Federal Reserve Bulletin, 1959-10

FEDERAL RESERVE i FT October ;.••*,- | Li • 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 The U. S. Balance of Payments, 1958-59 1235 Member Bank Earnings, First Half of 1959 1242 Law Department 1244 Current Events and Announcements 1252 National Summary of Business Conditions 1253 Financial and Business Statistics, U. S. (Contents on p. 1255) 1257 International Financial Statistics (Contents on p. 1321) 1322 Board of Governors and Staff 1339 Open Market Committee and Staff; Federal Advisory Council 1340 Federal Reserve Banks and Branches 1340 Federal Reserve Board Publications 1342 Index to Statistical Tables 1344 Map of Federal Reserve System Inside back cover Volume 4£ * Number 10 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 copy Group subscriptions in the United States for 10 more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The U. S. Balance of Payments, 1958-59 WIDESPREAD EXPANSION in economic activity abroad has been under way since early U.S. BALANCE OF PAYMENTS 1959. Partly in response to rising foreign Billions of dollars, quarterly demand, U. S. exports last summer showed much less than the usual seasonal decrease. TOTAL U.S. PAYMENTS The over-all deficit in the balance of payments has remained very large. Payments for imports were no longer rising last sum- EXPORTS OF ^-" s ''GOODS AND mer, but were still at record levels. Payments for loans and investments abroad, though significantly reduced from earlier peak levels in consequence of tighter credit conditions in this country, have been larger NET TRANSFERS OF GOLD AND DOLLARS in 1959 than in any year before 1956. In recent months changes in capital flows or in • l l l - l l l l .l other payments and receipts have evidently offset the export improvement. Adjustment of the balance of payments 19SS 1957 1959 depends on developments abroad and in the United States. In some countries there NOTE.—Department of Commerce seasonally adjusted data, excluding military aid. Total U. S. payments include imports are important discriminatory restrictions of goods and services, remittances and pensions, nonmilitary grants, and the net outflow of U. S. Government and private against U. S. exports still to be removed. capital; subscription to International Monetary Fund in second quarter of 1959 is excluded. Net transfers of gold and dollars The renewed economic strength of other in- include gold purchases from the United States and net increases in foreign holdings of short-term assets in the United States and of U. S. Government long-term securities; transfers dustrial countries, besides facilitating the of $344 million of gold and $1,031 million of noninterestbearing demand notes to IMF are excluded. Balance-qf-payliberalization of trade, should enable Europe ments items omitted are foreign long-term investments in the United States other than in U. S. Government securities, and and Japan to provide an increasing part of unidentified receipts (errors and omissions). Exports in first quarter of 1954 are adjusted to include, and exports in second the capital needed by less advanced coun- quarter to exclude, shipments delayed by port strike in March 1954. Latest figures shown are for second quarter of 1959. tries. World demand can be expected to grow as economic activity abroad expands, ices. Net transfers of gold and liquid dolbut much depends on the readiness and lar assets to the rest of the world were far ability of U. S. exporters to respond effeclarger than in any other 12-month period tively to expansion of foreign demand. since 1950-51. They amounted to $3.8 billion, exclusive of payment to the Inter- THE BALANCE OF PAYMENTS national Monetary Fund for an increase in Tn the year ending June 1959, payments the U. S. subscription. Foreign monetary from the United States greatly exceeded authorities acquired more than $1.3 billion foreign purchases of U. S. goods and serv- of gold from the United States, and official 1235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1236 FEDERAL RESERVE BULLETIN • OCTOBER 1959 and private holdings of liquid dollar assets the total, would raise the second quarter increased more than $2.4 billion. rate by several hundred million dollars. Changes in 1958-59. A sharp increase in Comparison with 1954-55. The trend of merchandise imports began in the fall of U. S. private capital outflow over a period 1958. By the first half of 1959, with ex- of several years has been rising, rather than ports somewhat lower than a year earlier, declining. This has been one of several the aggregate balance in the accounts for factors making for large over-all deficits in trade, services, Government payments, and the balance of payments. direct investment by U. S. corporations The net transfers of $3.8 billion of gold abroad had worsened, as compared with the and liquid dollar assets in the year ending first half of 1958, by $1.5 billion, half- June 1959 contrast with transfers of only yearly rate. Net transfers of gold and liquid $1.4 billion in the year 1954-55, another dollar assets were held down, however, by period of recovery from recession in the a $750 million reduction in the half-yearly United States. The net outflow of direct net outflow of private U. S. capital other investment and other private U. S. capital, than direct investment, and by an increased though reduced in the past two years, was inflow of foreign capital and unidentified still almost $2.2 billion in 1958-59, up $750 receipts. million from four years earlier. The net Offerings to U. S. investors of new issues outflow of Government nonmilitary grants of foreign and World Bank bonds dimin- and loans was up $250 million to $2.5 bilished as interest rates in the United States lion. U. S. military expenditures abroad rose from the low levels prevailing in the were up $550 million to $3.3 billion. As early part of 1958, while rates in Europe a partial offset to these changes, unidentideclined. New short- and medium-term fied balance-of-payments receipts and inflow foreign lending by U. S. banks was offset, of foreign long-term investments, taken toin the first half of 1959, by repayments re- gether, were up $250 million. Military aid, ceived on outstanding loans. financing an equal amount of transfers of Accompanying the decline in outflows, military goods and services and therefore exthe net inflow of foreign funds into long- cluded from the accounting, was down someterm assets other than U. S. Government what from the 1954-55 amount of $2.5 bilsecurities rose from a negligible amount lion. early in 1958 to about $250 million in the Though increases in private direct infirst half of 1959. The inflow into such vestment and in Government nonmilitary assets, including common stocks traded on aid both tended to be accompanied by inpublic markets, was especially large in the creased exports, imports expanded more second quarter. than exports between 1954-55 and 1958-59. In the second quarter of 1959, the sea- The surplus of total exports (other than sonally adjusted annual rate of additions military-aid transfers) over civilian imports to reported foreign gold and liquid dollar of goods and services decreased by $1.1 assets through transactions with the United billion. The smaller rise of exports than States (exclusive of the subscription to the of imports reflected, in part, the fact that Fund) reached $3.9 billion. Foreign ac- economic expansion abroad in the last few quisitions of marketable securities other than years has not been continuous, as it had U. S. Government securities, if included in been from 1953 to 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE U. S. BALANCE OF PAYMENTS, 1958-59 1237 MERCHANDISE IMPORTS U. S. EXPORTS AND IMPORTS U. S. imports of goods were one-third greater OF SELECTED COMMODITIES [In millions of dollars] in the year 1958-59 than in 1954-55. The monthly rate advanced by one-fourth from January-June June 1958 to June 1959, after a moderate Commodity group decline during the preceding 12 months. 1953 1955 1957 1959 Imports of raw and semifinished materials, which had decreased during the 1957-58 Autos, trucks, and parts: Exports 521 669 730 605 recession, rose to a new high, one-third Imports 35 43 144 424 above a year earlier in both volume and Excess of exports.... 487 627 586 182 value. Steel imports, heavily influenced by precautionary buying before the steel strike, Steel mill products: * Exports 263 295 519 243 accounted for about one-fifth of this in- Imports 127 62 126 229 crease. Excess of exports.... 136 233 394 13 Imports of finished manufactures have Steel scrap: exports 3 83 196 62 grown steadily, more than doubling over Textile products:2 the past four years. From mid-1958 to mid- Exports 331 327 364 307 1959 finished manufactures accounted for Imports 240 290 351 420 half of the increase in total imports. Excess of exports.... 91 37 13 3-113 Among foodstuffs, imports of coffee declined in price and in total value after early 2 1 E E x x c c l l u u d d i i n n g g n p a ig tu i r r a o l n fi a b n e d r s i . ron and steel scrap. 3 Imports exceeded exports. 1958. Imports of meat and cattle continued NOTE.—Bureau of the Census data, excluding special category to rise in response to strong consumer de- exports and reexports. Differences are computed from unrounded data. mand for meat at a time when the number were responsible for the changes in trade. of livestock on farms in the United States Through developments in production and was being built up. marketing over a period of years, Europe and Japan have redressed their competi- MERCHANDISE EXPORTS tive positions in international trade. This U. S. exports of goods were only one-sixth healthy change necessitates more active comgreater in the year 1958-59 than in 1954-55. petition by U. S. producers and exporters if They had dropped sharply from early 1957 this country is to maintain a flow of exports to early 1958 and continued to fall off, commensurate with the supply of dollars to though more gradually, for another 12 the rest of the world through imports of months. The decline in world trade after goods and services, capital flows, and Govearly 1957 affected especially exports of ernment payments. raw and semifinished materials, including Changes in U. S. foreign trade in automothose from the United States, and also ex- tive products, shown in the table, illustrate ports of machinery. the increased effectiveness of foreign com- During the past year it has been difficult petition in finished manufactures. From to know how far basic and long-run shifts the first half of 1955 to the first half of 1959, in international competitive conditions— the balance of U. S. export and import trade as opposed to transitory cyclical changes in automobiles, trucks, and parts shifted by in demand or in competitive pressures— $900 million, annual rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1238 FEDERAL RESERVE BULLETIN • OCTOBER 1959 largely responsible for a continuing decline U.S. EXPORTS in coal exports. On a broader scale, balance- Billions of dollars, annual rales of-payments difficulties and business recessions in Latin American countries accounted for a substantial part of the decrease in total WEST I \ . EUROPE I \ U. S. exports between the spring of 1958 ' LATIN AMERICA and the spring of 1959. .- 4 Exports to Canada, as the chart shows, increased steadily during 1958-59, in contrast with declines elsewhere. This rise, "CANADA / ALL OTHER which began in the third quarter of 1958, - 2 reflected Canadian business recovery. Ex- - JAPAN X\^ _ ,- ports to Japan, despite an early advance to new highs in the Japanese economy, were 1 1 1 1 1 1 1 1 1 1 virtually unchanged into the second quarter 19S5 1957 1959 1955 1957 1959 of 1959, as sales of raw cotton and steel scrap remained low. NOTE.—Bureau of the Census data, seasonally adjusted by Federal Reserve. Exports in first quarter of 1954 adjusted to include, and exports in second quarter to exclude, shipments delayed by port strike in March 1954. Data exclude specialcategory exports for which no country-of-destination detail is NONINDUSTRIAL COUNTRIES available. Dots indicate annual rates for exports in July- August 1959. The decline in export earnings of Latin Net exports of steel, on the other hand, American and other nonindustrial countries have increased and then diminished, as that began early in 1957 ended in the latter market pressures here and abroad have part of 1958. Their sales increased not only changed. In the field of textile products, as to the United States but also to Japan and for autos, imports have increased markedly, Canada, and later to West Europe. While and in the first half of this year exports coffee prices continued to decline into 1959, were smaller than four years ago. prices of many other primary products ad- Rigidities in export pricing, together with vanced and quantities exported also incyclical factors, operated to depress raw creased. cotton exports during 1958-59. In the first Last year and early in 1959, to prohalf of 1959, export prices for U. S. cotton tect diminishing foreign exchange reserves, greatly exceeded those for comparable for- many nonindustrial countries tightened their eign growths, and U. S. exports in this monetary and fiscal policies or cut back period were only one-third the peak volume imports by direct controls. The combinaof the first half of 1957 while sales of other tion of reduced imports and rising export raw cotton producers exceeded their current earnings brought upturns in reserves, and output. by the spring of 1959 total import purchases U. S. exports of some products were by nonindustrial countries were turning up. affected by demand conditions and govern- Measures of international financial comental controls in particular foreign mar- operation taken in the past year have a bearkets. Thus, efforts in certain West European ing on growth and financial stability in noncountries to reduce swollen stocks of coal industrial countries. Preliminary action at without drastic cutbacks in production were the annual meeting in October 1958 of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE U. S. BALANCE OF PAYMENTS, 1958-59 1239 Governors of the International Monetary Fund and of the International Bank for INDUSTRIAL PRODUCTION 1956-58 = 100 Reconstruction and Development led to substantial enlargement of the resources of both institutions. The increases are intended to provide for future rather than immediate needs. An important part of the Fund's work recently has been to provide short-term assistance to a number of nonindustrial countries to facilitate the carrying out of stabilization programs. These programs are designed to create internal conditions that will stimulate domestic saving and attract for- 70 eign capital. Early this month the Governors of the NOTE.—Seasonally adjusted indexes. Organization for Bank requested the Executive Directors " ir West Federal of that institution to work out plans for latest figure shown, September (preliminary). an International Development Association, through which additional funds would be provided by governments to meet long-term Fiscal and monetary policies adopted earlier development financing needs on terms that contributed to this result. So too did the would not be feasible for the Bank. The reduced cost of imported materials and food- U. S. Government, in initiating the pro- stuffs and the cyclical slackening of internal posal, indicated its belief that other indus- demand. These conditions were highly fatrial countries are now in a position to assist vorable for Europe's balance of payments. substantially in the provision of an increas- By mid-195 9, West European gold reserves ing flow of capital to the less advanced and holdings of U. S. dollars, augmented countries. by earnings in trade with other countries as well as by direct receipts from the United States, reached $23 billion, more than 40 WEST EUROPE per cent larger than four years earlier. The Conditions in West Europe have played a imports of these countries were up about 20 key role in international trade developments per cent. over the past several years, and will con- No general European recession developed tinue to exert great influence. The move- in 1958, despite a decline in business capital ment toward currency convertibility and expenditures and a sharp reversal of intrade liberalization gained impetus in 1958- ventory accumulation in steel and textiles. 59. Since expansion of economic activity Steady growth of European exports to the was renewed in Europe at the beginning of United States played an important role in 1959, demand conditions in world trade preventing recession and later in stimulathave strengthened appreciably. ing an upturn in the European economy. During 1958 many European countries Also, measures taken in 1958 to relax credit achieved a high degree of price stability. restraints in most countries had immediate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1240 FEDERAL RESERVE BULLETIN • OCTOBER 1959 effects, especially in residential construction At the end of 1958 most West European and consumer goods output. Expansion of countries made their currencies convertible intra-European trade was renewed after mid- for foreigners. The establishment of exter- 1958 and accelerated sharply this spring. nal convertibility enables all countries Early this year, as prices of imported receiving payment for their exports in Eurocommodities and of steel became firmer, pean currencies to use those receipts without under the influence partly of rising demand loss or difficulty for making dollar payments. in the United States, European inventory This means that discriminatory restrictions liquidation slackened and over-all industrial against purchases of dollar goods or servoutput began to rise. In many sectors pro- ices can no longer be justified on balanceductive capacity was regarded as ample, of-payments grounds. Nevertheless, imporand business capital expenditures, though tant discriminatory restrictions still remain rising at mid-1959, were still below their in effect in Europe and elsewhere, despite earlier peak. Labor shortages, however, some liberalization by many countries durwere beginning to appear in some countries. ing the past year. Under these changing conditions, the de- ADJUSTMENT OF THE U. S. cline in West European imports from non- BALANCE OF PAYMENTS industrial countries ended a year ago. Im- Rising economic activity in West Europe ports from the United States continued to has exerted a healthy influence on the trade be held down until recent months by shrinkof the nonindustrial countries in the past ing purchases of coal and raw cotton and by year, and has recently begun to benefit U. S. the slackened demand for capital goods. exports. The first clear-cut improvement in total U. S. exports came in June of this year. Merchandise exports this summer were WEST EUROPEAN IMPORTS Billion! of dollars, annuol ratos at a seasonally adjusted annual rate of 25 almost $17 billion, compared with $15.5 INTRA-EUROPEAN billion in February-May and just under $16 y - — 20 billion for the year 1958-59. The chart on <•-. s "*-. page 1238 shows July-August exports by NONINDUSTRIAL COUNTRIES —- 15 areas. There were advances this summer in exports of automotive and textile products, — 10 and some signs of upturn in exports of JNITED STATES -^^ machinery and equipment. Shipments of - 5 raw cotton remained small, but are widely expected to increase substantially this fall 1 1 1 I 1 and winter in consequence of rising textile 1955 1957 1959 activity abroad, low stocks in consuming countries, and the recent reduction in U. S. NOTE.—Imports by members of the Organization for Euro- domestic and export prices. In August and pean Cooperation (OEEC), as published by OEEC and seasonally adjusted by Federal Reserve. Nonindustrial countries September the steel strike adversely affected are all countries other than the United States, Canada, Japan, and members of OEEC. Figures for second quarter 1959 partly some types of exports. estimated by Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE U. S. BALANCE OF PAYMENTS, 1958-59 1241 Merchandise imports leveled off after and early fall, on the other hand, imports May at a record seasonally adjusted annual of some commodities, especially coffee, were rate over $15.5 billion, compared with an accelerated in anticipation of the port strike average of about $14 billion for the year this month. 1958-59. By summer, the expansion of With U. S. imports tending to level off, industrial activity abroad was making in- the current strengthening of demand in creasing demands on foreign steel capacity, world trade is facilitating adjustment of the and foreign steel prices had become less balance-of-payments deficit. Very substanattractive. Domestic demand for lumber tial further expansion of U. S. exports is was no longer rising rapidly. Growing meat required, however, to provide for renewed supplies in this country were limiting the growth in the flow of U. S. private investadvance in cattle and meat imports. Petro- ment abroad, and to achieve the needed leum imports have been subject to compul- equilibrium of payments at a high level of sory quotas since April. In the late summer international trade. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Mem her Bank Earnings, First Half of 1959 GROSS OPERATING EARNINGS of all mem- member banks reported a gain from such ber banks were $335 million higher in the transactions. first half of 1959 than in the first half of On an annual basis, the ratio of net 1958. The rise was largely offset by an profits to average total capital accounts deincrease in operating expenses, and net cur- clined to 7.6 per cent from 11.2 in the first rent earnings before income taxes were $111 half of 1958. Cash dividends amounted to million higher.1 A loss from nonoperating $325 million, $18 million more than in the transactions reduced net profits after taxes first half of 1958 when a greater proportion to $597 million, $231 million less than in of the larger net profits was retained in the corresponding period of 1958 when capital accounts. NOTE.—This article was prepared by Theodore A. EARNINGS Veenstra, Jr., of the Board's Division of Bank Operations. Earnings on loans and on U. S. Government 1 Net current earnings are gross current operating securities were $216 million and $69 milearnings less gross current operating expenses, before adjustments for losses, profits on sales of securities, lion, respectively, above the totals for the recoveries, and transfers to and from valuation first half of 1958, reflecting larger average reserves, and before taxes on net income. MEMBER BANK EARNINGS [Amounts in millions of dollars] 1955 1956 1957 1958 1959 Item First Second First Second First Second First Second First half half half half half half half half half Earnings 2,555 2,788 2,930 3,148 3,262 3,509 3,515 3,612 3,850 On U. S. Government securities 556 563 553 547 571 596 633 633 702 On other securities 144 152 151 156 160 179 200 212 217 On loans 1,447 1,636 1,773 1,952 2,023 2,185 2,130 2,197 2,346 Service charges on deposit accounts 134 140 151 159 172 182 191 197 207 Other earnings 274 297 301 333 335 366 361 373 377 Expenses 1,556 1,709 1,754 1,926 2,022 2,200 2,240 2,377 2,463 Salaries and wages 737 834 820 915 892 986 951 1,030 1,010 Interest on time deposits 263 280 304 346 440 487 549 574 616 Taxes other than on net income 73 76 79 78 86 87 93 93 104 Other expenses 482 519 551 587 605 641 646 681 734 Net current earnings before income taxes 999 1,079 1,176 1,223 1,240 1,308 1,275 1,235 1,386 Recoveries and profits * 86 78 79 72 58 101 600 154 94 Losses and charge-offs2 126 300 194 383 156 312 134 182 512 Change in valuation reserves 3 44 95 55 174 83 94 221 122 -40 Profits before income taxes 915 761 1,006 738 1,059 1,004 1,520 1,085 1,008 431 260 462 491 404 692 456 411 Taxes on net income 255 484 501 544 568 600 828 629 597 Net profits 483 232 269 253 281 323 307 339 325 Cash dividends declared4 294 6,611 6,543 6,499 6,462 6.438 6,393 6,354 6,312 6,279 Number of banks at end of period 1 Includes recoveries credited either to undivided profits or to 3 This is the net of transfers from undivided profits to valuation valuation reserves. reserves and vice versa, and of losses charged and recoveries credited 2 Includes losses charged either to undivided profits or to valuation to valuation reserves. reserves. 4 Includes interest on capital notes and debentures. 1242 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1959 1243 holdings and higher average rates of return for $301 million of the reduction, loans for on both types of assets. Earnings on other $63 million, and all other assets for $15 securities were $17 million larger than in million. The position this year contrasts the first half of 1958 as a result of an in- with that in the first half of 1958, when an crease of $1.4 billion in average holdings. addition of $357 million from transactions The average rate of return on loans held in securities was only partly offset by deby member banks increased from 5.31 in ductions of $88 million from transactions the first half of 1958 to 5.48 per cent, and in loans and $24 million in all other assets. average holdings increased $5.5 billion. Nonoperating transactions have added to Average yields on U. S. Government securi- net profits in only three postwar years— ties increased from 2.56 to 2.69 per cent 1946, 1954, and 1958. and average holdings were $2.8 billion The combined total of valuation reserves larger. Average yields on other securities on loans and securities declined in the first declined from 2.64 to 2.62 per cent. six months of 1959 for the first time since reporting of these reserves began in 1948. EXPENSES Valuation reserves on securities declined $94 million and those on loans increased All types of member bank expenses rose $54 million. in the first half of 1959, and gross operating expenses before taxes on net income totaled INCOME TAXES $2,463 million, 10 per cent more than in the first half of 1958. Salaries and wages Profits before income taxes were $1,008 continued to be the major expense item, million, one-third less than in the first half accounting for about 40 per cent of the of 1958. This decline was partly offset by total, and interest paid on time deposits a reduction of $281 million in taxes on net accounted for 25 per cent of the total. The income. average level of time deposits was $4.6 billion higher than a year earlier, and the aver- CASH DIVIDENDS age rate of interest paid had risen from 2.22 Member banks distributed 54 per cent of to 2.28 per cent. Interest payments on time net profits after taxes as dividends in the deposits have increased sharply in recent first half of 1959 compared with 37 per cent years and in the first half of 1959 amounted in the corresponding period last year. Divito more than twice the total paid in the first dends represented an annual yield of about half of 1956. 4.2 per cent on average total capital accounts, compared with 4.1 per cent last PROFITS, RECOVERIES, LOSSES, AND year. TRANSFERS TO VALUATION RESERVES Details of earnings and expenses for the Nonoperating transactions reduced net first half of 1959 and for each half of profits in the first half of 1959 by $379 mil- 1958 are shown on page 1320 of this lion. Transactions in securities accounted BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Grace Period, for Savings Deposits, The applicable provision of Section 220.3 (g) of Ending on a Holiday Regulation T reads as follows: The Board's advice has been requested as to For the purposes of this part (Regulation T), if a security has maximum loan value in the account under whether the 10-calendar-day grace period now subparagraph (c)(l) of this section, a sale of the permitted by Section 3(d) of Regulation Q in same security (even though not the same certificate) in the account shall be deemed to be a long sale and computing the maximum rate of interest on savshall not be deemed to be or treated as a short sale. ings deposits, extends to the following business day in the event that the 10th calendar day of Under this provision, a short sale at the present time against a "long" position in the same security the month falls on Saturday, Sunday, or a legal must be treated as a "long" sale. The subsequent holiday. covering transaction would therefore be treated as This provision was recently liberalized so as to any other regular purchase and could not be exallow a grace period of 10 calendar days rather ecuted as a covering purchase requiring no furthan five business days in every calender month. ther margin. However, where the short sale It was recognized that the amendment would have against the "long" position was executed prior to a slightly restrictive effect in the case of months June 15, 1959, the effective date of the above commencing a regular quarterly or semiannual noted amendment to Section 220.3(g), the sale interest period in which deposits formerly could would not lose its character as a "short" sale. The be received through the 10th business day, but, covering transactions, even if effected after June as stated above, the general effect was of a liber- 15, 1959, could be treated as such, and under the alizing nature. The Board believes that 10 calenprovisions of Regulation T, could be completed dar days is sufficient time to permit a customer to without obtaining further margin. make a deposit in a savings account and receive This interpretation is expressly limited to the interest at the maximum rate for the entire month. facts here presented. Any variation or addition Therefore, the Board does not believe that furto the circumstances might well alter the result ther days of grace should be allowed when the expressed herein. 10th calendar day falls on Saturday, Sunday, or a Attention is further directed to Section 7(e) legal holiday. of Regulation T which provides that nothing in the regulation shall prevent an exchange or a creditor Short Sales against "Long" Position in Same from "further restricting" or requiring "additional Security, Executed Prior to June 15, 1959, security" in the extension or maintenance of any Covered by Subsequent Purchase credit. The Board of Governors of the Federal Re- Amendments to Laws Affecting National Banks serve System has been requested to consider the The Acts of Congress approved September 8 following situation relative to Section 3(g) of and 9, 1959, (Public Laws 86-230 and 86-251) Regulation T, as amended June 15, 1959. amended the national bank laws to clarify or elimi- Certain securities have been held "long" in a nate ambiguities, to repeal certain laws which have margin account, at least since early 1958. Subsebecome obsolete, and to amend the lending and quently, at various times in 1958 and on Januborrowing limitations applicable to national banks. ary 13, 1959, short sales of this same stock were Those provisions of the Act of September 8, 1959, executed in the account. The total shares inwhich amend sections of the Federal Reserve Act volved in the short sales did not exceed the shares and closely related laws are set forth below. The held in the "long" position. It is now desired to Act of September 9, 1959, is set forth in its enclose out the short position by covering purchases. tirety. 1244 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1245 LAW DEPARTMENT AN ACT losses, accrued dividends on preferred stock, if any, and all Federal and State taxes." To amend the national banking laws to clarify or eliminate (b) The first sentence of the sixth paragraph of ambiguities, to repeal certain laws which have become obsolete, and for other purposes. Section 9 of the Federal Reserve Act (12 U.S.C. 324) is amended to read as follows: "All banks admitted to Be it enacted by the Senate and House of Rep- membership under authority of this section shall be resentatives of the United States of America in Con- required to comply with the reserve and capital regress assembled, That (a) the paragraph designated quirements of this Act, to conform to those provisions "Seventh" in Section 5136 of the Revised Statutes of law imposed on national banks which prohibit such (12 U.S.C. 24) is amended by striking out "or the banks from lending on or purchasing their own stock Home Owners' Loan Corporation." and which relate to the withdrawal or impairment of (b) Section 23A of the Federal Reserve Act (12 their capital stock, and to conform to the provisions of U.S.C. 371c) is amended— Sections 5199(b) and 5204 of the Revised Statutes (1) by striking out "the Federal Home Loan with respect to the payment of dividends; except that Banks, or the Home Owners' Loan Corporation" any reference in any such provision to the Comptroller in the second paragraph and inserting in lieu of the Currency shall be deemed for the purposes of thereof "or the Federal Home Loan Banks"; this sentence to be a reference to the Board of Govand ernors of the Federal Reserve System." (2) by striking out ", or the Home Owners' * * * * * Loan Corporation" in the third paragraph. SEC. 23. Section 21(a)(2)(A) of the Act of June S& * * * * 16, 1933 (ch. 89, 48 Stat. 189; 12 U.S.C. 378), is SEC. 7. Section 5151 of the Revised Statutes (12 amended by inserting after "District," the following: U.S.C. 63) and Section 23 of the Federal Reserve "and subjected, by the laws of the United States, or Act (12 U.S.C. 64) are repealed. of the State, Territory, or District wherein located, to * * * * * examination and regulation,". SEC. 10. Section 5202 of the Revised Statutes (12 * * * * U.S.C. 82) is amended by striking out the paragraph Approved September 8, 1959. designated "Sixth" and inserting in lieu thereof the following: AN ACT "Sixth. Liabilities incurred under the provisions of the Federal Deposit Insurance Act." To amend the lending and borrowing limitations applicable to national banks, to authorize the appointment of an additional * * * ** Deputy Comptroller of the Currency, and for other purposes. SEC. 21. (a) Section 5199 of the Revised Statutes Be it enacted by the Senate and House of Rep- (12 U.S.C. 60) is amended to read as follows: resentatives of the United States of America in Con- "SEC. 5199. (a) The directors of any national gress assembled, That (a) Section 327 of the Revised banking association may, quarterly, semiannually or Statutes (12 U.S.C. 4) is amended to read as follows: annually, declare a dividend of so much of the net "SEC. 327. The Secretary of the Treasury shall approfits of the association as they shall judge expedient, point no more than four Deputy Comptrollers of the except that until the surplus fund of such association Currency, one of whom shall be designated First Depshall equal its common capital, no dividends shall be uty Comptroller of the Currency, and shall fix their declared unless there has been carried to the surplus salaries. Each Deputy Comptroller shall take the fund not less than one-tenth part of the association's oath of office and give the United States a surety bond net profits of the preceding half year in the case of in the penalty of $100,000, to be approved by the quarterly or semiannual dividends, or not less than Secretary of the Treasury, conditioned for the faithful one-tenth part of its net profits of the preceding two discharge of the duties of his office, and shall perform consecutive half-year periods in the case of annual such duties as the Comptroller shall direct. During dividends: Provided, That for the purposes of th's a vacancy in the office or during the absence or dissection, any amounts paid into a fund for the retire- ability of the Comptroller, each Deputy Comptroller ment of any preferred stock of any such association shall possess the power and perform the duties atout of its net profits for such period or periods shall be tached by law to the office of the Comptroller under deemed to be additions to its surplus fund if, upon such order of succession following the First Deputy the retirement of such preferred stock, the amounts Comptroller as the Comptroller shall direct." so paid into such retirement fund may then properly (b) The first paragraph under the heading "Treasbe carried to surplus. In any such case the association ury Department" and subheading "Office of the shall be obligated to transfer to surplus the amounts Comptroller of the Currency" in the first section of so paid into such retirement fund on account of the the Act of March 4, 1909 (35 Stat. 867; 12 U.S.C. 5), preferred stock as such stock is retired. is repealed. "(b) The approval of the Comptroller of the Cur- (c) Section 209(b) of the Act of March 4, 1923 rency shall be required if the total of all dividends (42 Stat. 1467; 12 U.S.C. 4, 6), is amended— declared by such association in any calendar year shall exceed the total of its net profits of that year com- (1) by striking out the first two sentences; and bined with its retained net profits of the preceding (2) by striking out "the two Deputy Comptwo years, less any required transfers to surplus or a trollers now provided for by law" in the fifth senfund for the retirement of any preferred stock. tence and inserting in lieu thereof "the Deputy "(c) For the purpose of this section the term 'net Comptroller", and by striking out the semicolon profits' shall mean the remainder of all earnings from and all that follows in such fifth sentence and incurrent operations plus actual recoveries on loans and serting in lieu thereof a period. investments and other assets, after deducting from the (d) Section 326 of the Revised Statutes (12 U.S.C. total thereof all current operating expenses, actual 3) is amended by striking out "one hundred thousand Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1246 FEDERAL RESERVE BULLETIN • OCTOBER 1959 dollars" and inserting in lieu thereof "$250,000." shall constitute a first lien on real estate in fee simple SEC. 2. Section 5202 of the Revised Statutes (12 or, under such rules and regulations as may be pre- U.S.C. 82) is amended by inserting after "or other- scribed by the Comptroller of the Currency, on a leasewise," the following: "plus 50 per cent of the amount hold under a lease which does not expire for at least of its unimpaired surplus fund,". 10 years beyond the maturity date of the loan, and SEC. 3. (a) Paragraph (6) of Section 5200 of the any national banking association may purchase any Revised Statutes (12 U.S.C. 84) is amended by strik- obligation so secured when the entire amount of such ing out "secured upon" and inserting in lieu thereof obligation is sold to the association." "secured by", and by adding at the end of the para- (b)(l) The third sentence of Section 24 of such graph the following new sentence: "Obligations of any Act is amended by inserting after "and (3)" the folpersons, copartnership, association, or corporation in lowing: "any such loan may be made in an amount the form of notes or drafts secured by shipping docu- not to exceed 75 per centum of the appraised value ments, warehouse receipts, or other such documents of the real estate offered as security and for a term transferring or securing title covering refrigerated or not longer than 20 years if the loan is secured by an frozen readily marketable staples when such property amortized mortgage, deed of trust, or other such inis fully covered by insurance, shall be subject under strument under the terms of which the instalment this section to a limitation of 15 per centum of such payments are sufficient to amortize the entire princiDal capital and surplus in addition to such 10 per centum of the loan within the period ending on the date of its of such capital and surplus when the market value of maturity, and (4)". such staples securing such obligation is not any time (2) The third sentence of such Section 24 is further less than 115 per centum of the face amount of such amended by inserting before the period at the end of additional obligation, but this exception shall not apthe third sentence a comma and the following: "and ply to obligations of any one person, copartnership, shall not apply to real estate loans which are fully association, or corporation arising from the same guaranteed or insured by a State, or by a State autransactions and/or secured by the identical staples thority for the payment of the obligations of which for more than six months." the faith and credit of the State is pledged, if under (b) Paragraph (7) of such Section 5200 is the terms of the guaranty or insurance agreement the amended by adding at the end thereof the following association will be assured of repayment in accordance new sentence: "Obligations arising out of the dis- with the terms of the loan". count by dealers in dairy cattle of paper given in pay- (c) The third paragraph of Section 24 of such Act ment for dairy cattle, which bear a full recourse enis amended to read as follows: dorsement or unconditional guarantee of the seller and are secured by the cattle being sold, shall be sub- "Loans made to finance the construction of indusject under this section to a limitation of 15 per centum trial or commercial buildings and having maturities of of such capital and surplus in addition to such 10 per not to exceed eighteen months where there is a valid centum of such capital and surplus." and binding agreement entered into by a financially responsible lender to advance the full amount of the (c) Paragraph (8) of such Section 5200 and subbank's loan upon the completion of the buildings and section ll(m) of the Federal Reserve Act (12 U.S.C. loans made to finance the construction of residential 248(m)) are amended by striking out "in the form or farm buildings and having maturities of not to exof notes". ceed nine months, shall not be considered as loans (d) Such Section 5200 is further amended by add- secured by real estate within the meaning of this ing at the end thereof the following new paragraph: section but shall be classed as ordinary commercial "(13) Obligations as endorser or guarantor of ne- loans whether or not secured by a mortgage or simigotiable or nonnegotiable instalment consumer paper lar lien on the real estate upon which the building or which carries a full recourse endorsement or uncon- buildings are being constructed: Provided, That no ditional guarantee by the person, copartnership, as- national banking association shall invest in, or be sociation, or corporation transferring the same, shall liable on, any such loans in an aggregate amount in be subject under this section to a limitation of 15 per excess of 100 per centum of its actually paid-in and centum of such capital and surplus in addition to such unimpaired capital plus 100 per centum of its unim- 10 per centum of such capital and surplus: Provided, paired surplus fund. Notes representing loans made however, That if the bank's files or the knowledge of under this section to finance the construction of resiits officers of the financial condition of each maker of dential or farm buildings and having maturities of not such obligations is reasonably adequate, and upon cer- to exceed nine months shall be eligible for discount as tification by an officer of the bank designated for that commercial paper within the terms of the second parapurpose by the board of directors of the bank, that graph of Section 13 of this Act if accompanied by a the responsibility of each maker of such obligations valid and binding agreement to advance the full has been evaluated and the bank is relying primarily amount of the loan upon the completion of the buildupon each such maker for the payment of such obliga- ing entered into by an individual, partnership, astions, the limitations of this section as to the obliga- sociation, or corporation acceptable to the discounting tions of each such maker shall be the sole applicable bank." loan limitation: Provided further, That such certifi- (d) Section 24 of such Act is further amended by cation shall be in writing and shall be retained as part adding at the end thereof the following new paraof the records of such bank." graph: SEC. 4. (a) The second sentence of Section 24 of "Loans made to manufacturing and industrial busithe Federal Reserve Act (12 U.S.C. 371) is amended nesses where the association looks for repayment out to read as follows: "A loan secured by real estate of the operations of the borrower's business, relying within the meaning of this section shall be in the form primarily on the borrower's general credit standing of an obligation or obligations secured by a mortgage, and forecast of operations, with or without other trust deed, or other instrument upon real estate, which security, but wishes to take a mortgage on the bor- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1247 LAW DEPARTMENT rower's real estate as a precaution against contin- copy of his Report and Recommended Decision, gencies, shall not be considered as real estate loans and makes the following Order: within the meaning of this section but shall be classed as ordinary commercial loans." IT IS HEREBY ORDERED, for the reasons set forth Approved September 9, 1959. in the Hearing Examiner's Report and Recommended Decision of September 16, 1959, and on Order under Section 4 of Bank Holding Company Act the basis of the record made at the hearing in this The Board of Governors of the Federal Reserve matter, that First General Insurance Agency, Inc. System, on October 15, 1959, issued an Order and Mt. Vernon Insurance Agency, Inc. and their with respect to requests by a bank holding com- proposed activities are determined to be so closely pany for determinations under Section 4(c)(6) related to the business of banking or of managing of the Bank Holding Company Act of 1956, for or controlling banks as to be a proper incident the exemption of certain subsidiary companies. thereto and as to make it unnecessary for the pro- The Board's Order and accompanying Report and hibitions of Section 4 of the Bank Holding Com- Recommended Decision read as follows: pany Act of 1956 to apply in order to carry out the purposes of that Act, and, therefore, Appli- THE FIRST VIRGINIA CORPORATION cant's requests with respect to First General In- In the Matter of the Requests of The First Vir- surance Agency, Inc. and Mt. Vernon Insurance Agency, Inc. shall be, and hereby are, granted; ginia Corporation for Determinations under Secprovided that these determinations shall be subject tion 4(c)(6) of the Bank Holding Company Act to revocation by the Board if the facts upon of 1956, with Respect to First General Insurance which they are based should substantially change Agency, Inc. and Mt. Vernon Insurance Agency, in such manner as to make the reasons for such Inc. Docket Nos. BHC-49 and 50 determinations no longer applicable. ORDER Dated at Washington, D. C, this 15th day of On September 16, 1959, the Hearing Examiner October, 1959. filed with the Board of Governors his Report and By order of the Board of Governors. Recommended Decision in the above-entitled pro- Voting for this action: Governors Szymczak, Mills, ceeding, recommending to the Board that it grant Robertson and Shepardson. Absent and not voting: the requests of The First Virginia Corporation, Chairman Martin, Vice Chairman Balderston and Arlington, Virginia, for determinations that First Governor King. General Insurance Agency, Inc., and Mt. Vernon (Signed) MERRITT SHERMAN Insurance Agency, Inc., and their proposed activi- Secretary. ties are of the kind described in Section 4(c)(6) (SEAL) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843) and Section 5(b) of the Board's REPORT AND RECOMMENDED DECISION Regulation Y (12 CFR 222.5(b)), so as to make STATEMENT OF THE CASE it unnecessary for the prohibitions of Section 4 On or about March 25, 1959, The First Virginia of the Act with respect to retention of shares in Corporation (hereinafter referred to as the "Applinonbanking organizations to apply in order to cant") filed with the Board of Governors of the Federal Reserve System (hereinafter referred to as carry out the purposes of the Act. The time for "the Board") two requests for a hearing under the filing with the Board exceptions and brief to the provisions of Section 4(c)(6) of the Bank Holding recommended decision of the Hearing Examiner Company Act of 1956 (hereinafter referred to as "the Act" (12 U.S.C. 1843)), so that the Board can make expired without any exceptions or brief having a determination as to whether First General Insurance been filed. Agency, Inc., (hereinafter referred to as "First General") and Mt. Vernon Insurance Agency, Inc., (here- Pursuant to Section 4(c) (6) of the Bank Hold- inafter referred to as "Mt Vernon") and the proposed ing Company Act and Section 5(b) of the Board's activities thereof are of the kind described in the Act and Section 5(b) of the Board's Regulation Y (12 Regulation Y, and on the basis of the entire rec- CFR 222.5(b)), so as to make it unnecessary for the ord, the Board hereby adopts the findings of fact, prohibitions of Section 4(a) of the Act to apply in order to carry out the purposes of the Act. conclusions of law, and the recommendation of On April 22, 1959, the Board ordered a hearing the Hearing Examiner as set forth in the attached with respect to this matter. Said order was published Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1248 FEDERAL RESERVE BULLETIN • OCTOBER 1959 in the Federal Register on May 1, 1959 (24 F.R. bia, viz.: Old Dominion Bank, Arlington County, 3524). Virginia, The Bank of Annandale, Annandale, Fair- Pursuant to said order a hearing was held in Wash- fax County, Virginia, and The National Bank of Maington, D. C, on July 8, 1959, before the undersigned, nassas, Manassas, Prince William County, Virginia. a Hearing Examiner duly selected by the Civil Service Applicant maintains an insurance agency office at 927 Commission in accordance with the provisions of Sec- South Walter Reed Drive, Arlington, Virginia, which tion 11 of the Administrative Procedure Act (5 U.S.C. is about 200 feet from the Columbia Pike and ad- 1010) and thereafter duly designated by the Board to ministrative offices of Old Dominion Bank and Apconduct the hearing in this proceeding. The Applicant plicant's own principal office (at 2924-26 Columbia was represented by Ralph A. Beeton, Esq., 927 South Pike, Arlington, Virginia). The insurance agency Walter Reed Drive, Arlington, Virginia. The Board, office is located approximately seven road miles from in a nonadversary capacity, was represented by Victor The Bank of Annandale and 27 road miles from The E. Pregeant, III, Assistant General Counsel, Federal National Bank of Manassas. Prior to February 1956, Reserve Bank of Richmond and George W. Hibbert, the insurance office was located in a building at 2926 Jr. of the Federal Reserve Bank of Atlanta. Columbia Pike, Arlington, Virginia, which also ac- The record consists of documentary evidence sub- commodated the main banking office of Old Dominmitted by both parties and the testimony given by ion IBank. Such building was completely rebuilt beseveral witnesses called by the Applicant. An order ginning in late 1955 and the administrative offices of correcting errors in the transcript was entered on the bank and Applicant along with its insurance September 14, 1959. On August 16, 1959, the Ap- agency office were moved to the present address of the insurance agency office. When the building at plicant submitted proposed findings with a brief in 2924 Columbia Pike was completed in September support thereof. To the extent consistent with find- 1957, it was decided not to move the insurance ings made below, the Applicant's proposed findings agency back into the building because of lack of are accepted. space. On August 28. 1959, the Board extended the time for the filing of this decision until September 30, 5. Applicant's subsidiary banks are in active com- 1959. petition for banking business with other banks located Upon the entire record in the case and from my in the counties wherein they have offices and in addiobservation of the witnesses, I make the following tion thereto with banks located in the City of Alexandria, the District of Columbia and to some extent FINDINGS OF FACT Prince Georges and Montgomery Counties, Maryland. 6. The Bank of Annandale has been a subsidiary of 1. The First Virginia Corporation is a Virginia cor- Applicant since April 1952, and The National Bank of poration which was organized in October 1949. It is Manassas has been a subsidiary since January 1956. a registered bank holding company under the pro- Old Dominion Bank became a subsidiary of Applivisions of the Bank Holding Company Act of 1956. cant on April 6, 1959. Applicant's subsidiary banks are Old Dominion Bank, 7. Applicant was organized and licensed by the The Bank of Annandale, and The National Bank of State Corporation Commission as a general insurance Manassas. Both Old Dominion Bank and The Bank agency corporation in 1949 and is presently engaged of Annandale were organized under the laws of Virin such business in addition to furnishing services to ginia and are engaged in the banking business purits subsidiary banks such as auditing, advertising, insuant to authority granted by the Commonwealth of vestment services and others. The primary types of Virginia. The National Bank of Manassas was orinsurance written now and in the past are automobile ganized as a national banking association under the physical damage and liability coverage, real estate laws of the United States and it is presently engaged (fire and extended) coverage, marine insurance, other in the banking business pursuant to such authority. forms of casualty insurance (all of which is herein- 2. As at May 31, 1959, total assets of Applicant after referred to as "general insurance") and credit and its subsidiary banks were $58,148,789.87 broken life insurance. From November 18, 1949 (the date down as follows: Applicant first actually engaged in the insurance busi- Applicant $ 1,657,626.38 ness) to May 31, 1959, inclusive, 95.56 per cent of Old Dominion Bank $44,531,810.48 the general insurance written has been written for The Bank of Annandale $ 5,949,303.21 borrowers in conjunction with loans made by sub- The National Bank of Manassas $ 6,010,049.80 sidiary banks where personal property (automobiles, 3. Applicant has never acquired or owned direct boats, machinery, etc.) and real estate was held as or indirect control or interests in or organized cor- security by such banks. The remainder of all such porations which are not banks except (a) First An- general insurance was sold to other customers of the nandale Corporation which is engaged solely in the banks, the banks as named insured and building corbusiness of holding title to land upon which a bank porations and Applicant itself as named insured exbuilding is being constructed for occupancy by The cept as to .04 per cent which was written for others Bank of Annandale and (b) Old Dominion Building not included in the foregoing classifications. All of Corporation, Lee Highway Corporation and Twenty- the credit life insurance sold has been to borrowers of third Street Corporation, all of which are wholly Old Dominion Bank. One officer each of The Bank owned subsidiaries of Old Dominion Bank; the sole of Annandale and The National Bank of Manassas do purpose of each of such subsidiaries is to lease bank now and have in the past served as insurance agents buildings to said bank for the conduct of its bus- in the solicitation of credit life insurance sold to boriness. rowers of the respective banks. 4. Applicant's principal place of business and office 8. Applicant was organized to write insurance priis at 2924 Columbia Pike, Arlington, Virginia. Its marily for borrowers of Old Dominion Bank; it has subsidiary banks are located in three separate counties never held itself out to the public as being in the inin northeastern Virginia near the District of Colum- surance business; it has never advertised or solicited Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1249 insurance from the general public. Its original pur- was written by Applicant; insurance on 25.79 per cent pose was and still is to serve a need for obtaining was written by other agents. Applicant wrote 45.89 adequate insurance coverage on collateral held by its per cent of the insurance written in conjunction with banks to secure loans. The banks, particularly Old automobile loans held by the banks on June 29, 1959, Dominion Bank, have in the past and do now en- while other agents wrote 46.72 per cent; the banks counter difficulties in attempting to place insurance had waived insurance requirements on 7.39 per cent with unrelated general insurance agents. Both Old of the total of 6,393 of automobile loans held as of Dominion Bank and The Bank of Annandale do now such date. and have for many years opened for the transaction 12. Applicant is the present agent for the solicitaof all banking business at 8:00 A. M. daily and both tion of credit life insurance from borrowers of Old keep evening hours one day a week and are open on Dominion Bank; an officer of The Bank of Annandale Saturday. The National Bank of Manassas maintains and The National Bank of Manassas are agents for evening hours as well as being open on Saturday. the solicitation of credit life insurance from bor- Such unusual hours are kept for customers' con- rowers of the respective banks. By far, more devenience. It is virtually impossible to find an unre- creasing term coverage is sold than level term coverlated insurance agent's office open for business at age to borrowers of the three banks. The amount 8:00 A. M. and during the evening hours kept by of credit life insurance sold by such agents never the banks. Applicant's insurance agency office main- exceeds the amount of the loan. No medical extains the same business hours as its subsidiary banks amination is required and the borrower gets the do. benefit of the low premium costs. No separate 9. Most of the deposit and borrowing customers application for insurance is required. In the event of Applicant's banks are salaried individuals as op- of death, the balance due on the obligation is paid posed to large corporate or other business customers. to the creditor beneficiary, the bank. Master poli- The banks conduct what is generally regarded as a cies have been issued to each of the three banks "Consumer Type of Banking." as creditor beneficiaries. On the decreasing type of 10. For the period January 1, 1958, through De- coverage, no separate policy need be written; on the cember 31, 1958, Applicant earned gross commissions level term policy, the agent is required to write a of $71,042.92 from the sale of general insurance to separate policy. Collateral held by any one of the borrowers of its banks in connection with loans made banks as additional security is turned over to the to them or 87.04 per cent of the total amount of estate of the deceased borrower, the title being free $81,618.65, 9.33 per cent of such total from the sale and clear of all liens. Decreasing term credit life inof such insurance to depositors of the banks, 3.52 per surance is written by the agents on loans that are cent of such total from the sale of such insurance repaid in equal weekly, semimonthly or monthly peto the banks and building corporations as named in- riodic instalments; the amount of coverage decreases sured and .05 per cent from sale of insurance where as payments of principal and interest are paid. Level Applicant was the named insured. Only .06 per cent term credit life insurance is written in conjunction of gross commissions earned by Applicant during the with term loans and the insurance remains in full period was not earned from business written for cus- force for the amount of the loan during the term tomers of the banks (borrowers or depositors), the of the policy. The banks, their depositors and their banks, building corporations and Applicant as named borrowers benefit from having available credit life insured. During the period January 1, 1959, through insurance programs. Credit life insurance as dis- May 31, 1959, Applicant earned gross commissions tinguished from ordinary term insurance would not from the sale of general insurance in the amount of be sold if banks and others did not lend money or $26,452.05 of which 93.28 per cent was earned from sell goods on time. Credit life insurance is not now borrowers of the banks, 2.92 per cent from bank and never has been associated with bank lending depositors, 3.55 per cent from policies written for the transactions only. banks and building corporations as insured and .21 13. The loan officer determines from the borrower per cent from policies written for Applicant as in- whether or not he desires to obtain credit life insursured. Only .04 per cent of the total amount earned ance. If he does, the officer obtains certain informawas not so earned from sales to customers of the tion, reports it to the agent who in turn periodically banks (borrowers or depositors), the banks and build- files a register sheet with the insurance company seting corporations as named insured or Applicant as ting forth the name, address, age and amount of named insured. The relative proportions of general coverage, except that in respect to level term coverage insurance sold to borrowers of its banks during the the agent also issues an actual insurance policy to the period January 1, 1958, through May 31, 1959, and creditor beneficiary (bank) and the borrower. as existed on May 31, 1959, and June 29, 1959, ex- 14. Credit life insurance coverage may be required isted about the same in previous period of Applicant's by the banks in some instances if the borrower has no history and will continue to exist in the future. other collateral and the loan could not otherwise be 11. As of June 29, 1959, Applicant's banks had made; however, if the borrower desires, he may sub- $28,869,024.03 in total loans. Of this amount, $18,- stitute an ordinary term insurance policy in lieu 309,655.00 was in secured loans in connection with thereof which he may purchase from any life insurwhich there was insurance in force on the personal or ance agent. It is not now and never has been the cusreal property constituting the security. On the mort- tom or practice for an ordinary general agent to have gages originating with the banks, 35.88 per cent of available for sale to the public credit life insurance. the total number of real estate loans carried in the In the most instances, credit life insurance is not rebank's portfolios combined was insured through Ap- quired of borrowers by Applicant's banks; it is availplicant. As of the same date, the banks had out- able for their benefit as well as the banks'. standing 289 secured monthly instalment loans (other 15. At the present time and for several years past, than automobile) which required insurance on the it has been the practice and custom of banks opsecurity; the insurance for 39.59 per cent of such loans erating in Virginia, the District of Columbia and near- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1250 FEDERAL RESERVE BULLETIN • OCTOBER 1959 by Montgomery and Prince Georges Counties, Mary- 17. State banks in Virginia are not prohibited from land, to have available credit life insurance programs owning insurance agencies. If Old Dominion Bank for their borrowers. Insurance agent licenses are held and The Bank of Annandale were not holding comeither by an officer, director or employee of the banks, pany banks they could own and hold the shares of the banks themselves or by an affiliated corporation. the agencies in question here. An individual who is This practice and custom is known to and counte- an insurance agent in Virginia often engages in other nanced by the banking and insurance regulatory offi- occupations. Officers of banks in Virginia are not cials of Virginia and has their apparent approval. prohibited from being so licensed. The National Bank The practice is also known and countenanced by Fed- of Manassas could become an agent itself. eral banking supervisory authorities. In the nearby 18. Applicant proposes to acquire 500 shares of District of Columbia ten out of the twelve existing the authorized 25,000 shares of $1.00 par value combanks have credit life insurance programs available. mon stock of First General Insurance Agency, Inc. Visits to fifteen of the twenty-two banks located in (herein sometimes called "First General") at the Arlington, Fairfax and Prince William Counties, Vir- price of $1.00 per share. It will be entitled to one ginia, and the City of Alexandria, Virginia, revealed vote for each share owned. Applicant does not own that all fifteen had credit life insurance programs in any of such stock now; none of it is outstanding. effect and that agents therefor were of the type men- First General was organized under the laws of Virtioned above. Corporations, partnerships or individ- ginia on March 23, 1959; its directors are also direcuals may be licensed as insurance agents in Virginia. tors and officers of Applicant. No organizational 16. At the present time and for many years in the meeting of its directors has been held as yet; the past, it has been the practice and custom of banks directors of First General are also expected to be its operating in Virginia, the District of Columbia and officers. First General is on a stand-by basis at the nearby Montgomery and Prince Georges Counties, present time. First General proposes to locate its Maryland, to have a general insurance agency either offices in those now occupied by Applicant's agency directly affiliated with them or closely associated at 927 South Walter Reed Drive, Arlington, Virginia. through offices, directors or employees of the banks. 19. First General proposes to engage in the general This practice and custom is known to and counte- insurance agency business (other than sale of credit nanced by the banking and insurance regulatory offi- life insurance) including the sale of fire and extended cials of Virginia and has their apparent approval. coverage, automobile physical damage and liability The practice is also known and countenanced by Fed- coverage, marine (both inland and ocean), casualty eral banking supervisory authorities. In Virginia, the and such other types and kinds of insurance as may be administrative authorities have held that a State required to give adequate protection to the security bank's corporate powers will not permit it to hold an upon which loans are made to borrowers of Appliagent's license itself, although several banks which cant's subsidiary banks including renewals thereof. In are incorporated under the general banking laws of addition, it proposes to sell insurance to other custom- Virginia, but which do business in the District of ers (depositors and renters of safe deposit boxes), Columbia under the banking jurisdiction of the Comp- including renewals thereof, of banks, trust companies troller of the Currency have obtained such licenses. and other financial institutions, now owned or here- The results of a reasonably accurate survey reveal after lawfully acquired by Applicant. It also proposes that of 310 national and State banks existing through- to sell insurance to such banks, trust companies and out Virginia officials of 152 banks were either indi- other financial institutions and other lawfully affilividual insurance agents or officers of incorporated ated corporations where they are the named insured. insurance agencies. Several banks owned their own All of the activities of First General will be limited incorporated insurance agencies. Neither the Bureau solely to the writing of insurance as described above. of Insurance nor Bureau of Banking of the State Cor- First General will succeed to and carry on the insurporation Commission which supervises both banking ance agency business now conducted by Applicant and insurance matters in the State of Virginia had except that it will not sell credit life insurance and it available any definite information as to the number will be restricted by the proposed amendment to its of bank-connected insurance agents or agencies in charter to the activities above enumerated. It is ex- Virginia. The above survey revealed that all but two pected that First General will represent the same unof the seventeen banks doing business in Arlington affiliated general insurance companies which Appliand Fairfax Counties, Virginia, and the City of Alex- cant now represents. Its business will be conducted andria, had connections with insurance agents, either in the same manner and tradition within the limitathrough officials or affiliated insurance corporations. tions of its charter, and its relationship with Applicant It has been and now is the custom and practice in and its banks will be the same as Applicant and its Virginia in most instances for an insurance license to banks have followed and observed from its organizabe obtained in the name of officials or employees of tion as an insurance agent. the banks or a partnership thereof, rather than to 20. Applicant proposes to acquire 500 shares of conduct such business through an incorporated inthe authorized 25,000 shares of $1.00 par value comsurance agency. It is the practice or custom among mon stock of Mt. Vernon Insurance Agency, Inc. banks doing business in the metropolitan area of Washington, D. C, to be associated either directly or (herein sometimes called "Mt. Vernon") at the price indirectly through corporate affiliates, officers, or of $1.00 per share. It will be entitled to one vote for directors with insurance agents or brokers or both. each share owned. Applicant does not own any of Seven (7) out of twelve (12) banks located in the such stock now; none of it is outstanding. Mt. Ver- District of Columbia are licensed directly as insurance non was organized under the laws of Virginia on brokers or agents. At least two of them also have March 23, 1959; its directors are also directors and corporate affiliates licensed as insurance agents. Banks officers of Applicant. No organizational meeting of located in Washington, D. C., compete with Appli- its directors has been held as yet; the directors of Mt. cant's banks for banking business. Vernon are also expected to be its officers. Mt. Vernon is not now engaged in any business. Mt. Vernon Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1251 proposes to locate its offices in those now occupied by which reduces as the loan is repaid. There is also Applicant's agency at 927 South Walter Reed Drive, some level term coverage but, in any event, the credit Arlington, Virginia. life insurance is intended to cover only the amount of 21. Mt. Vernon proposes to engage in and conduct the loan. As was pointed out in the Matter of the an insurance agency business limited solely to the Request of Wisconsin Bankshares Corporation, Docket solicitation and sale of credit life insurance to borrow- No. BHC-48, decision of the Board dated August 17, ers of banks, trust companies and other financial in- 1959, adopting the recommendation of the Hearing stitutions affiliated with Applicant. No other business Examiner, credit life insurance activities are so closely of any kind will be conducted by such agency. It is related to the business of banking as to be a "proper proposed that Mt. Vernon will succeed to and carry incident" thereto according to the legislative history on the credit life insurance business now conducted of the Act. In addition, however, consideration must by Applicant and the officers of its subsidiary banks, be given to applicable State laws, relevant Federal The Bank of Annandale and The National Bank of rulings, and local banking business practices. Such Manassas, who are now licensed insurance agents. It consideration is equally applicable for a determinais expected that Mt. Vernon will represent the same tion as respects First General which proposes to enunaffiliated life insurance company which Applicant gage in a general insurance business. and the two officers represent. Its business will be The National Bank of Manassas is located in a conducted, within the limitations of its charter, and town of less than 5,000 population. Accordingly, the its relationship with Applicant and its banks will be National Banking Act (12 U.S.C. 92) is no bar to in the same manner and tradition that Applicant and that bank's functioning as an insurance agent. As its banks have followed in the past. respects the Old Dominion Bank and the Bank of Annandale which are State banks it appears that for DISCUSSION OF THE ISSUES many years there was no official impediment to the ownership by the Old Dominion Bank of a subsidiary One of the major purposes of the Bank Holding insurance agency. Undisputed testimony in the record Company Act of 1956 is to require bank holding indicates that it is the general practice of banks not companies to divest themselves of their nonbanking only in Virginia but in the District of Columbia to interests. Section 4 of the Act provides that after a have related insurance agencies and that this arrangespecified period: ment has been known to State and Federal banking ... no bank holding company shall . . . retain direct or inofficials and insurance officials for a long time. These direct ownership or control of any voting shares of any company which is not a bank or a bank holding company. . . . area practices are very significant, as stated by the The Act, however, goes on to provide a number of Board in the Matter of the Requests of Bank Shares exceptions to this divestiture requirement. Section Incorporated, Docket Nos. BHC—38-41, July 21, 4(c)(6) excludes from the prohibition: 1959: . . . shares of any company, all the activities of which are of While area practices alone may not be sufficient to justify a financial, fiduciary, or insurance nature, and which the finding that an organization's activities are such as to warrant Board after due notice for hearing, and on the basis of the an exemption under Section 4(c)(6) of the Act, it may, in record made at such hearing, by order has determined to be the Board's opinion, be given considerable weight as suggestso closely related to the business of banking or of managing ing, not only that such activities are an "incident" to the or controlling banks as to be a proper incident thereto and banking business, but that they are a proper incident to such as to make it unnecessary for the prohibitions of this section business, particularly where, as here, such relationships have to apply in order to carry out the purposes of this [Act]; . . . apparently been known to the bank supervisory authorities and have not been objected to by them. In this case the Applicant which has been engaged in insurance activities proposes to acquire the shares Having satisfied legislative history (where it exists), of First General and Mt. Vernon, neither of which Federal and State legislation and administrative praccompanies is now engaged in any business, with the tices as well as local area practices, the final criterion intention of conducting an insurance business through for exemption is the actual relationship that is to exist these companies. The Board has already determined between the banking business conducted by the Apthat although the language of Section 4(c)(6) is plicant's subsidiary banks and the proposed insurance couched in the present tense, it does not preclude agencies. In this respect the instant applications pose consideration of an applicant's proposal to acquire little difficulty. All of its credit life insurance busistock where the nature of the activities to be con- ness will originate from the subsidiary banks. Pracducted is susceptible of determination. In the Matter tically all (about 95 per cent) of the general insurance of the Request of First Bank Stock Corporation, business arises similarly from the lending activities of Docket No. BHC-36 and 37, decision dated July 21, those banks. Almost all of the balance of such gen- 1959. eral insurance business will come from the customers Turning then to a consideration of the activities to of the banks or from the banks themselves. The be conducted by First General and Mt. Vernon, there business will be conducted some 200 feet from the can be little doubt that they are of an insurance na- location of that bank which provides the great bulk ture. The only purpose of this proceeding is to deter- of the insurance business. Indeed, until space limitamine whether such activities are "so closely related tions made a change necessary, the insurance activito the business of banking or of managing or control- ties were conducted in the same building as the bankling banks" as to (1) be a "proper incident" thereto: ing activities. These facts, coupled with the close and (2) make it unnecessary for the prohibitions of tie-in that exists between the banking hours and the the Act to apply "in order to carry out the purposes" insurance hours of the proposed agencies, will make of the Act. for a direct, functional and integrated relationship be- Mt. Vernon will be engaged solely in the business tween the banking activities of Applicant's subsidiary of writing credit life insurance upon loans made by banks and the insurance agencies. the subsidiary banks of the Applicant. Almost all of The propriety of the nonbanking activities is linked this credit life insurance is decreasing term coverage to the purposes of the Bank Holding Company Act in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1252 FEDERAL RESERVE BULLETIN • OCTOBER 1959 order to avoid and remove potential sources of evil. Agency, Inc., are of a financial, fiduciary or insurance Section 4, however, was not intended to remove all nature. potential sources of evil in the banking field; it was 2. All of the proposed activities of First General directed at those that may be said to arise from, or Insurance Agency, Inc., and Mt. Vernon Insurance be accentuated by, the operation of bank holding Agency, Inc. are so closely related to the business of companies. If a type of relationship is not peculiar to banking or of managing or controlling banks as to be banks in holding company groups but prevails among a proper incident thereto. both holding company and nonholding company 3. All of the proposed activities of First General banks, the "potential evils" of that relationship are Insurance Agency, Inc., and Mt. Vernon Insurance not of the kind against which Section 4 of the Act Agency, Inc., are so closely related to the business of was directed. In the Matter of the Requests of the banking or of managing or controlling banks as to First Bank Stock Corporation, supra. Here, the oper- make it unnecessary for the divestment provisions of ation of insurance agencies in connection with banks the Bank Holding Company Act to apply in order to is widely prevalent in the area involved not only carry out the purposes of that Act. among banks in holding company groups but among Accordingly, I recommend that the requests of nonholding company banks as well. There is, there- The First Virginia Corporation for an order exemptfore, no evil-potential of the kind contemplated by ing shares of First General Insurance Agency, Inc., the Act. and of Mt. Vernon Insurance Agency, Inc., from I, therefore, make the following application of the prohibition of Section 4 of the Act be granted. CONCLUSIONS OF LAW (Signed) HARRY R. HINKES 1. All of the proposed activities of First General Hearing Examiner. Insurance Agency, Inc., and Mt. Vernon Insurance Dated: September 16, 1959 Current Events and Announcements CHANGES IN THE BOARD'S STAFF banks, which appeared on pages 1202-07 of the AND ORGANIZATION BULLETIN for August 1959, will be further re- Gardner L. Boothe, II, Administrator, Office of vised because of misclassification of certain items. Defense Loans, relinquished his official duties on The revised data will appear in an early issue of September 23, 1959, prior to retirement. the BULLETIN. Mr. Boothe joined the Board's staff in 1937. TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR He was Assistant Administrator for the War QUARTERLY Loans Committee in 1942-45, and subsequently served as Assistant Director of the Division of Latest BULLETIN Reference Administrative Services and of the Division of Annually Issue Page Selective Credit Regulation prior to his appoint- Earnings and expenses: Federal Reserve Banks Feb. 1959 208-09 ment as Administrator of the Office of Defense Member banks : Calendar year June 1959 650-58 Loans on September 23, 1952. First half of year Oct. 1959 1320 Insured commercial banks June 1959 659 As of September 24, 1959, the Office of De- Banks and branches, number of, by class and State Apr. 1959 442-43 fense Loans was discontinued and its activities Operating ratios, member banks July 1959 794-96 Stock Exchange firms, detailed debit and transferred to the Division of Bank Operations. credit balances Sept. 1959 1208 Banking and monetary statistics, 1958.. {{Jay 1959 550-53 DEATH OF BRANCH DIRECTOR Bank holding companies, Dec. 31, 1958: List of June 1959 660 Mr. Cameron G. Garman, who had served as a Banking offices and deposits of group banks Aug. 1959 1064 director of the Buffalo Branch of the Federal Re- Semiannually serve Bank of New York since January 24, 1959, Banking offices: died on October 17, 1959. Mr. Garman was a Analysis of changes in number of.... Aug. 1959 1044 On, and not on, Federal Reserve Par fruit grower of Burt, Niagara County, New York. List, number of Aug. 1959 1045 Quarterly WEEKLY REPORTING MEMBER BANK DATA Flow of funds Oct. 1959 1312 Data for the period July 1958-June 1959 for the Principal assets and liabilities of Federal business-type activities Aug. 1959 1063 revised coverage of weekly reporting member Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication October 15 Industrial production declined slightly further in durable goods industries to maintain production. September, as the work stoppage in the steel in- The number of autos assembled, while up less dustry entered its third month. Inventories of than seasonally from August, recovered rapidly steel were being rapidly depleted and output cur- from the model-changeover low reached in early tailments among steel consuming industries were September. In early October the rise in auto prospreading after midmonth. The number of new duction was limited by steel shortages. housing units started changed little in September. Over-all output of nondurable manufactures, While nonfarm employment was maintained, con- which by midyear was one-tenth above the adsumer incomes and retail sales were reduced. The vanced level in 1957, has since changed little. money supply declined somewhat, and markets In September, further slight decreases occurred in for fixed yield securities strengthened after mid- the textile, apparel, rubber, and petroleum prod- September. Prices of basic materials continued ucts industries, while output of most other nonupward. durable goods was maintained at record levels. PRODUCTION EMPLOYMENT Total output at factories and mines in Sep- Seasonally adjusted employment in nonfarm tember was 148 per cent of the 1947-49 average, establishments in mid-September, at 52 million, as compared with 149 in August and the prewas little changed from August and 560,000 bestrike peak of 155 in June. Steel output remained low the pre-strike level. The average factory at 12 per cent of capacity, and depletion of steel workweek also changed little in September. With inventories reduced activity in some industries, hourly earnings up somewhat, average weekly such as railroad equipment and shipbuilding. earnings increased and were 5 per cent above a Output in the nonferrous mining and manufacyear earlier. Unemployment declined about seaturing industries declined further reflecting consonally to 3.2 million in September; after seasonal tinuation of the work stoppages which began in adjustment, unemployment was 5.6 per cent of August. Pre-strike accumulation of stocks, howthe civilian labor force compared with the postever, permitted most machinery and consumer recession low of 4.9 per cent in the spring. INDUSTRIAL PRODUCTION 1947-49-100 DISTRIBUTION Strikes and unseasonably warm weather in September contributed to a decline of 2 per cent in DURABLE MANUFACTURES retail sales. While 3 per cent below the July peak, sales were 7 per cent above a year earlier. September decreases in sales were greatest for autos and other durable goods. Dealer stocks of autos continued to decline from their record summer MINERALS M N A O N N U D FA U C R T A U B R L E E S high. COMMODITY PRICES While average prices of industrial commodities remained stable from early September to early October, prices of a number of basic materials Federal Reserve indexes, seasonally adjusted. Monthly fig- rose further in domestic and foreign markets. List ures; latest shown are for September. 1253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1254 FEDERAL RESERVE BULLETIN • OCTOBER 1959 prices for newly introduced passenger autos were reduction in Federal Reserve holdings of U. S. substantially unchanged from 1959 models. Live- Government securities. stock prices declined sharply in response to a large increase in marketings. In August, the con- SECURITY MARKETS sumer price index decreased one-tenth of one per Yields on most maturities of U. S. Government cent; retail prices of foods declined while prices securities and on State and local government of other goods and services increased further. bonds have declined from the mid-September highs while yields on corporate bonds have in- BANK CREDIT AND RESERVES creased further. Common stock prices recovered Commercial bank loans showed further substan- somewhat in late September and have since tial expansion in September. Holdings of U. S. changed little at a level about 5 per cent below the Government securities continued to decline, how- August high. ever, and total bank credit changed little. The Market yields on 3-month Treasury bills deseasonally adjusted active money supply declined clined to 3.90 per cent in early October and then further, and at the end of September was about rose to above 4.25 per cent, a new high, while 2Vi per cent larger than a year ago. yields on most other outstanding bills remained Member bank borrowings from the Federal Re- below earlier highs. Yields on long-term Treasury serve averaged $910 million and excess reserves bonds averaged under 4.15 per cent in mid-Octo- $450 million over the four weeks ending October ber compared with 4.30 per cent a month earlier. 7. Reserves were supplied by an inflow of cur- The Treasury's $2 billion cash offering of 5 per rency from circulation and an increase in Reserve cent notes of August 1964 was heavily oversub- Bank float. Reserves were absorbed by a buildup scribed and the new notes were quoted at a preof Treasury deposits at the Reserve Banks and a mium in early trading. INTEREST RATES Bureau of Labor Statistics indexes. Monthly figures, latest Discount rate, range or level for all F. R. Banks. Weekly shown: August for consumer prices, and September for whole- average market yields for U. S. Government bonds maturing sale prices. in 10 years or more and for 90-day Treasury bills. Latest figures shown are for week ending October 9. 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. 1257 Reserve Bank discount rates; reserve requirements; margin requirements 1260 Federal Reserve Banks. . 1261 Bank debits; currency in circulation. 1264 All banks: consolidated statement of monetary system; deposits and currency. 1266 All banks, by classes 1267 Commercial banks, by classes. 1270 Weekly reporting member banks. 1272 Business loans 1275 Interest rates 1276 Security prices; stock market credit; open market paper. 1277 Savings institutions 1278 Business finance 1280 Security issues 1282 Federal finance 1283 Federal business-type activities 1288 Real estate credit .... 1289 Short- and intermediate-term consumer credit. 1292 Selected indexes on business activity. 1296 Production . 1297 Employment and earnings 1304 Department stores 1306 Foreign trade . 1307 Wholesale and consumer prices. 1308 National product and income series. 1310 Flow of funds, saving, and investment 1312 Earnings of member banks, by classes, 1958 and first half of 1959. 1320 Tables not published each month—list, with latest BULLETIN references. 1252 Index to statistical tables 1344 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. 1255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars 25 MEMBER BANK RESERVE BALANCES 20 REQUIRED RESERVES 15 EXCESS RESERVES CURRENCY IN CIRCULATION RESERVE BANK CREDIT GOLD STOCK TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS U.S. GOVERNMENT SECURITIES DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 1953 1954 1955 1956 1957 1958 1959 Latest averages shown are for week ending September 30. See p. 1257. 1256 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank e W nd e i e n k g T U o . ta S l . G B o r o o i v g u u t h t . g - t h s t ecu r a u c H e g r n h p i r e t a d u e i l s e e d e r e r s - - c v D o a a a n u n i d s c d n - - e ts s Float Total s G to o c ld k T s r 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 n r - - y - T h c i u o r n a e r l g s y a d h s s - - T u r w e ry a it s h - r F e F . s e o R r r v . - e B s, a O nk th s er c O F o a . t u c h R - n e t . r s Total q re u s R i e r e r e - v d e 2 s c E es x s - 2 ment Averages of daily figures 1958 25,240 25,240 112 828 26,212 21,195 5,207 31,171 696 662 291 350 ,14818,296 17,738 558 25,646 25,626 20 229 774 26,685 21,154 5,210 31,291 699 504 300 329 166 18,760 18,073 687 20 25,406 25,406 216 ,008 26,665 21,086 5,210 31,295 696 528 259 301 ,23318,648 18,027 621 27 25,257 25,257 271 857 26,417 21,086 5,211 31,249 688 486 234 320 ,21218,526 17,953 573 Sept. 3 25,35! 25,353 461 792 26,638 21,011 5,211 31,381 691 539 305 324 ,17518,446 17,899 547 10 25,233 25,233 514 883 26,661 21,012 5,213 31,433 694 478 330 319 ,15318,479 17,873 606 17 25,001 25,001 563 049 26,644 20,939 5,215 31,393 694 304 397 282 ,15618,572 17,935 637 24 24,893 24,893 433 203 26,558 20,895 5,216 31,285 683 508 308 320 ,16218,404 17,811 593 Oct. 1 24,940 24,940 401 904 26,275 20,866 5,219 31,217 690 448 261 387 ,12318,234 11,11 A 460 8 25,143 25,143 434 91126,519 20,830 5,219 31,352 691 447 299 343 ,11918,318 17,753 565 15 25,498 25,353 145 472 922 2266,925 20,764 5,220 31,498 689 386 327 412 ,12118,475 17,989 486 22 25,242 25,242 369 1,40127,046 20,724 5,220 31,435 681 464 308 332 ,11718,652 18,086 566 29 25,300 25,300 456 977 26,767 20,690 5,221 31,299 681 512 270 321 ,08018,515 17,993 522 Nov. 5. 25,459 25,380 79 403 796 26,694 20,679 5,222 31,422 681 325 283 391 ,07818,416 18,008 408 12. 25,660 25,614 46 470 934 27,100 20,652 5,225 31,660 687 371 297 375 ,07818,510 17,891 619 19. 25,411 25,392 19 453 ,188 27,087 20,680 5,225 31,754 692 475 316 341 ,07418.340 17,900 440 26. 25,734 25,578 156 430 ,199 27,399 20,616 5,225 31,825 6861 455 243 337 ,06318;631 18,225 406 Dec. 3. 26,143 26,033 110 580 ,08727,844 20,609 5,228 32,057 693 465 222 401 ,10318,740 18,232 508 10. 26,282 26,250 32 415 ,112 27,847 20,593 5,229 32,218 696 376 232 328 ,19118,629 18,160 469 17. 26,315 26,223 92 519 ,439 28,311 20,576 5,229 32,394 693 428 i 263 335 ,16118,844 18,374 470 24. 26,272 26,188 84 631 ,944 28,889 20,536 5,231 32,533 684 540 239 328 ,17219,160 18.548 612 31. 26,437 26,241 196 808 ,618 28,910 20,526 5,232 32,458 692 521 332 333 ,16519,167 18'511 656 1959 Jan. 7 26,184 26,090 94 644 ,40128,275 20,534 5,234 32,008 701 446 279 356 ,12219,131 18,588 543 14 25,922 25,817 105 730 ,01127,708 20,526 5,234 31,710 704 390 297 345 ,12118,901 18,340 561 21 25,580 25,580 457 ,288 27,368 20,515 5,234 31,385 712 401 357 373 ,11818,769 18,234 535 28 25,471 25,471 507 ,074 27,094 20,515 5,235 31,150 714 404 298 j 343 ,11818,817 18,424 393 Feb. 4. 25,673 25,592 81 433 946 27,092 20,476 5,235 31,120 723 442 278! 344 ,14618,749 18,345 404 11. 25,657 25,621 36 553 887 27,136 20,476 5,236 31,193 727 364j 304| 333 ,18518,742 18,189 553 18. 25,529 25,523 6 583 960 27,112 20,475 5,238 31,205 741 398 313l 391 ,21418,562 18,120 442 25. 25,399 25,394 5 474 1,050 26,965 20,474 5,239 31,111 724 443 308 j 448 ,25518,389 17,979 410 Mar. 4 25,355 25,294 61 548 951 26,892 20,479 5,241 31,129 721 534 298' 339 ,21418,375 17,957 418 11 25,366 25,331 35 722 849 26,976 20,448 5,242 31,215 716 454 311 336 ,21218,421 17,868 553 18 25,471 25,419 52 543 1,000 27,048 20,442 5,244 31,287 727 437 290 340 ,21418,439 18,051 388 25 25,510 25,461 49 619 961 27,123 20,442 5,246 31,231 714 456 295 339 ,21818,558 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 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 4711 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 I 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 1,24518,829 18,227 602 27. 25,905 25,905 675 940 27,548 20,188 5,268 31,473 708 543 281 363 1,24418,393 18,063 330 June 3. 25,905 25,905 866 853 27,650 20,188 5,272 31,645 701 548 297 376 1,219 18,324 18,021 303 10. 25,939 25,939 996 774 27,736 20,141 5,275 31,803 716 476 260 364 1,218 18,314 17,886 428 17. 25,944 25,944 993 029 27,994 20,136 5,280 31,876 715 436 259 361 1,226 18,537 18,081 456 24. 25,970 25,936 34 894 256 28,147 20,017 5,280 31,807 626 515 283 349 1,238 18,627 18,170 457 July 1. 26,045 26,018 27 938 ,032 28,042 19,712 5,283 31,852 407 552 296 353 1,190 18,386 18,069 317 8. 26,300 26,255 45 1,044 948 28,319 19,704 5,283 32,105 412 516 278 360 1,183 18,452 18,017 435 15. 26,494 26,383 111 1,019 922 28,462 19,695 5,283 32,194 419 394 269 338 1,185 18,640 18,229 411 22. 26,449 26,390 59 929 1,299 28,705 19,669 5,283 32,036 412 460 255 334 1,183 18,976 18,488 488 29. 26,459 26,408 51 890 998 28,374 19,636 5,284 31,883 403 559 271 340 1,137 18,702 18,353 349 Aug,I: 26,549 26,440 109 1,034 790 28,399 19,626 5,281 31,922 403 503 277 340 1,166 18,696 18,296 400 26,605 26,597 8 1,073 77128,473 19,619 5,282 32,071 401 475 257 343 ',203 18,622 18,080 542 19. 26,531 26,525 6 945 1,06528,562 19,601 5,282 32,051 397 638 256 349 ,246 18,509 18,078 431 26. 26,573 26,518 55 941 950 28,485 19,600 5,283 31,951 395 564 257 321 ,294 18,586 18,149 437 Sept. 2. 26,691 26,650 41 966 836 28,515 19,525 5,276 31,935 400 561 260 333 1,260 18,566 18.165 401 9. 26,754 26,663 91 1,059 81928,656 19,523 5,274 32,107 401 430 275 341 1,259 18,640 18,082 558 16. 26,737 26,643 94 1,060 1,01728,834 19,522 5,274 32,197 395 421 331 373 1,260 18,653^18,164 ^489 23. 26,637 26,637 860 1,49929,016 19,513 5,278 31,984 390 632 298 420 1,264 18,819^18,258 *'561 30. 26,563 26,563 722 1,09828,403 19,493 5,287 31,809 390 681 310 403 1,196 18.3942>18135 ^259 Preliminary. For other notes see following page. 1257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1258 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 u. s. Treas- reserves, reserves P d e o a ri r t o e d Total G B o r o o i v u g u t h t g . - t h s t ecu r a u c H e r g h n i p t r e a d i e u l e s e d e r e s r - - v c a D o a a n u n d i c s d n - - e t s s Float Total 1 s G to o c ld k r s o c e t u i a n u n u r n g r y c t - - d y - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o r n a e r l g s y a d h s s - - T u r w r e y i a t s h - F. F e R i o g . r n - Ban O k t s her c O F o a t . u h c R n - e . t r s Total qu R ir e e - d2 c E es x s - 2 ment Averages of daily figures 1958 Sept 25,051 25,051 476 99026,548 20,940 5,215 31,342 691 445 325 325 1,151 18,425 17,854 571 Oct 25,296 25,260 36 425 1,035 26,789 20,750 5,220 31,390 685 449 299 352 ,10818,476 17,955 521 Nov 25,650 25,562 88 488 1,039 27,211 20,648 5,225 31,732 688 410 276 369 ,06818,540 18,034 506 Dec 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 ,17418,899 18,383 516 1959 25,776 25,723 53 574 1,170 27,564 20,518 5,234 31,521 709 415 306 353 ,1?0 18,893 18,396 497 Feb 25,532 25,503 29 526 96127,059 20,475 5,238 31,158 729 417 303 378 1,211 18,577 18,117 460 Mar 25,446 25,400 46 620 95427,055 20,448 5,244 31,227 717 477 312 377 ,?08 18,429 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 1,197 18,580 18,132 448 25,963 25,949 14 938 1,009 27,937 20,030 5,278 31,813 632 495 277 359 ,71918,451 18,043 408 July 26,422 26,354 68 969 1,023 28,441 19,674 5,283 32,042 411 490 269 344 17018,671 18,271 400 26,588 26,548 40 1,008 89128,509 19,596 5,281 r31,994 399 546 260 337 ,?3918,613 18,141 472 Sept 26,674 26,628 46 904 1,088 28,687 19,514 5,278 32,019 395 543 301 381 .24618,593 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 194l_Dec 2,254 2,254 3 94 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945 Dec . 24,262 24,262 249 57825,091 20 065 4,339 28,515 2,287 977 862 446 49515,915 14 457 1 458 1947—Dec 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1950 nee 20,778 20,725 53 67 1,368 22,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1955_Dec 24,785 24,391 394 108 1,585 26,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 1956—Dec 24,915 24,610 305 50 1,665 26,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 1957—June 23,035 22,994 41 558 1,199 24,816 22,623 5,107 31,082 758 498 449 308 1,075 18,376 18,543 -167 Dec 24,238 23,719 519 55 1,424 25,784 22,781 5,146 31,834 761 481 356 246 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 OQfi18,784 18,158 626 End of month 1958 Sept 24,986 24,986 255 86026,130 20,874 5,219 31,245 684 371 258 395 1,122 18,147 17,785 362 Oct 25,443 25,373 70 407 78826,675 20,690 5,222 31,386 674 363 288 335 L079 18,462 18,009 453 Nov 26,229 26,069 160 717 1,026 28,006 20 609 5,228 32,036 694 424 226 430 1,03818,994 18,217 777 Dec 26,347 26,252 95 64 1,296 27,755 20,534 5,234 32,193 683 358 272 391 1,1??18,504 18,574 -70 1959 Jan 25,715 25,611 104 462 97927,197 20,476 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 25,497 25,497 327 86226,716 20,442 5,247 31,250 689 398 308 388 1,18018,192 17,815 377 Apr 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 19 421 84627,337 19,705 5,279 31,914 394 535 294 363 (181 17,640 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 Aug « 26,690 26,650 40 692 77928,181 19,524 5,283 31,973 392 537 252 329 ,76018,245 18,140 105 Sept 26,563 26,563 330 95127,865^19,492^5,287^31,836 ^388 704 312 448 1.19617,760pl8,136^-376 Wednesday 1959 July 1. 26,118 26,099 19 603 88027,627 19,704 5,283 31,971 409 567 288 386 1 18117,812 18,151 -339 8 26,344 26,255 89 1,032 82428,225 19 7055,283 32,183 415 461 262 351 1,18218,358 17,962 396 15 26,418 26,383 35 780 1,009 28,234 19,681 5,283 32,097 421 422 240 335 1,18318,500 18,233 267 22 26,497 26,408 89 702 1,069 28,294 19,637 5,283 31,935 409 451 264 339 1,18218,635 18,436 199 29 26,459 26,408 51 631 74527,860 19,636 5,284 31,849 402 630 281 337 1,13718,145 18 332 -187 AUK 5 26,553 26,517 36 631 71327,922 19,626 5,281 31,987 405 387 277 334 1,20118,236 18,217 19 12: 26,598 26,597 1 591 74127,953 19,600 5,282 32,048 401 514 275 368 ,?0318,026 18,043 -17 19 26,536 26,493 43 524 96828,049 19,600 5,282 31,991 397 517 259 345 1,30618,117 18,108 9 26 26 519 26 519 557 76127 858 19 6005 283 31 887 395 534 284 342 1 25818 041 18 158 — 117 Sept. 2 26,689 26,651 38 617 76528,092 19,525 5,273 31,962 404 541 273 345 1,25718,107 18 209 -102 9 26,675 26,643 32 463 77327,931 19,522 5,274 32,238 395 370 308 374 1,25617,787 18,070 -283 16 26,798 26,643 155 429 1,294 28,541 19,522 5,274 32,074 394 346 316 383 1,26518,560P18 302 ?25 8 23 26,623 26,623 746 1,107 28,496 19,495 5,286 31,849 391 905 310 423 1,26318,135*>18,176 *>-41 30 26,563 26,563 330 95127,865^19,492*5,287»31,836 *>388 704 312 448 1J96 17,760P18,136 *-376 p Preliminary. r Revised. dates in subsequent tables on Federal Reserve Banks. 1 Includes industrial loans and acceptances; these items are not shown 2 These figures are estimated. separately in this table, but are given for end-of-month and Wednesday Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1259 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.l In millions of dollars] Central reserve Central reserve Item and period b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i r n e t v y - k e s C ba o tr n u y k n s - Item and period b m a b A e n e m l r k l s - Ne c w ity ban C k h s i- b s c R a e i n r e t v y - k e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:* 1958—Aug 18,580 4,014 ,097 7,820 5,651 1958—Aug 635 26 516 Sept. 18,425 3,951 ,064 7,731 5,679 Sept 571 27 474 Oct 18,476 3,935 ,061 7,755 5,724 Oct 521 27 433 Nov 18,540 3,883 ,054 7,819 5,784 Nov 506 17 420 Dec 18,899 4,033 ,077 7,940 5,849 Dec 516 23 430 1959—Jan 18,893 4,031 ,066 7,929 5,868 1959—Jan 497 12 428 Feb 18,577 3,968 ,052 7,777 5,780 Feb 460 15 390 Mar 18,429 3,994 ,029 7,702 5,704 Mar 461 30 381 Apr 18,664 4,008 ,041 7,825 5,790 Apr 417 7 372 May 18,580 3,979 ,037 7,792 5,772 May 448 24 357 June 18,451 3,933 ,009 7,744 5,765 June 408 7 359 July 18,671 3,981 ,028 7,838 5,824 July 400 366 Aug 18,613 3,889 ,033 7,836 5,855 Aug 472 388 Week ending: Week ending: 1959_Aug. 19 18,509 3,828 ,020 7,791 5,871 1959—Aug. 19 431 -11 -2 403 26 18,586 3,866 ,034 7,845 5,841 26 437 25 362 Sept. 2 18,566 3.887 ,034 7,841 5,804 Sept. 2 401 11 342 9 18,640 3,846 ,010 7,828 5,957 9 558 7 468 16 18,653 3,886 ,021 7,834 5,912 16 M89 10 M30 23 18,819 3,870 ,030 7,876 6,044 23 *>561 -1 30 18,394 3,868 ,038 7,832 5,656 30 ^259 1 Required reserves:2 Borrowings at Federal Reserve Banks 1958—Aug 17,946 3,987 ,094 7,731 5,134 Sept 17,854 3,923 ,058 7,667 5,205 1958—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 ,006 7,705 5,406 May 767 75 44 424 224 July 18,271 3,977 ,028 7,809 5,458 June 921 22 66 574 259 Aug 18,141 3,866 ,029 7,779 5,467 July 957 157 47 510 242 Aug 1,007 248 40 477 242 Week ending: Week ending: 1959—Aug. 19 18,078 3,839 ,021 7,750 5,468 26 18,149 3,841 ,026 7,803 5,479 1959—Aug. 19 945 260 49 435 201 26 940 232 36 439 233 Sept. 2 18,165 3,876 ,031 7,796 5,462 9 18,082 3,839 ,006 7,748 5,489 Sept. 2 965 203 36 438 288 16 18,164 3,876 ,016 7,789 ^5,483 9 1,057 149 58 556 294 23 *>18,258 3,870 ,032 7,827 *>5,529 16 1,059 266 62 513 218 30 »18,135 3,867 ,031 7; 768 ^5,469 23 859 297 41 376 145 30 721 170 25 331 195 August 1958 Free reserves:2 4 Deposits: 1958—Aug 383 -22 -22 426 Sept 95 -79 -3 -201 378 Gross demand deposits: Oct 96 -8 -3 -198 305 Total 118,997 23,583 6,391 47,408 41,615 Nov 20 -43 -16 -189 268 Interbank 14,003 4,312 1,352 6,929 1,410 Dec -41 -80 -31 -198 268 Other 104,994 19,271 5,039 40,479 40,204 Net demand deposits 3. .. 102,112 20,699 5,677 40,347 35,390 1959__jan -59 -65 -53 -223 281 Time deposits 52,960 5,227 1,436 21,471 24,825 Feb -47 -28 -26 -195 202 Demand balances due Mar -140 16 -122 -228 194 from domestic banks. . 6,981 72 117 2,079 4,714 Apr -258 -89 -64 -284 178 May -318 -51 -41 -360 133 June -513 -15 -63 -536 101 August 1959 July -557 -154 -47 -482 124 Aug -535 -225 -35 -420 145 Gross demand deposits: Week ending: Total 120,893 23,189 6,086 48,068 43,551 Interbank 12,642 3,928 1,146 6,254 1,313 1959_Aug. 19 -514 271 -51 -394 202 Other 108,252 19,261 4,939 41,814 42,238 26 -503 207 -28 -397 129 Net demand deposits 3... 103,655 20,119 5,309 40,490 37,736 Time deposits 54,642 4,895 1,460 21,964 26,323 Sept. 2 -564 192 -33 -393 54 Demand balances due 9 -499 142 KA -476 174 from domestic banks. . 6,283 63 100 1,978 4,142 16 "-570 256 -58 -468 23 *>-298 298 -43 -327 30 v-462 169 -17 -266 v Preliminary. banks and of country banks are estimates. 1 Averages of daily dosing figures for reserves and borrowings and of 3 Demand deposits subject to reserve requirements, i.e., gross demand daily opening figures for other items, inasmuch as reserves required are deposits minus cash items reported as in process of collection and demand based on deposits at opening of business. balances due from domestic banks. 2 Weekly figures of required, excess, and free reserves of all member 4 Free reserves are excess reserves less borrowings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1260 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Federal Reserve Bank o a A d b d v l v i a g a n a n c t c i e o e s s n s s s e e c a c u n u r d r e e d d d b i b s y y c e o G l u ig n o i t v b s e l e r o n f p m a a p e n e n d r t Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances t o b i b a o n l n i ( k s g l s a a o s t t i t s h o e p e n c a r u s r r t . h e o d S a f n e t b c h m . y e 1 e d U 3 m i ) . r b e S e c r . t (Sees. 13 and 13a)* Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Sept. 30 beginning— rate Sept. 30 beginning- rate Sept. 30 beginning— rate Boston Sept.14, 1959 41/2 Sept.14,1959 Sept. 14,1959 New York. . . Sept.11,1959 V4 4i/2 Sept.11,1959 Sept. 11,1959 P C h le i v la e d la e n lp d hia.. S S e e p p t t . .1 1 8 1 , , 1 1 9 9 5 5 9 9 31/2 4 4 1 y /2 2 S S e e p p t t . . 1 1 8 1 , , 1 19 9 5 5 9 9 S S e e p p t t . . 1 18 1 , , 1 1 9 9 5 5 9 9 A Ri tl c a h n m ta ond. . . S S e e p p t t . . 1 1 1 4 , , 1 1 9 9 5 5 9 9 Hi SB S S e e p p t t . . 1 1 4 1 , , 1 1 9 9 5 5 9 9 S S e e p p t t . . 1 14 1 , , 1 1 9 9 5 5 9 9 Chicago Sept.11,1959 Sept.11,1959 Sept. 11,1959 St. Louis Sept.11,1959 3V4 Sept.11,1959 Sept. 11,1959 Minneapolis.. Sept.14,1959 3% Sept.14,1959 Sept. 14, 1959 Kansas City.. Sept.11,1959 3Vi Sept.11,1959 Sept. 11,1959 Dallas Sept.11,1959 31/2 Sept.11,1959 Sept. 11,1959 San Francisco Sept.11,1959 Wi Sept.11,1959 Sept. 11,1959 3i/ 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES 1 MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Range F. R. Range F. R. Net demand deposits 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... 1 Ba - nk 1 s N. Y. Apr. 1 9 1 58 8... Banks N. W Y A . 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 re 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... 2% May 9... WA banks Aug. 24... 3 Aug. 15... 1*4-2 WA 31... 3 3 Sept. 12... 2 23... 2 2 1917_june 21 13 10 7 3 Aug 1 . 957 9... 3 -3% 3 O N c o t v . . 2 7 4 . . . . . . 2 -21/2 2 2 V4 1936—Aug. 16 191/2 15 lOVi f N De o c v . . 2 \5 3 2 '. . ' . . . '. 3 3 3%A 3 3 Mar 1 . 959 6... 2Vi-3 3 l 1 9 9 3 38 7 — _M M A a p a r r y . . 1 1 1 6 2 2 2 2 6 2 V % A 2 1 I7 0 7 V ^ 4 1 1 1 2 4 2 VA % 6 Mar. 16... 3 5 Jan. 1 9 2 58 2... 234-3 3 J M u a n y e 2 1 9 2 . . . . . . 3 3 - % 31/2 1 19 9 4 4 1 2 — _A N u o g v . . 20 1 2 2 6 4 20 14 6 6 24... 2^4-3 Sept. 11... 31/2-4 4 Sept. 14 22 Mar. 7... 2J4-3 3 Sept. 18. .. 4 4 Oct. 3 20 2 i1 1J ^ .. . . .. V/A 2ii In effect 1948 Feb. 27 22 Sept. 30. .. 4 4 June 11 24 Sept. 16,24*.... 26 22 16 1 Under Sees. 13 and 13a (as described in table above). For data for 1949_May 1,5* 24 21 15 1941-55, see BULLETIN for January 1959, p. 76. June 30, July 1*. 20 14 6 6 rep N u O rc T h E a . s — e T c h o e n t r r a a t c e t s c h a a g r a g i e n d s t b U y . t h S e . G Fe o d v e t. r a s l e c R u e r s i e ti r e v s e w B a a s n t k h e o f s a N m e e w a Y s o it r s k d o is n - A Au u g g . . 16 1 , ,1 1 1 8 * * . . . . . . . . 8* 1 1 3 2 5 5 c A o u u g n . t 2 ra 4 t - e 2 9 e , x c 2 e . p 7 t 5 ; i n a n th d e f 1 o 9 l 5 lo 7 w — in A g u g p . e r 2 i 2 o , d s 3 .5 (r 0 a . tes in percentages): 1956— 1951— S A Ja e u n p g . t . . 2 1 5 1 1,16*.... 2 2 2 2 3 21/i 1 I8 8 I/2 13 6 6 Jan. 25, Feb. 1*. 24 19 14 1953—July 1,9* 22 20 13 MARGIN REQUIREMENTS 1 1954—June 16,24*.... 21 19 5 5 July 29, Aug. 1 * 20 18 12 [Per cent of market value] 1958—Feb. 27, Mar. 1* 191/2 il* Mar. 20, Apr. 1 * !!* Jan. 16, Aug. 5, Effec- Apr. 17 19 Prescribed in accordance with 1958- 1958- tive Apr. 24 16& Securities Exchange Act of 1934 Aug. 4, Oct. 15, Oct. 16, 18 1958 1958 1958 In effect Oct. 1, 1959... I6V2 11 5 5 18 Regulation T: Present legal require- For extensions of credit by brokers and ments : Fo d r e s a h le o r r s t o sa n l e l s isted securities 5 5 0 0 7 7 0 0 9 9 0 0 M M i a n x i i m m u u m m 2 1 2 0 2 1 2 0 1 7 4 6 3 6 3 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 1261 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1959 1959 1958 Sept. 30 Sept. 23 Sept. 16 Sept. 9 Sept. 2 Sept. Aug. Sept. Assets Gold certificate account 18,230,14418,230,14318,280,14218,306,143 18.296.141 18,230,14418,296,14019.405,893 Redemption fund for F. R. notes 972,885 972,884 952,182 926,321 926^21 972,885 930,661 '882,283 Total gold certificate reserves 19,203,02919,203,02719,232,32419,232,46419,222,46219,203,02919,226,80120,288,176 F. R. notes of other Banks 483,569 492,259 426,635 356,879 412,024 483,569 408,642 364,645 Other cash 383,492 384,703 362,450 344,617 380,747 383,492 388,262 381,434 Discounts and advances: For member banks 329,332 745,359 428,412 462,761 616.558 329,332 691,260 254,078 For nonmember banks, etc 700 700 700 700 700 700 700 700 Industrial loans 340 Acceptances—Bought outright "26JO35 20,035 20,034 19.536 20.553 20,035 20,104 28,351 Held under repurchase agreement 138 383 582 U. S. Government securities: Bougght outright: BBiillls 2,562,250 2,621,750 2,641,700 2,641,700 2,649,400 2,562,250 2,649,400 985,310 Certificates—Special Other 10.506,99310,506. 10,506,99310,506,993 6;5O6!99310,506 10,506 21,507,291 Notes 11,010,29811,010; 11,010,29811,010.298 1,010.29811,010 ll,010; 10,000 Bonds 2,483,771 2,483! 2,483,771 2,483,771 2,483,771 2,483 2,483; 2,483,771 Total bought outright 26,563,312 26,622,812 26,642, 26642,762 .650.46226,563,31226,650,462 24,986,372 Held under repurchase agreement. 155 31,750 38.250 39,250 Total U. S. Government securities. 26,563,312 26,622,812 26,798,16226,674,512 26,688,71226,563,31226,689,712 24,986,372 Total loans and securities 26,913,379 27,388,90627,247,308 27,157,64727,326,90626,913,37927,402,358 25,269,841 Due from foreign banks 15 15 15 15 15 15 15 Cash items in process of collection. 5,437.331 5,944. 7,010,756 ,590,901 ,984,842 5,437 4.337,366 4,706,128 Bank premises 97,642 97; 97 96,566 96.564 97 9"6',578 90,481 Other assets 220,299 203; 184; 177,759 159.071 220 152,490 162,806 Total assets... 52,738,756 53,714,62154,562,248 51,956,84852,582,63152,738,756 52,012,512 51,263,526 Liabilities Federal Reserve notes 27,515,342 27,538,869 27,692,846 27,770,265 27,584,186 27,515,342 27,580,799 26,870,627 Deposits: Member bank reserves 17,759,814 18,135,305 18.559,53917,786, 18,107. 17,759,814 ,245,24518146,938 U. S. Treasurer—general account. 703,536 904,927 346,123 369; 540 i 703,536 537,073 371,169 Foreign 311,833 310,381 316,407 308; 273. 311,833 252,400 257,947 Other 447,756 423,335 382,508 373; 345; 447,756 329,490 395,444 Total deposits. 19,222,939 19,773,948 19,604,577 18,838,53819,266,421 19,222,93919,364,20819,171,498 Deferred availability cash items 4.486,135 4,837,423 5,716,885 3,817, 4,219 4,486,135 3,558,470 3,845,803 Other liabilities and accrued dividends. 39,806 39,434 40,242 39; 39 39,806 40,578 18,900 Total liabilities 51,264,222 52,189,674 53,054,550 50,466,506 51,109,565 51,264,222 50,544,055 49,906,828 Capital Accounts Capital paid in. 383,366 383,230 383,034 382,658 382,475 383,366 382,485 357,113 Surplus 868,410 868,410 868,410 868,410 868,410 868,410 868,410 809,195 Other capital accounts. 222,758 273,307 256,254 239.274 222,181 222,758 217,562 190,390 Total liabilities and capital accounts. 52,738,756 53,714,62154,562,248 51,956,848 52,582,631152,738,756 52,012,512 51,263,526 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 41.1 40.6 40.7 41.3! 41.0 41. 41.0 44.1 Contingent liability on acceptances purchased for foreign correspondents 66,579 67,756 68,768 71,092| 71.622 66,579 71,650 75,435 Industrial loan commitments 5 350! 350 350 1,031 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 330,032 746 429,112 463,461 617.258 330,032 691,960 254,778 Within 15 days 320;843 737; 422,036 456,156 606; 320,843 681.411 251,300 16 days to 90 days 9;081 6,928 7.156 ;,113 9,081 9,674 3,478 91 days to 1 year 108 148 149 157 108 875 Industrial loans—total 340 Within 15 days 187 16 days to 90 days 20 91 days to I year 58 Over 1 year to 5 years 75 Acceptances—total 20,035 20 035 20,034 19,674 20,035 20.686 28,351 Within 15 days 6 7031 6 343 7,069 7,649 6,703 66;;888888 9,397 16 days to 90 days 13 332! 13 692 12,965 12,025 13,332 13,798 18,954 U. S. Government securities—total. 26,563;312 26.622 812 26,798,16226,674,512 26.688J12 26, 563.312|26.668899,771122 24,986,372 Within 15 days 397 467 000 5"'2 5",4~0~0 298,750 252 110 397,900 , 135,200 16 days to 90 days 6,424 6,397 110 ,485,110 ,572,610 6.617 450 6,424,210 170,710 ,707,675 91 days to 1 year 11,747; 11,764,633 11,793,583:11,809,083 11,825 083 li;747,133 ,699,850 ,649,726 Over 1 year to 5 years 6,523 6,523,912 6,523,912 ,523,912 6,523 912 6,523,912 ,825,083 ,023,614 Over 5 years to 10 years 410 410 410,385 410,385 410.385 410,385 ,523,912 83,910 Over 10 years 1,059; 1,059 ,059,772 ,059,772 1.059'772 1,059,772 410,385 ,386,247 ,059,772 1 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

