E. NOYES, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director ROLAND I. ROBINSON, Adviser SUSAN S. BURR, Associate Adviser ALBERT R. KOCH, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Associate Adviser LEWIS N. DEMBITZ, Research Associate JOSEPH E. KELLEHER, Director DIVISION OF INTERNATIONAL FINANCE OFFICE OF DEFENSE LOANS ARTHUR W. MARGET, Director GARDNER L. BOOTHS, II, Administrator J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser ROBERT L. SAMMONS, Associate Adviser OFFICE OF THE CONTROLLER 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 1227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1228 FEDERAL RESERVE BULLETIN • SEPTEMBER 1959 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman CARL E. ALLEN J. A. ERICKSON J. L. ROBERTSON C. CANBY BALDERSTON DELOS C. JOHNS CHAS. N. SHEPARDSON FREDERICK L. DEMING G. H. KING, JR. M. S. SZYMCZAK A. L. MILLS, JR. WINFIELD W. RIEFLER, Secretary GEORGE W. MITCHELL, Associate Economist MERRITT SHERMAN, Assistant Secretary FRANKLIN L. PARSONS, Associate Economist KENNETH A. KENYON, Assistant Secretary ROBERT V. ROOSA, Associate Economist HOWARD H. HACKLEY, General Counsel PARKER B. WILLIS, Associate Economist WOODLIEF THOMAS, Economist RALPH A. YOUNG, Associate Economist HOMER JONES, Associate Economist ROBERT G. ROUSE, Manager, System ARTHUR W. MARGET, Associate Economist Open Market Account Federal Advisory Council LLOYD D. BRACE, BOSTON, Vice President HOMER J. LIVINGSTON, CHICAGO, President JOHN J. MCCLOY, NEW YORK WILLIAM A. MCDONNELL, ST. LOUIS CASIMIR A. SlENKIEWICZ, PHILADELPHIA GORDON MURRAY, MINNEAPOLIS REUBEN B. HAYS, CLEVELAND R. OTIS MCCLINTOCK, KANSAS CITY JOHN S. ALFRIEND, RICHMOND WALTER B. JACOBS, DALLAS JOHN A. SIBLEY, ATLANTA CHARLES F. FRANKLAND, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches Chairmen and Deputy Chairmen of Boards of Directors FEDERAL RESERVE CHAIRMAN AND DEPUTY CHAIRMAN BANK OF— FEDERAL RESERVE AGENT BOSTON ROBERT C. SPRAGUE NILS Y. WESSELL NEW YORK JOHN E. BIERWIRTH FORREST F. HILL PHILADELPHIA HENDERSON SUPPLEE, JR. LESTER V. CHANDLER CLEVELAND ARTHUR B. VAN BUSKIRK JOSEPH H. THOMPSON RICHMOND ALONZO G. DECKER, JR. D. W. COLVARD ATLANTA WALTER M. MITCHELL HARLLEE BRANCH, JR. CHICAGO BERT R. PRALL J. STUART RUSSELL ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL MINNEAPOLIS LESLIE N. PERRIN O. B. JESNESS KANSAS CITY RAYMOND W. HALL JOE W. SEACREST DALLAS ROBERT J. SMITH HAL BOGLE SAN FRANCISCO A. H. BRAWNER Y. FRANK FREEMAN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1229 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 Clyde Harrell Martin Morrison Donald S. Thompson Roger R. Clouse L. Merle Hostetler Paul C. Stetzelberger E. A. Fink Richmond Hugh Leach N. L. Armistead Aubrey N. Hen1 in Joseph M. Nowlan Edward A. Wayne J. Dewey Daane Upton S. Martin James M. Slay Atlanta Malcolm Bryan J. E. Denmark Harold T. Patterson Earle L. Rauber Lewis M. Clark John L. Liles, Jr. L. B. Raisty S. P. Schuessler J. E. McCorvey Chicago Carl E. Allen Ernest T. Baughman Paul C. Hodge George W. Mitchell C. J. Scanlon W. R. Diercks Robert C. Holland H. J. Newman A. M. Gustavson C. T. Laibly Harry S. Schultz Hugh J. Helmer St. Louis Delos C. Johns Homer Jones Dale M. Lewis Joseph C. Wotawa George E. Kroner Howard H. Weigel Minneapolis Frederick L. Deming C. W. Groth A. W. Johnson M. H. Strothman, Jr. A. W. Mills M. B. Holmgren H. G. McConnell Kansas City H. G. Leedy John T. Boysen Joseph S. Handford Clarence W. Tow Henry O. Koppang George H. Clay E. U. Sherman D. W. Woolley Dallas Watrous H. Irons James L. Cauthen G. R. Murff L. G. Pondrom Harry A. Shuford Thomas A. Hardin Thomas W. Plant Morgan H. Rice San Francisco. . . H. N. Mangels J. L. Barbonchielli E. R. Millard John A. O'Kane Eliot J. Swan H. E. Hemmings R. H. Morrill O. P. Wheeler A. B. Merritt Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis.... Helena Kyle K. Fossum Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City.... Denver Cecil Puckett Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha P. A. Debus Charlotte Thomas I. Storrs 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 Angles 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 ship- pages. $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. July 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. HI—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. 1230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1231 REPRINTS GROWTH AND STRUCTURE OF TIME DEPOSITS. (From Federal Reserve Bulletin unless preceded April 1958. 5 pages. by an asterisk) THE MONETARY SYSTEM OF THE UNITED STATES. THE 1957-58 RECESSION IN WORLD TRADE. Oc- February 1953. 16 pages. tober 1958. 8 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES OPEN MARKET OPERATIONS IN LONG-TERM SE- ON ECONOMIC STABILITY. March 1953. 16 CURITIES. November 1958. 15 pages. pages. GOLD AND DOLLAR FLOWS IN 1958. March 1959. FEDERAL FINANCIAL MEASURES FOR ECONOMIC 6 pages. STABILITY. May 1953. 7 pages. OWNERSHIP OF DEMAND DEPOSITS. April 1959. * DETAILED DESCRIPTION OF SOURCES AND METH- 3 pages. ODS USED IN REVISION OF SHORT- AND INTER- MEMBER BANK TERM LENDING TO BUSINESS, MEDIATE-TERM CONSUMER CREDIT STATISTICS. 1955-57. April 1959. 16 pages. April 1953. 25 pages. DEPARTMENT STORE SALES AND STOCKS, BY •PART I, ALL-BANK STATISTICS, 1896-1955. Re- MAJOR DEPARTMENTS (Revised Indexes). No- print of the U. S. Summary containing a descripvember 1953. 65 pages. tion of revised statistics for all banks in the United States, by class of bank, together with FEDERAL RESERVE MONTHLY INDEX OF INDUSrevised statistics. April 1959. 100 pages. TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. BANKING AND MONETARY STATISTICS, 1958. Se- SEASONAL ADJUSTMENT FACTORS FOR DEMAND lected series of banking and monetary statistics DEPOSITS ADJUSTED AND CURRENCY OUTSIDE for 1958 only. February and May 1959. 12 BANKS. March 1955. 4 pages. pages. (Similar reprint of 1957 data, February A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- and May 1958 BULLETINS.) COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- SURVEY OF COMMON TRUST FUNDS, 1958. May ber 1955. 40 pages. 1959. 6 pages. (Also, similar reprints from SURVEY OF BANK LOANS FOR COMMERCIAL AND August 1956, June 1957, and May 1958 BUL- INDUSTRIAL PURPOSES. Business Loans of LETINS.) Member Banks. April 1956. 14 pages. Credit PUBLIC DEBT MANAGEMENT. June 1959. 5 pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. 1959 SURVEY OF CONSUMER FINANCES. Preliminary Findings. March 1959. 4 pages. The Fi- REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also, similar reprint nancial Position of Consumers. July 1959. 24 from April 1953 BULLETIN.) pages. HOUSING OF NONFARM FAMILIES. September 1959. 17 pages. (Similar Surveys are INDEX OF ELECTRICITY AND GAS OUTPUT. Ocavailable for earlier years from 1952, 1953, tober 1956. 