1262 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1959 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Gold certificate account 810,055 4,656,495 992,9021,622,7061,068,218 838,360 3,299,365 704,515 371,902 686,536 632,392 2,546,698 Redemption fund for F. R. notes 58,255 225,079 59,491 85,139 86,178 56,807 175,165 43,515 23,100 43,791 30,520 85,845 Total gold certificate reserves. 868,310 4,881,5741,052,3931,707,8451,154,396 895,1673,474,530 748,030 395,002 730,327 662,912 2,632,543 F. R. notes of other Banks... 48,953 92,676 36,140 25,265 45,070 63,829 35,541 12,551 36,716 22,110 16,931 47,787 Other cash 26,755 68,938 22,311 35,526 25,100 33,227 60,481 19,436 8,352 12,550 15,326 55,490 Discounts and advances: Secured by U. S. Govt. securities 20,415 20,510 13,745 25,525! 21,485 89,765 20,650 17,350| 28,750 49,398 16,610 Other 89 196 46 63 i 235 4,033 453 261 547 27 36 Acceptances: Bought outright 20,035 ... Held under repurchase agreemneent. U. S. Govt. securities: Bought outright , ,440,130 6,684,711 ,514,799 :,299,7981,702,3891,399,993 4,596,834[,080,330 605,0331,145,0121,060,248 3,034,035 Held under repurchase agreement. Total loans and securities ,460,634| 6,725,4521,528,590 2,325,3861,724,1091,493,7914,617,9371,097,706 634,330 ,194,4371,076,894 3,034,113 Due from foreign banks 1 1 1 2 1 1 Cash items in process of collection 361,767 1,091,667 338,334 482,568 417,303 398,447 858,153 239,809 148,655 243,777 267,751 589,100 Bank premises 4,394 10,038 4,091 9,288 6,786 9,737 13,851 7,151 5,118 4,678 10,038 12,472 Other assets 12,206 54,216 12,264 19,365 13,971 12,715 37,278 8,880 4,967 10,379 8,823 25,235 Total assets 2,783,020 12,924,5652,994,124 4,605,244 3,386,736 2,906,914 9,097,7732,133,5641,233,140 2,218,259 2,058,676 6,396,741 Liabilities F. R. notes l,578,756j 6,386,4001,723,509 2,517,822 2,100,591 1,516,242 5,245,545 ,205,197 606,1181,100,553 800,4312,734,178 Deposits: Member bank reserves 717,3261 4,747,473 835,4801,463,058 778,905 907,649 2,770,813 618,388 419,631 790,154 891,247 2,819,690 U. S. Treasurer—general I account 31,076 48,413 72,985! 46,092 93,448 57,148 32,178 54,885 41,909 80,865 Foreign 45,399; 99,138 20,130 27,450 15,2501 14,335 45,140 11,285 7,320 11,895 15,860 34,160 Other 16,737715 338962,,829303 1,797 644 4,070! 975 1,577 827 47,959 360 564 1,722 Total deposits 779,871 5,325,734 888,4831,539,565 871,210 969,0512,910,978 687,181 459,693 858,656 949,8432,982,674 Deferred availability cash items 336,833 801,553 283,260 4ll,644j 336,135 348,129 716,081 182,850 129,984 198,352 231,721 509,593 Other liabilities and accrued dividends 4,800 9,031 1,945 3,695 2,015 2,050 5,974 1,432 1,309 1,541 1,461 4,553 Total liabilities 2,700,26012,522,7182,897,197 4,472,726 3,309,9512,835,4728,878,578 2,076,6601,197,1042,159,1021,983,456 6,230,998 Capital Accounts Capital paid in 18,939 110,215 22,778 36,070 17,189 19,727 52,229 12,756 8,721 15,631 21,996 47,115 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. 13,705 52,730 14,542 19,805 14,750 12,241 34,807 10,402 6,530 10,591 9,788 22,867 Total liabilities and capital accounts 2,783,02012,924,565 2,994,124 4,605,2443,386,736 2,906,914 9,097,773 2,133,564 1,233,140 2,218,2592,058,676 6,396,741 Reserve Ratio. 36.8 40.3 42.1 38.8 36.0 42.6 39.5! 37.1 37.3 37.9 46.0 Contingent liability on acceptances purchased for foreign correspondents 3,663 418,627 4,396 5,994 3,33O| 3,130! 9,857 2,464 1,599 2,597 3,463 7,459 Industrial loan commitments., 5 1 After deducting $11,000 participations of other Federal Reserve Banks. * After deducting $47,952,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $219,600,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1263 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1959 1959 1958 Sept. 30 Sept. 23 Sept. 16 Sept. 9 Sept. 2 Sept. Aug. Sept. F. R. notes outstanding (issued to Bank). 28,571,174 28,620,768 28,693,019 28,606,740 28,518,104 28,571,174 28,556,383 27,838,932 Collateral held against notes outstanding: Gold certificate account 10,200,000 10,200,000 10,700,000 10,750,000 10,750,000 10,200,00010,750,000 11518,000 Eligible paper 80,492 95,447 43,542 69,242 123,555 80,492 152,590 35,398 U. S. Government securities 19,560,000 19,510,000 19,010,000 18,960,000 18,960,00019,560.00018,910,000 17.570,000 Total collateral 29,840,492 29,805,447 29,753,542 29,779,242 29,833,555 29,840,492 29,812,590 29,123,398 EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 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 L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank) 1,649,790 6 656,250 1,779,514 2,588,412 2,167,592 1,589 362 5,357,5141,255,403 622,756 137,724 854,3612,912,496 Collateral held: Gold certificate acct.. 530,000 2,420,000 640,000 920,000 670,000 500,000 2,000,000 430,000 200,000 300,000 290,0001,300,000 Eligible paper 13,745 17,335500 49,397 U. S. Govt. securities. i,i66]666 4^500^000 1,200,000 i * 550^666 1,200000 3,500,66b 935,~0~0~0 450,000 850,~0"0~0625,000 i,8bb,bbb Total collateral 1,730,000 6,920,000 1,853,745 2,670,000 2,220,000 ,700,000 5,500,000 1,382,350 650,000 199,397 915,000 3,100,00 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V1 [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n t o o h f r N b u A e m r a p p - t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r e o o t o t v m e n u e d - o n d * t t) ( s a t L a m o n o u o d a t u i n - n n s g t) 2 ( C s a t m o m a o m n e u o d n m t u i - t n n s i g t t ) - o ( i s a n P p f t t a u m g a a o f n t t i r u o i i n i d t o o n i u t a i c - n n s n n n i t s s g - c 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 i t z m s e e o d unt 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 a o t d a d t m e m s r i d e e l r t i r a e a o o t b n a n i w u g o g l t d n e s u e n r i t e a r n a t s 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 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 3,787 843,321 330 360 383 Apr 1,552 3,128 314 241 142 Mav 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 Aug.. . . 3,787 843,321 350 380 Aug 1,558 3,174 330 249 121 1 Includes applications approved conditionally by the Federal Reserve i Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by Federal Reserve Bank commitment to purchase or NOTE.—The difference between guaranteed loans authorized and sum discount. of loans outstanding and additional amounts available to borrowers NOTE.—The difference between amount of applications approved and under guarantee agreements outstanding represents amounts repaid, the sum of the following four columns represents repayments of advances, guarantees authorized but not completed, and authorizations expired or and applications for loans and commitments withdrawn or expired. withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1264 BANK DEBITS MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [Per cent per annum] [In effect Sept. 30] 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 2i/2 3 Other time deposits payable: 70 or less 10 10 In 6 months or more 3 1* 3 75 15 15 In 90 days to 6 months 3 21/2 80 20 20 In less than 90 days 3 21/2 1 85 25 25 90 30 30 95 35 35 NOTE.—Maximum rates that may be paid by member banks as estab- Over 95 40-50 40-50 lished by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies Maximum Rates Financing Institution May Charge Borrower on like deposits under the laws of the State in which the member bank is [Per cent per annum] located. Maximum rates that may be paid by insured nonmember commercial banks as established by the F.D.I.C., effective Feb. 1, 1936, are the same as those in effect for member banks. Interest rate 6 Commitment rate 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 adjusted3 Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centersl centers2 City centers1 centers2 City centers * centers2 1951 . 1,542 554 544 367 316,885 661 302 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 1 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 June 219 465 95 473 41 228 82 765 65 7 ,,4 23 8 62 7 30 7 23 5 July 206.524 82 214 40.701 83 609 54.8 29.6 22.9 5S!9 30 0 22.9 A.U2 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 3! 6 23.7 ] D SJ eOc V 2 1 3 83 8 ,9 0 7 9 5 2 9 64 2 ,7 8 1 0 1 4 4 3 8 8 . 6 2 9 2 0 4 9 80 7 .5 0 7 6 3 4 4 5 7 8 .2 4 3 1 3 0 .2 0 2 2 3 4 .9 8 4 5 7 2 .4 4 2 3 9 2 .2 4 2 22 3 .8 6 1959 Jan 221,969 86 507 44,505 90,957 54 0 30 3 23 2 53 I 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 30.5 23.5 55.6 32.7 24.6 Sept 215 938 81 067 43,259 91,611 56.2 P32 2 ,25.1 57.0 ^32.6 ^24.8 * Preliminary. 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 1265 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5.553 590 559 36 1,019 1.772 1.576 2.048 460 919 191 425 20 32 1941 11,160 8.120 751 695 44 1,355 2.731 2.545 3.044 724 1.433 262 556 24 46 1945 28,515 20.683 1.274 .039 73 2,313 6.782 9.201 7,834 2,327 4,220 454 801 7 24 1947 28.868 20.020 1,404 .048 65 2,110 6,275 9,119 8,850 2.548 070 428 782 5 17 1950 27.741 19.305 1.554 .113 64 2,049 5,998 8,529 8.438 2,422 043 368 588 4 12 1953 30.781 21,636 1,812 .249 72 2,119 6.565 9,819 9,146 2,732 581 333 486 4 11 1954 30,509 21.374 1.834 .256 71 2,098 6.450 9,665 9.136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 ,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 .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 ,398 80 2.188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958—Aug 31,371 22.296 2.117 ,398 80 2.082 6.502 10.117 9,075 711 5.703 274 376 3 Sept 31,245 22,154 2,127 ,417 80 2.072 6.433 10,025 9,091 704 5,726 274 376 3 Oct 31,386 22.264 2.142 .426 80 2.091 6.477 10.048 9,122 707 5.759 273 371 3 Nov 32,036 22.832 2.163 .457 80 2,154 6,683 10.294 9,205 739 5. 273 373 4 Dec 32,193 22.856 2,182 ,494 83 2,186 6,624 10,288 9,337 792 5.886 275 373 3 1959—Jan 31,125 21.926 2,139 ,408 80 2,064 6,340 9,894 9,199 2,733 5,814 272 368 3 Feb 31,129 21,975 2,144 ,406 80 2.062 6,378 9.904 9,155 2,714 5,791 271 367 3 Mar 31,250 22.111 2,164 ,414 80 2.075 6,410 9,968 9,139 704 5,789 270 366 3 Apr 31,349 22.209 2,175 .429 80 2,083 6,452 9,989 9,140 710 5.787 269 363 3 May 31,638 22.479 2,193 ,447 81 2,112 6.534 10,112 9,158 2,721 5.796 269 361 3 June 31.914 22.731 2,215 ,449 83 2,117 6,584 10,282 9,184 2,742 5,808 265 357 3 July 31,898 22,721 2,224 1,436 82 2,104 6,562 10,312 9,178 2,742 5,804 266 355 Aug 31.973 22,784 2,241 1,444 83 2,111 6,572 10,333 9,189 2,741 5,820 264 352 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulationl Held by Total out- F. R. Kind of currency A sta u 1 n g 9 d . 5 i 9 3 n 1 g , A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n n o R d k r . s a B g a a e n n n d k t s s Au 1 g 9 . 5 9 31, Ju 1 ly 9 5 3 9 1, Au 1 g 9 . 5 8 31, certificates agents Gold 19,524 19,258 2266 Gold certificates . 19,258 16,411 2,816 31 31 32 Federal Reserve notes 28,556 79 1,384 27,093 27,037 26,560 Treasury currency—total 5,283 $2,409 47 388 4,848 4,830 4,779 Standard silver dollars 488 157 32 8 291 288 272 Silver bullion 2,251 2,251 Silver certificates and Treasury notes of 1890.. . . 12,409 282 2,127 2,127 2,171 Subsidiarv silver coin 1 497 6 62 1,429 1,419 1,353 Minor coin 533 3 9 521 517 491 United States notes 347 5 26 316 313 314 Federal Reserve Bank notes 109 (4) 1 108 109 118 National Bank notes 57 (4) (4) 57 57 59 Total Aug ^1 1959 (5) 21,667 392 16,411 4,588 31,973 July 31. 1959 (5) 21,778 397 16,517 4,508 31,898 Au« 31 19^8 (5) 22,877 684 17,609 4,386 3 i * 371 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. 1258. 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

1266 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM i [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Treas- net- Date Gold s r t c o e u i a u n n u r n g r y c t d - - y - Total Lo n a e n t s, Tot U al . S. G m o C v a e o n r e m c d r i n a - m l en R F t 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 T a i i a n a p t o n i b e i e t d t t i a s a l l - l, c d u e T r a p o r 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 ,204 9,302 75,171 68,359 6,812 1941__Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 ,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 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 ~,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 ,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 20,461 250,757 230,5tO 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 1958—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 5,300 247,900 123,500 97,800 71,000 25,600 ,200 26,600 273,500 249,800 23,700 May 27 r 20,200 5,300 248,300 124,800 97,100 70,000 25,900 ,200 26,400 273,700 249,400 24,300 June 10. 20,137 279 248,626 125,715 96,478 69,384 25,944 ,150 26,433 274,042 249,547 24,494 June 24 r 19,800 300 248,500 126,900 95,200 68,200 25,900 ,200 26,300 273,600 249,400 24,200 July 29' 19,600 300 250,700 128,400 96,000 68,400 26,500 ,100 26,300 275,700 251,400 24,200 Aug. 26 r 19,600 300 251,200 129,800 95,200 67,600 26,500 ,100 26,200 276,100 251,100 25,000 Sept. 30* 19,500 5,300 252,100 131,500 94,100 66,500 26,600 ,100 26,500 276,900 252,100 24,800 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 n m t d k i g a - s s l B F a . A n R t ks . Total Total m T b C e i a o m r n 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 l 3 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 s a e e i n - t - s d * b r C o s e a i n u u n d c t r k e - - y s c a d d u d e T e r j a p m u r o n o e s t a d n s a t n e i l c t d d y s j p m u D o a d s a d s e e t n - i e - - t d d s b r C o s e a i n u u n d c t r k e - y - s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933_june 30.. 50 264 852 35 40,828 21,656 10,849 9,621 ,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63,253 27,059 15,258 10,523 ,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 ,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 ,932 75,851 26,490 1947—Dec. 31.. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 ,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30.. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 ,923 92,272 25,398 114,300 89,800 24,500 1955—Dec. 31.. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 ,890109,914 28,285 133,200 105,800 27,400 1956—Dec. 31.. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647111,391 28,335 134,400 106,700 27,700 1957—Dec. 31.. 3,270 761 4,179 481 227,681 89,126 56,139 31,662 ,325110,254 28,301 133,200 105,100 28,100 1958—June 23.. 3,953 700 9,471 524 229,483 95,524 61,473 32,837 ,214106,169 27,790 135,400 107,400 28,000 1958—Sept. 24.. 3,800 700 4,500 500 233,100 97,200 62,700 33,300 ,200108,100 27,900 136,700 108,900 27,800 Oct. 29.. 3,800 700 3,700 500 236,400 97,500 62,900 33,400 ,200 111,000 28,000 138,100 110,200 27,900 Nov. 26.. 3,700 700 5,900 500 237,500 96,800 62,100 33,500 111,900 28,800 138,800 110,600 28,200 Dec. 31.. 3,870 683 4,558 358 242,553 98,306 63,166j 34,006 115,507 28,740 139,400 111,300 28,100 1959—Jan. 28.. 3,800 700 4,800 500 239, 98,400 63,400 33,800 ,100113,800 27,600 138,500 110,700 27,800 Feb. 25.. 3,700 700 4,500 500 237; 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 99,500 64,100 34,300 ,100110,300 27,900 140.300 112,200 28,100 Apr. 29 r 3,700 700 4,600 500 240 99,900 64,500 34,300 ,100112,500 27,900 140,700 112,500 28,200 May 27 r 3,700 700 5,200 500 239,300 100,400 65,000 34,400 ,100110,700 28,100 140,900 112,600 28,300 June 10., 3,587 717 3,077 414 241,752 100,838 65,309 34,471 ,058112,351 28,563 June 24r, 3,600 400 4,700 500 240,100 101,000 65,400 34,600 1,100 111100,700 28,300 140,900 112,500 28,400 July 29 r 3,400 400 5,000 600 100,900 65,300 34,500 1,000112,700 28,400 142,700 114,200 28,500 Aug. 26 r 3,300 400 6,000 500 101,200 65,600 34,600 1,000111,100 28,500 141,400 112,900 28,500 Sept. 30P 3,300 400 6,400 700 241; 300 101,600 65,700 34,900 1,000111,300 28,500 140,400 112,100 28,300 v Preliminary. r Revised to benchmark data. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957, pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1267 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 t b io l o . i n v g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b o a i a l a l u p i n i c a t n i - d i t - t e a s s l 3 Total2 m D a e n - d Time G U o .S D v . t 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 r ks - All banks: 1939—Dec. 30 884 22,165 19. 302 23,292 ,242 9,874 32,516 25,852 26 8 15,035 1941—Dec. 31 126 26,615 25; 99927,344 ,816 10,982 44,355 26,479 23 8, 14,826 1 1 1 1 1 9 9 9 9 9 5 5 5 4 4 7 0 6 5 7 — — — — — D D D D D e e e e e c c c c c . . . . . 3 3 3 3 3 1 0 1 H 1 0 0 2 9 8 2 6 4 2 2 1 3 9 7 4 1 1 4 6 3 1 1 3 0 0 0 5 , , , , , 3 0 3 0 1 8 0 6 7 1 6 2 2 9 5 1 7 8 66 0 2 6 1 1 5 , , ; , 8 5 1 72 9 9 93 4 9 2 2 2 1 0 2 4 , , , 4 9 7 7 5 6 4 4 2 7 1 1 3 3 7 4 4 4 3 3 9 1 9 5 8 , , , i , 6 0 3 3 4 4 8 8 1 1 1 6 8 8 5 2 2 1 1 1 5 5 9 7 7 7 0 1 5 7 , , , 7 8 0 3 3 7 6 9 1 3 0 4 1 7 2 2 2 1 1 2 3 7 6 7 3 5 1 , , , 0 5 2 8 6 2 4 9 6 1 0 6 6 5 2 1 1 1 1 3 6 5 2 , , , , 5 1 6 7 1 3 7 3 9 4 3 7 6 3 ,06 1 1 5 , , 4 2 3 4 8 6 6 4 6 2 2 0 2 3 3 1 , , , , 8 3 9 7 1 0 4 0 0 3 5 9 6 3 6 ,9 1 1 9 3 2 0 4 5 5 1 , , , 3 3 9 9 8 0 3 9 1 6 8 3 4 8 5 5 8 5 0 3 6 8 , , , , , 6 9 1 5 1 1 0 0 1 0 3 8 5 3 2 2 9 7 2 6 8 0 8 7 6 0 2 1 1 1 1 0 3 9 1 0 , , , , 4 2 8 9 5 2 4 3 4 4 8 9 7 8 21 1 1 1 1 4 4 4 4 4 , , , , , 5 6 1 7 0 5 5 6 1 9 3 0 7 4 0 1958—June 23 179117,808 71.611 25.760 44 ._. 237,20413,789 2,497 9,209 113 94,596 1,137 21;35914,055 Sept. 24 470117,060 72,140 26,270 42,190 262 580 234,42014,010 2,400 4,220 460 96,330 1,560 21 66014,034 Dec. 31 485121,571 73,641 26.273 49,911 216 430 250,05715,799 2,374 4,253 132 97,498 8121,70514,020 1959—Apr. 29' 610125,010 71,010 26,590 43,300 270 990 242.10012,850 2,360 4,280 470 99,140 2,090 22,13014,009 May 27 ' 880126,440 70,010 26,430 42,510 270 480 241,09012,750 2,230 4,890 540 99,680 2,240 22,27014,000 June 10 ,372127,555 69,384 26,433 43,675 272 253 242;09613,481 2,137 2,776 123,601100,101 2,772 22,41513,988 June 24' 200128,690 170 26 340 42 730 270 990 241;23012,870 2,030 4,420 121,600100,310 2,710 22 36013,997 July 29r 060130,350 |400 26,310 42 290 272 520 242;690 ,630 1,990 4,680 123,250 100,140 2,580 2251013,994 Aug. 26 r 780131,970 ,570 26,240 42 150 273010 242;550 ,900 1,910 5,720 ,490 100,530 2,770 22 70014,004 Sept 30" ,500132,590 ,460 26,450 44 640 275 480 246;,280 ,730 1,780 6,120 .770 100,880 1,420 22,81013,986 All commercial banks: 1939—Dec. 30 ,668 17,238 16,316 114 22 9,874 32,513 15,331 26 6, 14,484 1941—Dec. 31 746 21,714 21,808 225 26; 10,982 44,349 15,952 23 14,278 1945—Dec. 31 019 26,083 90,606 33134,806160,312 14,065 105,921 30,241 219 8^95014,011 1947—Dec. 314 284 38,057 69,221 006 37; 155,377144,103 ,792 240 1,343 94367 35,360 65 10,05914,181 1950—Dec. 30 675 52,249 62,027 399 40 168,932155,265 ,577 462 2,806 101,91736,503 9011,590 14,121 1956—Dec. 31...... 123 90,302 58,552 269 48720 217 460197,515 ,133 1,460 3,733125,282 50,908 7516,30213,640 1957—Dec. 31 068 93,899 58,239 930 48428 222;696 201,326 ,636 1,385 3,898123,96756,440 7717,36813,568 1958—June 23 905 95,571 64,194 20,140 43507 227 847204,33513,789 2,495 9,2051 61,759 1,136 18,17813.535 Sept. 24...... ,510 94,230 64,720 20560 41 330 225;260 201,05014,010 2,400 4,220117,'086 61,759 1,560 18,41013,515 Dec. 31 ,165 98,214 66,376 20,575 48990 238;651216,01715,799 2,372 430 62,990 7318,48613,501 1959—Apr. 29 ' ,740101,210 63,630 20,900 42550 232;830 207 12,850 2,360 4,250 130,104 63,493 2,090 18,89013,491 May 27 ' ,810102,440 62,620 20,750 41 760 232.100 206. 12,750 2,230 ,440 64,870 2,240 18,99013,482 June 10 ,151103,406 62,03520,710 42894 233;726 207; ,481 2,135 42,,787940 112231,,510 65,290 2,770 19,10013,470 June 24'..... ,920104,450 60,860 20,610 41930 232:380 206. 12^870 2,030 4,420 1-2—1 ,574 65,631 2,710 19,03013,479 July 29' ,660105,940 61,110 20,610 41 570 233;870 208; ,630 1,990 4,680 123,570 65,740 2,580 19,17013,476 Aug. 26r ,190107,370 60,290 20,530 41 430 234;170 207; ,900 1,910 5,720121,220 65,610 2,770 19,34013,486 Sept. 30r ,690107,790 59,200 20,700 43900 236;390 211,380 ,730 1,780 6,120 123, 4 7 6 4 0 0 6 6 5 6 , , 9 0 2 1 0 0 1,420 19.43013,468 All member banks: 1939—Dec. 30 33,941 13,962 14,328 19,782 55, 49,340 9,257 154 743 27,48911,699 3 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 23,123 68, 61,71710,385 140 ,709 37,13612,347 4 5 6,619 1945—Dec. 31 107,183 22,775 78,338 ,070 29 138,304129,67013,576 64 22,179 69,640 "24 ,210 208 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 ,304 32; 132,060122,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 ,355 35; 144,660133,08913,106 341 2,523 87,783 29,336 79 9,695 6,873 1956—Dec. 31 138,768 78,034 47,575 159 42,.906 184•, ,.8.7.4167,90615,567 1,289 3,292106,850 40,909 4813,655 6,462 1957—Dec. 31 142,353 80,950 47,07914,324 42,746 188,828 170,63715,082 1,246 3,472105,547 45,290 5714,554 6,393 1958—June 23 151,589 82.146 53,16516,27738,489194,003173,90413,274 2,266 8,658 99,812 49.893 1,078 15,181 6,357 Sept. 24 150,684 80,798 53,28516,60036,191190,784170,03113,458 2,174 3,782 99,764 50,852 1,514 15,375 6,339 Dec. 31...... 154.865 84,061 54,29916,504 43 188 202.017182,81615,227 2,187 3.822110,448 51,132 5415,460 6,312 1959— J A M S J J A u u u e u p n a l n p g y r y e . e t . . 2 1 2 3 2 2 2 0 9 0 7 4 9 6 P r..... 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 6 6 5 5 5 , , , , , , , 0 5 2 5 1 0 9 8 0 3 5 6 5 1 9 7 7 8 7 0 0 8 8 9 8 9 8 9 6 8 1 7 9 0 2 , , , , , , , 4 6 3 7 6 6 0 3 0 5 5 6 9 5 1 1 9 7 0 7 7 5 4 5 5 4 4 4 1 0 9 0 8 9 7 , , , , , , , 7 6 2 3 1 3 2 3 6 2 7 6 4 9 1 9 5 0 4 0 7 1 1 1 1 1 1 1 6 6 6 6 6 6 6 ; ; ; , 8 4 6 6 5 5 5 3 1 2 7 2 5 4 3 0 2 6 6 2 1 3 3 3 3 3 3 3 7 7 6 6 7 6 8 ; , . , i 1 5 7 8 7 4 6 7 1 7 1 5 1 1 1 1 1 1 1 9 9 9 9 9 9 9 6 7 7 5 7 6 8 , , , , , , , 7 4 2 9 0 9 1 1 1 6 8 7 9 8 i 1 5 6 6 7 2 1 1 1 1 1 1 1 7 7 7 7 7 7 7 4 5 4 4 4 5 7 , , , , , , , 8 3 2 0 5 7 3 1 2 2 7 6 2 4 1 3 5 3 8 6 4 1 1 1 1 1 1 1 2 2 2 2 2 2 3 , , , , , , , 3 9 2 3 3 1 1 7 4 5 5 5 1 8 1 5 3 6 7 9 8 2 2 1 1 1 1 1 , , , , , , , 1 0 8 9 8 7 6 8 9 6 4 7 4 3 9 0 7 2 5 6 4 4 3 4 2 3 5 5 , , , , , , , 3 2 4 8 0 9 5 6 0 5 6 9 4 0 5 6 0 3 3 5 8 1 1 1 1 1 1 1 0 0 0 0 0 0 0 3 4 4 2 4 2 4 . , , , , , , 0 6 9 6 3 5 5 7 0 8 9 9 5 0 ' 8 8 1 2 0 2 4 5 5 5 5 5 5 5 " 2 2 2 2 2 2 2 ~ , , , , , , , 7 7 8 8 5 7 2 9 9 5 4 9 2 9 9 3 8 3 6 2 2 2 2 2 2 2 1 1 , , , , , , , 0 9 6 6 6 5 3 4 6 9 8 1 8 0 4 9 7 6 9 5 0 1 1 1 1 1 1 1 '5 5 5 5 5 6 6 " , , , , , , , 8 9 1 8 7 0 9 7 1 6 7 5 9 8 5 9 5 9 6 0 0 6 6 6 6 6 6 6 , , , , , , , 2 2 2 2 2 2 2 9 7 5 6 7 9 8 1 1 1 3 9 2 0 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947_Dec. 31 • 18,641 4,944 11,978 1,718 886 19,714 17,763 14 17., 7,45 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 19 -20,,0<09 2,247 529 1956—Dec. 31...... 31,940 19,777 7,971 4,192 920 33,311 30,032 2530,001 2,947 527 1957—Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 2266 31,,662 3,059 522 1958 -June 23.. 35,274 22,237 7,417 5,620 916 36,678 32.869 26 32..:837 520 Sept. 24 35,960 22,830 7,420 5,710 860 37,320 33,370 30 33,340 519 Dec. 31 36,320 23,357 7.265 921 37,779 34,040 29 34.006 3,219 519 1959—Apr. 29 36,870 23,800 7,380 750 38,160 34,300 ,270 240 518 May 27 37,070 24,000 7,390 750 38,380 34,420 30 34,390 280 518 June 10...... 37,221 24,149 7,349 780 38,526 34,503 28 34,,471 3,315 518 June 24 r 37,280 24,240 7,310 800 38,610 34,600 30 34,,570 3,330 518 July 29' 37,400 24,410 7,290 720 38,650 34,560 30 34,530 3,340 518 Aug. 26r 37,590 24,600 7,280 720 38,840 34,640 30 34,610 3,360 518 Sept. 30" 37,810 24,800 7,260 5,750 740 39,090 34,900 30 34,870 3,380 518 p Preliminary. r Revised to benchwork data. banks that became members in 1941 (these banks are excluded from all 1 All banks in the United States. Beginning with January 1959, 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 with 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) a national million at all insured commercial banks. bank in the Virgin Islands that became a member on May 31, 1957, (2) 3 Includes other assets and liabilities not shown separately. a noninsured nondeposit trust company, and (3) three mutual savings For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1268 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES1—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank2 Other i Cla a s n s d o d f a b te ank Total Loans o G U b o l . i v g S t a . . - O s r e i 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 s l Total-' De- Demand 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 tions co a u c n - ts 3 mand Time U. S. Other Time i Govt. Central reserve city member banks: New York City: 1939—Dec. 30 9.339 3,296 4.772 1,272 6.703 16.413 14.507 4.231 7 74 9,459 736 |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 "J95 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 2,873j 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 Sept. 24 25,230 15,464 7,350 2,416 6,309 32,782 27,608 3,993 ,710 847 17,553 3.506 385 3,240 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_\pr. 29 25,886 16,307 6,971 2,608 7,521 34.533 29.410 3.991 .740 889 19,243 3,547 * 5193.290; 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 10 25,648 16,514 6,745 2,389 7,555 34,387 28,879 4,036 ,564 479 19,211 3.589 809 3,300 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 Sept. 30P 25.194 17,244 5,570 2,380 7,690 34,101 29,141 4,315 ,256 1,208 18.795 3,567 244 3,342 16 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 2881 13 1945—Dec. 31 5,931 1,333 4,213 385 ,489 7.459 7,046 1.312 1.552 3,462 719 377j 12 1947—Dec. 31 5,088 1,801 2,890 397 ,739 6,866 6.402 1,217 72 4.201 913 426 14 195O_Dec. 30 5,569 2,083 2,911 576 ,034 7.649 7,109 1,225 174 4,604 1.103 490 13 1956— Dec. 31 6,473 3,772 2.113 588 2,171 8,695 7,943 1,364 184 5.069 1,319 4 660 14 1957_Dec. 31 6.446 3,852 2,032 562 ,083 8.595 7,792 1,333 195 4,904 1,345 4 689 14 1958—June 23 6,942 3,594 2,694 654 .914 8,929 8,022 1,249 705 4,626 1.403 80 708! 14 Sept. 24 6,577 3,405 2,537 636 ,869 8,522 7,628 1,302 247 4,642 1,399 55 714' 14 Dec. 31 6,830 3,637 2.562 631 ,158 9,071 8.214 1,357 249 5.136 1.438 3 733: 14 1959_Apr. 29 6,602 3,575 2,344 683 ,883 8,575 7.616 1,153 306 4.733 1.393 90 738 14 May 27 6,630 3,637 2.288 705 .856 8.574 7 582 1.109 304 4.734 1,402 125 739 14 June 10 6,581 3,643 2,235 703 ,850 8,520 7,375 1,160 120 4,657 1,407 272 743 14 June 24 6,516 3,687 2,137 692 ,842 8,440 7,423 1,123 259 4,586 1,424 164 740 14 July 29 6,631 3,811 2,120 700 ,949 8,661 7,677 1,116 273 4,823 1,433 137 743 14 Aug. 26 r 6,677 3,954 2,067 656 ,815 8,567 7.530 1,105 285 4,685 1,427 182 749 14 Sept. 30^ 6,728 4,012 2,053 663 ,994 8,808 7,684 1,204 349 4,679 1,426 253 753 14 Reserve city member banks: 1939—Dec. 30 12.272 5,329 5.194 1.749 6,785 19.687 17.741 3.565 120 435 9.004 4.616 1.828 346 1941_Dec. 31 15,347 7.105 6.467 1.776 8,518 24.430 22.313 4.356 104 491 12.557 4.806 1,967 351 1945—Dec. 31 40.108 8.514 29,552 2,042 11,286 51,898 49,085 6.418 30 8,221 24.655 9,760 2.566 359 1947_Dec. 31 36.040 13.449 20.196 2,396 13,066 49.659 46.467 5.627 22 405 28,99011.423 2,844 353 1950—Dec. 30 40.685 17.906 19.084 3.695 13.998 55.369 51.437 6.391 57 976 32.36*11.647 3.322, 336 1956—Dec. 31 53.915 31.783 17.368 4,764 17,716 72.854 66.524 7.584 294 ,201 40.64716.797 5,076| 289 1957—Dec. 31 55.259 32.805 17,352 5,102 17,540 74.196 67.483 7.241 301 ,358 39.96018.623 21 5.370 278 1958—June 23 59.273 32.851 20.436 5.986 15,443 76.155 68,672 6.397 416 3.150 38.00320,706 350 5.617 280 Sept. 24 59,327 32,830 20,455 6,041 15,247 75,976 67.918 6,795 382 ,492 38,24321,005 947 5,675 277 Dec. 31 60,558 34.003 20.645 5.910 17.701 79.781 72'.647 7.506 377 .429 42.25921,075 14 5.760 274 1959 -Apr. 29 60,439 35.490 19.107 5.842 15.708 77.773 69.509 5.969 367 .457 40.24P21.468 909 5.906 273 May 27 60.550 35.806 18,907 5.837 15.672 77.717 69.291 5.918 362 ,680 39.72221.609 973 5.932; 273 June 10 60,812 36,315 18,663 5,83415,611 77,952 69,382 6,450 361 858 39,990 21,724 1,141 5.930 273 June 24 60,617 36,616 18,224 5,777 15,762 77,887 69.448 5,994 341 ,600 39,72121,792 1,140 5,945 273 July 29 61,096 37,301 18,046 5,749 15,447 78.087'69,734 5,896 338 ,494 40,36821,638 1,049 5,976 272 Aug. 26 r 61,143 37,780 17,665 5,698 15,441 78,068 69,679 6,093 342 2,081 39,55421,609 972 6,004 271 Sept. 30^ 60,653 37,735 17,172 5,746 16,344 78.561 70,540 6,377 318 2,287 39,95221,606 562 6.044 270 Country member banks: 1939—Dec. 30 10.224 4.768 3.159 2.297 4.848 15.666 13.762 572 154 7. 1585.8521 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 26.99912.40810,632 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 2.934J 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 1942O.317J 21 5.046 6.141 1957_Dec. 31 56.820 28.191 21,815;6.81414,139 72.062 65.991 1.640 .181 40.72422.429 30 5,359 6.083 1958—June 23 58 22528,937 22,000 7.28812.860 72.255 65.741 1.282 .857 38.286 24.2771 164 5.641 6,045 Sept. 24 59,550 29,099 22,943 50712,765 73,505 66,877 1.368 ,197 39 ,941 126 5,747 6,030 Dec. 31 61.511 30.257 23.606 64814,031 76.767 70.277 1.578 .175 42.349 25.1371 37 5.685 6.006 1959—Apr. 29 62 22331.287 23.247 68912.421 75.830 68.788 1.258, .211 40 46425.818 426 5.845 5.987 May 27 62.200 31.637 22,879 68412.293 75.759,68.622 1.227 .372 39.99925.987 469 5.883 5.988 June 10 62,248 31,960 22,581 707 2,840 76,405^69,175 1,299; 950 40,812 26,080 463 5,946 5,976 June 24 62,386 32,317 22,3771 69212,363 75,986! 68.7S7 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 4.2_.0. 5,947 Aug. 26 r 63,081 32,817 22.55T 7,713'2,476 76,847 69,500 1,261 .675 40,270 26,260 531 6,003 5,"961 Sept. 30* 63,335 33,066 22,502,7,76712,843 77,527:70,361 1,292, ,664 41.07826.293 310| 6.026 5,951 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- from noninsured mutual savings to nonmember commercial banks. nounced in November 1947 by the Federal bank supervisory agencies. 5 Less than $5 million. Because preliminary data are rounded to the At that time a net of 115 noninsured nonmember commercial banks nearest $10 million no amount is shown except on call dates. with total loans and investments of about $110 million was added, and For other notes see preceding and opposite pages. 8 banks with total loans and investments of $34 million were transferred Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1269 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 t s a . . - O s r e i t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l u o p i i n c a t n i t - d i t a - t e a s l s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S e . ma O O n t t d h h e e r r Time I r B i o n o w g r s - - I ! T c c a a o o c p u t - i a n t l a t s l ! I ! N b o a b u n f e m k r s - Govt. AH insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 76. 69.411 10,654 1,762 41,29815,699! 10 6,84413,426 1945—Dec. 31 21,809 25,765 88,912 7,131 57; 147,775 13,883 23,740 80.276 2299,876 215 8,671,13,297 1947_Dec. 31 114,274 37.583 67,941 750 36. 52, 141.851 2,615 54 1,325 92,97534,8821 61i 9,73413,398 1956—Dec. 31 [63.601 89,831 57.837 ,933 48, 215.514195,953 5,981 1,301 3,717 124,346 5500,608i 5615.98813,195 1957—Dec. 31 168,595 93,430 57,580 585 48.127 220.865199,876 5,489 1,264 3,859 123,12756,137! 6617,05113,142 1958—June 23 178,330 95,105 63,489 ,735 43,243 225,945202,81913,632 2,288 9,162 116,308 "6 1,42911,12517,85713,121 Dec. 31 183.596 97.730 65.669 20,,198 48; 236,724214,48515,653 2,209 4,241 129,214 63,168 6718,15413.101 1959—June 10 184,632 02,902 61,396 20,,334 42. 231,876 206,14913,338 2,013 2,766 122,744 65,2! 2,762118,76213,086 National member banks: 1941—Dec. 31 27.571 11,725 12,039 3,806 14,977 43,433 39,458 6.786 23,262! 8,322 4i 3,640 5,117 1945_Dec. 31 69.312 13,925 51,250 4,137 20,114 90.220 84,939 9,229 14,013 45,47316,224; 781 4,644; 5,017 1947_Dec. 31 65,280 21.428 38,674 58 ,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 8^00 27,006117,345107,161 9,322 522 2,074 67,434 27,810 19 8,450 4,651 1957—Dec. 31 91,201 50,350 31,234 9,61726,786120,153109,091 8,958 517 2,166 66,546 30,904 38 9,070 4.620 1958—June 23 95,898 50,744 34,498 10,65623,964122,100110,065 7,849 825 4,751 62,886 33,754 492, 9,451 4,599 Dec. 31 99,277 52,627 35.714 10.936 26.781128,397116,714 9,035 767 2,292 69,808 34,812 43 9,643 4.578 1959—June 10 99,982 55,816 33,152 11,01423,835126,255112,659 7,81: 705 1,526 66,43336,177 1,42010,041 4,559 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 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 2,945 1,867 1947—Dec. 31 32,566 11,200 19.240 2,125 10.822 43,879 40,505 3,978f 15 381 27,068 9,062 3,055 1,918 1956—Dec. 31 50,291 29,924 16,007 4,359 15,900 67,530 60,744 6,245 767 1,218 39.41613,098 29| 5,205 1,811 1957—Dec. 31 51,152 30,600 15.846 4,707 15,960 68,676 61,545 6,124 729 1,306 39,00114,386 18| 5,483 ,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 ,758 Dec. 31 55.588 31.435 18.585 5.56816.407 73,620 66,102 6,192 1,420 1,530 40,64016.320 10! 5,817! ,734 1959—June 10 55,307 32,616 17,072 5,619 14,021 71,010 62,152 5,127 1,285 38,23716,622 1.266! 5,879 ,721 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| 3,3601 6 959 6,810 1945—Dec. 31 14.639 2,992 10,584 1,063 4.448 19,256 18,119 244 ,560 10,635] 5.680! 7! 1,0831 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! 7 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! 9i 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! 9 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! 47 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! 13! 2.696! 6.793 1959—June 10 29,371 14,484 11,183 3,704 4,770 34,642 31,365 392 361 18,07412,516' 76! 2,846 6,810 Noninsured nonmember commercial banks: 1941—Dec. 31 1.457 455 761 241 763 2,283 1,872 329 1,291 253: 13! 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| 4! 325 783 1 1 1 9 9 9 5 5 5 7 8 6 — — — D J D u e e n c c e . . 2 3 3 3 1 1 1 1 1 , , , 5 5 4 2 7 7 1 5 3 4 4 4 7 6 6 1 6 8 7 6 7 1 6 0 0 4 4 4 3 3 0 4 3 5 5 6 3 3 2 0 6 6 1 4 9 1 1 1 . . , 8 9 9 3 4 0 1 6 2 1 1 1 , , , 4 5 5 4 6 1 9 2 6 1 1 1 5 5 4 2 7 7 2 1 1 0 2 5 7 1 9 4 3 1 4 9 6 9 8 7 3 7 4 6 8 0 3 3 3 0 0 3 0 3 0 ! ] 1 18 1 ! 3 3 32 1 1 1 3 7 4 4 41 2 4 3 5 4 Dec. 31 1.568 484 707 377 301 1.927 1.532 146 163 9 890 325i 11 332 399 1959—June 10 1.518 504 639 375 271 1,850 1,444 143 122 7 830 342: 6 338 383 1 68 All nonmember commercial banks: 1941 —Dec. 31 7,233 3.696 2.270 1,266 3,431 10,992 9,573 457 5,504 3.613 18 1,288 7,662 1945—Dec. 31 16.849 3.310 12,277 1,262 4.962 22,024 20,571 425 14,101 6,045 11! 1,362 7,130 1947—Dec. 31 4 18,454 5.432 11,318 1,703 4.659 23,334 21,591 439 190 167 1"3,758 7,036 12 1,596! 7,261 1956—Dec. 31 26,381 12,279 10,989 3,113 5.817 32,613 29,635 566 171 440 18,43310,024 27i 2,649> 7,181 1957—Dec. 31 27,741 12.961 11,172 3.608 5.684 33,897 30,715 554 138 427 18,42011,176 21! 2,817 7,178 1958— D Ju e n c. e 3 2 1 3 2 3 8 0 , , 3 3 4 2 3 7 1 1 3 4 . . 4 1 3 6 8 5 1 11 I1 22 1, .0 0 0, 88 4U 88 0W ! 44 3J, .0 8 0 7 ,6 7 O5 4 OJ5,020 3 3 3 6 , . 8 6 7 6 3 4 3 3 0 3 , . 4 2 5 2 8 7 5 5 1 7 5 2 2 1 2 8 9 5 4 5 2 4 8 8 1 19 7 . , 6 2 5 7 5 41 1 1 2, , 3 8 8 9 7 2 | 5 2 8 0 ! 3 3 , , 0 0 2 0 8 0 ! ! 7 7 . , 1 1 9 8 2 1 1959—June 10 30,889 14,988 11,821 4,079 5,'041 36,491 32.810 536 144 368 18,90312,858! 84 3,183 7,193 Insured mutual savings bank 1941—Dec. 31 1,69: 642 629 421 151 1,958 1,789 ,789 • 164 52 1945—Dec. 31 10.846 3,081 7,160 606 429 11,424 10.363 10,351 1 1,034 192 1947_Dec. 31 12.683 3,560 8.165 958 675 13,499 12,207 1212,192 .1 1,252 194 1956—Dec. 31 24,170 15,542 5.518 3,110 739 25,282 22,886 23 2"2,,8:57 J 2,130 223 1957—Dec. 31 26,535 17,194 5.404 3,937 719 27,671 25,02: 26 24,,991 2! 2,308 239 1958—June 23 27.86( 18,132 5,234 4.503 745 29,021 26,08: 26 26,052 . 2,433! 239 Dec. 31 28.980 19.180 5.215 4.585 752 30.189 27.277 28 27.243 7 2.4731 241 1959—June 10 30,150 20,106 5,324 4,721 630 31,228 28,041 27 28,011 3; 2.608! 251 Noninsured mutual savings banks: 1941_Dec. 31 8.68' 4.259 3,075 1.353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5.36 198 3,522 641 180 5,596 5.02: 5,020 558 350 1947_Dec. 31* 5,95' .384 3.813 760 211 6,215 5,556 5,553 637 339 1956— Dec. 31 7,770 4.235 2.453 1,082 182 8,028 7,146 7,143 817 304 1957—Dec. 31 7,246 .022 2.148 1,076 171 7,497 6,67: 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 7.34' 4.177 2.050 1.113 169 7.589 6,763 6,762 746 278 1959—June 10 7,071 4,043 2,025 1,003 150 7,298 6,461 6,460 707 267 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

1270 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying Other tions Class of bank loans in- securities loans Direct of and and clud- Agri- Real to States Other call date i m nv e e n s t t s - TotaP o i p n e g n c tu ul r - - To t e a s t - e i d n i- - O lo t a h n e s r Total Certifi- Guar- p a o n l d it- s ri e t c ie u s mar- al brok- To loans vid- Total cates an- ical p k a e - t a e n rs d o e t r h s - uals Bills o d f e i b n t - - Notes Bonds teed s d u i b v - iper deal- ed- sions ers ness All commercial banks* 1947—Dec. 31.. 116,284 38.05718,1671,660 830 ,220 99,,339933 5,723 063 78,226 69.2212.193 7.789 6.034 53,191 276 3,729 1957—Dec. 31.. 170,068 40,"' ,066 ,601 620 2"3,,111100 20,217 3,533 7"6 16"958,239 ,405 4,813 10,608 37,406 915 4,014 1958—June 23.. 179,90595,57138,886 4,5523,699 925 23,,669933 20,091W, 562 84,33464,194 4,502 3,88312,348 43,456 6 15,716 4,424 Dec. 31.. J85,16598,221144 40,425 4.973 2.832 ,829 25,,225555 20,698 4156 86,95166, ,294 7,39913,396 39,281 6 16,505 4,070 1959—June 10.. 186,151 103,406 41,613 5,098 2,333 ,903 26,669 22,382 5419 82,74562,0355,149 4,72214,037 38,117 1016,984 3,725 All insured commercial banks: 1941—Dec. 31.. 49,290 211,259 9,214 1 450 614 4,.545 28,031 21,046 988 3,15912,797 4,102 3,6513,333 1945—Dec. 31.. 121,809 255,765 9,461 1 314 3164 3 361 181 96,043 88,912 245519,07116,045 "5,1321 22 3,8733,258 1947—Dec. 31.. 114,274 37;58318,012 1610 823 654 028 76,691 67,941 124 7,552 5,918 52,334 14 5,129 33,621 1956—Dec. 31.. 163,60189,83138;571 101 565 669 22,394 765 3325 73,770 57,837 5763 1,981 11,722 38,358 1312,6753,258 1957—Dec. 31.. 168,59593,430 40 380 4015 569 60123,003 20; 122 3513 75,164 57,580 5290 4,75810,493 37,031 713,688",897 1958—June 23.. 178,330 95-,105 38750 4499 3677 90723,58519,9814;541 83,224 63,489 4416 3,841 12,213 43,013 515,457 4,278 Dec. 31.. 183,596 97,730 40289 4,913 2797 810 25,148 20 -" 866 65,669 6159 7,36213,24038,902 616, ,932 1959-—June 10.. 184.632102,902 41459 0462,312 26.550 22; 264 5,396 81;730 61,396 5025 4,69013,928 37,745 1016,7433,591 Member banks, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,00711,729 ,832 3,090 2,,871 1 1 1 1 9 9 9 9 5 5 4 4 7 8 5 7 — — — — D J D D u e e e n c c c e . . . 3 3 3 2 1 1 1 3 . . . . . . . . 1 1 1 9 4 0 5 7 2 7 1 , , , , 8 3 1 5 5 4 8 8 3 6 9 3 3 2 8 8 2 2 0 2 , , , , 7 6 9 1 7 2 5 5 8 0 4 63 3 1 "6 8 7 6 , , , , 1 9 8 9 2 4 6 6 5 8 9 2 2 2 1 , ^ , 7 8 4 0 7 5 4 7 4 5 6 2 3 3 2 , , , 5 1 8 4 7 3 1 4 4 3 1 8 3 1 1 1 , , , , 4 0 7 3 0 6 0 7 9 5 6 8 1 1 7 3 8 8 , , , , 1 2 4 7 3 3 5 1 0 1 2 5 1 1 4 6 1 6 , , , , 6 9 7 - 5 0 7 " 6 4 0 5 4 2 - 4 3 1 , , , .9 3 .3 1 .5 1 3. 0 _2 6 6 4 . 6 6 6 8 1 5 9 1 ? 4 , , , , , 4 4 2 4 0 4 1 0 3 8 3 8 4 5 5_ 7 3 7 7 8 , , _ , , 9 , 3 — 1 3 4 1 8 6 3 1 2 5 , , , 9 9 3 2 8 4 , 7 7 5 8 5 7 1 42 5 3 6 , , , , 8 9 5 9 1 0 8 3 6 5 5 4 1 1 4 8 4 0 , , , , 8 2 5 4 1 7 6 8 5 1 0 0 4 4 3 3 ' 4 5" 1 6 , , , , 7 0 2 2 3 0 9 8 1 1 2 6 1 1 7 5 0 6 1 1_ 4 3 1 2_ , : , , , , , , ,, 1 2 2 7 1 2 2 7 9 3 5 8 9 5 4 6 3 2 3 3, , , , 4 1 8 0 9 0 1 8 5 5 9 2 Dec. 31.. 154,865 84,06137,444 3;,0 5.2. 2 ,7.3.0. .I ,,"5"99 20,01317,028 3,9 i2_0_ 7 0",,804 54,299 4,644 6,143 11,117 32,390 6 13,405 3,100 1959—June 10.. 155,289 88,43138,4693,132 2,260 1,669 21,18018,397 5,098 66,85850,2253,854 3,68811,410 31,264 13,820 2,813 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 412 169 123 554 8,8237,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 ,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 111 564 330 13,21411,9721,002 640 558 9,771 638 604 1957—Dec. 31.. 23,82816,10211,651 1,280 387 565 1,513-,--- 7,726 5,880 648 214 1,093 3,924 1,435 411 1958—June 23.. 27,14916,76410,978 2,164 420 557 1,4371,566 10,385 8,0351,023 286 1,729 4,996 1,748 602 Dec. 31.. 25,96616,16510,928 1,652 382 641 1,5021,4'2-4• 9,802 7,486 643 1,106 1,602 4,135 1,869 446 1959—June 10.. 25,64816,51410,731 1,556 409 746 1,6251,819 9,134 6,7451,165 350 1,717 3,511 1,978 411 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 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 1,459 855 404 31,594 29,552 ,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31.. 36,04013,449 7,088 225 170 484 3,147 1,969 3.6.6. 22,59120,196 373 2,358 1,901 15,560 3 1,3421,053 1957—Dec. 31.. 55,,2~5"9 —32 ,80515,702 494 603 673 7,667 6,8931,370 22,45417,352 ,009 1,285 3,29711,760 2 4,027 ,075 1958—June 23.. 59,,273 32,85114,789 611 881 904 7,841 6,741 706 26,42220,436 874 1,009 4,441100 1144,142 2 4,7671.218 Dec. 31.. 60,558 34,00315,808 669 518 851 8,405 6,930 I,4'92 26,55520,6451,293 2,370 4,49712,482 3 4,8641,047 1959—June 10.. 60,812 36,31516,410 753 404 860 8,986 7,513 2,073 24,49718,663 870 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 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 2~9,40726,999 630 5,102 4,544 166,713 9 1,342 1,067 1947—Dec. 31.. 36,32410,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,10817,681 6 2,006 1.262 1957—Dec. 31.. 56,820 2288,191 7,613 11,970 365 252 9,856 7,944 713 28,62921,8152,226 1,909 3,85713,819 4 5,365 1,449 1958—June 23.. 58,22528,937 7,739 2;,154 351 28210,172 8,030 ,28822,000 ,409 1,465 3,85215,272 3 5,7751,513 Dec. 31.. 61,51130,257 8,080 2,,368 294 26810,806 8.239 31,25423,606 2,475 2,306 4,49514,327 3 6,181 1.467 IS 59—June 10.. 62,248 31,960 8,650 2,362 154 29311,267 8,872 965 30,28822,5811,642 1,622 5,02314,290 5 6,392 1,315 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 1,078 625 1956—Dec. 31.. 26,381 12,279 2,424 ,683 143 218 4,708 3,085 19614,10210,989 ,541 528 2,330 6,588 2,409 704 1957—Dec. 31.. 27,74112,961 2,657 ,594 153 211 4,891 3,442 21714,780 1111,172 ,457 1,279 2,049 6,385 2,682 926 1958—June 23.. 28,34313,438 2,761 ,778 125 219 4,994 3,547 22514.90511,040 927 978 1,868 7,266 2,932 933 Dec. 31.. 30,32714,165 2,981 ,921 102 230 5,256 3,671 23516,16112,088 ,651 1,255 2,280 6.901 3,102 971 1959—June 10.. 30,88914,988 3,144 ,967 73 234 5,502 3,985 32115,90111,821 ,295 1,034 2,629 6,863 3,166 913 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 1271 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 s w e e R r d i v e t e - h e r s al v C a i a n u s l h t a w d n o c it - e h s p m o d a e s n - it d s In d t e e p r o b s a i n ts k U. S. S a ta n t d es C a f e i n e r d d ti- p v a i I d r n t u d n a i e - ls r- , Inter- G U a o . n S v d . t. S p a t o a n l t i d e t- s p v a I id r n t u d n a i e - l r s - , r B i o n o w g r s - - C a t a a c p - l i- B se a r n v k e s b m a e n s k t s ic * jus a t d e - d6 Do- For- Govt. p s o u li b t d ic i a - l c o e ff r i s - ' an sh d i c p o s, r- bank P s o a s v ta - l su ic b a d l i-an sh d i c p o s, r- counts mestics eign visions checks, pora- ings visions poraetc. tions tions All commercial kDaanmlrecs • • •3* 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 ,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 ,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 73 18,486 1959_june 10 18,084 3,118 10,371112,353 11,934 1,547 2,774 10,485 3,407 109,681 2,135 322 3,747 61,5622,77019,100 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 1959—June 10.... 18,084 3,096 10,140111,537 11,821 1,517 2,766 10,390 3,376 108,979 2,013 322 3,674 61,2922,76218,762 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 ,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 ,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 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2^120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 ,217 267 290 1,105 17,646 12 12 14 1,418 30 2.259 1957—Dec. 31.... 4,564 158 110 15,849 3,480 ,389 737 299 1,284 18,377 912 24 56 2,813 2 3,136 1958—June 23.... 4,418 145 76 15,305 3,084 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 ,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:* 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 1959—June 10 767 3,996 18,632 487 48 368 2,279 297 16,328 144 25 810 12,024 84 3,183 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 « 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

1272 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Financial institutions Wednesday i m T l n o a v o e a n e n t n d a s t s t l s - j i L m u n a s a o v e n t d a e n e d - n s d t t s s 1 - j L us a o t d a e - n d s ' 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 g u r l r a - i l - G U t l a T o i i o o g n . b o S v n d a - - . s t b . d r e o O a k c t l s u e t i e e h e r r r - s s i e s - r G U t l i o i T o o g . b o v S n a - - s t . . oth O c e t s u t i r e e h s r - s i e - r F ei o g r B n - ank c m m D s c o t i i e e m o a c s r - l - - - f & i s i C n P e n o N O s a t e s n c a S n r o t . a . l - , i c n e l t e s u b t a O i n o t k n h s er e R st e a a t l e o lo A t a h l n e l s r V se t a r i r l e o v u - n e a s - Total- Leading Cities 1959 July 1 104,995 103 476 63,351 28,482 883 293 1.894 157 1.253 596 1.519 3,832 1.462 12 198 13,640 I 339 8 105,457 104,383 63,232 28,395 886 428 ,773 165 243 593 074 3,749 1,454 12,217 13,671 1,342 15 106,643 105 457 63 774 28,499 895 614 758 165 756 609 ,186 3,850 1,485 12 259 13,730 1 346 22 105,865 104,671 63,797 28,585 896 455 736 165 771 618 194 3,873 1,502,12,262 13,781 1,347 29 105,502 104,187 63,820 28,585 907 401 ,705 164 ,274 610 315 3,911 1.528 12.277 13,812 1,354 A.Ug 1 5 2 1 10 0 4 5 , , 8 1 7 2 9 3 1 1 0 0 3 3 , , 3 7 9 3 8 7 6 6 4 4 , , 2 0 0 4 9 0 2 2 8 8 , , 7 6 5 8 9 8 9 9 1 1 6 2 3 3 2 5 1 4 , , 7 7 5 0 2 4 1 1 6 6 6 7 , , 2 2 6 7 4 7 5 59 9 9 8 4 3 8 8 1 6 4 3 , , 0 9 0 9 4 4|1 1 , . 5 54 6 2 5 1 1 2 2 , , 3 2 0 6 2 4 1 13 3 , , 9 8 3 8 2 9 , ,3 3 6 5 1 9 19 105,221 104,025 64,588 28.910 929 402 766 167 764 619 .196 4,060 1.565 12,324 13.942 360 26 105,249 103,876 64,609 28,976 927 406 697 166 ,259 613 373 4,041 1,528 12,350 14,008 ,362 Sent 2 104,850 103.745 64,616 28,990 913 339 686 165 773 639 105 4,034 1.543 12,342 14,053 1 361 p 5*:: 104,998 103,542 64,475 29,005 918 334 604 158 ,251 651 456 3,920 1,55612,382 14,057 1,361 16 105,582 104 137 65 091 29,346 924 333 609 161 740 647 ,445 4,080 1.569 12 435 14 107 I 360 23 104,590 103.387 64,901 29,374 929 296 .586 162 .222 644 ,203 3.903 1.572 12,462 14,110 1,359 30 104,299 103,571 65,346 29,479 944 401 .660 162 193 677 728 3.947 1,603 12.453 14,187 1.360 New York City 1959 July 1 26,034 25,285 16 588 9,703 236 1.387 40 379 382 749 1.339 276 783 2,441 379 8 25,942 25,515 16,386 9,659 318 270 43 380 378 427 1,244 267 779 2,426 379 15 26 531 26.083 16 661 9,670 442 78? 42 386 391 448 ,332 275 800 2,424 384 22 26,255 25,720 16,595 9,710 345 241 43 405 391 535 37? 283 794 2,445 385 29 26 133 25 550 16 575 9,708 303 733 44 407 395 583 ,336 285 794 2,461 392 Aug 5 . 25 836 25 291 16 678 9,746 269 741 45 411 392 545 ,382 303 774 2,510 396 12 25,574 25,052 16,723 9,759 245 289 45 415 388 522 ,367 314 790 2,506 396 19 25 764 25 236 16 863 9,836 240 .270 44 413 405 528 ,444 305 798 2 503 396 26 25 691 25,226 16 859 9,882 225 777 43 416 412 465 ,425 304 805 2 520 396 Sept 2 . .. 25 555 25,104 16 824 9.883 197 701 42 419 430 451 ,396 304 805 2,542 396 9 25,718 ~>5,049 16,757 9,910 189 147. 40 417 439 669 347 305 833 2,535 396 16 26 049 25 407 17 028 10,035 171 137 41 409 438 642 .505 303 848 2 540 395 23 25.388 ^4.956 16,917 10,086 183 .115 39 405 435 432 .347 293 857 2,551 395 30 25,248 24,999 17,105 10,171 186 ,138 41 386 464 249 ,394 302 852 2,565 395 Outside New York City 1959 July 1 78,961 78,191 46,763 18,779 88? 57 507 117 874 214 770 2.4931,186 11.415 11,19* 960 8 79 515 78 868 46 846 18,736 885 110 503 122 863 215 647 2,505 1,187 11,438 11 24* 963 15 80,112 79,374 47,113 18,829 894 172 476 123 870 218 738 2,518 1,210 11,459 11,30r 962 22 79 610 78,951 47,202 18,875 895 110 495 122 866 227 659 2,551 1,219 11,468 11,3V 962 29 79,369 78,637 47,245 18,877 906 98 472 120 867 215 732 2,575 1,243 11.483 11,35! 962 Aug 5 79 287 78,446 47,362 18,942 911 85 463 122 866 206 841 2,622 1 ,23911,490 1 1,37' 963 12 79,305 78,346 47,486 19,000 915 76 463 121 849 211 959 2,627 1,251 11,512 11 ,42' 965 19 79 457 78,789 47 725 19,074 928 162 496 123 851 214 668 2,616 1 26011 526 11 4V 964 26 79 558 78,650 47,750 19,094 926 181 475 123 843 201 908 2.616 1,224 11,54^ 11 48? 966 Sept 2 79 295 78 641 47 792 19,107 912 142 485 123 854 209 654 2,638 1 23911 537 11511 965 9 79 280 78.493 47,718 19,095 917 145 462 118 834 212 787 2,578 1,25!111,549 11 522 965 16 79.533 78,730 48,063 19,311 923 162 477 120 831 209 803 2.575 1,266|11,587 11,567 965 23 79 202 78,431 47,984 19,288 928 113 471 123 817 209 771 2,556 1,279111.605 11 559 964 30 79,051 78,572 48,241 19,308 943 215 522 121 807 213 479 2,553 1,301 11,601 11,622 965 1 Exclusive of loans to domestic commercial banks and deduction of NOTE.—For description of changes in the series, beginning July 1, 1959, valuation reserves; individual loan items are shown gross. e BULLETIN for August 1959, p. 885. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 1273 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 Total Bills e o d c d C t f a e i n e f t b i e i e r n - t s - s - - s W 1 y i i N n t e h a o - r t m es 5 a a t 1 y u n e r t d a o in r b s g o : n I A d y f s e te a r rs O s r e i t t c h ie u e s - r Total d b a o w B n a t m a n i i c c t l e k e h - s s s - b a w e B f n a o i a n c g i r t l e k n h - - s s C va i a n u s l h t s B F w e R a . r i e n v R t - h e k . s s a o s t s h e e t r s a c l c i a a c a t p i b o n e i i u d s t l a n i- l ts Total— Leading Cities 1959 July 1 29,980 1,747 2,157 ,692 17,696 6,688 10,145 17,165 2,981 72 ,125 12,987 3,142 136,868 8 30,966 2,850 2,099 ,694 17,618 6,705 10,185 17,299 2,630 76 ,151 13,442 3,064 135,675 15 31,502 3,514 2,055 ,650 17,608 6,675 10,181 17,705 2,903 80 ,174 13,548 3,079 139,704 22 30,702 3,027 2,020 ,519 17,466 6,670 10,172 17,710 2,738 73 ,178 13,721 3,028 136,773 29 30,242 2,753 1,850 ,502 17,482 6,655 10,125 17,209 2,622 82 ,211 13,294 3,064 135,132 Aug. 5 29,646 2,345 ,166 ,546 17,885 6,704 10,051 17,030 84 ,067 13,221 3,160 134,896 12 29,196 2,068 ,143 ,509 17,798 6,678 9,993 17,047 88 ,204 13,017 3,169 135,578 19 29,448 2,460 ,096 ,800 17,418 6,674 9,989 17,090 90 ,158 13,117 3,036 135,370 26 29,267 2,378 ,095 ,762 17,379 6,653 10,000 17,061 101 ,195 13,153 2,971 134,489 Sept. 2 29,054 2,297 ,093 ,703 17,341 6,620 10,075 17,043 2,719 81 ,123 13,120 3,046 134.689 9 28,944 2.239 ,097 ,686 17,306 6,616 10,123 16,950 2,842 84 ,203 12,821 3,064 134,939 16 28.891 2;312 ,087 ,637 17.226 6,629 10,155 17,648 3,078 108 ,195 13,267 3,025 138,202 23 28.358 2,042 ,040 ,586 17.071 6,619 10.128 17,271 2,759 94 ,229 13,189 3,035 134,920 28.118 1,990 .033 ,568 16,913 6,614 10,10 17,177 2,941 92 .155 12,989 3.143 135,787 30 . New York City 1959 6,336 871 345 453 3,313 ,354 2,361 3,917 146 3,661 1,185 35,082 July 1 6,743 1,268 331 474 3,320 ,350 2,386 4,132 150 3,881 1,179 34,424 8 7,016 1,589 279 480 3,327 ,341 2,406 4,112 138 3,864 1,190 35,704 15 6,759 1,409 289 379 3,343 ,339 2,366 4,200 140 3,969 1,160 34,854 22 6,609 1,28: 251 357 3,376 ,343 2,366 3,969 146 3,734 1,151 34,275 29 6,297 998 141 366 3,443 ,349 2,316 3,947 142 3,711 ,226 33,767 6,019 798 126 336 3,418 ,341 2,310 3,930 145 3,693 ,250 33,710 19 6,038 835 126 382 ,339 2,335 3,856 139 ,200 33,833 26 6,011 831 117 375 ,338 2,356 3,899 145 ,136 33,658 Sept. 2 5.892 791 119 318 ,349 2,388 3,796 14. 3,563 ,161 33,555 9 5,845 770 119 312 ,343 2,447 3,732 156 3,470 .174 33,747 16 5,931 880 127 286 3,297 ,341 2,448 3,570 147 3,298 ,16" 34,259 23 5.631 746 249 3,184 ,341 2,408 4.009 149 3.737 .170 33,639 30 5.507 680 121 233 3,133 ,340 2,387 3,860 142 3.590 34,151 Outside New York City July 1. 23,644 876 ,812 1,239 14,383 5,334 US- 13,248 2,903 979 9,326 ,957 101,786 24,223 ,582 ,768 1,220 14,298 5,355 7,799 13,167 2.565 1,001 9,561 ,885 101,251 15 24,486 ,925 ,776 1,170 14,281 5,334 7,775 13,593 2,829 1,036 9,684 ,889 104,000 22 23,943 ,618 ,731 1,140 14,123 5,331 7,806 13,510 2.679 1,038 9,752 ,868 101,919 29 23,633 ,471 ,599 1,145 14,106 5,312 7,759 13,240 2.574 1,065 9,560 ,913 100,857 23,349 ,347 ,025 1,180 14,442 5,35; 7,735 13,083 2,60 925 9,510 ,934 101,129 23,177 ,270 ,017 1,173 14,380 5,33' 7,683 13, IT 2,688 1,059 9,324 ,919 101,868 19 23,410 ,625 970 1,418 14,062 5,33: 7,654 13,23. 2,665 1,019 9,506 ,836 101.537 26 23,256 ,547 978 1,387 14,029 5,31 7,644 13,162 2,562 1,050 9,507 ,835 100,831 Sept. 2. 23.162 ,506 97. 1,385 14,026 5,271 7,68 13,24 2,669; 980 9,557 101,134 23.09' ,469 978 1,374 14,005 5,273 7,676 13,218 2,777; 1.047 9,351 ,890 101,192 16 22.960 ,432 960 1,351 13,929 5,288 7,70' 14,078 3,0151 1,048 9,969 ,863 103,943 23 . 22,72' ,296 929 1,337 5,278 7,720 13,262 2,687| 1,080 9,452 ,865 101,281 30 22,61 ,310 912 1,335 13J80 5,274 7,720 13,31 2,859 1,013 9,399 ,936 101,635 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1274 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday m D a e n - d Interbank S a ta n t d es C f e ie rt d i- vi I d n u d a i l - s, U. S. S a ta n t d es vi I d n u d a i- ls, From From O li i a t t i b h e i e s l r - c C o a a u p c n - it t a s l jus a t d e - d i Do t m ic es- F ei o g r n - G U o .S vt . . p s d s i i o u c i o v l a b n i i l t - - s - c c h o a e e e f n t f r c c i d s . - k ' s, p r c s a a o h a r t r t i n i n o p p d n e o s, r s - - I b n a t n er k - P i s a o n a n s g v d t s - al p s d s i i o u i c o v l a b n i i l t - - s - p r c s a a o h a r t r t i n i o n p p d n o e s, r - s - Banks others Total— Leading Cities 1959 July 1 60,835 10,841 1,523 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 1,540 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 1,532 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 1,457 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 1,431 3,310 4,699 2,333 64,539 [,770 178 1,652 28,924 425 1,826 2,972 11,075 Aug 5 61,218 10,769 1,448 2,906 4,837 2,219 63,745 1,744 174 1,644 28,941 463 1,849 3 045 11,112 61,047 10,977 1,416 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 1,441 4,293 4,540 2,185 63,318 ,694 175 1,617 28,926 382 1 866 3 097 11 141 26 60,776 10,239 1,403 3,856 4,573 2,232 63,179 1,701 175 1,594 28,921 326 2,037 3,110 11,143 Sept 2 60,206 10,842 ,506 3,672 4,606 2,346 63,004 1,616 173 1,569 28,960 434 1,663 3 129 11,169 9 60,624 11,324 ,463 2,560 4,456 2,254 63,841 1,615 174 1,553 29,001 298 2,080 3,157 11,163 16 61,133 11,841 1,454 3,141 4,365 2,315 66,400 1.594 175 1,520 28,983 313 1,884 3 089 11 128 23 60,232 10,527 1,427 3,819 4,450 2,238 63,568 ^578 172 1,516 29,035 606 1,733 3,123 11,128 30 ... 60,170 10,998 1,450 4,279 4,631 2,533 64,174 1,567 169 1,508 29,058 173 936 3,112 11,199 New York City 1959 July 1 15,655 3,041 1,194 906 368 1,663 17,570 1.411 27 151 3,377 48 640 1 17Q 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 I 359 3,290 29 15,692 2,777 1,105 1,231 274 1,147 17,293 1,399 27 141 3,338 38 860 1,358 3,287 Aug. 5 15,445 2,825 ,120 1,016 256 1,050 16,897 ,376 26 141 3,336 70 927 1,415 3,312 15,355 2,840 ,082 757 268 923 17,120 ,351 25 138 3,336 7 1,109 1 440 3,314 19 15,039 2,857 ,102 1,248 260 1,026 16,766 ,342 26 140 3,322 34 981 1,414 3,315 26 15,234 2,806 ,090 1,058 253 1,109 16,804 .328 26 140 3,328 13 1,001 1,396 3,306 Sept 2 15,191 2,895 ,176 1,065 312 1,175 16,747 1,260 26 140 3,337 10 716 1,384 3,312 9 15,404 2,978 ,129 692 293 1,153 17,081 1,261 26 139 3,357 15 941 I 372 3,310 16 15,591 3,082 ,147 734 289 997 17,783 1,244 26 124 3,361 104 698 1,369 3,301 23 15,213 2,778 .117 1,028 334 1,067 16,884 1,230 26 124 3,394 186 792 1,380 3,299 30 15,065 3,167 ,148 1,218 342 1,328 17,231 1,221 26 125 3,411 9 235 16Q 3,321 Outside New York City 1959 July 1 45,180 7,800 329 2,150 4,496 1.401 46,903 394 151 1.616 25,645 413 1.149 1.570 7,769 8 45,197 8,094 321 2,489 4,221 1,250 46,410 393 150 1,602 25,593 709 698 I 546 7 775 15 45,804 8,222 323 2,859 4,159 1,280 48,771 383 151 1,602 25,601 518 793 ,582 7,756 22 46,327 7,549 325 2,386 4,257 1,291 47,710 378 150 1,581 25,604 561 804 ,580 7,743 29 46,522 7,221 326 2,079 4,425 1L.186 47,246 371 151 1,511 25,586 387 966 ,614 7,788 Aug. 5 45,773 7,944 328 1,890 4,581 ,169 46,848 368 148 1,503 25,605 393 922 ,630 7,800 45,692 8 137 334 1,640 4,308 ,181 47,730 354 151 1,493 25,604 403 1 064 656 7 813 19 44,981 7,838 339 3,045 4,280 ,159 46,552 352 149 1,477 25,604 348 885 ,683 7 826 26 45,542 7,433 313 2,798 4,320 ,123 46,375 373 149 1,454 25,593 313 1,036 ,714 7,837 Sept. 2 45,015 7,947 330 2,607 4,294 ,171 46,257 356 147 ,429 25,623 424 947 ,745 7,857 9 45,220 8,346 334 1,868 4,163 ,101 46,760 354 148 1,414 25,644 283 1,139 ,785 7,853 16 45,542 8,759 307 2,407 4,076 ,318 48,617 350 149 1,396 25,622 209 1 186 720 7 827 23 45,019 7,749 310 2,791 4,116 ,171 46,684 348 146 1,392 25,641 420 941 ,743 7,829 30 45,105 7,831 302 3,061 4,289 205 46,943 346 143 1,383 25,647 164 701 743 7,878 1 Demand deposits other than interbank and U. S. Government, less NOTE.—For description of changes in the series, beginning July 1, 1959, cash items reported as in process of collection. see BULLETIN for August 1959, p. 885. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 1275 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Public and Period2 t l o F i b q a o a n u o c d o d c r , o , a T l p e e a p a x n t a t h d i r l e e e r l s , , M m p u a r c e e n o t t t s d a d a 3 l - l s :h P l c e e a e o m u n t a r m d i o l c , , - al, Other ( T r w e a s 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 t t ( t r i o i i a l n o r i n c t t n i a s l ) e . - - s s C t t i r o o u n n c - - bu o ty s A t o i h p n l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch r w e a i e n p n a e d o g l k l ' r e l l t — y rubber banks 1957—July-Dec 331 -159 -496 150 -161 420 183 -49 58 269 -188 1958—Jan.-June*. -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 1. -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 July5 -60 50 21 6 73 6 44 47 -2 -129 55 103 Aug 115 85 22 31 36 86 19 10 -15 381 391 Sept 276 -6 -157 101 -26 40 103 268 -9 23 613 503 Week ending: 1959-July 8 -52 18 6 -10 -4 -15 5 17 -14 -58 -107 -87 nYYYYYYYYYYYYYYY -22 3 2 1 5 0 -1 3 6 1 9 3 67 8 -4 16 2 1 1 2 5 1 5 2 1 2 2 - - 6 5 8 1 5 1 8 0 1 8 0 6 4 11 -2 1 5 2 9 5 -38 -1 3 -5 29 Aug. 5 -15 26 -2 12 29 18 28 2 2 94 103 12 38 30 -23 3 -2 4 8 -22 6 14 54 71 19.... 26 23 39 22 16 8 60 -36 5 -7 157 151 26 66 ! 6 -16 5 -6 49 -3 -24 76 66 Sept. 2 19 19 -61 17 -1 -5 7 13 -4 5 14 9 17 -23 11 8 8 21 11 6 -5 54 15 2 1 3 6 11 1 4 4 " - '2 29 3' - - 3 1 0 3 3 1 4 6 -9 29 -5 39 3 1 4 4 1 5 0 2 3 -2 3 6 8 3 6 6 5 2 34 2 1 8 30 111 -18 -30 23 -53 4 28 89 -18 128 105 r>~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 July 1; July figures, changes for July 8-29. BANK RATES ON SHORT-TERM BUSINESS LOANS 1 [Per cent per annum] Size of loan Size of loan (thousands of dollars) (thousands of dollars) p A e a r r n i e d o a d lo A a l n l s 1- 10- 100- 200 p A e a r n r i e d o a d lo A a l n l s 10- 100- 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly (cont.),2 19 large cities: New York City: 1950 2.7 4.5 3.6 3.0 2.4 1958—Sept 4.00 5.19 4.74 4.28 3.87 1951 3.1 4.7 4.0 3.4 2.9 Dec 4.29 5.38 4.94 4.52 4.18 1952 3.5 4.9 4.2 3.7 3.3 1959—Mar 4.29 5.30 4.93 4.56 4.18 1953 3.7 5.0 4.4 3.9 3.5 June 4.71 5.55 5.24 4.97 4.61 1954 3.6 5.0 4.3 3.9 3.4 Sept 5.15 5.79 5.60 5.36 5.07 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—Sept 4.21 5.48 4.90 4.42 4.03 Dec 4.50 5.53 5.05 4.66 4.36 Quarterly:2 1959—Mar 4.49 5.54 5.06 4.71 4.35 19 large cities: June 4.90 5.67 5.33 5.06 4.78 Sept 5.27 5.88 5.69 5.42 5.17 1958—Sept 4.21 5.45 4.90 4.47 4.00 Dec 4.50 5.49 5.06 4.68 4.33 11 Southern and 1959_Mar 4.51 5.53 5.09 4.74 4.32 Western cities: June 4.87 5.68 5.33 5.06 4.72 Sept 5.27 5.91 5.65 5.43 5.15 1958— D Se e p c t 4 4 . . 7 5 9 4 5 5 . . 5 5 3 5 4 5 . .1 9 2 9 4 4 . . 7 6 9 3 4 4 . . 5 2 9 3 1959—Mar 4.84 5.62 5.20 4.87 4.60 June 5.07 5.74 5.37 5.13 4.87 Sept 5.44 5.97 5.65 5.50 5.29 1 For description see BULLETIN for March 1949, pp. 228-37. 1950—Sept. 22, 2%; 1951—Jan. 8, 2%; Oct. 17, iy4; Dec. 19, 3; 1953— 2 Based on figures for first 15 days of month. Apr. 27, 3VA\ 1954—Mar. 17, 3; 1955—Aug. 4, 3*4; Oct. 14, 3V2; 1956— NOTE.—Bank prime rate was 2 per cent Jan. 1-Sept. 21,1950. Changes Apr. 13, 334; Aug. 21, 4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, thereafter occurred on the following dates (new levels shown, in per cent): 3Vi; Sept. 11,4; and 1959—May 18, 4V2; Sept. 1, 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1276 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 months i months1 on new Market on new Market (market Other 3 issues4 issue yield issue yield yield) 1956 averase 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 averaee 2 46 2 12 2 04 1 839 1 78 2 09 2 90 1958 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 2.88 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 Aug .. . • • • 3.97 3.87 3.56 3.358 3.38 3.840 3.87 4.31 4.32 4.45 Sept 4.63 4.52 4.07 4 037 4.04 4.680 4.70 4.83 4.80 4.78 Week ending: Sept 5 4.38 4.31 3.83 3.889 3.95 4.468 4.48 4.64 4.69 4.71 12 4.50 4.38 3.94 3.979 4.02 4.473 4.55 4.72 4.73 4.73 19 4.70 4.58 4.10 4.166 4.13 4.796 4.82 4.95 4.91 4.86 26 4.75 4.63 4.18 3.958 3.98 4.766 4.77 4.83 4.78 4.79 Oct. 3 4.75 4.83 4.25 4.194 4.10 4.895 4.80 4.95 4.88 4.82 i Average of daily prevailing rates. 3 Consists of certificates of indebtedness and selected note and bond * Except for new bill issues, yields are averages computed from daily issues. closing bid prices. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Corporate bonds Stocks 5 G U o . v S t . . S g ta o t v e t . a b nd o n l d oc s3 al By selected By Dividend / Earnings / Year, month, or week bonds ratings groups price ratio price ratio t ( e lo rm ng ) - 2 Total4 Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues . .... 4-7 20 5 5 120 30 30 40 40 40 14 500 500 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 Sept 3 75 3,74 3.28 4.32 4.39 4.09 4.87 4.24 4.52 4.41 4.58 3 69 5 63 Oct 3.76 3.69 3.23 4.25 4.42 4.11 4.92 4.25 4.56 4.46 4.64 3.54 Nov 3 70 3.59 3.17 4.11 4.40 4.09 4.87 4.23 4.56 4.40 4.65 3.42 Dec 3.80 3.57 3.12 4.10 4.38 4.08 4.85 4.24 4.52 4.39 4.63 3.33 5.14 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 Julv 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 Sept 4.26 3.95 3.60 4.42 4.82 4.52 5.18 4.68 4.88 4.89 4.80 3.26 Week ending: Sept 5 4.24 3.90 3.52 4.38 4.77 4.47 5.13 4.63 4.83 4.83 4.72 3 16 12 4.25 3.94 3.59 4.41 4.78 4.49 5.15 4.65 4.85 4.85 4.73 3.25 19 4.30 3.97 3.63 4.44 4.81 4.52 5.18 4.69 4.86 4.89 4 82 3 28 26 4.27 3.98 3.65 4.44 4.85 4.54 5.22 4.71 4.93 4.92 4.87 3 33 Oct 3 4.21 3.97 3.64 4.44 4.87 4.57 5.26 4.70 4.95 4.96 4.85 3.26 1 Monthly and weekly yields are averages of daily figures for U. S. 4 Includes bonds rated Aa and A, data for which are not shown sepa- Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividend/price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks, on Wednesday figures. Earnings /price ratios for common 5 Standard and Poor's Corporation. Preferred stock ratio is based on stocks are as of end of period. 8 median yields in a sample of noncallable issues—12 industrial and 2 2 Series is based on bonds maturing or callable in 10 years or more. public utility. For common stocks, the dividend /price and the earnings/ 3 Moody's Investors Service. State and local govt. bonds include gen- price ratios are now computed for the 500 stocks in the price index, but eral obligations only. figures prior to mid-1957 are based on th** °0 stocks formerly included in the daily price index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1277 SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's series Securities and Exchange Commission series of (index, 1941-43= 10) (index, 1939= 100) trad- Ye o ar r , w m e o ek nth, t ( G e U l r o o m . n v S g ) t . * . - g n ( r i h M c a i i d g 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 c b l- - Total Tot M al anu r D f a a b u c l - t e urin N ra g d o b u n l - e - T p t r o i a o r n n ta s - - P u l i u i t t c i y b l - - - T n s a a r e i f n c a n r i- e v d d c - e e , , M in i g n- s s t h i h a n ( a o n o i g r n f d u e ^ s s - ) Number of issues. 15 17 500 425 25 50 265 170 98 72 21 29 31 14 1956 average. 98.91 116.3 109.1 46.62 49.80 33.65 32.25 345 439 410 465 327 156 306 358 2,216 1957 average. 93.24 105.8 101.3 44.38 47.66 28.11 32.19 331 422 391 451 275 156 277 342 2,222 1958 average. 94.02 106.4 102.9 46.24 49.36 27.05 37.22 341 426 385 458 270 173 314 314 2,965 1958—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 Aue.. 85.11 100.6 94.3 59.40 63.74 35.56 45.15 434 542 516 556 349 219 425 324 2.431 Sept.. 83.15 98.3 93.0 57.05 61.21 33.78 43.59 417 520 500 529 333 211 424 305 2,739 Week ending: 83.44 98.8 93.2 58.84 63.10 34.95 45.06 427 533 510 544 340 216 427 317 2,315 S 83.27 98.5 93.3 57.35 61.49 33.88 44.13 419 523 502 531 336 211 424 311 2,785 19 82.73 97.8 92.9 56.58 60.71 33.41 43.19 409 510 489 518 325 207 425 302 2,444 26....... 83.08 97.8 92.8 55.95 60.05 33.11 42.58 414 516 497 523 332 210 422 292 3,202 Oct. 3 83.80 98.4 92.6 57.14 61.29 34.28 43.56 417 517 498 525 339 214 429 290 2,728 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 W En e d d n o e f s d m a o y n o th f o m r 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 n i c E e x s c w ha it n h ge ch b a B ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e ry a o l i e n th r g s e ) r s s e f o c ( r u t h r p i a t u n ie r- s2 Money borrowed Cust n o e m t er's U. S. Govt. free o ( b c c l o i o g l. l a . 3 t 5 i o + ) ns U S ob e . c l S i u g . r a e G t d i o o v b n y t s . S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o o v n t s . se O cu th ri e ti r es U ob . l S ig O . a G n ti o o v n t s . se o cu O th r n i e t r ies ba c l r a e n d c it es 1955—Dec.. 4,030 34 2,791 32 1,239 51 2,246 894 1956—Dec.. 3,984 33 2,823 41 1,161 46 2,132 880 1957—Dec.. 3,576 68 2,482 60 1,094 125 1,706 896 1958—Aug... 4,243 140 3,013 48 1,230 251 1,751 ,103 Sept... 4,350 122 3,109 51 1,241 210 1,865 ,119 Oct.. . 4,409 123 3,188 59 1,221 193 1,832 ,140 Nov... 4,464 124 3,245 50 1,219 210 1.923 ,148 Dec... 4,537 146 3.285 63 1,252 234 2.071 ,159 1959_jan 4,597 155 3,297 62 ,300 230 1,990 .226 Feb 4,569 157 3,253 65 ,316 223 1.963 ,196 Mar....... 4,636 153 3.305 55 ,331 218 1.977 ,257 Apr..... 4,764 166 3,401 55 ,363 252 2.156 .205 May 4,758 163 3.385 58 ,373 252 2.159 .188 June 4,734 158 3.388 58 ,346 237 2.246 .094 July 4,648 153 3,374 164 ,274 228 2,205 ,079 Aug. 4,528 154 3,269 166 .259 217 2,199 ,035 i Ledger balances of member firms of the New York Stock Exchange 2 Figures are for last Wednesday of month for weekly reporting member carrying margin accounts, as reported to the Exchange. Customers' debit banks. Prior to July 1959, loans for purchasing or carrying U. S. Governand free credit balances exclude balances maintained with the reporting ment securities were reported separately only by New York and Chicago firm by other member firms of national securities exchanges and balances banks. Accordingly, for that period Column 5 includes any loans for of the reporting firm and of general partners of the reporting firm. Bal- purchasing or carrying such securities at other reporting banks. Comances are net for each customer—i.e., all accounts of one customer are position of series also changed beginning with July 1959; revised data consolidated. Money borrowed includes borrowings from banks and for the new reporting series (but not for the breakdown of loans by purfrom other lenders except member firms of national securities exchanges. pose) are available back through July 1958 and have been incorporated. 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