15 pages. 1955, 1956, 1957, and 1958 BULLETINS.) AGRICULTURAL LOAN SURVEY. November 1956 and January, February, and March 1957 BUL- INTEREST RATES IN LEADING COUNTRIES. July LETINS. 52 pages. 1959. 6 pages. UNITED STATES BANKING ORGANIZATION ABROAD. MONEY AND CREDIT IN ECONOMIC EXPANSION. December 1956. 16 pages. July 1959. 7 pages. SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. THE BALANCE SHEET OF AGRICULTURE, 1959. July April 1957. 20 pages. 1959. 9 pages. SURVEY OF FINANCE COMPANIES, MID-1955. A QUARTERLY PRESENTATION OF FLOW OF FUNDS, April 1957. 17 pages. SAVING, AND INVESTMENT. August 1959. 49 REVISION OF MONTHLY DEPARTMENT STORE INpages. DEXES. December 1957. 30 pages. THE GOVERMENT SECURITIES MARKET. August MEMBER BANK LENDING TO SMALL BUSINESS, 1959. 22 pages. 1955-57. April 1958. 19 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SECURITY PLEDGED ON BUSINESS LOANS AT MEM- SALES. April 1958. 10 pages. BER BANKS. September 1959. 16 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1166, 1168 Demand deposits—Continued Agricultural loans of commercial banks, 1160, 1162, Adjusted, commercial banks, by classes, 1161 1202, 1204, 1206 Banks, by classes, 1157, 1164, 1203, 1205, 1207 Agriculture, Goyt. agency loans, 1178 Type of holder, at commercial banks, 1161 Assets and liabilities {See also Foreign liabilities and Department stores: claims reported by banks): Merchandising data, 1197 Banks and the monetary system, consoli- Sales and stocks, 1186, 1196 dated, 1156 Deposits {See also specific types of deposits): Corporate, current, 1170 Adjusted, and currency, 1156 Domestic banks, by classes, 1157, 1160, 1162, Banks, by classes, 1157, 1161, 1164, 1168, 1168, 1202 1203, 1205, 1207 Federal business-type activities, Federal Reserve Banks, 1151, 1152, 1217 by fund or activity, 1178 Postal savings, 1154, 1156 Federal Reserve Banks, 1151, 1152 Turnover of, 1154 Automobiles: Deposits, reserves, and borrowings, by class of mem- Consumer instalment credit, 1182, 1183, 1184 ber bank, 1149 Production index, 1188, 1192 Discount rates, 1150, 1224 Discounts and advances by Federal Reserve Bankers' balances, 1161, 1163 Banks, 1147, 1151, 1152 {See also Foreign liabilities and claims reported Dividends, corporate, 1170, 1171 by banks) Dollar assets, foreign, 1217, 1219 Banks and the monetary system, consolidated state- Dwelling units started, 1193 ment, 1156 Earnings and hours, manufacturing indus- Bonds {See also U. S. Govt. securities): tries, 1186, 1195 New issues, 1170, 1172, 1173 Employment, 1186, 1194, 1195 Prices and yields, 1166, 1167 Export-Import Bank, loans, etc., 1178 Brokers and dealers in securities, bank loans to, Farm mortgage loans, 1178, 1179, 1180 1160, 1162, 1202, 1204, 1206 Federal business-type activities, assets and liabilities, Business expenditures on new plant and equipment, 1170 by fund or activity, 1178 Business indexes, 1186 Federal Deposit Insurance Corporation, Business loans {See Commercial and industrial loans) assets, etc., 1178 Federal finance: Capital accounts: Cash transactions, 1176 Banks, by classes, 1157, 1161, 1163, 1164, 1203, Receipts and expenditures, 1177 1205, 1207 Treasurer's balance, 1176 Federal Reserve Banks, 1151, 1152 Federal home loan banks, loans, etc., 1178, 1181 Carloadings, 1186 Federal Housing Administration, loans, etc., 1178, Central banks, foreign, 1220, 1224 1179, 