1278 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 or month Placed Accepting banks B F. an R k . s Im- Ex- G sh o i o p d p s e c s i t o b r e e t d w i e n e n or Placed direct- i otai ports ports Dollar points in: Total through ly Others into from exdealers 1 (finance To- Own Bills For- United United change paper) 2 tal bills bought Own eign States States United Foreign acct. corr. States countries 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958—Aug. 3,371 981 2,390 1,363 416 340 75 33 91 824 256 385 131 337 254 Sept. 3,146 958 2,188 1,281 385 319 65 28 75 792 236 355 136 319 235 Oct.. 3,294 961 2,333 1,255 347 273 73 36 71 802 246 354 117 296 242 Nov. 33,203 940 32,263 1,209 290 234 55 34 75 810 251 348 94 265 251 Dec. 2,744 840 1,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959—Jan.. 3,076 875 2,201 1,133 276 226 51 40 60 756 251 346 118 168 250 Feb.. 3,322 897 2,425 1,161 309 232 77 39 62 751 275 339 112 183 252 Mar. 3,267 883 2,384 1,054 271 227 44 30 60 692 278 329 111 82 253 Apr. 3,334 822 2,512 1,029 269 208 60 30 56 673 292 348 78 48 263 May 3,555 791 2,764 1,038 242 193 49 28 79 689 286 250 103 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 Aug. 3,646 795 2,851 946 169 127 42 21 72 685 287 322 56 29 251 * 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 of o n y t e h ar M ga o g r e t- Other G U m ov . e e n S r t . n- l S o e t r c a n a t m l e g e a o n n v t d - r C a o t o t 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 s b 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 3,227 1958—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 3,227 1959—Jan.2. 23,107 212 7,324 728 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 34,287 629 3,269 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 3,280 June. '23,879 '318 '7,301 '747 '4,965 803 547 '38,560 '34,624 643 '3,293 July.. 24,058 304 7,288 751 4,918 724 549 38,592 34,570 710 3,312 ' 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 1279 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 S ( ta U lo te . c a S a l . n ) d 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 Other 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 ,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 ,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 ,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 ,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 ,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 ,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 End of month:* 1956—Dec.... 95,844 10,989 7,519 2,234 ,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 ,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958__july... 104,578 11,163 7,258 2,561 ,344 45,198 42,039 3,159 36,183 3,303 4,091 4,640 Aug 105,054 11,244 7,300 2,597 ,347 45,351 42,200 3,151 36,323 3,355 4,114 4,667 Sept... 105,493 11,268 7,307 2,616 ,345 45,561 42,370 3,191 36,462 3,368 4,138 4,696 Oct.... 106,053 11,299 7,319 2,641 ,339 45,876 42,689 3,187 36,648 3,388 4,162 4,680 Nov..., 106,540 11,355 7,344 2,672 ,339 46,015 42,817 3,198 36,794 3,415 4,183 4,778 Dec.... 107,419 11,250 7,205 2,685 ,360 46,411 43,052 3,359 37,097 3,349 4,204 5,108 1959_jan.... 108,145 11,620 7,485 2,744 ,391 46,602 43.237 3,365 37,211 3,393 4,225 5,094 Feb.... 108,583 11,596 7,414 2,774 ,408 46,829 43,442 3,387 37,350 3,414 4,253 5,141 Mar... 108,945 11,479 7,229 2,840 ,410 47,093 43,672 3,421 37,486 3,450 4,284 5,153 109,430 11,568 7,251 2,889 ,428 47,343 43,904 3,439 37,602 3,469 4,317 5,131 May!'.! 109,928 11,644 7,235 2,968 ,441 47,545 44,086 3,459 37,737 3,493 4,346 5,163 June... 110,424 11,679 7,246 2,991 ,442 47,800 44,314 3,486 37,894 3,522 4,380 5,149 July... 111,152 11,807 7,259 3,085 1,463 48,024 44,477 3,547 38,108 3,583 4,389 5,241 * 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 Other 3 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 t 5 tions profits 1941 4,578 107 344 775 6,049 4,878 475 256 t40 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 1,027 959 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 1^411 833 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 1,484 862 1958 45,599 3,821 2,569 3,125 55,114 47,926 3 857 1,451 1 170 710 ) 47Q 1958—July 42,866 3,369 2,443 2,885 51,563 45,082 6) 997 ,095 (6) 1,407 Aug 43,423 3,480 2,373 2,894 52,170 45,435 6) 1,052 1,115 (6) 1,432 Sept 43,997 3,627 2,295 2,936 52,855 45,875 6) 1,137 1,162 (6) 1,482 Oct 44 602 3,734 2,187 3,067 53 590 46,376 6) 1 195 184 (6) I 499 Nov 45,067 3,784 2,231 3,169 54,251 46,853 6^ 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 I 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 47,733 4,399 2,061 3,397 57,590 49,717 3,875 1,306 1,388 1,304 1,923 M*ay .*.*;;; 48,483 4,422 2,089 3,578 58,572 50,321 3,886 1,369 [,484 1,512 1,976 June 49,323 4,417 2,338 3,584 59,662 51,411 4,100 1,682 ,598 871 ,980 July... 50,102 4,522 1,894 3,492 60,010 51,601 4,106 1,713 1,606 984 951 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 n d 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 i n S s t u a r te ed s. 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

1280 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Year or Profits In- Profits Cash Undis- Year or quarter b t e a f x o e r s e c ta o x m e e s t a a f x te e r s d d e i n v d i- s tr p i r b o u f t it e s d quarter 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 U.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_2.. 43.5 21.2 22.3 12.7 9.6 3.. 44.0 21.4 22.5 12.8 9.7 1958—2 4,049 1,581 2,468 2,453 1,318 1,135 1,596 264 1,333 4. . 39.4 19.2 20.2 12.2 8.0 3 3,575 1,367 2,208 2,294 1,028 1,266 1,281 339 942 4 3,519 1,313 2,207 2,148 762 1,386 1,371 550 821 1958—1.. 32.0 15.7 16.3 12.7 3.6 2.. 33.6 16.5 17.1 12.6 4.5 1959—1 3,054 1,165 1,890 1,592 688 903 1,462 476 986 3.. 38.3 18.8 19.5 12.6 6.9 2, 3,410 1,266 2,144 1,818 834 983 1,593 432 1,161 4.. 44.6 21.9 22.7 12.0 10.7 1959—1.. 46.5 22.6 23.8 12.8 11.0 1 Reflects cash transactions only. As contrasted with data shown on p. 1282, new issues 52.6 25.6 27.0 13.0 14.0 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. 1282. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS * [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities End of year Net Notes and accts. Notes and accts. Federal or quarter w c o ap rk it i a n l g Total Cash s G U ec o . u v S r t i . . - receivable I t n o v ri e e n s - Other Total payable inc t li a o a x m - e Other ties G U o . v S t . . 2 Other G U o . v S t. . 2 Other bilities 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 t94.6 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—2 115 0 232.9 34.2 13.9 2 6 96.6 78.4 7.1 117.9 1.9 75 3 9.8 30.8 3 117 1 237 8 35 2 15 0 2 7 100 5 77.3 7.2 120.7 1 8 76 4 11.4 31.1 4 119.8 243.7 37.1 18.2 2.8 101.0 77.6 7.0 123.8 1.7 77.9 13.3 30.9 1959—1 122 4 247 1 34.3 19.5 2 8 102 6 80.0 7.8 124.7 1.7 78.4 12.8 31.8 2 125.4 254.8 35.6 20.0 2.7 106.4 81.8 8.3 129.3 1.7 81.1 13.7 32.8 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportsition Manu- Year Total M fa i c a n t n g u u r- - Min- Rail- Other P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i c n n i t n u g d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l s l i i - c ot A h l e l r3 road ing 1951.. 25.6 10.9 .9 1.5 .5 3.7 1.3 5.9 1958—1 7 3 3 1 7 1.2 2.3 1952.. 26.5 11.6 1.0 1.4 .5 3.9 1.5 5.6 2 7.8 3.2 .6 1.5 2.5 1953.. 28.3 11.9 1.0 1.3 .6 4.6 1.7 6.3 3.. 7 4 2 9 5 1.6 2.4 1954.. 26.8 11.0 1.0 .9 .5 4.2 1.7 6.5 4 8 0 3 2 6 1.7 2.5 1955.. 28.7 11.4 1.0 .9 .6 4.3 2.0 7.5 1956.. 35.1 15.0 1.2 1.2 .7 4.9 2.7 8.4 1959_1 6 9 2 7 6 1.2 2.5 1957.. 37.0 16.0 1.2 1.4 .8 6.2 3.0 7.4 2 8.3 3.3 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 1959*. 33.3 12.4 1.0 1.0 2.0 5.8 10.9 44 9.5 4.1 . 8 1.6 2.9 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 1281 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1957 1958 1959 1954 1955 1956 1957 1958 1 2 3 Manufacturing Total (180 corps.): Sales 88.338 105,006 114,834105,251 28,125 25,542 25.620 25,367 28.722 29,555 32,449 Profits before taxes 10.640 14,803 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 7,177 5,737 1,685 1,243 1,194 1,287 2,013 2,016 2,363 Dividends 3,222 3,847 4,192 4,078 1,121 1,038 1,011 987 1,042 1,033 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 11,085 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 ill 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 2,205 588 391 481 562 771 821 1,187 Profits after taxes 1,015 1,652 1,727 1,540 1,163 323 205 255 294 409 416 587 Dividends 582 730 873 801 223 203 201 194 203 201 204 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 1,413 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 1 Includes 17 companies in groups not shown separately. Telephone. Revenues and profits are for telephone operations of the 2 Includes 27 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and NOTE.—Manufacturing corporations. Data are obtained primarily the Long Lines and General departments of American Telephone and from published company reports. Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Divi- Railroads. Figures are for Class I line-haul railroads (which account dends are for the 20 operating subsidiaries and the two affiliates. Data for 95 per cent of all railroad operations) and are obtained from reports are obtained from the Federal Communications Commission. of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and Electric power. Figures are for Class A and B electric utilities (which before Federal income taxes and dividends. For detailed description of account for about 95 per cent of all electric power operations) and are series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 obtained from reports of the Federal Power Commission, except that (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public quarterly figures on operating revenue and profits before taxes are partly utilities); and p. 908 of the BULLETIN for September 1944 (electric power). estimated by the Federal Reserve to include affiliated nonelectric opera- For back data for manufacturing, see pp. 792-93 of the BULLETIN for tions. July 1959; back data for other series are available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1282 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Proposed use of net proceeds, Gross proceeds, all issuers2 all corporate issuers« Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . .3 a F e c g e r y e a d n 4 l - - S n m a p t i n a c a u d t i l - e - Others Total Total o B P f l f i o u e c r l n b e y d - d s p v l P a a t r c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N o e n w ey' l M p a c u e n i l r e s - - - - m e b d t R i t o a e e r c e e f n b n . - - k t 8 t , m r s t i e i t o e r c i e f e n u - s t - 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,607 7,120 6,531 226 363 486 1952 '27,209 12,577 459 '4,401 237 9,534 7,601 3,645 3,957 564 1,369 9,380 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,755 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958 r 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1958—July.. 2,423 418 164 631 13 1,196 907 735 172 70 219 1,174 1,102 1,026 76 72 Aug.. 1,340 369 389 9 573 492 209 283 12 70 563 538 518 20 25 Sept.. 2,197 352 647 23 1,175 1,098 851 246 23 55 1,159 1,144 1,038 106 15 Oct.. , 3,076 1,461 220 439 66 890 652 287 365 67 170 873 858 739 119 15 Nov.. 1,408 324 459 127 497 379 236 143 12 107 489 478 424 54 11 Dec. 1,900 370 448 79 1,002 751 266 485 50 201 985 914 845 69 72 1959__jan... 5,780 3,971 199 639 85 885 724 405 319 36 126 869 840 794 46 29 Feb.. 2,132 420 881 62 770 481 187 294 55 234 754 745 600 145 9 Mar.. 1,921 443 'i75 637 11 656 457 195 262 47 151 640 631 539 92 9 Apr.. 4,511 2,583 940 60 928 619 310 309 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 July.. 1,408 350 457 79 521 407 173 234 25 90 507 497 445 52 10 Proposed use of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al Year or month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of apitalio secu- capital10 secu- capital io secu- capital 10 secu- capital io secu- capital io 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 r 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1958—July. 519 24 55 49 348 46 101 31 1 Aug. 122 16 47 26 281 13 49 1 Sept. 485 12 389 44 186 13 28 1 Oct.. 255 10 52 81 311 45 114 1 Nov. 119 3 70 18 127 2 89 55 5 Dec.. 233 20 53 151 262 14 103 112 35 1959_ Jan.. 148 17 61 80 295 34 221 Feb.. 123 5 105 154 188 62 113 Mar. 92 6 46 51 331 9 102 Apr.. 277 7 78 75 314 16 139 May. 248 10 56 38 338 6 105 June. 221 6 127 96 313 22 95 July. 132 5 70 27 167 4 98 r Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues maturing in more than one year sold for cash of notation, 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 1283 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 proceeds2 Total Period 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 3 o s ic - r- F l G o e a o a d n l v e s t r . 4 - State S d a s i p u t a t s o a e t n t h r c t r d y u i o i c a - r t l - Others a d e m r e o e li d u v 6 n - t 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 t a 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 g a s n l s i - 7 - - V a a e n i t d s e ' r- O p p o t u s h r e e - s r ity 1951 3,278 2,220 730 328 668 722 1,889 n.a. 3,188 582 580 640 361 42 983 1952 4,410 2,633 ,463 305 718 1,305 2,387 n.a. 4,096 969 938 642 424 100 ,024 1953 5,558 3,495 ,558 496 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 ,119 1954 6,969 3,380 ,205 374 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 ,333 1955 5,976 3,770 ,730 474 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 ,414 1956 5,446 3,577 ,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 ,464 1957 87,150 4,795 ,964 66 324 1,508 1,279 4,362 6,568 7,099 2,551 1,041 1,524 299 333 ,352 1958 7,832 5,446 ,778 187 420 2,016 1,368 4,448 7,708 7,746 2,644 1,172 1,403 530 339 ,657 1958—Aug.. 408 310 93 5 21 77 310 615 403 169 45 108 81 Sept.. 663 462 189 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 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 '185 1 14 185 139 321 905 645 196 49 141 12 50 197 Apr... '940 494 '431 15 186 397 '357 617 '931 263 166 334 10 33 124 May.. 595 368 93 105 29 50 147 '398 '902 592 190 25 188 121 68 June.. 985 522 423 40 271 355 '360 '611 '981 '216 130 313 29 100 192 July.. '567 '225 192 150 150 '62 '355 963 '567 '155 '159 '50 145 '58 Aug.. 498 382 109 6 173 82 243 530 498 143 58 81 120 92 n.a. Not available. ' Revised. 5 Consists of municipalities, counties, townships, school districts and, 1 Data prior to 1957 are from the Bond Buyer as classified by Federal prior to 1957, small unclassified issues. Reserve. 6 Excludes Federal Government loans. These data are based on date 2 Classifications prior to 1957 as to use of proceeds and type of issuer of delivery of bonds to purchaser (and of payment to issuer) which occurs are based principally on issues of $500,000 or more; smaller issues not after date of sale. Other data in table are based on date of sale. classified. As a result some categories, particularly education, are under- 7 Includes urban redevelopment loans. stated relative to later data. 8 Beginning in 1957 this figure differs from that shown on the opposite 3 Includes only bonds sold pursuant to the Housing Act of 1949. page, which is based on Bond Buyer data. The principal difference is in These are secured by a contract requiring the Public Housing Administra- the treatment of Federal Government loans. tion to make annual contributions to the local authority. 9 Less than $500,000. 4 Beginning with 1957, coverage is considerably broader than earlier. UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, SEPTEMBER 30, 1959» [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury bills—Cont. Treasury notes—Cont Treasury bonds—Cont. Oct 1 19SQ 1 500 Mar * tQ^n 400 Oct t 1Q61 332 Feb 15 1964 1 3 854 Oct. 8, 1959 1,601 Mar. 10, 1960 400 Feb. 15, 1962 3 V 647 June 15, 1964-69. 23A 3,741 Oct. 15, 1959 1 600 Mar 17 1960... 400 Feb. 15, 1962 4 1,435 Dec. 15, 1964-69. 2V» 3,816 Oct. 22 1959 1,406 Mar. 22 1960* 4,004 Apr. 1, 1962. Ayi 551 Feb 15 1965. .. 6,896 Oct. 29, 1959 1,400 Mar 24, 1960... 400 Aug. 15, 1962 2,000 Mar. 15, 1965-70.• -2V2 4,696 Nov. 5 1959 . . .. 1,401 Apr. 15 1960 2,003 Oct. 1, 1962.. . 590 Aug. 15, 1966.. . 1,484 Nov. 12 1959 1,600 July 15 1960 2,001 Nov. 15 1962 1,143 Mar. 15, 1966-71...2Vi 2,943 Nov. 19, 1959 1,600 Feb. 15, 1963 3,971 June 15, 1967-72. 1,824 Nov.27 1959 1,600 Certificates Apr. 1 1963. 533 Sept. 15, 1967-72."V(\ 2,716 Dec. 3, 1959 1,500 Nov. 15. 1959 • 3% 7,711 May 15, 1963 1,743 Dec. 15, 1967-72. 3,679 D D e e c c . 1 1 0 7 1 1 9 9 5 5 9 9 . . .. 1 1 ,7 7 0 0 0 0 F M e i b a . y 1 1 5 5 1 1 9 9 6 6 0 0 ... 4 1 1 1 ,3 2 6 6 3 9 A Oc p t r . 1 1 , 1 1 9 9 6 6 4 3. . •{it 5 1 0 9 6 8 N O o ct v . 1 1 5 , 1 1 9 9 7 6 4 9 3% 4 1,2 6 7 5 6 4 Dec. 22 1959* 1 500 May 15. 1964 4,184 Feb. 15, 1980 4 884 Dec. 24 1959 1,701 Treasury notes June 15, 1978-83...314 1,602 Dec. 31,1959 500 Oct. 1. 1959 IV, 99 Treasurv Bonds May 15, 1985 . .314 1,135 Jan. 7, 1960 . . 400 Nov. 15,1959 31/ 1 184 June 15, 1959-62..•?$ 5,266 Feb. 15, 1990 . .31/2 1,727 Jan. 14, 1960 401 Apr. 1, I960 JW 198 Dec. 15, 1959-62.. 3,454 Feb. 15, 1995 3 2,739 Jan. 15 1960 2,006 May 15 i960 2,738 Nov. 15, 1960 3,806 Jan. 21, I960 400 May 15, 1960 2,406 Dec. 15, 1960-653.,2y4 1,485 Panama Canal Loan . . .3 50 Jan 28 1960 401 AUK 15 1960 4-^A 9 561 Sept. 15,1961.. .. 2 239 Feb. 4, i960 400 Oct. 1 1960... . JW 278 Nov. 15, 1961 21/ 11,177 Convertible bonds Feb. 11, I960 400 Apr. 1, 1961 11/ 144 June 15, 1962-67.. 2 V? 2,111 Investment Series B Feb 18 1960 400 M!ay 15 1961 3% 4 078 Aug 15, 1963.. .. .21/2 6 755 Apr. 1, 1975-80...2y4 7,575 Feb. 25 1960 400 Aug. 1 1961 . . 4 2,136 Dec. 15, 1963-68.. 2,819 * Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 1276. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1284 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketaible 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 Total Bills c i C e n a d e t d e n r e t s e i b f s o i t s - - f Notes B e b l a l i e g n i 4 k - Bon s d t B s r r i a c e n t - e k d b C v i o b e o n r l n e d t- - s Totals b S i o n a n g v d s - s n s T i a o n a n a t g v d e x s - s S i p ss e u c e ia s l 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 65.1 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 19^5 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 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 Sept 288.4 288.3 241.1 183.1 37.1 20.3 40.8 84.8 7.5 50.6 49.7 44.4 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $415 million on Sept. 30, 1959) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $9,925 million on Aug. 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 in (i g n c g l u ud ar - - trust funds1 Federal Com- Mutual I a n n su ce r- Other S a t n a d te Individuals Misc. s a e n c te u e ri d - Special Public Total R B e a s n er k v s e m ba e n rc k i s a 2 l s b a a v n in k g s s p c a o n m ie - s r c a o t r io p n o s - g l o o v ca t' l s Savings Other i t n o v r esties) 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—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 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 July 288.8 44.1 10.0 234.7 26.5 61.8 7.3 12.0 22.2 18.6 46.9 19.0 20.4 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $293 million on Dec. 31, 1958. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1285 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 Bills C c e a r t t e if s i- Notes M bo a a b n rk l d e e s t 2 - v b C e o r o t n i n b d - l s e Total W 1 i y th e i a n r 1-5 5-10 Over 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—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 July 31. 190,696 37,029 33,843 27,341 84,843 7,639 183,057 77,970 56,846 18,537 29,704 U. S. Govt. agencies and trust funds: 1955—June 30 7,162 40 8 119 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 ,282 3,664 3,063 5,491 1,138 1,210 295 2,848 1958—June 30 9.477 173 599 ,169 4.703 2,833 6,644 899 1,565 913 3,267 Dec. 31 9,379 78 492 ,338 4.711 2,759 6,620 721 1,696 1,179 3,025 1959—May 31. 9,806 175 537 ,397 5,005 2,692 7,114 1,019 1,696 1,205 3,194 June 30. 9,681 86 537 ,389 4,988 2,680 7,001 930 1,679 1,448 2,944 July 31. 9,858 186 ,407 5,012 2,665 7,193 1,087 1,696 1,466 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 1,415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1,014 1,415 1957—June 30 23,035 287 11,367 8,579 2,802 23,035 20,246 681 750 1,358 1958—June 30 25.438 ,703 19,946 2,789 25,438 23,010 1,014 57 1,358 Dec. 31 26,347 ,284 18,704 2,484 26,347 20,995 3,881 206 1,264 1959—May 31. 25,905 1,904 18,650 2,868 2,484 25,905 20,553 3,881 206 1,264 June 30. 26,044 2,032 18,650 2,879 2,484 26,044 20,687 3,887 410 1,060 July 31. 26,543 2,475 18,715 2,870 2,484 26,543 21,191 3,882 410 1,060 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 2,181 1,004 11,620 34,712 155 49,517 7,433 18,234 19,132 4,719 1957—June 30.. 48,734 2,853 2,913 8,984 33,839 144 48,590 12,268 23,500 8,600 4,222 1958—June 30... 57,509 3,796 3,331 11,532 38,720 130 57,379 13,431 24,494 14,259 5,195 Dec. 31. . 59,048 5,194 6,686 12,285 34,753 130 58,918 14,380 29,696 10,433 4,409 1959—May 31. 55,190 4,384 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 July 31. 53,773 4,838 3,629 12,126 33,060 120 53,653 10,926 30,747 8,188 3,792 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 1,319 4,468 1957—June 30 7,397 163 114 367 655 1,098 6,299 576 1,082 601 4,040 1958—June 30 7,110 89 132 465 493 931 6,179 303 1,106 675 4,094 Dec. 31 6,942 139 115 538 268 882 6,060 300 1,229 958 3,573 1959—May 31. 7,138 204 201 670 ,268 795 6,343 503 1,356 865 3,620 June 30. 7,079 175 209 684 ,228 783 6,296 480 1,360 1,700 2,756 July 31. 7,060 209 260 643 5,172 776 6,284 564 1,303 1,678 2,738 Insurance companies: 1 19 9 5 5 6 5 — __ J jU u n n e e 3 3 0 0 1 1 1 3 , , 7 1 0 1 2 7 6 31 3 8 0 4 7 4 4 7 7 8 6 9 0 7 8 , , 7 4 8 7 9 9 2 3 , , 7 1 9 4 1 5 9 8 , ,9 9 1 7 1 2 6 8 3 1 2 0 1 1 , , 3 1 3 9 9 2 2 1 , , 0 8 2 0 7 2 5 5, , 2 7 8 9 5 6 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—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 ,678 4,164 July 31. 11,006 545 359 797 7,380 1,926 9,081 1,139 2,094 ,695 4,153 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—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 July 31. 82,456 28.778 10,292 9,498 31,735 2,153 80,303 43,063 17,124 5,100 15,017 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

1286 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 e u c N e d e i g p t e t t s re T P f c u r l e u n u i s d s p : t ts t I G r L n a e o t n s r v s s a t . : - * . E p T r f q u 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 u e u e n d r x e d g - s i e - t p T P t f e u u e l r n u r x n u e d s - d s s : i t - A m L d e e j n s u s t s s : t 3 - E p p t T q o u a u o b y t a t l t h a l i s e s l c . : t p p o f u r a th o o ( y b e r m - t li 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 e s i e c t e n e n - t , .) t a i r G g n . N e v o f n . e u v . t b n t & . y L ds ess: O d n c e a t o h b s n e h t - 4 r b E r i o e q n c ( N p r u ) g a r a s e a o h y t o l w s t r . : - Cal. year—1956 70,994 12,398 3,023 80,334 67,216 10,339 2,747 74,809 5,525 -3,560 2,481 -136 -5,910 1957 72,284 15,368 3,079 84,521 71,692 14,794 3,155 83,328 1,191 467 1,573 64 -1,168 1958 68,694 16,797 3,710 81,728 75,782 17,856 4,622 89,014 -7,287 7,533 -717 487 7,762 Fiscal year—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 80,699 18,535 4,692 94,542 -13,007 9,656 -1,080 2,160 8,576 Semiannually: 1 19 9 5 5 8 7 — _j J ul a y n _ . D -J e u c ne 2 3 9 9 , , 3 7 2 9 5 2 9 7 , , 1 1 6 6 2 7 2 1 , , 0 41 8 0 3 4 3 6 5 , , 8 0 3 5 6 7 3 3 5 6 , , 8 0 7 6 6 0 7 8 , , 1 9 3 3 3 6 3 1 , , 3 2 3 5 8 4 4 41 1 , , 4 9 7 3 5 8 -6 5 , , 8 3 8 6 2 2 5,5 6 5 6 6 0 -1 7 2 7 0 7 -1 -3 6 4 6 5,71 4 1 9 July-Dec 28,902 7,635 1,627 34,892 39,906 8,921 1,285 47,539 -12,649 6,873 -1,494 653 7,713 1959—Jan.-June*... 39,256 9,432 2,019 46,642 40,793 9,614 3,407 47,003 -358 2,783 414 1,507 863 Monthly: 1958—Aug 4,838 1,956 236 6,554 6,198 1,412 16 7,594 -1,040 3,017 391 51 2,575 Sept 7,208 885 155 7,936 6,633 1,397 -253 8,283 -348 -1,650 -338 63 -1,374 Oct 2,769 1,025 195 3,596 7,144 1,597 713 8,028 -4,432 3,640 -571 183 4,027 Nov 4,962 1,486 214 6,231 6,237 1,310 346 7,200 -969 2,867 -276 141 3,003 Dec 6,180 1,171 556 6,791 7,080 1,419 -24 8,522 -1,732 -166 -363 145 51 1959__Jan 4,528 759 236 5,049 6,776 1,883 1,074 7,585 -2,536 2,801 -846 101 3,546 Feb 6,576 1,637 212 7,998 6,331 1,462 -232 8,025 -28 -434 128 64 -627 Mar 8,426 1,322 162 9,581 6,461 1,451 789 7,124 2,457 -3,016 93 145 -3,253 Apr 4,258 1,302 171 5,384 6,427 1,905 328 8,005 -2,621 3,491 -665 69 4,086 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 -2,904 July 3,246 1,214 486 3,973 6,557 2,174 561 8,171 -4,198 4,339 -505 239 4,606 A 5,679 2,444 231 7,889 6,305 1,528 -651 8,484 -594 1,943 574 31 1,338 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. ( —) States (end of period) Period s B d u u e N r o p f d e i 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 . a N u e o l ) r a i n , e v k g n c t e t a o c y . t - e f in i & s a n G v e g N c . e o t F . e r n v ( u e t c b t - d s y . y ) t . , I d n ( p e d g - c c u i r ) r o r r b , o e e e r l a s c a i i s s c n t s e e , T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ' s s n - t Balance B ( F a a D a . v b n e a l R k p e il . s o - sit T s T a L i x u r n o e r — a y a 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 1,391 1957... 1,596 1,409 -518 ,085 -2,300 -2,224 5 -956 5,590 498 4,082 1,010 1958... -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 1,121 1959P.. -12,541 -1,468 57 71 1,131 8,363 12 -4,399 5,350 535 3,744 1,071 Semiannually: 1957—July-Dec... -6,735 34 159 ,007 21 4,371 -160 -984 4,606 481 3,084 1,041 1958—Jan.-June.. 3,916 228 511 -440 -218 1,445 300 5,143 9,749 410 8,218 1,121 July-Dec... -11,004 -1,286 -232 -121 1,144 6,579 -131 -4,788 4,961 358 3,468 1,135 1959—Jan.-JuneP. -1,537 -182 289 192 -13 1,784 143 389 5,350 535 3,744 1,071 Monthly: 1958—Aug -1,361 543 -195 10 -470 3,009 288 1,249 6,368 540 4,769 1,059 Sept 575 -511 -284 -3 314 -1,810 -450 -1,269 5,099 371 3,535 1,193 Oct -4,376 -572 511 -32 519 3,546 161 -565 4,534 363 2,916 1,255 Nov -1,274 177 111 -37 212 2,848 46 1,991 6,525 424 4,879 1,222 Dec -900 -248 -601 -28 239 -138 -113 -1,564 4,961 358 3,468 1,135 1959—Jan -2,248 -1,124 462 -4 1,047 2,879 54 957 5,918 447 4,054 1,417 Feb 245 175 -477 57 47 -697 -7 -644 5,274 492 3,454 1,328 Mar 1,965 -130 507 6 -70 -3,069 45 -836 4,438 398 2,787 1,253 Apr -2,169 -603 355 78 491 3,319 -60 1,531 5,969 539 3,844 1,586 May -739 1,053 -432 1 -980 950 -67 -81 5,888 567 4,117 1,204 Junep 1,410 447 -125 54 -548 -1,597 178 -538 5,350 535 3,744 1,071 July -3,311 -960 35 -1 670 3,976 -77 486 5,837 522 4,364 951 Aug -626 916 -641 51 -666 1,714 -33 781 6,617 537 5,227 853 » 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 1287 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period B c N u e r d i e e p g - t t e s t f t O u a r n u g ld d T s e - t r 6 ans H f t f w r e u i u r n g a s s d y h t - to R - m a ti r c . r e e c e R n - t - . 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 l t d h d - ivid O ua th l er C ra o ti r o p n o- t c a E i x x s e e - s t p m a E l x o e m e n y s - t - 7 O ce r t i e h p - e ts r Liquor b T ac o c - o a ta M n i d l f e r r r s e s . - ' Fiscal year—1956... 68,165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 1957... 71,029 6,634 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958... 69,117 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 1959P.. 68,158 8,004 2,171 527 4,934 83,794 28,996 11,733 18,092 10,763 8,855 5,355 3,002 1,807 4,315 Semiannually: 1957—July-Dec... 29,325 3,135 1,151 305 655 34,571 13,760 2,874 6,273 5,595 3,445 2,625 1,574 848 2,226 1958—Jan.-June . 39,792 4,598 965 270 3,778 49,403 13,281 8,654 14,260 5,219 5,199 2,789 1,372 886 2,090 July-Dec... 28,902 3,383 1,112 265 634 34,296 13,769 2,827 6,174 5,364 3,653 2,509 1,600 931 1,963 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 1,402 876 2,352 Monthly: 1958_Aug 4,838 1,032 206 72 133 6,280 3,476 123 316 908 1,105 352 249 164 n.a. Sept 7,208 504 188 44 175 8,119 2,093 1,815 2,267 912 549 483 265 160 n.a. Oct 2,769 365 180 21 112 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 1,157 Junep 10,042 649 191 47 208 11,137 2,547 1,689 4,786 846 697 572 228 114 July 3,246 311 192 20 167 3,936 1,239 364 568 971 332 462 243 150 n.a. Aug 5,679 1,235 237 85 181 7,418 4,223 123 368 1,027 1,321 356 n.a. n.a. n.a. Budget expenditures8 Major national security Agri- Vet- culture Period Total Total 9 M de i f l e it n a s r e y M a a s il n s i i c t s a e t r - y A en t e o r m gy ic a in I f a f n a n a t n d i l r c . s e In e t s e t r- ic e b s e r e e f s a i r n t a n v s e n s - - ' d w L a a e n l b t d o a r re t a c a u r g u n e r r - l a d i - - l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources Fiscal year—1956 66,540 40,641 35,791 2,611 1,651 1,846 6,846 4,756 2,821 4,868 1,104 2,030 1,627 1957 69,433 43,270 38,439 2,352 1,990 1,976 7,308 4,793 3,022 4,526 1,296 1,455 1,787 1958 71,936 44,142 39,062 2,187 2,268 2,234 7,689 5,026 3,447 4,389 1,543 2,109 1,356 1959P 80,699 46,413 41,227 2,327 2,547 3,685 7,686 5,131 4,052 6,780 1,669 3,362 1,937 Semiannually: 1 19 9 5 5 8 7 — _juJ l a y n - . D -J e u c ne 3 35 6 , , 8 0 7 6 6 0 2 22 1 , , 4 7 1 2 8 4 1 1 9 9 , , 3 6 7 9 0 2 1 1, , 1 0 5 3 6 1 1 1 , , 0 1 8 8 0 8 1 1 , , 2 0 1 1 6 8 3 3 , ,7 9 7 1 7 2 2 2 , , 4 6 0 2 0 6 1 1, , 6 8 3 1 6 1 2 1 , ,7 6 3 5 8 i 8 69 5 3 0 1 1, , 1 0 0 0 6 3 6 6 6 9 1 5 July-Dec 39,906 23,246 20,619 1,145 1,269 1,206 3,686 2,580 2,158 3,922 896 1,438 765 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—July 6,613 3,752 3,196 294 222 222 648 431 356 630 122 298 148 Aug 6,198 3,605 3,205 122 215 233 578 404 368 495 151 233 127 Sept 6,633 3,863 3,489 151 189 158 586 410 345 769 165 212 123 Oct 7,144 4,225 3,802 168 221 220 608 454 436 673 166 233 135 Nov 6,237 3,589 3,169 189 211 175 614 441 343 574 151 238 109 Dec 7,080 4,212 3,758 221 211 198 652 440 310 781 141 224 123 1959—Jan 6,776 3,693 3,298 163 213 212 680 445 432 798 106 310 97 Feb 6,331 3,596 3,218 143 203 176 636 440 -52 610 114 320 500 Mar 6,462 3,864 3,434 195 217 184 657 441 326 394 106 343 147 Apr 6,427 3,898 3,465 209 211 162 656 361 482 351 125 242 150 May 6,164 3,642 3,253 165 214 167 658 433 355 273 122 389 129 June? 8,633 4,474 3,940 307 220 1,578 713 431 351 432 200 320 149 July 6,557 3,772 3,435 95 224 159 735 406 330 506 143 388 131 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 * Includes transfers to Federal disability insurance trust fund. separately. 1 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

1288 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 banks2. 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 5 770 820 1 851 890 1 936 989 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 O Co th m e m r a e g rc e e n c D ies epartment. 598 [ 413 79 I f 2 1 6 1 1 2 2 1 1 9 9 1 2 2 1 0 7 6 2 2 0 1 3 9 2 1 4 9 1 1 2 1 4 9 7 0 2 1 7 8 8 7 3 1 0 8 1 2 To financing institutions 864 952 870 1,419 1,233 1,270 707 931 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 Department* 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 securities* 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 O G t e h n e e r r a a l g e S n e c rv ie ic s es Administration. 303 428 550 609 / \ 6. 2 5 0 1 1 7 7,2 1 8 85 2 7,5 1 2 7 8 5 7,7 1 0 86 0 7,8 1 0 9 9 1 7,9 1 1 7 9 4 7,9 1 8 91 7 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 1,898 1,947 1 Figures except for trust revolving funds (for details see 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 with 1956, changes reflect the expanded coverage and the new Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations classification of activities by type of fund now reported in the Treasury of the banks are classified as trust revolving transactions. Bulletin. Classifications by supervisory authorities are those in existence 3 Less than $500,000. currently. Where current Treasury compilations do not provide a de- 4 Figures represent largely the Treasury loan to the United Kingdom, tailed breakdown of loans, these items have been classified by Federal and through 1952 are based in part on information not shown in Treasury Reserve on 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 1289 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYi-E 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- holders2 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 1958^ 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 1957—Dec 156.6 119.7 4.7 32.1 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958—Mar.p 159.1 121.5 4.9 32.7 148.4 109.3 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 Septp . . 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.*3 171.5 131.4 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 * [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 End of year Residential Residential or quarter Other Other Total non- Farm Total non- Farm FHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4 812 3 884 900 28 1945 4 772 3 395 856 521 4 208 3 387 797 24 1951 14,732 11,270 3,421 2,921 4,929 2,458 1.004 9 916 8 595 2 567 1 726 4 303 1 274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12 943 11 334 3 489 3 053 4 792 1,556 53 1954 . . 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4 150 5 773 5 645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19 745 17 703 4 409 7 139 6 155 1 984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 [,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958^ 25,523 18,591 5,476 3,335 9,780 5,461 1,471 22,263 20,935 5,501 8,361 7,073 2,275 53 1957 Sept 23,105 17,070 4,750 3,660 8,660 4,660 1,375 20,812 18,687 4.575 7,660 6,452 2,068 57 1957—Dec 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958—Mar.p 23,400 17,125 4,825 3,485 8,815 4,880 ,395 21,565 19,371 4,810 7,937 6,624 2,137 57 Junep 23,960 17,460 4,970 3,405 9,085 5,060 1,440 22 165 19 927 5 047 8 160 6 720 2 181 57 Sept v 24,700 18,049 5,205 3,355 9,489 5,190 1,461 22,746 20,460 5,280 8,276 6,904 2,231 55 Decp 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 1959—Mar.*7. .. . 426,130 19,020 5,660 3,305 10,055 5,605 1,505423,638 21,257 5,684 8,435 7,138 2,328 53 Junep 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

1290 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 in F s H ur A e - d a g n V u t A a e r e - - d Other Farm Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other Farm 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—Aug 437 406 109 5 292 31 36,323 33 645 7,123 7 619 18,903 2,678 Sept 451 421 125 7 289 30 36,472 33,786 7,212 7,561 19,013 2,686 Oct 516 485 141 9 335 31 36,648 33,955 7,282 7,527 19,146 2,693 Nov 429 397 121 8 268 32 36,794 34 093 7,347 7,492 19,254 2,701 Dec 642 592 155 12 425 50 37,097 34,388 7,449 7,455 19,484 2,709 1959—Jan 508 466 139 11 316 42 37,211 34,510 7.528 7,429 19,553 2,701 Feb 420 364 141 9 214 56 37,350 34,635 7,623 7 392 19,620 2,715 Mar 473 410 130 10 270 63 37,486 34,753 7,693 7,347 19,713 2,733 Apr 432 385 120 13 252 47 37,602 34,851 7,758 7,314 19,779 2,751 May 433 386 105 18 263 47 37,737 34,958 7,813 7,286 19,859 2,779 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 38,108 35,335 7,945 7,220 20,170 2,773 Aug . 470 438 118 9 311 32 38,282 35,496 8,005 7,181 20,310 2,786 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) By type of lender Total (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A a ee r - d - ti C v o e n o n n a - l - * Y m e o a n r t o h r S ju e a a a s l t d s l e o y - d n 1 - , s W e a m a d i s t e j o h u n n o s t t a u 2 - l t i a n l S s o g a s a s n v n s & - . p I c a n a o n s n m u c i r e e - - s b C m c a o i n e a m r k l - - s M b s i a u n a n t g v u k s - a s l 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941., 4,732 1,490 404 1,165 218 1945., 5,650 2,017 250 1,097 217 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952. 18,018 6,452 1,420 3,600 ,137 1954 8,969 3,076 3,846 26,108 1,170 4,709 20,229 1953. 19,747 7,365 ,480 3,680 ,327 1955 11,432 4,041 5,241 31,408 1,404 5,883 24,121 1954. 22,974 8,312 ,768 4,239 ,501 1956 10,545 3,771 4,727 35,729 1,486 6,643 27,600 1955. 28,484 10,452 1,932 5,617 ,858 1957 10,402 3,562 4,708 40,007 1,643 7,011 31,353 1956. 27,088 9,532 ,799 5,458 ,824 1958 12,346 4,096 5,251 45,599 2,210 7,093 36,296 1957. 24,244 9,217 1,472 4,264 ,429 1958. 27,388 10,516 1,460 5,204 ,640 1958 1958 Aug 1,180 373 538 43,423 1,940 7,034 34,449 Sept 1,215 401 537 43,997 2,007 7,031 34,959 Aug.. 2,413 2,535 995 130 476 169 Oct .... 1,290 428 570 44,602 2 084 7,053 35,465 Sept.. 2,488 2,596 1,022 136 493 170 Nov 1,053 345 469 45,067 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 1,434 522 601 48.483 2,532 7.136 38,815 Apr 2,683 2,776 1,148 115 553 124 June 1,555 554 674 49,323 2,610 7,135 39,578 May 2,757 2,768 1,151 112 534 140 July 1,529 520 695 50,102 2.691 7,142 40,269 June 2,780 2,974 1,261 120 543 168 Aug 1,421 472 662 n.a. n.a. n.a. n.a. July 2.787 3,100 1.286 138 561 187 Aug 2,871 1.203 137 505 167 P 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 1291 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month Total p e N r r m t o e i w e p o s - rtga p i g e s E r r e t t o i s x i n e p - g s - g m P t a e y r g o c o p e t r j - e s t - - ] p l P m o r e i r a o m r e o n t v n y p - s e t - 2 - Total 3 p e N r r t m e o i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - y q E e u n a a d r r t o o e f r r Total G un o d v e F e r r H w n A m ri - t e t n en t V - A- t C i v o e o n n n a - - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1 1 9 9 5 5 2 1 3 3 , , 1 2 1 2 3 0 1. 9 2 6 1 9 6 9 71 7 3 4 5 32 8 2 2 7 8 0 4 8 8 2 3 . , 7 6 1 1 9 4 2 1 , ,8 6 2 6 3 7 9 8 4 9 2 0 1945... 18.6 4.3 4.1 .2 14.3 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 7 8 5 6 3 4 6 3 3 3 3 3 , , , , , , 7 4 3 8 8 0 1 6 4 0 6 8 5 1 9 7 6 2 1 1 1 1 1 , , , , . 8 2 6 1 0 2 6 3 6 3 5 8 9 3 0 6 5 9 2 1 1 1 i , , , ; , 8 9 3 5 8 0 7 8 0 0 1 3 1 5 7 5 6 0 9 2 2 5 1 7 2 5 9 3 3 6 9 9 5 2 0 , 6 8 6 8 3 6 4 9 9 3 9 6 1 2 4 7 4 3 5 3 1 , , , , , ; 1 7 2 8 8 0 6 5 6 6 5 6 1 6 5 8 7 4 4 2 2 2 3 1 , , , , , , 3 5 9 8 6 0 1 1 8 9 8 4 1 0 2 0 6 4 2 1 1 1 , , , , 5 8 5 5 9 0 4 6 6 4 6 1 9 3 6 8 4 4 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 5 1 6 3 4 2 . . 9 7 6 8 5 5 6 9 5 8 1 8 . . . . . 0 7 2 7 5 1 4 2 2 2 3 3 8 3 8 2 5 2 . . . . . 9 9 9 4 1 1 1 1 1 1 1 9 5 2 4 0 2 . . . . . . 7 5 0 3 8 8 2 2 1 1 1 1 8 4 6 9 4 3 . . . . 6 3 6 2 4 1 4 4 2 5 3 3 9 3 8 5 8 3 . . . . . 3 6 1 8 1 0 1958— S A e u p g t . . 7 5 5 9 6 9 1 1 2 6 8 0 2 3 4 2 3 0 1 14 7 6 0 1 5 3 8 0 1 18 5 9 6 1 9 0 1 7 6 8 4 2 1 1 9 9 5 5 8 7 *> 1 11 0 7 7 . . 9 6 4 5 7 0 . . 2 1 1 1 9 6 . . 7 5 3 3 0 0 . . 7 4 6 67 0 . . 8 4 D N O e o c c t v . . . . 6 6 5 4 5 2 1 9 4 1 1 1 6 9 7 5 0 4 2 3 3 9 2 2 2 0 7 2 5 3 4 8 1 7 8 8 1 9 3 2 2 2 5 3 1 7 9 6 1 1 1 3 4 7 5 0 4 9 8 8 9 1 2 1957_S D e e p c t . . . 1 1 0 0 5 7 . . 7 6 4 4 6 7 . . 5 2 1 1 6 6 . . 5 1 3 30 0 . . 7 4 5 6 9 0 . . 2 4 1959 _ A F M ja e p n b a .. r . r . . 7 6 6 5 4 3 0 9 3 9 0 8 2 2 ? 1 1 1 9 9 1 7 6 6 2 3 3 3 1 6 1 9 1 9 9 4 3 8 3 3 7 0 7 3 7 5 6 8 7 4 9 1 2 2 2 23 3 7 6 1 8 6 0 2 1 1 1 0 7 9 7 1 9 4 4 6 5 5 8 4 9 2 1 1958— D J S M u e ec p n . a * t e . r > P . ^ * . . . . . . . . 1 1 1 1 1 1 1 0 7 1 4 9 . . . . 9 7 7 3 4 4 4 5 9 8 7 0 . . . . 1 7 3 1 1 1 1 1 7 7 9 8 . . . . 1 7 7 6 3 3 3 3 0 0 0 0 . . . . 5 4 6 6 6 6 6 6 5 7 1 3 . . . . 6 8 6 4 J J M u u n a ly y e . 6 6 6 8 9 5 0 4 2 2 2 1 0 1 8 8 4 6 2 3 3 9 1 1 1 0 2 7 6 8 1 8 6 9 9 8 2 9 8 2 2 2 2 1 2 1 1 7 1 1 1 6 6 6 1 8 5 5 5 5 0 6 9 1959— J M u a n r. e * p \ . . . . . . . 1 1 2 2 4 0 . . 7 7 5 5 2 1 . . 1 3 2 2 1 0 . . 8 9 3 3 0 0 . . 3 4 7 6 2 9 . . 6 4 Aug. 660 215 288 67 89 202 150 52 P Preliminary. 1 Monthly figures do not reflect mortgage amendments included in annual totals. NOTE.—For total debt outstanding, figures for first 2 These loans are not ordinarily secured by mortgages. three quarters of year are Federal Reserve estimates. 3 Includes a small amount of alteration and repair loans, not shown separately; only such For conventional, figures are derived. loans in amounts of more than $1,000 need be secured. Sources.—Federal Home Loan Bank Board, Federal NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Housing Administration, Veterans Administration, and loans, gross amount of loans closed. Figures do not take account of principal repayments Federal Reserve. 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 1 FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage holdings tr M an o s r a t c g t a io ge ns Com- Adv ( a e n n c d e s o f o p u e ts ri t o an d d ) ing End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a ts yor month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu u d r n i s s - ed Total S te h r o m rt 1 - L te o r n m g 2 - 1945 278 213 195 176 19 1951 1,850 204 1,646 677 111 239 1950 675 292 816 547 269 1952 2,242 320 1.922 538 56 323 1951 423 433 806 508 298 1953 2,462 621 1,841 542 221 638 1952 586 528 864 565 299 1954 2,434 802 1,632 614 525 476 1953 728 640 952 634 317 1955 2,615 901 1,714 411 62 76 1954 734 818 867 612 255 1956 3,047 978 2.069 609 5 360 1955 1 251 702 1,417 991 426 I957 3,974 1,237 2,737 1 119 2 764 1956 745 934 1,228 798 430 1958 3,901 1.483 2,418 623 482 1,541 1957 1,116 1,079 1,265 731 534 1958 1,364 1,331 1,298 685 613 1958 Aug 3,683 1,298 2,385 22 23 1 541 Sept 3,693 1,320 2,373 37 8 I 674 1958 Aug 100 62 939 427 512 Oct 3,729 1,353 2.376 59 1,669 Sept 119 48 1,010 490 520 Nov 3,791 ,405 2,386 82 1 640 Oct 126 52 1,083 545 538 Dec 3,901 1,483 2,418 134 1 1,541 Nov 86 47 1,123 576 547 Dec 229 53 1,298 685 613 1959 Jan 4,032 1,564 2,468 150 ,432 Feb 4,188 1.664 2,523 176 ,291 1959 Jan 98 251 1.146 599 547 Mar 4,340 1,740 2,600 175 1 1,182 Feb 50 94 ,101 559 542 Apr 4,508 1,831 2,677 193 063 Mar 83 96 ,087 531 556 May 4,641 1,900 2,740 154 1 982 Apr 157 62 ,183 570 612 June 4,793 2,000 2,794 177 875 May 116 53 ,246 596 650 July 4,948 2,104 2,844 178 788 June 351 60 ,537 750 786 Aug 5,085 2,198 2,887 165 1 714 July 235 214 ,557 807 750 Aug 171 63 ,665 892 773 1 Operations beginning Nov. 1, 1954, are on the basis of FNMA's new charter, under which it maintains three separate programs: secondary 1 Secured or unsecured loans maturing in one year or less. market, special assistance, and management and liquidation. 2 Secured loans, amortized quarterly, having maturities of more than Source.—Federal National Mortgage Association. one year but not more than ten years. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1292 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 i o r l - e 1 co p g O n a o s t p o h u e d e m r r s l 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 o r d n - Pe lo rs a o n n s al Total p S a l i o y 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—Aug 43,128 33,165 14,514 8,254 2,091 8,306 9,963 3,453 3,956 2,554 Sept 43,144 33,079 14,332 8,312 2,107 8,328 10,065 3,495 4,033 2,537 Oct 43 164 33 052 14,164 8 411 2 128 8 349 10,112 3 414 4 191 2 507 Nov 43,464 33,126 14,066 8,528 2,146 8,386 10,338 3,499 4,297 2,542 Dec 45,065 33,865 14,131 9,007 2,145 8,582 11,200 3,543 5,018 2,639 1959 Jan 44,415 33,768 14,155 8,881 2,125 8,607 10,647 3,464 4,504 2,679 Feb 44,071 33,751 14,223 8 767 2,116 8 645 10,320 3,563 4,004 2,753 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 Aug .... 47,910 37,049 16,082 9,314 2,323 9,330 10,861 3,878 4,243 2,740 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 C b e a o r n m c k i - a 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 it s p f s i C c a u n o n o a m m i n n e e - c - s r e 1 Other i Total D s m t e o p e r a n e r s t t 2 - F s t t u u o r r r n e e i s - H a s h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1 438 354 439 183 123 339 1941 6 085 4 480 1 726 1 797 198 759 1 605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3 822 1,107 943 301 389 J.082 1953 23 005 18,963 8 998 5,927 1,124 2 137 111 4 042 1 064 1 004 377 527 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 311 463 ,052 1955 28 958 24,450 10,601 8,443 1,678 2 656 072 4 508 1 511 [ 044 365 487 101 1956 31,827 27,084 11,707 9,100 2,014 3,056 ,207 4 743 1,408 I 187 377 502 ,269 1957 34,095 29,427 12,753 9,573 2,429 3,333 ,339 4,668 1,393 1,210 361 478 ,226 1958 33,865 28,943 12,730 8,740 2,664 3,381 ,428 4,922 1,702 1,220 360 425 ,215 1958—Aug 33,165 28,983 12,655 9,083 2,578 3,294 ,373 4,182 1,251 1,110 340 440 ,041 Sept 33,079 28,758 12,607 8,891 2,591 3,280 ,389 4 321 1,393 I 110 344 433 041 Oct 33,052 28,666 12,612 8,777 2,613 3,274 ,390 4,386 1,426 1,126 346 427 ,061 Nov 33,126 28,648 12,617 8,708 2,628 3 281 414 4 478 1 474 I 149 351 424 080 Dec 33,865 28,943 12,730 8,740 2,664 3,381 ,428 4 922 1,702 I 220 360 425 1,215 1959_jan 33,768 29,016 12,856 8,733 2,639 3,374 ,414 4 752 1 615 I 183 356 425 1,173 Feb 33,751 29,070 12,884 8,724 2,661 3,372 ,429 4,681 1,611 1,166 350 427 1,127 Mar 33,943 29,324 13,028 8,780 2,700 3 371 445 4 619 1 581 I 129 348 430 I 131 34,453 29,825 13,312 8,921 2,754 3,379 459 4 628 1,582 I 127 347 439 1,133 May 35,029 30,333 13,568 9,089 2,802 3,385 ,489 4,696 1,606 1,128 349 448 1,165 June 35,810 31,032 13,882 9,350 2,881 3,416 503 4 778 1 639 1 136 349 461 [ 193 July 36,449 31,656 14,158 9,592 2,935 3,454 ,517 4,793 1,626 1,140 350 473 1,204 Aug 37,049 32,194 14,388 9,785 2,990 3,488 543 4,855 1,662 I 156 354 483 I 200 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 1293 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t m o p h n d e e e - r r s r e R l m r t o a e n i n o a o p iz n d n d 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 T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e i o l r - e s g O p c u o a t o m o p h n d e e e - r s r r m i R z l o o a a e d a n t p i e n d a o r s i n n r - s lo P o a e 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 RRR 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 ,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,707 3,651 2,075 2,394 1,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,753 4,130 2,225 2,467 1,580 2,351 1958 8,740 6,404 1,567 19 750 1958 12,730 3,938 2,191 2,324 1,613 2,664 1958—Aug. 9,083 6,730 ,612 23 718 1958—Aug 12,655 3,977 2,221 2,304 1,570 2,583 Sept. 8,891 6,601 ,551 20 719 Sept. 12,607 3,948 2,198 2,274 1,583 2,604 Oct.. 8,777 6,477 ,560 19 721 Oct 12,612 3,925 2,178 2,287 1,603 2,619 Nov. 8,708 6,395 ,571 19 723 Nov 12,617 3,917 2,169 2,296 1,614 2,621 Dec. 8,740 6,404 ,567 19 750 Dec 12,730 3,938 2,191 2,324 1,613 2,664 1959 Jan . 12,856 3,962 2,216 2,372 1,605 2,701 I959_j F a e n. b . .. 8 8 , , 7 7 3 2 3 4 6 6 , , 3 3 9 9 1 4 , ,5 5 4 6 8 6 1 1 9 9 7 7 5 6 7 3 Feb 12 884 3,993 2,239 2,342 1,594 2,716 Mar. 8,780 6,429 ,561 21 769 Mar 13,028 4,049 2,282 2,340 1,598 2,759 Apr., 8,921 6,543 ,582 20 776 Apr 13 312 4 154 2,345 2 361 1 616 2,836 May 9,089 6,679 ,605 22 783 May 13,568 4,244 2,395 2,395 1,649 2,885 June 9,350 6,884 ,647 23 796 June 13,882 4,373 2,443 2,431 1.680 2,955 July. 9.592 7,063 ,695 25 809 July 14 158 4,482 2,483 2 473 1,713 3,007 Aug. 9.785 7.219 ,723 26 817 Aug 14,388 4,570 2.509 2,513 1,741 3,055 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 n a a i t l l t - m A pa o u p b t e o il r - e s g O p c u o a t o m p o h n d e e e - r r s r m i R z l o o a e a d n a p ti 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 * 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—Aug 7,245 1.146 596 498 5,005 1957 10,679 2,937 428 876 3,953 2,485 Sept. 7,260 1 152 599 504 5,005 1958 11,200 3,057 486 907 4,111 2,639 Oct 7,277 1,157 605 506 5,009 Nov 7,323 1,161 607 513 5,042 1958—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 1,161 616 501 5,149 Nov 10,338 2,998 501 669 3,628 2,542 Feb 7,462 1,170 623 503 5,166 Dec .. 11,200 3,057 486 907 4,111 2,639 Mar 7,516 1,185 631 508 5,192 Apr 7,592 ,205 645 513 5,229 1959 Jan. .. 10,647 3,030 434 757 3,747 2,679 May 7,676 1,225 663 527 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 1,279 695 544 5,388 Apr 10.463 3.181 493 601 3,396 2,792 Aug 8,021 301 706 556 5,458 May 10,761 3,222 557 609 3,611 2,762 June 10,906 3,299 543 599 3,719 2,746 July 10,807 3,289 518 558 3,714 2,728 NOTE.—Institutions represented are consumer finance companies, credit Aug 10,861 3,309 569 560 3,683 2,740 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

1294 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir ti a on 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 s a te d d - Adjusted U ju n st a e d d - Extensions 1951 23,576 8,956 7,485 841 6,294 1952 29,514 11,764 9,186 1,217 7,347 1953 31,558 12,981 9,227 1,344 8,006 1954 31,051 11,807 9,117 1,261 8,866 1955 39,039 16,745 10,634 1,388 10,272 1956 40,063 15,563 11,590 1,568 11,342 1957 42,426 16,545 11,626 1,662 12,593 1958 40,497 14,154 11,747 1,620 12,976 1958—Aug.. 3,416 385 ,142 ,193 1,018 976 142 151 1,114 1,065 Sept.. 3,326 297 ,082 ,105 1,005 993 142 158 1,097 1,041 Oct.. 3,451 3,475 ,199 ,173 1,005 1,075 143 159 1,104 1,068 Nov.. 3,594 3,338 ,276 ,091 1,041 1,054 142 141 1,135 1,052 Dec. 3,720 4,350 ,420 ,360 1,002 1,435 134 131 1,164 1,424 1959__jan.. . 3,799 3,321 ,437 ,248 1,047 886 146 111 1,169 1,076 Feb.. 3,816 3,247 ,454 ,258 1,057 839 141 111 ,164 1,039 Mar.. 3,749 3,786 ,414 ,476 1,058 982 151 141 ,126 1,187 Apr.. 3,939 4,022 1,502 ,580 1,126 1,074 158 156 ,153 1,212 May. 4,045 4,053 1,497 ,568 1,154 1,124 171 178 ,223 1,183 June. 3,983 4,432 1,487 ,765 1,121 1,179 160 177 ,215 1,311 July.. 4,102 4,292 1,544 ,707 1,129 1,113 163 176 ,266 1,296 Aug.. 4,103 4,139 1,514 ,602 1,150 1,116 165 178 ,274 1,243 Repayments 1951 22,985 9,058 7,404 111 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_Aug 3,403 3.294 1,276 1,246 947 919 124 121 1,056 1,008 Sept 3,376 3,383 1,246 1,287 949 935 140 142 1,041 1,019 Oct 3,418 3,502 1,281 1,341 964 976 134 138 1,039 1,047 Nov 3,447 3,264 1,243 1,189 1.001 937 124 123 1,079 1,015 Dec 3,414 3,611 1,262 1,295 953 956 129 132 1,070 1,228 1959—Jan.. 3,412 3,418 ,252 1,224 956 1,012 130 131 1,074 Feb.. 3,483 3,264 ,281 1,190 981 953 127 120 1,094 ,001 Mar.. 3,431 3,594 ,265 1,324 983 1,028 126 130 1,057 ,112 3,516 3,512 ,282 1,269 1,006 1,018 136 134 1.092 ,091 May. 3,602 3,477 ,320 1,263 1,003 990 134 129 i;i45 ,095 June. 3,531 3,651 ,284 1,337 1,000 1,013 133 135 1,114 ,166 July. 3,602 3,653 1,346 1,009 1,007 133 134 1,143 .166 Aug.. 3,601 3,539 1^306 1,300 1,010 985 138 137 1,147 ,117 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—Aug.. + 13 + 91 -134 -53 + 71 + 57 + 18 + 30 + 58 + 57 Sept. -50 -86 -164 -182 + 56 + 58 +2 + 16 + 56 + 22 Oct.. + 33 -27 -82 -168 +41 +99 +9 +21 + 65 + 21 + 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 Aug.. + 502 +600 +208 + 302 + 140 + 131 + 27 +41 + 127 + 126 1 Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of records of retail outlets and financial institutions and often include charges the BULLETIN for October 1956; for 1955-57, in the BULLETINS for Decem- incurred under the instalment contract. Renewals and refinancing of ber 1957, pp. 1420-22, and November 1958, pp. 1344-45. loans, repurchases and resales of instalment paper, and certain other A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit a description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1295 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Sales finance Other financial Total Commercial banks companies institutions 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 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 3,416 3,385 ,249 1,235 858 3,326 3,297 ,206 1,209 831 3,451 3,475 ,272 ,261 864 3,594 3,338 ,321 ,160 857 3,720 4,350 ,330 ,357 1,143 1959—Jan. 3,799 3,321 ,443 803 Feb. 1 3,816 3,247 ,395 824 Mar.. 3,749 3,786 ,367 941 Apr.. 3,939 4,022 ,455 939 May. 4,045 4.053 ,472 966 June. . 3,983 4; 432 ,424 1,064 July. 4,102 4,292 1,534 1,030 Aug.. 4,103 4,139 1,513 997 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—Aug.. 3,403 3,294 1,220 ,186 806 794 845 803 532 511 Sept. i 3,376 3,383 1,197 ,215 806 825 837 816 536 527 Oct.. . 3,418 3,502 1,230 ,256 800 852 841 847 547 547 Nov.. 3.447 3,264 1,228 ,155 785 756 855 811 579 542 Dec.. 3,414 3,611 1,196 ,244 782 823 864 993 572 551 1959—Jan 3,412 3,418 1,210 ,207 789 760 870 849 543 602 Feb. 1 3,483 3,264 1,262 ,175 793 732 857 789 571 568 Mar 3,431 3,594 1.238 ,282 781 827 846 887 566 598 Aor 3,516 3,512 1,261 ,271 808 792 865 863 582 586 May 3,602 3,477 1,300 ,255 819 772 915 882 568 568 June 3,531 3,651 1,251 ,306 785 813 900 940 595 592 July 3,602 3,653 1,302 ,336 812 819 913 924 575 574 Aug 3,601 3,539 1,304 ,294 790 792 910 882 597 571 Change in outstanding credit2 1951. + 591 -27 -57 +403 +272 1952. +4,109 + 1,753 + 1,057 + 647 +652 1953. +3,602 +1,474 + 1,216 +692 + 220 1954. + 563 -202 + 217 +472 + 76 1955. + 5,390 + 1,805 +2,299 + 896 + 390 1956. + 2,869 + 1,106 + 657 + 871 +235 1957. + 2,268 + 1,046 +473 + 824 -75 1958. -230 -23 -833 + 372 +254 1958— S A e u p g t. . . i + -5 1 0 3 + -8 9 6 1 + -3 2 3 9 + -4 4 8 9 ( -1 -9 9 2 7 - - 1 3 9 8 2 + + 4 3 4 6 + + 1 55 5 + + 1 3 4 2 4 + + 1 2 3 5 9 Oct.. + 33 -27 +42 + 5 -68 -114 +44 + 17 + 15 +65 Nov.. + 147 +74 +93 + 5 I -27 -69 + 56 +46 +25 +92 Dec. + 306 +739 + 134 + 113 +45 + 32 +71 + 150 + 56 +444 1959—Jan + 387 -97 + 233 + 126 +94 -7 + 33 -46 +27 -170 Feb. i. . . + 333 -17 + 109 + 28 +72 -9 +65 + 35 + 87 -71 Mar + 318 + 192 + 129 + 144 + 102 + 56 + 54 + 54 + 33 -62 Apr +423 + 510 + 194 +284 + 133 + 141 + 43 + 76 + 53 +9 May +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 Aug + 502 + 600 +209 +230 + 122 + 193 + 107 + 115 +64 + 62 1 Data on extensions and repayments have been adjusted to avoid A discussion of the composition and characteristics of the data and duplications resulting from large transfers of other consumer goods paper. a description of the methods used to derive the estimates are shown As a result, the differences between extensions and repayments for some in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment types of holders do not equal the changes in outstanding credit. credit extended and repaid are based on information from accounting 2 Obtained by subtracting instalment credit repaid from instalment records of retail outlets and financial institutions and often include charges credit extended, except as indicated in note 1. incurred under the instalment contract. Renewals and refinancing of NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit b th e e r B 1 U 9 L 5 L 7 E , T p IN p. f 1 o 4 r 2 O 0 c -2 to 2 b , e a r n 1 d 9 N 56 o ; v f e o m r b 1 e 9 r 55 1 - 9 5 5 7 8 , , i p n p t . h 1 e 3 B 4 U 4 L -4 L 5 E . TINS for Decem- repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1296 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] Industrial production Co c n o s n t t r r u a c c t t i s on Employment and payrolls2 (physical volume)* awarded (value)l or Y m e o a n r th 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 N p m t a c e u l g u o m o e r r l n n a y i - - - l - t - pr E o M m d m a u p e n c l n u t o i t f y o a - n c t w ur o in r P r k g o a e l y r ls s - F i l r n c o e a g a ig r s d - * h - t D s v ( m s r a e a t e l p l o e e t u a a n r s e e i r t * l ) t- p s C r u i o m c n e e - s r 2 m p W c r s o i o h a c d m o l e i e s l t - e y 2 - Ad- Unad- Ad- Ad- Ad- Ad- Unad- Unad- Unad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 .. . 39 38 38 37 45 34 26 39 61.3 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76 4 1922 .. . 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64 3 66 9 32.6 107 34 72 9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67 5 65 5 33 0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 67 9 64 2 32 8 112 37 73 3 62 9 1929 59 58 60 56 68 63 52 70 71 0 68 3 35 0 115 38 73 3 61 9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56 1 1931 40 39 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65.0 47 4 1932 31 30 19 42 42 15 8 20 53 4 42 6 14 8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53.6 47.2 15.9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57 2 48 7 1935 47 46 38 55 55 20 13 25 61 3 58 8 23 5 69 29 58 7 52 0 1936 56 55 49 61 63 30 22 35 65 8 63 9 27 2 81 32 59 3 52 5 1937 61 60 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61 4 56 1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60 3 51 1 1939 58 57 49 66 68 39 37 40 69 3 66 2 29 9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73.3 71 2 34 0 83 37 59 9 51 1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49 3 98 44 62 9 56 8 1942 106 no 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 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 5 147 149 150 160 140 123 126 143 114 117.6 98.2 98.0 165.1 85 138 123.7 119 6 Apr ... . 150 152 153 164 142 124 142 170 123 118.6 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 r119 9 June 155 155 158 172 M45 125 138 163 120 119.8 101.9 101.3 174.4 87 144 124.5 119.7 July 153 M43 157 r167 146 r118 138 157 125 120.2 r102.0 r100.5 r170 2 73 150 124 9 119 5 Aug.. 149 148 153 159 146 117 116 144 97 118.9 97.5 98.5 165.0 72 124 8 119 1 Sept "148 "150 "152 "158 "145 "116 "118.9 "97.8 "99.6 "167.9 72 e\46 119.6 'Estimated. "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 1297 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average- 100] Industry 9 p p 4 r o 7 o r - - - 49 a A v n e n ra u g a e l 1958 1959 tion 1957 1958 Aug. Sept. Oct. Nov. Dec. June July SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL.. 100.00 143 134 136 137 138 141 142 143 145 147 150 153 155 153 149 MANUFACTURES—TOTAL 90.02 145 136 138 139 140 143 144 145 148 150 153 156 158 157 153 Durable Manufactures—Total 45.17 160 141 144 145 146 151 152 153 157 160 164 169 172 r167 159 Primary metals 6.70 131 104 109 113 122 123 123 125 138 146 149 154 150 106 67 Metal fabricating 28.52 176 155 156 155 156 163 165 166 168 170 773 77P 184 186 183 Fabricated metal products 5.73 139 128 132 135 133 136 136 136 135 138 142 148 150 150 147 Machinery 13.68 168 145 147 148 147 150 152 154 158 159 163 170 178 180 180 Nonelectrical machinery 9.04 150 127 126 129 130 133 132 132 138 142 145 150 156 156 159 Electrical machinery 4.64 204 179 188 186 180 183 190 199 198 192 198 209 222 '227 221 Transportation equipment 7.54 213 187 186 178 183 203 204 204 204 207 211 214 216 218 212 Autos, trucks, and parts 4.80 128 99 96 82 91 119 123 124 123 128 132 136 139 142 133 Other transportation equipment 2.74 344 319 321 322 321 327 322 322 322 322 327 327 326 r327 325 Instruments and related products 1.29 172 164 162 166 169 173 175 176 179 181 183 189 197 199 196 Clay, glass, and lumber products 5.91 133 129 135 136 134 137 136 136 737 143 150 753 152 157 752 Stone, clay, and glass products 2.82 155 145 150 157 149 151 148 147 149 158 166 170 174 180 175 Lumber and products 3.09 114 115 120 118 120 125 125 127 126 129 136 139 133 137 132 Furniture and misc. manufactures 4.04 132 127 130 132 134 134 7J7 135 135 138 143 747 149 153 151 Furniture and fixtures 1.64 120 119 123 126 127 129 127 133 132 135 138 143 145 149 145 Miscellaneous manufactures 2.40 140 133 134 137 138 137 134 137 137 141 147 150 152 156 155 Nondurable Manufactures—Total... 44.85 130 no 133 133 134 135 135 137 139 140 142 144 r145 146 146 no Textiles and apparel , 11.87 105 103 108 109 111 110 112 113 115 119 122 121 126 125 Textile mill products 6.32 99 98 103 103 104 104 104 106 108 110 115 118 118 123 121 Apparel and allied products 5.55 111 110 114 116 118 117 116 118 119 121 123 127 128 130 129 Rubber and leather products , 3.20 118 113 116 119 119 126 123 124 725 729 123 725 131 r141 134 Rubber products 1.47 135 125 132 136 133 141 140 142 150 156 135 134 155 172 162 Leather and products , 1.73 104 102 103 104 108 113 108 109 109 106 112 118 111 115 Paper and printing 8 93 148 147 150 150 153 152 150 153 155 156 158 161 r/60 164 163 Paper and allied products 3.46 158 160 166 167 171 168 166 167 172 173 176 180 178 184 182 Printing and publishing 5.47 141 139 140 140 142 142 139 144 145 145 147 149 149 151 152 Newsprint consumption 1.85 131 126 128 127 131 130 120 129 131 130 135 135 138 139 Job printing and periodicals 3.62 146 146 147 146 148 149 150 152 152 153 153 155 157 157 158 Chemical and petroleum products 9.34 172 770 174 174 175 777 180 182 184 187 188 790 193 191 792 Chemicals and allied products 6.84 184 184 186 187 189 192 194 196 199 201 204 208 211 213 Industrial chemicals 2.54 203 195 196 204 209 212 214 216 222 226 232 234 246 '245 248 Petroleum and coal products 2.50 141 134 139 135 137 139 142 143 144 149 143 142 143 135 Foods, beverages, and tobacco 11.51 112 115 116 116 116 777 777 118 120 720 727 122 119 r119 P120 Food and beverage manufactures 10.73 112 115 116 115 115 116 117 118 119 119 120 122 120 118 119 Food manufactures 8.49 112 115 116 116 115 116 116 117 119 120 120 121 121 118 ^120 Beverages 2.24 113 116 115 114 115 119 121 122 121 118 124 125 117 116 Tobacco manufactures .78 111 118 121 121 120 126 126 121 130 121 134 124 115 132 MINERALS—TOTAL 9.98 128 117 120 123 122 123 124 124 124 123 124 126 125 118 117 Mineral fuels 8.35 128 117 121 123 123 123 124 123 123 121 122 124 nis 120 Coal. 2.68 83 68 68 70 69 72 73 69 74 72 71 73 56 61 Anthracite .36 49 42 41 44 39 37 48 45 37 39 38 36 31 35 Bituminous coal 2.32 88 72 73 74 74 77 77 73 79 77 77 78 60 65 Crude oil and natural gas 5.67 150 141 146 149 148 147 148 148 146 144 146 148 148 Crude oil 4.12 138 129 137 140 138 135 135 137 135 133 135 136 133 Natural gas and gas liquids .70 198 197 198 198 202 203 205 198 204 207 P210 Metal, stone, and earth minerals 1.63 129 117 113 119 120 124 125 129 128 132 735 134 131 nis 99 Metal mining .82 116 91 83 90 92 101 108 113 114 115 114 115 106 79 42 Stone and earth minerals .81 142 143 144 149 148 148 142 145 143 148 155 154 156 157 156 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1298 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average 1958 1959 Industry proportion 1957 1958 Aug. Sept Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 100.00 143 134 136 140 143 144 140 142 147 149 152 153 155 -143 148 MANUFACTURES—TOTAL 90.02 145 136 138 141 145 146 141 144 150 152 155 156 158 147 151 Durable Manufactures—Total 45.17 160 141 140 146 149 155 152 154 160 163 166 169 172 157 154 Primary Metals 6.70 131 104 102 111 123 124 119 127 144 153 155 157 154 r94 63 Ferrous metals 5.03 130 99 98 106 117 120 117 125 142 154 156 157 152 r80 38 Pig iron and steel 3.51 140 105 105 114 129 129 127 136 156 170 171 170 165 76 20 Pig iron .37 137 99 97 106 119 124 123 127 139 152 155 157 153 72 19 Steel 3.05 139 105 105 114 129 128 127 136 156 170 171 170 164 76 P20 Carbon steel 2.62 138 104 106 113 126 127 125 133 151 164 165 165 161 75 Alloy steel .43 143 106 101 118 144 138 135 157 191 205 206 203 182 84 Ferrous castings and forgings 1.52 108 85 80 87 90 99 93 98 112 118 122 128 123 89 81 Iron and steel castings 1.29 107 85 81 88 91 101 93 98 112 118 122 127 123 89 79 Steel forgings .23 113 81 75 80 85 88 96 101 111 115 121 133 125 88 90 Nonferrous metals 1.67 136 121 115 125 140 137 126 134 149 152 151 156 160 137 Primary nonferrous metals .38 164 146 128 139 150 157 162 163 169 167 169 168 174 140 Copper smelting .09 129 120 95 111 138 144 130 132 136 145 144 141 141 111 71 Copper refining .06 135 121 99 110 111 130 144 135 155 138 140 133 140 132 78 Lead .04 114 99 88 99 101 93 98 97 97 87 93 87 86 73 57 Zinc .10 123 97 86 91 90 93 105 105 108 110 108 106 107 r101 »96 Aluminum .09 275 268 254 263 283 295 308 317 318 318 325 332 350 363 350 Secondary nonferrous metals .13 111 93 90 94 111 105 102 103 119 113 123 118 119 Nonferrous shapes and castings 1.16 129 116 114 124 141 133 117 127 145 151 149 156 160 r127 Copper mill shapes .63 104 94 96 102 128 114 87 103 123 129 117 123 128 76 119 Aluminum mill shapes .20 198 193 190 207 219 202 203 204 225 243 264 287 305 321 Nonferrous castings .33 136 110 103 116 118 130 123 129 140 139 141 144 134 110 Metal Fabricating 28.52 176 155 150 156 158 167 168 168 172 174 176 179 182 175 174 Fabricated metal products 5.73 139 128 133 141 136 136 136 134 135 138 142 146 150 143 148 Structural metal parts 2.68 152 140 143 148 144 144 148 144 144 146 151 155 160 r155 151 Stampings and misc. metal products 2.12 124 108 104 115 115 119 125 124 123 128 130 133 136 129 128 Tin cans .30 146 150 232 208 161 130 104 118 125 128 146 158 167 180 242 Furnaces, gas ranges, and heaters .63 99 106 115 132 133 128 104 107 116 109 111 114 116 126 Machinery 13.68 168 145 142 151 150 153 152 156 162 164 165 170 175 166 173 Nonelectrical machinery 9.04 150 127 119 128 127 131 133 134 142 147 149 153 156 150 149 Farm and industrial machinery 8.13 146 121 114 119 118 121 125 128 132 137 140 144 148 144 143 Farm machinery 1.02 84 79 77 80 83 65 72 80 99 106 107 116 117 112 101 Industrial and commercial machinery. 7.11 155 127 119 124 124 129 133 135 137 142 144 148 152 149 150 Machine tools and presses .68 182 119 109 114 115 113 116 116 118 125 130 134 138 139 142 Laundry and refrigeration appliances . .. .69 151 148 123 170 163 179 163 155 194 200 196 196 191 159 160 Electrical machinery 4.64 204 179 186 195 194 197 190 199 202 196 196 203 213 197 219 Electrical apparatus and parts 3.23 201 177 170 178 177 182 192 192 193 195 198 203 209 •207 210 Radio and television sets .74 205 166 214 223 221 212 163 193 200 173 166 177 198 149 223 Transportation equipment 7.54 213 187 173 170 184 211 214 211 212 215 217 215 214 209 189 Autos, trucks, and parts 4.80 128 99 77 69 92 132 134 131 133 139 141 139 138 132 100 Autos 1.50 146 101 53 37 71 160 161 154 149 163 164 162 158 150 71 Trucks .66 104 90 78 67 89 112 100 110 133 138 143 148 147 134 96 Light trucks .22 100 82 61 49 75 123 120 114 123 124 130 134 131 120 64 Medium trucks .19 50 24 16 12 12 33 30 28 32 31 36 36 40 36 10 Heavy trucks .14 194 203 189 155 221 221 173 227 308 327 329 343 337 310 254 Truck trailers .07 137 116 120 131 132 135 134 145 161 168 184 187 192 161 167 Auto and truck parts 2.58 123 Other transportation equipment 2.74 344 319 317 322 321 327 329 325 326 325 327 324 323 320 321 Aircraft and parts 1.30 608 572 573 583 582 591 595 587 587 583 580 572 571 566 569 Shipbuilding and repair .81 129 128 127 126 129 130 128 131 128 132 138 141 137 134 131 Railroad equipment .53 77 39 30 30 20 29 32 28 35 36 43 42 45 46 51 Railroad cars 24 49 .35 80 34 22 20 15 19 19 26 27 36 34 38 39 Instruments and related products 176 195 1.29 172 164 160 168 171 174 176 179 183 185 188 195 193 Clay, Glass and Lumber Products. . . 126 159 5.91 133 129 142 143 143 139 128 134 140 150 157 158 150 Stone, clay, and glass products 145 145 166 177 175 178 Glass and pottery products 2.82 155 125 155 160 155 153 124 141 145 156 146 171 150 145 150 Flat glass and vitreous products 1.09 141 137 131 136 122 127 144 125 133 143 166 146 169 '162 163 Flat and other glass .60 161 139 141 154 123 141 144 142 147 167 171 167 173 '163 164 Glass containers .47 164 135 146 160 120 141 116 142 148 171 149 171 155 150 163 Home glassware and pottery .26 136 82 147 142 145 130 126 138 137 88 146 98 .23 92 84 84 91 86 79 89 86 90 Cement .32 148 155 186 192 193 170 139 109 109 143 177 196 203 201 204 Structural clay products .35 128 118 126 132 133 127 120 112 115 121 132 134 142 142 Brick .12 114 113 126 134 136 123 110 96 101 111 131 129 143 141 Clay, firebrick, pipe, and tile .20 140 123 129 134 133 132 129 126 127 130 134 139 143 r145 *i43* Concrete and plaster products .48 188 187 209 209 207 199 187 182 182 192 208 219 229 230 236 Misc. stone and earth manufactures .58 174 157 157 163 169 169 171 172 175 180 184 189 192 190 189 Preliminary. r Revised. For other notes see end of tab'e. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1299 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947^9 average= 100] Industry 9 p 4 r 7 o - - 49 a A v n e n ra u g a e l 1958 1959 portion 1957 1958 Aug. Sept Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 114 115 130 127 131 126 109 116 124 125 136 143 141 127 142 Lumber 2.05 96 94 107 105 105 101 87 89 98 101 106 113 109 102 Millwork and plywood. .60 187 202 235 220 240 234 193 225 243 234 269 278 270 113 Millwork .39 112 110 141 133 134 133 103 110 120 118 141 162 157 124 Softwood plywood. .. .12 312 356 390 364 416 403 341 419 448 429 484 471 456 160* Wood containers .29 84 76 77 80 78 77 77 75 78 79 83 84 *79* Furniture and Misc. Manufactures. 4.04 132 227 131 138 141 139 135 132 136 138 139 142 146 144 153 Furniture and fixtures 1 64 120 119 124 130 132 132 132 132 134 135 135 137 141 141 147 Household furniture 1.10 120 122 127 134 138 137 138 137 140 141 140 141 144 146 152 Fixtures and office furniture. .54 120 114 119 123 120 120 122 120 120 122 129 136 132 136 125 Miscellaneous manufactures 2.40 140 133 135 143 147 144 137 133 137 139 145 149 145 157 142 Nondurable manufactures—Total. 44.85 130 130 135 137 142 138 130 135 140 141 143 144 136 148 143 Textiles and Apparel 11.87 105 103 110 107 115 112 103 113 119 121 122 120 110 127 123 Textile mill products 6.32 99 98 103 103 109 107 100 107 113 113 117 119 111 107 121 Cotton and synthetic fabrics 3.72 105 104 107 111 112 118 106 119 122 122 131 129 121 119 127 Cotton consumption 2.30 95 91 94 96 98 99 86 101 103 102 106 104 97 96 105 Synthetic fabrics .97 119 115 117 124 125 137 141 135 138 149 154 156 156 147 142 Fabric finishing .45 94 98 104 109 101 115 87 115 119 108 139 130 107 110 132 Wool textiles .97 75 69 76 75 75 71 62 Wool apparel yarns. .16 78 72 81 78 73 72 62 79 85 84 95 94 85 Wool fabrics .75 75 69 76 75 76 71 63 Knit goods 1.15 104 104 114 113 116 115 96 109 111 111 116 115 115 108 125 Hosiery .65 93 92 99 97 102 102 75 101 99 94 97 91 86 74 98 Full-fashioned hosiery. .45 89 84 89 86 89 92 66 90 87 83 84 77 69 59 81 Seamless hosiery .20 102 108 123 123 132 127 98 125 127 120 129 123 125 110 139 Knit garments .50 118 120 134 135 134 132 124 120 126 132 140 146 153 152 158 Floor coverings1. .48 Woven carpets. .31 71 63 61 70 79 76 75 76 91 87 90 76 76 Apparel and allied products... 5.55 111 110 117 113 121 117 105 120 127 130 128 125 124 113 133 Men's outerwear 1.78 102 100 110 106 108 107 93 119 120 117 139 136 118 109 141 Men's suits and coats .73 86 75 91 78 79 84 67 81 82 81 99 98 89 64 105 Men's suits .50 87 73 82 72 76 84 70 87 86 83 95 91 81 55 96 Men's outercoats .13 61 66 104 86 73 62 38 37 46 52 92 99 98 86 117 Shirts and work clothing. .99 112 115 122 123 128 121 109 145 146 142 167 164 138 140 166 Women's outerwear 1.85 112 112 120 112 120 113 90 119 141 138 133 129 118 109 120 Women's suits and coats. .76 128 129 153 139 150 138 101 151 175 147 114 122 138 144 150 Misc. apparel and allied mfrs.. . . 1.92 117 117 121 126 129 128 126 125 130 129 125 124 128 127 135 Rubber and Leather Products. 3.20 118 113 117 120 125 125 118 129 138 136 125 121 129 119 134 Rubber products 1.47 135 125 111 137 143 145 137 150 158 159 138 132 152 141 156 Tires and tubes .70 123 113 110 117 129 128 128 138 154 155 111 108 141 147 136 Auto tires .40 134 120 118 122 131 131 132 149 167 171 120 120 154 162 148 Truck and bus tires .30 107 103 99 109 125 124 122 124 137 133 99 92 122 125 120 Miscellaneous rubber products... .77 147 136 142 156 156 160 146 161 161 163 163 154 162 136 174 Leather and products. . . 1.73 104 102 108 105 109 108 102 111 120 116 113 112 110 101 Leather .44 89 84 85 83 91 93 85 90 94 88 89 93 85 68 Cattlehide leathers. .29 98 91 94 92 101 102 94 98 102 95 95 97 87 70 Skin leathers .15 72 68 65 65 72 74 69 76 79 73 77 79 65 Shoes and slippers i .90 Miscellaneous leather products. .39 94 94 100 100 105 107 104 99 102 103 98 103 105 Paper and Printing. 8 93 148 147 148 160 155 145 150 156 159 164 162 160 152 161 Paper and allied products 3 46 158 160 168 169 181 170 153 166 111 176 185 180 180 164 184 Pulp and paper 1.76 154 154 159 159 171 164 148 161 171 171 179 175 177 157 176 Wood pulp .51 176 175 179 180 199 188 168 187 194 195 203 200 203 183 203 Paper and board 1.25 145 145 151 150 160 154 140 150 162 161 169 165 167 147 165 Printing paper .22 133 133 136 131 138 132 127 138 142 145 153 149 151 139 151 Fine paper .14 139 142 143 145 151 152 145 145 160 161 165 162 164 135 158 Coarse paper .20 127 125 129 129 142 139 120 129 140 135 147 142 142 127 137 Miscellaneous paper .18 179 178 176 174 195 186 175 193 200 194 205 200 196 175 199 Paperboard .41 153 154 163 164 173 166 146 157 173 172 178 174 178 151 176 Building paper and board . .10 124 129 141 145 145 128 115 124 137 143 157 148 156 150 154 Converted paper products. 1 70 163 166 177 179 192 176 158 171 183 182 190 186 182 171 191 Shipping containers.... .51 157 157 173 175 184 168 148 160 172 174 179 181 177 166 188 Sanitary paper products. .11 179 191 185 188 213 199 187 203 213 2C2 223 199 196 r186 199 p Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1300 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 19 p 4 r 7 o - - 49 a A v n e n ra u g a e l 1958 1959 portion 1957 1958 Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 141 139 136 142 147 146 140 139 142 148 150 150 148 144 147 Newsprint consumption 1.85 131 126 115 128 141 142 119 119 127 136 145 143 133 120 125 Job printing and periodicals. 3.62 146 146 147 149 149 149 151 150 150 154 153 154 155 155 158 Chemical and Petroleum Products. 9.34 172 170 170 174 179 180 181 184 187 189 190 189 189 181 188 Chemicals and allied products 6.84 184 184 182 187 195 195 195 198 202 204 209 207 206 199 207 Industrial chemicals 2.54 203 195 190 202 211 214 217 219 226 231 237 237 241 232 240 Basic inorganic chemicals .57 202 198 182 196 210 219 210 209 223 229 235 232 224 211 213 Industrial organic chemicals 1.97 204 195 193 204 212 213 219 221 227 231 237 238 245 r239 248 Plastics materials .24 272 284 276 316 336 328 320 332 350 366 379 377 386 345 Synthetic rubber .11 245 230 225 242 260 273 262 280 292 287 289 283 284 295 307' Synthetic fibers .59 199 180 178 189 199 200 215 211 220 222 231 224 235 Miscellaneous organic chemicals. 1.03 186 178 178 183 185 187 192 195 196 199 202 209 214 222 Vegetable and animal oils. .64 130 130 117 117 162 159 149 156 155 144 138 131 121 118 120 Vegetable oils .48 121 124 107 108 161 155 148 154 149 141 129 120 108 103 106 Grease and tallow .16 154 149 148 146 164 171 151 161 174 155 165 165 158 161 164 Soap and allied products. .71 112 109 122 126 120 114 104 117 120 113 117 114 107 75 119 Paints 1 .66 Fertilizers .23 132 132 106 118 126 115 119 134 142 172 212 192 127 109 116 Petroleum and coal products. 2.50 141 134 140 138 137 140 144 146 145 148 138 139 143 132 Petroleum refining 1.97 150 145 149 148 147 151 159 160 157 154 147 146 151 148 Gasoline 1.04 162 161 170 166 160 168 173 170 162 166 163 164 171 170 Automotive gasoline.. .98 157 156 163 159 154 161 167 165 156 162 159 162 167 167 Aviation gasoline.... .06 249 249 293 297 275 286 275 257 268 232 233 215 234 220 Fuel oil .56 147 136 133 138 140 140 153 163 165 153 134 133 136 129 Distillate fuel oil. .30 194 183 181 189 193 192 207 226 229 211 184 186 190 182 Residual fuel oil. .26 93 82 79 79 80 90 91 92 86 77 74 75 67 Kerosene .10 98 99 87 93 103 115 123 137 137 100 90 80 74 Lubricating oil. .17 113 104 109 102 108 106 112 104 104 117 113 113 118 Coke .26 105 76 72 78 85 90 92 94 102 107 107 106 104 '40 26 Asphalt roofing and siding. .15 94 103 165 130 121 92 49 58 80 149 87 109 121 129 136 Foods, Beverages, and Tobacco. 11.51 112 115 127 130 129 110 108 III 110 115 118 r123 r121 132 Food and beverage manufactures. 10.73 112 115 126 131 129 120 110 107 109 109 114 117 111 121 131 Food manufactures 8.49 112 115 127 134 130 121 112 110 110 108 111 113 118 118 132 Meat products 1.48 128 125 120 130 138 134 133 139 140 133 136 129 129 127 127 Beef .46 148 139 141 147 150 134 134 141 132 132 141 140 143 144 142 Pork .83 110 HI 101 113 123 126 126 130 136 127 127 116 114 111 111 Dairy products .69 111 110 121 103 93 89 87 92 100 109 121 141 147 132 123 Butter .14 109 105 91 79 80 88 92 103 106 110 115 132 123 98 84 Natural cheese .07 119 121 119 109 104 101 103 102 108 119 134 155 158 131 115 Concentrated milk. .19 102 99 95 84 77 70 76 83 88 99 115 139 141 112 97 Ice cream .28 111 112 149 122 104 94 84 87 99 109 117 136 153 158 157 Canned and frozen foods. 1.13 126 134 236 242 175 125 105 92 93 97 110 110 135 163 248 Grain-mill products 1.16 100 103 109 110 109 104 101 105 102 102 99 105 107 104 108 Wheat flour .46 87 90 92 93 97 97 88 94 90 89 85 92 88 83 93 Cereals and feeds .70 108 112 120 121 117 110 109 113 111 108 114 119 118 117 Bakery products. 1.64 100 101 102 102 103 101 101 98 99 99 99 102 104 105 105 Sugar .27 122 131 72 103 293 311 233 112 72 64 70 83 81 97 Cane sugar... . .11 112 115 136 125 117 114 107 103 104 113 118 135 126 125 140 Beet sugar .13 125 138 11 79 439 476 336 114 40 16 23 32 36 55 Confectionery .71 112 113 103 154 140 134 96 121 128 103 108 96 92 84 102 Miscellaneous food preparations. 1.41 108 115 120 119 118 118 116 113 116 115 116 119 125 121 125 Beverages 2.24 113 116 122 119 124 113 104 97 105 113 126 133 139 130 Bottled soft drinks. . .54 Alcoholic beverages. 1.70 103 107 104 108 124 111 94 91 100 109 119 124 123 112 Beer and ale 1.02 101 103 107 99 90 85 90 85 88 105 119 121 131 127 Liquor distilling. . .17 83 91 47 116 172 125 109 104 107 106 112 111 92 50 Liquor bottling. .. .37 111 115 116 118 166 154 92 92 116 112 116 128 114 101 Tobacco manufactures. .78 111 118 130 125 130 128 103 121 130 121 129 128 125 119 Cigarettes .46 116 124 138 129 132 128 108 123 127 121 129 132 129 129 Cigars .17 106 114 122 124 137 140 102 129 150 133 140 129 126 102 Preliminary. r Revised. For other notes see end of table Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1301 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 ro 7 - ^9 A av n e n ra u g a e l 1958 1959 Industry portion 1957 1958 Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT —Continued 128 117 120 123 124 123 124 123 123 122 124 127 127 114 116 MINERALS—TOTAL 8.35 128 117 119 122 122 124 127 126 126 123 123 124 123 118 Mineral Fuels 2.68 68 70 73 75 75 76 73 74 69 68 72 72 46 63 Coal .36 42 42 47 43 40 50 50 39 34 34 33 38 25 36 Anthracite 2.32 72 75 77 80 81 80 76 79 74 74 78 77 '50 67 Cr B O ud i i t C l N e u a r a m o u n t i d u i l d n e r a o a g n u l o a d s i s g l n a e c s a x o t t a u r a n a r l a c d l t i g o g a n a s s liquids 4 5 4 . . . . . 8 1 6 3 7 2 2 7 4 0 2 1 1 1 1 1 5 9 3 4 2 0 8 8 6 1 2 1 1 1 4 1 3 2 9 1 6 9 9 7 1 1 1 1 1 4 4 3 8 9 2 1 3 6 5 1 2 1 1 1 0 4 4 9 3 1 5 4 0 6 2 1 1 1 1 1 4 4 3 9 2 4 3 4 6 2 2 1 1 1 0 3 4 4 3 9 0 7 5 4 2 2 1 1 1 1 4 5 4 3 9 7 1 9 7 2 2 1 1 1 1 4 5 3 5 6 1 2 8 0 2 2 1 1 1 2 4 5 3 5 0 2 0 8 0 2 2 1 1 1 3 1 4 4 3 5 5 9 9 8 1 1 1 4 4 3 9 9 9 1 1 1 4 4 3 8 7 8 1 1 1 4 4 3 7 5 6 j> 1 1 1 1 4 4 3 9 4 0 7 0 ^1 U 4 4 0 Oil a N N n a a d t t u u g r a r a a s l l w g g e a a l s s l l d i r q i u ll i i d n s g . .8 3 5 6 1 17 8 1 4 1 1 7 5 9 2 1 1 7 4 8 9 1 1 7 5 9 0 1 1 8 5 1 4 1 1 8 5 8 9 1 1 9 6 3 5 1 1 9 6 2 3 2 1 0 5 0 2 1 1 9 4 6 6 1 1 4 9 8 4 1 1 5 9 5 1 1 1 6 9 1 2 1 1 6 8 5 7 169 Metal, Stone, and Earth Minerals 1.63 129 117 124 132 131 121 110 108 111 128 146 147 r126 107 Metal mining .82 116 91 96 107 107 93 81 86 91 91 105 135 133 49 Iron ore .33 114 73 110 118 107 53 38 43 52 50 81 157 160 9 Nonferrous metal mining .49 117 103 86 101 107 119 110 114 118 118 121 121 115 75 Copper mining .24 133 121 100 123 132 145 135 139 141 146 149 151 140 r125 79 Lead mining .09 85 68 59 59 62 73 64 69 71 64 65 61 65 '57 66 Zinc mining .06 84 65 57 59 61 65 60 66 75 71 73 73 70 60 Stone and earth minerals .81 142 143 153 158 156 151 139 131 130 138 152 157 162 163 166 P Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, i Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-71. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953, group in addition to the groups shown. Certain types of combat materiel pp. 1247-93 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] 1947-49 a A v n e n ra u g a e l 1958 1959 Industry proportion 1957 1958 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. ELECTRICITY AND GAS—TOTAL 100.00 233 244 246 249 251 250 252 259 260 262 P262 *>266 P272 *>273 ^276 Residential 41.34 261 282 285 288 289 285 286 301 301 301 Nonresidential 58 66 213 216 218 222 224 225 229 229 231 234 Electricity 76.18 233 243. 247 250 251 248 252 257 257 260 259 265 272 273 ^276 Residential 27.48 273 295 300 304 305 298 300 313 310 312 307 312 318 323 Industrial . • . 23 68 213 208 210 216 217 216 221 220 224 228 229 235 244 241 General industrial 23.49 193 189 192 197 198 198 202 202 206 209 211 216 225 222 Atomic energy . . . .. . 19 2670 2570 2550 2550 2560 2550 2540 2560 2590 2580 2560 2560 2580 2580 . . Commercial and other 25.02 208 219 224 224 224 224 228 230 230 234 235 241 248 248 Gas 23.82 232 246 243 247 251 254 254 265 268 267 ^269 P271 ^273 ^275 Residential 13.86 236 256 257 257 257 258 258 276 282 279 Industrial 6 16 230 231 230 235 238 241 243 245 247 248 Commercial and other . . 3.80 218 232 212 231 250 254 251 253 260 255 P 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

1302 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] Annual 1947-49 average 1958 1959 pro- Product portion 1957 1958 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 130 113 115 103 108 133 134 133 132 135 137 141 145 149 142 Major Durables 69.72 138 114 116 99 105 142 143 140 137 141 146 151 155 158 149 Autos 32.10 146 101 95 56 67 139 143 139 130 142 147 153 156 158 134 Major household goods 36.13 132 127 137 138 141 148 144 143 146 142 147 153 156 164 Furniture and floor coverings. 15.32 114 115 117 120 124 127 127 132 133 133 135 140 140 r147 141 Household furniture 11.31 120 122 126 129 130 133 134 140 140 141 143 148 148 150 Floor coverings * 4.01 Appliances and heaters 15.60 127 127 132 137 148 159 156 140 145 139 144 151 145 r148 164 Major appliances 11.88 133 131 139 144 157 168 161 141 149 145 150 158 154 157 177 Ranges 2.60 89 88 77 84 98 114 118 99 103 101 99 109 104 99 99 Refrigeration appliances. . 4.98 140 140 152 155 173 184 180 150 163 164 171 178 170 181 199 He L a a ti u n n g d r a y p p a a p r p a l t i u a s nces 3 2. . 5 7 1 2 1 1 0 8 4 0 1 11 7 5 0 1 1 8 1 5 2 2 1 0 1 2 3 2 1 0 2 8 3 2 1 1 3 5 1 1 1 8 3 7 8 1 1 8 3 8 7 1 1 8 3 6 4 1 1 6 2 9 0 1 12 7 5 6 1 1 2 8 8 2 1 1 1 8 8 4 m 19 \ 0 2 1 3 2 9 3 Radio and television sets 5.21 205 166 207 197 166 174 162 181 185 179 189 195 235 240 234 Radio sets 3.42 75 61 75 86 65 75 65 73 72 67 71 71 92 91 81 Television sets 1.79 453 365 459 408 359 363 346 387 400 392 415 432 507 526 528 Other Consumer Durables 30.28 111 110 112 113 114 113 114 118 119 121 115 117 124 128 127 Auto parts and tires 14.00 Misc. home and personal goods. 16.28 114 109 110 114 114 114 113 114 114 117 119 123 125 131 128 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 130 113 100 103 116 143 137 136 140 144 142 142 144 134 119 Major Durables 69.72 138 114 94 96 113 155 147 145 150 155 154 154 154 140 114 Autos 32.10 146 101 53 37 71 160 161 154 149 163 164 162 158 150 71 Major household goods 36.13 132 127 130 150 151 153 138 140 154 151 148 149 152 132 153 Furniture and floor coverings. 15.32 114 115 118 126 131 130 130 130 135 136 135 133 135 r133 142 Household furniture 11.31 120 122 127 134 138 137 138 137 140 141 140 141 144 r146 152 Floor coverings1 4.01 Appliances and heaters 15.60 127 127 114 150 147 156 137 131 158 159 156 155 154 r125 141 Major appliances 11.88 133 131 110 150 148 162 146 137 169 173 167 165 163 131 141 Ranges 2.60 89 88 68 92 102 114 108 96 115 117 104 103 111 75 88 Refrigeration appliances.. 4.98 140 140 111 149 138 156 153 145 187 205 201 205 201 168 145 Laundry appliances 2.51 180 170 155 228 229 241 189 183 212 186 182 173 166 135 201 Heating apparatus 3.72 104 115 128 149 145 136 108 112 121 116 120 123 125 r106 140 Radio and television sets 5.21 205 166 214 222 221 212 163 193 199 173 166 176 198 148 223 Radio sets 3.42 75 61 64 80 82 99 79 73 73 70 68 69 76 53 64 Television sets 1.79 453 365 500 493 485 429 322 422 440 369 353 380 431 331 527 Other Consumer Durables 30.28 111 110 115 119 123 117 113 115 117 117 113 114 121 122 130 Auto parts and tires 14.00 Misc. home and personal goods. 16.28 114 109 112 118 123 122 109 114 116 116 118 122 131 P Preliminary. r Revised. Individual indexes without seasonal adjustment for woven carpets, 1 Publication suspended pending revision. appliances, heating apparatus, radio sets, and television sets may be NOTE.—For a description of these indexes, see BULLETIN for May 1954, obtained from the Division of Research and Statistics. pp. 438-47. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor.* Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Total Indu B s u - sine C s o s m- Public O n d re t o e h s n n i 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 trial mercial utility tial 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 1,387 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 1,003 3,680 773 6 222 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 t 287 3 861 701 5 875 1956 45,779 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,712 1,360 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 Sept 4,105 2,821 1.535 906 167 297 442 380 1 .284 124 442 84 634 Oct 4,198 2,872 1,590 900 165 295 440 382 ,326 134 457 89 646 4,356 2,948 ,653 908 167 298 443 387 ,408 160 510 86 652 Dec 4,451 3,030 ,733 915 166 300 449 382 ,421 135 524 93 669 1959 Jan 4,557 3,113 1,793 928 160 304 464 392 1,444 127 552 95 670 Feb 4,526 3,127 1,812 929 160 308 461 386 I 399 125 500 93 681 Mar 4,669 3,181 1,867 928 156 305 467 386 ,488 133 582 98 675 4,670 3,259 1,952 925 153 311 461 382 1,411 135 512 99 665 May 4,670 3,300 1,981 938 157 334 447 381 [ 370 137 472 101 660 4,662 3,270 1,922 953 163 344 446 395 1,392 133 492 112 655 July r 4,658 3,288 1,917 959 170 351 438 412 I 370 116 510 90 654 4,581 3,245 ,875 958 175 347 436 412 336 114 504 88 630 Sept.p 4,418 3,162 1,851 910 168 329 413 401 ,256 108 466 87 595 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 1303 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o r m cia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1957 32,173 11,238 20,935 13,039 2,168 3,267 2,936 2,922 7,841 1958 35,090 13,427 21,663 14,696 1,400 3,197 2,908 3,444 9,446 1958—Aug 3,467 1,233 2,234 ) 451 142 356 280 301 937 Sept 3,216 1,049 2,167 1,460 113 303 240 237 863 Oct 3,309 1,071 2,238 1,595 135 288 248 284 759 Nov 2,594 927 1,667 [ 206 96 238 198 243 613 Dec 2,282 887 1,395 981 88 227 206 226 553 1959 Jan . . . . .. 2,319 800 1,519 ,022 105 282 171 261 479 Feb 2,307 800 1,507 1,073 139 198 177 190 530 Mar 3,340 869 2,471 ,541 128 286 217 283 886 3,778 1,207 2,571 ,831 189 328 270 400 760 May 3.542 1,094 2,447 .677 176 326 227 342 793 June 3,659 1,167 2,492 1,762 151 292 251 361 842 July 3,657 1,186 2,470 194 354 265 378 776 Aug 3,084 850 2,234 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 tr d i i c s t - s 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 c S r is a a c n n o - 1958—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 Aug. 3,467 174 494 151 260 275 366 411 148 165 198 267 557 1959—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 Aug. 3,084 152 368 132 244 199 353 423 122 124 180 192 595 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates.* In thousands of units] p T ri o v t a a t l e Metro- Non- Private Year or month (seasonally Total politan metro- an a n d u ju al s te ra d te) areas p a o r l e it a a s n Total fam 1- ily fam 2- ily 1951 1 091 111 315 1,020 892 40 1952 Ml 795 332 1,069 939 46 1953 ,104 804 300 1.068 933 42 1954 ,220 897 324 1,202 1 077 34 1955 ,329 976 353 1,310 1 190 33 1956 ,118 780 338 1,094 981 31 1957 ,042 700 342 993 840 33 1958 827 382 1,142 933 39 1958 Sept 1,255 121 85 36 111 93 3 Oct 1,303 79 36 113 94 4 Nov 1,427 109 74 36 107 85 4 Dec J.412 91 64 27 90 70 1959 Jan ,364 87 62 25 84 64 Feb ,403 95 62 33 94 75 Mar .403 121 81 40 118 93 Apr ,434 142 97 45 137 109 May ,370 137 94 43 134 107 June ,368 137 93 44 131 no July ,375 129 88 41 127 105 AUJ? p ,340 ni9 87 43 n.a. Sept p] ,325 84 37 nil n.a. CO COC" Government-underwritten 1 Public f M am u i l l t y i- Total FHA VA 88 71 412 264 149 84 59 421 280 141 94 36 409 252 157 90 19 583 276 307 87 19 670 277 393 82 24 463 192 271 120 49 313 185 128 170 68 429 327 102 14 10 50 35 14 15 2 54 39 15 18 2 40 29 11 16 2 38 29 9 17 3 29 22 7 15 1 28 22 6 5 20 3 41 32 10 5 24 5 46 35 11 5 21 4 47 36 10 5 16 6 47 36 11 4 18 2 43 32 11 n.a, n.a. 42 32 10 n.a. n.a. 42 32 10 v 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

1304 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employedl Unemploy- Year or month institutional labor Not in the ment population force Total In nonagri- In U pl n o e y m ed - labor force (per r a c t e e nt)2 Total cultural industries agriculture 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 3.0 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 2.7 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 2.5 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48.402 5.0 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 4.0 1956 118,734 70,387 67,530 64,979 58,394 6,585 2,551 48,348 3.8 19573 120,445 70,746 67,946 65,011 58,789 6,222 2.936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1958 Sent 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 Sept 123,659 72,109 69,577 66,347 60,105 6,242 3,230 51,550 5.6 1 Includes self-employed, unpaid family, and domestic service workers. and waiting to start new jobs (previously included as employed) are clas- 2 Per cent of civilian labor force. Monthly data are seasonally sified as not in the labor force. adjusted. NOTE.—Information relating to persons 14 years of age and over is 3 Beginning 1957 persons waiting to start new wage and salary jobs and obtained through interviews of households on a sample basis. Monthly those on temporary layoff, previously considered as employed (with a job data relate to the calendar week that contains the 12th day; annual data but not at work), are classified as unemployed, and a small group in school are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal Year or month Total M t a u n ri u n f g ac- Mining co C n o st n r t u r c a t c io t n ti p o u n b 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 5 518 6 645 1954 48.431 15 995 111 2 593 4 009 10 520 2 122 5 664 6 751 1955 50,056 16,563 111 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 Sept 50,780 15,529 707 2,698 3,858 11,151 2,392 6.440 8,005 Oct 50,582 15,358 708 2,698 3.887 11,154 2,392 6 399 7 986 Nov 50,877 15 693 708 2 690 3 875 11,119 2 386 6 426 7 980 Dec 50,844 15,701 709 2.550 3.859 11,143 2,385 6 448 8 049 1959 Jan 51,086 15 764 704 2 650 3 894 11 216 2 387 6 443 8 028 Feb 51,194 15,819 693 2,626 3.880 11.279 2,395 6,462 8.040 Mar 51,456 16 006 688 2 719 3 885 11 263 2 398 6 441 8 056 Apr 51,887 16,182 701 2.829 3.886 11.333 2 403 6^479 8 074 May 52,125 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 52,558 16,580 714 2,800 3.920 11,465 2,426 6,570 8,083 Aug 52,011 16 039 627 2 809 3 893 11 522 2 435 6 556 8 130 Sept 51,999 16,093 604 2.759 3,879 11,480 2,450 6,564 8,170 WITHOUT SEASONAL \DJUSTMENT 1958—Sept 51,237 15,755 711 2.927 3.886 11,151 2.392 6.472 7,943 Oct 51,136 15 536 708 2 887 3 897 11 225 2 380 6 463 8 040 Nov 51,432 15,795 712 2.784 3.885 11,382 2,374 6.426 8.074 Dec 51,935 15 749 713 2 486 3 881 11 976 2 373 6 384 8 373 1959 Jan 50,310 15,674 704 2,343 3,836 11.052 2,363 6.314 8,024 Feb . . .. 50,315 15,771 693 2,256 3,835 10,990 2,371 6.333 8,066 Mar 50,878 15 969 688 2 417 3 865 11 083 2 386 6 377 8 093 Apr 51,430 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 52,343 16,410 710 3,035 3,949 11,324 2,475 6,603 7,837 Aus 52,054 16,172 633 3,101 3,922 11,353 2,472 6,589 7,812 Sept. 52,493 16,321 607 3,024 3,907 11,480 2,450 6,597 8,107 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 August and September 1959 are preliminary. Back data may be month. Proprietors, self-employed persons, domestic servants, unpaid obtained from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 1305 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 Sept. July Aug. Sept. Sept. July Aug. Sept. Total 11,725 12,612 12,065 12,098 11,940 12,433 12,181 12,317 Durable goods 6,568 7,275 6,736 6,808 6,579 7,161 6,696 6,816 Ordnance and accessories 68 72 72 74 68 72 72 74 Lumber and wood products 570 615 603 595 590 627 627 616 Furniture and fixtures 308 333 328 327 310 320 323 329 Stone, clay, and glass products 432 469 462 465 438 464 467 472 Primary metal industries 897 1,048 628 604 897 1,038 625 604 Fabricated metal products 822 873 840 849 822 847 832 849 Machinery except electrical 1,033 1,166 1,170 1,183 1.007 1,149 1,141 1,153 Electrical machinery 762 866 866 878 762 836 849 878 Transportation equipment 1,100 1,207 1,137 1,201 1,100 1,207 1,137 1,201 Instruments and related products 205 226 227 228 205 221 224 228 Miscellaneous manufacturing industries 371 400 403 404 380 380 401 414 Nondurable goods 5,157 5,337 5,329 5,290 5,361 5,272 5,485 5,501 Food and kindred products 1,019 1,012 1,030 993 1,178 1,062 1,169 1,156 Tobacco manufactures 80 77 81 83 96 67 90 100 Textile-mill products 864 899 896 894 860 872 887 890 Apparel and other finished textiles 1,034 1,097 1,079 1,077 1,055 1,048 1,101 1,099 Paper and allied products 440 454 451 450 447 449 453 459 Printing, publishing and allied industries 548 558 564 566 548 552 558 566 Chemicals and allied products 508 538 542 534 511 527 534 537 Products of petroleum and coal 156 155 148 149 158 158 151 150 Rubber products 187 209 206 207 188 203 204 208 Leather and leather products 321 338 332 337 321 335 339 337 NOTE.—Data covering production and related workers only (full- and are preliminary. Back data may be obtained from the Bureau of Labor part-time) who worked during, or received pay for, the pay period ending Statistics. nearest the 15th of the month. Figures for August and September 1959 HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1958 1959 1958 1959 1958 1959 Sept. July Aug. Sept. Sept. July Aug. Sept. Sept. July Aug. Sept. Total 85.39 89.65 88.70 89.28 39.9 40.2 40.5 40.4 2.14 2.23 2.19 2.21 Durable goods 92.46 96.80 96.12 96.05 40.2 40.5 40.9 40.7 2.30 2.39 2.35 2.36 Ordnance and accessories 103.00 105.06 103.89 105.47 41.2 41.2 40.9 41.2 2.50 2.55 2.54 2.56 Lumber and wood products 80.12 80.19 82.60 79.80 41.3 40.5 41.3 40.1 1.94 1.98 2.00 1.99 Furniture and fixtures 73.80 74.66 76.31 75.95 41.0 40.8 41.7 41.5 1.80 1.83 1.83 1.83 Stone, clay, and glass products 88.78 92.13 92.57 92.10 41.1 41.5 41.7 41.3 2.16 2.22 2.22 2.23 Primary metal industries 106.74 108.19 105.34 106.27 39.1 38.5 39.9 40.1 2.73 2.81 2.64 2.65 Fabricated metal products 93.89 97.17 98.77 98.71 41.0 41.0 41.5 41.3 2.29 2.37 2.38 2.39 Machinery except electrical 95.60 103.25 103.00 102.50 40.0 41.3 41.2 41.0 2.39 2.50 2.50 2.50 Electrical machinery 87.26 89.02 89.47 89.87 40.4 40.1 40.3 40.3 2.16 2.22 2.22 2.23 Transportation equipment 100.98 108.53 108.14 110.70 39.6 40.8 40.2 40.7 2.55 2.66 2.69 2.72 Instruments and related products 89.47 93.71 92.80 92.80 40.3 41.1 40.7 40.7 2 22 2.28 2.28 2.28 Miscellaneous manufacturing industries... 74.19 75.60 77.14 75.98 40.1 40.0 40.6 40.2 T.85 1.90 1.89 Nondurable goods 77.03 80.00 80.00 80.60 39.5 39.8 40.0 39.9 1.95 2.01 2.00 2.02 Food and kindred products 82.78 85.48 84.87 85.90 41.6 40.9 41.2 41.7 1.99 2.09 2.06 2.06 Tabacco manufactures 60.15 70.58 65.77 63.71 40.1 40.1 40.6 41.1 1.50 1.76 1.62 1.55 Textile-mill products 59.95 63.83 64.87 64.55 39.7 40.4 40.8 40.6 1.51 1.58 1.59 1.59 Apparel and other finished textiles 55.23 55.57 56.70 56.00 36.1 36.8 37.3 36.6 1.53 1.51 1.52 1.53 Paper and allied products 91.38 95.03 95.68 96.34 42.7 43.0 43.1 43.2 2.14 2.21 2.22 2.23 Printing, publishing and allied industries.. 99.56 103.52 103.79 104.56 38.0 38.2 38.3 38.3 2.62 2.71 2.71 2.73 Chemicals and allied products 95.94 100.28 100.53 102.09 41.0 41.1 41.2 41.5 2.34 2.44 2.44 2.46 Products of petroleum and coal 112.33 118.78 115.30 119.48 40.7 41.1 40.6 41.2 2.76 2.89 2.84 2.90 Rubber products 97.51 107.10 105.58 106.09 40.8 42.5 42.4 42.1 2.39 2.52 2.49 2.52 Leather and leather products 57.99 60.90 60.64 58.77 36.7 38.3 37.9 36.5 1.58 1.59 1.60 1.61 NOTE.—Data are for production and related workers. Figures for August and September 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

1306 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l a l - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap in ol n i e s - K C a i n t s y as 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—Aug 147 137 137 '138 140 163 '185 136 151 137 158 172 '149 Sept 135 119 125 129 129 145 167 124 144 126 148 162 140 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 '151 160 148 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 '155 162 155 Mar 138 116 123 129 128 146 167 129 144 141 '156 166 155 Apr 141 120 126 142 132 156 175 130 138 127 '150 169 153 May 144 124 130 139 136 158 182 135 148 131 '158 173 154 June 144 118 128 140 135 157 186 133 140 139 '154 176 161 July r150 133 138 148 142 161 190 140 146 134 154 174 161 Aug 132 133 135 143 196 139 154 140 189 161 WITHOUT SEASONAL ADJUSTMENT 1958—Aug 129 107 105 115 124 139 '166 121 136 130 152 160 144 Sept 137 127 129 135 129 151 160 129 143 135 149 156 140 Oct 141 127 135 143 129 158 173 129 144 142 149 165 142 Nov 166 149 160 179 154 186 197 154 161 150 173 190 173 Dec 251 240 235 251 244 286 305 228 250 227 '261 277 262 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 '113 126 119 Mar 125 103 112 124 117 138 167 114 128 119 '134 151 132 Apr 130 114 116 128 123 139 165 123 129 122 '141 157 138 J A J M u u u l a n y g y e P ' 1 1 1 1 3 2 3 4 2 1 7 1 1 1 1 0 9 1 2 3 5 8 4 1 1 1 1 0 0 2 2 0 2 5 6 1 1 1 1 0 1 3 3 8 2 8 2 1 1 1 1 1 2 3 2 5 6 2 7 1 1 1 2 4 5 9 6 6 P1 1 1 1 7 5 7 6 7 7 5 2 r1 1 1 1 1 2 3 3 0 4 4 0 1 1 1 1 2 3 4 3 0 8 9 0 1 1 1 1 0 3 3 2 7 5 2 7 1 1 1 3 4 5 5 7 4 1 1 1 1 5 7 6 7 5 6 0 2 1 1 1 1 4 5 5 4 3 1 7 6 STOCKS i 1951 131 129 127 132 132 129 145 125 130 121 137 135 137 1952 121 117 115 120 115 127 143 112 120 113 130 129 131 1953 131 124 120 129 125 141 155 122 131 123 146 143 140 1954 128 126 117 127 122 138 152 120 125 124 141 140 135 1955 136 132 119 135 124 159 170 127 135 130 152 153 142 1956 148 141 130 148 133 175 195 138 148 142 164 168 156 1957 152 138 138 154 136 178 203 143 149 146 160 174 158 1958 148 136 136 154 129 171 197 139 140 137 153 165 155 SEASONALLY ADJUSTED 1958—Aug 148 137 135 •"150 128 '173 192 144 143 137 '153 163 '154 Sept 150 141 137 155 132 175 198 145 136 142 155 164 158 Oct 152 142 142 157 131 176 202 146 136 141 '160 170 159 Nov 153 142 140 159 130 180 207 143 137 140 '166 172 160 Dec 150 139 141 157 128 172 205 140 134 137 '160 163 157 1959—Jan 152 137 141 155 139 177 200 141 144 136 159 168 160 Feb 150 139 138 153 127 172 198 141 138 142 155 168 161 Mar 148 136 137 153 127 171 195 138 138 139 '151 169 163 Apr 151 138 138 155 127 175 201 142 141 138 '152 174 166 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 159 147 142 '163 138 184 212 152 151 143 158 180 170 Aug 1 147 145 162 136 186 159 147 148 H82 WITHOUT SEASONAL ADJUSTMENT 1958—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 '149 163 151 Mar 153 138 141 158 131 182 204 139 143 143 '157 178 165 Apr 158 144 143 166 133 184 211 150 149 140 '159 181 169 May 153 141 140 159 132 173 202 145 143 139 '156 174 166 June 148 134 132 152 125 169 192 145 136 133 '151 169 163 July 148 132 129 '147 127 167 197 146 140 136 150 171 165 Aug ^156 143 142 156 130 181 152 145 145 v 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, pD. 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 1307 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 l o n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) i o ( s e r O t n d i a n d u e n g r t d - s o - f i m c ( e t o R f i o p o n e t t r - t a s h 2 l ) o m ( r N t o d f o o e n e t r w r t a s h l ) 3 Stocks s o O t r i a d n u n e g t d r - s - S st o p t i a o n l u n u c g t d k s - - s ce R i e p - ts month) orders Annual average: 1950 376 1,012 495 391 401 2.8 1.4 4.2 l.l 1951 391 ,202 460 390 379 3.2 1 3 4 4 I 0 195? . . . .. 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 L 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 WO 436 461 463 3.0 1.0 4.1 n Month: 1958 Aug '•421 rl,277 •-540 '483 '460 3.0 1.3 4.3 1.1 Sept 451 1,395 553 570 589 3.1 1.2 4 3 1 3 Oct . . . . 502 1,516 545 623 615 3.0 1.1 4.1 1.2 Nov 538 1,567 462 589 506 2.9 0 9 3 8 1 l Dec 911 1,231 332 575 445 1.4 0.4 1.7 0.6 1959 Jan 379 1,217 412 365 445 3.2 1.1 4.3 1.0 Feb 342 1,278 449 403 440 3.7 1.3 5.0 1.2 Mar 434 1,360 422 516 489 3.1 1 0 4 1 1 2 Apr 431 1,404 388 475 441 3.3 0.9 4.2 1.1 May 453 1 365 418 414 444 3.0 0 9 3 9 0 9 June 446 1,299 '603 380 '565 2.9 n.4 4.3 0.9 July 389 1 304 664 394 455 3.4 1 7 5 1 I 0 Aue.p 427 1,379 631 502 469 3.2 1.5 4.7 1.2 p Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1958, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdepartment store sales. LETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports excluding Merchandise exports 1 military-aid shipments2 Merchandise imports 3 Period 1957 1958 1959 1957 1958 1959 1957 1958 1959 Jan 1,681 1,505 1,400 1.584 1,396 1.286 1,115 1,096 1.154 Feb . .. . 1,616 1,345 1,280 495 1,245 1,184 993 956 ,118 Mar 2.154 1,553 1,456 2,024 1,438 1,375 1,133 1,072 ,301 Apr .. . . . . .. . ,866 1,530 1,468 ,783 1,408 1,343 1,119 1,057 ,221 May 817 1 638 1,552 I 715 1 *>07 1,411 1 106 L 061 264 June 1,790 1,406 1,426 1,656 1,308 1,348 986 ,031 ,369 July L 697 1,416 1,469 t 510 1,287 1,354 1,148 I 049 ,248 Aug ... ,681 1,396 1,397 1,540 1,283 .300 1,043 950 .190 Sept 1,544 1,361 ,441 1,239 1,007 1,074 Oct ,680 1,599 1,606 1,418 1,148 1,142 Nov 1,688 1,596 1,601 1,408 1,043 .089 Dec , 1.636 1,514 1.541 1,379 1,142 1,253 Jan -Aug 14,302 11,789 11,448 13,307 10,872 10,601 8,643 8,272 9.865 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

1308 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a d c s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a c i i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 19">9 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 Aug 123.7 120.7 127.9 138.1 117.5 133.6 103.3 132.1 106.6 141.0 145.0 128.9 116.7 127.1 Sept 123 7 120 3 127.9 138 2 118.0 135.2 103.6 132 2 107.1 141.3 146.1 128.7 116.6 127.1 Oct 123.7 119.7 127.9 138.3 118.1 135.6 103.4 132.4 107.3 142.7 146.7 128.8 116.6 127.2 Nov 123 9 119 4 128 0 H8 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 124.5 118.9 128.9 139.5 119.3 133.9 104.1 133.9 107.3 145.9 150.6 131.1 118.1 129.2 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 Aug 124.8 118.3 129.3 139.8 120.1 133.9 103.6 134.6 108.0 146.7 151.4 131.7 119.1 131.1 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 o ie m l d s l i - - p F u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t d e - e d s - l - l H s e p u k a a r i c n i t o d n h t d d e s s e s - , r ,p F l t o m i e a i g u w n r n h a i e g d a e - l t l , - r s , C a p i u a l h c r l c n o a i e e t d l d m s s d - - p R u a b r u n c o e b t d d r s - - w p L u a b r u o c n o e m o t d d r s d - - p p a P u a l a r u l c n o p i l t e d d e p s d - r , , M m p u a r e e c n o t t t d d a a s l - l s p c m u M a t e r h i c n o r v o i a y t d n d e - s - - - h F d o h t o b a u u t u o n l u h r r e r l d s e n a e d s e r - i- -e s N t r t m t m a u a r o l l i r u e l s n a n i - c — c - l - - b b e m o b a T r a t e a n f c t o 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 9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97 0 104.6 114.0 97.3 98 5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114 3 88 4 101 7 122 2 95 3 99 3 111 2 107 2 145 8 125 4 127.2 148.4 137 8 119 1 129.6 122 3 91 0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 89.6 1958 119 2 94 9 110.9 126.0 93 5 100 6 112.7 110 4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1958 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 92.5 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 93.9 108.5 115.0 109.8 146.7 124.2 132.0 153.6 152.2 123.5 137.7 132.1 97.0 Apr 120.0 92.4 107.2 128.3 94.1 117.8 114.0 110.0 147.5 126.3 132.2 152.8 152.1 123.4 138.3 132.2 98.8 May 119.9 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 94.9 118.9 111.2 110.0 147.3 128.9 132.3 153.3 153.0 123.6 137.4 132.2 91.0 July 119.5 88.4 107.5 128.4 r95.3 r119.3 110.9 109.9 147.3 128.3 '132.4 H52.7 '153.6 r123.8 '137.5 134.5 92.9 Aug 119.1 87.0 105.8 128.4 95.5 119.8 112.2 109.7 141.8 128.5 132.3 152.8 153.8 123.7 137.4 134.5 92.0 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1309 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1958 1959 1958 1959 Subgroup Subgroup Aug. June July Aug. Aug. June July Aug. Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce. 97.2 100.9 98.5 92.8 Grains 77.3 78.2 78.2 77.7 Paperboard 136.0 136.2 135.9 135.9 Livestock and poultry. . ., 94.0 89.5 84.8 83.1 Converted paper and paperboard.. . 127.8 127.6 127.6 127.4 Plant and animal fibers... 101.8 101.6 100.0 95.7 Building paper and board 143.4 146.7 147.3 147.3 Fluid milk 93.5 90.0 '92.2 94.1 Eggs 81.5 56.5 65.4 66.8 Metals and Metal Products : Hay and seeds 75.9 78.0 74.9 73.1 Other farm products.... 139.5 132.8 132.2 132.1 Iron and steel 171.3 171.3 171.8 171.9 Nonferrous metals 126.1 136.1 "133.8 134.0 Processed Foods: Metal containers 155.7 152.9 152.9 152.9 Hardware 172.0 173.0 173.0 172.9 Cereal and bakery products 116.9 119.2 119.5 119.3 Plumbing equipment 119.9 130.9 130.9 131.0 Meats, poultry, and fish 108.2 101.9 99.3 94.8 Heating equipment 121.2 121.7 121.7 121.6 Dairy products and ice cream 112.2 111.9 113.9 114.7 Fabricated structural metal products 133.3 132.3 132.3 132.3 Canned, frozen fruits, and vegetables 111.8 111.1 110.6 107.7 Fabricated nonstructural metal Sugar and confectionery 116.0 115.6 115.2 115.5 products 145.4 146.1 145.3 145.1 Packaged beverage materials 161.2 145.2 145.2 145.2 Other processed foods 96.5 95.4 96.1 96.6 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 137.7 143.5 143.4 143.4 Cotton products 87.7 91.6 91.9 92.1 Construction machinery and equip- Wool products 100.4 102.2 '103 104.0 ment 165.6 171.9 172.0 172.2 Synthetic textiles 80.0 81.5 r82 82.3 Metal working machinery 169.3 173.7 173.8 175.8 Silk products 116.3 114.2 113.4 113.7 General purpose machinery and Apparel 99.3 99.6 r99.9 100.0 equipment 158.8 165.8 165.9 166.0 Other textile products. 75.9 75.6 75.5 75.2 Miscellaneous machinery 147.6 149.3 149.5 149.6 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 152.8 154.2 156.1 156.0 Motor vehicles 139.0 143.2 143.2 143.2 Hides and skins 60.4 106.7 "107.7 106.9 Leather 91.5 120.1 118.7 117.3 Furniture and Other Household Dura- Footwear 121.8 130.2 130.6 132.5 bles: Other leather products. 96.8 112.0 '113.9 114.1 Household furniture 122.6 124.0 •124.2 124.2 Fuel, Power, and Lighting Materials: Commercial furniture 155.0 155.1 155.3 155.3 Floor covering 126.7 128.1 128.6 128.6 Coal 121.9 119.8 121.1 121.9 Household appliances 104.7 104.9 104.4 104.4 Coke 161.9 170.4 170.4 170.4 Television, radios, phonographs.... 94.9 '92.9 r94.3 94.3 Gas fuels (Jan. 1958= 100) 102.0 106.8 101.4 109.2 Other household durable goods 354.7 156.7 156.8 156.5 Electric power (Jan. 1958= 100). . . . 100.8 100.8 100.8 100.6 Petroleum and products 119.2 115.0 114.8 116.2 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.3 135.3 135.3 135.3 Concrete ingredients 139.1 140.1 140.4 140.4 Industrial chemicals 122.8 123.8 123.9 123.7 Concrete products 128.1 129.7 129.9 129.7 Prepared paint 128.2 128.3 128.3 128.3 Structural clay products 155.6 160.4 160.6 160.5 Paint materials 103.3 101.4 101.3 101.5 Gypsum products 133.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics. . 94.4 93.4 93.5 93.4 Prepared asphalt roofing 103.3 113.6 111.9 111.9 Fats and oils, inedible 62.5 58.4 r55.3 53.8 Other nonmetallic minerals. 131.2 132.5 132.5 132.5 Mixed fertilizers 110.8 108.9 108.8 109.2 Fertilizer materials 104.4 107.6 107.4 104.8 Tobacco Manufactures and Bottled Other chemicals and products 106.4 106.5 106.6 106.7 Beverages: Rubber and products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.6 106.6 106.6 Crude rubber 134.3 148.7 149.3 153.6 Other tobacco products. 139.7 152.8 153.7 153.7 Tires and tubes 152.8 150.0 150.0 134.3 Alcoholic beverages 120.1 121.7 126.8 126.8 Other rubber products. 140.9 144.2 r143.7 143.5 Nonalcoholic beverages. 149.3 171.1 171.1 171.1 Lumber and Wood Products: Miscellaneous: Lumber. . 119.0 130.4 "129.9 130.3 Toys, sporting goods, small arms. . 119.3 117.0 117.5 117.6 Millwork. 126.8 137.3 137.7 138.6 Manufactured animal feeds 76.8 69.0 72.2 70.6 Plywood.. 100.2 105.2 102.4 100.9 Notions and accessories 97.5 97.5 97.5 96.2 Jewelry, watches, photo equipment. 107.7 108.1 r108.1 108.3 Pulp, Paper, and Allied Products: Other miscellaneous 132.4 132.0 131.9 132.0 Woodpulp.. 121.2 121.2 121.2 121.2 Wastepaper. 87.0 115.9 115.9 115.9 Paper 141.8 143.3 '143.6 143.7 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1310 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 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 Persona] consumption expenditures. 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 Nondurable goods 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 Services 32. 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 investment 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 New constructionl 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 Residential, nonfarm 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 Producers* durable equipment 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 6.1 10.4 Nonfarm only 1.8 -1.4 4.0 6.0 -2.1 5.5 5.1 1.2 -4.9 -7.0 -4.5 5.4 9.8 Net exports of goods and services. 2.8 2.2 21.1 .6 1.0 1.1 2.9 4.9 1.2 1.2 1.6 -.9i -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 21.51 22.1 Imports 6.3 2.3 4.8 12.5 16.5 18.3 20.2 21.3 21 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 Federal 1.3 2.0 16.9 19.3 47.5 45.3 45.7 49.4 52.2 51.3 53.1 54.2 53.8 53.9 National defense3 13.8 14.3 41.2 39.1 40.4 44.3 44.5 44.3 44.5 45.3 45.8 46.2 Other 2.0 3.2 5.2 6.7 6.6 5.7 5.5 8.1 7.5 8.9 9.4 8.3 8.0 Less: Government sales* .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 stant (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 suppleduring the period 1929-45. ment to the Survey of Current Business for 1959) and the July 1959 issue 3 This category corresponds closely to the major national security of the Survey of Current Business. classification in the Budget of the United States Government for the fiscal year ending June 30, 1960. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1958 1959 1929 1933 1941 1950 1954 1955 1956 1957 1958 National income 87.8 40.2 104.7 241.9 301.8 330.2 350.8 366.5 366.2 358.9 369.5 380.4 389.4 403.9 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 salaries1 50.4 29.0 62.1 146.4 196.3 210.9 227.6 238.5 239.4 236.0 241.1 245.1 250.9 259.4 P M ri i v li a ta te ry 45.5 23.9 51.9 12 5 4 . . 0 161.9 174.9 189.6 198.4 196.2 193.2 197.1 200.8 206.2 214.0 Government civilian .3 .3 1.9 17.3 10.0 9.8 9.7 9.6 9.7 9.7 10.0 9.9 9.8 9.8 Supplements to wages and salaries 4.6 4.9 8.3 7.8 24.4 26.2 28.4 30.5 33.5 33.2 34.0 34.4 34.8 35.6 Proprietors* income2 .7 .5 2.7 37.5 11.3 13.0 14.9 17.0 17.4 17.2 17.5 17.8 19.0 19.6 Business and professional 14.8 5.6 17.4 23.5 40.4 42.1 43.7 44.5 46.6 45.9 46.8 47.4 46.9 46.6 Farm 6 8. . 8 0 2 3 . . 4 2 1 6 0 . . 5 9 14.0 2 1 7 2 . . 8 7 3 1 0 1 . . 4 8 3 1 2 1 . .6 3 1 2 1 . . 7 8 3 1 2 4 . . 4 2 3 1 2 3 . . 0 9 3 1 2 4 . . 6 2 3 1 3 4 . . 2 1 3 1 3 3 . . 7 2 3 1 4 2 . . 5 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 51.0 Profits before tax 9.6 .2 77.0 40.6 34.1 44.9 44.7 43.3 37.1 33.6 38.3 44.6 46.5 52.6 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 25.6 Profits after tax 8.3 9.4 22.8 16.8 23.0 23.5 22.2 18.9 17.1 19.5 22.7 23.8 27.0 -.4 Inventory valuation adjustment .5 -2.5 -5.0 -.3 -1.7 -2.7 -1.5 -.4 .2 -.3 -1.1 -.9 -1.6 -2.1 Net interest 6.4 4.5 5.5 9.1 10.4 11.7 13.3 14.3 14.1 14.4 14.7 15.1 15.4 5.0 1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 1311 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 7.1 11.3 23.7 30.2 32.9 35.7 38.1 39.0 38.9 39. 39.9 40.7 41.7 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 .8 1.3 1 1 . . 5 0 -2 1 .4 .6 1. . 7 5 1.7 1.7 -3 1 .3 .7 1.7 1.7 1.7 Plus: Subsidies less current surplus of gov- -.7 .9 -2.1 -1.5 -2.4 .0 -2.0 ernment enterprises .0 .1 .0 .9 1.1 1.0 1.0 .2 -.2 1.0 1.1. .7 Equals: National income 87.8 40.2 104.7 330.2 350.8 366.5 369.5 380.4 389.4 241.9 301.8 366.2 358.9 403.9 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 33.7 43. 42.0 41.7 36.7 33.8 38.0 43.5 45.5 51.0 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 6.1 6.3 6.6 Dividends 5. 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 .5 .8 1.3 1.5 1.6 1.7 1.7 1.7 1.7 1.7 1.7 1.7 .7 Equals: Personal income 85.8 96.3 228.5 289.8 310.2 332.9 350.6 359.0 355.0 363.4 366.3 371.8 381.1 47.2 Less: Personal tax and nontax payments 2.6 3.3 20.5 32.9 35.7 40.0 42.7 42.6 42.1 42.9 43.4 44.4 45.8 7.5 Federal 1.3 .5 2.0 18.2 29.2 31.5 35.2 37.4 36.7 36.3 37.1 37.4J 38.2 39.5 1.4 1.0 1.3 2.6 3.8 4.2 4.8 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 81.9 195.0 238.0 256.9 269.9 284.8 293.0 290.9 294.4 299.1 303.9 311.2 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 23.7 23.5 24.1 Equals: Personal saving Addendum: Disposable personal income ii 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 i 1957 1958 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June j July Aug.' Total personal income. 350.6 359.0 364.2 364.3 367.5 366.9 369.0 371.0 375.4 379.0 381.3 383.8 r383.4 380.0 379.6 Wage and salary disbursements 238.5 239.4 242.5 242.1 246.1 247.0 248.7 250.1 254.0 257.3 259.8 261.7 261.5 258.8 258.2 Commodity-producing industries. 102.2 97.8 99.3 98.7 101.8 102.2 102.8 103.5 106.3 108.6 109.8 110.9 109.9 106.8 106.1 Manufacturing only 80.6 76.7 77.9 76.9 79.7 80.6 80.9 81.7 83.8 85.4 86.7 87.7 86.9 84.0 84.1 Distributive industries 63.4 63.8 64.1 64.1 64.7 64.7 65.6 66.0 66.6 66.9 67.5 68.0 68.4 68.3 68.1 Service industries 32.7 34.6 35.0 35.2 35.3 35.6 35.6 36.0 36.4 36.8 37. 37.2 37.3 37.6 37.7 Government 40.2 43.2 44.1 44.1 44.3 44.4 44.6 44.7 44.8 45.0 45.4 45.6 45.9 46.0 46.2 Other labor income 9.1 9.3 9.3 9.3 9.4 9.4 9.6 9.7 9.8 9.9 9.9 10.0 10.1 10.1 10.2 Proprietors'1 income: Business and professional. 32.7 32.4 32.8 33.2 33.1 33.4 33.5 33.7 34.0 34.3 34.5 34.7 34.9 34.9 34.7 Farm 11.8 14.2 14.3 14.2 14.1 14.2 13.5 13.2 12.9 12.2 12.0 12.1 9.6 11.4 10.0 Rental income 11.5 11. 11.9 11.9 11.9 11.9 12.0 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 10.8 12.7 12.8 12.8 12.9 13.0 13.1 13.5 13.2j 13.4 Personal interest income 19.5 20.4 20.6 20.7 20.8 21.0 21.1 21.3 21.6 21.8 22.0 22.2 22.7 23.0 22.4 Transfer payments2 , 21.7 26.1 27.3 27.4 26.6 26.3 26.1 26.4 26.6 26.9 26.4 26.4 26.5 26.8 26.3 Less: Personal contributions for social insurance 6.7J 7.0 7.1 7. 7.1 7.1 8.1 8.2 8.3 8.3 8.4| 8.4 8.4 8.3 Nonagricultural income3 335.2 341.1 346.1 346.3 349.6 348.8 351.6 353.8 358.5 362.7 365.3 367.8 r368.2 366.3 366.2 Agricultural income 15.3 17.9 18.1 18.1 18.0 18.1 17.4 17.2 16.9 16.3 16.0! 16.0 15.2 13.7 13.4 r Revised. * Preliminary. enterprises, farm wages, agricultural net interest, and net dividends paid 1 Monthly data are seasonally adjusted totals at annual rates. ^ 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

TABLE 1. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR SECOND QUARTER, 1959 to [In billions of dollars] Consumer Nonfinancial business sectors Government sectors2 Financial sectors Sector an s p d e r c o n t f o i o t r n- Farmi cor N po o r n a - te l Corporate Federal an S d t a lo te cal C b o a m n m ki e n r g ci 3 al Insurance6 F n i . n e a . n c. c 6 e R s w e e s o c t t r - o l o d r f- se A ct l o l rs a c D n re c is p y - - 7 s i N n a a v v n a i e t d n l s . g tment Transaction 2 8 category U S U S U S A Gross saving2,9 19.0 .1 8.5 1.4 -1.7 .2 29.6 -.5 28.9 B Capital consumption *2 10.7 1.0 2.1 5 19.4 19.4 C Net saving (A-B) 8.3 -1.3 2. \A -L7 10.2 9.5 -.9 D Gross investment (E+J)2 17.1 .1 9.6 1.4 .3 29.7 29.7 D E Private capital expenditures (net of sales) 13 16.0 1.6 3.3 9.0 .1 30.1 30.1 E F Consumer durable goods. . . 11.1 11.1 11.1 F G Nonfarm resident constr.14. 4.1 "!9 5.8 5.8 G H Plant and equipment 1.5 2.3 6.5 .1 11.4 11.4 H I Change in inventories 5 .1 1.5 1.7 1.7 I J Net financial invest. (K-L). . . 1.1 -1.5 -2.5 .6 1.4 -.9 .2 .3 .4 -.4 -. 4 J K Net acquis. of finan. assets 6.9 .3 5.2 4.2 1.1 3.2 2.4 2.7 30.5 27 K L Net increase in liab.11. . .. 5.9 2.9 4.6 2.8 3.0 2.1 2.3 30.9 2.3 L M Gold and Treas. currency18. -.7 7 M N Dem. dep. and currency19.. -1.2 1.0 1.7 -• 2 N 0 Fixed-value redeem, claims.. 3.5 -.2 1.0 2.5 3.0 3.0 4 O P Time deposits 2o 1.8 -.2 1.0 .3 1.3 1.3 4 P Q Savings shares21 2.2 2.2 2.2 2.2 Q R U. S. savings bonds22 -.5 -.5 -.5 R S Saving through life insur2 3... .9 .9 .9 S T Saving through pen. funds24. 2.1 1.2 2.1 2.1 T U Credit and equity mkt. instr.. 2.9 3.3 1.0 1.7 1.5 4.3 3.2 2.4 18.2 18.3 7 U V Federal obligations25 . . . . 1.3 .5 2.0 -1.3 .1 1.9 2.0 -'.9 V W State and local obligations. .8 1.4 .3 1.4 .4 W X Corp. and foreign bonds. . -.4 1.0 .1 1.1 .1 1 X Y Corporate stock .4 .4 -.1 1.1 l.l -'.2 Y Z 1-to 4-family mortgages.. .5 3.5 .6 2.5 4.0 .0 Z c d a b C B S O e o a t c h n n u e k s r r u i l t m m o y a e o c n r r r s t c e g r d n a e i . g d t e 2 e i . 6 t s c.27 .5 2 2.5 o 2.4 3 1 . . . 9 1 4 . . 3 2 - 3 2 1 .4 . . 5 5 - 3 2 . 1 4 . . . 9 5 5 1 * d b a c e Other loans28 .2 .1 1.0 -.4 1.3 1.3 1 e f Trade credit 1.1 2.6 1.4 -.1 2.5 -.1 g Proprietors' net invest, in noncorporate business1.. . -1.5 -1.3 -1.3 h Misc. financial trans.3 ° \A -.2 1.2 2.1 3.2 3.3 .1 1 Sector discrepancies (A — D) 31. 1.9 -1.1 .3 -.1 I * Less than $50 million. tions of sectors and of transaction categories are given in notes to tables and in" Technical Notes," pp. "NOTE.—U=uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions 846-59 of BULLETIN for August 1959. of assets; financial sources of funds, net changes in liabilities. Details may not add to totals because of rounding. For discussion of saving and investment concepts see pp. 831-43 of BULLETIN for August 1959. Descrip- For other notes see pp. 1313 and 1315. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1313 TABLE 2. SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Transaction category, Annual totals or sector 1957 1958 1959 1954 1955 1956c 1957c 1958c 2C 3C 4C 1 2C 3 c 4C lr A Net national saving 2 23.7 39.4 41.4 37.5 18.9 9.7 11.4 4.7 6.7 2.8 5.4 4.0 10.7 9.5 A B Consumer and nonprofit 22.6 26.6 29.3 27.9 25.5 6.4 8.4 5.4 6.7 4.5 8.1 6.2 8.8 8.3 B C Farm and noncorp. business32... -.2 3.1 -1.1 -1.1 -.8 3.1 -.3 -2.2 C D Corporate nonfinancial business.. 2.7 12.4 5.8 5.4 2.7 '.2 3.7 2.4 -3.1 -1.3 3.3 3.8 1.3 2.9 D E Federal Government 2 -2.2 .4 5.8 3.6 -8.2 4.2 -1.4 -5.0 3.5 1.3 -5.4 -7.7 .5 1.4 E F State and local governments2.... -2.6 -3.2 -2.7 -3.3 -4.6 -.9 -1.1 -1.3 -.4 -1.1 -1.5 -1.6 -1.7 F G Financial sectors 3 1 3 3 3 2 3 9 3 4 3 1 9 1 1 0 4 1 7 2 11 8 G H Capital consumption i2 57.1 62.3 67.4 72.7 74.9 18.0 18.4 18.7 18.1 18.5 18.9 19.4 19.1 19.4 H I Consumer and nonprofit 31.5 33.9 36.9 40.0 41.6 10.0 10.1 10.2 10.3 10.4 10.4 10.5 10.6 10.7 I J Consumer durable goods 28.3 30.4 33.0 35.8 37.0 8.9 9.0 9.1 9.2 9.2 9.3 9.3 9.4 9.5 J K Owner-occupied homes 2.8 3.1 3.4 3.7 4.0 .9 .9 .9 1.0 1.0 1.0 1.0 1.0 1.1 K L Plant and equip (nonprofit) 5 5 5 5 6 1 1 1 1 2 2 L M Farm business 3 6 3 7 3.7 3 9 4 0 1 0 1 0 1.0 1.0 1.0 1.0 1 0 1.0 1 0 M N Noncorp. nonfinan. business 6.7 7.0 7.5 8.1 8.0 2.0 2.0 2.1 2.0 2.0 2.0 2.1 2.1 2.1 N O Corporate nonfinancial business.. 15.2 17.6 19.3 20.7 21.4 5.1 5.3 5.5 4.9 5.2 5.5 5.8 5.5 5.6 O p Gross national saving2 80.8 101.8 108.9 110.2 93.8 27.7 29.7 23.4 24.8 21.3 24.3 23.4 29.9 28.9 P Q Consumer and nonprofit 54.2 60.5 66.2 67.9 67.2 16.4 18.5 15.6 17.0 14.9 18.6 16.6 19.4 19.0 Q R Farm and noncorp. business 10.4 10.7 11.3 11.9 12.0 2.5 2.9 6.1 1.8 1.8 2.2 6.1 2.7 .9 R S Corporate nonfinancial business.. 18.0 30.1 25.1 26.1 24.1 5.3 9.0 7.9 1.8 3.9 8.7 9.7 6.8 8.5 S T Federal Government2 -2.2 .4 5.8 3.6 -8.2 4.2 1 A -5.0 3.5 1.3 -5.4 -7.6 .5 1.4 T U State and local governments2.... -2.6 -3.2 -2.7 -3.3 -4.6 g -1.3 -.4 -1.1 i c -1.6 -.7 -1.7 U V Financial sectors 3 1 3 3 3 2 3 9 3 4 3 19 1 1 0 4 17 2 1.1 8 V W Gross national investment2 81.0 103.8 108.0 111.1 92.9 28.1 28.2 27.6 21.7 21.6 23.0 26.6 26.1 29.7 W X Consumer durable goods 32.4 39.6 38.5 40.3 37.6 10.1 9.7 11.3 8.3 9.1 8.8 11.4 9.4 11.1 X Y Other gross private domestic fixed investment 50.5 f58.4 62.7 64.6 58.7 16.7 16.9 16.7 13.1 14.7 15.1 15.8 14.1 17.3 Y Z Consumer and nonprofit 15.5 19.3 18.9 18.2 18.2 4.1 4.6 4.9 4.4 4.0 4.6 5.2 5.2 4.9 Z a Nonfarm residen. constr. 14... 12.9 16.6 75.7 14.9 14.7 3.3 3.8 4.0 3.6 3.1 3.6 4.3 4.3 4.1 a b Plant and equip, (nonprofit)... 2.6 2.7 2 8 3 3 3.4 .8 .9 .9 .8 .8 .9 .9 .9 .9 b c Farm business 4 2 4 2 3 8 4 0 4 6 1 l 1 l 8 1 0 1 3 1 2 1 0 1 2 1 5 c d Noncorp. nonfinan. business**. 8 5 10.1 10 1 9 7 9 2 2 8 2.6 2.3 1.7 2.5 2.5 2 4 2.1 3.2 d e Corp. nonfinan. business14. . .. 21.8 f24.1 29.1 32.0 26.1 8.6 8.4 SA 5.8 6.7 6.6 7.0 5.4 7.4 e f Financial sectors 5 7 8 2 2 2 2 .2 .2 .2 f g Change in inventories 15 -1.6 5.8 4.7 2.0 -3.8 * .8 -l.l • -2.4 -.8 -.6 3.1 1.7 g h Farm business 5 .3 — 4 8 1 l 2 2 .3 .2 .2 .2 9 .1 h i Noncorp. nonfinan. business... - 2 .6 2 * — 1 - 3 .2 -.8 .6 -.3 -.5 .9 .1 i j Corp. nonfinan. business -1.9 4.9 4.9 1.2 -4.8 * .3 c -1.0 -2.4 -.4 2.0 1.5 j k Net financial investment 1 <* -.3 id 2 1 4.2 .4 1.2 .8 .3 .2 -.1 -.4 -.4 k 1 Consumer and nonprofit 8.8 5.4 12.6 11.3 11.9 .8 4.1 1.8 4.8 -.6 5.2 2.5 3.9 1.1 1 m Net acquis. offinan. assets. .. 20.6 25.8 27.6 23.1 24.0 4.9 6.9 5.4 5.2 3.2 7.7 8.4 6.7 6.9 m n Net increase in liabilities 11.8 20.4 15.0 11.8 12.1 4.1 2.7 3.6 .4 3.9 1.9 5.9 5.9 n o Farm and noncorp. business... -2.7 -4.4 -2.5 -2.5 -2.8 -\A -1.3 3.6 -1.9 -1.9 -1.9 3.0 -f:? -4.0 o p Net acquis. offinan. assets. .. .5 .6 .4 .7 7.5 .3 .1 < .5 .3 .8 .3 p r q Co N rp e . t n in o c n r f e i a n s a e n . i n b u li s a i b n i e li s t s ies -3 3 . . 4 2 -2 5 . 9 0 -12 2 . 2 9 -6 3 . 9 2 4 A 3 -2 1 .7 .7 1. . 4 3 -3.1 -4 7 .3 !7 2. . 5 1 2 2 . .6 2 -2. 2 1 .0 - - 1 1..8 . 4 3 4. . 4 6 q r s Net acquis. offinan. assets. .. 4.5 16.8 4.2 2.8 7 4 .7 3.6 1.5 -6.2 1.4 6.8 5.4 * 5.2 s t Net increase in liabilities 7.9 19.6 16.4 9.7 7.0 2.8 3.3 1.9 -1.9 1.3 4.3 3.4 1.8 4.6 t u Federal Government -2.2 A 5.8 3.6 -8.2 4.2 -1.4 -5.0 3.5 1.3 -5.4 -7.6 .5 1.4 u v Net acquis. offinan. assets. .. .2 .9 7.5 3.2 7.5 -.9 2.2 -2.1 1.4 3.9 -4.4 * 4.2 v x w Sta N te e t a i n n d c r l e o a c s a e l i g n o l v ia e b rn il m iti e es nts. . . -1 2 . . 7 4 -2.6 .5 - - 4 2 .3 .2 -3 - .0 .4 -4 9 . . 3 8 -5.1 -1 3 . . 6 7 2.8 - - 2 1 .2 .2 - 2 .7 .6 -2 1 . . 4 0 8.4 * — 4 - 2 .9 .8 x w y Net acquis. offinan. assets. . . 3.7 2.2 2.6 3.5 3.6 1.3 .2 l'.O 1.2 7.5 -.5 1.3 '.7 l.l y z a a Fin N a e n t ci in al c r s e e a c s t e o r i s n liabilities 5 3 . . 4 9 4 3 . . 8 6 4 2 . . 8 5 6 2 . . 5 6 3 7. . 9 4 1.4 3 1 1 . . 8 5 — 1 .6 A 2.4 2 1 . . 2 2 2 1. . 9 2 1.4 1 1 . . 8 6 2 1 . . 0 0 aa z c d b c d b Fin N N a e e n t t c a i in a c l c q r u t e r i a s a s . n e s o , f i f n d in i l a s ia c n r b . e il p i a ti s e s s ets. .. - 2 2 3 3 7 . . . 1 6 5 2 2 3 6 . . . 3 9 5 - 2 1 2 2 9 . . . 0 4 9 2 2 - 1 3 .8 . . 1 7 3 3 1 5 . . 8 3 * 6 6 . . 3 6 - 5 7 .8 . . 5 0 9 9 1 . . 0 4 « -1 2 2 . . . 2 7 2 1 1 4 6 . . . 9 1 8 - — . 7 8 .5 A 1 1 5 5 . . 5 0 _ 2 7 9 0 . . . 0 0 4 d b c d b c ee Discrepancy (P — W)31 -.2 -2.0 .8 -.9 -A 1.5 -4.2 3.1 1.3 -3.2 3.8 -.9 ee * Less than $50 million. f Includes $0.3 billion of r Revised. existing facilities purchased from Federal Government. NOTE.—Descriptions of sectors and of transaction categories are given c Correction in State and local government employee retirement fund in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN component of line z affects lines A, B, P, Q, W, k, 1, m, x, and ee. for August 1959. For other notes see below and second page following. Notes to Tables 1-3 1 Net saving of, and consumer investment in, unincorporated business 9 For content of sector saving, see transactions in sector statements, discussed on p. 838 of BULLETIN for August 1959. See note 32, p. 1315. Table 4 on second page following and pp. 833 and 849 of the BULLETIN 2 For govt. sectors, saving is excess of all nonfinancial receipts over all for August 1959. nonfinancial outlays; investment, changes in financial assets and liabilities 1 o Rest-of-world surplus on current transactions with United States. only. Govt. current outlays include, and govt. (and national) invest- 11 Discrepancy between total nonfinancial sources and uses of funds ment excludes, govt. purchases of tangible assets. (Line A minus line E in "all sectors" column). 3 Consolidated account for monetary authorities (Federal Reserve 12 Depreciation, accidental damage to fixed capital, and capital outlays System, ESF, and Treasury currency accounts) and commercial banks charged to current account. Annual data in Table 2 are from Dept. of in United States (excluding territories and possessions). Commerce national income accounts except for F. R. estimates of de- 4 Mutual savings banks, savings and loan assns., and credit unions. preciation on consumer durable goods. Depreciation on latter item 5 Life and nonlife insurance companies and private pension plans. and on farm assets at current cost; other depreciation, in general, at 6 Finance companies, open-end investment companies, security brokers original cost. Line H in Table 2 includes amounts for financial sectors and dealers, banks in U. S. territories and possessions, and U. S. agencies not shown separately. See discussion on p. 836 of BULLETIN for August of foreign banks. 1959. 7 For discussion, see p. 857 of BULLETIN for August 1959. 13 Transactions in land excluded from sector investment for statistical 8 Totals for domestic sectors; financial entries are net uses plus items reasons. Such transactions, when recorded as capital flows, affect in discrepancy column. For comparison with national saving and in- sector allocation of investment but not the national total. vestment in national income accounts of Dept. of Commerce, see p. 842 of BULLETIN for August 1959. For other notes to Tables 1-3 see second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1314 FLOW OF FUNDS/SAVING TABLE 3. SUMMARY OF PRINCIPAL FINANCIAL FLOWS 3 3 [In billions of dollars] Quarterly totals Annual totals Transaction category, or sector 1957 1958 1959 1954 1955 1956C 1957C 1958 I. Demand deposits and currency A Net increase in commercial bkg. system liability19 4.5 2.3 1.7 -.8 5.8 -.1 1.4 3.1 -5.2 6.4 -3.4 8.0 -7.2 2.1 B Net increase in assets, by sector.... 6.1 .8 1.8 .3 6.3 4 2.3 1.4 -3.2 5.7 -2.4 6.3 -5.5 1.7 C Federal Government .3 -.6 -.2 .2 .1 -K8 1.5 -2.7 1.5 3.6 -5.0 * -.5 1.0 D Other domestic sectors 5.7 1.5 1.7 6.2 .8 .8 4.0 -4.4 1 2.7 6.1 -4.9 .5 E Consumer and nonprofit 2.5 -.8 1.0 2.5 -.6 1.0 1.3 -1.3 2.4 2.2 — 1.3 -1.2 F Farm and noncorporate bus... .4 .3 .1 .5 1 3 .1 .1 .1 .3 .3 .3 .3 .1 G H C St o a r t p e o a r n a d te lo n c o a n l f i g na o n v c e i r a n l m bu e s nt... 2. . 0 4 1. .4 0 . . 2 1 -.2 .2 l! . 8 2 . . 4 6 -.7 .7 1. . 3 6 -3.1 2 1. .6 3 - 1 .7 .0 2. . 5 6 -2 -. ^ 4 9 1.5 I Financial sectors .5 .6 .2 .3 .4 .3 -.3 .3 -.3 .4 J Rest of the world .1 * .2 .2 .5 -'.3 .2 -.1 .3 .2 K Discrepancy (A-B) -1 .6 1.5 -1.1 -.5 .3 1.7 -1.9 .7 -1.0 1.6 -1.7 .4 II. Fixed-value redeemable claims A Net increase, by type 10.9 8.4 8.9 10.1 16.0 2.9 1.4 2.8 5.5 5.0 2.5 3.1 2.4 3.0 A B Time deposits 5.5 2.9 3.6 6.8 10.1 1.7 1.3 1.4 4.3 3.3 1.6 .9 1.1 1.3 B C Savings shares 4.8 5.3 5.4 5.2 6.5 1.7 .6 1.8 1.3 1.8 1.0 2.3 1.4 2.2 C D U.S. savings bonds22 .3 -1.9 -.5 -.5 -.5 -.4 -.1 2 2 -.2 -.2 -.5 D E Net increase in liab., by sector34... 11.0 8.4 9.0 10.1 16.1 3.0 1.4 2.9 5.5 5.0 2.5 3.1 2.4 3.0 F Federal Government .4 -.3 -2.2 -.7 -.6 -.6 -.5 -.1 -.2 -.2 -.2 2 -.6 H G S C a o v m in m gs e rc in ia s l t i b tu a t n io k n in s g 6 3 . . 8 8 7 1 . . 1 3 7 2 . . 3 1 6 5 . . 9 5 8 8 . . 0 8 2 1. . 3 2 1. . 0 9 2 1. . 0 3 2 3. . 6 0 2 2 . . 8 4 1 1.5 2. . 8 5 19 2 1 . . 5 0 1.7 I Net increase in assets, by sector34.. 10.9 8.4 8.9 10.1 16.0 2.9 1.4 2.8 5.5 5.0 2.5 3.1 2.4 3.0 J K C O o th n e s r u m do e m r e a s n t d ic n s o e n c p to r r o s f i 3 t 5 9. . 6 8 8.7 i 9. . 0 1 9. . 8 4 1 1 3 . . 3 6 2. . 9 1 1.4 2.8 3 1 . . 3 2 3 1 . . 7 2 - 3 .4 .0 - 3 .6 .6 2.3 - 3 .2 .5 L Rest of the world (time deposits) .6 i -.1 .9 i 1.0 -.1 -.4 III. Saving through life insurance and pension funds A Net increase, by type 7.6 8.4 9.3 9.0 10.3 2.4 2.1 2.3 2.6 2.2 2.6 2.8 2.7 3.1 B Life insurance 3.1 3.2 3.8 2.8 3.4 .7 .7 .7 .8 .7 .9 1.0 .8 .9 C Pension funds 4.5 5.1 5.6 6.2 6.9 1.6 1.4 1.6 1.8 1.5 1.8 1.9 2.1 D Net increase in 1 iab., by sector 34,36. 7.6 8.4 9.3 9.0 10.3 2.4 2.1 2.3 2.6 2.2 2.6 2.8 2.7 3.1 E Federal Government .1 .6 1.0 .6 1.0 .4 .1 .2 .4 .3 .1 .2 .4 F State and local government 1.1 1.2 1.4 1.6 1.9 .4 .4 .*4 .4 .5 .5 .5 .5 .5 G Life insurance companies 4.5 4.6 4.8 4.3 4.8 1.0 1.1 1.2 1. 1.0 1.3 1.4 1.2 1.4 H Private noninsured pension plans 1.8 2.0 2.1 2.6 2.6 .6 .5 .6 .9 .4 .6 .7 IV. Credit and equity market instruments A Net increase, by type 28.4 43.8 30.6 36.7 45.4 6.5 12.7 11.8 3.0 13.7 5.9 22.7 7.0 18.2 A D B E C S F t e a O S d t h e e th r o a a e r l n r t - d o t e b l r l o m i c g a a d l t i i o o re b n c l s t i 3 g 7 ations 1 1 4 1 3 1 . . . . 5 6 4 8 -7 7 3 . . . 1 . 9 5 8 - - 1 5 2 7 3 . . . . 4 8 4 2 -4 4 5 1 . . . . 2 7 5 3 - 1 1 9 5 0 . . . 2 . 1 7 3 - -8 4 3 1 . . . . 7 8 9 0 4 3 1 1 . . . . 9 9 0 3 - 2 2 1 .2 . . . 0 2 1 - - - 1 2 1 . . . 1 . 9 0 9 -4 2 6 1 . . . . 3 9 6 6 - 1 1 .3 . . . 3 2 9 7 3 3 . . . . 7 9 8 8 -4 4 . . 6 6 * -2 4 1 . . . 8 . 7 9 4 D C E B F Corporate and foreign bonds 3.7 4.0 5.0 7.5 6.9 1.8 2.0 2.4 1.5 1.4 1.6 1.3 .1 F J H I K G C C S O 1 e - o o t c h t n r o u e p s r r o u 4 i t m r m - y a f a e t o c e m r r r t e c s i g l d t r y a o e i g t c d m e k i s t ortgages 9 2 2 2 1 . . . . . 6 2 6 9 0 1 6 3 3 2 . . . . . 4 0 6 9 6 1 - 3 3 3 0 .7 . . . . 8 4 8 8 - 4 2 8 3 .4 . . . . 0 6 7 5 1 4 4 1 0 . . . . . 2 2 3 4 4 2 1 1 . . . . . 6 3 2 7 8 - 2 .3 . . . . 7 4 9 7 1. . 7 8 2 2 1 1 . . . . . 4 4 6 -2 3 1 1 . . . . . 1 0 1 0 1 3 1 1 1 1. . . . 4 9 2 2 - 2 1 1 1 .9 . . . . 1 8 2 2 - 2 1 * .4 l . . 5 o 5 K H G J I L Bank loans n.e.c .2 8.0 5.9 2.3 1.4 2.1 -.2 -1.7 .7 -.3 2.8 _ 2 3.9 L M Other loans 1.1 .9 2.6 -.2 .3 1.4 1.4 2 -.3 .9 -'.4 1.3 M .9 N Funds raised, by sector3 4 28.2 44.0 30.9 36.6 45.2 6.5 12.7 11.9 2.8 13.6 6.1 22.7 7.0 18.3 N 0 Consumer and nonprofit 11.7 20.3 14.9 11.7 12.0 4.1 2.7 3.6 .4 3.9 1.9 5.9 2.8 5.9 O P Q N Fa o r n m c o b r u p s o i r n a e t s e s nonfinancial bus.. 2. . 0 8 4 1 . . 0 2 3. . 4 9 2!6 4 1 . . 2 4 1. . 3 6 .6 - 1 .2 .5 -.8 .4 . . 9 9 . . 2 2 l!9 .7 A 3 1. . 1 3 Q P R Corporate nonfinancial business. 5.7 9.0 11.4 11.3 8.5 3.1 2.5 1.8 2.6 2.0 2.4 1.5 3.2 R S Federal Government 1.5 -.1 -5.4 1.0 9.3 -5.2 4.8 2.3 -2.0 2.2 1.1 7.9 -'.2 1.7 S T State and local government 4.2 3.5 3.3 4.9 5.9 1.0 1.3 1.1 2.0 1 1.4 .8 1.3 1.5 T U Financial sectors 1.9 5.8 1.3 2.6 1.5 1.3 .5 1.1 -.4 1 -1.7 2.1 .8 1. U V Rest of the world .4 .3 1.0 1.4 2.4 .3 .1 .6 .5 .5 .7 .2 .2 V W Funds advanced, by sector 28.4 43.8 30.6 36.7 45.4 6.5 12.7 11.8 3.0 13.7 5.9 22.7 7.0 18.2 X Consumer and nonprofit 8.0 7.9 9.7 3.0 1.3 3.5 .2 1.9 -.6 .5 1.1 4.3 2.9 j f h c e 1 k g b d Y a Z F C S R C S F F In i a t a e o e o n a s C v M r d s m r a t u m i t p e e o n n r o L S m r o m o a g c a a n e o a r n f e s e n l c e m a a n c r t d u t i n t n G d c h e a n e e r . s i e r r l s e o i a * s n o y c t n t . v l e i 9 w i c o i c o e t a e c a b a n u s n o l r t u l a o c t f n r i b t n i l o r g m o h n d a k r o n o a n e p i v n s r n n k . i e c g t t s b r i i n a e u s l m s y s i s b e n t u e n e m t s s s iness.. - 1 2 - - 3 6 2 9 8 2 7 0 . . ^ 4 9 . . . . . . . . . 3 0 7 1 3 9 5 2 6 2 -7 1 - 4 8 5 8 . 5 2 1 1 1 . 0 3 . . . . . . . . . 8 1 1 0 9 4 0 3 1 - -3 3 4 4 7 7 2 8 . 1 1 1 5 . . . . . . . . . . 9 . . 0 3 8 9 5 3 1 6 3 3 3 -T 4 7 2 2 3 2 5 8 1 . . . A . . . . . . . 2 8 2 3 3 3 3 8 3 6 Q 9 1 1 1 9 4 2 2 8 0 1 1 1 7 4 . . . . . . . . . . . . 5 1 8 2 6 8 4 7 2 0 9 2 - - 2 - 2 2 . 1 1 1 1 . 0 . 1 . . . . . . . . 2 . 9 9 9 3 0 5 7 8 2 2 2 2 2 3 . . . . . . . . . . . . 7 8 1 0 0 5 3 9 3 2 3 1 * 2 2 3 1 1 1 1 . . . . . . . . . . . . . 6 1 7 6 3 0 4 9 4 8 4 9 - - -1 - - - - 1 1 2 . 1 1 . . . . 7 . . 5 5 6 5 . . . 8 2 . . 2 3 7 9 1 - 1 2 - 9 6 2 2 1 1 1 0 ' .6 . . . . . . . . . . . 3 5 5 0 3 8 7 7 3 2 8 2 - - 1 - - - 2 2 2 . 1 1 . . . 2 . 6 4 2 . . . 1 . . . 0 8 3 5 6 1 * 4 8 4 2 2 6 2 1 1 . . . . . . . . . . . . 9 0 2 5 4 3 1 6 9 9 5 3 - - -4 - 5 - 4 2 2 . 1 1 . . 3 . . 4 9 . . . 2 . 3 . 0 3 5 5 1 * -1 4 5 2 3 3 1 1 . . . . . . . . . . . • 4 3 4 6 2 8 2 9 9 0 6 6 8 * Less than $50 million. r Revised. For other notes see opposite page. c Correction in employee retirement fund entries for State and local government sector in Part III, line F, affects Part III, lines A, C, and D. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1315 Notes to Tables 1-3 (cont.). 14 For consumers, 1- to 4-family dwellings completed and purchases of savings bonds, special notes issued to IMF, and currency items in public additions and alterations. Investment of nonfarm business sectors debt; includes Federal agency debt and accrued interest on Treasury bills includes work in process on 1- to 4-family dwellings and other private and on savings bonds (other than consumer-held). residential construction. 26 Loans from banks for purchasing or carrying securities and cus- 15 After inventory valuation adjustment. tomer debit and net free credit balances on books of security brokers 16 Financial component of national investment equals net lending to and dealers. rest of world; financial flows among domestic sectors cancel out in national 2 7 Mainly commercial, industrial, and agricultural loans (other than total. (Discrepancies in financial transactions attributed entirely to open market paper and CCC-guaranteed loans); includes loans to foreign domestic transactions.) Differs from U. S. "net foreign investment" banks, loans to individuals (other than consumer credit), and other loans. (net exports minus net unilateral transfers in national income accounts) Gross of valuation reserves. Loans to domestic commercial banks by discrepancy in rest-of-world account, which equals "errors and excluded in consolidated banking statement. omissions" in Dept. of Commerce balance-of-payments statement for 2 8 Mainly Federal Government loans (other than mortgages), CCCthe United States. guaranteed loans, open market paper, finance company loans to business, 17 "Liabilities" cover equity as well as debt claims. and policy loans on life insurance. 18 For description, see p. 852 of BULLETIN for August 1959. 2 9 Trade debt net of trade credit. 19 Demand deposit liabilities of banking system are net of F. R. float 3 0 For coverage, see p. 856 of BULLETIN for August 1959. See also and cash items in process of collection as reported by commercial banks. notes for this category in individual sector statements in Table 4. Sum of sector holdings (partly on holder-record basis) differs from 31 Saving and investment are equal in concept but may differ statistically liability total mainly because of mail float (checks in transit from drawers because of discrepancies. See p. 857 of BULLETIN for August 1959. to drawees). See Table 4 (G), lines Y-a, for sector allocation of currency 3 2 Annual figures for farm sector are retained earnings of corporate and demand deposit liability on a net bank-record basis. For further farms; farm and nonfarm unincorporated businesses shown as having discussion, see p. 853 of BULLETIN for August 1959. zero annual net saving. Quarterly figures for both sectors include 2 o At commercial and mutual savings banks and Postal Savings System. seasonal net saving. See p. 838 of BULLETIN for August 1959. 21 Shares in savings and loan associations and credit unions. 3 3 Data for excluded categories—trade credit, proprietors' net investhel 2 d 2 b C y o n o s th um er e s r e -h ct e o ld rs o in n c ly lu ; d i e n d c l i u n d e F s e d n e e r t a i l n o te b r l e i s g t a t a i c o c n r s u a c l a s t . ego S r a y v . ings bonds me 3 3 n 5 4 t, M F g o a o r i l n d s l e , y c T to r ti e r m a t s e r u a r n d y s e a p c c o u t s r i r i o t e s n n s c o y i f n , a S s n p ta d e t c e m i fi i a c s n c i d . n — s l t o a r p c u a p m l e e a g n r o ts i v n , e s r T e n a e m b T l e e n a s b t s l 1 , e s a c n o 1 d r a p 4 n o . d ra 4 te . 2 3 Private and Federal Government life insurance. Estimated as equal businesses, and savings institutions. to changes in reserves against life insurance policies and supplementary 36 Includes life insurance issued by fraternal orders not shown sepacontracts and in policy dividend accumulations. rately. Assets in these categories shown as consumer holdings. 24 Private pension plans and railroad and govt. employee retirement 37 Marketable issues maturing within one year and, prior to 1956, funds. Estimated as equal to changes in reserves of pension plans ad- savings notes. ministered by life insurance companies and in assets of other private 3 8 Excludes loans to domestic commercial banks. Consists of mortplans and of railroad and govt. employee retirement funds. gages, consumer credit, security credit, other loans, and bank loans, n.e.c. 2 5 Excludes Federal debt held by Federal agencies, consumer-held Gross of valuation reserves. TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS [In billions of dollars] Quarterly totals Annual totals Category 1957 1958 1959 1954 1955 1956c 1957c 1958 (A) Consumer and nonprofit organization sector Current receipts 272.0 291.9 314.2 330.6 337.8 82.2 83.8 84.5 81.5 82.7 85.6 87.9 86.4 89.3 Income receipts1 255.0 273.4 293.5 306.8 309.3 76.3 77.9 78.1 74.6 75.5 78.5 80.7 79.0 82.1 Transfer receipts2t 17.0 18.6 20.7 23.8 28.4 5.9 6.0 6.4 6.9 7.2 7.1 7.2 7.3 7.3 Income taxes and other deductions. 35.1 38.3 42.9 46.2 46.0 13.0 11.4 9.4 12.1 12.5 11.6 9. 11.9 13.4 Taxes less tax refunds 3 30.5 33.1 37.0 39.4 38.9 11.0 9.8 8.1 10.1 10.5 9.9 8.4 10.1 11.5 Pension and OASI deductions 4f. 4.6 5.2 5.9 6.8 7.1 2.0 1.6 1.3 2.1 2.0 1.6 1.4 1.9 1.9 Cur. receipts after deduct. (A-D). 237.0 253.6 271.2 284.4 291.7 69.2 72.5 75.1 69.4 70.2 74.1 78.0 74.4 75.9 Cur. expend, for goods and serv.5 . 187.3 198.3 211.2 222.6 232.1 54.6 55.3 60.9 54.4 56.9 57.4 63.4 57.1 59.4 Net life insurance premiums 6f 2.6 2.8 2.7 2.8 2.5 .6 .7 .8 .6 .5 .7 .7 .6 .5 Current surplus (G-H-I) 47.0 52.5 57.3 59.0 57.1 14.1 16.4 13.3 14.5 12.7 16.0 13.9 16.8 16.0 Insurance and retirement credits ?f. 7.2 8.0 8.9 9.0 10.0 2.3 2.1 2.3 2.5 2.2 2.6 2.7 2.6 3.0 Capital consumption^ 31.5 33.9 36.9 40.0 41.6 10.0 10.1 10.2 10.3 10.4 10.4 10.5 10.6 10.7 Net saving (J+K-L) 22.6 26.6 29.3 27.9 25.5 6.4 8.4 5.4 6.7 4.5 8.1 6.2 8.8 8.3 Gross saving (L+M) 54.2 60.5 66.2 67.9 67.2 16.4 18.5 15.6 17.0 14.9 18.6 16.6 19.4 19.0 0 Gross investment (P+T) 56.7 64.3 70.0 69.7 67.7 14.9 18.4 18.0 17.5 12.4 18.6 19.1 18.4 17.1 O P Capital expend, (net of sales).. 47.9 58.9 57.4 58.5 55.8 14.2 14.3 16.2 12.7 13.1 13.4 16.6 14.5 16.0 P Q Residential construction 12.9 16.6 16.1 14.9 14.7 3.3 3.8 4.0 3.6 3.1 3.6 4.3 4.3 4.1 Q R Consumer durable goods 32.4 39.6 38.5 40.3 37.6 10.1 9.7 11.3 8.3 9.1 8.8 11.4 9.4 11.1 R S Plant and equip, (nonprofit) 2.6 2.7 2.8 3.3 3.5 .8 .9 .9 .8 .8 .9 .9 .9 .9 S T Net financial investment (U—j). 8.8 5.4 12.6 11.3 11.9 .8 4.1 1.8 4.8 - .6 5.2 2. 3.9 1.1 T U Net acquis. offinan. assets9 20.6 25.8 27.6 23.1 24.0 4.9 6.9 5.4 5.2 3.2 7.1 8.4\ 6.7 6.9 U V Demand deposits and currency. 2.5 o 1.0 -.8 2.5 -.6 1.0 1.3 -1.3 -.8 2.4 2.2 -1.3 -1.2 V W Fixed-value redeem, claims 9.6 8!7 9.0 9.8 13.6 2.9 1.4 2.9 3.3 3.7 3.0 3.6 2 3 3.5 W X Time deposits 4.2 3.3 3.7 6.5 7.7 1.6 1.3 1.4 2.1 2.0 2.1 1.5 1.1 1.8 X Y Savings shares 4.8 5.2 5.3 5.2 6.5 1.8 .6 1.8 1.3 1.8 1.0 2.3 1.4 2.2 Y Z U.S. savings bonds1 ° .6 .3 -.1 -1.9 -.5 -.5 -.5 A j -.1 2 _ 2 — .5 Z a Saving through life insurance... 3.1 3.2 3.8 2.8 3.4 .7 .7 .7 .8 .7 .9 1.0 .9 a b Saving through pension funds.. 4.5 5.1 5.6 6.2 6.9 1.7 1.4 1.6 1.8 1.5 1.7 1.8 1.9 b c Cr. and equity mkt. instr. * *.... .8 8.0 7.9 9.7 3.0 1.3 3.5 .2 2.0 -.6 .5 1.1 4.3 2.9 d Federal obligations -2.1 2.2 1.2 2.5 -2.9 -.3 1.5 -1.0 -.3 -1.6 -1.1. .2 2.7 1.3 e State and local obligations... 1.0 2.1 1.7 2.3 1.5 .3 .8 .4 .7 -.2 .6 .4 .6 .8 f Corporate and foreign bonds -.6 1.1 1.2 1.1 .5 .2 .6 2 .8 2 * -.1 -.1 -.4 g Corporate stock .8 1.4 2.2 1.8 1.7 .6 .1 '.5 .3 !8 .4 2 .5 .4 h Mortgages 1.3 1.4 1.6 2.1 1.8 .6 .5 .5 .3 .6 .5 A .5 1.0 1 Net invest, in noncorp. bus .2 1.6 .4 -4.5 -5.5 -1.1 -1.1 -1.1 -1.4 -1.4 -1.4 -1.4 -1.3 -1.3 j Net increase in liabilities 11.8 20.4 15.0 11.8 12.1 4.1 2.7 3.6 .4 3.9 1.9 5.9 2.8 5.9 k Mortgages12 9.1 12.4 11.1 8.8 10.1 2.0 2.1 2.1 2.3 2.1 2.5 3.2j 3.3 3.5 1 m S C e o c n u s r u it m y e c r r e c d r i e t dit 1 1 . . 0 2 6. . 4 7 3.4 * 2.7 A . . 3 7 1. . 6 3 -.2 .7 - 1 .3 .6 -2.3 .2 . . 6 9 .1 Q is1 -.9 .2 - 2 .3 .5 n Other13 .5 .9 .6 '.8 .9 .2 .2 .2 .3 .2 '.2 .1 .2 o Discrepancy (N-O) -2.5 -3.8 -3.8 -1.8 -.5 1.4 .1 -2.4 -.5 2.5 1.9 -2.5 • Less than $50 million. r Revised. For other notes see end of table. e Correction in State and local government employee retirement 'fund component of line b affects lines K, M, N, O, T, and U. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1316 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1957 1958 1959 1954 1955 1956 1957 1958 (B) Farm business sector A Net income 9.5 8.7 8.5 8.7 11.0 1.8 2.6 2.7 2.5 2.1 3.1 B Proprietors' income withdrawalsl 4.. 9.5 8.7 8.5 8.7 11.0 2.2 2.2 2.1 2.9 2.7 2.7 C Net saving (A-B)1 5 * * * -.4 .4 .6 -.3 -.5 .3 D Capital consumption 3.6 3.7 3.7 3.9 4.0 1.0 1.0 1.0 1.0 1.0 1.0 E Current surplus= gross saving (C-+-D) 3.6 3.7 3.7 3.9 4.0 .6 1.4 1.5 .7 .4 1.3 F Gross investment (G-f J) 3.6 3.7 3.7 3.9 4.0 .6 1.4 1.5 .7 .4 1.3 G Capital expenditures 4.7 4.5 3.4 4.7 5.6 1.4 1.3 1.0 1.3 1.6 1.5 H Construction and equipment16.. . 4.2 3.8 4.0 4.6 1. 1.1 .8 1.0 1.3 1.2 I Change in inventories .5 1.1 .2 .2 .2 .3 .2 .2 Net financial investment (K—L) -1.1 -.8 -.9 -1.7 -.7 -1.1 -.2 Net acquis. of financial assets17... -.1 -.2 .4 .1 .1 Net increase in liabilities 1.0\ .7 2.1 1.2 .3 Credit market instruments 1.2 1.1 1.4 .9 .2 Mortgages :! .8 .6 .7 .2 .2 Bank loans n.e.c. *8 .2 .4 .3 .6 A Other loans *9 .1 .2 .2 .2 Trade debt .2 Proprietors' net investment.... .2 -.5 .6 .2 I (C) Noncorporate nonfinancial business sector A Net income2 ° 33.8 36.1 37.8 38.2 37.5 9.5 9.1 12.0 8.4 8.7 8.3 12.1 10.0 8.6 B Proprietors' income withdrawals21.. 33.8 36.1 37.8 38.2 37.5 9.6 9.6 9.5 9.1 9.3 9.4 9.6 9.7 9.9 C Net saving (A-B)is -.1 -.5 2.5 -.8 -.6 -1.1 2.5 .3 -1.3 D Capital consumption 6.7 7.0 7.5 8.1 8.0 2.0 2.0 2.1 2.0 2.0 2.0 2.1 2.1 2.1 E Current surplus = gross saving (C+E>) 6.7 7.0 7.5 8.1 8.0 1.9 1.5 4.6 1.2 1.4 .9 4.6 2.3 F Gross investment (G+J)... 6.7 7.0 7.5 8.1 8.0 1.9 1.5 4.6 1.2 1.4 .9 4.6 2.3 .8 F G Capital expenditures... 8.3 10.7 10.3 9.7 9.1 2.5 2.9 1.5 2.4 2.2 2.6 1.9 3.0 3.3 G H Plant and equipment2 2.. 8.5 10.1 10.1 9.7 9.2 2.8 2.6 2.3 1.7 2.5 2.5 2.4 2.1 3.2 H I Change in inventories20. 2 .6 .2 .2 .6 -.3 .1 -.5 .9 .1 I J Net financial investment (K—N) -1.6 -3.7 -2.8 -1.7 -1.1 — .6 1.3 3.1 -1.2 -.8 -1.8 2.7 — .7 -2.5 J K Net acquis. of financial assets 1 .6 .6 .9 1.1 .4 .1 .61 3 .4 .2 .7 -.3 .5 K L Demand deposits and currency. .3 .3 .7 .9 .2 .2 .2 '.2 .2 .2 .2 I .1 L M Consumer credit .2 .3 .2 .2 .2 .4 -.5 .2 .5 -'A .2 M N Net increase in liabilities 2.2 4.2 3.4 2.5 2.2 1.0 1.5 -2.5 .9 1.3 2.0 -1.9 .4 2.9 O Credit market instruments 2.0 4.0 3.4 2.6 4.2 1.3 .6 1.5 -.8 .9 .2 3.9 -A 3.3 P Mortgages 1.0 1.0 .8 .9 1.3 .3 A .2 -.1 A .5 A * .6 T R S Q P T r r o O B a p d a th e r n i e k e d r t e o l l o b o r a s t a 2 ' n * n s n s e 2 n t 3 . e i . n c vestment.... . . . 2 7 3 -1 2 2 .7 . . . 1 0 8 2. . 2 4 -4 4 . 1 . . . 0 5 2 -6 4 2 . . . 1 . 8 1 1 - - 1 1 . . 1 0 . . 7 0 1 1 . . . . 9 0 1 1 - - 3 1 1 . . . 0 0 . 0 2 - - 1 1 3 . . . 5 0 . 2 3 - - 1 1 . . 2 . . 5 9 7 - - — 1 ' 3 . . 2 . 5 3 1 - -1 4 3 . . . 5 3 . 2 3 - - 1 2 . . 6 . 5 . 3 2 -1 2 1 . . 5 . . 4 2 1 (D) Corporate nonfinancial business sector A Profits20 29.1 38.3 36.8 36.1 31.0 9.6 9.1 8.3 6.1 7.1 8.3 9.5 9.1 10.1 B Profits tax payments (net)2 5 18.8 17.1 21.6 21.1 18.8 7.2 3.1 3.1 6.8 6.2 2.8 2.9 5.4 4.9 C Net dividend payments2 6 7.6 8.8 9.4 9.6 9.5 2.2 2.3 2.8 2.3 2.3 2.2 2.8 2.4 2.3 D Net saving (A-B-C) 2.7 12.4 5.8 5.4 2.7 .2 3.7 2.4 -3.1 -1.3 3.3 3.8 1.3 2.9 E Capital consumption 15.2 17.6 19.3 20.7 21.4 5.1 5.3 5.5 4.9 5.2 5.5 5.8 5.5 5.6 F Current"surplus= gross saving (D+E' 18.0 30.1 25.1 26.1 24.1 5.3 9.0 7.9 1.8 3.9 8.7 9.7 6.8 8.5 G Gross investment (H+M) 16.4 26.2 21.8 26.3 21.6 5.9 9.0 7.6 .4 4.4 8.0 8.7 5.6 9.6 H Capital expenditures 19.8 29.0 34.0 33.2 21.2 8.6 8.7 7.9 4.7 4.4 5.5 6.6 7.4 9.0 I Fixed investment 21.8 24.1 29.1 32.0 26.1 8.6 8.4 8.4 5.8 6.7 6.6 7.0 5.4 7.4 J Plant and equipment 20.5 23.1 28.4 30.9 24.4 8.1 7.9 8.2 5.9 6.2 5.8 6.5 5.3 6.5 K Other 1.2 1.0 .8 1.1 1.7 .5 .5 .2 1 .6 .7 .5 * .9 L Change in inventories2 ° -1.9 4.9 4.9 1.2 -4.8 41 .3 c -i!o -2.4 A 2.0 1.5 M Net financial investment (N-V) -3.4 -2.9 -12.2 -6.9 .4 -2.7 .3 -.3 -4.3 .1 2.6 2.0 -1.8 .6 M N Net acquis. of financial assets 4.5 16.8 4.2 2.8 7.4 .7 3.6 7.5 -6.2 1.4 6.8 5.4 * 5.2 N O Demand deposits and currency. 2.0 1.0 A -.2 1.8 .6 .1 1.3 -3.1 1.3 1.0 2.5 -2.9 1.5 O P Credit market instruments2 7... -2.3 5.0 -3.9 -1.2 1.2 -2.2 .3 1.8 -1.8 -2.3 1.1 4.2 1.0 1.0 P Q Federal obligations -2.3 4.4 -4.3 -1.5 .7 -2.2 .4 .9 -1.3 -2.4 1.2 3.2 1.5 .5 Q R Consumer credit .2 .6 .3 • A .2 # j 1.0 -1.0 .2 1.2 -.9 R S Other loans (finance paper)., 2 * .1 .3 A -.1 • 4> .6 # j -'.2 -.2 .4 S T Trade credit 3.'9 10.2 6.2 2.1 2.6 .7 2.3 -1.9 -2.1 l!4 4.5 -1.2 1.6 2.6 T U Other financial assets28 .9 .6 1.8 1.9 1.7 1.0 .3 .3 .7 .9 .2 .3 .1 U V Net increase in liabilities2 9 7.9 19.6 16.4 9.7 7.0 2.8 3.3 1.9 -1.9 1.3 4.3 3.4 1.8 4.6 W Credit and equity market instr.. 5.7 9.0 11.4 11.3 8.5 3.1 2.5 1.8 2.6 2.0 2.4 1.5 1.8 3.2 X Corporate bonds 3.5 2.8 3.7 6.3 5.9 1.5 1.6 1.7 1.9 1.2 1.5 1.3 .6 .9 Y Corporate stock , 1.6 2.0 2.3 2.4 2.3 .9 .3 .5 .3 .9 .6 .5 .5 Z Mortgages 1.8 2.0 1.8 1.8 2.5 .5 .7 .6 .2 .7 .9 .8 .4 a Bank loans n.e.c -1.2 1.8 3.6 .2 -2.2 m \ -i -1.1 -.2 -.6 -.2 -1.3 * .4 b Other Ioans3° .3 .1 .5 * * * .2 .4 > ] -.3 .3 .1 c Trade debt 2.1 10.5 4.8 -1.7 -1.5 -.3 .8 * -4.5 n 1.9 U9 -.1 1.4 d Discrepancy (F-G) 1.5 3.9 3.2 -.1 2.5 -.7 4c .3 1.4 -.6 .7 1.0 1.2 -1.1 e Memo: Profits tax accruals25 15.4 20.2 19.5 19.0 15.7 5.0 4.8 4.4 3.1 3.5 4.2 5.0 4.7 5.2 * Less than $50 million. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1317 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1957 1958 1959 1954 1955 1956C 1958c 2 (E) Federal Government sector A Tax receipts (net of refunds) 58.8 59.7 69.1 71.5 67.7 20.9 15.5 13.8 20.1 18.9 14.9 13.8 19.0 19.6 B Individual income 28.4 30.0 34.1 36.1 34.6 9.9 8.9 7.4 9.5 8.9 8.7 7.6 9.7 10.6 C Corporate profits 19.6 18.1 22.4 21.8 19.9 7.6 3.1 3.0 7.3 6.7 2.9 3.0 6.0 5.5 D Other 3i 10.9 11.6 12.6 13.6 13.2 3.4 3.6 3.4 3.3 3.3 3.4 3.2 3.3 3.5 Social insurance programs32 E Premiums received 6.6 7.5 8.0 9.5 10.4 3.0 2.3 .8 2.5 3.4 2.5 2.0 2.6 3.5 F Benefits paid 5.9 6.5 7.2 9.3 12.4 2.4 2.3 2.5 3.1 3.3 3.1 2.9 3.3 3.1 Life insurance and retirement programs 3 3 •)• G Premiums received 1.5 1.5 1.7 1. .4 .4 .4 .4 .4 G H Benefits paid 1.6 1.6 2.0 2.1 5 .5 .5 .5 .6 .5 .5 .6 .6 H I Net grants and donations paid34. , 8.9 9.6 10.0 11.4 13.2 2.9 3.0 3.0 2.8 3.2 3.6 3.7 3.2 3.3 J Net interest paid3 5 4.9 4.8 5.3 5.7 5.4 1.4 1.4 1.5 1.5 1.4 1.3 1.3 1.4 1.5 L K M Ot O C he o t s r h n e e s r n r v t e r i t u c e p c s t u 3 i r o 6 c n h a e s x e p s e n o d f i g tu o r o e d s s and 4 4 3 7 4 . . . 4 6 2 4 4 2 2 5 . . . 8 5 3 4 4 2 4 7 . . . 7 9 6 5 4 3 0 7 . . . 0 2 2 5 5 3 3 0 . . . 4 8 4 1 ll 2 ! .6 7 9 1 1 2 1 . . . 9 5 6 1 1 3 2 . . . 8 5 7 1 1 1 0 . . . 5 6 9 1 1 1 2 . . . 8 8 6 1 1 3 4 1. . . 0 5 4 1 1 1 5 4 . . . 0 3 2 1 12 2 . . .8 1 9 1 1 1 3 2 . . . 0 1 1 N Cu l r e r s e s n t F s a u n r d p lu H s t ( h A ro , u E g , h a K nd ) G, -2.1 .1 1. . 0 6 6 1 . . 9 0 '.6 -7 1 . . 2 0 4. 4 6 -1.4 .1 -4 .9 1 3. . 7 2 1. . 7 4 -5 . . 1 3 -7.5 .1 _ .7 2 1. . 8 4 O N O Credits imputed to consumers3 71.. -2.2 .4 5.8 3.6 -8.2 4!2 -1.4 -5 !o 3.5 1.3 -5 .4 -7.6 .5 1.4 P P Gross and net saving (N —O) Q Net finan. investment (R — X) . -2.2 .4 5.8 3 6 -8.2 4.2 -1.4 -5 .0 3.5 1.3 -5 .4 -7.6 .5 1.4 R Net acquis. of finan. assets .2 .9 1.5 1.5 — 9 2.2 *j 1.4 3.9 -4 .4 .7 * 4.2 S T U C D r e M e m d o i a t r n t m d g a a d g r e k e p e s o t 3 8 s i i n ts s t a ru n m d e c n u t r s rency -.4 .3 * -. 1 6 . . 4 5 '. 2 8 2 1 . . 2 4 1. A . 7 3 -l! 8 5 3 1. . . 5 5 4 -2 ' . . 9 3 .1 1. . 5 2 * 3. . 6 3 2 -5 . . 0 5 * . . 3 9 * -.5 . . 5 4 1 1 . . . 0 6 6 V W Ot O he th r e f r i n l a o n a c n ia s l 3 * assets4 ° c .9 . . 3 6 . . 9 6 1.4 2 4 2 . . 1 2 - . . 6 3 - -. . 1 2 'j . • 5 1 -.1 .6 . . 1 1 1 1. . 6 0 X Net increase in liabilities 2.4 .5 -4.3 9.8 -5 1 3.7 2.8 -2.2 2.6 1.0 8.4 - .4 2.8 Y Fixed-value redeemable claims. A * -.3 -2.2 -.7 6 -.6 .5 -A - .2 - .2 2 -.2 -.6 Z a b Co P C n o o s s u n t m s a u l e m r s a e v r s - i a n h v g e i l n d d g e s p t v o h g s r s o i . t u s b g o h n ds li f * e -.2 .6 -.2 .3 - -. .2 ll -1 -. . 3 9 -.5 2 _ - 5 1 - - . . 1 5 - # 'A I -.1 * - - A A "i !i -.2 -.2 - -. . 5 1 insurance and retir. funds. . . .1 .6 i.o; .6 1.0 4 I l .2 A .3 ! .4 c Federal obligations 41 1.5 1.0 -5.1 1.4 9.0 A 8 4!9 2!i -2.2 2.5 1.1 7!6 2.0 d Short-term direct42 -11.8 -7.1 7.4 5.5 -1.2 3 9 1.0 2.2 -1.9 -4.3 1.2 3.8 -4.6 4.7 e Other direct and guaranteed. 13.3 6.6 -13.0 -6.2 10.7 -9 2 3.7 .1 7.7 .4 3.7 4.4 -3.5 f Nonguaranteed43 * 1.5 .6 2.1 -.5 6 .2 1.0 Q .2 .2 .8 g Other loans44 A i i -.3 -.4 .4 — 4 — 2 .2 !2 -5 .1 '.3 -.2 -.3 h Other liabilities^ A .3 .3 .1 3 -!6 .9 -.3 !2 _ .3 .5 -.2 1.3 Memo: Assets of OASI fund 1.9 1.1 .9 -.1 -.5 5 -.2 - .4 2 .7 - .5 -.5 -.5 .2 (F) State and local government sector A Tax receipts46 22.5 24.5 27.3 29.4 30.9 7.5 7.3 7.4 7.5 7.9 7.7 7.8 .0 8.2 A B Net insurance and grants receipts4?! .2 .2 .4 .9 1.4 .1 .2 .2 .4 .3 .4 .2 B C Net interest paid .5 .5 .6 .6 .1 .1 .1 .2 .2 .2 C D Other net purchases of goods and services. 36 23.8 26.2 28.5 31.5 34.4 7.9 8.4 7.7 8.6 8.9 9.2 8.5 9.4 D E Construction and land 9.1 10.0 11.1 12.1 13.1 3.1 3.6 3.1 2.4 3.3 3.9 3.5 2.7 3.5 E F Other by govt. enterprises -1.4 -1.6 -1.7 -1.9 -2.1 -.5 -.5 -.5 -.5 -.5 -.5 -.5 -.6 -.6 F G Other by general government. . . 16.2 17. 19.1 21.2 23.4 5.3 4.9 5.8 5.8 5.9 5.5 6.2 6.3 6.4 G H Curren t surplus (A + B - C - D). . . -1.5 -2.0 -1.4 -1.7 -2.7 -.5 n -.9 .1 -.6 -1.0 -1.1 2 -1.2 H I Credits imputed to consumers48!.. 1.1 1.2 1.4 1.6 1.9 .4 A .4 .4 .5 .5 .5 15 .5 I J Gross and net saving (H — I) -2.6 -3.2 -2.7 -3.3 -4.6 o -1.1 -1.3 -.4 1.1 -1.5 -1.6 -.7 -1.7 J K Net finan. investment (L — S).. -1.7 -2.6 -2.2 -3.0 -4.3 -.1 -1.6 -.6 -1.2 -2.4 -1.2 o K L M Ne D t e a m cq a u n i d s. d o e f p f o in s a it n s . a a n s d se t c s urrency 3. A 7 2. A 2 2. . 6 2 3. . 5 2 3. . 6 2 1. A 3 -.7 .2 1. . 0 6 - 7 .3 .2 7. . 5 6 - _ .5 7 1. . 3 6 — . 7 .4 7^7 M L N Time deposits .5 -A * A .8 * .6 .7 -A .1 N O Credit market instruments.... 2 1.9 2.3 2.8 2.6 \l .9 A .9 .2 .6 '.9 1.1 .9 O P Federal obligations 1 .8 1.1 1.0 .3 .3 .3 2 .3 -.4 .1 .3 .6 .4 P Q R O St t a h t e e r 4 a 9 nd local obligations.. . . 4 7 . . 5 7 1. . 3 5 1. . 8 5 '.2 . . 1 4 ll . . 1 4 . . 2 4 . . 1 4 . A 1 . . 1 4 . . 1 4 Q R .4 S Net increase in liabilities 5.4 4.8 4.8 6.5 7.9 1.4 1 1.6 2.4 2.2 1.9 1.4 i.S 2.0 S T State and local obligations 4.5 3.5 3.2 4.7 5.7 1.0 1.3 1.1 1.9 1.6 1.3 .8 1.3 1.4 T U Short-term .1 -.2 .4 A -.2 .3 .3 .1 .3 -.2 .1 -.1 U V Other 4.4 3.7 3^3 4.3 5.2 1.2 .9 1.6 1.5 1.1 1.0 1.2 1.5 V W Consumer saving through retirement funds 1.1 1.2 1.4 1.6 1.9 .4 .4 .4 .5 .5 .5 .5 W X Other liabilities 5 o _ 2 .1 .2 .3 .4 .1 .1 .1 X Y Discrepancy (J — K) -.9 -.6 -.5 -.3 -.3 -.7 .5 -.4 -1.6 * Less than $50 million. r Revised. For other notes see end of table. c For State and local government sector, correction in employee retirement fund entries on line W affects entries on lines K, S, and Y. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1318 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1957 1958 1959 1954 1955 1956 1957 1958 (G) Commercial banking and monetary authorities sector A Net operating surplus ? 4 2.5 3.0 3.5 3.5 .8 1.0 .8 .9 .8 .9 9 1.0 1.0 B Profits tax & net div. pymts. 51 1 6 1.7 1.8 2.2 2.4 .6 .5 .4 .7 .7 .5 5 .7 C Current surplus = gross saving (A-B)52 .8 .8 1.2 1.3 1.1 .5 .4 .2 .1 .4 4 .3 .3 C D Gross investment (E+F) 1.0 1.4 1.3 1.1 1.3 .1 .7 -.1 -.1 7 1.3 c .8 .7 D E Capital expenditures .2 .3 .4 .4 .4 .1 .1 .1 .1 .1 J .1 .1 E F Net financial invest. (G-W) .. .7 1.1 1.0 .7 .9 * .6 -.2 -.2 .6 1.2 -.6 .7 .6 H G Ne G t o a ld cquis. of Jinan, assets**... - 9 .3 .2 4.7 * 5. . 1 3 5. . 4 8 - 1 2 4 . . 3 7 1. . 2 3 3.1 * 3. . 9 1 -1 - . A 7 -1 9 . . 1 9 -1.1 c 7.7 -5 - . . 3 1 - 3 .7 .7 I J L N K M Cr F ed e M C d it e o o O m S r m n a h t a e l m h o r t o r a e k e t b r r r e - y c l t t d i e i g a i r i a r a n l m u e t s b t c i h t o a t d r o n n a i u s r r k n i m e s t d i c e e t s g n 42 u ts a . r .. . . .. - - 1 1 1 5 4 9 . 0 6 0 . . . . 6 6 3 7 ? - - - 6 - 7 8 4 . 1 . 9 . . 1 . . 1 5 8 1 - - - 3 3 7 4 4 .3 . . . . 1 8 . 8 8 2 - - - 2 4 1 . . . 6 7 . . . 2 3 9 2 1 1 2 6 7 0 7 . . . . . . 2 8 8 0 0 9 - - - 2 2 4 - . 2 . 3 . . 1 4 5 . . 2 8 2 2 3 2 . . . . . . 5 7 1 2 3 3 - 2 3 1 .1 . . . . . 0 1 6 9 8 - - - 1 . . 6 . 1 2 . . . 5 1 1 1 - 7 5 A 1 5 0 . . . . . 2 8 0 9 8 - - .6 . . . . . 2 6 3 1 4 8 3 1 1 . . . . . . ' 4 6 0 9 7 0 - - - - 4 5 5 - 6 . . 1 9 5 . . . 3 2 0 .7 - - - 1 1 2 4 . 1 8 . . . 3 7 . . 3 0 6 O Nonguaranteed43 * .5 -.2 .5 * .4 .3 -.3 .2 — l 2 -.2 P State and local obligations.. 1 8 .1 .2 1.0 2.6 .2 .2 .4 .6 1.3 .5 .2 .2 .2 Q Corp. and foreign bonds. .. -.2 -.2 -.4 .1 * * * .1 -.1 * R Mortgages 1.7 2.4 1.7 .6 2A .1 .3 '.2 .1 .6 .7 !8 .6 1.0 S Consumer credit * 2.3 1.3 1.1 .7 .3 -.5 .3 .1 .3 1.1 T Security loans .9 .6 -.8 A .5 -.2 '.3 -.1 1.2 -1.7 l'.O -.4 * U V B O a th n e k r l l o o a a n n s s n 54 .e.c . . 2 3 -1 8 . . 3 0 - 5 .2 .9 - 2 .3 i3 1. . 4 4 - 2 .5 .1 -.2 . . 1 5 -1.7 .5 .7 2 -.3 * 2. . 8 2 - - . . 4 2 3.9 W Net increase in liabilities 8.5 3.6 4.1 4.7 13.7 1.1 2.6 4.1 -7.5 9.3 -2.3 8.3 -6.1 3.1 X Dem. dep. net & currency55. . 4.5 2.3 1.7 -.8 5.8 -.1 1.4 3.1 -5.2 6A -3.4 8.0 -7.2 2.1 Y Due to U.S. Govt.56 .3 -.7 .1 .2 .2 -2.0 1.5 -2.3 1.2 3.8 -5.0 .1 -.9 1.0 Z Due to rest of world .1 * .2 * .5 * * -.3 .2 -.1 .3 j .2 a Due to others5** 4.1 3.0 \A -1.1 5.6 1.4 * 5.3 -6.1 2.4 1.7 7.6 -6A .9 b Demand deposits, net5S... 4.4 2.6 1.4 -1.1 5.2 .8 .1 4.9 -5.5 2.0 1.7 6.8 -5.4 .4 c d e f g T O i t m D D he u u e C r e e d u l t i e t r a o o p r b e o o c i n s o l t i i c h n t t y s e i s e r u s s m 5? ers -. 2 3 1 2 . . . . 5 8 3 1 - 1 .3 . . . 7 4 3 * 2 2 . . ! 1 1 3 * 5 5. . . 1 5 3 * * 8 2 5 . . . . 5 0 5 4 * 1 1 . . . 3 3 6 * - 1 1 .1 . . 0 0 * 1 1 . . . . 0 0 4 1 * - 2 3 1 .7 . . . 2 6 4 * 2 1 1 . . . . . 8 3 5 4 1 - 1 1 .5 . . 1 6 - - i . . ! 1 5 . o 8 -.8 . . . . 9 9 2 1 - 1 1 .6 . . . 6 0 5 h Discrepancy (C—D) 2 -.6 .3 -.3 * -.2 .5 .3 ^ -1.0 .9 « -.4 (H) Nonbank financial sectors A Current surplus 5 8f 8.3 8.7 8.5 9.4 9.5 1.7 3.1 1.5 2.7 1.7 3.1 2.0 2.8 2.5 A B Credits imputed to consumers5 9f.. 6.0 6.2 6.5 6.8 7.2 1.6 1.6 1.8 1.9 1.4 1.8 2.1 2.0 2.0 B C Gross saving (A—B)52 2.3 2.5 2.0 2.6 2.3 .1 1.4 -.3 .3 1.3 -.1 .5 C D Gross investment (E+F) 3.5 2.8 1.9 2.3 2.8 .3 1.1 .8 .7 1.1 .2 .5 D E Capital expend. Cinsur. sector) .3 .4 .3 .4 .3 .1 .1 .1 .1 .1 .1 .1 E F Net financial invest. {G-Z) ... 3.2 2.5 1.6 2.0 2.5 .3 1.0 -.1 .7 .6 1.0 .1 .5 F G Net acquis. offinan. assets 18.3 22.2 17.3 18.3 20.6 5.4 3.9 5.1 4.5 6.3 2.5 7.3 5.2 6.3 G By subsector: H Mutual savings banks 2.1 2.0 2.0 1.8 2.6 A A A .9 .6 .6 .5 A .4 H I S & L assns. & cr. unions.. 5.3 6.3 5.6 5.6 7.1 1.7 1.1 1.6 1.2 2.0 1.7 2.1 1.8 2.8 I J Life insurance companies... 5.1 5.2 5.2 4.9 5.2 1. 1.3 1.3 1.2 1.1 1.3 1.5 1.2 1.4 J K Other insurance companies.. 1.2 1.2 .7 1.0 1.2 .2 .3 .3 .2 .4 .4 .3 K L Noninsured pension funds.. 1. 2.0 2.1 2.6 2.6 .6 .5 .6 .9 .4 .6 .8 .7 L M Finance n.e.c 2.7 5.6 1.8 2.5 1.9 1.4 .3 .9 .1 1.8 -2.1 2.0 .7 M By type: N Demand dep. and currency. .5 .6 .2 .3 .4 .3 -.3 -.1 .3 -.3 .4 -.4 * N O Cr. and equity mkt. instr 17.5 21.5 16.9 17.8 19.8 5.1 4.4 4.2 4.1 5.7 3.0 6.9 5.6 6.3 O P Federal obligations -.5 -.6 -1. -.3 1.0 -.3 * .1 .4 -.3 .8 .5 .1 P Q State and local oblig 1.3 .9 .8 .9 .4 .2 '.2 .5 .3 .1 .2 .4 .3 Q R Corp. and foreign bonds.. 3.8 2.4 3.6 5. 4'.7 1.4 1.0 1.7 1.1 1.3 1.0 1.3 .9 1.0 R S Corporate stock 1.7 1.5 1.3 2.0 2.5 .6 .6 .4 .4 .7 .5 .9 .7 .6 S T 1- to 4-family mortgages.. 7.8 10.2 8.4 6.2 8.5 1.7 1.7 1.4 1.5 2.2 2.4 2.4 2.0 2.5 T U Other mortgages 1.4 1.7 1.8 1.5 1.8 .3 .4 .5 .4 A .4 .5 .4 .5 U V W S C e o c n u s r u it m y e c r r e c d re it dit . . 7 9 3. . 3 5 1.6 - 1 .4 .3 -.4 .6 . . 5 2 -.1 .5 -.3 .1 -.3 * -.1 .7 - - . . 1 5 .4 * .1 -.2 .9 W V X Other loans«o 1.7 .4 1.4 * .2 .1 .4 .4 2 -.6 A .6 X Y Other financial assets 61... . .1 .2 .2 .4 .1 -.1 .2 .4 '.2 -.2 .1 Y Net increase in liabilities 15.1 19.7 15.8 16.4 18.1 5.2 2.9 5.3 3.7 5.6 7.5 7.2 4.3 5.9 Dep. in mutual savings bks.... 2.0 1.8 1.8 1.7 2.3 A .3 .5 .7 .6 .5 .5 .3 .3 Savings shares 4.8 5.3 5.4 5. 6.5 1.7 .6 1.8 1.3 1.8 1.0 2.3 1.4 2.2 Saving through life insurance.. 3.4 3.3 3.6 2.7 3.4 .6 .7 .7 .8 .7 .9 1.0 .8 .9 Saving through pension funds. 3.0 3. 3.3 4.1 4.1 1.0 .9 1.1 1. 1.0 1.2 1.3 1.2 Cr. and equity mkt. instr.62... 1.7 5.9 1. 2.4 1.5 1.3 .4 1.0 -.4 l! -1.7 2.1 .7 1.4 Corporate bonds 1.4 1.1 .1 .1 .4 .1 .1 Corporate stock 1.1 1. 1.6 .5 .3 Security credit 1.0 -.1 1.1 .8 -.2 Bank loans n.e.c 2.7 -.1 — .7 -.9 -.1 .7 .5 Open market paper 6 3 -.1 -.1 .6 -.2 -.3 .2 FHLB loans to S & L assns. <> -.6 .2 .3 .4 Miscellaneous 6 4 .1 .3 .1 -.1 2 m Discrep. & unident. assets (C—D). -1. A -A • Less than $50 million. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1319 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1957 1958 1959 1954 1955 1956 1957 1958 (I) Rest-of-world sector A Net purch. of goods and serv. (B—C) 1.5 1.6 3.4 5.3 1.8 1.6 .9 1.4 .5 .5 .6 -.1 _ 2 B Purch. of goods and services66... 17.6 19.5 23.2 26.3 22.8 6.9 6.2 6.5 5.4 5.8 5.5 6.0 5.3 5^7 D C E N C e u S t r a r u e le n n s t i l o s a u f t e r g p ra o lu l o s r d e s ( c D a e — n ip d A ts s ) 6 e 6 rvices 1 2 6 . . . 0 1 4 1 2 7 . . . 1 9 4 - 1 1 1 9 .5 . . 9 8 - 2 3 0 1 . . 5 . 9 9 21 1. . . 9 0 1 -1 5 . . 0 . 3 6 - 5 .5 . . 4 4 - 5 .9 . . 2 5 4. . 9 4 j - 5 .1 . . 3 5 5. . . 4 5 4 - 5 .1 . . 4 5 5. . . 4 5 6 6. . . 0 5 7 F Net financial investment (G—N) .3 * -2.1 -4.2 -A -1.2 -.8 -.7 -.3 -.2 .1 * .4 .4 F I H G Ne U G t . o a S l c . d q d u e i m s. . o f d f e in p a . n a . n d a s c se u t r s rency... 1. . . 8 1 3 1. ' 5 * '. 1 2 .5 2 - - . . 1 8 .2 3 2 . . 5 3 -.3 . . 5 3 — 3 * * -.1 .2 * . A 6 2 1 1 . . . 1 1 2 . . 9 5 . . . 3 3 9 -.1 . . 1 9 2. . . 7 2 7 G H I J K L M T M F O e i t m i h d s e e c e r . r a d f c l i e r n p o e a o d b n s i l c t i i g t i m s a a l t a i a r o s k n s e s e t ts i 6 n 8 str.67.... . . . . 6 3 2 2 i!i -.1 . . . 5 4 8 -.1 . A 2 -.1 . . 3 9 * -.1 . . 2 1 * '. • - 2 5 .4 * * - i . ! 7 . . o 1 1 - - . . 4 2 .4 * - - . . 1 1 !8 i .3 * * 2 , . . * 1 2 1 7 - 1 .4 . . . 2 9 1 M K J L N Net increase in liabilities ] 5 1 5 3 6 4 1 3 8 1.6 .5 1.0 .9 1.2 8 .9 .5 2.3 N O Securities .2 * A .5 1.2 .2 * .4 A .2 .3 .3 * O P Loans69 A .6 .9 1.1 .1 .1 .6 .1 .2 .4 .4 -.1 .2 P Q Miscellaneous 7 0 1 1 1 2 2 6 2 8 1 4 1.3 .4 .3 .4 .6 2 .2 .3 2.1 Q R Discrepancy (E-F)?i .2 .4 .6 .7 A .2 .3 -.2 .2 .2 -.1 .2 .3 R S Memo: Unilateral transfers in kind 72 3.5 2.8 3.0 2.9 2.9 .9 .6 .7 .8 '.9 .6 .6 .6 .6 S * Less than $50 million. r Revised. 3 9 Mainly loans to business sectors, to foreign and State and local t For treatment of life insurance, pension, and retirement flows, see governments, and to savings and loan associations (by FHLB). Excludes pp. 837 and 849 of BULLETIN for August 1959. CCC-guaranteed loans other than those on tobacco. 1 Payrolls; interest; dividends; and income withdrawals from unincor- 40 Treasury currency assets, time deposits, trade credit, and misporated business. cellaneous (mainly foreign currency and deposits). 2 Grant and donation receipts of consumers and nonprofit organiza- 41 See Table 1, note 25. 42 See Table 3, note 37. tions (net of transfers within the sector), social insurance benefits, and 4 3 Securities and notes issued by FNMA, Federal land banks, home benefits from private pension and government retirement funds. loans banks, intermediate credit banks, and banks for cooperatives. 3 Federal, State, and local income and estate and gift taxes. 44 CCC-guaranteed bank loans and CCC certificates of interest. 4 Mainly employee contributions to OASI and to private pension and 4 5 Treasury currency liabilities, trade debt, and misc. liabilities (special government retirement funds. IMF notes, misc. deposits, and private equity in Govt. enterprises). 5 Figures include net operating outlays of nonprofit organizations and 46 Excludes employment taxes. net transfer payments abroad. 47 Receipts of Federal Government grants; payments of direct relief 6 Net of dividends on and benefits from private life insurance and and other transfers; and receipts and payments in connection with individual annuity policies and Government life insurance. government employee retirement, unemployment insurance, workmen's 7 In connection with consumer saving through life insurance, private compensation, and cash sickness compensation programs. pension funds, railroad retirement, and government employee retirement. 4 8 In connection with saving through government employee retirement 8 For details, see Table 2, lines J-L. funds. 9 Includes misc. deposits with Federal Govt. not shown separately. 49 Corporate bonds and mortgages. 1 o Includes net accruals of interest. 5 o Trade debt and loans from Federal Government. 1i Includes net free credit balances with brokers not shown separately. 51 Includes payment to Treasury on F. R. notes outstanding. 12 Mainly consumer debt on 1- to 4-family properties. 5 2 Net saving is less than line C by the amount of capital consumption, 13 For consumers, loans on insurance policies; for nonprofit organiza- about $0.1 billion a year. tions, bank loans, loans from government, and trade debt. 5 3 Includes misc. and Treasury currency assets not shown separately. 14 Estimated as equal to seasonally adjusted net income of unincor- 54 Open market paper, CCC-guaranteed loans, and CCC certificates of porated farms. Figures include small amounts of dividends and profits interest. taxes paid by corporate farms. *5 See Table 2, note 32. 5 5 Net of Federal Reserve float and cash items in process of collection 16 Includes farm residential construction. as reported by commercial banks. 17 Mainly demand deposits and currency. 56 Bank-record basis, net of bank float; differs from sector demand 18 Excludes CCC-guaranteed loans. See p. 840 of BULLETIN for deposits and currency assets (shown in Table 3 and in nonbank sector Au 1 g 9 u G st o 1 v 9 e 5 rn 9. ment loans; excludes CCC loans. acc 5 o 7 u M nt a s i n in ly Ta is b s l u e e 4 s ) o p f r in c c o i r p p a o ll r y a t b e e c s a t u o s c e k of a n m d a il b a f l l a o n at c . es due to foreign 2 ° After inventory valuation adjustment. branches. l f e ro s 2 2 2 2 2 s 2 2 m 7 2 6 1 3 8 5 p I I I E M F r f M n n n o i s e c c c n f a t i d l l l a i i s i u u u t m e n n c s d d d r c e l a a y e e e e p l t l s s s l a e , a R c d i p b S n S d o r E u e t t o m a a a o A s b s f t i t u y p i e n e t e s a s a , e q f a n n s o a f p n u s i i d n r a n e d a e d r i s a l i o d e . l n g t o t l s c o n b o h i c i d y c e a a s b e r l a l e U r l n a a o a l t . t o s s n b i a o S a s a c l x e l n . i n h e g t a b s s c s e a l r o s l t f ( a o y i n r d n o t n o s o i a c n m r t d e h p r s U u c j e r u n t o . F c s s o t f i e S t t i n i t o d e o t . v s d e s n f p . e 2 h r o . 4 s a a b o r t r l e u m N w e i s G g n n e e i n t n t n o e s t v c o p s e s o f e s a p i r r r n a t n n p e r r e m o a f n a o t d r t t e r e a e i e c n l t n i y o i t r c g o . e r o n a n p c m n e s o b d . i r e v r a . a a l t n b o io c l a e n h n s s e s . s p b s b h e e ro a n n 6 6 5 6 6 5 1 2 r 0 e k s 9 3 8 e f i e L I M T s i o P r I t n n i s n r o n a a p a f c i r a e f c a d l n t o s u n u o y e l p d n o y / d n m , c e f d e n r d e f n j s s e " e t i . e n - n c o d a p e a t a t t s i n n l r i n t h e e o d , d c a e r m n t e s n r i i m . n d m i c l u w v o o o e m p e s i a m o t t s d s n h t l p e o m i s o c p a " f c n y e o n o c / n y s l d a n t i i a f t t l i s r c e s e o v u e , o g i a m d i s m o n l n a i e s r e a s p y n y r u b t a i d . o n r i n s l s a g b i . i a n t s e u i v c e s s s i e ; s i n h n a g a a o e n n r f s d e d s t h s f a i l , r p n i n o n a a r d e n i u n v d c g i h a n e h t t m s e l u c i i l a r o p s i a f b c m e e n i e n l p c l i s l i t e a a i n i o e n n p s s n i u e o e o r o l s p i a u f ; c l n s y a s l c i e n a l e n c o s s e u , s a a e r n l g n i e t y s t s d s y . . s and holdings of foreign cash), and time deposits. 6 4 Deposits of banks in U. S. possessions and agencies of foreign banks. 29 Includes direct investments from abroad not shown separately. 6 5 Consolidated; records only transactions with U. S. 30 Mainly commercial paper and loans from finance companies. 66 Excludes unilateral transfers in kind, shown in line S. 31 Mainly excise taxes and customs receipts; also includes estate and 67 Corporate securities, security credit, and commercial paper. gift taxes and payment to Treasury on F. R. notes outstanding. 6 8 Direct investments, unidentified assets, IMF holdings of special 32 OASI, disability insurance, and unemployment programs. Line E U. S. notes, and miscellaneous deposits. includes Federal employment taxes and States deposits in unemployment 6 9 Security credit, bank loans n.e.c, and other loans (mainly from compensation trust funds; line F, Federal benefit payments to consumers U. S. Government). and State withdrawals from these trust funds. 7 o Direct investments, foreign currency and deposits held by U. S. 3 3 Veterans' life insurance and Government employee and railroad re- domestic sectors, and other liabilities. tirement funds. Line G excludes Government contributions to these funds. 71 "Errors and omissions" in U. S. balance-of-payments statement. 34 Transfer payments (other than insurance benefits) to individuals, 72 Grants in the form of goods and services by U. S. Government and plus net cash unilateral transfers to foreign countries, grants-in-aid to private individuals and institutions. State and local governments, and subsidies to business. 35 Includes net accruals on savings bonds and Treasury bills. NOTE.—"Liabilities'* covers equity as well as debt claims. 3 6 Purchases less sales for general govt. and govt. enterprises, including For descriptions of sectors, of capital expenditures, and of financial outlays for tangible capital and (for Federal Govt.) net disbursements to transaction categories, see notes to corresponding items in Tables 1-3, farmers in form of CCC direct and guaranteed loans. pp. 1313-15, and "Technical Notes," pp. 846-59 of BULLETLN for August 37 In connection with saving through Government life insurance and 1959. For discussion of saving and investment concepts, see p. 833 of Government employee and railroad retirement funds. BULLETIN for August 1959. 3 8 Mainly on 1- to 4-family and farm properties. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1320 MEMBER BANK EARNINGS ALL MEMBER BANKS, BY CLASSES, 1958 AND FIRST HALF CF 1959 [Amounts in thousands of dollars] All member Classes of member banks, first half 1959 1958 Central reserve city 1959— first Reserve Country F h i a r l s f t Se h c a o lf nd half Y N o e r w k Chicago city- Earnings 3,514,540 3,612,054 3,849,556 621,240 144,138 1,527,478! 1.556,700 Interest on U. S. Government securities.. 633,018 633,158 702,211 96,352 30,588 258,619! 316.652 Interest and dividends on other securities. 199,700 211,703 216,620 33,656 8,712j 75,864! 98.388 Interest and discount on loans 2,092,146 2,153,258 2,299,091 363.626 80.986 937,873 916,606 Service charges and fees on loans 37,430 43,472 46,901 6,778 1,034 24,143 14,946 Service charges on deposit accounts 191,452 197,048 207,394 13,849 1,306 86,029 106.210 Other charges, commissions, fees, etc 71,400 68.286 73.607 13,340 3,115 27,390 29.762 Trust department 170,774 193.586 190,058 66,125 15,054 73,658 35.221 Other current earnings 118,620 111,543 113,674 27,514 3.343 43.902 38,915 Expenses 2,239,601 2,377,324 2,463,127 343,380 74,520: 986,013 1,059,214 Salaries—officers 298,626 333,455 321,298 35,750 9.4O3| 112,830 163.315 Salaries and wages—others 652,807 696,363 688,509 119,118 25.435 288,769 255.187 Directors' and committee members' fees. 14,866 17,619 15,889 849 152 2,990 11,898 Interest on time deposits 549,249 574,166 615,780 62,923 12,351 257,430 283.076 Interest on borrowed money 9,104 14,079 27.421 7,817 2,170 12,634! 4.800 Taxes other than on net income 92,543 92,691 104,026 9,278 3.540 47.676! 43.532 Recurring depreciation 60,392 74,357 69,226 7.204 674 25,358; 35.990 Other current expenses 562,014 574,594 620,978 100,441 20,795! 238;326| 261.416 Net current earnings before income taxes 1,274,939 1,386,429 541,465! 497,486 1,234,730 277,860 Recoveries, profits, etc 598,516 140,173 18,666 51,182! 42,014 On securities: 178,874 28,311 Recoveries 5,018 3,139 14,311 718 1.218 7,851! 4.524 Transfers from valuation reserves 34,396 19,865 63,624 15.288 14.9221 19.2491 14.165 Profits on securities sold or redeemed. 527,747 83,767 17,744 2,920 1.737 6,728| 6.359 On loans: Recoveries 7.607 8,241 8,675 177 2.388J 6.022 Transfers from valuation reserves 7.026 32,653 13.956i 1,330 549 8.154 3,923 All other 16,722 31,209 21.863 7,878 152 6,812! 7,021 Losses, charge-offs, etc 353,272 328,184 518,696 128,564 39,575 198,844| 151,713 On securities: Losses and charge-offs 30,953 43,916 322.566 108,021 27.575 105.427 81.543 Transfers to valuation reserves. 179,092 74.190 73,699 5,738 8.121 48.909I 10.931 On loans: Losses and charge-offs 6,190 8,919 6.970 129 17 1.009! 5,815 Transfers to valuation reserves. 96.550 144.263 78.613 11.387 2.063) 28.379J 36,784 All other 40,487 56.896 36,848 3,289 1.799! 15.120; 16,640 Profits before income taxes 1,520,183 1,085,420 1,007,906 177,607 48,709: 393,803i 387,787 Taxes on net income. 691,984 456,425 410,578 72,453 21.042 147,768! 169,315 Federal 652,876 428,622 389,746 65.645 2K042! 139.771! 163.288 State 39,108 27,803 20,832 6,808 7.9971 6.027 Net profits 828,199 628,995 597,328 105,154 27,667 246,035i 218,472 Cash dividends declared. 307,034 339,144 325,252 79,081 16.935 131.9721 97,264 On preferred stockl. . 111 795 769 15 34! 151! 569 On common stock 306,263 338,349 324.483 79,066 16.901! 131.821 96.695 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 10,702 3-1,783 1.595 6 423' 1.166 On loans 31,733 29,399 29,628 3,779 2.587^ 9.947J 13,315 Losses charged to reserves (not included in losses above): On securities 9,070 9,753 105.774 4,081 2.345J 82,766 16,582 On loans 46,942 62.227 40,335 4,163 6651 14,491 21,016 Number of officers at end of period 65,020 65,694 67.789 4,555 1,116 20,692 41,426 Number of employees at end of period 382,489 381.086 395,788 52,863 12.175 159.925J 170,825 Number of banks at end of period 6,354 6,312 6.279 17 14 273! 5.975 Ratios: Percentage of total capital accounts:2 Net current earnings before income taxes 17.2 16.1 17.7 16.9 19.0 18.5 17.2 Net profits 11.2 8.2 7.6 6.4 7.5 8.4 7.5 Cash dividends declared i 4.1 4.4 4.2 4.8 4.6 j 4.5 ; 3.4 Percentage of total assets:2 Total earnings 3.77 3.72 3.92 3.60 3.33i 3.93| 4.12 Net current earnings before income taxes 1.37 1.27 1.41 1.61 1.61! 1.39! 1.32 Net profits 0.89 0.65 0.61 0.61 0.64^ 0.63; 0.58 Percentage of earnings to related assets: 2 Earnings on loans 5.31 5.39 5.48 4.56 4.60i 5.5OJ 6.03 I I n n t t e e r r e e s s t t a o n n d U d . i v S i . d e G n o d v s e r o n n m o e t n h t e r s e s c e u c r u i r ti i e ti s es 2 2 . . 5 6 6 4 2 2 . . 3 5 5 9 2 2 . . 6 6 9 2 2 2 . . 7 8 2 0 2 2. . 6 5 6 l J ! 2 2 . . 6 60 5 J 2 2 . . 7 5 3 7 Percentage of total capital accounts to: Total assets 8.0 7.9 8.0 9.5 8.5 ! 7.5 i 7.7 Total assets less U. S. Govt. securities and cash assets 14.9 15.1 14.8 16.6 17.0 13.8 ! 14.6 Total deposits 8.9 8.8 8.9 11.2 9.6 8.4 ! 8.4 Time deposits to total deposits 29.6 30.4 30.8 17.8 18.8 31.2 ! 37.3 Interest on time deposits (per cent)2 2.22 2.17 2.28 2.41 1.71 2.36! 2.21 1 Includes interest on capital notes and debentures. 2 Annual basis. includes appropriate adjustments for member banks in operation during 3 Some banks reported on net basis and applied losses incurred in part of the period but not at the end. The figures for assets, deposits, second half of 1959 against recoveries reported in first half. and capital accounts used in computing ratios are averages of the amounts NOTE.—Includes figures for all banks that were members of the Federal reported for the call dates at the beginning and end of each period plus Reserve System at the end of the reoort period (including those whose last-Wednesday-of-the-month figures for intervening months. returns may cover operations for only part of the period); in addition, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 1322 Net gold purchases and gold stock of the United States. 1330 Estimated foreign gold reserves and dollar holdings. 1331 Reported gold reserves of central banks and governments. 1332 Gold production 1333 International Bank and Monetary Fund. 1334 United States balance of payments 1335 Money rates in foreign countries 1335 Foreign exchange rates 1337 Index to statistical tables 1344 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. 1321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1322 INTL 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] In- Ger- Date G to ra ta n l d t t i e i n o r s n n t a a i- - l fForeign countries m R F a e e n d p y . . , Italy U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia o A th l e l r tutions 2 Total Official of 1954_Dec. 31 12,919 1,770 11,149 6,770 ,373 579 640 3,030 5,621 1,536 1,906 1,821 265 1955—Dec. 31 13,601 1,881 11,720 6,953 ,454 785 550 3,357 6,147 1,032 2,000 2,181 360 1956—Dec. 31 14,939 1,452 13,487 8,045 ,835 930 1,012 3,089 6,865 1,516 2,346 2,415 346 1957—Dec. 31 15,158 1,517 13,641 7,917 L,557 1,079 1,275 3,231 7,142 1,623 2,575 1,946 355 1958—Aug. 31 15,679 1,437 14,242 8,415 1,675 1,093 1,006 3,652 7,427 2,052 2,390 2,107 266 Sept. 30 15,648 1,483 14,165 8,411 1,733 1,087 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 ,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 Jan. 31 16,230 1,538 14,693 8,533 1,693 1,159 1,078 3,784 7,713 2,081 2,381 2,235 282 Feb. 28 16,619 1,541 15,078 8,757 1,697 1,170 1,133 3,920 7,920 2,142 2,382 2,339 295 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 L,298 1,094 4,181 7,976 2,094 2,661 2,391 304 June 30 18,418 42,756 15,662 8,967 1,459 1,409 1,084 4,279 8,231 2,122 2,548 2,439 322 July 31P 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 Aug. 31» 18,742 2,720 16,022 9,121 1,391 1,562 1,093 4,501 8,547 2,095 2,512 2,528 340 Table la. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a en rk - l F a i n n d - France Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l w a e n r i - t d z- T k u ey r- Y sl u av g i o a - ot A he ll r 5 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 Aue. 31 3,652 397 157 149 59 357 109 350 98 158 41 281 811 11 11 664 Sept. 30 3,664 418 106 162 63 413 112 337 101 157 33 292 799 10 11 651 Oct. 31 3,785 425 108 162 71 468 117 330 108 165 28 281 799 16 9 699 Nov 30 3,792 413 107 156 64 492 121 328 113 165 36 281 786 16 9 704 Dec 31 3,960 411 115 169 69 532 126 339 130 163 36 303 852 20 9 685 1959 Jan. 31 3,784 408 109 142 74 518 129 356 112 148 31 280 786 18 8 666 Feb 28 3,920 410 105 129 76 637 132 345 114 157 32 280 796 20 6 682 Mar. 31 4,005 417 117 138 75 644 138 347 108 175 30 294 846 20 6 650 Apr 30 4,081 410 151 130 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 4,279 390 118 110 71 981 154 356 113 151 35 350 878 21 7 544 July 31p 4,391 390 122 119 69 1,047 166 395 109 153 32 351 868 27 6 538 Aug. 31* 4,501 391 119 98 76 1,139 165 423 102 155 59 343 867 29 7 528 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i i a o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l I W S a a n e u n n d e r r d d - i s i e - s t s l a p P i R c m u a e n b o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r nam 1954—Dec. 31 1,906 160 29 120 70 222 237 60 30 35 329 49 74 83 90 194 124 1955—Dec. 31 2,000 138 26 143 95 131 253 65 24 45 414 47 86 92 65 265 112 1956—Dec. 31 2,346 146 29 225 91 153 211 68 25 64 433 69 109 84 73 455 111 1957—Dec. 31 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958—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_ F ja e n b . . 3 2 1 8 2 2 , , 3 3 8 8 1 2 1 1 4 8 9 9 2 2 2 0 1 1 6 6 6 4 9 8 5 5 1 1 7 9 8 8 2 26 8 7 1 4 3 0 8 3 3 1 3 4 4 0 3 3 3 8 9 9 3 7 7 6 2 1 1 4 5 7 5 7 7 2 2 9 8 2 9 4 4 6 1 4 0 1 1 4 5 3 2 Mar. 31 2,522 180 20 178 95 189 263 41 33 43 401 74 156 74 96 508 170 Apr. 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 Aug. 31^ 2,512 245 20 162 144 209 206 40 29 37 416 79 155 81 85 428 176 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1323 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Ko- Date Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R l u e i e a 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 tra u l s i - a C g B o i e n a l n g - o Egypt6 A U S f o n o r u i i f c o t a h n Other of 1954—Dec. 31 1,821 61 87 100 31 41 721 96 257 34 123 270 265 48 44 47 33 94 1955—Dec. 31 2,181 55 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956—Dec. 31 2,415 66 76 186 20 45 1,017 99 272 61 148 425 346 84 44 50 53 114 1957—Dec. 31 1,946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 40 38 153 1958—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 88 27 86 1,131 147 163 90 133 487 327 84 39 16 48 140 Aug. 31^ 2,528 57 103 92 28 94 1,106 148 184 90 126 501 340 85 30 16 53 155 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 .1 n.a. Burma. 19.1 7.0 6.7 n.a. British dependencies .4 .4 .3 .4 Cambodia 13.1 17.2 20.0 24.9 Bulgaria .7 .2 .6 .3 Ceylon 32.9 41.2 34.2 n.a. Czechoslovakia8 .7 .5 .7 .6 China Mainland8 , 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 Iceland 4.8 3.1 2.9 3.5 Laos 23.1 37.3 33.1 n.a. Ireland, Republic of. 13.7 9.1 9.0 n.a. Lebanon 18.0 22.3 28.2 37.9 Latvia 1.0 .6 .5 .6 Malaya, Fed. of , 1.6 1.4 1.6 n.a. Lithuania .3 .4 .5 .7 Pakistan 5.7 20.2 12.8 5.6 Luxembourg 3.1 13.2 16.4 16.1 Portuguese dependencies. 2.0 2.7 3.1 3.1 Monaco 5.6 4.3 5.4 5.9 Ryukyu Islands 34.0 30.6 32.7 15.2 Poland* 2.5 3.3 3.2 4.9 Saudi Arabia 79.5 97.4 94.8 60.2 Rumania8 8.1 .9 .8 .9 Syria* 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 Morocco (excl. Tangier) 14.8 13.6 32.2 25.4 Nicaragua 12.8 11.8 12.7 11.3 Tangier 33.5 22.4 19.2 18.1 Paraguay 3.6 4.0 5.1 3.4 New Zealand 1.9 2.2 1.9 6.9 Portuguese dependencies 5.3 2.8 4.4 4.0 Other Asia: Somalia .2 .9 1.3 n.a. Afghanistan 4.1 5.3 4.7 n.a. Spanish dependencies .7 .3 .7 .4 Bahrein Islands .5 1.7 .9 .9 Sudan n.a. .4 1.7 5.2 British dependencies. 8.2 7.4 8.0 4.3 Tunisia .7 .5 .8 .3 » Preliminary. 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 Aug. 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 deposit or custody accounts for trade and shipping missions, diplomatic and consular establishments, etc.). foreigners, and by the U. S. Treasury. The term "foreigner" is used to 4 Includes $1,031 million representing 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

1324 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 ry d Other 2 Total Deposits T bi r l e ls a s a u n ry d Other* 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 J 5<U 184 56 40 1956 Dec. 31 14,939 12,860 5,979 5,990 891 2,030 ,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 Aue 31 15,679 13,389 7,092 5,209 1,088 2,218 ,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 Q/tt 338 234 69 May 31 17,145 14,561 6,775 6,625 1,161 2,523 l',975 305 243 62 June 30 18,418 15,786 6,694 7,932 1,160 2,554 1,996 314 244 77 July 31p 18,635 15,987 6,484 8,341 1,163 2,580 2,030 302 248 67 Aug. 31 P 18,742 16,059 6,366 8,485 1,209 2,617 2,048 303 266 66 Area and country detail, June .50, 1959 Europe: Austria 390 388 372 11 6 2 2 Belgium 118 69 41 3 25 49 41 1 1 Denmark 110 100 50 46 4 10 8 2 Finland 71 69 15 46 8 1 France 981 925 280 615 30 55 48 3 4 1 Germany, Fed. Rep. of 1,459 1,433 221 988 224 20 16 3 6 Greece . ... 154 140 24 116 14 13 1 Italy 1,409 1,375 163 1,053 159 34 26 7 1 f3) Netherlands 356 327 142 129 56 29 24 3 2 Norway.. 113 67 46 21 45 43 2 (3) Portugal 151 103 100 3 48 46 1 Spain 35 16 16 18 18 (3) Sweden.. 350 334 81 205 48 16 15 1 Switzerland 878 716 321 162 234 158 102 17 39 4 Turkey . 21 19 18 2 2 United Kingdom 1,084 674 292 343 39 373 125 180 67 37 7 7 Other Europe 544 518 122 288 109 23 19 2 2 4 Total 8,231 7,280 2,309 4,024 947 898 551 222 125 53 Canada... 2,122 1,770 1,170 579 21 337 213 74 50 15 Latin America: Argentina 206 131 130 1 75 74 Bolivia 22 6 6 16 15 1 1 Brazil . 154 44 41 (3) 4 109 104 (3) 5 Chile 130 73 73 57 57 Colombia 201 131 130 1 70 69 Cuba 242 131 84 44 3 111 104 1 5 Dominican Republic 44 15 14 30 29 El Salvador ... 38 21 12 2 7 18 17 Guatemala 42 25 12 7 7 17 17 P) (3) 406 270 261 9 1 136 132 1 2 (3) Neth. W. Indies and Surinam . 78 41 27 10 4 37 15 5 17 Panama Rep of. 147 28 27 1 119 90 4 26 Peru 77 31 31 46 45 1 Uruguay 89 44 40 (3) 4 45 41 5 Venezuela 500 334 333 (3) 166 161 2 Other Latin America 170 90 60 17 13 76 76 (3) 5 Total 2,548 1,414 1,281 87 46 1,128 1,046 17 66 6 * 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 Julv 31, 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S, 1325 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars Area and Total To banks and official institutions To all other foreigners in P a f y o a re b i l g e n country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other i Total Deposits T bi r l e ls a s a u n r d y Other i certificates certificates Area and country detail, June 30, 1959—Continued Asia: Hong Kong 57 31 27 4 26 26 p> India 99 75 73 2 24 24 I Indonesia 77 75 49 26 (2) 2 2 Iran 39 36 36 4 4 (2) Israel 86 81 30 32 19 5 5 Japan 1,101 1,088 612 434 43 13 13 (2) (2) Korea Reo of 145 143 141 1 1 3 3 Philippines 168 148 129 5 14 20 19 T T a h i a w il a a n nd 1 9 3 0 4 1 8 3 2 1 7 4 9 4 (821) 3 5 7 3 7 3 (2) Other Asia 443 403 295 81 26 40 39 (2) I PV Total 2,439 2,292 1,514 661 117 146 144 1 1 I All other: Australia 91 87 44 39 4 3 3 1 Belgian Congo 35 34 15 13 6 1 1 Egypt ^ 16 15 13 1 1 1 (2) (2) (2) Union of South Africa 36 33 24 8 2 2 j Other 144 106 83 5 18 38 34 1 3 1 Total 322 275 180 66 29 45 41 3 2 Total foreign countries 15,662 13,031 6,453 5,418 1,160 2,554 1,996 314 244 77 International institutions.... 2,756 2,756 242 2,514 Grand total 18,418 15,786 6,694 7,932 1,160 2,554 1,996 314 244 77 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 1956 Dec. 31 1,946 18 157 43 29 104 216 568 157 840 337 43 1957 Dec 31 2,199 114 140 56 34 98 211 654 154 956 386 50 1958 Aus 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 1,027 481 61 May 31 2,427 99 52 34 39 105 236 565 236 1,064 502 61 June 30 2,441 94 54 37 34 105 220 544 229 1,082 520 65 July 31p 2,388 91 54 31 36 122 235 570 245 1.000 510 64 Aug. 3\P 2,362 89 47 34 34 142 222 569 241 969 518 66 P Preliminary. foreigners; drafts drawn against foreigners that are being collected by i Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances heH 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

1326 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u ey r- Y sl u av g i o a - o A t l he l r 1954_Dec. 31 109 1 20 10 3 16 2 1 4 4 41 5 1955—Dec. 31 158 16 13 4 11 9 5 7 78 7 1956—Dec. 31 216 28 12 4 21 23 8 13 88 7 1957—Dec. 31. 211 25 11 6 29 23 8 10 76 10 6 2 1958—Aug. 31. 312 9 67 6 8 43 25 2 57 14 67 9 Sept. 30. 315 9 63 8 8 44 22 2 59 13 72 10 Oct. 31. 316 9 64 7 10 49 20 2 55 13 72 11 Nov. 30. 301 68 10 8 53 21 2 31 15 69 9 Dec. 31. 315 65 14 7 56 22 2 30 24 72 9 1959—Jan. 31. 297 66 15 6 58 20 2 26 18 64 10 Feb. 28. 288 64 16 5 59 18 2 25 16 60 9 Mar. 31 264 63 12 6 52 15 2 27 16 50 9 Apr. 30. 255 62 10 7 40 14 3 29 14 51 14 May 31 236 51 9 8 34 11 2 28 15 51 16 June 30. 220 50 8 7 31 10 2 26 10 49 13 July 31 235 54 9 7 32 8 2 25 12 57 14 Aug. 31 222 48 9 7 24 10 2 11 13 70 15 Table 3b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p i D R c l u i a o e c b n - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a P p i R c m u a e n b o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e r n r nam 1954_Dec. 31 728 6 3 273 14 107 71 3 10 4 116 1 9 16 7 63 27 1955—Dec. 31 706 7 4 69 14 143 92 5 8 5 154 3 17 29 18 105 34 1956—Dec. 31 840 15 4 72 16 145 90 7 11 7 213 5 12 35 15 144 49 1957—Dec. 31 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958—Aug. 31 [,048 48 3 200 48 54 132 12 7 8 243 3 26 30 45 134 55 Sept. 30 1,040 48 3 183 47 49 127 14 10 9 274 2 24 28 50 125 49 Oct. 31 1,078 35 3 165 47 50 151 19 10 9 290 4 23 31 54 138 49 Nov. 30 1,064 34 3 138 47 51 155 19 11 10 294 6 23 31 54 139 49 Dec. 31 1,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959 Jan. 31 1,072 38 4 176 51 49 151 20 6 12 269 4 22 28 50 140 52 Feb. 28 1,054 38 3 176 48 48 150 23 6 11 260 3 24 30 43 139 53 Mar. 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 1,082 45 3 167 65 53 130 27 6 10 279 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 Aug. 31» 969 44 3 134 41 55 92 28 7 11 269 3 24 34 39 136 50 Table 3c. Asia and All Other Asia All other Date Total H K o o n n g g India Iran Israel Japan Phil- Tai- T la h n a d i- Other Total t A ra u l s ia - C g B o i e n a l n g - o Egypt3 A U S f n o o r i u i f o c t a n h Other 1954_Dec. 31. 143 16 11 50 7 5 6 39 37 14 6 10 1955—Dec. 31. 233 18 10 103 19 6 8 60 43 11 8 17 1956—Dec. 31. 337 20 16 170 16 6 9 91 43 11 8 17 1957—Dec. 31. 386 22 24 146 53 6 14 110 50 13 12 19 1958—Aug. 31. 462 29 19 222 39 6 14 122 78 12 41 17 Sept. 30. 450 27 21 209 41 6 14 121 79 13 41 17 Oct. 31. 442 29 22 196 39 6 14 123 81 14 37 23 Nov. 30. 438 27 27 186 41 7 16 120 79 13 29 29 Dec. 31. 435 27 23 179 67 6 13 111 69 13 23 27 1959_jan. 31. 407 29 25 168 38 7 14 116 68 12 24 27 Feb. 28. 422 28 22 175 42 8 13 124 63 12 24 22 Mar. 31. 454 34 19 204 34 8 14 130 61 11 21 24 Apr. 30. 481 34 18 224 29 9 17 137 61 11 19 24 May 31. 502 32 16 242 29 10 17 142 61 12 19 25 June 30., 520 35 16 260 24 9 20 143 65 15 20 26 July 31P 510 31 17 256 18 8 12 153 64 14 20 25 Aug 31*. 518 29 15 269 18 13 151 66 16 21 25 P Preliminary. 2 Less than $500,000. 1 See note 1 on preceding page. 3 Part of the United Arab Republic since February 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1327 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- D a a n t d e , c o o u r n a t r r e y a term— Loans to: totali 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 Total amounts outstanding IQ<4 TW 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 Auc. 31 J ^0 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 [ 340 2,577 2,347 859 394 428 230 212 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 [,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 30 440 2 441 2,280 743 413 455 669 161 144 17 July 31p 1,482 2,388 2,204 719 412 437 637 184 153 31 Aug. 31» 1,490 2,362 2,182 713 421 442 607 180 152 28 Area and country detail, June 30, 1959 Europe: 24 6 6 1 (2) 2 2 (2) (2) 30 50 46 36 3 6 1 4 4 (2) Denmark 1 8 8 1 3 4 2 5 5 2 4 20 94 91 1 2 8 80 2 2 1 Germany, Fed. Rep. of.... 6 54 44 9 4 22 9 10 8 2 Greece 7 7 7 3 4 Italy 51 37 37 7 9 13 8 1 1 (2) 19 31 29 2 12 11 4 2 2 (2) 152 10 9 1 1 4 4 (2) 2 2 2 2 (2) Spain 9 26 25 14 2 1 9 1 1 Sweden 32 10 10 4 4 1 1 (2) 2 34 26 10 10 3 2 9 8 (2) Turkey • 49 49 45 4 United Kinsdom 69 105 26 9 2 13 1 80 75 4 (2) 2 2 2 (2) (2) Other Europe 10 13 13 2 3 1 1 (2) Total 437 544 434 143 48 108 135 110 103 7 Canada 103 229 188 12 159 8 9 41 37 4 Latin America: 53 45 45 21 4 13 6 Bolivia 3 3 (2) (2) 3 (2) 1 Brazil 261 167 167 41 22 18 86 (2) Chile 9 65 65 33 11 11 10 Colombia 21 53 53 5 8 23 17 94 130 130 92 8 16 14 (2) Dominican Reoublic ... 27 27 7 7 3 10 ! (2) pi Salvador 6 6 (2) 3 2 1 10 10 (2) 2 6 2 Mexico 118 279 277 118 51 26 82 2 2 (2) Netherlands W. Indies 2 3 3 « 1 2 (2) Panama Ret) of 28 22 22 18 3 1 (2) 14 31 31 1 4 16 10 8 38 38 3 3 2 30 Venezuela •• 44 151 148 19 39 47 44 3 1 2 Other Latin America 49 51 51 5 15 25 6 (2) (2) Total 695 1,082 1,076 346 192 217 321 6 3 3 •P Preliminary. 2 Less than $500,000. i Represents mainly loans with an original maturity of more than one year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1328 OTFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- Area and term— Loans to: country total i Total Collec- Total Ba i o n n f s f k i t s c i t ia u a l - nd Others sta t o i n o u d n t i - s ng Other Total f D or e w e p i i g o t n h si e t r s s Other tions Area and country detail, June 30, 1959—Continued Asia: Hone Kons 2 7 7 4 1 (2) (2) (2) 13 5 5 1 3 2 Indonesia 8 (2) 4 35 35 4 (2) 31 (2) (2) Israel . • 10 16 16 3 1 10 Japan . •. 17 260 260 56 4 34 166 (2) (2) K orea Reo of 2 2 2 P T h a i i l w ip a p n ines 14 2 9 4 2 9 4 1 5 4 (2) (2 2 ) 7 3 ! (2) (2) (2) Thailand 11 20 20 7 5 8 Other Asia 4 141 141 124 1 14 (2) (2) (2) Total 84 520 519 219 7 95 198 J 1 (*> All other: Australia. 23 15 14 1 7 6 1 1 Beleian Conco 2 3 3 3 n\ E U g n y io p n t 3 of South Africa 19 2 2 0 1 2 9 10 1 2 7 (2) (2) Other 77 26 25 4 10 (2I> I Total 121 65 62 23 6 27 7 1 - International institutions.... Grand total 1,440 2,441 2,280 743 413 455 669 161 144 17 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 TYPESi [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Year or month c P ha u s r- es Sales c s N a h l a e e t s s e p s, ( u o - r ) r - c P ha u s r- es Sales c s N a h l a e e t s s e p s, ( u o - r ) r - c P ha u s r- es Sales c s N a h l a e e t s s e p s ( , u o - r ) r - c P ha u s r e - s Sales c s N a h l a e e 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 J956 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 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 23 222 181 41 45 45 (3) 49 56 — 6 JulyP 63 40 23 222 190 32 60 163 -102 48 53 — 5 Aug p 257 25 232 181 145 36 27 (3) 44 50 -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

INTL CAPITAL TRANSACTIONS OF THE U, S. 1329 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, (—). In millions of dollars] Type of security Country Year or month Total 2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- ot A he ll 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 35 101 77 20 255 -99 23 15 1958 -39 -56 17 -3 -8 19 -1 1 10 -86 23 14 1958—Aug.... -12 -16 -4 -2 () -4 -3 -6 1 Sept.... 1 -7 4 -1 4 -6 2 Oct 6 3 3 () 5 "I 4 -7 6 Nov.. .. 11 1 10 13 -4 9 -6 6 Dec.. . . 3 -3 6 -4 14 -7 -3 3 -6 3 3 1959—Jan 18 19 -2 -1 17 -6 1 13 3 Feb.. . . 17 15 2 -1 7 2 2 15 2 Mar.... 7 2 5 -1 20 -12 1 8 -6 2 Apr.. . . 30 25 5 1 27 _ 2 4 31 -8 2 May. . . 37 36 1 () 4 21 4 5 33 -3 3 June... 41 36 5 -1 21 4 4 31 2 2 Julyp... 32 29 3 -I 2 19 -1 2 23 1 4 Aug.p. . 33 3 2 5 18 7 1 33 -1 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 t n i 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 i m a c t a i e n r- Asia o A th l e l r Date Deposits Assets in custody tutions tries U. S. Govt. Miscelsecurities2 laneous3 1955 -27 -4 -46 74 24 -49 -7 1956 — ^3 — 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—Sept. 30 258 3,609 493 Oct. 31 288 3,777 481 1958—Aug.... -15 -51 -30 -8 _ | i 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 0) -6 -22 1959—Jan. 31 274 3,681 510 Dec.. . . -96 -66 -9 -14 -6 -8 -31 Feb. 28 310 3,857 509 Mar. 31 307 3,593 509 1959—Jan -44 -99 -37 -59 5 -9 1 Apr. 30 266 3,559 504 Feb 6 -124 -14 -64 _3 -41 -2 May 31 291 3,750 524 Mar.... c -60 -22 -24 -9 -8 3 June 30 294 3,900 528 Apr..., -8 -42 -28 -2 -3 o -1 July 31 278 4,131 525 May... -50 -43 18 -61 3 -4 2 Aug. 31 252 4,286 520 June... Q 2 5 C1) 3 -7 2 Sept. 30 312 4.346 548 July?.. . 0) -107 -2 -100 1 -5 i Aug.;\ . -5 -4 -1 1 _2 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 st T s r e o a f s b u a ry n k b e i r l s ls ' , a c c c e e rt p if t i a c n a c te e s s , o co f m in m d e e r b c t i e a d l n p e a s p s, e r n , o a t n e d s f a o n r d e ig b n o n a d n s d . international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1330 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals Area and country 1958 1959 1951 1952 1953 1954 1955 1956 1957 1958 Apr.- July- Oct.- Jan.- Apr.- June Sept. Dec. Mar. June Continental Western Europe: Austria -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 -10.0 -130.0 -225.6 -10.0 Italy -348.8 -168.8 -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 -10.0 Sweden -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 ""4I6 ""3.6 "m'.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 -.i Total 525.6 451.2 -480.5 -50.5 -.1 100.3 -900.0 -450 0 -50 0 -100 0 -200 0 Canada -10.0 7.2 14.6 5.2 Latin America: Argentina -49.9 -20.0 -84.8 115.3 75.4 67.2 12 0 55 2 Mexico — 60 2 87 7 — 28 1 80 3 — 20 0 Venezuela — .9 -30.0 -200.0 Other -15.0 -10.2 -18.8 12.2 14.0 56.4 5.5 i.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 -83.3 -388.7 International institutions 5 200.0 600.0 -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 -732.5 1 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] T ( r u e G e r n a y o d s l - d o f s T t y o o e c a t k a r l ) i in s c o T c g t r r o r o e o e d a c t l a a d s e k s l e - : e, i e m g x N o o p p e r l o o d t r r , t, g m c o c o r E l r a r e d e r a a a : i k r s n s - d e e e - d e , - D p ti r c o t o i m g d o o n u e l c s d - - Month T (e r u n G e r d a y o s l o - d f s m T to o o c n t k a th U ) in c o s T c g r t r r o o e o e d a c t l a a d s e k s l e - : e, i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E r l a r e d e r a a a : i k r s n s - d e e e - d e , - D p ti r c o t o i m g o d o n u e l c s d - - 1946 20,529 20,706 623.1 311.5 465.4 51.2 1958_Sept 20,874 20,929 -153 2 71.2 -220.2 6.2 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Oct 20,690 20,741 -188.4 5.4 -189.0 6.7 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 Nov 20,609 20,653 -88.0 11.7 -96.9 5.5 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Dec 20,534 20,582 -70.7 12.2 -79.3 5.9 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 1959_jan 20,476 20,527 -55.5 10.3 -65.6 4.2 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Feb 20,479 20,520 -6.7 9.9 -13.0 4.1 1952 23,187 23,252 379.8 684.1 -304.8 67.4 Mar 20,442 20,486 -33.6 18.3 -48.0 3.8 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 Apr 20,305 20,358 -128.6 3.2 -127.5 3.8 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 May 20,188 20,227 -130.3 9.6 -136.5 4.1 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 June 19,705 19,746 3-481.9 15.4 -491.7 4.6 1956 21,949 22,058 305.9 106.1 318.5 65.3 July 19,626 19,672 -73.5 25.5 -98.1 5 3 1957 22,781 22,857 798.8 104.3 600.1 63.0 Aug 19,524 19,568 -103.9 75.8 -176.3 4.2 1958 20,534 20,582 -2,275.1 259.6 -2,515.0 61.6 Sept ^19,492*>19,580 Pll.9 5-35.2 P Preliminary. 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 $9,729.6 million on Sept. 30, 1959. 2 Net after payment of $687.5 million as United States gold subscription Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 1331 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 1 109 1 France (and dependencies)l 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 167 135 125 139 151 167 Italy 1,531 1,678 1,934 2,207 2,421 2,672 Netherlands (and Netherlands West Indies and Surinam) 1,044 14 1,289 13 1,389 1,497 15 1,614 17 1,627 22 Norway 138 105 151 89 144 173 120 151 125 156 133 Portugal (and dependencies) 651 (2) 678 (2J 694 707 (2) 728 711 Spain (and dependencies) 126 132 134 94 88 3 92 Sweden 479 5 458 496 507 10 498 31 555 31 S T O w u th r i k t e z e r e s y rland 2,6 8 1 5 8 6 1 5 2 1 ( 2 12 2 8 ) 2 1 , ,1 6 1 3 8 5 1 6 4 8 4 8 2 1 , , 7 1 1 3 6 5 3 5 4 2 1 , , 7 3 1 7 7 6 7 4 0 76 2 1 , , 7 3 1 8 4 6 1 1 4 8 1 < 6 ? 2 1 , , 7 4 1 8 7 6 7 5 2 A82 Total 14,757 319 15,508 269 16,633 259 17,594 274 17,646 358 18,556 402 Sterling Area: United Kingdom 2,875 205 3,810 220 3,851 216 3,725 194 3,925 184 201 United Kingdom dependencies. 104 4 101 4 100 4 109 4 110 4 105 4 A In u d s i t a ralia 2 3 1 2 1 9 (2) 2 32 2 8 2 (2) 2 3 2 2 8 0 2 3 4 2 1 4 2 3 4 3 6 7 2 3 2 4 6 6 ( Union of South Africa 255 1 183 1 216 241 221 237 Other 228 34 230 35 233 251 250 49 199 46 Total. .. 4,002 245 4,874 261 4,948 263 4,891 242 5,089 238 5,022 252 Canada 2,723 457 3,078 345 3,022 346 3,097 341 3,159 344 3,195 342 Latin America: Argentina 263 265 245 '210 '237 263 Brazil 456 450 458 463 504 480 Chile 115 126 124 140 135 170 Colombia 215 () 192 () 207 () 241 () 262 275 Cuba 371 154 417 86 409 86 366 86 343 322 Guatemala 92 91 75 69 70 69 Mexico 566 485 517 561 543 548 Panama, Republic of. 136 140 148 146 156 147 Peru 88 () 93 92 96 93 96 Uruguay 235 258 260 262 276 269 () Venezuela ,554 2 1,460 1,233 1,213 1,227 1,219 Other 277 13 304 272 248 292 319 10 Total. .. 4,368 176 4,281 108 4,040 108 r4,015 106 r4,138 107 4,177 104 Asia: Indonesia. . 190 127 129 145 156 118 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 3 Thailand.. . 269 260 252 245 250 246 1 Other 777 765 723 778 824 937 7 Total. . , 2,324 16 2,461 14 2,494 12 2,632 12 2,831 3,032 14 All other: Egypt 4.. 228 (2) 192 192 190 190 190 () Other... 162 152 136 140 149 171 11 Total 390 7 344 7 328 330 339 10 361 11 Total foreign countries 5. . 28,564 1,220 30,546 1,004 31,465 996 r32,559 983 r33,202 1,070 34,343 1,125 International institutions . . , 2,697 222 2,696 446 2,790 462 2,876 495 3,027 523 4,666 523 Grand total5 31,261 1,442 33,242 1,450 34,255 ,458 r35,435 1,478 r36,229 1,593 39,009 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 4 Part of the United Arab Republic since February 1958. U. S. banks and on monthly reports of security transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1332 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 t E o o a s r t t t a l e i d l - d 1 M F I ta u n o r n t n y ' d l e- U S n ta i t t e e s d r m w e E s a o s t t r t e i l o - d d f A t r i g n e a n- t A ra u l s i - a A tr u i s a - C g B o i n e a l n g - o g B iu e m l- Brazil Canada Chile lo C m o b - ia 1952—Dec.. 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 ,073 42 86 1955—Dec.. 37,730 1,808 21,753 14,170 372 144 71 116 929 323 ,134 44 86 1956—Dec., 38,235 1,692 22,058 14,485 224 107 71 122 925 324 •,103 46 57 1957—Dec. 38,960 1,180 22,857 14,925 126 126 103 81 915 324 1,100 40 62 1958—Aug.. ,247 21,082 125 153 125 82 1,212 325 1,079 40 69 Sept.. 39,535 ,307 20,929 17,300 114 154 136 82 1,228 325 ,078 40 70 Oct... ,307 20,741 74 157 144 83 1,251 325 ,074 40 70 Nov.. ,331 20,653 74 160 155 83 1,270 325 ,079 40 71 Dec. ^39,860 ,332 20,582 17,945 60 162 194 83 1,270 325 1,078 40 72 1959—Jan... ,332 20,527 60 164 200 78 1,248 325 1,076 40 72 Feb.. ,349 20,520 60 160 208 69 1,225 326 1,082 40 72 Mar.. '40,060 ,352 20,486 18,220 57 163 212 69 1,246 326 1,072 40 73 Apr.. ,353 20,358 57 166 222 65 1,265 326 1,071 40 73 May. 1,522 20,227 57 169 222 63 1,289 326 1,074 40 74 June. 1,910 19,746 57 135 256 63 1,270 326 1,073 40 74 July.. 19,672 280 53 1,281 ,061 40 74 Aug.. 19,568 291 1,276 1,053 Domin- Ger- E m n o d n t o h f Cuba m De a n rk - R i e c p a u n b- E d c o u r a- Egypt2 E v l a d S o a r l- l F a i n n d - France 3 R F m e e p d a u n e b r y a l , i l c Greece G m u a a l t a e- India I n n e d s o ia of 1952—Dec.. 214 23 174 573 140 27 247 235 1953—Dec. 186 23 174 576 328 27 247 145 1954—Dec. 186 23 174 576 626 27 247 81 1955—Dec. 136 23 174 861 920 27 247 81 1956—Dec.. 136 22 188 861 1,494 27 247 45 1957—Dec.. 136 22 188 575 2,542 27 247 39 1958_Aug.. 136 22 174 589 2,587 27 247 38 Sept.. 135 22 174 589 2,597 27 247 38 Oct... 135 22 174 589 2,633 27 247 38 Nov.. 120 22 174 589 2,639 27 247 38 Dec. 80 22 174 589 2,639 27 247 37 1959__ F j e a b n. . . . . 2 2 2 2 1 1 7 7 4 4 5 5 8 8 9 9 2 2 , , 6 6 7 7 8 8 2 2 7 7 2 2 4 4 7 7 3 3 7 7 Mar.. 22 174 589 2,678 27 247 37 20 174 589 2,678 27 247 36 y 20 174 589 2,684 25 247 41 J J u u l n y e . . . 2 2 0 0 1 1 7 7 4 4 5 5 8 8 9 9 2 2 , , 7 7 2 0 1 4 2 24 4 7 7 4 4 1 1 Aug.. 20 174 589 247 41 T 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 50 38 46 9 286 1953—Dec 137 346 35 158 737 52 38 36 9 361 1954—Dec 138 346 63 62 796 45 38 35 9 429 1955—Dec. 138 352 74 142 865 45 48 35 16 428 1956—Dec. 138 338 77 167 844 50 49 35 22 448 1957—Dec 138 452 91 180 744 45 49 28 6 461 1958—Aug. 138 754 91 148 944 43 49 20 13 486 Sept. 138 847 91 147 956 43 49 20 14 486 Oct.. 141 907 91 146 999 43 49 19 15 486 Nov. 141 995 91 144 1,026 43 49 19 9 486 Dec. 141 ,086 91 143 1,050 43 49 19 10 493 1959—Jan.. 141 ,119 91 143 1,125 43 49 19 11 498 Feb. 141 ,155 95 143 1,145 43 49 19 7 498 Mar. 140 ,190 102 142 1,164 43 49 19 7 501 Apr. 140 ,222 102 142 1,164 43 49 19 9 502 May 140 ,263 102 142 1,164 43 50 19 9 507 June 140 102 1,164 43 50 19 10 512 July. 140 102 1,164 30 50 6 513 Aug. 140 1,162 30 50 6 525 > Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 1333 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 ,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 ,676 19 112 144 2,133 186 603 17 179 268 1957 Dec . . . .. 217 219 ,718 24 112 144 2,273 180 719 13 165 254 1958 Aug 180 204 I 929 24 112 144 3 089 180 719 15 171 Sept 188 204 L 934 24 112 144 3,120 180 719 15 187 126 Oct 201 204 I 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 I 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 I 931 112 144 3,251 180 719 15 533 May 197 204 I 912 112 144 3,119 180 719 10 479 June 201 205 I 909 112 144 3 172 180 719 10 486 July. . 217 205 144 3,220 180 719 10 436 Aug 204 191 919 144 3,248 180 719 10 434 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 t o h r 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 - ^o M r ic 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 8.8 4.8 6.1 15.1 31.3 7.9 1952 868.0 785.7 413.7 17.4 23.8 12.9 67.4 156.5 16.1 8.9 4.9 6.2 14.8 34.3 8.9 1953 864.5 780.5 417 9 17 5 25.4 13.0 69.0 142.4 16.9 9.1 4.0 4.6 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 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 1,064.0 984.0 618 0 19.4 29.2 12.8 61.6 158.8 11.6 7.2 3.9 3.9 13.0 38.6 6.0 1958 July 84.5 52.4 2.5 .9 6.1 13.2 .7 .7 .4 .5 1.3 3.7 .5 Aug 83.1 52.6 6 2.5 1.2 5.4 12.8 1.0 .7 .3 .7 .9 3.0 .5 Sent . 85.0 53 0 7 2.5 1.1 6.2 13.1 1.2 .6 .4 .3 .9 3.5 .5 Oct 87.2 54.0 .6 2.4 .9 6.7 14.0 1.1 .6 .3 .5 .3 3.3 .5 Nov 83.6 53.3 7 2.5 1.0 5.5 12.9 1.1 .6 .3 .2 0 3.1 .5 Dec . 83.6 53 1 7 2.2 .7 5.9 13.2 .5 .6 .3 .3 0 3.6 .5 1959—jan 283.1 54.1 6 2.6 1.2 4.2 13.2 .9 .5 .3 2.8 .4 Feb.. . . 280 1 52 8 2.6 .9 4.1 12.5 1.0 .8 .3 j 3.0 .5 Mar 55 9 7 2 6 1 0 3.8 13.2 .6 .3 7 3.3 5 Apr .... 57.9 6 2.6 .8 3.8 13.2 .5 .3 0 2.9 May 58.7 .6 2.6 1.3 4.1 13.3 .7 .3 .0 June 59.5 R 2.6 1.0 4.6 12.5 .7 .3 1 July 60.8 2.7 .8 5.3 13.2 .6 .4 1 Gold exports, representing about 90 per cent of total production. Ghana, Belgian Congo and Brazil, data for which are from American 2 Excluding Chile. Bureau of Metal Statistics. For the United States, annual figures are Sources.—World production: estimates of the U. S. Bureau of Mines. from the U. S. Bureau of the Mint and monthly figures are from American Production reported monthly: reports from individual countries except Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1334 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 O Do th ll e a r r c d u e r p re o n si c t i s e s a n a d n d U s . e S c . u s r e i c t u ie ri s t 1 i . e .. s 7 91 5 7 2 9 74 0 7 0 9 6 4 9 3 3 9 6 3 3 7 6 9 65 6 7 6 I C n u v r e r s e t n m c e i n es ts : * ! 200 200 200 200 200 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:1© Undisbursed loans 675 753 910 893 839 Gold 1 Other liabilities 27 27 24 28 28 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 8 8 9 9 9 Member subscriptions 9,088 9,088 9,193 9,228 9,228 Loans by country, Aug. 31, 1959 Reserves and liabilities 12 18 23 30 40 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 others^ Total in gold Aug. June Aug. Continental Western Europe, D A B F Fr i e e u n t a l n s o g l n t m a t i r c a u n i a e l m a 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 9 2 7 3 2 4 24 2 1 2 5 6 5 9 2 1 4 4 4 3 6 3 7 8 2 7 2 4 1 3 6 1 5 9 5 3 3 0 B C B B A r o u h r a l g r i i l z m e v e i n i l a a tina 1 1 5 1 5 5 1 0 5 0 0 0 3 3 9 3 8 1 8 1 4 7 1 1 0 8 5 3 5 1 4 9 0 1 9 2 2 0 2 1 9 4 0 1 9 2 2 6 2 I N N T Y ta e u u o t l r g r y h w o k e s a e r l l y y a a v . n . i . a ds 2 2 5 9 3 6 6 8 5 6 1 1 2 1 3 6 5 6 8 6 4 9 1 0 15 4 9 2 6 4 1 5 5 8 6 7 3 1 3 2 6 2 8 1 9 3 C H C H Fr u o a o a l b i n o t n a d i m c u e b ra ia s 52 5 5 5 8 0 0 8 10 1 1 2 2 8 3 3 3 3 9 5 4 1 3 2 9 2 4 5 4 5 3 38 2 2 4 1 5 5 3 Ste C I A P U r n a e u n l d i k y s n i i l t o i a g s o r n t a n a a l o n i r a f e a S , .A to f t r a i l ca 1,4 3 5 1 1 7 1 2 9 9 2 8 8 4 2 7 9 1, 4 1 3 1 9 3 9 1 7 1 5 2 0 8 9 3 1 ( 4 3 3 3 1 6 3 3 7 4 ) 7 1,0 2 3 1 5 7 8 9 3 1 8 3 4 9 5 3 1 2 1 3 3 7 5 1 1 2 1 I I I P M r n n a a d d e r n x i o a a i g n c u e o s a i y a 4 1 9 0 3 1 0 0 8 5 0 2 2 1 9 2 3 8 6 20 5 1 0 6 5 7 20 2 5 1 0 6 3 5 7 20 4 2 0 6 3 5 8 U O n th it e e r d Kingdom 1 2 9 5 3 14 1 7 6 8 1 13 1 9 5 24 P P e h r i u lippines 2 1 5 5 4 3 1 1 5 9 1 9 5 La B C ti r h n a i l z A e il merica, total 9 26 3 7 7 4 4 6 1 8 4 8 5 9 1 1 2 1 9 8 9 5 1 4 6 5 0 6 3 17 T S S u p u d a rk i a n n ey 1 4 0 1 3 0 0 10 4 1 3 5 3 5 9 5 3 5 0 9 C N P U O E E M e c l i r o t e c r h u u l S x a u o e a g a i r m r d c u l a v o o a g b a r y u i d a a or 1 1 4 2 5 3 6 3 6 8 5 3 0 2 2 1 4 6 1 1 2 2 4 0 5 3 5 1 3 1 1 1 6 9 8 5 3 1 1 0 2 6 7 9 1 7 1 1 7 2 4 2 3 4 1 1 2 1 7 7 4 2 5 5 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 a i a S c K v A o — t i a i f a r n t a E e g b s g S d y o o R p u m t t e h . . - . . . 2 1 , , 7 3 1 0 5 6 6 0 0 0 0 0 0 2 68 3 2 1 8 6 5 8 0 H-2,0 5 6 2 5 3 3 0 3 0 6 0 n -1,7 3 3 2 4 2 3 2 5 5 3 0 H-1,7 3 4 2 2 3 3 4 5 3 3 0 As I J L P T M O i r a a h h e a t a p t h b i a n o ( l l a e e a i i a t p l n x r a n y a p c l a o n l i n u d n d es ing Sterling area), 5 2 1 1 5 9 2 4 3 0 1 4 5 7 7 6 6 7 9 3 1 ( 3 7 5 8 1 6 5 5 0 6 6 4 4 ) 20 3 1 ( 7 4 1 7 1 3 5 6 5 6 4 7 ) 1 1 9 5 1 r so ep l 6 7 4 5 2 3 d 1 a I I L E L R C y n t n m o o x e e u c c s c a p l r l e s o u l u n r r u n t d e e d t s h d t h n s e e s e e t e a s c , s o r s n i n s e $ t a t u d , h s s 1 l $ n e s e a 9 5 i p o p c n n 9 0 n r a e d c 0 e i n e l m l n f l , u t d e e 0 f c i e d x d e 0 l i a c l p c e n 0 i m t h p a o c i . d v a l o n i o e e e n r u o s m i t g n f n l i o a e o a t a r a n l n o u a e o n s d a d t u s i h o n n j t o u o f a s s c b t r s g l c a l u t n i r i a z m n g d e o e p d e a t e e d i d t i d n t n y i a t o l e g t l . o w n o t a s s i o t e u n b h n f h b s e f , e e s m l l s c c l o d e o t r e a i s l i m v i d n p s n e s t b . l i b o l o e i s u a r n e o t . n u s l d . s n o o n f o t o r d t y e a e y p g t e o r t d s e i e i e t s d s f b f . e u t c r o t s i e v b d e e . , Africa (excluding Sterling 8 Includes $303 million not guaranteed by the Bank. S E u th a d r i a o e n p a i ) a , total 6 2 3 3 4 9 2 1 1 9 6 3 9 1 1 1 0 U R P . a e S i p d . r T e b s r y e e n a m t s s e u m r s y a b le e b s r i l l o p s f e p n U u d . r i n c S h g . a i d s n e o c d l r l a e w a r i s s t e h b i y n p r t q o h u c e e o e F t d a u s n b f d e r c o o t m o m m i s n a e g l m e e b o f e f f e r g c t o c i l v o d e u . . ntries for local currencies, less repurchases of such currencies with dollars. Total 74,507 3,432 519 2,913 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 1335 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.. 6,009 5,753 6,563 6,743 7,010 6,326 6,654 5,566 5,920 5,571 6,142 5,381 5,801 Merchandise 4,420 4,112 4,887 5,108 5,158 4,462 4,662 4,054 4,191 3,806 4,176 3,798 4,069 Services2 1,589 1,641 1,676 1,635 1,852 1,864 1,992 1,512 1,729 1,765 1,966 1,583 1,732 Imports of goods and services, total... 4,997 5,113 4,849 5,092 5,318 5,361 5,152 4,904 5,250 5,372 5,425 5,422 5,968 Merchandise 3,173 3,156 3,220 3,297 3,344 3,265 3,385 3,139 3,166 3,124 3,517 3,604 3,885 Services 1,025 1,263 948 915 1,124 1,381 1,047 936 1,176 1,407 1,070 1,017 1,262 Military expenditures 799 694 681 880 850 715 720 829 908 841 838 801 821 Balance on goods and services1 1,012 640 1,714 1,651 1,692 965 1,502 662 670 199 717 -41 -167 Unilateral transfers (net)3 -635 -645 -576 -662 -499 -581 -562 -599 -541 -616 -619 -532 Private remittances and pensions... -163 164 -184 -184 -174 -164 -180 -178 -170 -173 -186 -186 -182 Government nonmilitary grants... -472 380 -461 -392 -488 -335 -401 -384 -429 -368 -430 -433 -350 U.S. long- and short-term capital (net) 3 -899 987 -1,179 -1,070 -1,563 -544 -956 -888 -1,247 -783 -892 -472 4-925 Private, total -690 806 -1,077 -813 -1,364 -410 -588 -642 -1,025 -451 -726 -383 -611 Direct investment -353 524 -694 -402 -993 -339 -324 -155 -411 -156 -372 -267 -372 Portfolio and short-term investment -337 282 -383 -411 -371 -71 -264 -487 -614 -295 -354 -116 -239 Government -209 181 -257 -199 -134 -368 -246 -222 -332 -166 -89 4-314 Foreign capital and gold (net) 441 647 -195 -381 316 -269 227 585 1,069 907 878 915 41,327 Increase in foreign short-term assets and Government securities 391 668 -283 -199 514 -260 275 202 9 450 479 744 4765 Increase in other foreign assets.... 153 143 115 166 127 18 50 13 -15 -26 52 75 165 Gold sales by United States -103 164 -27 -348 -325 -27 -98 370 1,075 483 347 96 4397 Errors and omissions 81 244 305 376 217 347 -192 203 107 218 -87 217 297 v Preliminary. 3 Minus sign indicates net outflow. 1 Excluding military transfers under grants. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 2 Including military transactions. of which $344 million was transferred in gold and $1,031 million in noninterest bearing U.S. Government securities. 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 - e y t y o 2 - 3 B a a a c m n n c o c k e e p n e s t r t - h s' s 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 a e o n p o w k o n e a s r i n s t c s * e D m a o d y n a - e y t y o 3 - Tr d 6 e b a 0 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 c i 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 J.48 J.23 1.50 1957—Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 3.75 3.25 t1.64 L33 2.50 1958 Aug 1.29 .67 3.98 3.81 3.36 2.70 6.97 2.50 2.56 >.62 >.08 2.50 Sept 2.02 .48 3.82 3.65 3.17 2.50 6.46 2.50 2.88 1.62 1.16 2.50 Oct 2.48 1.51 3.80 3.65 3.19 2.50 5.50 2.38 2.56 I.S3 1.50 2.50 Nov 3.00 2.10 3.67 3.46 2.97 2.32 5.26 2.38 2.88 1.40 1.79 2.50 Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 1.26 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 L.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 [.46 2.00 July 5.23 4.52 3.57 3.46 2.79 2.00 4.27 2.00 2.25 1.79 1.48 2.00 Aug 5.82 5.72 3.60 3.48 2.76 2.00 2.00 2.44 1.63 1.15 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

1336 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 Sept. 30,1958 Rate Country 1958 1959 as of Sept. 30, Per Month 1959 cent effective Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Argentina2 6.0 Dec. 1957 6.0 Austria 5.0 Nov. 1955 4.5 4.5 3 5 Aug 1958 3 25 3.25 Brazil2 10.0 Apr. 1958 10.0 Burma 3.0 Feb. 1948 3.0 2.52 Sept. 1958 3.08 3.13 3.74 3.53 4.32 4.55 5.01 5.15 5.36 5.72 5.58 5.85 5.58 2.5 June 1954 2.5 Chile2 6.0 Feb. 1957 6.0 Colombia2 4.0 July 1933 4.0 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 5.5 4.5 Aug. 1958 5.0 5.0 10.0 May 1948 10.0 3.0 Nov. 1952 3.0 F1 Salvador2 .... 4.0 Apr. 1957 4.0 Finland2 6.5 Apr. 1956 6.0 6.0 5.0 Aug. 1957 4.5 4 25 4 0 4.0 3.0 June 1958 2.75 3.0 3.0 10.0 May 1956 10.0 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 7.0 Indian 4.0 May 1957 4.0 3.0 Apr. 1946 3.0 4.0 Aug. 1948 4.0 4.5 Sept. 1958 4.25 4.25 Israel 6.0 Feb. 1955 6.0 Italy 3 5 June 1958 3.5 7.3 Sept. 1958 6.94 6.94 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 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 3.0 July 1948 4 0 4 0 6.0 Nov. 1947 6.0 Philippine Republic2 4.5 Sept. 1957 6.5 6.5 2.0 Jan. 1944 2.0 South Africa 4.5 Sept. 1955 4.0 4.0 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 rates for these countries are given in note 2. of an individual bank's quota; Peru—4 per cent for industrial paper and 2 Discounts or advances at other rates include: Argentina—3 and 5 mining paper, and 3 per cent for most agricultural paper; and Philippine per cent for certain rural and industrial paper, depending on type of Republic—4.5 per cent for crop loan paper and 5 per cent for export transaction; Brazil—8 per cent for secured paper and 4 per cent for packing credit paper. certain agricultural paper; Chile—rates of more than 6 per cent for 3 Since Nov. 1, 1956, the discount rate has been set each week at rediscounts in excess of 50 per cent of the rediscounting bank's capital VA of one per cent above the latest average tender rate for Treasury bills; and reserves, and 2 and 4 per cent for certain types of agricultural paper; end-of-month rate shown. Colombia—3 per cent for agricultural paper and for loans on products 4 Rate shown is for advances only. in bonded warehouses; Costa Rica—5 per cent for paper related to com- 5 Since May 16, 1957, this rate applies to advances against commercial mercial transactions (rate shown is for agricultural and industrial paper); paper as well as against government securities and other eligible paper. Cuba—4.5 per cent for sugar loans and 4 per cent for loans secured by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 1337 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month (peso) (p t A r o a u u l s n ia - d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r 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 Sept 5.556 2.025 223.37 3.8536 2.0056 102.357 21.016 .3118 Oct 5.556 1.656 223.67 3.8536 2.0061 103.005 21.049 .3118 Nov 5.556 1.386 223.55 3.8536 2.0056 103.253 21 039 3118 Dec ^5.556 U.518 223.41 3.8536 2.0057 103.660 21.032 .3118 1959—Jan 21.! 187 223.62 3.8444 2.0003 103.402 21.046 3115 Feb .5242 223.85 3.8481 2.0004 102.583 21.063 .3114 Mar .4703 224.12 3.8484 1.9997 103.117 21 074 3114 Apr .3680 224.42 3.8487 2.0037 103.774 21.089 .3114 May I.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 .1851 224.04 3.8506 2.0031 104.456 21.062 .3120 Aug .1922 223.86 3.8502 2.0013 104.754 21 060 3116 Sept 1.2037 223.40 3.8525 1.9989 105.077 21.037 .3113 1 Year or month F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) 1953 21.049 281.27 32 595 11 607 26 340 1954 23.838 21.020 280.87 32.641 9 052 26 381 1955 23 765 20.894 279 13 32 624 8 006 26 230 1956 23.786 20.934 279.57 .2779 32 582 8 006 26 113 1957 .2376 23.798 20.910 279.32 .2779 32.527 8 006 26 170 1958 3.2374 23.848 21.048 280 98 2779 32 767 8 006 26 418 1958 Sent .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 Sept.... .2038 23.901 20.999 280.37 .1611 .2777 32.784 8.006 26.459 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 a d) (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 n i m t n g e d - d ) 1953 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281 27 1954 278.09 14.008 49.677 3.4900 279.82 19 333 23 322 280 87 1955 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279 13 1956 276.80 14.008 49.676 3.4900 278.52 19 333 23 334 279 57 1957 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279 32 1958 278.19 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1958 Sept 277.55 14.008 49.695 3.4900 279.28 2.3810 19.328 23.3^5 280 33 Oct 277.93 14.008 49.695 3.4900 279.66 2.3810 19.328 23.300 280.70 Nov 211.IS 14.008 49.695 3.4900 279.51 2.3810 19.328 23.300 280 55 Dec 277.60 14.009 49.695 3.4900 279.33 2.3810 19.329 23.317 280.38 1959—Jan 211.SI 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 23.133 281.45 278.47 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 9*? Sept 277.59 14.011 49.770 3.4947 279.32 1.6607 19.325 23.121 280.37 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. -s 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. KENYON, Assistant Secretary ROBERT C. MASTERS, Associate Director LEGAL DIVISION C. C. HOSTRUP, Assistant Director FRED A. NELSON, Assistant Director HOWARD H. HACKLEY, General Counsel DAVID B. HEXTER, Assistant General Counsel GLENN M. GOODMAN, Assistant Director G. HOWLAND CHASE, Assistant General Counsel HENRY BENNER, Assistant Director THOMAS J. O'CONNELL, Assistant General JAMES C. SMITH, Assistant Director Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve Examiner DIVISION OF RESEARCH AND STATISTICS RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser DIVISION OF PERSONNEL ADMINISTRATION GUY E. NOYES, Adviser ROLAND I. ROBINSON, Adviser EDWIN J. JOHNSON, Director SUSAN S. BURR, Associate Adviser H. FRANKLIN SPRECHER, JR., Assistant Director ALBERT R. KOCH, Associate Adviser KENNETH B. WILLIAMS, Associate Adviser LEWIS N. DEMBITZ, Research Associate DIVISION OF ADMINISTRATIVE SERVICES DIVISION OF INTERNATIONAL FINANCE JOSEPH E. KELLEHER, Director ARTHUR W. MARGET, Director J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser OFFICE OF THE CONTROLLER ROBERT L. SAMMONS, Associate Adviser J. J. CONNELL, Controller DIVISION OF BANK OPERATIONS SAMPSON H. BASS, Assistant Controller JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director OFFICE OF DEFENSE PLANNING M. B. DANIELS, Assistant Director JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 1339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1340 FEDERAL RESERVE BULLETIN • OCTOBER 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 1341 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... I 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. Heflin 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. Baugfcman 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 I 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 Angeles W. F. Volberg St. Louis .. Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City E. R. Barglebaugh Memphis Darryl R. Francis Seattle J. M. Leisner Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted the material listed may be obtained from the Division of Administrative Services, } Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 681-84 of the June 1959 Bulletin. THE FEDERAL RESERVE SYSTEM—PURPOSES AND THE FEDERAL FUNDS MARKET—A Study by a FUNCTIONS. April 1954. 208 pages. Federal Reserve System Committee. May 1959. Ill pages. $1.00 per copy; in quanti- ANNUAL REPORT OF THE BOARD OF GOVERNORS ties of 10 or more for single shipment, 85 cents OF THE FEDERAL RESERVE SYSTEM. each. FEDERAL RESERVE BULLETIN. Monthly. Sub- DEBITS AND CLEARINGS STATISTICS AND THEIR scription price in the United States and its pos- USE (rev. ed.). May 1959. 144 pages. $1.00 sessions, Bolivia, Canada, Chile, Colombia, per copy; in quantities of 10 or more for single Costa Rica, Cuba, Dominican Republic, Ecua- shipment, 85 cents each. dor, Guatemala, Haiti, Republic of Honduras, ALL-BANK STATISTICS, 1896-1955. Revised statis- Mexico, Nicaragua, Panama, Paraguay, Peru, tics for all banks in the United States, by class of El Salvador, Uruguay, and Venezuela is $6.00 bank, together with descriptive and explanatory per annum or 60 cents per copy; elsewhere material. Part I, U. S. Summary. Part II, Sum- $7.00 per annum or 70 cents per copy. Group maries by States and other areas. April 1959. subscriptions in the United States for 10 or 1,229 pages. $4.00. more copies to one address, 50 cents per copy THE FEDERAL RESERVE ACT, as amended through per month, or $5.00 for 12 months. December 31, 1956, with an Appendix con- FEDERAL RESERVE CHART BOOK ON FINANCIAL taining provisions of certain other statutes af- AND BUSINESS STATISTICS. Monthly. Annual fecting the Reserve System. 385 pages. $1.00. subscription includes one issue of Historical FLOW OF FUNDS IN THE UNITED STATES, 1939-53. Supplement. Subscription price in the United A new accounting record designed to picture States and the countries listed above is $6.00 the flow of funds through the major sectors of per annum; 60 cents per copy, or 50 cents each the national economy. December 1955. 390 for 10 or more of same issue for single 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. July THE FEDERAL RESERVE SYSTEM. 1959. 108 pages. Parts II and III will be issued ADMINISTRATIVE INTERPRETATIONS OF REGULAlater. Individual books $1.00 each; set of 3 TION F—SECTION 17—COMMON TRUST FUNDS. books $2.50. 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President. Pt. I—Growth and Import, Vol. 1, $1.25, Vol. 2, $1.00; Pt. II—Conference on Regulation, Vol. 1, $1.75, Vol. 2, $.60; Pt. Ill—Views on Regulation, $1.00; Pt. IV—Financing New Car Purchases, $.60. Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C. 1342 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1343 REPRINTS OPEN MARKET OPERATIONS IN LONG-TERM SE- (From Federal Reserve Bulletin unless preceded CURITIES. November 1958. 15 pages. by an asterisk) GOLD AND DOLLAR FLOWS IN 1958. March 1959. THE MONETARY SYSTEM OF THE UNITED STATES. 6 pages. February 1953. 16 pages. OWNERSHIP OF DEMAND DEPOSITS. April 1959. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 3 pages. pages. MEMBER BANK TERM LENDING TO BUSINESS, FEDERAL FINANCIAL MEASURES FOR ECONOMIC 1955-57. April 1959. 16 pages. STABILITY. May 1953. 7 pages. •PART I, ALL-BANK STATISTICS, 1896-1955. Re- •DETAILED DESCRIPTION OF SOURCES AND METH- print of the U. S. Summary containing a descrip- ODS USED IN REVISION OF SHORT- AND INTER- tion of revised statistics for all banks in the MEDIATE-TERM CONSUMER CREDIT STATISTICS. United States, by class of bank, together with April 1953. 25 pages. revised statistics. April 1959. 100 pages. DEPARTMENT STORE SALES AND STOCKS, BY BANKING AND MONETARY STATISTICS, 1958. Se- MAJOR DEPARTMENTS (Revised Indexes). No- lected series of banking and monetary statistics vember 1953. 65 pages. for 1958 only. February and May 1959. 12 pages. (Similar reprint of 1957 data, February FEDERAL RESERVE MONTHLY INDEX OF INDUSand May 1958 BULLETINS.) TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. SURVEY OF COMMON TRUST FUNDS, 1958. May 1959. 6 pages. (Also, similar reprints from SEASONAL ADJUSTMENT FACTORS FOR DEMAND August 1956, June 1957, and May 1958 BUL- DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. LETINS.) A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- PUBLIC DEBT MANAGEMENT. June 1959. 5 pages. COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. 1959 SURVEY OF CONSUMER FINANCES. Preliminary Findings. March 1959. 4 pages. The Fi- SURVEY OF BANK LOANS FOR COMMERCIAL AND nancial Position of Consumers. July 1959. 24 INDUSTRIAL PURPOSES. Business Loans of pages. HOUSING OF NONFARM FAMILIES. Sep- Member Banks. April 1956. 14 pages. Credit tember 1959. 17 pages. (Similar Surveys are Lines and Minimum Balance Requirements. available for earlier years from 1952, 1953, June 1956. 7 pages. 1955, 1956, 1957, and 1958 BULLETINS.) REVISION OF CONSUMER CREDIT STATISTICS. Oc- INTEREST RATES IN LEADING COUNTRIES. July tober 1956. 24 pages. (Also, similar reprint 1959. 6 pages. from April 1953 BULLETIN.) MONEY AND CREDIT IN ECONOMIC EXPANSION. AGRICULTURAL LOAN SURVEY. November 1956 July 1959. 7 pages. and January, February, and March 1957 BUL- LETINS. 52 pages. THE BALANCE SHEET OF AGRICULTURE, 1959. July 1959. 9 pages. SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. April 1957. 20 pages. A QUARTERLY PRESENTATION OF FLOW OF FUNDS, SAVING, AND INVESTMENT. August 1959. 49 SURVEY OF FINANCE COMPANIES, MID-1955. pages. April 1957. 17 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- THE GOVERNMENT SECURITIES MARKET. August DEXES. December 1957. 30 pages. 1959. 22 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. GROWTH AND STRUCTURE OF TIME DEPOSITS. THE U. S. BALANCE OF PAYMENTS, 1958-59. Oc- April 1958. 5 pages. tober 1959. 7 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1276, 1278 Department stores: Agricultural loans of commercial banks, 1270, 1272 Merchandising data, 1307 Agriculture, Govt. agency loans, 1288 Sales and stocks, 1296, 1306 Assets and liabilities {See also Foreign liabilities and Deposits {See also specific types of deposits): claims reported by banks): Adjusted, and currency, 1266 Banks and the monetary system, consoli- Banks, by classes, 1267, 1271, 1274, 1278 dated, 1266 Federal Reserve Banks, 1261, 1262, 1329 Corporate, current, 1280 Postal savings, 1264, 1266 Domestic banks, by classes, 1267, 1270, Turnover of, 1264 1272,1278 Deposits, reserves, and borrowings, by class of mem- Federal business-type activities, ber bank, 1259 by fund or activity, 1288 Discount rates, 1260, 1336 Federal Reserve Banks, 1261, 1262 Discounts and advances by Federal Reserve Automobiles: Banks, 1257, 1261, 1262 Consumer instalment credit, 1292, 1293, 1294 Dividends, corporate, 1280, 1281 Production index, 1298, 1302 Dollar assets, foreign, 1329, 1331 Dwelling units started, 1303 Bankers'balances, 1271, 1273 {See also Foreign liabilities and claims reported Earnings and expenses, member banks, 1320 by banks) Earnings and hours, manufacturing indus- Banks and the monetary system, consolidated state- tries, 1296, 1305 ment, 1266 Employment, 1296, 1304, 1305 Bonds {See also U. S. Govt. securities): Export-Import Bank, loans, etc., 1288 New issues, 1280, 1282, 1283 Farm mortgage loans, 1288, 1289, 1290 Prices and yields, 1276, 1277 Federal business-type activities, assets and liabilities, Brokers and dealers in securities, bank by fund or activity, 1288 loans to, 1270, 1272 Federal Deposit Insurance Corporation, Business expenditures on new plant and equipassets, etc., 1288 ment, 1280 Federal finance: Business indexes, 1296 Cash transactions, 1286 Business loans {See Commercial and industrial loans) Receipts and expenditures, 1287 Capital accounts: Treasurer's balance, 1286 Banks, by classes, 1267, 1271, 1273, 1274 Federal home loan banks, loans, etc., 1288, 1291 Federal Reserve Banks. 1261, 1262 Federal Housing Administration, loans, etc., 1288, Carloadings, 1296 1289, 1290, 1291 Central banks, foreign, 1332, 1336 Federal National Mortgage Association, Coins, circulation of, 1265 loans, etc., 1288, 1291 Commercial banks: Federal Reserve Banks: Assets and liabilities, 1267, 1270 Condition statement, 1261, 1262 Consumer loans held, by type, 1293 U. S. Govt. securities held by, 1257, 1261, 1262, Number, by classes, 1267 1284, 1285 Real estate mortgages held, by type, 1289 Federal Reserve credit, 1257, 1261, 1262 Commercial and industrial loans: Federal Reserve notes, 1261, 1262, 1263, 1265 Commercial banks, 1270 Finance company paper, 1276, 1278 Weekly reporting member banks, 1272, 1275 Financial institutions, loans to, 1272 Commercial paper, 1276, 1278 Flow of funds: Commodity Credit Corporation, loans, etc., 1288 Saving and financial flows, 1312 Condition statements {See Assets and liabilities) Foreign central banks, 1332, 1336 Construction, 1296, 1302, 1303 Foreign deposits in U. S. banks, 1257, 1261, 1262, Consumer credit: 1266, 1271, 1274 Instalment credit, 1292, 1293, 1294, 1295 Foreign exchange rates, 1337 Major parts, 1292, 1294 Foreign liabilities and claims reported by Noninstalment credit, by holder, 1293 banks, 1322, 1324, 1327, 1329 Consumer durable goods output indexes, 1302 Foreign trade, 1307 Consumer price indexes, 1296, 1308 Consumption expenditures, 1310, 1311 Gold: Corporate sales, profits, taxes, and divi- Earmarked, 1330 dends, 1280, 1281 Net purchases by U. S., 1330 Corporate security issues, 1280, 1282 Production, 1330, 1333 Corporate security prices and yields, 1276, 1277 Reserves of central banks and governments, 1332 Cost of living {See Consumer price indexes) Reserves of foreign countries and international Currency in circulation, 1257, 1265 institutions, 1331 Customer credit, stock market, 1277 Stock, 1257, 1266, 1330 Gold certificates, 1261, 1262, 1263, 1265 Debits to deposit accounts, 1264 Govt. debt {See U. S. Govt. securities) Demand deposits: Gross national product, 1310, 1311 Adjusted, banks and the monetary system, 1266 Adjusted, commercial banks, by classes, 1271 Home owners, Govt. agency loans, 1288 Banks, by classes, 1267, 1274 Hours and earnings, manufacturing indus- Type of holder, at commercial banks, 1271 tries, 1296, 1305 1344 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 1345 Industrial advances by Federal Reserve Banks, 1261, Real estate loans—Continued 1262, 1263 Type of mortgage holder, 1289, 1290, 1291 Industrial production indexes, 1296, 1297, 1302 Type of property mortgaged, 1289, 1290, 1291 Instalment loans, 1292, 1293, 1294, 1295 Regulation V, loan guarantees, 1263, 1264 Insurance companies, 1279, 1284, 1285, 1290 Reserve requirements, member banks, 1260 Insured commercial banks, 1269, 1270 Reserves: Interbank deposits, 1267, 1271, 1274 Commercial banks, 1271 Interest rates: Federal Reserve Banks, 1261, 1262 Bond yields, 1276 Foreign central banks and governments, 1332 Business loans by banks, 1275 Foreign countries and international institu- Federal Reserve rates, 1260 tions, 1331 Foreign countries, 1335, 1336 Member banks, 1257, 1259, 1261, 1262, 1271, Open market, 1276, 1335 1272, 1273 Regulation V loans, 1264 Residential mortgage loans, 1289, 1290, 1291 Stock yields, 1276 Sales finance companies, consumer loans of, 1292, Time deposits, maximum rates, 1264 1293, 1295 International capital transactions of the U. S., 1322 Saving: International financial institutions, 1330, 1331, Flow-of-funds series, 1312 1332,1334 National income series, 1311 Inventories, 1310 Savings deposits (See Time deposits) Investments (See also specific types of investments): Savings institutions, principal assets, 1278, 1279 Banks, by classes, 1267, 1270, 1273, 1278 Savings and loan associations, 1279, 1290 Federal Reserve Banks, 1261, 1262 Securities, international transactions, 1328, 1329 Govt. agencies, etc., 1288 Security issues, 1280, 1282, 1283 Life insurance companies, 1279 Silver coin and silver certificates, 1265 Savings and loan associations, 1279 State member banks, 1269 State and municipal securities: Labor force, 1304 New issues, 1282, 1283 Loans (See also specific types of loans): Prices and yields, 1276, 1277 Banks, by classes, 1267, 1270, 1272, 1278 States and political subdivisions: Federal Reserve Banks, 1257, 1259, 1261, 1262, 1263 Deposits of, 1271, 1274 Holdings of U. S. Govt. securities, 1284 Govt. agencies, etc., 1288 Ownership of obligations of, 1270, 1278, 1279 Insurance companies, 1279, 1290 Stock market credit, 1277 Savings and loan associations, 1279, 1290 Stocks: Loans insured or guaranteed, 1263, 1289, 1290, 1291 New issues, 1282 Manufacturers, production indexes, 1296, 1297, 1302 Prices and yields, 1276, 1277 Margin requirements, 1260 Member banks: Tax receipts, Federal, 1287 Assets and liabilities, by classes, 1267, 1270 Time deposits, 1259, 1264, 1266, 1267, 1271, 1274 Borrowings at Federal Reserve Banks, 1257, Treasurer's account balance, 1286 1259, 1274 Treasury cash, 1257, 1265, 1266 Deposits and reserves, by classes, 1259 Treasury currency, 1257, 1265, 1266 Earnings and expenses, 1320 Treasury deposits, 1257, 1261, 1262, 1286 Number, by classes, 1267 Unemployment, 1304 Reserve requirements, by classes, 1260 U. S. balance of payments, 1335 Reserves and related items, 1257 U. S. Govt. balances: Weekly reporting series, 1272 Commercial bank holdings, by classes, 1271, 1274 Minerals, production indexes, 1296, 1297 Consolidated monetary statement, 1266 Money rates (See Interest rates) Treasury deposits at Federal Reserve Mortgages (See Real estate loans) Banks, 1257, 1261, 1262, 1286 Mutual savings banks, 1266, 1267, 1269, 1278, 1284. U. S. Govt. securities: 1285, 1289 Bank holdings, 1266, 1267, 1270, 1273, 1278, 1284, 1285 National banks, 1269 Federal Reserve Bank holdings, 1257, 1261, National income, 1310, 1311 1262, 1284, 1285 National security expenditures, 1287, 1310 Foreign and international holdings, 1331 Nonmember banks, 1261, 1269, 1270 International transactions, 1328, 1329 Payrolls, manufacturing, index, 1296 New issues, gross proceeds, 1282 1284, 1285 Personal income, 1311 Outstanding, by type of security, 1283, 1284, 1285 Postal Savings System, 1264, 1266 Ownership of, 1284, 1285 Prices: Prices and yields, 1276, 1277 Consumer, 1296, 1308 United States notes, outstanding and in circula- Security, 1277 tion, 1265 Wholesale commodity, 1296, 1308 Utility output index, 1301 Production, 1296, 1297, 1301, 1302 Profits, corporate, 1280, 1281 Veterans Administration, loans, etc., 1288, 1289, 1290, 1291 Real estate loans: Banks, by classes, 1270, 1272, 1278, 1289 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 THE FEDERAL RESERVE SYSTEM o) ft. 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