1180, 1181 Coins, circulation of, 1155 Federal National Mortgage Association, Commercial banks: loans, etc., 1178, 1181 Assets and liabilities, 1157, 1160 Federal Reserve Banks: Consumer loans held, by type, 1183 Condition statement, 1151, 1152 Number, by classes, 1157 U. S. Govt. securities held by, 1147, 1151, 1152, Real estate mortgages held, by type, 1179 1174, 1175 Commercial and industrial loans: Federal Reserve credit, 1147, 1151, 1152 Commercial banks, 1160 Federal Reserve notes, 1151, 1152, 1153, 1155 Weekly reporting member banks, 1162, 1165, Finance company paper, 1166, 1168 1202, 1204, 1206 Financial institutions, loans to, 1162 Commercial paper, 1166, 1168 Foreign central banks, 1220, 1224 Commodity Credit Corporation, loans, etc., 1178 Foreign deposits in U. S. banks, 1147, 1151, 1152, Condition statements {See Assets and liabilities) 1156, 1161, 1164, 1203, 1205, 1207 Construction, 1186, 1192, 1193 Foreign exchange rates, 1225 Consumer credit: Foreign liabilities and claims reported by Instalment credit, 1182, 1183, 1184, 1185 banks, 1210, 1212, 1215, 1217 Major parts, 1182, 1184 Foreign trade, 1197 Noninstalment credit, by holder, 1183 Gold: Consumer durable goods output indexes, 1192 Earmarked, 1218 Consumer price indexes, 1186, 1198 Net purchases by U. S., 1218 Consumption expenditures, 1200, 1201 Production, 1218, 1221 Corporate sales, profits, taxes, and divi- Reserves of central banks and governments, 1220 dends, 1170, 1171 Reserves of foreign countries and international Corporate security issues, 1170, 1172 institutions, 1219 Corporate security prices and yields, 1166, 1167 Stock, 1147, 1156, 1218 Cost of living {See Consumer price indexes) Gold certificates, 1151, 1152, 1153, 1155 Currency in circulation, 1147, 1155 Govt. debt {See U. S. Govt. securities) Customer credit, stock market, 1167, 1208 Gross national product, 1200, 1201 Debits to deposit accounts, 1154 Home owners, Govt. agency loans, 1178 Demand deposits: Hours and earnings, manufacturing indus- Adjusted, banks and the monetary system, 1156 tries, 1186, 1195 1232 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 1233 Industrial advances by Federal Reserve Banks, 1151, Real estate loans: 1152, 1153 Banks by classes, 1160, 1162, 1168, 1179, 1202, Industrial production indexes, 1186, 1187, 1192 1204, 1206 Instalment loans, 1182, 1183, 1184, 1185 Type of mortgage holder, 1179, 1180, 1181 Insurance companies, 1169, 1174, 1175, 1180 Type of property mortgaged, 1179, 1180, 1181 Insured commercial banks, 1159, 1160 Regulation V, loan guarantees, 1153, 1154 Interbank deposits, 1157, 1161, 1164, 1203, 1205, 1207 Reserve requirements, member banks, 1150 Interest rates: Reserves: Bond yields, 1166 Commercial banks, 1161 Business loans by banks, 1165 Federal Reserve Banks, 1151, 1152 Federal Reserve rates, 1150 Foreign central banks and governments, 1220 Foreign countries, 1223, 1224 Foreign countries and international institu- Open market, 1166, 1223 tions, 1219 Regulation V loans, 1154 Member banks, 1147, 1149, 1151, 1152, 1161, Stock yields, 1166 1162, 1163, 1203, 1205, 1207 Time deposits, maximum rates, 1154 Residential mortgage loans, 1179, 1180, 1181 International capital transactions of the U. S., 1210 Sales finance companies, consumer loans of, 1182, International financial institutions, 1218, 1219, 1183, 1185 1220, 1222 Saving, 1201 Inventories, 1200 Savings deposits {See Time deposits) Investments {See also specific types of investments): Savings institutions, principal assets, 1168, 1169 Banks, by classes, 1157, 1160, 1163, 1168, 1202, Savings and loan associations, 1169, 1180 1204, 1206 Securities, international transactions, 1216, 1217 Federal Reserve Banks, 1151, 1152 Security issues, 1170, 1172, 1173 Govt. agencies, etc., 1178 Silver coin and silver certificates, 1155 Life insurance companies, 1169 State member banks, 1159 Savings and loan associations, 1169 State and municipal securities: New issues, 1172, 1173 Labor force, 1194 Prices and yields, 1166, 1167 Loans {See also specific types of loans): States and political subdivisions: Banks, by classes, 1157, 1160, 1162, 1168, 1202, Deposits of, 1161, 1164, 1203, 1205, 1207 1204, 1206 Holdings of U. S. Govt. securities, 1174 Federal Reserve Banks, 1147, 1149, 1151, Ownership of obligations of, 1160, 1168, 1169 1152, 1153 Stock market credit, 1167, 1208 Govt. agencies, etc., 1178 Stocks: Insurance companies, 1169, 1180 New issues, 1172 Savings and loan associations, 1169, 1180 Prices and yields, 1166, 1167 Loans insured or guaranteed, 1153, 1179, 1180, 1181 Tax receipts, Federal, 1177 Time deposits, 1149, 1154, 1156, 1157, 1161, 1164, Manufacturers, production indexes, 1186, 1187, 1192 1203, 1205, 1207 Margin requirements, 1150 Treasurer's account balance, 1176 Member banks: Treasury cash, 1147, 1155, 1156 Assets and liabilities, by classes, 1157, 1160 Treasury currency, 1147, 1155, 1156 Borrowings at Federal Reserve Banks, 1147, Treasury deposits, 1147, 1151, 1152, 1176 1149, 1164 Deposits and reserves, by classes, 1149 Unemployment, 1194 Number, by classes, 1157 U. S. balance of payments, 1223 Reserve requirements, by classes, 1150 U. S. Govt. balances: Reserves and related items, 1147 Commercial bank holdings, by classes, 1161, Weekly reporting series, 1162, 1202 1164, 1203, 1205, 1207 Minerals, production indexes, 1186, 1187 Consolidated monetary statement, 1156 Money rates {See Interest rates) Treasury deposits at Federal Reserve Mortgages {See Real estate loans) Banks, 1147, 1151, 1152, 1176 Mutual savings banks, 1156, 1157, 1159, 1168, 1174, U. S. Govt. securities: 1175, 1179 Bank holdings, 1156, 1157, 1160, 1163, 1168, 1174, 1175, 1202, 1204, 1206 Federal Reserve Bank holdings, 1147, 1151, 1152, National banks, 1159 1174, 1175 National income, 1200, 1201 Foreign and international holdings, 1219 National security expenditures, 1177, 1200 International transactions, 1216, 1217 Nonmember banks, 1151, 1159, 1160 New issues, gross proceeds, 1172 Payrolls, manufacturing, index, 1186 Outstanding, by type of security, 1173, 1174, 1175 Personal income, 1201 Ownership of, 1174, 1175 Prices and yields, 1166, 1167 Postal Savings System, 1154, 1156 United States notes, outstanding and in circula- Prices: tion, 1155 Consumer, 1186, 1198 Security, 1167 Utility output index, 1191 Wholesale commodity, 1186, 1198 Veterans Administration, loans, etc., 1178, 1179, Production, 1186, 1187, 1191, 1192 1180, 1181 Profits, corporate, 1170, 1171 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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. Hawaii was added to the Twelfth Federal Reserve District as of August 21, 1959, and became part of the Head Office Territory of that District. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES p THE FEDERAL RESERVE SYSTEM g) 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis